Core Insights - The ETF market is experiencing a significant increase in trading volume, with liquidity service upgrades becoming essential to address trading bottlenecks and enhance market quality [1][4]. Trading Activity - Since November, the trading activity in the ETF market has notably surged, with specific ETFs like Guotai Zhongzheng A500 ETF seeing daily trading volumes exceed 4 billion yuan, doubling their average from the second half of the year [2][4]. - The Guotai Chuangye Board Artificial Intelligence ETF has achieved a year-to-date net value growth of 78.86%, reflecting its strong performance and increased trading activity [2][4]. Liquidity Service Upgrades - Fund managers are actively enhancing liquidity services, particularly for broad-based ETFs, which are the mainstay of market trading volume [3][5]. - New liquidity service providers have been appointed for various ETFs, including the introduction of Dongfang Caifu Securities for Huaxia Zhongzheng 1000 ETF and Huatai Securities for the General Aviation ETF [3][5]. Market Ecosystem Optimization - The involvement of liquidity service providers is optimizing the ETF market ecosystem from multiple dimensions, with a noticeable increase in demand for liquidity services across a wide range of products [4][5]. - Major fund companies are increasingly integrating liquidity services as a standard feature for new products, as seen with the recent establishment of the Penghua Hang Seng Biotechnology ETF [3][4]. Competitive Landscape - Leading brokerage firms such as Dongfang Caifu Securities, Huatai Securities, and Dongfang Securities are becoming the primary partners for liquidity services, enhancing their competitive edge in the ETF market [5]. - As the ETF market continues to expand, the competition for liquidity services is expected to intensify, with a growing demand for various types of ETFs, including bonds and commodities [5].