Group 1 - The core viewpoint of the articles highlights the strong performance of the brokerage sector, particularly as the Shanghai Composite Index surpassed 3500 points, marking a new high for the year [1] - The brokerage sector is characterized as a "high beta asset," with its main business closely tied to the performance of the capital market. The sector has seen comprehensive improvement across five major business areas since the recovery of the A-share market in 2025 [1] - In the first quarter of this year, the brokerage sector reported a robust year-on-year revenue growth of 20.93% and a net profit attributable to shareholders growth of 79.56%. Key drivers include proprietary investment (up 45% year-on-year) and brokerage business (up 49% year-on-year) [1] - Current market conditions indicate a dual approach of stabilizing and entering the market, with ongoing measures to stabilize the stock market expected to attract long-term capital, potentially smoothing out equity asset volatility and enhancing returns [1] - The increase in household savings, coupled with declining interest rates, is making equity assets more attractive, suggesting that personal savings may shift towards the market, creating significant incremental space for capital inflow [1] - Overall, the enhanced inherent stability of the capital market is expected to provide room for incremental capital inflow, driving growth in brokerage, margin financing, and stock derivatives businesses, thereby expanding the performance and valuation space of the brokerage sector [1] Group 2 - Investors are encouraged to consider the brokerage ETF (159842), which tracks the CSI All Share Securities Companies Index (399975.SZ) and covers 49 brokerage stocks, facilitating easy access to investment opportunities in the sector [2] - The brokerage ETF currently has a management fee rate of only 0.15% and a custody fee rate of 0.05%, making it one of the lowest fee ETFs tracking the CSI All Share Securities Companies Index, with a combined fee structure of "0.15% + 0.05%" being among the industry's lowest [2]