Group 1 - The core viewpoint of the article highlights that major securities firms in China, including CITIC Securities, Guotai Junan, GF Securities, Changjiang Securities, and Huatai Securities, have experienced a decline in commission income from split trading compared to the same period last year [1] - The total commission income from split trading for the top five securities firms amounts to 1.309 billion yuan, capturing nearly 30% of the market share [1] - Overall, the industry has seen a decline of over 30% in split trading commission income compared to the previous year, indicating increased competitive pressure within the sector [1] Group 2 - The implementation of new regulations on public fund trading commissions has put additional pressure on securities firms' split trading commission income [1] - Some securities firms are responding to these challenges by enhancing their research capabilities, accelerating international expansion, and deepening the construction of industry think tanks [1] - Certain niche securities firms are achieving growth in split trading commission income through a collaborative empowerment model, despite the overall industry downturn [1]