北交所投资框架：聚焦高稀缺 高成长 高股息，挖掘α β双轮驱动机会

Summary of the Conference Call on the Beijing Stock Exchange (北交所) Industry Overview - The Beijing Stock Exchange (BSE) is positioned to serve innovative small and medium-sized enterprises, particularly focusing on "specialized, refined, unique, and innovative" small giants, creating differentiated competition with the Shanghai and Shenzhen stock exchanges [1][8][10]. Key Points and Arguments - Investment Framework: The BSE emphasizes high scarcity, high growth, and high dividends, aiming to uncover alpha (active return opportunities) and beta (elasticity-driven opportunities) [3][5]. - Market Performance: In the first half of 2025, the BSE outperformed A-shares with significant price increases, reflecting market confidence despite high valuations [1][7][25]. - Liquidity Improvement: The liquidity of the BSE has significantly improved, with turnover rates surpassing those of the Sci-Tech Innovation Board and the ChiNext, attracting more quality companies to list [1][9][15]. - Geographical Distribution: Companies listed on the BSE are widely distributed across regions, with a notable presence in Jiangsu and Guangdong, and are concentrated in sectors such as machinery, new energy, chemicals, TMT (Technology, Media, and Telecommunications), and pharmaceuticals [1][12][13]. - New Stock Performance: The average first-day gain for new stocks in 2025 reached 329%, indicating a strong profit-making effect for investors [1][17][19]. Additional Important Insights - Unique Advantages: The BSE has unique advantages, including a 30% price fluctuation limit, a significant amount of capital (nearly 700 billion) allocated for new stock subscriptions, and a high proportion (about 60%) of specialized small giants among its listed companies [5][6][22]. - Future Prospects: The BSE is expected to continue attracting quality companies and institutional investors, with significant growth potential in allocation space compared to other exchanges [2][28]. - Investment Focus: Investors are encouraged to focus on companies with high growth potential, scarcity, and strong competitive advantages, particularly in emerging industries [19][30][31]. - Sectoral Opportunities: Key sectors for investment include high-end equipment manufacturing, new energy, chemicals, TMT, and pharmaceuticals, with a growing emphasis on AI and innovative consumption [13][32][37]. Conclusion - The BSE is positioned as a vital platform for innovative enterprises, contributing to China's economic transformation by providing financing opportunities for emerging industries and offering diverse investment options for investors [10][37].