Core Insights - The evaluation results of securities companies' practice quality for Q3 2025 were released, reflecting their performance in the Beijing Stock Exchange and the New Third Board [1] - Several small and medium-sized securities firms have significantly improved their rankings, primarily due to breakthroughs in sponsorship and merger & acquisition businesses [1][2] Group 1: Ranking Changes - A total of 103 securities firms participated in the evaluation, with Guojin Securities ranking first with a score of 138.82, followed by Northeast Securities at 138.19 [2] - The top ten rankings saw notable changes, with six firms replacing previous positions; Guojin Securities rose from 13th to 1st, and Northeast Securities from 29th to 2nd [2] - Guojin Securities led in professional quality score with 50.82, while Northeast Securities scored 38.19 [2] Group 2: Business Performance - The scores in specific business segments reveal differentiated advantages among firms; Guojin and Northeast Securities both scored 16 in the Beijing Stock Exchange sponsorship business [3] - Northeast Securities excelled in the Beijing Stock Exchange merger & acquisition and New Third Board market-making businesses [3] - Guojin Securities improved its scores in sponsorship and merger & acquisition businesses significantly, with scores rising to 16 and 10.38 respectively [3] Group 3: Strategic Developments - Securities firms are actively applying for various qualifications in the Beijing Stock Exchange to capture market opportunities, with several firms receiving approvals for market-making qualifications [4] - To avoid homogenized competition, many small and medium-sized firms are adopting differentiated strategies, focusing on niche markets [4] - Firms like Northeast Securities are concentrating on small and medium enterprises in key sectors such as TMT, chemical new materials, and advanced manufacturing [5]