According to the CITIC Securities Research Report, in the context of continuous optimization of the Beijing Stock Exchange's policies, capital operations are active, and simple refinancing procedures directly hit the “difficult financing and slow financing” pain points of innovative small and medium-sized enterprises. Furthermore, the liquidity of the Beijing Stock Exchange bottomed out and rebounded. CITIC Securities believes that the current liquidity of the Beijing Stock Exchange index is in a low position and may be at the bottom of valuation and sentiment. Looking forward to the future, the liquidity trend is expected to usher in an inflection point under policy catalysis: the policy side continues to optimize liquidity expectations, the Beijing Stock Exchange 50 Index fund size limit is raised and the Beijing Stock Exchange 50 ETF is expected to be implemented; in the context of potential increases in institutional capital and the mistaken killing of solid fundamentals, the current market already has a high margin of valuation safety, providing investors with potential layout opportunities; it is recommended that the Beijing Stock Exchange focus on the overall trend of A-share mergers and acquisitions since the beginning of 2026, from “scale expansion” to “value integration”. Investment opportunities brought about by extended mergers and acquisitions, The focus is on “integration of the hard technology industry chain” and “transformation and upgrading of traditional leaders”.

According to the CITIC Securities Research Report, in the context of continuous optimization of the Beijing Stock Exchange's policies, capital operations are active, and simple refinancing procedures directly hit the “difficult financing and slow financing” pain points of innovative small and medium-sized enterprises. Furthermore, the liquidity of the Beijing Stock Exchange bottomed out and rebounded. CITIC Securities believes that the current liquidity of the Beijing Stock Exchange index is in a low position and may be at the bottom of valuation and sentiment. Looking forward to the future, the liquidity trend is expected to usher in an inflection point under policy catalysis: the policy side continues to optimize liquidity expectations, the Beijing Stock Exchange 50 Index fund size limit is raised and the Beijing Stock Exchange 50 ETF is expected to be implemented; in the context of potential increases in institutional capital and the mistaken killing of solid fundamentals, the current market already has a high margin of valuation safety, providing investors with potential layout opportunities; it is recommended that the Beijing Stock Exchange focus on the overall trend of A-share mergers and acquisitions since the beginning of 2026, from “scale expansion” to “value integration”. Investment opportunities brought about by extended mergers and acquisitions, The focus is on “integration of the hard technology industry chain” and “transformation and upgrading of traditional leaders”.