（原标题：香港金发局：建议为中小上市企业引入做市商制度 增加交投量） （香港金发局发布会现场 摄/张伟泽） 南方财经 21世纪经济报道记者 张伟泽 实习生 金颖 香港报道 12月12日，香港金发局总监董一岳在记者会上表示，目前香港股市主要的成交量都集中于头部企业，而 其余的2000多只股票交投量较少。对此，香港金发局建议为这些中小型的上市公司引入做市商制度以支 持流动性。 当日，香港金融发展局发布题为《香港资本市场领航之路：超级联系人-数码时代的全球资本枢纽》的 概念报告。该报告为香港资本市场规划了策略路线图，并依中短期、中期及长期三个阶段提出了系统性 的发展框架。 根据报告规划，在未来的6至24个月内，香港应着力优化上市制度。具体包括调整同股不同权的上市规 则，并进一步完善针对未有盈利或知识密集型企业的上市安排。 董一岳在解读报告时指出，当前全球市场环境具有不确定性，市场上许多优质企业的上市筹备周期被拉 长。一些研发投入充分但尚未实现营收和盈利的公司，可能因市场活跃度或其他考虑而放弃在美国上 市。香港能够吸纳这一类有上市潜力的公司。 他透露，在过去数月访问中东、东南亚及中亚地区期间，已接触到大量有来港上市意 ...

纳斯达克市场采用做市商制度，由具备资质的金融机构担任做市商，为上市证券提供连续的买卖报价， 并承担相应的流动性供给责任。这一制度有助于维持证券价格的稳定性，减少市场波动，保障投资者能 够更顺畅地进行证券买卖操作。 纳斯达克市场分为多个层次，包括全球精选市场、全球市场及资本市场等，不同层次对应不同的上市标 准与监管要求，分别服务于不同规模与发展阶段的企业。这种分层结构能够更精准地匹配企业与投资者 需求，提升市场资源配置效率。 纳斯达克是全球较早采用电子交易系统的证券市场，无实体交易大厅，依托先进的电子交易网络实现证 券的高效撮合。这种模式打破了传统实体市场的地域限制，提升了交易速度与市场效率，能够支持大规 模、高频次的交易需求，适应现代金融市场的快速发展节奏。 纳斯达克市场的上市主体以科技、生物科技、互联网等领域的成长型创新企业为主，这类企业往往具有 较高的研发投入与增长潜力。市场的定位与规则设计能够更好地满足这类企业在不同发展阶段的融资需 求，为创新型企业提供了重要的资本支持渠道。 与部分传统证券市场相比，纳斯达克设置了多套差异化的上市标准，企业可根据自身财务状况、市值规 模等情况选择符合条件的标准申请上市。 ...

Group 1 - The market maker system is an important mechanism for injecting liquidity into the market, and the recent evaluation results for market makers in Q2 2025 show that Northeast Securities, Kaiyuan Securities, and Shanghai Securities ranked in the top 5%, receiving a waiver for all transaction handling fees for the quarter [1][2] - As of July 18, 63 brokerages have become market makers in the New Third Board, with Northeast Securities leading in the number of securities made market for, totaling 72, followed by Kaiyuan Securities with 66, and Shanghai Securities, Tianfeng Securities, and Changjiang Securities with 49, 43, and 42 respectively [1][2] Group 2 - The evaluation results indicate that several small and medium-sized brokerages are seizing opportunities in the New Third Board market, forming certain business advantages, while large brokerages like GF Securities and Shenwan Hongyuan have also shown improvement in their rankings [2] - The rapid development of market-making business has become an important growth point for brokerages, with many actively applying for various market-making qualifications [3] - Experts suggest that brokerages providing continuous two-sided quotes can meet investors' trading needs, enhance market pricing efficiency, and stabilize market fluctuations, contributing to a healthier market development [3]

