北交所周观察第五期：北交所即将迎来全面“920”时代，北证50指数迎今年第四轮调整

Group 1 - The Beijing Stock Exchange (BSE) is transitioning to a comprehensive "920" era, with a focus on switching the stock codes of existing listed companies, which is a significant step in enhancing stock identification and investor engagement [1][13][19] - The BSE has outlined a phased approach for the code switching process, prioritizing new listings before existing ones, with a target to complete technical preparations by the end of February 2025 [1][13][19] - The code switching will not affect the overall operation of the BSE, ensuring continuity in trading, investor rights, and related business processes [14][15][19] Group 2 - Fangzheng Valve has initiated its IPO with a price set at 3.51 yuan per share, aiming to issue 33.3 million shares at a price-to-earnings ratio of 8.39 times, targeting various sectors including oil, gas, and chemical industries [2][20][24] - In 2023, Fangzheng Valve reported revenues of 679 million yuan and a net profit of 60.59 million yuan, indicating a stable financial performance [2][26][27] - The company is recognized as a qualified supplier for major domestic and international energy and petrochemical firms, enhancing its market position [2][24][26] Group 3 - The overall price-to-earnings (PE) ratio for BSE A-shares has decreased to 39.93, reflecting a broader market trend of declining valuations across various indices [3][31][33] - The average daily trading volume for BSE A-shares has dropped to 239 billion yuan, indicating a decrease in market activity and investor enthusiasm [3][33][34] - The BSE 50 Index has experienced a decline of 5.73%, closing at 1,219.30 points, amidst a general downturn in major indices [3][36][40]