北交所周观察第一期：北交所三周年行稳致远，中短期看震荡长期看好配置价值

Group 1 - The report highlights that the Beijing Stock Exchange (BSE) has achieved significant growth in its three years of operation, with the number of listed companies increasing from 81 to 257 and a total market capitalization exceeding 670 billion yuan [1][31]. - The report indicates that the BSE is actively supporting small and medium-sized enterprises (SMEs) in their specialized and innovative development paths, with policy tools such as public convertible bonds and the launch of ETF business being noteworthy [1][31]. - The report expresses a positive long-term outlook for the BSE's allocation value, particularly for companies with stable performance, reasonable valuations, and scarcity in new productive forces [1][31]. Group 2 - The overall price-to-earnings (PE) ratio for BSE A-shares remains at 43X, with a slight decrease from 43.50X to 43.16X [3][35]. - The average daily trading volume for BSE A-shares has decreased to 35.9 billion yuan, reflecting a decline of 28% compared to the previous week [3][37]. - The report notes that the BSE 50 Index has a PE TTM of 58X, despite a weekly decline of 3.38% [3][38]. Group 3 - The average first-day price increase for newly listed companies in 2024 has risen to 181%, with the average issuance PE ratio being 15.5X [4][45]. - A total of 95 companies have been newly listed on the BSE from January 1, 2023, to November 15, 2024, with significant first-day price increases observed [4][45]. - The report mentions that the company Shengye Electric has initiated its IPO with a determined issuance price of 9.12 yuan per share and a PE ratio of 15.96X [2][24].