北交所定期报告：新股审核及上市提速，关注专精特新小巨人及业绩超预期企业

Market Overview - The Shanghai Composite Index increased by 0.52%, while the North Exchange A-share Index rose by 2.33%, outperforming the Shanghai Composite by 1.81 percentage points[1] - The total trading volume for North Exchange A-shares was 132.01 billion yuan, with the North Exchange 50 accounting for 32.4% of this total[1] - The average daily trading volume for North Exchange A-shares was 26.402 billion yuan, down 34.3% week-on-week[1] Valuation Metrics - As of January 23, 2026, the median price-to-earnings (PE) ratio for North Exchange A-shares was 45.61X, compared to 36.5X for the Sci-Tech Innovation Board and 37.2X for the ChiNext Board[1] Individual Stock Performance - The total number of companies listed on the North Exchange reached 290, with notable gainers including Huawi Design and Liancheng CNC, while Kema Materials and Rongyi Precision saw significant declines[2] - From January 1, 2025, to January 23, 2026, 29 companies went public, with the median first-day price change being 271.56% and a median PE ratio of 13.47X[2] Industry Dynamics - The Ministry of Industry and Information Technology plans to accelerate the development of specialized and innovative small and medium-sized enterprises in 2026[3] - A new action plan for the electronic information manufacturing industry aims to foster innovation and growth among specialized enterprises[3] Investment Recommendations - Focus on companies with solid fundamentals and better-than-expected earnings forecasts, particularly in high-tech sectors like renewable energy and artificial intelligence[7] - Attention is also recommended for companies within the North Exchange 50 and specialized indices that have strong fundamentals and attractive valuations[7] Risk Factors - Potential risks include lower-than-expected market demand, intensified industry competition, geopolitical risks, and delays in policy implementation and R&D progress[8]