北交所中长期配置价值明确，关注细分领域优质龙头

Market Performance - The North Exchange has seen significant liquidity improvement due to policy support and a 30% price fluctuation limit, attracting incremental capital[1] - As of July 29, 2025, the North Exchange has 268 listed companies with an average market capitalization of 3.187 billion yuan, with 69.03% of companies valued between 1 billion and 3 billion yuan[7][11] - The North Exchange's average daily turnover rate reached 7.88% as of July 29, 2025, significantly higher than other A-share indices[14] Supply Side - The pace of new stock issuance is expected to steadily increase, with 145 companies currently in the IPO process as of July 29, 2025[28] - The average net profit of new three-board listed companies increased from 44.61 million yuan in January 2024 to 61.96 million yuan in the first half of 2025, supporting high-quality expansion of the North Exchange[28] Investment Value - North Exchange funds have consistently performed well, with many ranking in the top 25% of the market in 2024[33] - As of July 29, 2025, the North Exchange's PE (TTM) ratio stands at 52.80, placing it in the historical high range since its inception[18][22] Investment Recommendations - Key recommended stocks include Lin Tai New Material, Na Ke Nuo Er, and Yuan Hang Precision, focusing on high-quality leaders in niche sectors[34] - Specific sectors to watch include machinery, electric new energy, basic chemicals, light industry and consumption, TMT, automotive, and biomedicine[34] Risk Factors - Potential risks include policy risk, liquidity risk, and the possibility of corporate earnings falling short of expectations[63]