北交所定期报告：北交所扩容提速，科创属性持续强化

Market Overview - The Shanghai Composite Index decreased by 0.40%, while the North Exchange A-share Index fell by 1.49%, underperforming the Shanghai Composite by 1.09 percentage points[1] - The total trading volume for North Exchange A-shares was 98.643 billion yuan, with the North Exchange 50 accounting for 30.11% of this total[1] - The average daily trading volume for North Exchange A-shares was 19.729 billion yuan, down 15.08% from the previous week[1] Valuation Metrics - As of March 13, 2026, the median price-to-earnings (PE) ratio for North Exchange A-shares was 44.89X, compared to 37.4X for the Sci-Tech Innovation Board and 37.52X for the ChiNext[1] Individual Stock Performance - As of March 13, 2026, there were 298 companies listed on the North Exchange, with notable gainers including Dapeng Industrial and Wuhan Land Electric, while major losers included Tereis and Naconor[2] - A total of 37 new companies have been listed from January 1, 2025, to March 13, 2026, with the latest addition, Mirui Technology, seeing a first-day increase of 91.91%[2] Industry Dynamics - The government work report set a GDP growth target of 4.5%-5% and emphasized support for innovative small and medium-sized enterprises during the National People's Congress[3] - The North Exchange is on the verge of surpassing 300 listed companies, with a record number of five companies reviewed in one week, four of which are specialized "little giant" enterprises[3] Investment Recommendations - Focus on sectors highlighted in the government report, including future industries like quantum technology and aerospace, with specific recommendations for companies in robotics, new energy, and commercial aerospace[7] - Attention is drawn to companies with strong technical barriers and performance certainty, such as Dingzhi Technology and Lingge Technology[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]