Group 1 - The market is experiencing a "barbell" trading pattern, with strong performance in new consumption and active technology themes, as evidenced by the North Exchange 50 index rising by 3.13% and daily average trading volume increasing by 11.5% [10][18] - There is a notable divergence in market styles, with large-cap high-dividend and micro-cap themes performing well, while low PE indices and large-cap indices increased by 1.47% and 1.15%, respectively, contrasting with high PE and small-cap indices which fell by -0.95% and -0.27% [10][11] - The report highlights strong performances in sectors such as military industry and new consumption, with specific companies like Jinbo Biological, Lusi Co., and Kangbit showing significant strength [10][11] Group 2 - The North Exchange 50 index is approaching previous highs, indicating a cautious market environment where funds are structurally favoring new consumption [11] - The report suggests that the market environment in May remains favorable for the North Exchange and thematic investments, despite concerns about domestic stimulus measures potentially leading to underwhelming macro performance [11][12] - Companies recommended for attention include Jinbo Biological, Kangbit, Yizhi Konjac, and others in the new consumption sector, as they are expected to attract more institutional interest [11][12] Group 3 - The North Exchange has introduced a "small-scale fast" review mechanism for major asset restructuring, allowing companies with cumulative transaction amounts not exceeding 100 million yuan to bypass extensive review processes [12] - The report emphasizes that consumption and technology will remain key focus areas in Q2, with a long-term view on companies with competitive advantages [12] Group 4 - The North Exchange saw a total trading volume of 8.068 billion shares this week, with a trading value of 173.42 billion yuan, reflecting a week-on-week increase of 39.32% [18][27] - The average PE ratio for the North Exchange is reported at 94.45 times, with a median of 53.73 times, indicating a relatively high valuation compared to other indices [24][26] Group 5 - This week, one new stock, Tiangong Co., was listed on the North Exchange, bringing the total number of listed companies to 266 as of May 16, 2025 [31] - The new third board saw 7 new listings and 3 delistings, with planned financing of 170 million yuan and completed financing of 7 million yuan [54][56]
北交所策略周报：市场哑铃型交易，北证新消费强势、科技主题活跃-20250518
Shenwan Hongyuan Securities·2025-05-18 07:45