Group 1 - The report emphasizes the importance of focusing on technology and anti-involution themes, with a specific attention on China's anti-dumping investigation into American analog chips [2][14] - The report anticipates a significant inflow of funds into index funds and thematic public offerings in Q4, driven by the sustained performance of certain sectors and the recovery of institutional strength [2][14] - The North Exchange 50 Index officially takes effect on September 15, 2025, with stocks like Ge Bi Jia being removed, which may lead to a rebound after the selling pressure from index funds subsides [2][14] Group 2 - The North Exchange 50 Index fell by 1.07% this week, with trading volume decreasing by 11.21% [6][12] - The report notes that 47 stocks rose while 228 stocks fell, resulting in a decline in the strong stock ratio to 62.5% [6][36] - The average PE ratio for the North Exchange is 88.40 times, with a median of 51.37 times, indicating a decrease in valuation [7][24] Group 3 - The North Exchange will switch to a new 920 code starting October 9, 2025, which is expected to enhance the identification and trading of stocks on the exchange [12][47] - The report reiterates the view of a structural market in Q4, with alternating focus on technology and anti-involution themes, suggesting investors should capture core assets related to the North Exchange [13][14] Group 4 - This week, one new stock, Sanxie Electric, was listed, with a first-day increase of 785.62% and a turnover rate of 95.95% [28][36] - The report indicates that the new three-board market saw six new listings and three delistings, with a total planned financing of 161 million yuan and completed financing of 160 million yuan [4][48]
北交所策略周报：全面920时代将于国庆后开启-20250914
Shenwan Hongyuan Securities·2025-09-14 11:43