Gu Xin Feng of China AMC: Beijing Stock Exchange products usher in a window for contrarian positioning at low levels.

Since the beginning of this year, the BSE 50 Index has retreated from its highs, with valuations continuing to be digested. At the same time, the capital ecosystem of the Beijing Stock Exchange has become healthier. While existing index funds and BSE-themed funds have solidified the "foundation" of liquidity, the scale of company buybacks has increased significantly, and policy dividends have gradually moved from expectations to implementation. In the view of Gu Xinfeng, fund manager at China AMC, after the BSE market has undergone sufficient adjustment, the balance between risk and opportunity is tilting. At the current point, launching a BSE-themed fund is at a relatively low market position, suitable for seeking medium- to long-term opportunities driven by the resonance of valuations, policies, and incremental capital.