非银金融行业点评报告：大型宽基ETF批量降费，资本市场投资端改革持续深化

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial industry [1] Core Insights - Major fund managers have announced a reduction in management and custody fees for large-scale ETFs, with management fees lowered to 0.15% and custody fees to 0.05%, resulting in an estimated total benefit of approximately 4.593 billion yuan to investors [2] - The Chairman of the China Securities Regulatory Commission (CSRC) emphasized the ongoing reforms in the investment sector, particularly in public fund fee structures, and highlighted the growth of equity ETFs, which have surpassed 3 trillion yuan in scale this year [1][2] - The passive index fund market is experiencing rapid expansion, with passive funds now holding a total market value of 3.16 trillion yuan, surpassing active funds for the first time [2] Summary by Sections Fee Reduction Impact - The fee reductions by multiple fund managers are expected to significantly lower the holding costs for investors in large-scale ETFs, enhancing investor experience and facilitating long-term capital inflow into the market [2] Market Trends - As of November 19, 2024, the total market size of ETFs reached 359.43 billion yuan, reflecting a 75% increase from the previous year [2] - The shift towards passive investment strategies is becoming a crucial component of wealth management transformation, with ETFs serving as a key vehicle for market entry [2] Investment Recommendations - The report suggests that internet brokers and online trading platforms with strong light asset business capabilities are likely to see improved return on equity (ROE), recommending companies such as "Zhinancai," "Tonghuashun," and "Dongfang Caifu," while also suggesting to pay attention to "Wealth Trend" [3] - For the accelerated investment reforms, large brokers are expected to maintain a competitive edge, with recommendations for "CITIC Securities," "Guotai Junan," and "Huatai Securities," and a suggestion to monitor "Zhaoshang Securities" [3]