Core Insights - The North Exchange thematic funds have emerged as the biggest winners in the fund market in the first half of 2025, with significant returns indicating effective active management and value discovery [1][2][6] Group 1: Fund Performance - The Huaxia North Exchange Innovation Small and Medium Enterprises Selected Two-Year Open Fund achieved a year-to-date return of 72.16%, ranking third in the market excluding QDII funds [1][3] - Over the past three years, this fund has delivered a remarkable return of 175.64%, significantly outperforming the North Certificate 50 Index, which rose by 39.45% during the same period [1][3][6] - The overall performance of North Exchange thematic funds has been impressive, with many funds from various companies, including Huaxia Fund and CITIC Construction Investment Fund, reporting returns exceeding 50% in the first half of the year [2][6] Group 2: Fund Management and Strategy - The fund manager, Gu Xinfeng, has over ten years of experience in the New Third Board and North Exchange, showcasing strong capabilities in identifying market potential [4][5] - Gu Xinfeng's investment strategy emphasizes the importance of high-quality companies for the long-term development of the securities market, with notable companies listed on the North Exchange [5][6] Group 3: Market Dynamics and Future Outlook - As of July 2, 2023, there are 268 companies listed on the North Exchange, with a total market capitalization exceeding 800 billion yuan, primarily consisting of innovative small and medium enterprises [6][7] - The North Exchange has shown resilience and growth potential, with approximately 70% of thematic funds outperforming the North Certificate 50 Index over the past three years [6][7] - Institutional investors are increasingly recognizing the investment value of the North Exchange, with significant growth in public fund allocations from 7.90 million yuan in 2021 to 67.43 million yuan by the first quarter of 2025 [7][8]

Investment Rating - The report maintains a positive outlook on the industry, suggesting a focus on high-quality stocks with stable growth and reasonable valuations, particularly in the context of the North Exchange [3][5]. Core Insights - The North Exchange 50 Index experienced a significant increase of 100.53% over the past year, indicating strong market performance compared to other indices [2][10]. - The report highlights the recent listing of Guangxin Technology, which specializes in high-pressure transformers and insulation materials, projecting a revenue of 578 million yuan and a net profit of 116 million yuan for 2024 [27][28]. - The report emphasizes the importance of focusing on companies with stable performance and growth potential, particularly in sectors such as power equipment, computing, and communication, which have shown strong performance recently [21][27]. Summary by Sections North Exchange Market Overview - As of June 27, 2025, the North Exchange A-share component stocks totaled 268, with an average market capitalization of 3.139 billion yuan. The North Exchange 50 Index rose by 6.84% during the week [10][15]. - The trading volume increased, with an average daily turnover of 34.049 billion yuan, up 18.09% from the previous week [24][25]. New Stock Updates - Guangxin Technology was listed on June 26, 2025, focusing on high-pressure and ultra-high-pressure transformer products, with a significant growth trajectory in revenue and profit from 2021 to 2024 [27][28]. - The report notes that one company, Aomeisen, passed the review this week, while another, Jinhua New Materials, is scheduled for review next week [33]. Key Companies and Earnings Forecast - The report identifies several key companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, recommending "Buy" for Tongli Co. and Wuxin Tunnel Equipment, and "Hold" for Kaide Quartz and Hualing Co. [5][34]. - For instance, Tongli Co. is projected to have an EPS of 1.99 in 2025 with a PE ratio of 10.84, indicating strong investment potential [5].

Core Viewpoint - The article introduces a "Fish and Human" analysis method to evaluate investment opportunities based on market participants and profit opportunities, categorized into four quadrants [1]. Group 1: Human and Fish Analysis - The number of participants (humans) indicates market engagement, while the number of profit opportunities (fish) reflects potential gains. Metrics such as trading volume, online discussions, and news heat can be used to assess these factors [1]. - The analysis emphasizes that the assessment of participants and opportunities should be objective and independent of personal circumstances [1]. Group 2: Quadrant Summaries - **Many Humans, Many Fish**: High market interest and numerous profit opportunities, but also intense competition. Investors should leverage unique advantages to succeed in this environment [2]. - **Many Humans, Few Fish**: Overhyped market with high valuations and reduced profit opportunities. Investors need strong risk management skills and should seek undervalued assets or operational opportunities [3]. - **Few Humans, Few Fish**: Low market participation and limited opportunities. Investors should assess the potential for future opportunities and may need to wait patiently for market conditions to improve [4]. - **Few Humans, Many Fish**: Abundant investment opportunities with low valuations but low market attention. This quadrant is ideal for finding hidden gems before they attract more investors [5].

