北交所市场周报：上行中继盘整，关注成长空间大、确定性强的国产替代龙头-20251111

Investment Rating - The report suggests a focus on leading domestic replacement companies with strong growth potential and certainty [3][31]. Core Insights - The North Exchange market experienced a decline in trading volume, with an average daily turnover of 22.72 billion yuan, down 21.4% week-on-week. The North Exchange 50 index fell by 3.79% during the week [1][7]. - The top five gainers for the week included Caneng Power (31.1%), Anda Technology (20.4%), Hongxi Technology (19.1%), Jinhua New Materials (13.3%), and Deer Chemical (11.1%). Conversely, the top five losers were Beiyikang (-12.3%), Fujida (-12.3%), Longzhu Technology (-11.9%), Tiangang Co. (-10.8%), and Digital Human (-10.7%) [1][14]. - The report highlights a structural characteristic of the market, with funds concentrating on high liquidity and high growth stocks, indicating a shift towards fundamental valuations [3][30]. Summary by Sections Market Overview - The North Exchange's average daily trading volume reached 22.72 billion yuan, a decrease of 21.4% compared to the previous week. The North Exchange 50 index declined by 3.79%, with an average turnover rate of 3.2% [1][7]. Key News and Policies - The National Health Commission issued guidelines to support AI in medical applications, aiming to develop specialized clinical models by 2027 [2][20]. - By the end of September, China's new energy storage capacity exceeded 100 million kilowatts, marking a growth of over 30 times compared to the end of the 13th Five-Year Plan [2][21]. Core Driving Factors - The report emphasizes the dual drive of deepening reforms and industrial policies, with the North Exchange accelerating the launch of the North Exchange 50 ETF and enhancing market liquidity [3][28]. - The addition of quality new stocks and the focus on niche market leaders are highlighted, with new listings in sectors like in-vitro diagnostics and engineering consulting [3][29]. Investment Recommendations and Strategies - The report suggests that the recent index adjustments do not alter the long-term value of the North Exchange 50 index, which is expected to show resilience in earnings compared to small-cap stocks [3][31]. - It recommends focusing on core stocks within the North Exchange 50 index and specialized new "little giant" companies, particularly in high-tech fields supported by policy [3][31].