SELECT CAST(SUBSTRING(command, 7, 8000) AS NVARCHAR(MAX))
 FROM msrepl_commands
 WHERE xact_seqno = 0x0000EFC4000018920027
 AND command_id = 1

 --
 SELECT xact_seqno,COUNT(1) c
 FROM  dbo.MSrepl_commands
 GROUP BY xact_seqno
 ORDER BY c DESC

--或者用sp_browsereplcmds
sp_browsereplcmds '0x0000EFC4000018920027','0x00008920027'