赔钱赚份额！券商700元承销费击穿“地板价”后的生意经

Group 1 - The core point of the article is the significant disparity in underwriting fees for bond issuance, particularly highlighted by the recent case of Guangfa Bank's 35 billion yuan secondary capital bond project, where some institutions bid as low as 700 yuan for underwriting fees, raising concerns in the market [1][4][5] - Different projects exhibit vast differences in underwriting fees, with projects that are difficult to issue commanding higher fees, while those that are easier to issue or essentially non-issue have lower fees [2][17] - The underwriting fee structure is influenced by the issuer's requirements and the competitive landscape among underwriters, with top-tier institutions often willing to accept lower fees to gain market share [5][9][10] Group 2 - The underwriting fee for Guangfa Bank's bond project was notably low, with the total underwriting fee for all six winning institutions amounting to only 63,448 yuan, indicating a trend of "losing money to gain market share" among leading firms [5][6][7] - Regulatory bodies have been increasingly scrutinizing low underwriting fees, with recent guidelines prohibiting institutions from quoting fees below cost, which has led to investigations into firms that engage in such practices [12][13] - The competitive nature of the bond underwriting market has led to a situation where firms prioritize volume over profitability, often resulting in a mix of high and low fees across different projects [10][19]