北交所5月份定期报告：指数再创新高，政策频频加码，结构性机会持续涌现

Market Performance - The North Exchange 50 Index reached a historical high, surpassing 1500 points on May 21, 2025, with a year-to-date increase exceeding 40%[4] - In May 2025, the North Exchange 50 Index rose by 9.52%, with a peak increase of 12.71% during the month[5] - As of May 29, 2025, the North Exchange 50 Index has increased by 36.43% year-to-date, with a maximum increase of 44.57%[5] Trading Activity - The total trading volume for the North Exchange in May 2025 was approximately 579.41 billion yuan, with a volume of 27.22 billion shares traded[23] - A total of 235 stocks increased in value, while 31 stocks decreased, with no stocks remaining unchanged during May 2025[5] New Listings and Regulatory Changes - One new stock was listed on the North Exchange in May 2025, bringing the total number of listed companies to 266[31] - The North Exchange implemented a pilot program for stock code switching starting May 6, 2025, to enhance trading convenience[4] Investment Recommendations - Focus on high-growth sectors such as semiconductors, military industry, AI, and satellite internet for domestic alternatives and technological breakthroughs[14] - Companies in the consumer industry chain are expected to benefit from policies aimed at boosting domestic demand and consumption[14] Valuation Metrics - As of May 29, 2025, the average PE ratio (TTM) for the North Exchange 50 Index was 73.22, while the median was 73.34[20] - The average PE ratio for the ChiNext Index was 30.72, and for the Sci-Tech Innovation Board, it was 142.30[20] Risk Factors - There is a risk that the implementation of policies may not meet expectations, potentially impacting the stability of the North Exchange[36] - Short-term price surges in individual stocks may lead to irrational investment behavior driven by market sentiment[36]