In 2026, AI is moving from technological breakthroughs to large-scale application. From the recent rise of the Muse personal AI agent to the top of the US App Store free chart, to the enterprise-level agent Workbuddy continuing to penetrate office, R&D, operations and other scenarios, the AI application side is welcoming rapid explosive growth. Accordingly, demand in underlying links of the industrial chain such as computing power scheduling, data services, core components, and new materials is expanding, and a large number of specialized, refined, distinctive, and innovative "hidden champions" are active deep within it. A considerable portion of them are gathered on the Beijing Stock Exchange. As the AI application explosion extends deeper into the industrial chain, the Beijing Stock Exchange, which gathers many specialized, refined, distinctive, and innovative assets, may usher in value revaluation. Against this backdrop, Fuguo BSE Select 3-Month Holding (Class A: 029137, Class C: 029138) will officially launch today. This product is among the first batch of Beijing Stock Exchange three-month holding period theme funds, seeking to capture "specialized, refined, distinctive, and innovative" growth opportunities through active management to uncover high-quality targets on the Beijing Stock Exchange, providing investors with a new tool to allocate to hard-tech assets on the Beijing Stock Exchange.

National Strategy Anchors "Specialized, Refined, Distinctive, and Innovative," Beijing Stock Exchange Stands at New Starting Point of the "15th Five-Year Plan"

The Beijing Stock Exchange is positioned as the "main battlefield" for serving innovative small and medium-sized enterprises, developing in a differentiated manner from the Shanghai and Shenzhen exchanges, focusing on "earlier, smaller, and newer." Today, the Beijing Stock Exchange has grown from a "testing ground" into an indispensable strategic piece of China's capital market—from 81 companies at the beginning of its opening to more than 340 listed companies with a total market value exceeding 860 billion yuan. This set of numbers outlines not only the growth speed of an exchange, but also an asset transmission channel leading to the main battlefield of hard technology. At the start of the "15th Five-Year Plan," scientific and technological self-reliance and self-strengthening are the core of the national strategy. The "15th Five-Year Plan for Promoting the Development of Small and Medium-sized Enterprises" jointly issued by ten departments proposes that by 2030, specialized, refined, distinctive, and innovative "little giant" enterprises should reach 22,000. The growth of such enterprises especially requires precise support from the capital market. The positioning of the Beijing Stock Exchange is precisely the landing point of this national strategy in the capital market. According to public reports, more than 60% of companies currently listed on the Beijing Stock Exchange are national-level specialized, refined, distinctive, and innovative "little giant" enterprises, among which 18 companies have grown into manufacturing single-item champions. The gradient chain of "incubation—standardization—listing" formed by the Beijing Stock Exchange, the National Equities Exchange and Quotations, and regional equity markets is becoming important infrastructure for smoothing direct financing for specialized, refined, distinctive, and innovative enterprises.

Beijing Stock Exchange Allocation Window Approaches, First Batch of Three-Month Holding Products Appears

As the strategic blueprint and market performance converge here, the Beijing Stock Exchange is welcoming multiple resonances in policy, fundamentals, capital, and valuation, and the allocation window is approaching. On the policy side, after the China Securities Regulatory Commission clearly stated it would "advance the deepening reform of the Beijing Stock Exchange with greater efforts," a number of reforms have been intensively implemented: restarting the offline inquiry issuance mechanism after three years, formally establishing the after-hours fixed-price trading system framework, optimizing the simplified refinancing procedure, launching private placement bond business, and improving the transfer board mechanism. The institutional system of the Beijing Stock Exchange is moving from single-point breakthroughs to systematic integration, and service functions covering the full life cycle of innovative small and medium-sized enterprises are accelerating into shape. On the fundamental side, the performance foundation of Beijing Stock Exchange companies continues to be consolidated. Interim report data show that Beijing Stock Exchange companies achieved total revenue of 138.6 billion yuan in the first half of the year, a year-on-year increase of 15%; total net profit of 11.8 billion yuan, a year-on-year increase of 18%, with more than 80% of enterprises profitable. Structurally, the growth mainline is concentrating toward high-prosperity tracks such as AI computing power—the communications industry's revenue grew 43% year-on-year, and non-recurring net profit attributable to parent company grew 96%, with sector prosperity highly echoing the AI industry trend. On the capital side, institutional participation continues to increase. Reports show that at the beginning of the exchange's opening, institutional investors accounted for only 9% of trading on the Beijing Stock Exchange, and by the end of August this year it had risen to 24%; according to Wind data, as of the end of the second quarter this year, public funds heavily positioned in the Beijing Stock Exchange reached 185, an increase of about 30% quarter-on-quarter. Against the background of regulators actively guiding funds to "invest early, invest small, invest long-term, and invest in hard technology," channels for medium- and long-term funds to enter the market are expected to continue to broaden. On the valuation side, in contrast to the improvement in asset quality, Beijing Stock Exchange valuations remain at a relatively low level. Taking the BSE 50 Index as an example, Wind data show that as of September 28, the index's price-earnings ratio (TTM) was about 45 times, at the 40th percentile of the past three years, offering relatively good allocation cost-effectiveness. Data source: Wind, as of 2026/9/28. At this opportune moment, the first batch of Beijing Stock Exchange three-month holding period theme funds has also emerged, further enriching the toolbox for ordinary investors to participate in the Beijing Stock Exchange. Compared with the previously common two-year regular open theme funds on the Beijing Stock Exchange, the three-month holding period on the one hand relaxes liquidity constraints and improves the flexibility of capital allocation. At the same time, the minimum holding period setting can avoid the impact of short-term frequent subscriptions and redemptions on fund operations, making it easier for fund managers to make medium- and long-term arrangements calmly. For the market, a more friendly product form is expected to bring normalized incremental funds and help improve the liquidity and pricing efficiency of the Beijing Stock Exchange.

