重磅！北交所全面进入“920时代”，意味着什么？

Group 1 - The core point of the article is that the Beijing Stock Exchange (BSE) is officially switching to new securities codes for its existing listed companies starting October 9, 2025, marking a significant adjustment in its market infrastructure [1][3] - The code switch involves 248 existing stocks and is part of a broader strategy to enhance the BSE's independent status as China's third-largest stock exchange [1][2] - The transition to the new "920 code segment" began on November 17, 2023, and was implemented in phases to ensure a smooth transition for investors [1][2] Group 2 - The first stock to use the new "920 code" was Wanda Bearings, which listed on the BSE on April 11, 2025, indicating the operational readiness of the new code segment [2] - A total of six pilot stocks were selected for the initial testing phase, chosen for their high market recognition and the absence of code duplication, ensuring efficient switching [2] - The BSE conducted extensive network testing in April 2025, involving various market participants to ensure seamless participation in the new system [2] Group 3 - The introduction of the "920 code" enhances the identification of BSE-listed companies, making it easier for investors to track and analyze these companies separately from their previous listings on the New Third Board [3] - The BSE has experienced three market cycles since its establishment, with the valuation gap compared to the Shanghai and Shenzhen markets gradually narrowing [4] - As of April 2025, 58.11% of BSE-listed companies are classified as "specialized, refined, distinctive, and innovative" small giants, with a significant portion of new listings in 2024 also falling into this category [5]