2026年北交所年度投资策略：中长期配置价值明确，攻守之道双轨并行

Group 1 - The medium to long-term allocation value of the North Exchange is clear, with increasing institutional participation and market expansion [2][9][30] - As of November 14, 2025, the North Exchange has 282 listed companies with an average market capitalization of 3.194 billion yuan, showing continuous high-quality development [9][30] - The average daily trading volume of North Exchange A-shares reached 1.08 billion yuan in 2025, doubling from 0.5 billion yuan in 2024, indicating significant liquidity improvement [2][17] Group 2 - The issuance of new stocks is steadily increasing, with a sufficient reserve of companies waiting to be listed and improving profitability [2][30] - As of November 16, 2025, there are 95 companies in the IPO process, indicating a promising future for new stock issuance on the North Exchange [30] - The average net profit of new three-board listed companies increased from 44.61 million yuan in January 2024 to 93.12 million yuan in November 2025, supporting high-quality expansion of the North Exchange [30] Group 3 - The North Exchange has seen a significant increase in institutional participation, with the market value held by funds rising from 3.030 billion yuan in Q1 2024 to 10.307 billion yuan in Q3 2025 [3][37] - The number of funds holding North Exchange stocks increased from 49 at the end of 2024 to 71 by November 2025, reflecting growing interest from institutional investors [37][41] - The North Exchange's stock performance has outpaced other markets, with many funds achieving high returns, particularly in technology-focused investments [41][46] Group 4 - The North Exchange's new stock issuance has shown significant profitability, with the average first-day increase of new listings reaching 325% from early 2025 to November 14, 2025 [46] - The strategic investment standards for new stock issuance have been adjusted to include institutions with strategic cooperation and long-term investment intentions, enhancing market stability [46] - The potential introduction of a market capitalization-based subscription model for new stocks could further strengthen investment participation in the North Exchange [46] Group 5 - High-dividend stocks on the North Exchange are gaining attention, with 32 stocks having more than two dividends in 2024 and seven stocks yielding over 3% [48][49] - Companies such as Taihu Yuanda and Qingju Technology are highlighted for their strong dividend performance and stable earnings [51][48] - The focus on high-dividend stocks aligns with a strategy for stable investment returns in the current market environment [48] Group 6 - The North Exchange 50 index has a significant representation in industries such as industrial (36%), information technology (24%), and materials (19%) [52] - Companies within the North Exchange 50 that are also recognized as specialized and innovative enterprises are being closely monitored for investment opportunities [55] - The ongoing adjustments in the North Exchange 50 index reflect a focus on maintaining high-quality and high-growth potential companies [55]