北交所策略周报：北证进入低波动快轮动周期的原因及应对思考-20250720

Group 1 - The core viewpoint of the report indicates that the North Exchange is entering a low-volatility and fast-rotation cycle, with the North Exchange 50 index declining by 0.16% while trading volume increased by 1.31% [11][20][26] - The market style this week favored large-cap growth stocks, with the National Index large-cap growth and small-cap growth indices rising by 2.4% and 1.1% respectively, while sectors such as communication, pharmaceuticals, and automobiles performed well [11][12] - The North Exchange has shown persistent weakness, with major broad-based indices like the CSI 1000, National Index 2000, and Wind Micro Index rising by 1.4%, 1.9%, and 2.2% respectively, contrasting with the decline of the North Exchange 50 [11][12] Group 2 - The report highlights that the North Exchange's volatility continues to decline, leading to a decrease in the correlation with the Shanghai and Shenzhen markets, resulting in diminished profit-making opportunities and a state of confusion in the market [12][13] - Active and trading investors are currently facing uncertainty, with concerns about the economic slowdown affecting individual stock performance, and a lack of significant adjustments in the North Exchange leading to low buying momentum [12][13] - The report suggests that breaking the weak balance in the North Exchange requires a new narrative, emphasizing the importance of adhering to core growth assets and avoiding blind event-driven investments [13] Group 3 - The report notes that the North Exchange has seen 0 new stocks listed this week, with a total of 268 companies listed as of July 18, 2025 [30] - The trading volume for the North Exchange was 5.13 billion shares, with a trading value of 109.169 billion yuan, reflecting a week-on-week increase of 1.31% [26][20] - The report also mentions that the North Exchange's PE (TTM) average is 96.40 times, with a median of 52.56 times, indicating a higher valuation compared to other exchanges [22][29]