证券时报·2025-10-25 23:21Core Insights - The latest evaluation results for the quality of securities firms' practices have been released, showing a significant reshuffling in the rankings, with Guojin Securities taking the top spot from Shenwan Hongyuan [1][3] - The evaluation highlights a divergence in the strengths of large and small securities firms across different business lines, with large firms excelling in brokerage and market-making, while smaller firms show strength in research and investment banking [1][8] Evaluation Results - A total of 103 securities firms participated in the third quarter evaluation, which assesses professional service quality, compliance quality, and other significant factors, with a maximum score of 100 [3] - Only four firms maintained their positions in the top ten from the previous quarter, while six new firms entered the rankings, indicating a competitive landscape [3][4] - Notable improvements were seen for Northeast Securities, Zheshang Securities, and Minsheng Securities, which rose significantly in the rankings [3][4] Business Performance - The evaluation results indicate that Northeast Securities, Zheshang Securities, Minsheng Securities, and Ping An Securities improved their rankings due to strong performance in North Exchange sponsorship and merger issuance [4][8] - The top five firms in market-making for the North Exchange were dominated by large firms, while small firms led in the New Third Board market-making [8] - Brokerage business is primarily held by large securities firms, with significant contributions from firms like Dongfang Caifu and Guotai Junan [8] Compliance Quality - The evaluation also revealed compliance quality deductions, with Guojin Securities having the highest deductions but still ranking first overall due to strong performance in sponsorship and issuance [10][11] - The top ten firms with the most compliance deductions were primarily involved in North Exchange sponsorship and New Third Board issuance, indicating challenges in these areas [11]