Core Insights - The Beijing Stock Exchange (BSE) has successfully established itself as a vital platform for innovative small and medium-sized enterprises (SMEs) over its four years of operation, focusing on institutional innovation and capital empowerment [1][2][3] Market Growth and Performance - The number of listed companies on the BSE has reached 282, with nearly 80% being SMEs and over 50% classified as national-level specialized and innovative "little giant" enterprises, indicating a strong alignment with the BSE's mission to support SMEs [2][3] - The total market capitalization and the number of listed companies have both doubled since the BSE's inception, showcasing significant growth in key metrics [2] - Cumulatively, BSE-listed companies have raised over 60 billion yuan, averaging 2 million yuan per company, which has facilitated their innovation and development needs [3] Financial Performance - The average revenue for BSE-listed companies is 5.20 million yuan, reflecting a year-on-year growth of 5.99%, with over 80% of these companies reporting profitability [3][4] - The median net profit for newly listed companies has increased to approximately 7 million yuan, highlighting the improved quality and attractiveness of the BSE [4] Market Dynamics - The BSE has demonstrated resilience in the face of external shocks, with the BSE 50 Index showing a cumulative increase of about 50% since the beginning of 2025, indicating strong market vitality [5][6] - The average daily trading volume has more than doubled compared to the previous year, reflecting heightened market activity and investor interest [6] Investment Ecosystem - Public funds have become significant participants in the BSE, leveraging in-depth industry research to identify and invest in high-potential SMEs, thus enhancing market stability and pricing efficiency [7][8] - The BSE's bond market has developed a diverse product range, including specialized bonds for technology innovation and green projects, contributing to a more layered capital market [8][9] Regulatory and Governance Framework - The BSE has implemented a comprehensive regulatory framework tailored to the characteristics of SMEs, focusing on enhancing corporate governance and investor protection [10][11] - Over 90% of listed companies have distributed dividends totaling 19.86 billion yuan, reinforcing the commitment to returning value to investors [10] Future Directions - The BSE is poised for further reforms aimed at enhancing liquidity, inclusivity, and long-term investment, with suggestions to lower entry barriers for investors and optimize listing standards [13][14] - The ongoing collaboration with government bodies and investment institutions aims to create a supportive ecosystem for SMEs, facilitating their growth and integration into the capital market [9][12]

Group 1 - The report highlights that as of Q2 2025, the market value of public funds heavily invested in the Beijing Stock Exchange (BSE) reached 9.892 billion, a 56.0% increase quarter-on-quarter, representing 0.38% of the total A-share market [2][3][4] - The public fund allocation coefficient for the BSE has reached a record high of 0.66, up 0.23 from the previous quarter, indicating increased attention from both active and passive funds [2][5][11] - The BSE 50 index products have seen significant net subscriptions, with the total scale reaching 11.162 billion, an increase of 1.905 billion, driven by net subscriptions and the establishment of new products [2][16] Group 2 - The report notes that the average net value growth rate of thematic funds since Q2 2025 is 20.0%, outperforming the BSE 50 index's growth of 14.3% [2][16] - Active equity public funds have increased their concentration in holdings, with the top five stocks accounting for 60.8% of the total market value, up 10.3 percentage points from the previous quarter [2][17] - The report identifies a shift in industry allocations, with increased investments in beauty care, electrical equipment, and machinery, while allocations to automotive and electronics sectors have decreased [2][23][24]