本报告导读： 1 月第 3 周 A 股市场指数表现分化，中小盘股票表现相对较优，沪深北三市交易活 跃度均有所下降，北证日均成交金额环比下降 34.33%至 264.07 亿元，北证 50 指数 单周上涨 2.60%。当周北交所 1 只新股招股，2 只新股上市，新股上市首日均价涨 幅仍维持 150%以上高位。 投资要点： 新股研究 /[Table_Date] 2026.01.26 北证日均成交金额有所回落，北证 50 指 数单周上涨 2.60% ——北交所周报（2026 年 1 月第 3 周） | [Table_Authors] | | | --- | --- | | | 王政之(分析师) | | | 021-38674944 | | | wangzhengzhi@gtht.com | | 登记编号 | S0880517060002 | | | 施怡昀(分析师) | | | 021-38032690 | | | shiyiyun@gtht.com | | 登记编号 | S0880522060002 | | | 王思琪(分析师) | | | 021-38038671 | | | wangsiqi3@gtht.co ...

Market Overview - The overall A-share market rose in the fourth week of December 2025, with the North Exchange's trading activity declining, as the average daily trading amount fell below 200 billion yuan to 199.87 billion yuan, a decrease of 11.68% from the previous week[1][8]. - The North Exchange 50 Index increased by 1.19% during the week, which is weaker compared to other major indices[1][14]. Trading Activity - The North Exchange's trading volume accounted for 1.02% of the total market, continuing a downward trend since May 2025, although it remains above the North Exchange's circulating market value ratio[11][12]. - The average turnover rate for the North Exchange was 21.85%, leading among the three exchanges[7][8]. Sector Performance - Most sectors on the North Exchange experienced negative median returns, with the food and beverage sector leading declines at -7.72%, while the media sector had the highest median gain at 2.25%[19]. - The computer industry had the highest median price-to-earnings (P/E) ratio at 145.25 times, indicating high valuation compared to other sectors[19][25]. New Listings and IPOs - There were no new stock offerings on the North Exchange during the week, but one new stock, Jiangtian Technology, was listed, with a first-day average price increase of 209.92%[43][44]. New Third Board Activity - The trading scale of the New Third Board increased, with a total of 5,956 listed companies, and the average trading amount for the innovation layer rose by 42.76% to 19.04 billion yuan, while the basic layer increased by 53.31%[37][40].

Market Overview - The A-share market experienced an overall pullback in the third week of November 2025, with the average daily trading amount on the Beijing Stock Exchange (BSE) falling to 214 billion yuan, a decrease of 5.86% from the previous week[1] - The BSE 50 Index declined by 0.56%, which is less than the declines seen in other major indices, indicating relative stability[1] Trading Activity - The average daily trading volume on the BSE was 213.92 billion yuan, with a turnover rate of 22.52%[1][8] - The BSE's trading volume accounted for 1.05% of the total market, reflecting a further decrease in trading activity compared to the previous week[11] Sector Performance - Among the 24 sectors on the BSE, 13 sectors had a positive median return, with the utilities sector leading at a median increase of 4.54%[18] - The automotive sector had the largest median decline at -2.22%[18] Valuation Insights - The computer sector had the highest trailing twelve months (TTM) price-to-earnings (P/E) ratio at 141.58 times, followed by the communication sector at 129.85 times, while the construction and decoration sector had a relatively low P/E ratio of 28.08 times[18] New Listings and IPOs - During the week, there was one IPO on the BSE, with no new stocks listed[36] Risks - There is a noted risk of further pullback in BSE stock performance, particularly following the historical high of the BSE 50 Index on September 8, 2025[38]

Market Performance - On June 16, 2025, the North Exchange 50 index increased by 1.84%, closing at 1408.15 points[3] - The overall trading volume on the North Exchange was 28.73 billion CNY, with a turnover rate of 5.21%[3] - Compared to the previous week, the average daily trading volume decreased from 32.60 billion CNY to 28.73 billion CNY[3] Sector Performance - The top-performing sectors included Oil & Petrochemicals (+19.3%), Utilities (+6.0%), and Computers (+3.5%) on June 16, 2025[3] - The sectors with the largest declines were Textiles & Apparel (-4.9%), Defense & Military (-1.3%), and Transportation (-1.3%)[3] Individual Stock Performance - Among the 267 listed companies, 182 saw their stock prices rise, while 78 experienced declines[3] - Leading gainers included Meideng Technology (+21.85%) and Huaxin Yongdao (+19.72%) while the largest decliners were Yeguangming (-8.84%) and *ST Yunchuang (-6.35%)[3] Valuation Metrics - The overall valuation of the North Exchange was approximately 50.83 times earnings, higher than the ChiNext's 34.40 times[3] - The highest average P/E ratios were in the Electronics sector (209.9 times) and Computers (148.3 times)[3] Risks - Potential risks include lower-than-expected policy support, insufficient technological innovation, intensified market competition, and market volatility[3]