11月市场调整幅度较大，12月聚焦不确定性事件落地后的布局机遇期：北交所周观察第五十四期（20251130）

Core Insights - The report indicates a significant adjustment in the market during November 2025, with the North Exchange 50 Index declining by 12.32% and the North Exchange Specialized and New Index falling by 13.44%, underperforming compared to major indices like the ChiNext and STAR Market [8][10][12] - Looking ahead to December, the report emphasizes the importance of focusing on trading opportunities related to companies included in the North Exchange 50 and Specialized and New Indexes, particularly after the resolution of certain uncertainties [3][21] - The report anticipates a speeding up of reforms in the North Exchange in 2026, suggesting that recent market adjustments may have led to the undervaluation of quality assets, creating potential investment opportunities [3][21] Market Performance - The North Exchange A-share overall PE ratio remains at 44X, while the daily average trading volume has decreased to 139 billion [28][31] - In November 2025, the North Exchange saw a trading volume increase to approximately 376.6 billion, with a monthly turnover rate of 53%, up from 44% in October [20][23] - The report notes that only 10 companies had a price increase exceeding 5% in November, with notable performers in the power equipment and machinery sectors [17][18] Company Focus - Companies such as Tongli Co., Development Technology, and others are highlighted as potential investment targets due to their solid fundamentals and valuation attractiveness [3][21] - The report suggests focusing on companies with stable long-term performance and market scarcity, such as Guangxin Technology and Lin Tai New Materials [3][21] - Sectors with high policy support and growth certainty, including robotics, energy storage, and AI power, are recommended for investment, with specific companies like Hai Xi Communications and Xingtu Measurement Control being noted [3][21] New Listings and IPOs - From January 1, 2024, to November 28, 2025, a total of 46 companies have been newly listed on the North Exchange, with the average issuance PE ratio being 13.80X and an average first-day price fluctuation of 287% [37][45] - Recent updates indicate that two companies have registered and two have passed the review process, with ongoing normalization in new stock issuance [43][44]