北交所定期报告20250615：政策红利与高估值压力并存，关注中报业绩兑现与政策催化

Market Performance - As of June 13, 2025, the North Exchange A-share index has 267 constituent stocks with an average market capitalization of 3.046 billion CNY[19] - The North Exchange 50 index fell by 3.10% to close at 1,382.74 points, significantly underperforming other major indices such as the CSI 300, which declined by 0.25%[19] - Daily trading volume for North Exchange A-shares increased by 64.11% week-on-week to 32.603 billion CNY, with an average turnover rate of 7.97%, up by 3.05 percentage points[19] Investment Insights - The North Exchange A-share PE ratio stands at 50.12, compared to 34.12 for the ChiNext and 11.15 for the Shanghai Main Board, indicating a valuation disparity[30] - Investors are advised to focus on high-certainty performance stocks with valuations below historical averages, particularly in sectors with technological barriers and growth potential[30] Risks and Recommendations - Key risks include policy risk, liquidity risk, and the potential for corporate earnings to fall short of expectations, which could negatively impact stock prices[31] - The market is experiencing a mix of policy benefits and high valuation pressures, necessitating caution regarding liquidity tightening and potential adjustments[3]