Investment Rating - The report suggests a positive outlook for the industry, indicating that the long-term trend remains intact despite short-term fluctuations in the market [34]. Core Insights - The North Exchange market showed resilience in the specialized and innovative sectors, with significant stock performance variations, particularly in the automotive and new materials sectors [3][29]. - The report highlights the active mergers and acquisitions in high-end manufacturing and new materials, with specialized enterprises enhancing their competitiveness through industry chain integration [27][29]. - The macroeconomic environment is characterized by increased domestic consumer credit policies and a dovish stance from the Federal Reserve, which together create a supportive backdrop for the industry [27][28]. Summary by Sections Market Overview - The average daily trading volume for all A-shares on the North Exchange reached 27.23 billion yuan, a decrease of 14.7% week-on-week. The North Exchange 50 index fell by 1.43%, with an average turnover rate of 3.3% [7][16]. - The top five gainers for the week included Shichang Co. (271.6%), Kaiter Co. (33.8%), and Sanwei Co. (22.5%), while the top five losers included Yunchuang Data (-18.0%) and Guoyi Tendering (-13.3%) [16][19]. Key News and Policies - Nvidia has requested suppliers to develop MLCP technology, which is expected to be 3-5 times more expensive than current solutions, due to the high power consumption of its new AI platform [18]. - The Ministry of Commerce and nine other departments issued policies aimed at expanding service consumption, proposing 19 measures to stimulate economic growth [20]. - Tencent Cloud announced full compatibility with mainstream domestic chips, with its international customer base doubling within a year [21]. Core Driving Factors - The report identifies strong performance in the robotics, automotive parts, and specialty materials sectors, with significant stock price increases in companies like Shichang Co. [27][29]. - The ongoing trend of mergers and acquisitions is noted, with companies in the North Exchange continuing to pursue strategic acquisitions to enhance core technologies [29]. Investment Recommendations and Strategies - The report emphasizes that short-term index adjustments do not alter the long-term growth trajectory, supported by the solid fundamentals of specialized enterprises and favorable policies [32]. - Continuous policy benefits are expected to support sectors such as automotive parts, digital economy, and new energy materials [32]. - The active mergers and acquisitions driven by industry upgrades are seen as a means to strengthen core technologies and improve bargaining power within the supply chain [32].