西部证券北交所市场周报：新高后回落调整，政策定位加速扩容，关注中线逻辑-20250526

Market Overview - The average daily trading volume of all A-shares on the Beijing Stock Exchange reached 35.95 billion yuan, a week-on-week increase of 3.6%[13] - The North China 50 index fell by 3.7%, with an average daily turnover rate of 4.6%[14] Sector Performance - The environmental protection sector saw an increase of 6.7%, while transportation (-19.0%), public utilities (-10.5%), and non-ferrous metals (-8.7%) were the top three declining sectors[16] - The top five gaining stocks included Ningxin New Materials (+29.1%), Wuxin Tunnel Equipment (+24.4%), and AVIC Taida (+21.5%) while the top five losing stocks included Qifeng Precision (-23.9%) and Guohang Ocean (-22.1%)[26][28] Policy and Regulatory Developments - The China Securities Regulatory Commission revised the "Major Asset Restructuring Management Measures," introducing a "small and fast" review mechanism to enhance merger efficiency[7] - Eight departments jointly issued measures to support small and micro enterprises in financing, facilitating their transition from the New Third Board to the Beijing Stock Exchange[20] Investment Strategy - The report suggests a defensive approach ahead of the holiday, avoiding high turnover and high valuation stocks, while considering gradual investments in scarce and undervalued assets if the index stabilizes[34] - Mid-term focus should be on technology growth and policy-driven themes, with caution advised regarding liquidity stratification and external liquidity disturbances[34] Risk Factors - Potential risks include regulatory risks, policies falling short of expectations, intensified industry competition, and macroeconomic uncertainties[51]