北交所2024年度中期投资策略：新质领航，关注新股和绩优成长

Group 1 - The report indicates a weak recovery expectation in the existing fundamentals, with a significant narrowing of profit decline among listed companies. The average net profit of direct-linked companies in 2023 is 68.47 million, with an average gross margin of 36.3% and a diluted ROE of 14.8% [2][58][89] - The North Exchange has a clear positioning as a primary market for new three-board companies, facilitating the financing and listing of specialized and innovative enterprises. As of June 7, 2024, there are 249 listed companies, with 128 classified as national-level specialized and innovative "little giants," accounting for 51.4% [10][12][36] - The current market is characterized by a divergence between fundamentals and liquidity, with the North Exchange's trading volume at a historical low and valuation adjustments being relatively minor [3][19][94] Group 2 - The report emphasizes the importance of focusing on three investment themes in the second half of the year: high dividend growth stocks, sectors with significant elasticity from new productivity policies, and high-quality growth stocks in the consumer sector [3][20][21] - The North Exchange is still in the early stages of high-quality development, with recent reforms such as the introduction of the 920 code segment and the resumption of IPO approvals expected to enhance market dynamics [14][18][38] - The new "National Nine Articles" and the 16 measures from the CSRC are expected to solidify the North Exchange's role in serving innovative small and medium-sized enterprises, expanding the selection of listed companies [18][38][67]