The commission income of different positions has always been regarded as an important indicator to examine the research ability of securities firms. The insiders believe that it is the general trend for Public Offering of Fund to reduce fees and make profits. The decline in the commission rate of sub-positions will have a certain impact on brokerage research in the short term and will force the industry to accelerate its transformation in the long term.

In July this year, a local securities regulatory bureau issued a notice requiring securities fund operating institutions and fund service institutions within their jurisdiction to complete the fund rate reform before the end of 2023, including reducing the management fee and custody fee rates, reducing the transaction commission rate, and strengthening the rate-related information disclosure requirements.