Securities Daily Front Page Commentary: Financial institutions' underwriting business competition should break out of the "fee rate" fortress.

The article points out that in the short term, low-price competition in bond underwriting may bring a certain market share to institutions. However, in the long run, when underwriting fees fall below the cost line, the "shrinking effect" of professional services will spread along the bond lifecycle, causing a series of "chain hazards." The value of financial intermediaries should not be reflected in the decimal points of fees, but in the reasonable grasp of pricing, compliance control of risks, and effective guidance of capital allocation. Of course, to break the deadlock of low-price bond underwriting, it also requires coordination among regulators, issuers, and other parties to find targeted solutions. When the focus of market competition shifts from "who offers the lower price" to "who creates more value," financial intermediaries can truly break out of the fee "encirclement," rebuild a competitive landscape with quality and compliance as the core, and return bond underwriting services to their essence, promoting the long-term healthy development of the bond market from the source.