北交所策略专题报告：北交所2024年行情复盘，看好2025年高稀缺性标的机会

Group 1 - The core viewpoint of the report highlights the strong performance of companies listed on the Beijing Stock Exchange (BSE), particularly in the context of the "924" market rally, which has outperformed the Sci-Tech Innovation Board [2][4][37] - The revenue growth rate for BSE companies in the first three quarters of 2024 reached 3.01%, surpassing that of the Sci-Tech Innovation Board and the main board [4] - The net profit growth rate for BSE companies was -10.68%, which is better than the -28.97% recorded by the Sci-Tech Innovation Board [4] Group 2 - The report indicates that liquidity in the BSE has significantly improved due to measures such as lowering thresholds and establishing a mixed market-making system, with turnover rates reaching a peak of 24.36% during the November rally [5] - The BSE is positioned to primarily serve innovative small and medium-sized enterprises, focusing on advanced manufacturing and modern service industries, thereby promoting the transformation and upgrading of traditional industries [6] - The report notes that the BSE has become a main battleground for specialized and innovative companies, aligning with the "1+N+X" policy framework of China's modern capital market [6] Group 3 - The report observes a recent slight decline in the BSE market, with the BSE 50 Index closing at 1094.24 points, but maintains a positive outlook for certain companies with stable performance and reasonable valuations [7] - The average price-to-earnings (PE) ratio for newly listed companies from January 1, 2023, to December 27, 2024, was 16.45X, with a median of 15.97X, indicating a robust market for new listings [17] - The report highlights that the top three companies with the highest first-day price increases were Awei Technology (+1008.33%), Tongguan Mining Construction (731.41%), and Fangzheng Valve (+518.23%) [17]