Group 1 - The Beijing Stock Exchange (BSE) has fully implemented new securities codes starting from October 9, enhancing stock identification with all 277 stocks now using codes beginning with "920" [1][3][5] - Prior to this change, some existing stocks retained old codes from the New Third Board, which led to confusion among investors due to lower identification clarity compared to codes used in Shanghai and Shenzhen exchanges [3][4] - The transition to the new code system took over two years and was executed in phases, first switching new listings to the "920" codes from April 2024, followed by existing stocks [4][5] Group 2 - The unified code system is expected to strengthen the BSE's focus on specialized and innovative small and medium-sized enterprises, creating a differentiated competitive landscape compared to the Shanghai and Shenzhen exchanges [4] - The China Securities Regulatory Commission (CSRC) issued guidelines on September 1, 2023, emphasizing the need for independent code segments to improve stock identification [4]

Core Points - The Beijing Stock Exchange (BSE) will switch all stock codes to the new 920 code segment starting from October 9, 2025, enhancing the identification of listed companies and improving investor recognition [1][2][3] - The transition aims to eliminate confusion caused by the previous codes used during the New Third Board listing, thereby strengthening the BSE's focus on specialized and innovative small and medium-sized enterprises [2][3] - Multiple brokerage firms have optimized their trading terminals to support the new codes, ensuring a seamless transition for investors [1][4] Summary by Sections Code Transition - All stocks on the BSE will adopt the new 920 code segment, with investors able to check the correspondence between old and new codes on the BSE website [1] - The transition is part of a phased approach, starting with new listings and then moving to existing stocks, as outlined by the China Securities Regulatory Commission [2][3] Impact on Investors - Brokerage firms have assured that the continuity of investor rights and related business operations will remain unaffected by the code switch [4] - Investors will need to use the new codes for trading, as the old codes will result in errors during transactions [4] - Trading software will automatically update to reflect the new codes, minimizing the need for manual intervention by investors [4]

Core Viewpoint - The Beijing Stock Exchange (BSE) is transitioning all existing stock codes to the new "920 code segment" starting from October 9, 2025, to enhance the identification of listed companies and improve market recognition [1][2]. Group 1: Code Transition Details - The transition to the "920 code segment" aims to eliminate confusion caused by the previous codes used during the New Third Board listing, which included various prefixes like 400, 430, and 830 [1]. - The China Securities Regulatory Commission (CSRC) issued guidelines on September 1, 2023, emphasizing the need for a distinct code segment to improve stock identification [1]. - The transition will occur in phases, starting with new listings using the "920 code" from April 22, 2024, followed by existing companies' codes being switched by October 9, 2025 [2]. Group 2: Broker Responses and Investor Guidance - Multiple brokerage firms have begun educating investors about the code switch, assuring that trading systems will automatically update to reflect the new codes without requiring manual intervention from investors [3]. - Investors will need to use the new codes for trading; entering old codes will result in errors, as systems will not process transactions under the previous codes [3]. - Brokerage platforms, including those from Guotou Securities and Everbright Securities, have confirmed that their systems will automatically handle the transition, ensuring continuity in trading and record-keeping for investors [3].

Core Viewpoint - The Beijing Stock Exchange (BSE) will switch to a new securities code (920) for all existing stocks starting from October 9, 2025, enhancing its independent market identity and improving stock recognition [1][2][4]. Group 1: Code Switching Details - The BSE will implement the new 920 code for 248 existing stocks, with a corresponding code mapping available on its official website [2][3]. - The transition to the new code has been in preparation for two years, following the China Securities Regulatory Commission's (CSRC) directive to enhance stock identification [2][3]. - The new code will not affect trading rules, and the trading methods, price limits, and trading hours will remain unchanged [1][4]. Group 2: Investor Impact - The continuity of the stock's identity and investor rights will remain intact post-code switch, with historical trading information displayed under the new code [4][5]. - Investors will see their holdings transition from the old code to the new code without any changes to their ownership duration or related information [4][5]. - Brokerage firms are required to support trading with both old and new codes, ensuring that clients can access complete trading records since the stock's listing [5][6]. Group 3: Brokerage Firm Preparedness - Multiple brokerage firms have announced readiness for the code switch, advising clients to upgrade their trading terminals to the latest version [5][6]. - Brokerages will ensure that the transition is seamless, with automatic updates to trading apps and systems to reflect the new codes [6].

