Core Insights - The trend of increasing market makers is effectively improving the overall trading landscape of the New Third Board market, with market makers contributing over 50% of the total trading volume despite representing only 3.35% of the total number of companies listed [1][4]. Group 1: Market Maker Activity - Since 2025, over 30 listed companies have disclosed the addition of brokers providing market-making services, with 9 companies adding more than 3 new market makers [1]. - Companies such as Hengshen Co., Yajing Technology, and Shengzhao Pharmaceuticals have recently disclosed the addition of brokers, with Zhongbing Communication seeing a significant increase of 4 new market makers [1][2]. - Click Network has increased its market makers to 12, while Shengzhao Pharmaceuticals has added 5 new market makers, bringing its total to 11 [2][3]. Group 2: Trading Volume and Liquidity - Companies with more than 10 market makers have seen enhanced trading depth and liquidity, with 18 companies currently fitting this criterion [1][4]. - The top companies in terms of market maker numbers include Huachuang Fangte, which has 29 brokers providing services [4]. - The trading activity of companies like Jufeng Co. and Yajing Technology has been notable, with Jufeng achieving a compound annual growth rate of 37.78% in net profit from 2022 to 2024 [3]. Group 3: Regulatory and Market Support - The National Equities Exchange and Quotations (NEEQ) has been optimizing information disclosure and service levels to attract attention to quality market-making targets [4][5]. - A new section on the NEEQ website showcases the top 50 companies with the highest average daily trading volume over the past 60 days, aiding investors in tracking market activity [5]. - Market makers are enhancing market liquidity and pricing efficiency through bilateral quotes, which helps stabilize the market [5].

Group 1 - The core viewpoint of the articles highlights the competitive landscape of market makers in the New Third Board, with several small and medium-sized securities firms gaining a leading position through specialization and deep engagement [1][2] - In the fourth quarter of 2025, 12 market makers received transaction fee reductions, with Northeast Securities, Kaiyuan Securities, and Shanghai Securities ranking in the top 5% and receiving full fee waivers [1] - The rankings of market makers showed stability in the top tier compared to the previous quarter, with notable improvements for Guotai Junan and Bohai Securities, which moved into higher ranking brackets [1] Group 2 - As of January 28, 59 securities firms were acting as market makers in the New Third Board, with Northeast Securities leading in the number of market-making stocks at 67 [2] - In terms of trading activity, both Kaiyuan Securities and Northeast Securities achieved cumulative market-making transaction amounts exceeding 10 billion yuan, with figures of 11.56 billion yuan and 10.967 billion yuan respectively [2] - The New Third Board market continues to expand, with 5,966 listed companies and a total share capital of 467.8 billion shares, indicating significant business opportunities for securities firms [2] Group 3 - The growth in business demands from New Third Board companies, such as listings, supervision, and mergers, provides ample opportunities for securities firms, particularly benefiting smaller firms in niche markets [3] - Securities firms can leverage the connection between the New Third Board and the Beijing Stock Exchange to offer multi-tiered capital market services for technology-driven growth enterprises [3] - By identifying and nurturing quality projects suitable for the Beijing Stock Exchange, securities firms can enhance their market share and project quality, laying a foundation for sustained growth in investment banking performance [3]