北交所定期报告（24W45）：本周北证50继续突破历史高位，下周聚星科技将上市

Investment Rating - The report suggests a positive outlook on the North Exchange market, particularly highlighting the potential for new IPO opportunities due to a robust pipeline of new stocks [2][3]. Core Viewpoints - The North Exchange 50 index has reached a new high, closing at 1391 points, with a weekly increase of 21.53%, outperforming major market indices [2][3]. - The average daily trading volume for the North Exchange A-shares was approximately 498.25 billion yuan, reflecting a 10.31% increase from the previous week [3][30]. - The report emphasizes the normalization of IPOs on the North Exchange, with a strong pipeline of new stocks expected to enhance market fundamentals [2][3]. Market Performance Summary 1. Overall Performance: - The North Exchange 50 index increased by 21.53%, significantly outperforming other major indices such as the ChiNext and the STAR Market, which saw increases of 9.32% and 9.14% respectively [21][22]. - The North Exchange A-shares had an average increase of 25.48%, with 248 stocks rising, representing 96.9% of the total [3][35]. 2. Valuation Levels: - The North Exchange 50 index's price-to-earnings (P/E) ratio (TTM) rose to 59.6X, while the North Exchange A-shares' P/E ratio increased to 49.1X, indicating a rising valuation trend [3][22]. - Comparatively, the North Exchange A-shares' P/E ratio is higher than that of the ChiNext and STAR Market, suggesting a premium valuation [22][26]. 3. Sector Performance: - The defense and military industry (+51.1%), food and beverage (+40.7%), and computer industry (+35.3%) led the sector gains this week [3][35]. - Notable individual stock performances included Yintu Network (+126.35%), Zhisheng Information (+117.24%), and Zhenan Technology (+81.40%) [3][35]. New Stock Issuance and Listing Performance - There were no new stock listings on the North Exchange this week, but the report notes a healthy pipeline of upcoming IPOs, including the anticipated listing of Juxing Technology next week [4][40]. - The average issuance P/E ratio for new stocks in October was reported at 14.9X, indicating a rising trend [40][42]. Performance of Newly Listed Stocks - The average increase for newly listed stocks within one year was +23.27%, with all 30 stocks rising, although this was lower than the overall increase of the North Exchange A-shares [5][47]. - The top performers among newly listed stocks included Nacornor (+66.40%), Laisai Laser (+52.58%), and Kangnong Agriculture (+49.44%) [5][47].