A股再上3600点，券商降佣仍在持续

Core Insights - The A-share market is experiencing a rebound, with the Shanghai Composite Index surpassing 3600 points and trading volume reaching approximately 1.6 trillion yuan, indicating increased market activity and investor engagement [1] Group 1: Brokerage Business Recovery - In the first half of 2025, the brokerage business in Shanghai showed significant performance, with total revenue (including commission and interest) reaching 14.844 billion yuan, a year-on-year increase of 47.1% [3] - The trading volume of A-shares in Shanghai accounted for 30.12% of the national total, with a trading volume of 4.795 trillion yuan, up 69.2% year-on-year [3] - The number of new client accounts in Shanghai increased by 18.6% year-on-year, totaling 2.49 million new accounts in the first half of 2025 [4] Group 2: Declining Commission Rates - Despite the positive revenue growth, the average commission rate for A-shares in Shanghai fell to 0.201‰ in the first half of 2025, a decrease of 8.2% year-on-year [5] - The trend of declining commission rates is seen as irreversible, with competition intensifying among brokers, leading to rates as low as 0.1‰ for some clients [2][5] - Institutional trading commissions are also decreasing, with notable declines observed in major brokerage firms' commission rates from 2023 to 2024 [5] Group 3: Industry Trends and Future Outlook - The brokerage industry is shifting towards a buy-side advisory model, which requires brokers to enhance their expertise in policy, macroeconomics, and asset management [6] - Firms that successfully transition to this model are expected to gain a competitive advantage in the evolving market landscape [6]