银河证券北交所日报-20260105

Core Insights - The North Exchange 50 index increased by 1.80% to close at 1,466.42 points on January 5, 2026, with a trading volume of 211.38 billion yuan and a turnover rate of 3.16% [1][2][5] - The overall valuation of the North Exchange is at 46.72 times earnings, which is higher than the valuations of the ChiNext and Sci-Tech Innovation Board [1][8][9] - The most significant sector gains were seen in the oil and petrochemical (+6.0%), pharmaceutical and biological (+4.5%), home appliances (+4.3%), and communications (+3.7%) sectors [1][2] Trading Performance - On January 5, 2026, the North Exchange had a total market capitalization of 884.47 billion yuan, with 396.77 billion shares listed, of which 253.27 billion were tradable [1] - The trading activity showed a recovery compared to the previous week, with an average daily trading volume of 194.04 billion yuan [1] Sector Analysis - The highest average price-to-earnings (P/E) ratios among sectors on the North Exchange were in non-ferrous metals (108.9), home appliances (82.5), and communications (80.1) [1][8] - The majority of industries on the North Exchange experienced gains, with notable declines in the automotive (-0.9%) and transportation (-0.3%) sectors [1][2] Stock Performance - Among the top gainers, Beiyikang (29.98%), Kaide Quartz (22.36%), and Jinhao Medical (20.03%) led the market [1][6] - Conversely, Tianming Technology (-15.03%), Jiaxian Co. (-10.33%), and Lifang Holdings (-8.46%) were the largest decliners [1][7] Valuation Trends - The North Exchange's overall valuation has shown an increase, with the P/E ratio at 46.72 times, indicating a higher valuation compared to the ChiNext (44.40 times) [1][9] - The valuation trends indicate a consistent premium of the North Exchange over the ChiNext, reflecting investor confidence in the listed companies [1][9]