Core Viewpoint - The article emphasizes that true information advantage is not merely about possessing unique information but rather about the cognitive models, structural positions, and execution capabilities that transform information into actionable insights [6][31]. Group 1: Information Advantage Framework - The essence of information advantage can be summarized as: Information Advantage = Model Difference × Position Difference × Execution Difference [7]. - Model Difference: The cognitive model acts as the ultimate decoder, where the same information can yield different meanings based on the individual's knowledge and experience [9][10]. - Position Difference: Being an information "router" rather than a "storage tank" is crucial, as high-quality information is not evenly distributed and is often concentrated in specific network nodes [11]. - Execution Difference: The ability to convert insights into action is vital, as delays in execution can lead to missed opportunities [12][13]. Group 2: Misconceptions about Information Advantage - Misconception 1: Information is viewed as an objective "brick" that can be picked up by anyone. In reality, the value of information is highly subjective and depends on the recipient's cognitive model [15][19]. - Misconception 2: The core of information advantage is selling "secrets" and "scarcity." However, the focus has shifted to the efficiency of information processing due to technological advancements [20][21]. - Misconception 3: Information advantage is merely about "transporting" and "copying" information. The true value lies in creating unique cognitive frameworks that provide deeper insights [25][26][28]. Group 3: Practical Implications - The article suggests that individuals should focus on building their own cognitive models, structural positions, and execution systems to gain a reliable and lasting advantage in the information age [33].

Core Insights - The average commission rate for A-shares in Shanghai reached a new low of 0.201‰ in the first half of 2025, continuing a downward trend observed in recent years [1] - The commission rate decreased by 8.2% year-on-year compared to the same period in 2024, with a notable decline of 5.9% for the entire year of 2024 compared to 2023 [1] - Several brokerage firms have set the commission rate for new individual investor accounts as low as 0.01%, with some even waiving the minimum fee of 5 yuan [2][3] Commission Rate Trends - The average commission rate for local branches in Shanghai was 0.260% in the first half of 2025, significantly higher than the 0.181% for branches located outside Shanghai, indicating a 32.6% difference even after excluding high-frequency quantitative trading [5] - Monthly data from January 2024 to June 2025 shows a gradual decline in the average commission rate, with fluctuations but a clear overall downward trend [7] - The commission rates for 2025 have stabilized in a lower range, consistently below 0.221%, reflecting a more competitive market landscape [9] Market Dynamics - The relationship between market activity and commission rates is evident, as higher trading volumes tend to enhance brokers' bargaining power, leading to potential increases in commission rates during active market periods [8] - The commission rate decline exhibits a "stair-step" pattern rather than a straight line, indicating gradual adjustments in response to market conditions [9] Strategic Responses from Brokerages - Brokerages are enhancing their service offerings to counteract declining commission revenues, focusing on buyer advisory services and bundling additional services with commission rates [11] - Innovative strategies include linking commission rates to value-added services such as market insights and proprietary research reports, allowing firms to differentiate themselves in a competitive environment [11] - The introduction of smart algorithm tools, such as T0 trading algorithms, aims to meet diverse client needs while increasing trading frequency and, consequently, commission income for brokerages [12]