Deep Cultivation in Growth and Industry-Driven Investing, Fuguo Fund's Meng Haozhi at the Helm

It is reported that the proposed fund manager of Fuguo BSE Select 3-Month Holding is Meng Haozhi, a senior equity fund manager at Fuguo Fund. He has 12 years of securities industry experience and more than 4 years of investment management experience. He previously served as a senior researcher at Orient Securities, an equity research manager at Taikang Asset Management, and a researcher at Shanghai Tongyuan Investment; he joined Fuguo Fund Management Co., Ltd. in October 2017 and currently serves as fund manager of Fuguo Innovation Development Two-Year Regular Open, Fuguo Industry Driven, Fuguo Military Industry Theme, and Fuguo Active Growth One-Year Regular Open. In his past investment research career, Meng Haozhi has focused on growth tracks, long-term attention to themes of the times, manufacturing upgrading, healthcare, and specialized, refined, distinctive, and innovative directions, and deep cultivation in high-end manufacturing investment and research represented by military industry. Moreover, Fuguo Innovation Development Two-Year Regular Open A, which Meng Haozhi has managed for the longest time, also has a certain proportion required by the fund contract to invest in Beijing Stock Exchange stocks. This has laid a solid foundation for him to manage the new product. His stock selection framework mainly revolves around three dimensions—using prosperity changes as a spear to gain insight into industrial changes and look for marginal improvement opportunities; using valuation constraints as a ruler to focus on whether valuation matches growth speed and select cost-effective targets; and using dynamic quality as a shield to deeply study corporate fundamentals and guard the survival bottom line. In risk control, Meng Haozhi chooses not to invest in targets he does not understand, pursuing a higher win rate; and if fundamentals fall short of expectations, he will resolutely sell. This strategy of carefully weighing odds and win rates may be precisely suitable for the Beijing Stock Exchange, whose volatility is significantly higher than that of the main board. According to fund periodic reports, Fuguo Innovation Development Two-Year Regular Open A's net value growth rates over the past six months, past one year, and past three years were 33.55%, 60.66%, and 90.05%, respectively, while the performance comparison benchmark over the same periods was 21.17%, 49.66%, and 50.99%, significantly outperforming the benchmark across multiple time dimensions. As one of China's "old ten" public fund companies, Fuguo Fund has accumulated 27 years and built an equity investment research system comprehensively covering TMT, consumption, pharmaceuticals, new energy, and major cycles, which is expected to provide solid support for product operation. Investors interested in frontier technology growth may pay attention to Fuguo BSE Select 3-Month Holding (Class A: 029137; Class C: 029138), officially launched today. Note: The above content does not represent predictions of market and industry trends, does not constitute investment actions or investment advice, and does not predict the specific operations and asset allocation of the relevant fund now or in the future. The fund manager may flexibly adjust within the investment scope according to market conditions, and investors should carefully make investment decisions based on their own risk tolerance. The specific investment scope and targets of an actively managed fund are determined by the fund manager according to legal documents and market conditions, and do not necessarily invest in the directions/sectors/industries used as examples. Note: Fund performance and performance comparison benchmark yield related data come from fund periodic reports, as of 2026/06/30. Fuguo Innovation Development Two-Year Regular Open Mixed, performance comparison benchmark is CSI 500 Index return *55% + Hang Seng Index return (converted using valuation exchange rate) *5% + China Strategic Emerging Industry Component Index return *20% + China Bond Composite Full Price Index return *20%. Fuguo Innovation Development Two-Year Regular Open Mixed A was established on 2022/01/10. Over the past 3 complete years (2023-2025), the fund share net value growth rate (and performance comparison benchmark return over the same period) was -1.09% (-9.84%), 0.65% (7.49%), 40.55% (28.21%), data from fund periodic reports, as of 2025/12/31. Fuguo Innovation Development Two-Year Regular Open Mixed C was established on 2022/01/10. Over the past 3 complete years (2023-2025), the fund share net value growth rate (and performance comparison benchmark return over the same period) was -1.68% (-9.84%), 0.05% (7.49%), 39.72% (28.21%), data from fund periodic reports, as of 2025/12/31. Fund manager changes during the period: Yang Dong (2022/01/10-2024/08/01), Meng Haozhi (2022/01/26 to present). Other products managed by Meng Haozhi: ① Fuguo Active Growth One-Year Regular Open Mixed, performance comparison benchmark is CSI 500 Index return *55% + Hang Seng Index return (converted using valuation exchange rate) *5% + China Strategic Emerging Industry Component Index return *20% + China Bond Composite Full Price Index return *20%. Active Growth One-Year Regular Open Mixed was established on 2020/06/15. Over the past 5 complete years (2021-2025), the fund share net value growth rate (and performance comparison benchmark return over the same period) was 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 2025/12/31. Fund manager changes during the period: Yang Dong (2020/06/15 to present), Meng Haozhi (2025/09/05 to present). ② Fuguo Industry Driven Mixed, performance comparison benchmark is CSI 300 Index return *60% + SSE Government Bond Index return *40%. Fuguo Industry Driven Mixed A was established on 2018/11/14. Over the past 5 complete years (2021-2025), the fund share net value growth rate (and performance comparison benchmark return over the same period) was 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 2025/12/31. Fuguo Industry Driven Mixed C was established on 2023/04/25. Over the past 2 complete years (2024-2025), the fund share net value growth rate (and performance comparison benchmark return over the same period) was -5.1% (12.58%), 31.88% (10.98%), data from fund periodic reports, as of 2025/12/31. Fund manager changes during the period: Li Yemiao (2018/11/14-2023/10/31), Meng Haozhi (2023/02/09 to present). Fund returns do not represent investors' actual returns, and fund share net value is only the net asset per fund product share. Historical fund performance does not guarantee future performance. ③ Fuguo Military Industry Theme Mixed, performance comparison benchmark is CSI Military Industry Index return × 80% + China Bond Composite Full Price Index return × 20%. Fuguo Military Industry Theme Mixed A was established on 2018/03/29. Over the past 5 complete years (2021-2025), the fund share net value growth rate (and performance comparison benchmark return over the same period) was 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 2025/12/31. Fuguo Military Industry Theme Mixed C was established on 2020/12/28. Over the past 5 complete years (2021-2025), the fund share net value growth rate (and performance comparison benchmark return over the same period) was 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 2025/12/31. Fund manager changes during the period: Zhang Xufeng (2018/03/29-2024/02/07), Meng Haozhi (2023/12/15 to present). Fund returns do not represent investors' actual returns, and fund share net value is only the net asset per fund product share. Historical fund performance does not guarantee future performance. Risk disclosure: Funds involve risks, and investment should be cautious. The fund manager's past performance does not represent future returns, and the past performance of other funds managed by the fund manager does not constitute a guarantee of the performance of this fund. This material is only promotional material, and if there are changes, please refer to the company's latest announcement. This product is issued and managed by Fuguo Fund Management Co., Ltd., and the distribution agency does not assume responsibility for investment and redemption of the product. This fund mainly invests in stocks of 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 under the Stock Connect, and will bear specific risks arising from differences in the Stock Connect mechanism in terms of investment environment, investment targets, market systems, and trading rules. After the fund contract takes effect, this fund calculates the minimum holding period of 3 months separately for each subscribed/purchased/converted-in fund share. During the minimum holding period, fund share holders cannot apply for redemption or conversion out of such fund shares. Therefore, fund share holders face the risk of being unable to redeem or convert out fund shares during the minimum holding period. The fund manager undertakes to manage and use fund assets in accordance with the principles of good faith, diligence, and due diligence, but does not guarantee that this fund will necessarily be profitable, nor does it guarantee minimum returns. Investors should carefully read the fund's product legal documents and risk disclosure statements such as the "Fund Contract," "Fund Prospectus," and "Fund Product Information Summary" and carefully make investment decisions. Management fee: 1.20%/year; custody fee: 0.20%/year. Subscription/purchase fee, redemption fee, sales service fee. Class A: M<5 million, 0.80%; M≥5 million, 1,000 yuan per transaction; Class C: not charged. Class A/Class C: N<180 days, 0.50%; N≥180 days—0.00%. Class A: not charged. Class C: 0.40%/year. Note: If investors invest in this fund through the direct sales agency, the direct sales agency does not charge subscription fees, purchase fees, or sales service fees. Expenses and taxes generated by this fund's trading of securities are deducted from fund assets according to actual amounts incurred. The above fee structure is subject to the fund contract, prospectus, and fund product information summary. The sales service fee is accrued daily, and for holders of the direct sales agency and holders of distribution agencies for more than one year (365 days), the sales service fee will be returned together with the redemption amount/liquidation amount at redemption/contract termination. MACD golden cross signals have formed, and these stocks are rising well!