The "policy bottom" of the Beijing Stock Exchange has emerged, creating a value window where "source of fresh vitality" and "industrial confidence" resonate.

In the first half of 2026, technology assets represented by semiconductors, computing power and AI continue to lead the A-share market, with new quality productive forces becoming the most certain allocation main line in the market.

In this revaluation of technology assets, listed companies on the Beijing Stock Exchange (hereinafter referred to as the "BSE"), with their pure sci-tech innovation background that over 90% are high-tech enterprises and nearly 60% are national-level "little giant" enterprises specializing in sophisticated, unique and innovative sectors, are gaining increasing substantial attention from the market.

However, recently, affected by the turmoil in overseas financial markets, the stock prices of some relevant listed companies have come under certain pressure. In the long run, supported by institutional arrangements and their own growth, the stock prices of listed companies will inevitably align with their intrinsic value and thus overcome short-term fluctuations.

Institutional views also confirm this trend: Soochow Securities points out that the bottom of valuation of the BSE sector is gradually emerging, the quality on the supply side is improving, and the window for deep value investment has arrived; Kaiyuan Securities states that as the 5th anniversary of the BSE's opening approaches, the reform policies of the BSE are expected to be implemented at an accelerated pace, attracting incremental funds and improving the liquidity of the sector.

In fact, institutional research and judgment are supported by clear facts, and the clear signal of the "policy bottom" of the BSE has already appeared.

On the one hand, the first batch of 8 fund managers for the 3-month holding period themed fund products targeting the BSE have been confirmed. Starting from July 24, relevant fund managers have successively submitted formal product registration application materials to the China Securities Regulatory Commission, which will inject "living water from the source" into the market at the institutional level.

On the other hand, listed companies on the BSE and their executives have successively launched substantial share increase or share repurchase plans, demonstrating the firm confidence of industrial capital in their own value.

The resonance of the two forces of "living water from the source" and "industrial confidence" points to one common conclusion: The value investment window of the BSE is opening up.

Theme funds are approved to launch, bringing "living water from the source" to irrigate the innovation field

Policies are the "ballast stone" of market confidence. At present, the regulatory authorities promoting the issuance of 3-month holding period themed fund products for the BSE is undoubtedly a strong "reassurance", behind which is systematic and multi-level strategic consideration.

It is understood that the BSE 3-month holding period themed fund refers to an active equity fund product that mainly invests in BSE stock targets and requires investors to hold their shares for a minimum period of 3 months.

In terms of product mechanism, compared with the two-year regularly open products issued in the early stage, this product greatly shortens the capital lock-up period for investors.

This arrangement balances liquidity and stability, which not only avoids the impact of frequent short-term subscription and redemption on the market, but also enhances the attractiveness of the product to capital with matching risk preference, providing a stable long-term capital source for the BSE and allowing the "living water from the source" to accurately irrigate innovative enterprises.

At present, the first batch of 8 fund managers for this fund has been confirmed, including ChinaAMC, Universal Asset Management, E Fund, Southern Asset Management, Harvest Fund, Eastmoney Fund, Fullgoal Fund, and CSC Fund. The selection of managers this time also has profound implications, reflecting the principle of gradient arrangement and selecting the best among excellent candidates.

The 8 institutions including ChinaAMC, Universal Asset Management and other firms not only cover the leading "established strong players" in the market, but also include distinctive "mesozoic forces", with comprehensive consideration of their overall strength and investor return capacity.

This means that the BSE will obtain in-depth research and continuous allocation from the most professional and robust institutions across the whole market, bringing a more rational pricing anchor to the market.

The launch of the themed fund is not an isolated event, but a concentrated manifestation of the continuous efforts of the BSE on the policy front. Since April, the BSE has taken frequent reform measures, such as restarting offline inquiry issuance after a 3-year interval and relaxing the upper limit of share size for BSE 50 Index funds.

In April 2026, 10 fund companies successively issued announcements that the upper limit of share size of their BSE 50 Index fund products was raised from 500 million shares to 1.5 billion shares.

The research report of Soochow Securities believes that with the increase of the upper limit of the BSE 50 Index fund size, more than 10 billion yuan of incremental funds are ready to be deployed, and the expected launch of BSE 50 ETF is likely to become a key milestone for the improvement of sector liquidity.

A series of measures on the policy front are all aimed at promoting the high-quality development of the BSE, continuously enriching the product system and enhancing market activity.

In this context, the launch of the BSE 3-month holding period themed fund is not only a specific measure to implement the "19 Deep Reform Measures", but also a key move to introduce "patient capital" into the market, which is expected to form a virtuous cycle of "high-quality companies attracting funds, and incremental funds boosting development".

Share increase and repurchase tide is rising, "industrial confidence" consolidates the "safety pad" of value

If the "policy bottom" is the support from external forces, then the matching of valuation and fundamentals, as well as the repurchase behavior of industrial capital, are the manifestation of internal forces. The three together constitute the core logic for the value regression of the BSE.

From the perspective of valuation and sentiment, the market is already at a bottom range with extremely high cost performance. After the previous adjustment, as of July 27, the rolling price-earnings ratio (excluding negative values) of the BSE 50 Index is about 35.02 times, at a relatively low quantile since its release.

At the same time, as of July 27, the average daily transaction volume in the past month has maintained at 18.198 billion yuan. Combined with the expanded number of listed companies, the actual transaction level is at a relatively low level in the past two years. This combination of "low valuation + low transaction volume" is often a signal that the sentiment cycle has hit the bottom.

In sharp contrast to the valuation depression is the significant improvement in the fundamentals of listed companies. At present, over 90% of listed companies on the BSE are high-tech enterprises, and nearly 60% are national-level "little giant" enterprises with specialized, refined, distinctive and innovative features.

These companies are key forces for stabilizing, strengthening and supplementing the industrial chain, holding more than 30,000 patents in total, and have achieved fruitful sci-tech innovation results in "filling shortcomings" and "filling blank fields".

The 2025 annual report data shows that the overall operation of BSE-listed companies is stable, the operating revenue scale keeps growing, 53 companies have attributable net profit exceeding 100 million yuan, 13 companies have R&D investment exceeding 100 million yuan, the total asset scale of listed companies has increased by more than 60% since the opening of the BSE, and the development quality and efficiency have been further improved.

The share increase and repurchase by industrial capital is equivalent to insiders stamping their approval on this value with real money. When the management of a company is willing to use their own funds to buy the company's own stocks, it is usually the strongest bullish signal. After all, they know the intrinsic value of the company better than anyone else.

Data shows that the BSE is welcoming a wave of "confidence" in July. As of July 27, more than 20 listed companies have disclosed repurchase plans or updated their repurchase progress, and 7 companies have disclosed executive share increase plans, including Tongbao Optoelectronics, Yuanhang Precision, Wande Co., Ltd., Xinhengtai, etc.

The intensive share increase by listed companies reflects three deep logics: bottom confidence, enterprise consideration and policy response, sending a clear signal of undervaluation to the market.

Looking ahead, this "real money" from the industrial sector will not only consolidate the value "safety pad" for the market, but also resonate with the incremental funds introduced by the BSE 3-month holding period themed fund. The two forces will jointly confirm that the "policy bottom" is solid and effective, and promote the value regression of the BSE.

When the "living water from the source" accurately irrigates the fertile sci-tech innovation soil, and "industrial confidence" builds a solid foundation for value, the deep value investment window of the BSE has already opened, and the new picture of high-quality development is worth looking forward to.

This article is from the WeChat Official Account "Delinshe" (ID: delinshe), written by Schidu Business, and published with authorization from 36Kr.