Shanghai brokerage commission rates have continued to slide. The 2025 average
commission fell below 2 bps; in 1H2026 the A-share average dropped to 1.7 bps.
Industry participants say commissions have entered a micro-profit era and pure
price-war customer acquisition is no longer sustainable. Brokers should reduce
reliance on channel fees and shift from low-price, low-service models to compete
on transparent pricing and high-quality service to safeguard investor rights.
