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]

Core Viewpoint - The recent progress in market-making qualifications for Guolian Minsheng Securities and Caida Securities reflects the accelerating strategic layout of brokerages in the market-making business as the domestic market-making system continues to improve and diversify [1][2]. Group 1: Market-Making Business Development - The market-making system is a mature trading mechanism widely applied across various financial markets, and it plays a crucial role in the high-quality development of brokerages [2]. - Guolian Minsheng Securities has officially received approval for its stock options market-making business, marking the first expansion of the stock options market-making team in two and a half years [2][3]. - Brokerages are increasing investments in market-making, including applying for relevant qualifications, forming specialized teams, and enhancing their service capabilities for institutional clients [2][4]. Group 2: Regulatory Environment and Challenges - Regulatory authorities are refining the review standards for market-making qualifications, emphasizing capital strength, business capability, and compliance risk control [3]. - Caida Securities is adjusting its organizational structure to enhance its market-making capabilities, responding to regulatory feedback regarding its application for the North Exchange market-making qualification [3]. Group 3: Market Potential and Growth - The number of brokerages with market-making qualifications remains relatively limited, with 23 brokerages approved for listed securities market-making and 19 for stock options market-making [4]. - The market capacity for market-making could significantly increase if the business expands to the main board and the growth potential of derivative market-making is further explored [4][5]. - The market-making business is becoming a core pillar for brokerages' self-operated transformation and stable balance sheet expansion due to its low-risk exposure and stable returns [5].

格隆汇11月16日丨国联民生(601456.SH)发布公告，公司于近日收到中国证监会《关于核准国联民生证 券股份有限公司股票期权做市业务资格的批复》（证监许可〔2025〕2510号）。中国证监会已核准公司 股票期权做市业务资格。 ...

关于股票期权做市业务资格获批的公告 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券代码：601456 证券简称：国联民生 公告编号：2025-069号 国联民生证券股份有限公司 特此公告。 国联民生证券股份有限公司董事会 2025年11月16日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 国联民生证券股份有限公司（以下简称"公司"）于近日收到中国证券监督管理委员会（以下简称"中国 证监会"）《关于核准国联民生证券股份有限公司股票期权做市业务资格的批复》（证监许可〔2025〕 2510号）。中国证监会已核准公司股票期权做市业务资格。 公司将严格按照有关规定和上述批复的要求，修改公司章程、办理相关监管报备、工商变更登记手续， 并申请换发经营证券期货业务许可证；在人员、业务设施、信息系统和经营场所等方面做好准备工作； 加强信息技术安全管理，认真做好风险防范，切实保障该项业务的顺利开展。 ...

智通财经APP讯，国联民生(01456)发布公告，公司于近日收到中国证券监督管理委员会(以下简称"中国 证监会")《关于核准国联民生证券股份有限公司股票期权做市业务资格的批复》(证监许可〔2025〕 2510 号)。中国证监会已核准公司股票期权做市业务资格。 ...

责编:陈玉尧 | 审核:李震 | 监审:古筝 【大河财立方消息】11月16日，国联民生公告，证监会已核准其股票期权做市业务资格。 作为重资本业务，做市业务需要投入大量资金用于做市底仓的购入，对券商的资本实力要求较高。 据上交所数据，截至2024年底，上证50ETF期权共有22家做市商（主做市商19家、一般做市商3家）， 沪深300ETF期权共有21家做市商（主做市商19家、一般做市商2家）。2024年，主做市商日均成交 443.43万张（双向），占全市场的45.31%；日均持仓216.93万张（双向），占全市场的17.98%；日均申 报53749.43万张，占全市场的93.82%。 ...

Core Points - The company has received approval from the China Securities Regulatory Commission (CSRC) for its stock options market-making business qualification [1] Summary by Category Company Announcement - The company announced that it has recently received the approval from the CSRC regarding its qualification for stock options market-making business [1]

智通财经APP讯，国联民生(601456.SH)公告，公司近日收到中国证券监督管理委员会《关于核准国联 民生证券股份有限公司股票期权做市业务资格的批复》。中国证监会已核准公司股票期权做市业务资 格。 ...

国联民生(601456)11月16日公告，公司近日收到中国证监会批复，中国证监会已核准公司股票期权做市 业务资格。 ...