北交所周报：本周指数略有回调，代码切换进入新阶段

Core Insights - The North Exchange 50 Index experienced a weekly decline of 5.73%, with only 26 out of 260 listed companies showing positive growth. The top performers included Wuxin Tunnel Equipment (+36.31%) and Weibao Hydraulic (+32.85%), while the largest decline was seen in Kelong New Materials (-32.53%) [2][15][29] - The overall trading activity on the North Exchange remains high, with an average daily trading volume of approximately 23.779 billion yuan, down from 34.148 billion yuan the previous week. The total trading volume for the week was 118.897 billion yuan, with a turnover rate of 40.86%, still higher than other boards [2][10][11] - The North Exchange's overall price-to-earnings (P/E) ratio is around 39.9 times, a decrease from the previous week. The media industry has the highest average P/E ratio at 1997.6 times, while the electronics and defense industries have relatively lower ratios [3][31] Market Overview - The North Exchange's trading volume and activity have shown fluctuations since 2022, with a notable increase in weekly trading volumes above 100 billion yuan starting November 2023. However, there has been a recent pullback in trading activity since the beginning of 2024 [10][11] - The North Exchange has initiated a new phase for the code switching of existing listed companies, with a focus on ensuring business continuity and enhancing investor participation [2][61] Investment Strategy - The report suggests three main investment directions for 2025: 1. Focus on companies with growth potential and strong R&D investments, particularly those benefiting from capacity expansion [4][31] 2. Monitor companies engaged in mergers and acquisitions, emphasizing those with diversified layouts and plans for overseas expansion [4][31] 3. Pay attention to state-owned enterprises with high return on equity and low operational risks [4][31] Company Announcements - Key announcements from North Exchange companies this week included strategic partnerships, guarantees, share reductions, project adjustments, and external investments. Notable companies involved include Xujie Technology and Yisheng Precision [3][36][41]