禁“万1免5，券商佣金反内卷传闻刷屏，真相如何？

Core Viewpoint - The rumors regarding the regulatory requirements for brokerage commission "anti-involution" have sparked significant discussion, highlighting the urgent need for the industry to return to rational competition and avoid destructive price wars [1][3][4]. Group 1: Regulatory Rumors - The rumors suggest two main regulatory requirements: prohibiting "万1免5" services and banning customer acquisition through "zero commission" or below-cost pricing, aligning with the direction emphasized by the CSRC for industry norms by 2025 [1][3]. - The authenticity of these rumors remains unconfirmed, with several brokerages stating they have not received any official notifications and continue to follow existing pricing rules [3][4]. Group 2: Industry Competition Dynamics - The current brokerage commission "involution" is a reflection of intensified competition, with many brokerages lowering commission rates to attract clients amid bullish market expectations [4][5]. - Head brokerages are experiencing pressure from clients requesting commission reductions, with some clients demanding rates approaching zero, indicating a lack of sustainable competitive strategies [4][5]. Group 3: Impact on Small and Medium Brokerages - Small brokerages face significant challenges as they cannot afford to lower costs in the same way as larger firms, leading to potential losses if they follow suit in reducing commissions [5]. - The minimum commission rule of 5 yuan per transaction means that many small transactions do not benefit from lower rates, resulting in higher effective costs for small investors [5][6]. Group 4: Shift Towards Service-Driven Competition - The industry recognizes the need to shift from a "commission-only" focus to a service-driven model, emphasizing wealth management, research services, and investor education as key areas for sustainable growth [2][7]. - Some brokerages are already exploring transformation strategies, such as adopting buyer advisory models and leveraging financial technology to enhance service differentiation and operational efficiency [2][7].