公募费改第三阶段落地，证券ETF富国（515850）盘中涨幅达3.15%

Group 1 - The core viewpoint of the article highlights a strong rally in the brokerage sector, with the Securities ETF Fuqu (515850) experiencing an intraday increase of 3.15% [1] - Major stocks within the sector, such as Hualin Securities and Hu'an Securities, reached their daily limit, while Northeast Securities rose over 6% and Caida Securities increased by more than 5% [1] - The China Securities Regulatory Commission (CSRC) has revised and released the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," effective from January 1, 2026, which is expected to lower investor costs and promote long-term holding [1] Group 2 - Analysts believe that the sales reform will encourage sales agencies to focus on maintaining scale, benefiting the overall ecosystem of the fund industry, and they are optimistic about the brokerage sector's opportunities for early-year positioning [1] - The Securities ETF Fuqu (515850) closely tracks the CSI All Share Securities Company Index, primarily consisting of large brokerages while also including small and medium-sized firms, suggesting that large-cap stocks may exhibit strong leadership effects during market recovery [1] - Smaller, high-potential stocks are expected to have sufficient profit elasticity, indicating a favorable environment for investment in the brokerage sector [1]