Investment Rating - The report indicates a positive outlook for the industry, with the North Exchange 50 Index closing up 0.63% at 1617.13 points, reflecting a strong market activity level [4][8]. Core Insights - The North Exchange market continues to rise, with a trading volume of 25.9 billion yuan on September 16, 2025, despite a slight decrease from the previous trading day [4][8]. - The automotive parts sector is leading the market, showing significant capital accumulation effects, as funds shift from high-position themes to industries with strong performance certainty, such as the automotive supply chain and high-end manufacturing [4]. - The upcoming "920" code switching policy on October 9 is expected to enhance market standardization and improve long-term liquidity [4]. - The report highlights a structural differentiation in the market, with 122 stocks rising and 148 falling among the 275 companies listed on the North Exchange [4][18]. Summary by Sections Market Review - On September 16, the North Exchange A-shares trading volume reached 25.9 billion yuan, a decrease of 0.11 billion yuan from the previous day, with the North Exchange 50 Index closing at 1617.13, up 0.63% [8][4]. - The North Exchange specialized index closed at 2809.54, increasing by 1.57% [8]. Stock Performance - Among the 275 companies, 122 stocks increased, 5 remained flat, and 148 declined. The top five gainers were: - Kaiter Co., Ltd. (14.8%) - Huaguang Source Sea (14.3%) - Bond Co., Ltd. (12.5%) - Huayuan Co., Ltd. (11.9%) - Meizhigao (10.7%) - The top five decliners were: - Chicheng Co., Ltd. (-7.8%) - Hongyu Packaging (-5.4%) - Guoyi Bidding (-4.7%) - Gaisi Food (-4.5%) - Kexin New Materials (-4.5%) [18][20]. Important News - The Ministry of Commerce and nine other departments issued policies to expand service consumption, proposing 19 measures to stimulate economic growth [2]. - Tencent Cloud announced full adaptation to mainstream domestic chips, with its international customer base doubling within a year [2][22]. Key Company Announcements - Tongxin Transmission plans to increase the registered capital of its subsidiary by 2 million yuan, with the company contributing 1.02 million yuan [3]. - Yeguangming announced the use of 4.3 million yuan of its own funds to purchase fixed-income financial products from Taizhou Bank, with an expected annual yield of 3.61% [3][24].

Core Viewpoint - The Beijing Stock Exchange (BSE) has announced the completion of preparations for the stock code switching of existing listed companies, which will take effect on October 9, 2025, marking a significant adjustment in the market's foundational system and reinforcing BSE's independent status as China's third-largest stock exchange [1] Group 1: Code Switching Process - The code switching initiative began on November 17, 2023, to implement the China Securities Regulatory Commission's "Deep Reform 19 Articles" and aimed to standardize the stock codes to the "920 code segment" [2] - The BSE adopted a phased approach, first switching new listings to the "920 code" on April 22, 2024, with the first stock, Wanda Bearing, listed under this new code shortly thereafter [2] - A total of six pilot stocks were selected for the code switch, chosen for their long listing history and high market recognition, ensuring efficient switching without triggering adjustment mechanisms [2] Group 2: Testing and Implementation - The BSE conducted extensive network testing, with four tests carried out in April 2025, involving various market participants to ensure smooth participation in the BSE [3] - The testing covered the entire business chain, facilitating a seamless transition for institutional investors to engage with the BSE [3] Group 3: Market Identity and Valuation System - The introduction of the "920 code" will create a distinct three-digit code structure among China's stock exchanges, enhancing BSE's market identity [4] - Experts highlight that the new code signifies a critical milestone in BSE's market development, improving the recognition of listed companies and aiding investors in making informed decisions [4] - The transition from "New Third Board" to "BSE listed companies" will further reshape the valuation system, with the "920 code" serving as a unique identifier [5] Group 4: Market Performance - The recognition of new stocks on the BSE has been increasing, with average first-day price changes of 218% in 2024 and 268% in 2025 [5] - As of April 2025, 58.11% of BSE-listed companies are classified as specialized, refined, distinctive, and innovative "little giants," with 69.57% of new listings in 2024 falling into this category [5]

