低至万0.841！行情火热券商加速揽客，新开户佣金费率跌破“万1”

Core Viewpoint - The securities industry is responding to the "anti-involution" trend by not engaging in aggressive commission price wars [2][5]. Group 1: Commission Rates and Trading Activity - The current commission rates for new personal investor accounts are generally around "0.15%" and "0.1%", with some brokers offering even lower rates based on the size of the investment [2][3]. - Brokers are unable to offer "0.1% with no minimum fee" due to regulatory and compliance requirements, but investors with significant trading volume may apply for commission discounts [2][3]. - The enthusiasm for new account openings is not as high as during the "924" market last year, indicating a more rational approach from investors [2][4]. Group 2: Margin Trading and Financing Rates - The margin trading balance has reached 2.1 trillion yuan, with financing rates for new margin accounts ranging from 4% to 5.5% [4][5]. - Many brokers are currently offering margin financing rates around 5%, which do not decrease with larger investment amounts [5]. - The industry is not engaging in a price war for financing rates, as they are closely linked to bank lending rates and policy adjustments [5]. Group 3: Investor Behavior and Market Trends - There is a notable lack of significant retail investor participation in the stock market, with funds not flowing in as they did during previous market surges [6][7]. - High-net-worth investors are entering the market, but overall retail participation remains limited, with funds primarily flowing into bank wealth management products [6][7]. - There are indications of a shift in resident savings, with approximately 5 trillion to 7 trillion yuan in potential funds available for market entry, stemming from excess savings accumulated from 2022 to 2024 [6][7].