diff --git a/backend/services/trading-service/src/application/services/order.service.ts b/backend/services/trading-service/src/application/services/order.service.ts
index a3ee1a16..debffd1b 100644
--- a/backend/services/trading-service/src/application/services/order.service.ts
+++ b/backend/services/trading-service/src/application/services/order.service.ts
@@ -157,10 +157,16 @@ export class OrderService {
 
       const matches = this.matchingEngine.findMatchingOrders(incomingOrder, orderBook);
 
+      // 查询做市商配置（用于判断买方是否为做市商 + 手续费存入）
+      const mmConfig = await this.prisma.marketMakerConfig.findUnique({
+        where: { name: 'MAIN_MARKET_MAKER' },
+      });
+
       for (const match of matches) {
         const tradeQuantity = match.trade.quantity;
         let burnQuantity = Money.zero();
         let effectiveQuantity = tradeQuantity;
+        const isBuyerMarketMaker = mmConfig?.accountSequence === match.buyOrder.accountSequence;
 
         // 如果是卖出成交，执行销毁逻辑
         // 卖出的销毁量 = 卖出积分股 × 倍数
@@ -248,14 +254,18 @@ export class OrderService {
             },
           });
 
-          // 4. 更新买方账户（扣除冻结现金，增加积分股）
+          // 4. 更新买方账户（扣除冻结现金）
+          // 做市商吃单时：积分股不进做市商账户，只进流通池（事务外处理）
+          // 普通用户买入时：积分股直接进入买方账户
           const buyerAccountRecord = await tx.tradingAccount.findUnique({
             where: { accountSequence: match.buyOrder.accountSequence },
           });
           if (buyerAccountRecord) {
             const newFrozenCash = Number(buyerAccountRecord.frozenCash) - buyerPayAmount.value.toNumber();
             const newCashBalance = Number(buyerAccountRecord.cashBalance) - buyerPayAmount.value.toNumber();
-            const newShareBalance = Number(buyerAccountRecord.shareBalance) + tradeQuantity.value.toNumber();
+            const newShareBalance = isBuyerMarketMaker
+              ? Number(buyerAccountRecord.shareBalance)
+              : Number(buyerAccountRecord.shareBalance) + tradeQuantity.value.toNumber();
             const newTotalBought = Number(buyerAccountRecord.totalBought) + tradeQuantity.value.toNumber();
 
             await tx.tradingAccount.update({
@@ -279,7 +289,9 @@ export class OrderService {
                 balanceAfter: newShareBalance,
                 referenceId: match.trade.tradeNo,
                 referenceType: 'TRADE',
-                description: '买入成交',
+                description: isBuyerMarketMaker
+                  ? '做市商吃单(积分股→流通池)'
+                  : '买入成交',
               },
             });
           }
@@ -324,23 +336,23 @@ export class OrderService {
         });
         // ========== 事务结束 ==========
 
-        // 卖出的积分股进入流通池（非关键操作，可以在事务外执行）
-        try {
-          await this.circulationPoolRepository.addSharesFromSell(
-            tradeQuantity,
-            match.sellOrder.accountSequence,
-            match.sellOrder.id!,
-            `卖出成交, 交易号${match.trade.tradeNo}`,
-          );
-        } catch (error) {
-          this.logger.warn(`Failed to add shares to circulation pool: ${error}`);
+        // 做市商吃单时：卖出的积分股进入流通池（做市商不持有积分股）
+        // 普通用户买入时：买方已在事务内获得积分股，不重复计入流通池
+        if (isBuyerMarketMaker) {
+          try {
+            await this.circulationPoolRepository.addSharesFromSell(
+              tradeQuantity,
+              match.sellOrder.accountSequence,
+              match.sellOrder.id!,
+              `做市商吃单→流通池, 交易号${match.trade.tradeNo}`,
+            );
+          } catch (error) {
+            this.logger.warn(`Failed to add shares to circulation pool: ${error}`);
+          }
         }
 
-        // 10%手续费存入做市商账户（做市商的 cashBalance 即积分股池的绿积分）
+        // 10%手续费存入做市商账户（做市商的 cashBalance 即积分值池）
         try {
-          const mmConfig = await this.prisma.marketMakerConfig.findUnique({
-            where: { name: 'MAIN_MARKET_MAKER' },
-          });
           if (mmConfig) {
             await this.prisma.tradingAccount.update({
               where: { accountSequence: mmConfig.accountSequence },