北交所事件点评：优质供给持续补充，北交所新股赚钱效应显著

Investment Rating - No rating (maintained) [2] Core Insights - The North Exchange has seen a significant number of new stocks listed since the beginning of 2025, with first-day performances generally exceeding 200% gains, and some stocks even surpassing 400% [4] - The new stock listing has demonstrated a strong profit-making effect, with most new stocks achieving multiple premiums compared to their issuance prices, indicating robust investor expectations [6] - The overall quality of new stocks has improved significantly this year, with companies focusing on advanced manufacturing, new materials, and medical devices, reflecting an optimization in industry representation and profitability [7] Summary by Sections Event Overview - Since the start of 2025, over ten new stocks have successfully listed on the North Exchange, with first-day trading showing high turnover rates between 70% and 90% [4] Market Commentary - The high turnover and volatility indicate strong price speculation, yet many stocks maintain high average prices, showcasing active trading and strong buying sentiment [6] - The North Exchange is accelerating the development of its index system and fund products, which is expected to provide long-term funding channels for new stocks [7] Investment Strategy - The investment strategy focuses on the "specialized, refined, distinctive, and innovative" sectors along with high-end manufacturing, emphasizing industry prosperity and clear profit realization paths [7]