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北交所周报:北证指数小幅调整,看好北交所持续高质量发展-20250930
ZHONGTAI SECURITIES·2025-09-30 08:44

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [2] Core Viewpoints - The report indicates that the high-quality development of the Beijing Stock Exchange (北交所) is expected to yield significant results in 2025, with a positive outlook for the overall performance of the exchange in the coming year [21] - The report highlights the performance of the North Exchange 50 Index, which experienced a decline of 3.11% to close at 1528.98 points as of September 28, 2025, while other indices such as the Shanghai and Shenzhen 300, ChiNext, and Sci-Tech 50 showed increases of 1.07%, 1.96%, and 6.47% respectively [3][6] - The report emphasizes the average market capitalization of the 277 constituent stocks in the North Exchange, which stands at 3.138 billion yuan, and notes a significant valuation premium compared to other A-share markets [8][11] Summary by Sections 1. North Exchange Market Overview - As of September 28, 2025, the North Exchange has 277 constituent stocks with an average market capitalization of 3.138 billion yuan [6] - The North Exchange A-shares had a median PE ratio of 47 times, significantly higher than the median PE ratios of 29 times for the entire A-share market, 39 times for ChiNext, and 41 times for Sci-Tech Board, indicating a valuation premium of 164%, 121%, and 116% respectively [8] 2. Industry Performance - The top five performing industries in the A-share market for the week were electrical equipment, non-ferrous metals, electronics, media, and public utilities, with respective increases of 3.86%, 3.52%, 3.51%, 0.63%, and 0.28% [11] 3. North Exchange Individual Stock Performance - Among the 277 stocks listed on the North Exchange, 19 stocks increased in value, while 256 stocks decreased, resulting in an increase ratio of 7% [13] 4. New Stocks on the North Exchange - As of September 28, 2025, 19 companies, including Dongsheng Jin Material and Baiying Biological, have reached the inquiry stage, while three companies, including Jingchuang Electric and Dapeng Industrial, are in the registration stage [17][18] 5. Investment Strategy for the North Exchange - The report suggests focusing on several sectors for investment in 2025, including: 1. Data Centers: KLT and Shuguang Shuchuang 2. Robotics: Suzhou Axis, Audiwei, Jun Chuang Technology, and Fuheng New Materials 3. Semiconductors: Hualing Co. and Kaide Quartz 4. Consumer Goods: Taihu Snow, Boshenglong, Lusi Co., Kangbiter, and Thunder God Technology 5. Military Information Technology: Chengdian Guangxin and Xingtuzhihui [21]