Group 1 - The report highlights that the North Exchange's new stock issuance has significantly accelerated, with an expected increase to two companies per week for approvals [2][19] - The North Exchange 50 Index will undergo its third adjustment of the year on September 11, 2025, with five companies expected to be added, including Star Map Control and Kang Le Wei Shi, which have significant influence coefficients [3][7][8] - The report suggests a focus on companies with stable long-term performance and scarcity in the market, such as Min Shi Da and Lin Tai New Materials, as well as high-end manufacturing and technology-related companies [18][19] Group 2 - The overall price-to-earnings (PE) ratio for North Exchange A shares has risen to 52X, indicating a recovery in valuations across various sectors [23][24] - The North Exchange 50 Index has shown a weekly increase of 1.56%, closing at 1,441.72 points, while the average daily trading volume has decreased to 243 billion [24][26] - The report notes that the market has been in a consolidation phase for over two months, with expectations for a return to performance-driven investment themes as companies begin to disclose mid-year results [18][19] Group 3 - The report indicates that there is a notable trend of excess returns for stocks added to the index prior to adjustments, while those removed tend to experience negative excess returns [9][13] - The North Exchange has seen a total of 31 new companies listed from January 1, 2024, to August 8, 2025, with one new company, Youli Intelligent, listed in the past week [29][30] - The report emphasizes the importance of monitoring the performance of companies in the context of the upcoming mid-year disclosures, which may shift market focus back to earnings growth [18][19]
北交所周观察第三十八期：北交所新股发行明显提速，关注北证50成份调整带来的个股变动
Hua Yuan Zheng Quan·2025-08-10 05:09