北交所周报（2025年12月第4周）：市场整体上行，北证交易活跃度回落-20251231

Market Overview - The overall A-share market rose in the fourth week of December 2025, with the North Exchange's trading activity declining, as the average daily trading amount fell below 200 billion yuan to 199.87 billion yuan, a decrease of 11.68% from the previous week[1][8]. - The North Exchange 50 Index increased by 1.19% during the week, which is weaker compared to other major indices[1][14]. Trading Activity - The North Exchange's trading volume accounted for 1.02% of the total market, continuing a downward trend since May 2025, although it remains above the North Exchange's circulating market value ratio[11][12]. - The average turnover rate for the North Exchange was 21.85%, leading among the three exchanges[7][8]. Sector Performance - Most sectors on the North Exchange experienced negative median returns, with the food and beverage sector leading declines at -7.72%, while the media sector had the highest median gain at 2.25%[19]. - The computer industry had the highest median price-to-earnings (P/E) ratio at 145.25 times, indicating high valuation compared to other sectors[19][25]. New Listings and IPOs - There were no new stock offerings on the North Exchange during the week, but one new stock, Jiangtian Technology, was listed, with a first-day average price increase of 209.92%[43][44]. New Third Board Activity - The trading scale of the New Third Board increased, with a total of 5,956 listed companies, and the average trading amount for the innovation layer rose by 42.76% to 19.04 billion yuan, while the basic layer increased by 53.31%[37][40].