北交所策略周报：开发科技新股收益可观，财报季关注低估值绩优-2025-03-30

Group 1 - The report highlights that the newly listed stock, Kai Fa Technology, achieved a first-day increase of 148.9%, with a subscription rate of 0.17%, resulting in an absolute profit of 127,000 yuan for a maximum subscription amount of 48.29 million yuan [15][30][31] - The report emphasizes the importance of focusing on undervalued high-performing stocks during the earnings season, while maintaining a long-term commitment to core technology assets on the North Exchange [15][9][10] - The report identifies key sectors for investment, including AI and AI-related fields, humanoid robots, innovative pharmaceuticals, low-altitude economy, and synthetic biology [15][9][10] Group 2 - The North Exchange 50 index increased by 0.07%, while the median increase was -0.37%, indicating better performance from mid to large-cap undervalued companies [9][20] - The report notes a significant decline in trading volume, with a 33.29% decrease in transaction amount compared to the previous week, reflecting a decrease in market risk appetite [10][25] - The report states that the average PE ratio (TTM) for the North Exchange is 75.49 times, with a median of 41.36 times, indicating a high expectation for performance [22][24] Group 3 - The report mentions that the North Exchange has a total of 265 companies listed as of March 28, 2025, with one new listing this week [30][51] - The report provides a detailed overview of the performance of individual stocks, noting that 122 stocks rose while 143 fell, with a decline ratio of 0.85 [36][38] - The report highlights the top-performing stocks, including Tonghui Electronics and Changfu Shares, while also noting the worst performers such as Guandao Digital and Fangzheng Valve [36][38] Group 4 - The report indicates that the North Exchange is positioned towards "specialized, refined, and innovative" companies, with a focus on advanced manufacturing [10][13] - The report suggests that the macro environment remains favorable for small-cap growth stocks, but investors should be cautious of earnings season risks and upcoming U.S. tariff policy changes [10][13] - The report emphasizes the need for performance realization or upward adjustment of expectations in the context of high overall expectations for the North Exchange [13][10]