北交所2026年1月定期报告：北证50延续调整，成分股2025年业绩承压

Market Overview - As of January 31, 2026, the total number of listed companies on the Beijing Stock Exchange (BSE) is 292, with a total market capitalization of CNY 936.30 billion, averaging CNY 32.07 billion per company[8] - The number of listed companies increased by 4 from the previous month, and the total market capitalization rose by 7.69% month-on-month[8] Index Performance - The BSE 50 Index closed at 1531.55 points at the end of January, reflecting a month-on-month increase of 6.33%, outperforming the CSI 300 Index (+1.65%) and the ChiNext Index (+4.47%) but underperforming the STAR 50 Index (+12.29%) and the Wind Micro-Cap Index (+10.58%)[15][16] - The BSE Specialized and New Index recorded a month-on-month increase of 6.06%, which is lower than several comparable indices[15][16] Valuation Metrics - As of January 31, 2026, the PE (TTM, excluding negatives) for the BSE 50 Index is 45.96 times, while the BSE Specialized and New Index stands at 67.10 times, indicating a higher valuation for the latter[18] - The BSE 50 Index ranks third in PE (TTM, excluding negatives) among comparable indices, higher than the CSI 300 Index (13.50 times) and the ChiNext Index (39.26 times) but lower than the STAR 50 Index (84.13 times) and the Wind Micro-Cap Index (59.20 times)[19] Liquidity Analysis - The trading volume for the BSE 50 Index in January was CNY 607.27 billion, while the BSE Specialized and New Index had a trading volume of CNY 192.70 billion, both lower than other broad-based indices[27] - The average turnover rate for the BSE 50 Index was 64.45%, lower than the ChiNext Index (89.74%) but higher than the CSI 300 Index (18.26%)[27] Sector Performance - Among seven key sectors, only the automotive sector had a negative average price change in January, while the power equipment, basic chemicals, and computer sectors showed positive average price changes of 11.82%, 7.43%, and 5.51%, respectively[35] - The average PE (TTM, excluding negatives) for the computer and electronics sectors was notably high at 122.40 times and 71.81 times, respectively, while other sectors ranged from 33.68 times to 44.88 times[37] Individual Stock Highlights - The top five performing stocks in January were Liancheng CNC (+130.47%), Liujin Technology (+94.94%), Yinen Power (+77.70%), Keli Co. (+77.40%), and Meibang Technology (+67.45%) with significant price increases[41] - Conversely, the bottom five stocks were Kema Materials (-34.72%), *ST Yunchuang (-29.63%), Henghe Co. (-28.18%), Jinhao Medical (-27.85%), and Tianming Technology (-26.67%) with substantial declines[41]