北证50企稳回升，多数行业上涨

Investment Rating - The report indicates a positive investment rating for the North Exchange, with the North 50 index showing a recovery and ending a four-month decline, rising by 1.26% in July 2024 [1][17]. Core Insights - The North Exchange's trading activity has significantly improved, with trading volume and value reaching new highs since March, increasing by 86.7% and 77.8% respectively [1][10]. - The North 50 index's price-to-earnings ratio (PE-TTM) stands at 29.95, maintaining a high percentile level of 86.8% over the past two years, while the price-to-book ratio (PB-MRQ) is at 4.64, reflecting a mid-low percentile level of 29.9% [1][14]. - Most industries recorded varying degrees of gains, with leading sectors including computers, construction materials, public utilities, and electronics, while only the power equipment sector saw a slight decline of -0.6% [1][20]. Market Overview - The North Exchange had no new listings in July 2024, maintaining a total of 249 companies with a total market capitalization of 320.2 billion yuan and a circulating market value of 174 billion yuan, reflecting increases of 3.5% and 3.4% respectively [1][4]. - The average daily trading value for the month was 4.4 billion yuan, marking a 47% increase compared to the previous month [12]. Industry Performance - The report highlights that the defense and military industry has the highest median PE ratio at 72, followed by media at 71, social services at 65, transportation at 43, and beauty care at 31 [1][15]. - The monthly performance of the North 50 index was only surpassed by the Sci-Tech 50 index among major A-share indices, indicating strong relative performance [1][17]. Individual Stock Performance - The top ten stocks by increase in July included Zecheng Electronics, Huayang Transmission, and Qifeng Precision, with Zecheng Electronics and Hanxin Technology appearing on the list for the second consecutive month [1][24]. - Conversely, the top ten stocks by decrease included Dadi Electric, Yinen Power, and Dayu Biology, indicating a mixed performance among individual stocks [1][27]. Fund Performance - The report notes a divergence in performance between thematic funds and the North 50 index funds, with thematic funds averaging a 0.72% increase, underperforming the North 50 index's 1.26% rise [1][1].