This year marks a landmark year for institutional reform at the Beijing Stock Exchange, coinciding with the exchange's fifth anniversary, as multiple key measures have been rolled out in quick succession.
At the recently held 2026 Financial Street Forum Annual Meeting, Wu Qing, Chairman of the China Securities Regulatory Commission, clearly outlined the direction for deepening reform at the Beijing Stock Exchange in the next stage: anchoring the core positioning of serving as the primary base for innovative small and medium-sized enterprises, and proposing four major core reform measures including establishing innovative evaluation standards, implementing market value-based allocation for new share listings on the BSE, launching the North Exchange 50 ETF, and optimizing tiered management of the New Third Board, further enhancing the ability to serve innovative SMEs.
Under the policy tailwinds, the toolkit for investing in the Beijing Stock Exchange continues to expand. As one of the first batch of three-month holding period BSE-themed funds, Fullgoal BSE Select 3-Month Holding Period (Class A: 029137; Class C: 029138) is currently in its subscription period. The product is set to be managed by fund manager Meng Haozhi, who has deep experience in the growth sector, and will officially close its subscription on October 30.
Five Years of the BSE: A Primary Base for New Quality Productive Forces
The original purpose of establishing the Beijing Stock Exchange was to open the door to capital markets for innovative small and medium-sized enterprises. Five years later, the exchange has gathered an industrial cluster centered on advanced manufacturing and strategic emerging industries, with high concentrations in cutting-edge sectors such as high-end equipment, information technology, chemical new materials, consumer services, and biomedicine, aligning closely with the development direction of new quality productive forces.
According to statistics from Kaitai Securities, as of September 30, 2026, the total number of national-level specialized and sophisticated little giant enterprises on the BSE reached 208, accounting for 59.77%, with a corresponding total market capitalization of 550.628 billion yuan, representing 65.49%. The specialized and sophisticated label has become the most distinctive feature of the board.
Industrial layout reflects the breadth of coverage of new quality productive forces, while research and development investment demonstrates the intensity of cultivating them. According to half-year report data from BSE-listed companies, in the first half of 2026, BSE-listed companies collectively invested 5.346 billion yuan in R&D, a year-on-year increase of 9.63%. The median R&D intensity was 4.52%, significantly higher than the A-share overall average of 2.24% during the same period. R&D investment growth in sectors such as electronics and automobiles exceeded 10%. From industrial cluster construction to R&D investment, the BSE, with its distinctive technology growth attributes, has become an important platform for accelerating the implementation of new quality productive forces.
Earnings and Valuations Resonate, BSE Allocation Value Becomes Prominent
If the industrial cluster outlines the growth potential of the BSE, the recently disclosed 2026 interim reports provide evidence of delivery: in the first half of 2026, BSE companies collectively achieved operating revenue of 138.566 billion yuan, a year-on-year increase of 15.11%. Among them, 240 companies recorded positive revenue growth, accounting for over 70%, and 282 companies achieved profitability, with profitable companies accounting for 83%. Improved profitability continues to reinforce fundamental support.
Meanwhile, after a period of adjustment, BSE valuations have reached relatively low levels. Wind data shows that as of October 27, the median price-to-earnings ratio (TTM) of BSE A-shares was approximately 26 times, while the median P/E ratios of the STAR Market and ChiNext were approximately 33 times and 28 times respectively during the same period, still representing a certain discount compared to the dual innovation boards, offering relatively high allocation value.
From an internal structure perspective, 203 stocks had a P/E ratio (TTM) below 30 times, accounting for nearly 60%, with low-valuation targets making up a relatively high proportion and greater room for valuation recovery. Combined with the approaching fifth anniversary of the exchange's opening, market expectations for improved liquidity on the BSE may continue to heat up, and corporate valuations are expected to improve further.
