北交所定期报告（24W44）：本周北证50突破历史高位后回落，IPO常态化步伐继续加快

Investment Rating - The report indicates a positive outlook on the North Exchange's IPO normalization process, suggesting a favorable investment environment for high-quality expansions [2]. Core Insights - The North Exchange's IPO review process is accelerating, with multiple companies undergoing guidance and approval, indicating a robust pipeline for new listings [2]. - The overall performance of the North Exchange 50 index showed a decline of 9.08%, which was greater than the declines in major market indices, while the average performance of North Exchange A-shares was positive at +2.32% [3][17]. - The report highlights significant sector performance, with the light industry manufacturing, non-ferrous metals, and agriculture sectors leading in gains, while media, defense, and computer sectors experienced notable declines [31]. Market Performance Summary - The North Exchange 50 index had a TTM P/E ratio of 49.3X, which increased compared to the previous week, indicating a rising valuation trend [3][20]. - The average daily turnover rate for North Exchange A-shares was 16.23%, reflecting a decrease of 1.38 percentage points week-on-week, with an average daily trading volume of 25.51 billion shares [26][28]. - The report notes that 118 stocks in the North Exchange A-shares rose, accounting for 46.5% of the total, with the top gainers being Runong Water Saving (+156.71%), Hujiang Materials (+152.88%), and Anhui Fengfeng (+124.78%) [31][32]. New Stock Issuance and Listing Performance - Two new companies were listed this week: Kebaier, a modified plastic and color masterbatch supplier, and Keli Co., a provider of oilfield chemical technology [4][39]. - The average issuance P/E ratio for new stocks this week was 14.6X, which is a decrease compared to previous listings [37][38]. - The first-day average P/E ratio for new stocks was 54.8X, with an average increase of 345.9%, indicating strong initial market interest [4][37]. Recent Trends in Newly Listed Stocks - The average performance of newly listed stocks within one year was +2.41%, with notable gains in the machinery and power equipment sectors [8]. - The top-performing newly listed stocks included Xuchang Intelligent (+77.04%) and Xici Technology (+50.87%), while the worst performers were Yunxingyu (-21.08%) and Kunbo Precision (-17.84%) [8].