华夏时报（www.chinatimes.net.cn）记者 陈锋 见习记者 李墨轩 北京报道
Washington Times (www.chinatimes.net.cn) journalist Chen Feng, interrogator Lee Mo-hyun, Beijing News
“伴随赚钱效应的显现，北交所投资端的参与积极性高涨。”北交所北京基地主任王莹在12月22日“启航·2023金融强国论坛”北交所主题论坛上这样说道。
“As a result of the profit-making effect, the involvement of the capital of the North Bank has increased.” Wang Jing, Director of the Beijing base of the North Bank, said on December 22, at the Forum on the theme “Initiation of the Financial Power Forum 2023”.
目前“深改19条”已发布三个多月，涉及上市发行、投融两端、生态建设等多角度举措正逐步落地。自10月24日以来，北证50指数已累计上涨40.51%，最大涨幅超55%。
So far, more than three months have passed since the publication of Article 19 on marketing, integration, and ecological construction. Since October 24, the NT50 index has increased cumulatively by 40.51%, with a maximum increase of more than 55%.
截至12月22日，北交所238家上市公司公开发行累计融资超489亿元，平均每家2亿元；76家公司2023年完成公开发行进入北交所，融资金额144亿元。
As of 22 December, 238 listed companies in North Passage had publicly released a cumulative total of over 48.9 billion yuan, or an average of 200 million yuan per household; 76 companies had completed the public roll-out into North Passage in 2023, for a total of 14.4 billion yuan.
“序幕已经拉开”
"The curtain has opened."
22日的论坛上，多位北交所上市公司高管在谈到近两个月北交所行情时，纷纷用“空前绝后”“历史性”等措辞跟《华夏时报》在内的媒体分享喜悦。
At the 22nd Forum, many executives of companies listed by North Dealers shared their joy with the media, including the Summer Times, in terms of “historic” terms such as “unprecedented” and “historical” in the last two months.
三元基因副总经理张宾表示，公司上市之后马上做了股权激励，最近这波疯涨行情后公司多了20多个百万富翁，“不是市值的百万富翁，是净利润概念的百万富翁”。
According to Zhang Bin, Deputy Managing Director of Trinity Genetics, equity incentives were introduced immediately after the company's listing, and more than 20 millionaires were added to the company's recent boom, “not a millionaire in market value, but a millionaire in the concept of net profit”.
科达自控董事长付国军在分享环节直呼“没想到”，他认为北交所一定是一个价值洼地。
The Chairman of Koda's self-controlled board of directors paid the National Army “unexpectedly” at the sharing link, considering that the North Passage must be a value base.
北京金长川资本已投资40多家北交所上市公司，其董事长刘平安在演讲中表示，围绕北交所的股权投资，是当下实现资产成长性、安全性和流动性三者的最优均衡策略。
In his speech, Liu Xing, Chairman of the Beijing-based Kim Hasegawa capital, had invested in more than 40 listed companies, stating that equity investment around the North was the best strategy for achieving asset growth, safety and liquidity at the moment.
刘平安对《华夏时报》记者称，北交所最近一个月来走出了独立行情，这也有北交所“深改19条”的积极影响。相信随着之后公募、做市商等更大规模机构投资者入场后，会走出更持续性的长期上涨行情。序幕已经拉开，大幕开启应该在2024年，期待后市表现。
Liu Xing said to the Washington Times journalist that the recent month of independence in the North Passage has also had the positive effect of “deeply changing 19” in the North Passage. It is believed that with the subsequent arrival of larger institutional investors, such as public fund-raising, marketing, etc., there will be a longer-term rise. The curtain has been opened, and the curtain should be opened in 2024.
明年进入高速成长期
enters high-speed and long-term next year
北交所王莹在介绍“深改19条”政策时提到，将连续挂牌满12个月的执行标准明确为“交易所上市委审议时”挂牌满12个月，“原则上至少可以为企业节约或者提前半年申报期”。
In introducing the policy of “reflection 19” the Crown Prince of the North mentioned that the standard of implementation of the 12 months of continuous listing was expressly set as the 12 months of “when the exchange is considered by the Board of Directors”, “in principle it would be possible to save the enterprise at least or in advance of the six-month filing period”.
在交易机制方面，王莹提到北交所放低了对做市商准入的要求，“预计至少有40家的做市商符合我们做市的要求”。
In terms of trading mechanisms, Wang Jing referred to the lower requirements for market entry at the North Exchange, “which are expected to be met by at least 40 marketers”.
