The market maker system has had a significant impact on the Science and Technology Innovation Board and investors.

First of all, it improves the liquidity of the Science and Technology Innovation Board. Due to the intervention of market makers, market funds were cautious in the early stage. However, with the purchase of index funds, the Science and Technology Innovation Board gradually became active. However, compared with the GEM, the Science and Technology Innovation Board

The board is temporarily at a disadvantage in the competition.

This shows that the existence of market makers is beneficial to securities companies, especially those leading securities companies with strong investment banking businesses, such as CITIC and Guotai Junan. Their competitiveness is stronger under the market maker mechanism.

However, for ordinary investors, the market maker system is not entirely beneficial.

The existence of market makers means an increase in intermediate links, which may lead to price manipulation and make the market less friendly to ordinary investors.

The STAR Market's high valuations and lack of attractiveness of high-quality companies reduce long-term investment value.

For example, even among the purchases of the Technology 50 Fund, there is a clear gap between investors' losses in September 2020 and the returns on the GEM, with the latter's returns far exceeding the former.

The market maker system is a trading mechanism that the Science and Technology Innovation Board is trying to introduce, aiming to improve market efficiency.

Despite the positive impact on brokerages and specific market structures, ordinary investors, especially those seeking long-term stable returns, may need to consider the investment strategy of the Science and Technology Innovation Board more carefully.

The introduction of the market maker mechanism is a stage in the development of the Science and Technology Innovation Board. How to balance the interests of all parties and optimize the market environment will be the focus of attention in the future.