Group 1: Personal Pension System - The personal pension system in China has been fully implemented for six months, showcasing low-risk and stable returns as its core advantages, indicating significant investment potential in a multi-tiered pension system [2][6][8] - By the end of 2024, the total scale of the multi-tiered pension system in China was approximately 18.8 trillion yuan, with a year-on-year growth of 12.77%, and the participation rate in basic pension insurance reached 76.2% [6][7] - As of May 2025, the personal pension product matrix consists of four main categories: savings (45%), funds (29%), insurance (23%), and wealth management (3%), with leading institutions capturing market share through comprehensive product offerings [7][8] Group 2: North Exchange Market Strategy - The North Exchange has transitioned from "out of the circle" to "outstanding," experiencing market fluctuations and continuous policy improvements, with the North 50 index showing a remarkable increase of 36% since the beginning of 2025 [11][12] - Future expectations include ongoing policy support for the North Exchange, continuous supply of high-quality enterprises, and increased capital inflow, with a focus on scarcity investments as the strongest investment theme [12][14] - The merger and acquisition concept remains a hot investment topic in the North Exchange, with significant potential for companies that can leverage acquisitions for business diversification and optimization [25][26] Group 3: Renewable Energy Sector - As of May 2025, the cumulative installed power generation capacity in China reached 3.61 billion kilowatts, a year-on-year increase of 18.8%, with solar and wind power installations hitting record highs [17][18] - The wind power sector saw a significant increase in installed capacity, with 46.3 GW added in the first five months of 2025, representing a year-on-year growth of 134.2% [18][19] - The profitability of wind turbine manufacturers is expected to improve due to the stabilization of bidding prices and the reduction in the proportion of new product deliveries, which had previously pressured profit margins [21][24]

Investment Rating - The report maintains a positive outlook on the industry, suggesting a focus on high-quality stocks with stable growth and reasonable valuations in the medium to long term [3][4]. Core Insights - The North Exchange (北交所) has shown a mixed performance, with the North Exchange 50 Index declining by 3.11% in the week ending June 13, 2025, while the average market capitalization of its constituent stocks is 3.046 billion [10][21]. - The report highlights the recent listing of Jiao Da Tie Fa (交大铁发), which specializes in rail transit intelligent products and services, with a projected revenue of 335 million and a net profit of 53 million for 2024 [27][29]. - The report emphasizes the importance of focusing on undervalued stocks and thematic investments, particularly in sectors benefiting from infrastructure development and technological advancements [3][4]. Summary by Sections North Exchange Market Overview - As of June 13, 2025, the North Exchange consists of 267 A-share stocks with an average market capitalization of 3.046 billion. The North Exchange 50 Index has experienced a decline of 3.11% during the week [10][15]. - The trading volume has increased, with an average daily turnover of 32.603 billion, up 31.28% from the previous week, indicating heightened market activity despite the index's decline [24][25]. Stock and Industry Performance - In the week from June 9 to June 13, 2025, 106 stocks rose, while 160 fell, resulting in a 39.70% increase ratio, which is a decrease of 28.34 percentage points from the previous week [15][21]. - The top-performing industries included petroleum and petrochemicals, transportation, textiles, light manufacturing, and national defense, with respective gains of 37.78%, 20.66%, 12.90%, 6.51%, and 5.97% [21][22]. New Stock Updates - Jiao Da Tie Fa was listed on June 10, 2025, focusing on rail transit intelligent products and services, with a significant portion of its revenue coming from safety monitoring products [27][29]. - The report notes the approval of Sanxie Electric (三协电机) for listing and the registration submission of Zhigao Machinery (志高机械) [35][36]. Investment Strategy - The report suggests a focus on stocks with stable earnings growth and reasonable valuations, recommending specific companies such as Tongli Co. (同力股份) and Wuxin Tunnel Equipment (五新隧装) for their low valuations and potential benefits from infrastructure projects [3][4][5].

