交易商协会，重磅出手！

Core Viewpoint - The self-regulatory investigation initiated by the Trading Association against six main underwriters highlights concerns over "floor price underwriting" practices in the bond market [2][4]. Group 1: Investigation and Market Concerns - The Trading Association has launched a self-regulatory investigation into six main underwriters, including China Galaxy Securities and GF Securities, due to their low bid prices for underwriting fees in a bond project by Guangfa Bank [4]. - The reported underwriting fees for the 2025-2026 secondary capital bond project raised market concerns, with China Galaxy Securities and Industrial Bank quoting only 700 yuan and GF Securities quoting 1,050 yuan, respectively [4]. - Previous instances of "floor price underwriting" were noted, such as in September 2022, where the service fee rates for a financial bond project ranged from 0.000046% to 0.0002% [4]. Group 2: Regulatory Framework and Industry Impact - The Trading Association's recent notice emphasizes that underwriting institutions must not quote below cost for bond project bids, aiming to regulate the bond market and prevent unhealthy competition [4][5]. - The prevalence of "floor price underwriting" is seen as a manifestation of severe industry competition, which could undermine the survival of smaller institutions and devalue underwriting services [5]. - To compensate for low underwriting fees, underwriters may resort to illegal practices such as "rebates," "holding on behalf," and "interest transfer," which could further disrupt market order [6]. Group 3: Market Trends and Projections - According to the Trading Association, the bond market is expected to expand steadily in 2024, with an estimated issuance of 79.62 trillion yuan and a total custody amount reaching 177 trillion yuan by year-end [6]. - Bond trading is projected to remain active, with an anticipated total transaction volume of 2,735.44 trillion yuan and an overall decline in bond market interest rates throughout the year [6].