2024年北交所中期策略：市场回调价值再现，乘势待时攻守有道

Group 1 - The report highlights that the North Exchange (北交所) has experienced a significant market correction, with the North Exchange 50 index dropping from 1,105.21 points at the beginning of the year to 708.97 points, a decline of 34.52% in the first half of 2024 [1][16][25] - The overall trading volume of the North Exchange has decreased sharply, with total trading volume shrinking from 224.96 billion yuan to below 30 billion yuan [1][16][20] - The average daily trading volume for individual stocks on the North Exchange has also declined, with only 8 stocks showing gains in the first half of 2024 [1][20][24] Group 2 - The North Exchange is primarily dominated by individual investors, with institutional ownership remaining low at an average of 16.65% [2][31][35] - Public fund research activity has cooled down, with a decrease in the number of companies surveyed in the second quarter of 2024 compared to the first quarter [2][35][36] - The report notes that two passive index funds tracking the North Exchange 50 were established in the first half of 2024, but their combined scale remains relatively small [2][35][36] Group 3 - The North Exchange is characterized by a focus on "specialized, refined, and innovative" companies, particularly in the mid-to-high-end equipment manufacturing sector, which presents long-term investment value [3][25] - The report identifies several sectors with active market interest, including artificial intelligence, low-altitude economy, power reform, and autonomous driving, indicating potential investment opportunities [3][25] - The report suggests that high-dividend stocks with good operating cash flow are worth attention, especially in a low-risk appetite environment [3][25][31] Group 4 - The North Exchange is undergoing regulatory improvements and market construction efforts aimed at high-quality development, which is expected to enhance the market's capacity to serve technology enterprises [2][3][31] - The report emphasizes the potential for high-quality new listings as the "New National Nine" policy promotes market expansion for innovative and technology-oriented small and medium-sized enterprises [3][25][31]