Policy Insights - The Beijing Stock Exchange (BSE) will implement a new code system starting October 9, 2025, enhancing its market recognition and independent status as China's third-largest stock exchange[3] - Since its inception, the BSE has raised a total of 1.47 billion CNY through refinancing, with an average of 24.5 million CNY per project[4] - The BSE has introduced a "small, fast, flexible, and diverse" review mechanism for mergers and acquisitions, with the first major asset restructuring case processed in May 2025[4] Supply Side - As of September 22, 2025, the BSE has 276 listed companies, with 70% classified as specialized, refined, and innovative enterprises[4] - The average net profit of new three-board listed companies increased from 44.61 million CNY in January 2024 to 69.27 million CNY in August 2025, indicating a solid pipeline for quality listings[4] Investment Trends - The average market capitalization of BSE's constituent stocks is approximately 3.3 billion CNY, significantly lower than other A-share segments, leading to a higher turnover rate of 8.05% as of September 22, 2025[5] - Public funds' holdings in the BSE reached 22.4 billion CNY by Q2 2025, a 76% increase from the end of 2024, with active funds growing by 118%[5] Valuation and Recommendations - As of September 23, 2025, the price-to-earnings (PE) ratios for BSE, ChiNext, Sci-Tech Innovation Board, and Main Board are 52, 45, 77, and 14 respectively, indicating room for valuation growth[5] - Investment focus is recommended on high-quality companies across various sectors, including advanced manufacturing and new energy[5] Risk Considerations - Key risks include policy changes, liquidity issues, and potential underperformance in corporate earnings[5]

Group 1 - Huatai Securities suggests that technology stocks may continue to perform well in September due to concentrated industrial catalysts, despite a slight decline in non-financial performance growth in mid-year reports [1] - The overall A-share market shows a high degree of valuation differentiation, with TMT sector transaction volume exceeding 40%, indicating a need for capital rotation after rapid short-term gains [1] - Investment strategy should focus on strong sectors such as AI, pharmaceuticals, military industry, and consumer sectors benefiting from RMB appreciation [1] Group 2 - CITIC Construction points out that the current market sentiment is overheated, with a need to pay attention to deteriorating trading structures, suggesting a shift towards undervalued consumer and cyclical sectors for better cost-effectiveness [2] - The long-term trend remains unchanged, with a recommendation to invest in low-valuation sectors like consumer goods, non-ferrous metals, and new energy [2] - Key sectors to watch include large consumption, new energy, non-bank financials, innovative pharmaceuticals, TMT, and satellite internet [2] Group 3 - GF Securities maintains that investors holding technology stocks in the current bull market should continue to stay invested, as the trend is difficult to reverse once established [3] - For new market entrants, considering low-position call options may be a viable strategy, with attention to sectors like automotive parts, robotics, consumer electronics, and cyclical consumer goods [3] Group 4 - GF Securities forecasts that coal prices are likely to stabilize and gradually recover, with a strong performance expected in the fourth quarter due to a balanced supply-demand situation [4] - The second quarter saw coal prices at a low point, but leading companies have shown strong cost control and profitability resilience, with expectations for both volume and price increases in the second half of the year [4]