“改革的广度是超预期的，市场当时预期两个单点的制度，最后却推了十九条，而且每一条涉及多点，加起来有二三十条针对北交所改革的措施。”申万宏源研究所北交所首席分析师刘靖说。
“The breadth of the reforms was more than anticipated, when the market expected the two single-point system to end with 19 pushes, and each of them involved more than a few points, adding up to 20 or 30 measures for the reform of the North Passage.” Liu Xin, Chief Analyst of the North Branch of the Shin Mangen Institute, said.
在刘靖看来，“成长”和“破圈”是展望北交所的关键词。“成长”方面，刘靖认为，明年开始北交所会进入到高速的成长期，不单是北交所公司数量的增长，关键是公司质量，对于投资者来说可以投资的高质量企业。
In Liu’s view, “growth” and “circle break” are the key words for looking north. On “growth,” Liu believes that starting next year will lead to a high rate of growth and long-term growth, not only in the number of companies in the north, but also in the quality of the company, which investors can invest in.
“破圈”方面，刘靖表示，之前北交所的投资者数量和多元化情况，跟沪深交易所有差距，一定程度上影响到北交所的流动性。但是“破圈”之后，越来越多A股沪深交易所主流投资机构慢慢进入这个市场，形成增量的补充，从11月份已看到市场令人欣喜的变化。
On the “breakdown” side, Liu Xin said that the number and diversity of investors in the previous North Exchanges, and all the differences in the trade with the deep North, have affected the mobility of the north. But, after the break, a growing number of mainstream A stock exchange investment agencies have slowly entered the market, complementing it with incremental growth, and a welcome change in the market has been observed in November.
在市场流动性方面，王莹介绍，从换手率的情况来看，11月以来日均成交额百亿以上，日均换手率达到了5%左右，市场流动性在大幅提升；刘靖也表示，北交所的流动性基本已经跟双创齐平，从发行人企业的角度来说也不用太担心北交所流动性的问题。
In terms of market mobility, Wang Jing explained that since November, more than 10 billion people have been traded each day, a rate of about 5 per cent per day, and market liquidity has increased significantly; Liu Jing also indicated that the mobility of the North Junction is almost equal to that of the North Exchange and that, from the perspective of the issuer enterprises, there is no need to worry too much about the liquidity of the North.
刘靖认为，明年北交所会迎来上市的双轨制，一个是小IPO存量路径，一个是大IPO符合一定条件的公司可以直接来到北交所。
Liu Xing believes that the two-track system that will be introduced to the market next year will be a small IPO inventory path and a company in which the big IPO meets certain conditions can come directly to the North Junction.
申报IPO应趁早
should have declared IPO before
北交所王莹建议，一要用好“深改19条”政策，明确发展规划，找准自身定位，用好用足“家门口的交易所”；二是“打铁还需自身硬”，要夯实企业发展的规范基础；三是要用好区域便利性优势，“北交所高度重视对北京企业的服务，在全国范围内设了七个区域基地，其中北京基地的人员密度是最高的”。
The Royal Government of the North has proposed that, as soon as the policy of “reflection 19” is used, development planning should be clearly defined, targeting itself and using the “door-to-door exchange”; the rule-based framework for business development should be reinforced by the “stuffing of iron” and the development of enterprises; and that, with the advantage of regional convenience, “the North Bureau attaches great importance to its services to enterprises in Beijing, with seven regional bases throughout the country, of which the Beijing base has the highest population density”.
刘靖表示，已经能明确感受到公募基金在明年上半年会集中开通北交所的交易权限。“很多公募基金旗下有打新产品，如果不开通北交所的投资权限，可能要损失一半左右的增厚收益。”
Liu Xing said that it was clear that public funds would be able to centralize the trading rights of the North Exchange in the first half of next year. “Many of the funds have new products under the banner of the North Exchange, and if they do not, they may lose about half the profits.”
此外刘靖还提到，北交所公司会陆续纳入中证1000里面来，如果一家基金有ETF的产品但买不了北交所的股票，这显然不行，所以很多公募基金会积极开通北交所的交易权限。
In addition, Liu Jing also mentioned that the North Exchange Company would be included in the Central Certificate 1000 and that if a fund had ETF products but could not buy shares in the North Exchange, this would clearly not be possible, so that many public funds actively open trading rights to the North Exchange.
“北交所目前排队公司数量100家左右，能够在半年左右消化掉。如果明年很多公司转到北交所上市的话，排队数量会出现明显上升。想要报北交所的话应该尽早申报，抓住现在排队发行人不够多的历史机遇。”刘靖在谈及北交所的强审核优势时表示。
If many companies move to the North Exchange next year, there will be a marked increase in the number of queues. If you want to report to the North Exchange, you should make an early declaration and seize the historic opportunity that there are not enough issuers in the North List.
责任编辑：麻晓超 主编：夏申茶
Editor-in-chief: Shashen Tea
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