184 listed companies, a total market value of 229 billion yuan, and a public offering fundraising amount of 36.9 billion yuan... This is the 500-day opening transcript submitted by the Beijing Stock Exchange (hereinafter referred to as "the Beijing Stock Exchange"). Just four days ago, Yi Huiman, Chairman of the Securities Regulatory Commission, stated at the financial work forum that we should focus on running the Beijing Stock Exchange well as a major event. How to promote high-quality development of the Beijing Stock Exchange? Industry insiders suggest that starting from strengthening investment end construction, further expanding transaction types, enriching investor structure, optimizing valuation discounts, and other aspects, further enhance the ability of the Beijing Stock Exchange to serve innovative small and medium-sized enterprises. Strengthen investment side construction and promote dynamic balance between investment and financing Since this year, Beijing Stock Exchange has focused on coordinated development between investment and financing sides, taking multiple measures to improve market liquidity. In February, the margin trading business of the Beijing Stock Exchange was officially launched, enriching investors' trading strategies and promoting two-way price discovery; The launch of the stock market making and trading business at the Beijing Stock Exchange has provided reference quotes for the market and stabilized market expectations for enterprise secondary market prices. In that month, the turnover of the Beijing Stock Exchange significantly increased. According to data from Oriental Fortune Choice, the turnover of the Beijing Stock Exchange in February reached 19.554 billion yuan, up 136% month on month. In March, the turnover of the Beijing Stock Exchange fluctuated significantly and failed to maintain a sustained amplification. As of March 30, the turnover of the Beijing Stock Exchange in March was 14.35 billion yuan. Zhou Yunnan, founder of Beijing Nanshan Investment, told Securities Daily that lack of liquidity is a major issue in the current Beijing Stock Exchange market, leading to insufficient investor confidence and a need to improve trading willingness. "Although the scale of margin trading and securities lending on the Beijing Stock Exchange is increasing every day, the total scale is relatively small, and the attractiveness to investors needs to be improved." Zhu Weiyi, general manager of Guangdong Power Equity Investment Fund Management Co., Ltd., told Securities Daily. In an interview with a reporter from Securities Daily, Zhang Keliang, the person in charge of the market making business of Bohai Securities, said that there are currently a large number of specialized and specialized new enterprises in urgent need of capital market services, but at present, institutional investors pay less attention to small and medium-sized enterprises. The active market of the Beijing Stock Exchange requires the active participation of investment entities, and the next step is to solve the problem of market funding supply. To this end, Zhang Keliang proposes to strengthen the construction of the investment end. On the one hand, it is necessary to guide various institutions such as the current stock of public funds and securities companies to invest in the Beijing Stock Exchange and invest in specialized new small and medium-sized enterprises; On the other hand, it is necessary to consider cultivating new investment institutions that focus on investing in specialized new small and medium-sized enterprises. Zhu Haibin, General Manager of the Research Center of the North Exchange of Kaiyuan Securities, told reporters that it is recommended that the North Exchange further optimize the layout of trading software, the richness of investment information content, and enterprise information disclosure. At the same time, several industry insiders interviewed by reporters put forward suggestions on further improving the market liquidity of the Beijing Stock Exchange. Zhu Weiyi called for the Beijing Stock Exchange to launch publicly offered convertible bonds as soon as possible. Zhou Yunnan called for accelerating the design and launch of Beijing Stock Exchange theme funds, Beijing Stock Exchange 50 index funds, especially Beijing Stock Exchange 50 ETF products, as well as researching and launching publicly issued convertible bonds, increasing the supply scale and strength of market funds, continuously delivering blood to the primary and secondary markets of Beijing Stock Exchange, and achieving dynamic balance between investment and financing. Improve valuation and pricing levels