Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The North Exchange's stock trading activity remains active, with a total of 277 listed companies and a total market capitalization of 868.79 billion yuan as of September 30, 2025 [11][10] - The North Exchange 50 index has a PE-TTM of 50.90 times, ranking in the 88.25th percentile over the past two years, while the PB-MRQ is 13.18 times, in the 95.46th percentile [24][25] - The report highlights a mixed performance across industries, with the only rising sector being construction materials, while defense, agriculture, social services, food and beverage, and telecommunications sectors saw declines [32][29] Summary by Sections Market Overview - The North Exchange's trading volume for September was 26.028 billion shares, with a transaction value of 615.638 billion yuan, showing a 0.2% increase in volume but a 4.1% decrease in value compared to the previous month [10][15] - The average daily margin balance reached 7.673 billion yuan, an increase of 11.28% month-on-month, with peak margin balances nearing 8 billion yuan [21][21] Valuation - As of September 30, 2025, the North Exchange 50 index's PE-TTM is 50.90 times, and the PB-MRQ is 13.18 times, indicating high valuation levels compared to historical data [24][25] - The highest median PE among industries is in light manufacturing at 104 times, followed by computer and construction materials at 98 and 88 times respectively [25][28] Industry Performance - The North Exchange's dual indices showed a downward trend in September, with the specialized index down 4.44% and the North Exchange 50 down 2.90% [29][30] - The only sector that saw an increase was construction materials, while significant declines were noted in defense, agriculture, social services, food and beverage, and telecommunications [32][29] New Listings - Three new companies were listed this month: Sanxie Electric (920100.BJ), Jinhua New Materials (920015.BJ), and Shichang Co., Ltd. (920022.BJ) [11][3] - The total number of listed companies on the North Exchange is now 277, with a total market capitalization of 868.79 billion yuan [11][10]
北交所2025年9月月报：北证50持续回调，北交所新股表现亮眼-20251011