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At the beginning of the year, the North Exchange fell because the small and micro-cap stocks on the main board fell sharply. Now the bull market of small and micro-cap stocks is much stronger than that of the main board. As a small micro-disk, the North Exchange is rising ahead, which is more balanced by low-priced issuance, and its intrinsic value is still underestimated by at least 60% compared with the motherboard, especially the similar micro-disk. Small and micro-sized stocks on the main board have risen for more than a month, and the North Exchange has been adjusted for a month or two. I am optimistic about the position of the North Exchange, and at least 50% of the stocks below 1.5 billion basically make up for the space increase.The value of Beijing Stock Exchange is highlighted again.