券商中国·2025-07-17 06:43Core Viewpoint - The evaluation results for market makers in the second quarter of 2025 have been released by the National Equities Exchange and Quotations (NEEQ), highlighting the performance and fee exemptions of various securities firms [1][4]. Group 1: Market Maker Rankings and Fee Exemptions - Northeast Securities, Kaiyuan Securities, and Shanghai Securities ranked in the top 5%, receiving a 100% exemption on transaction fees [2][4]. - In the top 20%, firms like GF Securities and Shenwan Hongyuan saw improvements in their rankings compared to the first quarter of this year [2][5]. - A total of 12 market makers qualified for transaction fee exemptions, with 6 firms in the 10%-20% ranking receiving a 50% exemption [4][5]. Group 2: Market Dynamics and Competitive Landscape - The rankings of market makers show limited volatility over several quarters, indicating a stable competitive landscape, although individual rankings may fluctuate due to short-term business variations [6]. - The list of ranked firms primarily includes smaller securities companies, suggesting a differentiation in competitive strategies, as larger firms tend to dominate in other areas and invest less in the New Third Board market-making business [7]. Group 3: Business Strategies and Market Positioning - Guoyuan Securities emphasized a return to core business principles in its market-making activities, aiming to enhance trading capabilities [8]. - First Capital Securities is adjusting its portfolio based on market conditions to provide liquidity for quality New Third Board companies [8]. - Caida Securities reported a modest involvement in market-making, with a small proportion of its trading assets allocated to this business [8]. Group 4: Evaluation System and Future Directions - The NEEQ's market maker evaluation system, revised multiple times, assesses firms based on various criteria, including market-making scale, liquidity provision, and quote quality [9]. - The NEEQ aims to continuously evaluate the effectiveness of this system to enhance market liquidity and promote a healthy market-making environment [9].