北交所策略专题报告：北交所高速发展，需要多元化指数引导投资和行业定位

Group 1 - The report emphasizes the need for diversified indices to guide investment and industry positioning in the Beijing Stock Exchange (BSE), as the current main index, the Bei Zheng 50 Index, shows slight distortion due to high P/E ratios of weighted stocks [2][3][4] - The BSE is characterized as a hub for "specialized, refined, unique, and innovative" small and medium enterprises, which possess new productive forces, high scarcity, and high dividends, indicating that the Bei Zheng 50 Index does not accurately reflect the performance of these companies [2][3][4] - A new classification of 260 companies on the BSE into five major sectors has been proposed: high-end manufacturing (104 companies), TMT (Technology, Media, and Telecommunications) (49 companies), chemical new materials (40 companies), consumer and services (46 companies), and pharmaceutical biology (21 companies) [2][3][4] Group 2 - The report notes that as of December 13, 2024, 114 companies on the BSE have a P/E TTM exceeding 45X, accounting for 43.85% of the total, with 42 companies exceeding 105X, representing 16.15% [3][4][48] - The overall P/E ratio of the BSE A-shares has decreased from 43.16X to 39.93X, indicating a downward trend in valuations across the market [4][52][53] - The report highlights that the BSE's IPO performance remains strong, with an average first-day increase of 202% for newly listed companies in 2024 [4][52]