The third generation of the Chinese BeiDou Navigation Satellite System (BDS-3) broadcasts new signals, i.e., B1C, B2a, and B2b, along with the legacy signals of BDS-2 B1I and B3I. The novel signals are demonstrated to show adequate upgraded performance, due to the restrictions on the ground tracking network for the BDS-3 satellites in new frequency bands, and in order to maintain the consistency of the hybrid BDS-2 and BDS-3 orbit/clock products using the common B1IB3I data, the use of B1CB2a observations is not sufficient for both precise orbit determination (POD) and precise point positioning (PPP) applications. In this study, one-year data of 2022 from the International GNSS Service (IGS) and the International GNSS Monitoring and Assessment System (iGMAS) are used in the precise orbit and clock determination for BDS-3 satellites based on the two sets of observations (i.e., B1IB3I and B1CB2a), and the orbit and clock accuracy along with the PPP ambiguity resolution (AR) performance are investigated. In general, the validations demonstrate that clear improvement can be achieved for the B1CB2a-based solution for both POD and PPP. In comparison to the B1IB3I, using BDS-3 B1CB2a observations can help to improve orbit consistency by around 25% as indicated by orbit boundary discontinuities (OBDs), and this use can further reduce the bias and enhance the orbit accuracy as revealed by satellite laser ranging (SLR) residuals. Similar improvement was also identified in the satellite clock performance. The B1CB2a-based solution obtains decreased Allan deviation (ADEV) values in comparison with the B1IB3I-based solution by 6~12%. Regarding the PPP-AR performance, the advantage of B1CB2a observations is evidently reflected through the estimates of wide-lane/narrow-lane fractional cycle bias (FCB), convergence time, and positioning accuracy, in which a significant reduction over 10 min is found in the PPP convergence time.