北交所策略周报：北证开市四周年，市值近万亿流动性改善显著-20251116

Group 1 - The report highlights that the North Exchange has reached its fourth anniversary with a market capitalization of nearly 1 trillion, showing significant improvement in liquidity [10][11]. - As of November 15, 2025, the North Exchange has 282 listed companies, an increase of 248% from the initial 81 companies at its inception, and a total market value of 900.8 billion, which is a 212% increase since the first trading day [10][11]. - The average daily turnover rate for 2025 is reported at 5.4%, surpassing the dual innovation market, indicating a steady increase in liquidity and the number of accounts, which has grown to approximately 9.5 million, a 1.4 times increase from the initial period [10][11]. Group 2 - The North Exchange 50 Index decreased by 0.56% this week, with a trading volume of 10.69 billion yuan, reflecting a 5.89% decrease compared to the previous week [17][22]. - The report notes that 121 stocks rose while 157 fell, resulting in a rise-to-fall ratio of 0.77, with notable gains from companies like Rongyi Precision and Zhu Laoliu [33][35]. - The report emphasizes the importance of focusing on index-weighted constituent stocks and companies entering the North Exchange 50 Index, particularly in the context of the anticipated North Exchange 50 ETF [12][13]. Group 3 - The report indicates that the North Exchange is entering a high-level adjustment period, with rapid rotation of hotspots in technology and "anti-involution" sectors, suggesting a focus on thematic investments [10][12]. - It is expected that more reform measures will be implemented in 2026, including changes to the new stock issuance system and the introduction of the 50 ETF [10][11]. - The report suggests that the market is currently cautious, with a need for more stable growth measures to support the consumer electronics and automotive supply chains in the first half of 2025 [10][12]. Group 4 - The report details that 11 new companies were listed on the New Third Board this week, while 6 were delisted, with planned financing of 96 million yuan and completed financing of 67 million yuan [46][48]. - As of November 14, 2025, there are 6061 companies listed on the New Third Board, with 2310 in the innovation layer and 3751 in the basic layer [46][48].