Zheng Quan Shi Bao Wang·2025-08-26 23:23Core Viewpoint - The recent increase in margin financing demand has led to a significant price war among brokerage firms, with some offering rates below 3% annually, which is lower than mortgage rates, pushing their funding costs to the limit [1] Group 1: Market Trends - As of August 25, the total margin financing and securities lending balance in the Shanghai and Shenzhen markets reached 21,883.27 billion, marking a ten-year high [1] - The rising demand for margin financing indicates a bullish sentiment among investors [1] Group 2: Competitive Landscape - A fierce competition has emerged among brokerage firms, with leading firms continuously lowering margin financing rates, resulting in overall interest margins approaching breakeven points [1] - Some industry insiders suggest that brokerage firms should focus on providing differentiated services rather than solely competing on price to avoid excessive internal competition [1]