The anti-involution requirements regarding the commission rate of brokerage firms mainly include prohibiting "0.01% exemption for 5" and prohibiting charging below cost price, as detailed below:

1. Prohibition of "0.1% fee waived for transactions under 5 yuan": According to regulatory requirements, for each transaction of A-shares and securities investment funds, if the commission is less than 5 yuan, a fee of 5 yuan will be charged. Therefore, brokers cannot offer the service of "0.1% fee waived for transactions under 5 yuan."
2. Prohibition of charging below cost price: The regulator emphasizes that brokers are prohibited from attracting customers through "zero commission" or "below cost price" methods, pushing the industry commission rate back to a reasonable level.
3. Public Fund Trading Commission Rate Restrictions: According to the "Regulations on the Management of Securities Trading Costs for Publicly Raised Securities Investment Funds" issued by the China Securities Regulatory Commission in 2024, the stock trading commission rate for passive equity funds shall not exceed the market average stock trading commission rate, and the stock trading commission rate for other types of funds shall not exceed twice the market average stock trading commission rate.
Under these anti-involution demands, the securities industry no longer engages in a fierce "price war" over commission rates. The commission rates for new account openings at brokerage firms generally hover around "0.015%" and "0.01%". For some brokerage firms, commission rates can be as low as "0.008%" for clients with larger fund volumes.