Investment Rating - The report maintains an "Outperform" rating for the Beijing Stock Exchange (BSE) [5] Core Insights - The BSE has entered a dual-index era with a significant acceleration in IPO approvals, reflecting a more active market environment [1][4] - The total number of listed companies on the BSE reached 268, with a total market capitalization of 848.87 billion yuan and a circulating market value of 513.52 billion yuan, representing increases of 6.7% and 7.4% respectively [1][12] - The North Certificate 50 Index experienced a fluctuation but ultimately rose by 2.73% over the month, indicating a recovery trend [3][28] - The newly launched North Certificate Specialized and Innovative Index aims to fill the investment gap for specialized and innovative enterprises [3][35] Market Overview - The trading volume for June was 26.99 billion shares, with a total transaction amount of 607.93 billion yuan, showing a month-on-month decrease in trading volume by 5.2% but a slight increase in transaction value by 0.5% [1][16] - The average daily margin balance reached 5.52 billion yuan, up 2.36% from the previous month [21] Valuation Metrics - As of June 30, the PE ratio for the North Certificate 50 Index was 49.45, placing it in the 92.34 percentile over the past two years, while the PB ratio was 9.72, in the 98.76 percentile [2][23] - The median PE ratios by industry show that the computer sector has the highest at 134 times, followed by telecommunications at 116 times and construction materials at 105 times [2][25] Industry Performance - The report indicates mixed performance across industries, with significant gains in media, transportation, defense, textiles, and electronics, all showing median increases of over 9% [3][39] - Conversely, industries such as pharmaceuticals, social services, environmental protection, food and beverage, beauty care, and agriculture experienced declines [3][39] New Listings and Market Dynamics - Two new companies were listed in June: Guangxin Technology and Jiaoda Tiefa, with a total of 131 companies updating their IPO application status [4][12] - The report highlights a trend of stricter regulations, increased market activity, and innovation-driven growth as key themes for the BSE [4]
北交所2025年6月月报：IPO受理显著提速-20250703