北交所投研工具书系列一：北交所三周年：新质、新生、新力

Overview - The report highlights the three significant upward cycles of the Beijing Stock Exchange (BSE) since its inception, driven by policy support and the accumulation of quality companies [1][12][14] - The first cycle occurred before the index launch, the second cycle was marked by the opening of two-year fixed-income funds, and the third cycle was influenced by a series of government policies aimed at boosting investment [1][14] Policy Insights - The China Securities Regulatory Commission (CSRC) set a 5-10 year development goal for the BSE, emphasizing its role in supporting innovative small and medium-sized enterprises (SMEs) [2] - The BSE has implemented various policies to protect investor rights and enhance market stability, including measures to combat share reductions and strategic partnerships with the Ministry of Industry and Information Technology [2] Company Insights - The total market capitalization of BSE A-shares increased from over 260 billion to 673.4 billion yuan from November 2021 to November 2024, indicating significant growth potential [3][26] - The median revenue of BSE companies reached nearly 400 million yuan, with a median net profit of approximately 40 million yuan, showcasing the growth characteristics of these firms [3][9] Institutional Participation - The BSE has seen diverse participation from various institutional investors, including social security funds and insurance capital, with over 1,000 public funds actively investing in the market [4][53] - As of October 2024, the BSE had 11 active thematic funds with a total scale of 2.8 billion yuan, and 17 passive thematic funds with a total scale of 4.1 billion yuan, reflecting strong investor interest [4][10] IPO and Backing Companies - The BSE maintained a high frequency of IPOs, with an average of five companies listed monthly from January 2023 to May 2024, accounting for 27% of the total A-share market IPOs [5][11] - The quality of companies applying for listing is high, with median revenues of 370 million yuan and net profits of 55.51 million yuan for accepted firms [5][11] Mergers and Acquisitions - The "Six Merger Guidelines" have facilitated the integration of quality resources within the BSE, with a total of 132 recorded merger cases, primarily focusing on horizontal integration and strategic partnerships [6][78] - The majority of acquirers in these cases are listed companies and industrial capital/funds, indicating a trend towards leveraging shareholder capital for business development [6][78]