Core Viewpoint - The bond underwriting market is facing controversy due to extremely low service fees, particularly the 700 yuan fee set by China Galaxy Securities and Industrial Bank for underwriting services [1][2]. Group 1: Selected Underwriters and Fees - The selected underwriters for the 2025-2026 secondary capital bond issuance by Guangfa Bank include six firms, with service fees ranging from 700 yuan to 35,000 yuan [1][3]. - The total estimated service fee for the underwriting services is 63,448 yuan, with a VAT rate of 6% applicable [1]. Group 2: Regulatory Response - The interbank market trading association has initiated a self-regulatory investigation into the six selected underwriters due to concerns over low underwriting fees [3][4]. - The association had previously issued a notice to strengthen self-regulation regarding low-price underwriting and other non-compliant behaviors in the bond issuance market [4][5]. Group 3: Market Dynamics - The practice of low-price underwriting has been attributed to fierce competition among underwriting institutions, with some even willing to incur losses to secure deals [9]. - Guangfa Bank currently has 196 outstanding bonds with a total scale of 542.52 billion yuan, but has not issued any secondary capital bonds this year [9].