北交所2月份定期报告：强化监管与服务并重，推动市场提质增效

Core Insights - In February, the Beijing Stock Exchange (BSE) is in a phase of emotional recovery and structural game, with the overall valuation of BSE A-shares at a medium to high level, showing a relative discount compared to the Sci-Tech Innovation Board [4][12] - The trading volume has decreased to a temporary low before the holiday, indicating cautious market sentiment. However, the pace of new stock issuance is accelerating, and refinancing policies are continuously optimized, providing support for the medium-term capital market [4][12] - Structural opportunities will continue to unfold around policy expectations and industrial themes, with three main investment lines suggested: (1) high-growth new productivity targets and leading companies in competitive niche sectors; (2) innovation-driven domestic leadership, focusing on domestic substitution and technological breakthroughs in semiconductors, military industry, AI, and satellite internet; (3) economic stimulus through domestic demand, with consumer-related companies on the BSE expected to benefit from policies aimed at expanding domestic demand and promoting consumption [4][12] Market Review and Valuation - As of February 26, 2026, the BSE 50 Index rose by 0.87% in February, with a maximum increase of 2.42%. Among BSE stocks, 91 rose, 198 fell, and 6 remained unchanged. Year-to-date, the BSE 50 Index has increased by 7.25%, with a maximum increase of 12.06% [13] - The average PE (TTM) of the BSE 50 Index is 64.18 times, with a median of 64.24 times. In comparison, the ChiNext Index has an average PE of 43.03 times, and the Sci-Tech Innovation Board has an average PE of 167.57 times [19][20] New Stock Dynamics - In February, three new stocks were listed on the BSE, bringing the total number of listed companies to 295 as of February 26, 2026. From February 1 to February 27, 2026, six companies were subscribed, and three were listed [30][31] Key Company Announcements - Several companies have made significant announcements, including 惠丰钻石, which plans to establish a wholly-owned subsidiary in Inner Mongolia with a registered capital of 100 million RMB [35] - 并行科技 announced a procurement contract for GPU computing servers worth up to 116.8 million RMB [35] - 太湖雪 is investing in a wholly-owned subsidiary to optimize its supply chain and increase production capacity [35] - 国航远洋 signed a ship purchase agreement for a bulk carrier for 35.175 million USD, equivalent to approximately 244.55 million RMB [35] - 三元基因 plans to increase its stake in a biotechnology company from 10% to 21.04% with an investment of 15.25 million RMB [35]