北交所策略周报：耐心等待冲击过去，关注进口替代与反制受益品种-2025-04-06

Group 1 - The report emphasizes the need to patiently wait for the impact of recent events to pass and to focus on import substitution and beneficiaries of countermeasures [9][11] - The North Exchange 50 index fell by 2.61%, with an average daily trading volume of 20.5 billion, a year-on-year decrease of 22.5% [9][16] - The market showed strong performance in sectors such as pharmaceuticals, driven by expectations of optimized drug procurement [9][10] Group 2 - The U.S. announced "reciprocal tariffs" that exceeded market expectations, imposing tariffs of 34% on mainland China, 20% on the EU, 46% on Vietnam, and 32% on Taiwan, which poses a significant risk to global economic stability [10] - The report notes that U.S. consumer spending accounts for about 30% of global consumption, and the increased tariffs are likely to raise domestic CPI, leading to a risk of stagflation [10] - The report highlights that the proportion of Chinese exports to the U.S. has been declining, with only 14% of exports going to the U.S. in the first two months of 2025 [10] Group 3 - Short-term risks in the North Exchange are increasing, with a recommendation to focus on import substitution and beneficiaries of countermeasures, such as Kangnong Agriculture and Minshida [11] - The report indicates that all asset prices, including stocks, oil, and metals, have declined, leading to a sharp drop in risk appetite [11] - The North Exchange's current quantitative indicators are in a high-level retreat but have not yet reached oversold territory [11] Group 4 - The North Exchange had 102 stocks rise and 160 stocks fall this week, with a rise-to-fall ratio of 0.64 [31] - The top gainers included Youkang Pharmaceutical and Yongshun Biological, while the top losers included Kelaite and Zhisheng Information [34] - The report notes that the North Exchange's PE (TTM) average is 74.34 times, with a median of 42.28 times [24][31] Group 5 - The North Exchange introduced self-regulatory management rules to enhance procedural trading supervision [46][47] - This week, there were no new IPOs on the North Exchange, with a total of 265 companies listed as of April 3, 2025 [26] - The report states that 8 companies were newly listed and 8 were delisted in the New Third Board, with a total financing of 0.70 billion completed [48][50]