SWHY(SZ:000166)2024-08-09 15:50Financial Data and Key Indicator Changes - The overall return of the North Exchange 50 index is negative 33.7% this year, while the Shanghai 50 index achieved a positive return of 2.1% [1] - The two-year cumulative return of the North Exchange is negative 23.8%, with the ChiNext at negative 28.1% and the Sci-Tech 50 at negative 22.6% [1][8] - In the second quarter, despite poor performance, liquidity improved, with 86% of individual stocks achieving positive returns [1][10] Business Line Data and Key Indicator Changes - The North Exchange's industry structure has improved, with declines in the market capitalization of the power equipment and chemical technology sectors, while the computer, beauty care, and machinery sectors have increased [2][11] - Companies with strong overseas capabilities, particularly in home appliances, have achieved excess returns compared to those focused solely on domestic demand [2][12] Market Data and Key Indicator Changes - The North Exchange's stock price movements have become more synchronized with the Shanghai and Shenzhen markets, indicating a shift from lagging to synchronous performance [1][11] - The correlation between the North Exchange's returns and the performance of high PE and small-cap stocks has significantly strengthened this year [2][13] Company Strategy and Development Direction - The next cycle may be driven by different technologies, with AI potentially forming a new cycle under the supportive environment for unprofitable companies on the Sci-Tech board [4][15] - The focus is on observing the de-capacity cycle of older strategic emerging industries and the industrialization speed of future industries like low-altitude economy and AI [4][15] Management's Comments on Operating Environment and Future Outlook - Management noted that the overall market is currently lacking direction, with various strategies like high dividend yields proving ineffective [2][12] - The management emphasized the importance of policy changes, particularly fiscal and monetary policies, in influencing manufacturing and consumer companies positively [4][15] Other Important Information - The synthetic biology industry is expected to grow significantly, with a projected global market size nearing $50 billion by 2028, driven by advancements in gene testing and editing technologies [6][7] - Domestic companies are gradually establishing advantages in niche markets, particularly in gene editing and synthesis, despite facing technological barriers [6][7] Q&A Session Summary Question: What are the key factors influencing the North Exchange's performance? - The performance is influenced by liquidity improvements and the adjustment of institutional holdings, particularly in response to underwhelming earnings reports [1][10] - The market is currently experiencing a thematic rotation, with a focus on older strategic emerging industries and their capacity deconstruction [4][15]