Group 1 - The report indicates that the North Exchange 50 index decreased by 3.11%, while the average daily trading volume increased significantly by 64.1% [12][24][29] - The report highlights a rapid rotation of sector themes, with previous themes like new consumption and innovative drugs showing significant declines, while geopolitical changes in the Middle East boosted oil and gold prices [12][24] - The report suggests that the valuation of the North Exchange may be too high, indicating a potential bubble, and notes the presence of trading stratification within the exchange [12][24] Group 2 - The report mentions that one new stock, Jiaoda Tifa, was listed this week, with a first-day price increase of 262.09%, bringing the total number of listed companies on the North Exchange to 267 [33][7] - The upcoming IPO of Guangxin Technology is highlighted, with a planned issuance price of 10.00 yuan per share and a PE ratio of 7.59 [49][38] - The report provides insights into the performance of key companies, with Jiuling Technology and Luchao Information showing significant gains, while other companies faced declines [39][44] Group 3 - The report emphasizes the importance of monitoring the potential for a mid-year earnings rally, suggesting specific companies to watch, including Lintai New Materials and Minshida [12][19] - It also recommends focusing on Guangxin Technology's IPO opportunity and maintaining long-term interest in competitive companies in the technology and new consumption sectors [12][19]

Group 1 - 17 automotive companies have committed to a payment term of no more than 60 days, highlighting the focus on scarce automotive parts in the North Exchange [2][12][13] - The current automotive industry chain in the North Exchange consists of 24 companies, with a total market capitalization of 63.517 billion [15][12] - Lin Tai New Material (920106.BJ) provides wet-type paper-based friction plates for automatic transmissions, with significant collaboration with leading domestic brands like BYD [17][18] Group 2 - The high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology sectors showed average weekly changes of +1.58%, -1.39%, +3.00%, +0.83%, and -2.30% respectively [3][23] - The median price-to-earnings (P/E) ratio for the high-end equipment sector decreased to 44.3X, while the chemical new materials sector's median P/E ratio increased to 44.1X [24][27] Group 3 - In the technology new industry, 61 out of 149 companies saw an increase, with a median price change of -1.06%, and the total market capitalization rose from 459.574 billion to 460.324 billion [4][39] - The median P/E ratio for the technology new industry increased from 54.8X to 54.9X [38][39] Group 4 - The automotive sector's median P/E ratio rose to 35.7X, with companies like Tongxin Transmission (833454.BJ) and Huayang Transmission (839946.BJ) showing significant market performance [51][53] - The information technology sector's median P/E ratio decreased to 93.6X, with companies like Luqiao Information (837748.BJ) and Huaxin Yongdao (837592.BJ) leading in market performance [56][49] Group 5 - Recent announcements include Biyang Technology winning a bid for 518,100 tons of quartz sand for hydraulic fracturing, and Oputai establishing a third-party testing agency [57]

