Core Viewpoint - Chinese brokerage stocks experienced a sharp decline in the afternoon trading session, despite strong earnings forecasts for the second quarter from several A-share listed brokerages [1] Group 1: Stock Performance - Everbright Securities (601788) fell by 3.57%, trading at HKD 10.8 - China Merchants Securities (600999) decreased by 3.41%, trading at HKD 17 - Guolian Securities (601456) dropped by 3.32%, trading at HKD 6.11 - CITIC Securities (601066) declined by 2.26%, trading at HKD 12.98 [1] Group 2: Earnings Forecasts - 24 A-share listed brokerages have released mid-year earnings forecasts, indicating a year-on-year profit growth range of 65%-80% for the first half of 2025, with an average growth of 72% after excluding negative goodwill from the merger of Guotai Junan and Haitong [1] - The second quarter is expected to show a 13% increase compared to the first quarter [1] Group 3: Market Trends - The Hong Kong Securities Index has risen by 49.92% year-to-date, while the average increase for 13 A+H component brokerages in A-shares is only 4.63% [1] - The AH premium rate for the entire market has decreased to below 125%, with the brokerage sector experiencing an even more significant contraction [1] - Increased foreign investment in Chinese assets and institutional preference for high-dividend, low-valuation Hong Kong stocks have led to a notable outperformance of H-shares compared to A-shares [1] - There is an emphasis on the potential for A-share brokerages to catch up in the second half of the year [1]
中资券商股午后快速走低 多股跌幅超3% 机构称券商AH溢价率已经显著收窄
Zhi Tong Cai Jing·2025-07-30 06:21