Growth Pioneer Meng Haozhi: Deeply Cultivating Era-Defining Themes
The proposed fund manager of the Fullgoal BSE Select 3-Month Holding Period Fund, Meng Haozhi, has 12 years of securities industry experience and over 4 years of fund management experience. He has long been deeply engaged in the growth sector, committed to starting from industrial trends and selecting high-quality enterprises that balance growth potential with reasonable valuations. His investment framework uses cyclical changes as direction, valuation constraints as the yardstick, and earnings quality as the cornerstone.
Currently, Meng Haozhi focuses on four major directions: era-defining themes represented by AI and robotics; manufacturing upgrading directions such as high-end equipment and industrial automation; healthcare sectors including medical devices and pharmaceutical support; and specialized and sophisticated fields such as niche new materials and biomedicine.
Based on his past investment research experience, Meng Haozhi possesses solid practical experience in BSE investment research and is expected to create a powerful tool for capturing new quality productive forces on the BSE. His longest-managed fund, Fullgoal Innovation Development Two-Year Regular Open A, requires at least 15% of stock assets to be invested in BSE stocks, and its historical performance has been relatively outstanding. According to the fund's third-quarter report data, the net value growth rates of Fullgoal Innovation Development Two-Year Regular Open A over the past six months and the past three years were 9.10% and 57.31% respectively, compared to the benchmark performance of 2.11% and 34.82% during the same periods, achieving significant excess returns even in complex market conditions.
Investors hoping to seize opportunities in new quality productive forces may consider the Fullgoal BSE Select 3-Month Holding Period (Class A: 029137; Class C: 029138), proposed to be managed by Meng Haozhi.
Note: The above content does not represent predictions about market and industry trends, does not constitute investment actions or investment advice, and does not indicate specific operations or asset allocation of the relevant fund in the current or future periods. The fund manager may flexibly adjust within the investment scope based on market conditions, and investors should carefully make investment decisions based on their own risk tolerance. The specific investment scope and targets of actively managed funds are determined by the fund manager in accordance with legal documents and market conditions, and do not necessarily invest in the directions/sectors/industries used as examples.
Note: Fund performance and benchmark return data are from fund periodic reports as of September 30, 2026. Fullgoal Innovation Development Two-Year Regular Open Mixed Fund, benchmark: CSI 500 Index return * 55% + Hang Seng Index return (using valuation exchange rate conversion) * 5% + China Strategic Emerging Industries Component Index return * 20% + China Bond Composite Full Price Index return * 20%. Fullgoal Innovation Development Two-Year Regular Open Mixed A was established on January 10, 2022. Net value growth rates (and benchmark returns for the same periods) for the past 3 complete years (2023-2025) were -1.09% (-9.84%), 0.65% (7.49%), 40.55% (28.21%), data from fund periodic reports as of December 31, 2025. Fullgoal Innovation Development Two-Year Regular Open Mixed C was established on January 10, 2022. Net value growth rates (and benchmark returns for the same periods) for the past 3 complete years (2023-2025) were -1.68% (-9.84%), 0.05% (7.49%), 39.72% (28.21%), data from fund periodic reports as of December 31, 2025. Fund manager changes during the period: Yang Dong (January 10, 2022 - August 1, 2024), Meng Haozhi (January 26, 2022 to present).
