北证指数震荡回调，开展专精特新指数测试

Group 1 - The core viewpoint of the report indicates that the North Exchange Index has experienced fluctuations and a decline, with the North Certificate 50 Index dropping by 2.55% as of June 20, 2025, compared to the previous week's closing price [5][17] - The average market capitalization of the North Certificate A-share component stocks is 2.934 billion, with a daily average trading volume of approximately 30.07 billion, reflecting a decrease of 7.78% from the previous week [5][18] - The North Exchange is set to conduct the second nationwide test of the North Certificate Specialized and Innovative Index on June 21, 2025, to verify the market institutions' technical systems [10] Group 2 - The report highlights that the North Exchange A-share sector has a price-to-earnings (PE) ratio of 48x, compared to 34x for the ChiNext, 12x for the Shanghai Main Board, 20x for the Shenzhen Main Board, and 54x for the Sci-Tech Innovation Board as of June 20, 2025 [28] - The report suggests focusing on high-attention sub-sectors within the North Exchange A-share market, particularly those related to specialized and innovative themes and technological breakthroughs [5][28] - The report notes significant individual stock differentiation and thematic rotation, with policy benefits and high valuation pressures coexisting [5]