Core Viewpoint - The Beijing Stock Exchange (BSE) has completed the preparation for the stock code switching of existing listed companies, marking a significant adjustment in its market infrastructure and reinforcing its status as China's third-largest stock exchange [1][6]. Group 1: Code Switching Process - The code switching process began on November 17, 2023, to implement the China Securities Regulatory Commission's "Deep Reform 19 Articles" policy, transitioning to the "920 code segment" for listed companies [3]. - The BSE adopted a phased approach, first switching new listings to the "920 code" on April 22, 2024, with the first stock, Wanda Bearing, listed under this new code shortly after [3][5]. - A total of 248 existing stocks will have their codes switched starting October 9, 2025, requiring investors to use the new codes for trading and inquiries [1][3]. Group 2: Market Identity and Valuation System - The adoption of the "920 code" will create a distinct three-code structure among China's stock exchanges, enhancing the BSE's market identity [7]. - The new code signifies a critical milestone in the BSE's market development, improving the recognition of listed companies and facilitating investor engagement [7][8]. - The transition from "New Third Board" to "BSE listed companies" will help reshape the valuation system, with 58.11% of BSE-listed companies classified as "specialized, refined, distinctive, and innovative" by April 2025 [8].

Core Viewpoint - The Beijing Stock Exchange (BSE) is set to implement a significant adjustment by switching the stock codes of 248 existing listed companies to a new "920" code starting from October 9, 2025, which solidifies its independent status as China's third-largest stock exchange [1][4]. Group 1: Code Switching Process - The code switching initiative began on November 17, 2023, to address confusion caused by multiple initial code formats (400, 430, 830) used by companies listed on the New Third Board [2]. - The BSE adopted a phased approach, first switching new listings to the "920" code on April 22, 2024, with the first company, Wanda Bearing, listed under this new code shortly thereafter [2]. - A large-scale network testing was conducted in April 2025, involving various market participants to ensure a smooth transition for investors [3]. Group 2: Market Identity and Valuation System - The introduction of the "920" code will create a distinct three-code structure (6-0-9) among China's stock exchanges, enhancing the BSE's market identity [4]. - Experts indicate that the new code will improve the recognition of BSE-listed companies, facilitating better investor understanding and decision-making [4]. - The transition from New Third Board to BSE will allow companies to establish new trading dynamics and information disclosures, differentiating them from their previous listings [4]. Group 3: Market Performance and Composition - The recognition of new stocks on the BSE has been increasing, with average first-day price changes of 218% in 2024 and 268% in 2025 [5]. - As of April 2025, 58.11% of BSE-listed companies are classified as specialized, high-tech "little giants," with 69.57% of new listings in 2024 falling into this category [5]. - The code switch is expected to facilitate the transformation of companies from "New Third Board enterprises" to "BSE-listed companies," further driving the reformation of the valuation system [5].

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]

Group 1 - The Beijing Stock Exchange (BSE) announced the implementation of new stock codes for existing listed companies, set to take effect on October 9, 2025 [1] - A total of 248 existing stocks will switch to new codes, and the corresponding old-new code mapping can be found on the BSE's official website [1] - The BSE emphasized the importance of companies preparing adequately for the transition to minimize operational risks during the code switch [1]