Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Insights - The non-bank financial industry has shown significant performance improvements, particularly in brokerage firms, which have reported substantial earnings growth. The report emphasizes the importance of focusing on the investment value of the sector [3]. - Recent regulatory changes, including the ongoing reform of public fund sales fees, aim to reduce investor costs and shift the focus from "scale" to "service" in the public fund industry [4][12]. - The introduction of a new evaluation system for securities firms, focusing on their contributions to key financial areas, is expected to enhance service quality and align with national economic development goals [6][13]. Summary by Sections Investment Recommendations - The report highlights the ongoing reform of public fund sales fees, which includes lowering subscription and service fees, encouraging long-term holding, and establishing a direct sales service platform for institutional investors [12][25]. Market Review - The major indices showed mixed performance, with the Shanghai Composite Index down 1.18% and the Shenzhen 300 Index down 0.81%, while the ChiNext Index increased by 2.35%. The non-bank financial index fell by 4.96%, ranking 29th among 31 sectors [14][19]. Key Industry Data Tracking 1) Market Performance and Scale: The total A-share trading volume was 13.02 trillion yuan, with a daily average of 2.60 trillion yuan, reflecting a 12.74% decrease [14][19]. 2) Credit Business: As of September 5, the market had 3,023.32 million pledged shares, accounting for 3.70% of total equity, with a margin balance of 2.29 trillion yuan, up 1.14% [19][21]. 3) Fund Issuance: In August 2025, new fund issuance reached 1,020.22 billion units, with a 6.62% increase from the previous month [19][22]. 4) Investment Banking: The equity underwriting scale in August 2025 was 234.77 billion yuan, with IPOs amounting to 40.93 billion yuan [19]. 5) Bond Market: The total price index of bonds fell by 1.57% since the beginning of the year, with the 10-year government bond yield at 1.83%, up 21.83 basis points [19][27]. Regulatory Policies and Industry Dynamics - The China Securities Regulatory Commission (CSRC) has solicited opinions on the draft regulations for public fund sales fees, aiming to optimize fee structures and enhance investor protection [25][28]. The CSRC has also approved the launch of a direct sales service platform to improve operational efficiency in the public fund industry [28].