北交所市场周报：看好北交所春季行情，扩容提质提速，重磅政策催化确定性-20260105

Investment Rating - The report maintains a positive outlook on the North Exchange, suggesting a "overweight" rating for the industry, indicating an expected increase in performance exceeding the market benchmark by more than 10% over the next 6-12 months [31]. Core Insights - The North Exchange market is experiencing a short-term consolidation, but the expectation of favorable policies continues to strengthen. Key policies in sectors such as automotive digital transformation and commercial aerospace are anticipated to provide opportunities for high-end manufacturing companies listed on the North Exchange [3][25]. - The technology sector is highlighted as a leading driver of structural opportunities, with companies focusing on new productivity areas such as AI, commercial aerospace, and robotics showing significant growth potential [26]. - The North Exchange's valuation remains lower than that of the Sci-Tech Innovation Board, presenting a favorable cost-performance ratio for investors [27]. Summary by Sections Market Overview - The average daily trading volume of all A-shares on the North Exchange reached 19.42 billion yuan, a decrease of 2.8% week-on-week. The North Exchange 50 index fell by 1.55%, with an average turnover rate of 2.7% [7][15]. - The top five gainers for the week included Hengdongguang (878.2%), Tianming Technology (65.8%), and Lifan Holdings (29.9%), while the top five losers included *ST Guandao (-61.3%) and Hongyu Packaging (-32.0%) [15][17]. Key News and Policies - The Ministry of Finance emphasizes the need to enhance the effectiveness and precision of fiscal macro-control to support domestic demand expansion [2][22]. - The automotive industry is set for a digital transformation, with a goal to improve the maturity level of intelligent manufacturing capabilities by 2027 [20]. Core Driving Factors - The report identifies a strong expectation of policy dividends and the potential for incremental capital inflow into the market, particularly with the introduction of the North Exchange 50 ETF and other key policies [25]. - The technology sector is expected to lead the market, with companies like Tianli Composite and Tianming Technology showing significant stock price increases due to their focus on advanced technologies [26]. Investment Recommendations and Strategies - Institutional investors are advised to adopt a "steady layout, dual-line advancement" strategy, focusing on policy-driven technology growth sectors and selecting companies with high R&D investment and strong technological barriers [28]. - The report highlights the value of new share offerings, noting an average first-day increase of 368% for new stocks in 2025, with an expected increase in supply in 2026 [28].