The downward trend of commission rates in the securities industry is still continuing. The average commission rate for A-shares in Shanghai has dropped to as low as 1.73.

The downward trend of commission rates in the securities industry is still continuing. The latest data from the Shanghai Securities Intermediary Association shows that in May 2026, the average commission rate for A-shares in Shanghai dropped to 1.73 , a decrease of 3.4% compared to the previous month, reaching another historical low. This is also the second time in just one month that the average commission rate has fallen after first breaking below the 1.8 mark in April. At the same time, core indicators for brokerage business of securities firms are generally improving. In May, the trading volume of A-shares in Shanghai increased by 18% to 20.3 trillion yuan compared to the previous month, with 510,000 new fund accounts opened, a significant increase of 15.9%, and customer margin balances also increasing by over 15% compared to the previous month. The price war on commissions, as trading volume rises and prices fall, approaching the cost red line, has also raised concerns from investors and regulators. The strategy of earning commissions through channels is continuously being tested, and transformation is becoming imminent for securities firms.