“牛市旗手”杀回C位！港A股券商股疯涨，机构：板块配置价值凸显

Core Viewpoint - The surge in the securities sector is driven by favorable policies and merger expectations, with significant capital inflow into the A-share market and notable stock price increases among major brokerage firms [1][4][7]. Group 1: Market Performance - Over 2.4 billion in main capital flowed into the securities sector, leading to substantial gains in individual stocks, including a limit-up for Industrial Securities and over 8% increase for Xinda Securities [1]. - In the Hong Kong market, major brokerage stocks also saw significant increases, with Guangfa Securities rising by 6.5% and Huatai Securities by 5% [3]. Group 2: Policy Impact - The recent policy released on June 10 allows companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, which is expected to expand the investment banking business for brokerages [4][6]. - This policy is anticipated to enhance market connectivity and trading activity, directly benefiting brokerage businesses [6]. Group 3: Mergers and Acquisitions - The market is optimistic about mergers and acquisitions due to the recent change in control of several brokerages to Central Huijin, which is expected to reduce integration barriers among brokerages [7]. - The trend of mergers is likely to create significant synergies, further driving stock prices upward [7]. Group 4: Stock Buybacks - Several brokerages have announced stock buybacks, signaling confidence in their long-term development and enhancing shareholder returns [8][9]. - The buybacks are seen as a positive signal for the sector's investment attractiveness [9]. Group 5: Valuation and Investment Opportunities - The current valuation of the brokerage sector is considered attractive, with a price-to-book ratio (PB) around 1.33x, indicating potential for investment [10]. - Analysts suggest that the sector's profitability and valuation are expected to rise, driven by improved market conditions and strategic business expansions [11].