北交所事件点评：2025年北交所市场流动性改善明显

Market Performance - As of December 25, 2025, the North Exchange 50 Index has increased by 40.48% year-to-date[3] - The total market turnover reached CNY 6.41 trillion, representing a growth of 115.64% compared to 2024[3] - The financing balance on the North Exchange was CNY 7.951 billion, up 106.54% from the end of 2024[3] Market Capitalization and Growth - By November 2025, the total market capitalization of the North Exchange was CNY 827.155 billion, reflecting a 199.62% increase since its establishment and a 51.40% increase since the beginning of the year[5] - The number of listed companies grew from 81 at inception to 285 by November 30, 2025, more than doubling in four years[5] Investment Environment - Improved market liquidity has driven significant capital inflow, with institutional interest in the North Exchange continuing to rise[4] - The market's focus on innovative small and medium enterprises has attracted attention to high-growth companies, supported by favorable policies and the introduction of new financial products like the North Exchange 50 ETF[5] Future Outlook and Risks - The market is expected to further increase in value with the listing of more specialized and innovative enterprises, alongside ongoing policy support[5] - Potential risks include policy changes, overvaluation concerns, and possible liquidity declines[5]