券商A股H股估值修复预期升温

Group 1 - The Hong Kong stock market has shown strong upward momentum this year due to its valuation advantages and market vitality, while the A-share market is gradually recovering with increased trading activity [1] - Analysts believe that the securities industry is likely to experience a valuation recovery, with a consensus on the potential for growth in the sector as capital market reforms deepen [1][4] - The average AH share premium for 13 listed securities firms has narrowed to 103% as of June 13, down from 180% at the end of 2023, indicating a convergence in valuations between A-shares and H-shares [2] Group 2 - The A-share securities sector has seen a decline of 6.46% year-to-date, with only 7 out of 42 stocks showing price increases, while the H-share market has performed better with 9 out of 13 stocks rising [2] - The policy support from the Chinese government is expected to create new opportunities for securities firms, particularly in cross-border finance and international business [4] - The significant improvement in the performance of listed securities firms, with a 24.6% year-on-year increase in revenue and an 83.48% increase in net profit for Q1 2025, provides strong support for valuation recovery [4] Group 3 - Analysts suggest that the current average valuation of the non-bank financial sector remains low, providing a safety margin and potential for growth as the market recovers [5] - The securities industry is expected to benefit from a favorable policy environment, with potential growth in brokerage, investment banking, and capital intermediary services [5] - The outlook for the securities industry in 2025 is stable, with a focus on firms with strong balance sheet management and steady earnings growth [5]