破解券商“返佣”困局：“价格战”向“价值战”转型

Core Viewpoint - The regulatory authorities are intensifying efforts to combat illegal "rebate" practices among brokerage firms, highlighting the need for a shift from price competition to value-based service enhancement [1][2][7] Restructuring Profit Models - The issue of brokerage "rebates" reflects a breakdown in industry competition and internal controls, necessitating a rethinking of profit models away from commission dependency [2][3] - Brokerage firms should innovate through "brokerage model" transformations, expanding into value-added services like custody and derivatives to create a comprehensive financial service ecosystem [2][3] - A restructured assessment system is essential, focusing on client retention and service satisfaction rather than commission metrics, to sever the link between employees and "rebate" incentives [2][3] Industry Transformation - The ongoing trend of "reducing fees and commissions" has significantly pressured brokerages to rethink their profit strategies, with commission rates dropping from previous levels to as low as 0.1% [3][4] - The income structure of brokerages has evolved, with contributions from credit, asset management, investment banking, and proprietary trading increasing, enhancing overall risk resilience [4][5] - The shift towards digital transformation and compliance enhancement is evident, with firms like GF Securities and Guojin Securities implementing technology-driven solutions to improve operational efficiency and compliance [6][7] Regulatory Environment - The tightening of regulations and the potential for severe penalties for rebate practices are pushing brokerages to enhance compliance and operational integrity [7] - The industry is expected to differentiate between compliant leading firms and smaller firms that may struggle to adapt, with a focus on service value creation within a compliant framework [7]