Core Insights - The National Equities Exchange and Quotations (NEEQ) has released the market maker evaluation results for Q2 2025, highlighting the performance of various securities firms in the market-making business [1][2] Group 1: Market Maker Evaluation Results - In Q2 2025, three firms, Northeast Securities, Kaiyuan Securities, and Shanghai Securities, ranked in the top 5% and received a 100% fee exemption [1][2] - Six firms, including Haitong Securities and Shenwan Hongyuan, ranked between the top 10% and 20%, receiving a 50% fee exemption [2] - Notable changes in rankings include Guangfa Securities moving from the top 10% to the top 5% and Shenwan Hongyuan entering the top 10% to 20% for the first time [2] Group 2: Industry Trends and Insights - The competition among market makers appears to be less intense, with rankings showing relative stability and some fluctuations due to short-term business variations [3] - Smaller securities firms are gaining an advantage in the NEEQ market-making space, as larger firms focus on other areas [3] - Companies like Guoyuan Securities and Guosen Securities are actively enhancing their market-making capabilities to provide liquidity for small and medium enterprises [3][4] Group 3: Evaluation Criteria and Importance - The evaluation criteria for market makers include trading scale, liquidity provision, and quote quality, with a total score of 100 points [6] - The NEEQ emphasizes the significance of the market maker system in improving market liquidity and facilitating price discovery [6] - Continuous assessment and optimization of the evaluation mechanism are planned to promote the healthy development of the market maker system [6]

Core 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].

Group 1 - The core trading hours for the US stock market are from 9:30 AM to 4:00 PM Eastern Time, with pre-market trading starting at 4:00 AM and after-hours trading ending at 8:00 PM, which differs from domestic trading hours [1] - The US stock market allows for flexible trading units, enabling investors to purchase as few as one share, providing greater flexibility especially for those with smaller capital [1] - The US stock market operates on a T+0 trading system, allowing investors to buy and sell stocks on the same day, which contrasts with the T+1 system in the A-share market [2] Group 2 - Transaction costs in the US stock market include commissions and taxes, with significant variations in commission rates among different brokers, especially with the rise of online brokers offering low or zero commissions [2] - The US stock market features a market maker system that enhances liquidity by providing buy and sell quotes, ensuring timely execution of trades [3] - The US stock market comprises various tiers of stocks, including main board and growth board, each with distinct listing standards and trading rules, necessitating careful selection by investors [3]

Core Viewpoint - The article discusses the recent evaluation results of market makers by the National Equities Exchange and Quotations (NEEQ), highlighting the performance and ranking changes of various securities firms in the first quarter of 2025, with a focus on the shift towards the Beijing Stock Exchange (BSE) for market-making opportunities [2][3]. Group 1: Market Maker Evaluation Results - The NEEQ released the market maker evaluation results for Q1 2025, with Northeast Securities, Shanghai Securities, and Kaiyuan Securities ranking in the top 5% and receiving a 100% fee exemption [2]. - In the top 20% of the rankings, firms like Shanghai Securities, Tianfeng Securities, and Changjiang Securities saw improvements in their rankings compared to Q4 of the previous year [2][3]. - A total of 12 market makers received fee exemption qualifications, with 6 firms in the 10%-20% range receiving a 50% fee reduction, and 3 firms in the 5%-10% range receiving a 70% reduction [2]. Group 2: Strategic Adjustments by Securities Firms - Some securities firms are adjusting their market-making strategies in response to regulatory changes, focusing more on the BSE and reducing their involvement in the New Third Board market-making business [4]. - For instance, Hongta Securities has actively reduced its New Third Board market-making scale and is applying for qualifications to operate on the BSE, indicating a strategic shift towards more promising market opportunities [4]. - The report from Shichuang Securities noted that they have 23 market-making enterprises, ranking 15th in the industry, with a significant portion being innovative tier companies [4]. Group 3: Evaluation Criteria and Importance - The evaluation criteria for market makers include a total score of 100 points, with categories such as market-making scale, liquidity provision, and quote quality [5]. - The NEEQ emphasizes the importance of the market maker system in improving market liquidity, price discovery, and fostering a healthy market cycle, indicating ongoing efforts to optimize the evaluation and incentive mechanisms [5].