CITIC Securities: The liquidity trend of the Beijing Stock Exchange is expected to reach a turning point under policy catalysts.

CITIC Securities' research report states that against the backdrop of continuous optimization of policies at the Beijing Stock Exchange, capital operations are active, and the simplified refinancing procedures target the pain points of "difficult and slow financing" faced by innovative small and medium-sized enterprises. Furthermore, with liquidity at the Beijing Stock Exchange rebounding from its low point, CITIC Securities believes that the current liquidity of the Beijing Stock Exchange Index is at a relatively low position, which may indicate a valuation bottom and an emotional low. Looking ahead, liquidity trends are expected to reach a turning point under policy catalysis: continuous optimization of liquidity expectations from the policy side, an increase in the fund size limit of the North China 50 Index Funds, and the anticipated realization of the North China 50 ETF; against the backdrop of potential incremental institutional funds and fundamentally solid targets being mispriced, the current market presents a high valuation margin of safety, providing investors with potential layout opportunities; since the beginning of 2026, the external merger and acquisition activities at the Beijing Stock Exchange have also aligned with the overall trend of external mergers and acquisitions in the A-share market, shifting from "scale expansion" to "value integration." It is recommended to pay attention to the investment opportunities brought by external mergers and acquisitions at the Beijing Stock Exchange, with a focus on "hard technology industry chain integration" and "traditional leading enterprise transformation and upgrading."