北交所市场点评：缩量调整，关注商业航天及算力产业链

Investment Rating - The report indicates a focus on the commercial aerospace and computing power industry chain, suggesting a positive outlook for these sectors [3]. Core Insights - The market showed significant differentiation, with technology growth leading while cyclical consumption faced pressure. The computing power hardware sector, particularly influenced by the news of NVIDIA being allowed to sell H200 chips to China, demonstrated resilience [3]. - The North Exchange market, primarily composed of specialized and innovative enterprises, has not directly benefited from the influx of funds into the computing power sector but still exhibited some anti-dip characteristics among tech-heavy stocks [3]. - The current valuation of the North Exchange 50 Index is at a low percentile compared to the past year, indicating a release of valuation pressure [3]. - Policy expectations are rising towards the end of the year, with a focus on stable progress and proactive fiscal measures, which may enhance market liquidity in the medium to long term [3]. Market Review - On December 9, the North Exchange A-share trading volume reached 139.2 billion, a decrease of 11.8 billion from the previous trading day. The North Exchange 50 Index closed at 1401.73, down 1.72%, with a PE_TTM of 66.35 times. The specialized and innovative index closed at 2343.91, down 1.48% [8][3]. - Among 286 companies on the North Exchange, 28 saw an increase, 1 remained flat, and 257 experienced a decline. The top five gainers included Dapeng Industrial (10.1%), Caneng Electric (5.5%), and Fangsheng Co. (5.2%), while the top five losers included Kangle Weishi (-7.5%) and Airong Software (-5.5%) [18][19]. Important News - The U.S. government has allowed NVIDIA to sell its H200 AI chips to China, imposing a 25% fee per chip, marking a significant policy shift [21]. - Demand for MLCCs is expected to grow at an annual rate of 30%, driven by AI applications, with major manufacturers like Murata and Samsung planning to expand production capacity [22].