Mei Ri Jing Ji Xin Wen·2025-09-10 06:27Group 1 - The core viewpoint of the article is that the new regulations on the management of sales expenses for publicly raised securities investment funds will drive a transformation in brokerage business models from simple product sales to providing in-depth investment advisory services, enhancing professional service capabilities [1] - The new regulations lower the client maintenance fee sharing ratio, encouraging brokerages to reduce reliance on short-term sales profits, while the unified redemption fee standard promotes long-term investment, which helps optimize client structure and enhance client stickiness [1] - The new sales landscape driven by ETFs accelerates the transformation of brokerage businesses, with sufficient upward elasticity in the non-bank sector under the resonance of policy dividends and capital [1] Group 2 - Relevant institutions indicate that the brokerage sector has strong beta attributes, with the performance of main businesses closely tied to capital market performance; as global liquidity narratives resonate, capital market transactions are booming, and market risk appetite is increasing, leading to a recovery in the securities industry's prosperity [1] - It is suggested to continue focusing on the securities ETF (512880) that has surpassed a scale of 48 billion and maintains leading liquidity among similar products to seize investment opportunities [1][2]