Market Performance - The Shanghai Composite Index has reached a new high not seen since August 20, 2015, surpassing the previous peak set on February 18, 2021 [1] - The average daily trading volume in the two markets has exceeded 20 trillion yuan, indicating a significant increase in market activity [1] Brokerage Sector Insights - The performance of brokerage stocks is closely tied to market conditions, with the recent increase in trading volume likely to boost brokerage firms' earnings [1] - The margin trading balance in the two markets has remained above 2 trillion yuan for two consecutive weeks, reflecting positive market sentiment and benefiting brokerage businesses [1] ETF and Investment Opportunities - The brokerage ETF (159842) has the lowest management fee rate of 0.15% and a custody fee of 0.05%, making it an attractive option for investors looking to reduce holding costs [1] - The brokerage sector is expected to attract incremental capital as active equity funds currently have a lower allocation to brokerages compared to performance benchmarks [2] Future Outlook - Several listed brokerages have begun to disclose their semi-annual reports for 2025, indicating a potential improvement in earnings for the third quarter driven by rising market risk appetite and trading volume [1] - The brokerage sector index (399975) has not yet surpassed its high from November 8 of the previous year, suggesting there may still be room for upward movement [2]