The BeiDou-3 Navigation Satellite System (BDS-3) transmit new frequency signals, B1C and B2A, achieving good interoperability with code division multiple access (CDMA) systems such as GPS and Galileo. These new signals feature significant improvements in modulation design and frequency planning, providing a more stable observation foundation for multi-system high-precision positioning. Focusing on resolving observation loss and observation noise amplification in traditional precise point positioning (PPP) and real-time kinematic (RTK) models, this study proposes an undifferenced and uncombined PPP-RTK models based on multi-frequency CDMA signals and analyses its rank-deficiency characteristics and optimization strategies. First we analyze the linear correlations among clock, phase bias, ionospheric delay ambiguity and other parameters, the S-basis linear transformation method is employed to eliminate rank deficiency, furthermore derive the full-rank equations of the multi-frequency CDMA-based PPP-RTK system and complete the product generation based on the new frequencies of the BDS-3 system. Utilizing data from 13 continuous observation stations in the Northern China region, this study conducts a comparative analysis of GPS, GALILEO, and the new (B1C/B2A) and legacy (B1I/B3I) frequencies of BDS-3 in terms of satellite clock offsets, phase biases, and ionospheric products. The results indicate that after convergence the GPS, GALILEO BDS-3 new frequency satellite clock standard deviation can reaches 0.03 ns; uncalibrated phase delays for the L1 frequency is approximately 0.02 cycles; the products of BDS-3 new frequency outperform the old ones. In terms of ionospheric products, data from 4 stations in the survey area over 5 d are selected, the slant delay derived from the geometry-free combination of phase observations is taken as the true value, by calculating the difference between the slant delay derived from model coefficients and the true value, the (root mean square) values of GPS, GAL (Galileo), BDS-3 (B1C & B2A), and BDS-3 (B1I & B3AI) are better than 0.232 m, 0.176 m, 0.164 m, and 0.536 m.