首批表现亮眼，最高赚超160%

Core Viewpoint - The Beijing Stock Exchange (BSE) has made significant achievements in its four years of operation, focusing on serving innovative small and medium-sized enterprises (SMEs) and contributing to high-quality economic development through institutional innovations and market enhancements [1][3][5]. Group 1: Achievements and Developments - The BSE has established a robust system for issuing, listing, and trading that is tailored to the needs of innovative SMEs, with the number of listed companies increasing from 81 to 281 and market capitalization growing from hundreds of billions to trillions [5][7]. - The BSE has successfully attracted a diverse range of high-quality enterprises, with over 80% of listed companies being SMEs and more than 85% being privately owned [7][9]. - The introduction of differentiated listing standards and a variety of financing mechanisms, including common stocks, preferred stocks, and convertible bonds, has enhanced the market's appeal [4][8]. Group 2: Future Outlook - The BSE aims to further optimize its listing mechanisms and expand its market coverage to attract more high-quality SMEs, enhancing market activity and investor engagement [11][12]. - There is a strong expectation that the BSE will become a global leader in serving the capital market needs of SMEs, fostering a multi-tiered capital market structure [12][20]. - The introduction of the North China 50 ETF is anticipated to improve market liquidity and attract more institutional investment, thereby enhancing the overall market environment [20][21]. Group 3: Fund Performance - The first batch of BSE-themed funds has reported an average net asset value growth rate exceeding 80%, with some funds achieving over 160% growth since their inception [13][14]. - The performance of public funds has been attributed to their ability to identify high-growth, undervalued stocks in the BSE, benefiting from the "Davis Double Play" effect [16][17]. - The increasing participation of public funds in the BSE is expected to stabilize market dynamics and improve pricing efficiency [17][19]. Group 4: Market Enhancements - The BSE is implementing measures to improve liquidity and research coverage, addressing previous challenges faced by institutional investors [22][29]. - The introduction of post-market fixed-price trading is expected to lower transaction costs and enhance market liquidity, making it more attractive for long-term investors [26][27]. - Continuous improvements in market structure and investor engagement are anticipated to lead to a more vibrant trading environment [28][30].