北交所策略周报：两新股注册成功，“高质量”扩容基调未变-20250706

Group 1 - The report indicates that the registration of two new stocks, Dingjia Precision and Youli Intelligent, has been successful, maintaining the "high-quality" expansion tone. This marks the eighth and ninth successful registrations for the North Exchange this year, highlighting a slow issuance pace compared to other boards [10][11]. - The North Exchange has only listed six new stocks this year, making it the slowest among the Sci-Tech Innovation Board, Growth Enterprise Market, and Shanghai and Shenzhen Main Boards, which have listed seven, twenty, and nineteen new stocks respectively [11]. - The bottleneck for the low issuance volume of new stocks on the North Exchange is attributed to the registration process. As of now, there are ten companies that have passed the review but have not yet registered [11] Group 2 - The North Exchange 50 index fell by 1.73%, with an average daily trading amount of 27.98 billion, a decrease of 17.8% week-on-week. The market style favored large-cap quality stocks, with the banking index rising by 3.77% [10][20]. - The report highlights that the market is showing a shift towards domestic demand sectors, with stocks like Minshida and Kangnong Agriculture seeing increases of 7.15% and 5.37% respectively, as the deadline for the suspension of "reciprocal tariffs" approaches [10][20]. - The report suggests that the overall market risk appetite has not significantly declined, and there are signs of a resurgence in consumption and other sectors [10][20]. Group 3 - The report emphasizes the importance of monitoring the mid-year report market, recommending attention to companies such as Lintai New Materials, Minshida, and KAIT, among others [15]. - Long-term focus is advised on companies with competitive advantages in the North Exchange, particularly in the technology and new consumption sectors [15]. - The report notes that the North Exchange's PE (TTM) average is 94.70 times, with a median of 52.90 times, indicating a relatively high valuation compared to other boards [27][29]. Group 4 - The North Exchange has seen a total of 268 companies listed as of July 4, 2025, with no new stocks listed this week [33]. - The report mentions that there are 32 new companies under review for registration, indicating ongoing interest in the North Exchange despite the slow pace of new listings [33][40]. - The trading volume for the North Exchange was 6.105 billion shares this week, a decrease of 16.27% compared to the previous week, with a total transaction amount of 139.916 billion, down 17.81% [32][20]. Group 5 - In the New Third Board, there were no new listings this week, with one company delisted. The total planned financing for the week was 1.53 billion, with 0.232 billion completed [57]. - The report indicates that as of July 4, 2025, there are 6,059 companies listed on the New Third Board, with 2,332 in the innovation layer and 3,727 in the basic layer [57]. - The report highlights that the New Third Board has seen a total of 15.30 billion planned financing this week, with one company, Zhongxin Crystal, planning to raise 1.5 billion [61].