Market Performance - As of March 13, 2026, the North Exchange A-share index has 298 constituent stocks with an average market capitalization of 3.006 billion yuan[26] - The North Exchange 50 index decreased by 2.15% compared to the previous week's closing price[6] - The average daily trading volume for North Exchange A-shares was approximately 19.729 billion yuan, a decrease of 16.71% from the previous week[6] Industry Insights - The International Energy Agency reported that the global oil market is facing the most severe supply disruptions in history due to ongoing tensions in the Middle East, with a projected drop in global crude oil supply by about 8 million barrels per day in March[18] - Domestic gasoline and diesel prices increased by 695 yuan and 670 yuan per ton, respectively, effective March 9, 2026, due to rising international oil prices[11] Investment Recommendations - The price-to-earnings (PE) ratios for various markets as of March 13, 2026, are as follows: North Exchange A-shares at 64.52, ChiNext at 73.60, Shanghai Main Board at 14.25, Shenzhen Main Board at 44.38, and Sci-Tech Innovation Board at 228.45[39] - Investors are advised to focus on stocks with earnings exceeding expectations and those in innovative growth sectors that align with industrial policies, as well as undervalued stocks[39] Risks - Policy risks may affect market stability, particularly if key institutional advancements do not meet expectations[40] - Liquidity risks persist, as the North Exchange's overall liquidity remains lower than that of the main boards, which could lead to insufficient liquidity during market sentiment shifts[40] - External environmental volatility, including U.S. interest rate policies and geopolitical risks, may disrupt market sentiment and capital flows[40]

IPO Review and Registration Progress - Three companies were reviewed for IPO, with two approvals and one deferral. Yongda Co. faced a deferral, while Meidele and Haifiman received approvals [2][3] - Yongda Co. reported a revenue of 361 million yuan for the first three quarters of 2025, a year-on-year decline of 25.16%, and a net profit of 70 million yuan, down 3.34% [2] - Meidele's revenue from products used in the new energy battery sector accounted for about 60% of its main business income, with a high customer concentration [2] - Haifiman specializes in high-end audio products, facing inquiries regarding its technological advancements and acquisition rationality [3] Upcoming IPOs - Three companies are set to present for IPO this week: Zuxing New Materials, Mirui Technology, and Jintai Co., all targeting the Beijing Stock Exchange [4] - Zuxing New Materials has previously attempted IPOs in 2016 and 2020 but withdrew applications. Its revenue for 2022 to 2024 was 629 million, 690 million, and 707 million yuan, with net profits showing fluctuations [4][5] - Mirui Technology's revenue for the first three quarters of 2025 was 549 million yuan, down 0.95%, with a net profit of 51 million yuan, down 12.93% [6] New Stock Listings - Two new stocks were listed last week: Hai'an Group and Nante Technology, with Nante's first-day increase of 183.03% [13][14] - This week, Jingchuang Electric is scheduled to list, with an issue price of 12.1 yuan per share. For the first three quarters of 2025, it reported a revenue of 403 million yuan, up 9.48% [13] Recent IPO Approvals and Terminations - Two IPO registrations were approved: Zhixin Co. and Qiangyi Co. [10] - Zhixin Co. plans to raise 1.329 billion yuan for production line expansion and working capital, while Qiangyi Co. focuses on semiconductor testing hardware [11] - Two IPO applications were terminated due to voluntary withdrawals, including Mingshan Environmental Energy [12] Upcoming New Stock Subscriptions - Two new stocks are set for subscription this week: Muxi Co. and Angrui Micro, both targeting the Sci-Tech Innovation Board [15] - Muxi Co. aims to raise 3.904 billion yuan for GPU development projects, reporting a revenue of 1.236 billion yuan for the first three quarters of 2025, up 453.52% [15] - Angrui Micro plans to raise 2.067 billion yuan for 5G chip development, with a revenue of 1.335 billion yuan and a net loss of 63 million yuan for the same period [16]