多家券商着力强化做市业务布局 近期国联民生证券、财达证券相关做市业务资格申请均取得进展

Core Insights - The market-making business is increasingly recognized as a crucial component for the high-quality development of securities firms in China, reflecting a trend seen in international investment banks' revenue structures [1][3] Group 1: Market-Making Business Expansion - The domestic market-making system is continuously improving, leading to a strategic acceleration in the layout of market-making businesses by securities firms [2] - Major securities firms are actively applying for market-making qualifications and advancing the application for segmented licenses [2][3] - Recent approvals include Guolian Minsheng Securities for stock options market-making and feedback on Caida Securities' application for North Exchange stock market-making [2][3] Group 2: Revenue Stability and Risk Management - Market-making businesses exhibit more stable revenue and lower risk, allowing firms to leverage their professional advantages to create barriers and generate consistent cash flow [3] - The initiation of market-making on the Sci-Tech Innovation Board and North Exchange has prompted strong firms to increase investments in this area, including team formation and technology upgrades [3][4] Group 3: Regulatory Environment - Regulatory bodies are refining the review standards for market-making businesses, emphasizing capital strength, business capability, and compliance risk control [3][4] - Caida Securities is adjusting its department structure and must clarify the impact of these changes on its market-making decision-making processes [4] Group 4: Growth Potential - The number of securities firms with market-making qualifications remains limited, with 23 firms approved for listed securities market-making, 19 for stock options, and 21 for North Exchange market-making [5] - The high entry barriers mean that only a few firms possess market-making qualifications, leading to a concentration of capabilities among top firms [5][6] - The potential for market-making in derivatives is significant, especially as financial derivative products continue to diversify [5][6] Group 5: Strategic Differentiation - Different segments of market-making require varying levels of capital strength, pricing ability, and risk control systems, with options and stock market-making being the most promising areas [6] - The North Exchange market-making is still in its nurturing phase, benefiting from policy incentives but requiring long-term investments from firms [6]