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Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the regulations on the management of sales fees for publicly offered securities investment funds, marking the completion of a two-year reform process aimed at reducing sales fees for public funds [1][2]. Fee Adjustments - The maximum rates for subscription and purchase fees for equity, mixed, and bond funds have been reduced from 1.2%/1.5%, 1.2%/1.5%, and 0.6% to 0.8%, 0.5%, and 0.3% respectively [2]. - The maximum sales service fee for equity and mixed funds has been lowered from 0.6% per year to 0.4% per year, while for index and bond funds, it has been reduced from 0.4% per year to 0.2% per year. Money market funds' maximum fee has decreased from 0.25% per year to 0.15% per year. Funds held for over a year will no longer incur sales service fees [2]. - The trailing commission ratio for sales to individual investors remains capped at 50%, while for institutional investors, the cap for equity funds is 30%, and for bond and money market funds, it has been reduced from 30% to 15% [2]. Impact on Brokerage Firms - The overall impact on brokerage firms' performance is considered limited, as the front-end subscription/purchase fees are already discounted, and the primary products are equity-based, which minimizes the effect of the reduced sales service fees [3]. - The maintenance of the trailing commission payment ratio is viewed positively, exceeding market expectations, and supports a favorable outlook for the brokerage sector [4]. Market Sentiment and Future Outlook - The fee reform is expected to enhance investor participation and drive capital into the market, which will benefit brokerage businesses in the long term. Positive fiscal and monetary policies are anticipated to sustain market sentiment [5]. - The brokerage sector is experiencing a recovery trend, with active trading levels remaining high. Recent data indicates significant net inflows into the leading brokerage ETF, reflecting strong investor interest [5]. - The brokerage sector's performance is closely tied to capital market conditions, and with improved market risk appetite, the sector's outlook is expected to remain positive [7]. ETF Performance - The brokerage ETF has surpassed 31.6 billion yuan in size, achieving a historical high, with an average daily trading volume of 9.56 million yuan, indicating strong liquidity and interest in the sector [9]. - The ETF tracks the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, with a significant portion allocated to leading firms while also including smaller firms with high growth potential [9].