Market Performance - In September 2025, the North Exchange 50 Index decreased by 2.90%, continuing to underperform compared to the ChiNext and STAR Market indices [6][12][30] - The North Exchange 50 Index had a year-to-date increase of 47% for the first nine months of 2025, but this was surpassed by the ChiNext 50 and STAR 50 indices [3][6][12] - The trading volume in September 2025 rose to 26.019 billion shares, but the trading value fell to over 610 billion yuan, with the average daily trading value dropping from 30.5 billion yuan in August to 28 billion yuan in September [14][17][22] Industry Insights - In September 2025, only 15 companies saw their stock prices increase by 10% or more, with five companies, including Tianhong Lithium and Beitery, experiencing gains exceeding 20% [13][16] - The construction materials and home appliances sectors showed relatively better performance in September 2025 [11][15] Valuation Metrics - As of September 30, 2025, the overall price-to-earnings (PE) ratio of the North Exchange A-shares reached 50 times, which is 109% of the ChiNext's valuation and 62% of the STAR Market's valuation [22][30] - The average PE ratio for newly listed companies from January 1, 2024, to September 30, 2025, was 13.99 times, with an average first-day price fluctuation of 240% [41][42] New Listings and IPOs - From January 1, 2024, to September 30, 2025, a total of 38 companies were newly listed on the North Exchange, with no new companies listed in the last week of September 2025 [36][43] - One company, Xintianli, passed the listing committee meeting, while two companies, Hengdao Technology and Xinrui Electronics, are under inquiry [43][44]