沪上A股平均佣金率跌破万2，行业反内卷呼声强烈

Core Viewpoint - The average commission rate for A-shares in Shanghai has dropped to 0.192% in October, marking the second consecutive month below the 0.2% threshold, indicating a significant decline in commission rates within the industry [1][2]. Summary by Sections Commission Rate Trends - The average commission rate for A-shares in Shanghai fell to 0.192% in October, down from 0.197% in September, continuing a downward trend [2][3]. - The average commission rate for 2024 is projected at 0.223%, which is a 5.9% decrease compared to 2023, while the October rate represents a 16% drop from the 2024 average [1][2]. Composition of Commission Rates - The reported commission includes both the net commission received by brokers and transaction fees, with the latter accounting for approximately 0.0641% of the total [4]. - After deducting the fixed transaction fees, brokers are left with an effective net commission of about 0.013% [4]. Competitive Landscape and Industry Response - The intense competition has led to many brokers offering commissions as low as 0.008% for new accounts, with ETF trading commissions dropping to 0.005% [5]. - The industry is experiencing a shift where brokers are increasingly relying on low commissions to attract clients, leading to a phenomenon of "internal competition" among firms [5]. - There are calls within the industry for a return to rational competition, as the ongoing price war is seen as detrimental to the overall health of the sector [5]. Transformation Strategies - Brokers are exploring various strategies to adapt to the declining commission rates, including enhancing advisory services, leveraging financial technology, and optimizing operations to reduce costs [6]. - The focus is shifting from price competition to service differentiation, with an emphasis on professional capabilities such as investment advisory, product selection, and risk management [6]. - Some firms are already implementing changes, such as strengthening research capabilities and adopting digital service models to improve customer experience and retention [6].