Meng Haozhi's other managed products: (1) Fullgoal Active Growth One-Year Regular Open Mixed Fund, benchmark: CSI 500 Index return * 55% + Hang Seng Index return (using valuation exchange rate conversion) * 5% + China Strategic Emerging Industries Component Index return * 20% + China Bond Composite Full Price Index return * 20%. Active Growth One-Year Regular Open Mixed was established on June 15, 2020. Net value growth rates (and benchmark returns for the same periods) for the past 5 complete years (2021-2025) were 25.79% (8.96%), -30.88% (-18.14%), 1.37% (-9.84%), -7.06% (7.49%), 59.1% (28.21%), data from fund periodic reports as of December 31, 2025. Fund manager changes during the period: Yang Dong (June 15, 2020 - September 16, 2026), Meng Haozhi (September 5, 2025 to present). (2) Fullgoal Industry Driven Mixed Fund, benchmark: CSI 300 Index return * 60% + SSE Government Bond Index return * 40%. Fullgoal Industry Driven Mixed A was established on November 14, 2018. Net value growth rates (and benchmark returns for the same periods) for the past 5 complete years (2021-2025) were 23.38% (-1.14%), -27.03% (-11.94%), -9.54% (-5.4%), -3.26% (12.58%), 32.69% (10.98%), data from fund periodic reports as of December 31, 2025. Fullgoal Industry Driven Mixed C was established on April 25, 2023. Net value growth rates (and benchmark returns for the same periods) for the past 2 complete years (2024-2025) were -5.1% (12.58%), 31.88% (10.98%), data from fund periodic reports as of December 31, 2025. Fund manager changes during the period: Li Yemiao (November 14, 2018 - October 31, 2023), Meng Haozhi (February 9, 2023 to present). Fund returns do not represent actual investor returns, and fund unit net value only represents the net asset value per fund unit. Historical fund performance does not guarantee future performance. (3) Fullgoal Military Industry Theme Mixed Fund, benchmark: CSI Military Industry Index return x 80% + China Bond Composite Full Price Index return x 20%. Fullgoal Military Industry Theme Mixed A was established on March 29, 2018. Net value growth rates (and benchmark returns for the same periods) for the past 5 complete years (2021-2025) were 19.06% (12.72%), -26.62% (-20.57%), -26.67% (-8.29%), 2.5% (8.54%), 26.35% (24.78%), data from fund periodic reports as of December 31, 2025. Fullgoal Military Industry Theme Mixed C was established on December 28, 2020. Net value growth rates (and benchmark returns for the same periods) for the past 5 complete years (2021-2025) were 18.37% (12.72%), -27.05% (-20.57%), -27.11% (-8.29%), 1.89% (8.54%), 25.59% (24.78%), data from fund periodic reports as of December 31, 2025. Fund manager changes during the period: Zhang Xufeng (March 29, 2018 - February 7, 2024), Meng Haozhi (December 15, 2023 to present). Fund returns do not represent actual investor returns, and fund unit net value only represents the net asset value per fund unit. Historical fund performance does not guarantee future performance.
Risk disclosure: Funds carry risks, and investment requires caution. Past performance of fund managers does not represent future returns, and past performance of other funds managed by the fund manager does not guarantee the performance of this fund. This material is for promotional purposes only. If there are changes, please refer to the latest announcements published by the company. This product is issued and managed by Fullgoal Fund Management Co., Ltd., and distribution agencies do not bear responsibility for investment and redemption of the product. This fund primarily invests in stocks on the Beijing Stock Exchange and will bear specific risks arising from differences in investment targets, market systems, and trading rules. This fund may invest in stocks through the Hong Kong Stock Connect, and will bear specific risks arising from differences in the investment environment, investment targets, market systems, and trading rules under the Hong Kong Stock Connect mechanism. After the fund contract takes effect, this fund calculates a minimum holding period of 3 months separately for each subscription/purchase/conversion-in fund unit. During the minimum holding period, fund unit holders cannot apply for redemption or conversion-out of such fund units. Therefore, fund unit holders face the risk of being unable to redeem or convert out fund units during the minimum holding period. The fund manager undertakes to manage and use fund assets in accordance with the principles of honesty, credibility, and due diligence, but does not guarantee that the fund will necessarily be profitable or guarantee minimum returns. Investors are advised to carefully read the fund contract, fund prospectus, fund product summary, and other product legal documents and risk disclosure statements, and make investment decisions prudently.
Management fee: 1.20% per year; Custodian fee: 0.20% per year. Note: For investors who invest in this fund through direct sales institutions, direct sales institutions do not charge subscription fees, purchase fees, or sales service fees. Fees and taxes generated from securities trading by this fund are deducted from fund assets based on actual amounts incurred. The above fee structure is subject to the fund contract, prospectus, and fund product summary. Sales service fees are accrued daily. For holders through direct sales institutions and holders through distribution agencies for more than one year (365 days), the sales service fee will be returned together with redemption proceeds/liquidation proceeds upon redemption/contract termination.
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