北交所7月份定期报告：上半年供给提质，北交所静待新催化

Market Performance - As of July 30, 2025, the North Exchange 50 Index fell by 0.52% in July, underperforming compared to the Shanghai and Shenzhen main boards[6] - Year-to-date, the North Exchange 50 Index has increased by 38.72%, with a maximum increase of 44.57% during the period[7] Stock Activity - In July, 109 stocks rose while 159 stocks fell, with 1 stock remaining unchanged[17] - The average PE (TTM) for the North Exchange 50 Index is 67.79 times, significantly higher than the ChiNext Index at 33.79 times and the Sci-Tech Innovation Board at 139.68 times[24] Trading Volume - The total trading volume for July reached 559.192 billion yuan, with a volume of 25.587 billion shares traded[28] - The average margin financing balance for July was 5.504 billion yuan, reflecting a month-on-month increase of 2.07%[30] IPO and Market Dynamics - In July, 1 new stock was listed, bringing the total number of companies listed on the North Exchange to 269[36] - The trend of high-quality supply continues, with a high number of IPO applications indicating ongoing market interest[6] Investment Recommendations - Focus on three main lines: high-growth productivity sectors, innovation-driven industries like semiconductors and AI, and consumer-related companies benefiting from domestic demand policies[6]