Investment Rating - The report maintains a "No Rating" for the Beijing Stock Exchange (BSE) due to the inability to obtain necessary information or the presence of significant uncertainties [2][5]. Core Insights - The BSE has officially entered the "920 Code Era" starting from October 9, 2023, marking a significant milestone in its development by adopting a unified code system for all listed companies [3]. - The introduction of the unified code is expected to enhance market recognition and improve the overall brand image and credibility of the BSE, laying a solid foundation for future market-oriented reforms [3]. - The code transition is not merely a technical update but a crucial step towards standardizing market systems, facilitating index compilation, product development, and cross-market capital flow, thereby reducing costs for investors [4]. - The long-term outlook suggests that the unified code will accelerate the BSE's transformation from a trading-oriented market to a more allocation-focused market, supported by institutional investment and product innovation [4]. Summary by Sections Market Positioning - The unified code enhances the BSE's positioning as an independent exchange, allowing investors to better distinguish sector attributes [3]. Market Efficiency - The new code system is anticipated to improve the efficiency of capital inflows and outflows, thereby increasing market acceptance and paving the way for the introduction of ETFs and derivative products [4]. Future Market Ecosystem - The report envisions a future market ecosystem centered around ETFs, index products, and long-term capital, fostering a sustainable cycle of incremental capital and asset pricing [4]. Investment Strategy - The investment strategy focuses on a mid-to-long-term approach centered around "specialized, refined, and innovative" sectors and high-end manufacturing, emphasizing the importance of clear order-driven paths for selected targets [4].