北交所周报：多部委联合印发文件支持小微企业发展，北交所交易热度持续-20250527

Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating an expected increase in performance relative to the benchmark index over the next 6 to 12 months [1]. Core Insights - The report highlights the recent joint issuance of measures by multiple ministries to support the development of small and micro enterprises, which is expected to enhance financing conditions and promote equity financing for these businesses [5][27]. - The overall performance of the North Exchange (北交所) is projected to improve in 2025, with a focus on high-quality development and specific sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology [28]. Summary by Sections North Exchange Overview - As of May 23, 2025, there are 266 constituent stocks in the North Exchange, with an average market capitalization of 2.936 billion [4][8]. - The North Exchange 50 Index experienced a decline of 3.21%, closing at 1370.04 points, while the Shanghai and Shenzhen 300 Index, ChiNext Index, and Sci-Tech 50 Index saw declines of 0.64%, 1.06%, and 2.04% respectively [4][8]. - The trading volume for the week was 179.74 billion, reflecting a year-on-year increase of 3.7%, with a weekly turnover rate of 45.6% [4][12]. Industry Performance - The top five performing sectors in the A-share market for the week were automotive, pharmaceutical and biotechnology, comprehensive, non-ferrous metals, and home appliances, with respective gains of 3.17%, 2.46%, 2.19%, 1.25%, and 1.10% [18]. Individual Stock Performance - Among the 266 stocks listed on the North Exchange, 42 stocks increased in value, while 224 stocks decreased, resulting in an increase ratio of 16% [21]. New Stocks on the North Exchange - Six companies updated their review status to "inquired," while two companies were classified as "accepted," and one company submitted for registration during the week of May 19 to May 23, 2025 [24][25]. Key Announcements - The report emphasizes the issuance of measures to support small and micro enterprises, aiming to improve their financing conditions and encourage equity financing [27]. Investment Strategy - The report suggests focusing on specific sectors for investment in 2025, including data centers, robotics, semiconductors, consumer goods, and military information technology, highlighting key companies within these sectors [28].