Which sectors will benefit from the establishment of Beijing Stock Exchange?

GF Securities believes that the establishment of the Beijing Stock Exchange has a great impact, which fully reflects the urgent expectation of the CPC Central Committee and the State Council to increase the proportion of direct financing, and securities companies will play an increasingly important role in the development of the national economy. Release the positive signal of deepening capital market reform. Focusing on the high-quality development of the capital market, we initiated the reform of the financing side and the investment side. The financing reform includes the pilot of registration system, the establishment of scientific and technological innovation Committee and the new rules of refinancing.

The establishment of Beijing Stock Exchange is another milestone. Investors have issued policies to support medium-and long-term capital entering the market, but on the whole, there are still many places worth looking forward to, such as fund link, account opening link, t+0 and derivative expansion. The substantial expansion of the capital market has brought more business opportunities to securities companies, including investment banking, primary market investment, brokerage business and secondary financing business.

With the establishment of Beijing Stock Exchange, the mainland securities market has formed a multi-level capital market structure such as main board, growth enterprise market, science and technology innovation board and new third board. Inject a sum of money into the new third board market to promote its liquidity, help small and medium-sized enterprises realize their financing aspirations and promote the development of the securities market. The listed companies in Beijing Stock Exchange are produced by innovative companies. The listing threshold of these listed companies will not be very high, and the financing speed will be faster, which is more suitable for some enterprises that urgently need a lot of funds for development. The investment banking business in the primary market and the brokerage business in the secondary market benefited.

From the perspective of venture capital, the securities companies of small and medium-sized enterprises may basically benefit, but the market differentiation will continue. Short-term positive, long-term differentiation. The beginning of every major reform in the capital market will be beneficial to the market, mainly affected by the short-term mood of the market. When market sentiment is digested, it will return to rational development for a long time. In the future, innovative small and medium-sized enterprises will have more opportunities for direct financing development, and the new policy will solve the core problems of financing difficulties and expensive financing for small and medium-sized enterprises.