北交所鲁颂宾：加快推出北证50ETF，研究引入盘后固定价格交易

Core Insights - The North Exchange (北交所) is focusing on deepening the reform of the New Third Board (新三板) and enhancing its market functions to better serve innovative small and medium-sized enterprises [2][3] - The North Exchange currently has 280 listed companies, with over 80% being small and medium-sized enterprises and nearly 90% being private enterprises [2] - The number of qualified investors in the North Exchange has reached nearly 9.5 million, indicating strong participation from public funds, venture capital, and QFII [2] Group 1: Reform and Development - The North Exchange aims to improve its listing standards and enhance the adaptability and precision of its listing review system [3] - There is a focus on refining the New Third Board's regulatory framework and advancing the integration of the third and fourth boards [2][3] - The North Exchange plans to expand its bond market product system, including regular issuance of government bonds and enhancing the functionality of credit bonds [2] Group 2: Investment Coordination - The North Exchange will tighten listing admission criteria and strengthen ongoing supervision to ensure the quality of listed companies [3] - Support will be provided for listed companies to optimize their operations through refinancing, mergers and acquisitions, and stock incentives [3] - The establishment of more public fund products targeting small and medium-sized stocks will be promoted to enhance investment opportunities [3] Group 3: Market Product System - The North Exchange is committed to advancing its index system and expediting the launch of the North Certificate 50 ETF [3] - Research will be conducted on introducing after-hours fixed-price trading to improve trading convenience [3] Group 4: International Cooperation - The North Exchange aims to create a more open ecosystem by deepening international cooperation and steadily increasing the level of market internationalization [4]