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        日前證(zheng)監會、北交所召開新(xin)三板擴容動員大會，證(zheng)監會副(fu)主(zhu)席姚剛出席，會上對做市(shi)商制度進行了(le)詳(xiang)細介紹。

        華泰(tai)證券(quan)(quan) 發布研究(jiu)報告表示，新交(jiao)易(yi)制度(du)(du)將分步(bu)推出(chu)(chu)(chu)：第(di)一步(bu)，推出(chu)(chu)(chu)協(xie)議成交(jiao)系(xi)統以(yi)取代(dai)目前深交(jiao)所的系(xi)統；第(di)二步(bu)，推出(chu)(chu)(chu)做(zuo)市商(shang)制度(du)(du)，5月份內(nei)測(ce)、8 月份正式上線(xian)；第(di)三步(bu)，推出(chu)(chu)(chu)集合競價系(xi)統。華泰(tai)證券(quan)(quan)稱，新三板(ban)(ban)(ban)大擴容即將到來(lai)(lai)，未來(lai)(lai)五年，累計將有約(yue)7000家企業(ye)掛(gua)牌，總市值約(yue)1.4萬(wan)億元。新三板(ban)(ban)(ban)擴容一步(bu)到位，但華泰(tai)證券(quan)(quan)認為高新區(qu)和開發區(qu)是未來(lai)(lai)掛(gua)牌企業(ye)的主要來(lai)(lai)源地。如果監管層(ceng)站(zhan)在破解小微企業(ye)融資難(nan)的戰略高度(du)(du)積(ji)極鼓勵新三板(ban)(ban)(ban)做(zuo)大做(zuo)強，實際(ji)掛(gua)牌數量將超過預(yu)測(ce)量。

        研報稱，券(quan)(quan)(quan)商是(shi)(shi)新(xin)三(san)(san)板(ban)(ban)(ban)大擴容的(de)最大受(shou)益者(zhe)，但業(ye)(ye)(ye)務(wu)(wu)(wu)格局(ju)或將(jiang)生(sheng)變。新(xin)三(san)(san)板(ban)(ban)(ban)是(shi)(shi)券(quan)(quan)(quan)商各項(xiang)業(ye)(ye)(ye)務(wu)(wu)(wu)的(de)試驗田，通(tong)過新(xin)三(san)(san)板(ban)(ban)(ban)業(ye)(ye)(ye)務(wu)(wu)(wu)，券(quan)(quan)(quan)商可以(yi)獲得(de)投行收入(ru)、經紀和(he)“做市”收入(ru)以(yi)及(ji)(ji)投資(zi)(zi)(zi)收入(ru)（直投、資(zi)(zi)(zi)管等(deng)）。目前，新(xin)三(san)(san)板(ban)(ban)(ban)業(ye)(ye)(ye)務(wu)(wu)(wu)格局(ju)中(zhong)(zhong)(zhong)，中(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)券(quan)(quan)(quan)商占據(ju)主(zhu)導，業(ye)(ye)(ye)務(wu)(wu)(wu)領(ling)(ling)先(xian)的(de)券(quan)(quan)(quan)商基本(ben)是(shi)(shi)傳統投行業(ye)(ye)(ye)務(wu)(wu)(wu)偏弱(ruo)而被迫(po)戰(zhan)略布局(ju)新(xin)三(san)(san)板(ban)(ban)(ban)，因(yin)此，短期內(nei)我們看好長江(jiang)、西部、國元等(deng)業(ye)(ye)(ye)務(wu)(wu)(wu)領(ling)(ling)先(xian)且區域優勢明顯的(de)中(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)券(quan)(quan)(quan)商，但從中(zhong)(zhong)(zhong)長期看，隨著新(xin)三(san)(san)板(ban)(ban)(ban)業(ye)(ye)(ye)務(wu)(wu)(wu)戰(zhan)略意義提升(sheng)及(ji)(ji)利潤(run)開始(shi)實質(zhi)性貢(gong)獻，大券(quan)(quan)(quan)商如中(zhong)(zhong)(zhong)信、海通(tong)、廣發等(deng)將(jiang)發揮其“做市”、定(ding)價以(yi)及(ji)(ji)整體資(zi)(zi)(zi)本(ben)實力等(deng)優勢，強勢進入(ru)新(xin)三(san)(san)板(ban)(ban)(ban)業(ye)(ye)(ye)務(wu)(wu)(wu)爭奪，并導致業(ye)(ye)(ye)務(wu)(wu)(wu)格局(ju)發生(sheng)變化。另外(wai)，華泰證券(quan)(quan)(quan)建(jian)議(yi)投資(zi)(zi)(zi)者(zhe)積極關注(zhu)新(xin)三(san)(san)板(ban)(ban)(ban)掛牌企業(ye)(ye)(ye)的(de)投資(zi)(zi)(zi)機會。相比中(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)板(ban)(ban)(ban)和(he)創(chuang)業(ye)(ye)(ye)板(ban)(ban)(ban)公司，新(xin)三(san)(san)板(ban)(ban)(ban)公司具有高(gao)成(cheng)長、低估值優勢。