Core Viewpoint - The article discusses the performance and investment opportunities in the North Exchange, particularly focusing on the North 50 Index and related investment products, highlighting the challenges and potential strategies for investors in the current market environment [1][2][4]. Group 1: North 50 Index Performance - The North 50 Index has shown strong performance, with a recent increase of 5.01% over the last seven trading days after a brief correction [1]. - The North 50 Index is noted as having the best upward elasticity among large-cap indices, making it difficult for individual investors to outperform it [2]. Group 2: Investment Products Analysis - There are currently 27 North 50 index funds available, with older funds (launched before September 24, 2022) showing an average growth rate of 122%, while newer funds have underperformed relative to the index [2][3]. - The maximum drawdown for these funds is generally around 30%, which is slightly better than the North 50's drawdown of 38.63% [3]. Group 3: Active Management Funds - Among actively managed funds, the "Hua Xia North Exchange Innovation Small and Medium Enterprises Selected Two-Year Open Mixed Fund" has shown significant excess returns with a drawdown controlled under 20% [4]. - The "CITIC Construction Investment North Exchange Selected Two-Year Open Mixed A" fund also demonstrated excellent excess returns and drawdown ratios [4]. Group 4: Market Conditions and Recommendations - Current market conditions suggest that both public active products and index products are not ideal for investing in the North Exchange, but index products may serve as a reasonable option if investors have confidence in the index itself [5]. - For investors lacking judgment capabilities regarding the North Exchange, seeking private equity products may offer more flexible terms compared to public offerings [5].

2025 年 06 月 03 日 北交所行业研究 研究所： 证券分析师： 罗琨 S0350522110003 luok@ghzq.com.cn 联系人 ： 禹露 S0350124070012 yul06@ghzq.com.cn [Table_Title] 本周北交所流动性收缩，世昌股份/志高机械上 会通过 ——北交所行业周报 | 行业相对表现 | | | 2025/05/30 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 北证 | 50 | 8.96% | 3.12% | 79.99% | | 沪深 | 300 | 1.73% | -3.22% | 6.27% | 相关报告 《北交所行业周报：本周北证 50 阶段性回调，下 周世昌股份/志高机械上会、交大铁发申购（推荐） *中小盘*罗琨》——2025-05-26 《北交所行业周报：本周北证 50 继续领涨，交投 活跃度持续上升，天工股份正式上市（推荐）*中 小盘*罗琨》——2025-05-19 《北交所行业周报：本周北证 50 实现领涨、交投 活跃度明显提升，下周天工股份上市（推荐 ...

Investment Rating - The report maintains a positive outlook on the industry, suggesting a focus on high-quality stocks with stable earnings growth and reasonable valuations, particularly in the context of the North Exchange market [8][11]. Core Insights - The North Exchange 50 Index experienced a decline of 3.68% during the week of May 19 to May 23, 2025, closing at 1370.04 points, while the average market capitalization of the 266 constituent stocks is 2.936 billion [5][20]. - The report highlights that despite short-term fluctuations, the long-term investment value of the North Exchange remains strong, with a recommendation to focus on undervalued stocks and thematic investments [8][11]. Summary by Sections 1. North Exchange Market Overview - As of May 23, 2025, the North Exchange A-share market consists of 266 stocks with an average market capitalization of 2.936 billion. The North Exchange 50 Index's performance was -3.68% for the week, compared to -0.18% for the Shanghai and Shenzhen 300 Index [5][20]. 2. Stock and Industry Performance - In the week from May 19 to May 23, 2025, 41 stocks rose, while 225 fell, resulting in a rise ratio of 15.41%, which is a decrease of 51.88 percentage points week-on-week [27]. - The top five performing industries were Environmental Protection (8.16%), Beauty Care (2.62%), Building Materials (0.97%), Light Industry Manufacturing (-0.90%), and Pharmaceutical Biology (-1.32%). The bottom five were Transportation (-20.33%), Public Utilities (-11.41%), Textiles and Apparel (-8.94%), Nonferrous Metals (-8.77%), and Communications (-7.48%) [33]. 3. Liquidity Tracking - The average daily trading volume for the North Exchange 50 was 35.949 billion, reflecting a week-on-week increase of 3.65%, with a turnover rate of 4.57% [37]. 4. New Stock Updates - No new stocks were listed during the week, but Yuli Intelligent submitted a registration for review. Next week, two companies (Shichang Co., Ltd. and Zhigao Machinery) will be reviewed, and one company (Jiaoda Tifa) will be available for subscription [42][43]. 5. Selected Announcements - Notable announcements include a capital increase by KQ Co., Ltd. to enhance business performance and a project investment by Haitai New Energy in Indonesia for solar energy production [46][47].