Under the resonance of multiple factors such as policies, fundamentals, and valuations, the ecosystem of the Beijing Stock Exchange, which gathers specialized, refined, and innovative "hidden champion" enterprises, is expanding day by day. After the holiday, the first batch of 3-month holding period themed funds from the Beijing Stock Exchange will be put on sale, among which the Jiashi North Stock Exchange 3-month holding period hybrid securities investment fund (referred to as Jiashi North Stock Exchange 3-month holding period hybrid, Class A 029135, Class C 029136) will be heavily issued starting from October 12th. This fund relies on the investment and research strength platform of Jiashi Fund and a 3-month holding period design, balancing liquidity and operational stability, providing investors with convenient tools to seize the medium and long-term growth opportunities of innovative small and medium-sized enterprises.

Jiashi North Exchange's 3-month holding period is a mixed equity fund, with stock assets accounting for 60% to 95% of the fund's assets. The proportion of investment in North Exchange stocks is not less than 80% of non cash fund assets, and moderate participation in Hong Kong stock investments is allowed. Investment in Hong Kong stock Connect underlying stocks does not exceed 20% of non cash fund assets.

Specialized, refined, and innovative, with a strong driving force for growth. As the main battlefield for service innovation oriented small and medium-sized enterprises, the Beijing Stock Exchange has been continuously deepening reforms and improving mechanisms for more than five years. It has increasingly become an innovative cluster of small and medium-sized enterprises with "specialization, refinement, novelty" as its background, high-tech as its label, and hidden champions in segmented tracks as its main body. According to data from the Beijing Stock Exchange, as of September 30, 2026, there were 348 listed companies with a total market value of over 840 billion yuan, and over 80% of them were specialized, refined, and new enterprises. These enterprises include leaders in future technology directions such as artificial intelligence, embodied intelligence, solid-state batteries, commercial aerospace, and other niche fields; There are also opportunities for domestic substitution, including long-term growth potential targets such as semiconductor independent controllability and high-end manufacturing upgrades.

The 3-month holding period of Jiashi North Exchange is planned to be managed by Liu Jie, Director of Jiashi Fund's Stock Research Department. Since joining JiaShi Fund in July 2006, Liu Jie has served as a research analyst and investment manager in the institutional investment department. He is currently the director of JiaShi's stock research department. Having been in the industry for 19 years and investing for over 11 years, I have gradually developed an investment methodology that emphasizes "industry perspective, meso level thinking, and selecting individual stocks", with a growth oriented investment style. Liu Jie believes that the industry perspective solves the problem of direction, the middle-level thinking solves the comparison of industries and the distribution of internal interests within the industry, and finally selects individual stocks and strives to find companies that can create long-term and sustainable returns for shareholders.

In the view of Jiashi Fund, the Beijing Stock Exchange provides an asset exposure that is difficult to replicate in the Shanghai and Shenzhen markets, namely a group of "hidden champions" who are still in the early stages of value discovery and hold key positions in segmented fields. This is also the unique allocation value of the Beijing Stock Exchange. Currently, the Beijing Stock Exchange is in a configuration window period where policy, valuation, and fundamental factors resonate.

In terms of policies, 2026 is a big year for the institutional construction of the Beijing Stock Exchange: after a three-year hiatus, multiple reform measures such as restarting offline inquiry and issuance, establishing a fixed price trading system framework after hours, optimizing the simplified refinancing procedures, and improving the transfer mechanism have been implemented intensively. Measures such as innovation of public products and the entry of long-term funds into the market continue to broaden the channels for incremental funds. On the valuation level, after previous adjustments, the current valuation of the Beijing Stock Exchange has fallen back to the mid to low range of the past three years. According to Wind data statistics, as of October 8, 2026, the price to earnings ratio (TTM) of the CSI 50 Index is 44.41 times, which is around the 40% percentile in the past three years and has a certain valuation repair space. Fundamentally, companies listed on the Beijing Stock Exchange achieved double-digit growth in their 2026 interim revenue and net profit attributable to shareholders, with a profit margin exceeding 80%. Standing at a new starting point of the 15th Five Year Plan, the strategic value of the Beijing Stock Exchange in serving new quality productivity and innovative small and medium-sized enterprises is expected to be further demonstrated.

And the earlier and more segmented 'invisible little giants' in the mining stage highly rely on comprehensive investment research platforms with wide coverage and deep cultivation. As a public institution that continues to play a role in value discovery and resource allocation, Jiashi Fund has always actively participated in the ecological construction and product innovation of the Beijing Stock Exchange, including the first batch of layout of Beijing Stock Exchange theme funds, Beijing Securities 50 Index funds, three-month holding period funds, etc. Jiashi North Exchange adopts a mixed 3-month holding period model, hoping to help investors reduce short-term frequent operations while relatively improving the flexibility of funds and striving to optimize the investment experience.

Note: Jiashi North Exchange's 3-month holding period mixed A does not charge sales service fees. Subscription/subscription rates: 0.80% for amounts<5 million yuan, 1000 yuan/transaction for amounts ≥ 5 million yuan. Redemption rate: 0.50% for holding periods<180 days, 0 for holding periods ≥ 180 days. The sales service fee rate for mixed C with a 3-month holding period on the Jiashi North Exchange is 0.40% per year, and no subscription fee is charged. The redemption fee rate is 0.50% for holding time<180 days, and 0 for holding time ≥ 180 days. Operating rates: Management fee is 1.20%/year, and custody fee is 0.20%/year. Risk Warning: Funds carry risks and investments should be made with caution. Investors should read legal documents such as the Fund Contract, Prospectus, and Product Information Summary to understand the risk return characteristics of the fund, especially the unique risks, and judge whether they are suitable for their own risk tolerance based on their investment purposes, investment experience, asset status, etc. The fund manager promises to manage and utilize the fund assets in accordance with the principles of honesty, trustworthiness, prudence, and responsibility, but does not guarantee that the fund will always make profits or that the principal will not be lost. Past performance does not predict future performance, and the performance of other funds does not constitute a guarantee of the performance of this fund.