Investment Rating - The report maintains an "Outperform" rating for the North Exchange [4] Core Insights - The North Exchange's Specialized, Refined, Unique, and Innovative Index (北证专精特新指数) serves as a new investment benchmark for innovative small and medium-sized enterprises, reflecting the government's strategic intent to enhance the development environment for SMEs and strengthen capital market services [14][17] - The index's total market capitalization reached 238.478 billion, with a 52-week increase of +144.42% as of August 5, 2025, indicating strong performance [14] - The index is designed to provide a diversified asset allocation tool and evaluation benchmark, addressing the lack of investment targets on the North Exchange [20] Summary by Sections Strategic Positioning of the Index - The North Exchange's Specialized, Refined, Unique, and Innovative Index was launched to support the high-quality development of SMEs, reflecting a collaborative effort between the government and exchanges [14][17] - The index includes 50 of the largest specialized and innovative small giant enterprises, with a base point of 1000 as of June 28, 2024 [14] Comparison with Other Specialized Enterprises - The North Exchange's specialized enterprises exhibit characteristics of "medium R&D, high profitability, and stable growth," distinguishing them from other boards [2][39] - The average ROE for the North Exchange is 6.57%, significantly higher than the 3.79% of the Growth Enterprise Market and 2.40% of the Sci-Tech Innovation Board [38][39] - The North Exchange's enterprises are primarily concentrated in mechanical equipment, power equipment, basic chemicals, automotive, and electronics sectors [40] Future Outlook - The North Exchange's index is expected to become a benchmark tool for institutional allocation of innovative small-cap assets, driving the exchange towards a "value discovery market" [3] - The index's dynamic optimization mechanism and policy empowerment are anticipated to enhance resource integration and liquidity [3][21] Index Composition and Rules - The index's component stocks are selected based on strict criteria, ensuring representativeness and investment value, with 49 national-level and 11 provincial-level specialized small giants included [23][27] - The index employs a free-float market capitalization weighting method, allowing larger companies to have a higher influence on the index [27] Industry Distribution - The index focuses on sectors related to new productivity, with mechanical equipment, electronics, power equipment, automotive, and computers representing 30%, 16%, 12%, 8%, and 8% of the listed companies, respectively [35][40]
北证专精特新指数：新质生产力时代的创新型中小企业投资价值新锚点