北交所策略专题报告：北交所打新配置策略：精选高质新股机会，布局低估值高分红资产

Group 1 - The report highlights that the North Exchange (北交所) has performed well in 2025, with an average first-day price increase of 354.69% for newly listed companies, compared to 222.90% for the Shanghai Stock Exchange and 206.84% for the Shenzhen Stock Exchange [2][25]. - The average first issuance price-to-earnings ratio (P/E) for the North Exchange is 12.70X, significantly lower than the 40.22X for the Shanghai Stock Exchange and 19.77X for the Shenzhen Stock Exchange, indicating a potential undervaluation of North Exchange stocks [25][26]. - The report suggests that investors should focus on high-quality new stocks and low-valuation, high-dividend assets, particularly large-cap blue-chip companies with lower P/E ratios [2][35]. Group 2 - The North Exchange has seen a total of 24 companies listed in 2025, with 43 companies passing the review process, indicating a robust IPO pipeline [12][21]. - The average subscription rate for new stocks on the North Exchange is around 0.03%, which has remained stable since the third quarter of 2025, suggesting consistent investor interest [17][18]. - The report recommends a stock pool that includes companies from various sectors such as information technology, chemical new materials, and high-end equipment, emphasizing those with stable performance and reasonable valuations [3][35]. Group 3 - The North Exchange's market performance is characterized by a significant increase in trading volume, with an average daily transaction amount of 195.40 billion yuan, reflecting a 40.13% increase [11]. - The report notes that the North Exchange's P/E ratio for the North 50 Index is 68.86X, while the specialized and innovative index stands at 79.98X, indicating a premium valuation compared to the broader market [3][11]. - The report identifies specific companies within the North Exchange that are considered undervalued and have strong fundamentals, such as 贝特瑞 (Bettery) and 锦波生物 (Jinbo Bio), which have P/E ratios of 34.70X and 40.61X respectively [35].