期货业“反内卷”重塑竞争逻辑

Core Viewpoint - The futures industry is experiencing a severe price war that has led to irrational competition, resulting in reduced profit margins and a focus on low-cost services at the expense of quality and innovation [1][2]. Group 1: Industry Competition Dynamics - The competition among futures companies has escalated to the point of "price wars," with practices such as "zero commission" and "high rebates" becoming common to attract clients [1]. - From 2013 to 2023, the trading volume in the national futures market increased by 312%, while the revenue from commissions for futures companies only grew by 88%, indicating a significant disparity between growth in trading activity and revenue [1]. - The ongoing "involution" in competition has led to a vicious cycle where companies are forced to cut back on research and service investments, ultimately harming their operational stability and research capabilities [1]. Group 2: Regulatory Changes - The China Futures Industry Association has introduced a draft regulation aimed at addressing unfair competition practices, which includes five core measures to standardize fee management and clarify prohibited behaviors [2]. - The new rules explicitly list seven types of prohibited actions, such as charging fees below cost and misleading advertising, filling a regulatory gap that previously existed in the industry [2]. Group 3: Future Industry Outlook - The shift away from price-based competition is expected to lead to a focus on professional capabilities, with a more segmented approach to client services that caters to different investor needs [3]. - Companies that refuse to adapt and continue to rely on low-price strategies are likely to be eliminated from the market, while those that concentrate on core competencies will help transition the industry from mere service providers to comprehensive derivatives service providers [3]. - Ultimately, moving away from internal competition will allow the futures market to fulfill its essential roles in risk management and resource allocation, contributing to the real economy [3].