北交所8月份定期报告：北证50指数上行趋势延续，北交所中长期前景可期

Core Insights - In August, the Beijing Stock Exchange (BSE) experienced a recovery trend after a period of consolidation, with the BSE 50 Index reaching a new high for the year, indicating a gradual improvement in market sentiment [4][12] - Trading volume increased compared to previous periods, and newly listed stocks continued to show high volatility, with impressive first-day gains, highlighting the attractiveness of scarce supply to investors [4][12] - The market has shown signs of increased activity due to the convergence of mid-year report validations, policy expectations, and a rebound in capital [4][12] - Looking ahead, upcoming index sample adjustments, code switches, and the launch of specialized theme funds in September are expected to serve as catalysts for further market momentum [4][12] Market Review and Valuation - As of August 28, 2025, the BSE 50 Index rose by 6.81% in August, with a maximum increase of 13.74% during the period. Among BSE stocks, 141 rose, 133 fell, and none remained unchanged. Year-to-date, the BSE 50 Index has increased by 49.78%, with a maximum increase of 57.78% [13][19] - The average price-to-earnings (P/E) ratio for the BSE 50 Index as of August 28, 2025, was 70.03 times, with a median of 68.15 times. In comparison, the ChiNext Index had an average P/E of 36.39 times, and the Sci-Tech Innovation Board had an average P/E of 151.87 times [19][24] New Stock Dynamics - In August, five new stocks were listed on the BSE, bringing the total number of listed companies to 274 as of August 28, 2025. During the period from August 1 to August 28, five companies were both subscribed and listed [30][31] Key Company Announcements - Notable announcements include the certification of a quality management system by Jiezhong Technology, a joint venture establishment in Indonesia by Hongzhi Technology, and a successful bid by Sanyou Technology for a copper refining project [33][34]