头部公募买入11家券商H股 券商估值重塑进行时

Core Viewpoint - The article discusses the significant increase in holdings of H-shares by E Fund Management in various Chinese brokerage firms, driven by a surge in the scale of their Hong Kong Securities ETF, which led to passive buying rather than active accumulation [1][8][9]. Group 1: E Fund's H-share Purchases - E Fund Management bought H-shares of 11 Chinese brokerages, increasing their holdings to over 5% for several firms during the period from July 22 to July 28 [2][4]. - Specific purchases included 5.13% of Shenwan Hongyuan H-shares, 5.14% of China Merchants Securities H-shares, and 6.17% of China Galaxy H-shares [5][7]. - The total scale of E Fund's Hong Kong Securities ETF reached approximately 22.876 billion yuan, a 135% increase from the end of June [9]. Group 2: Market Trends and Fund Allocation - Public funds have shown a growing interest in the A-share brokerage sector, with market value proportions increasing to 0.39% for active funds and 8.21% for passive funds by the end of Q2 [11]. - The performance of H-shares has outpaced A-shares, with the Hong Kong Securities Index rising by 49.92% year-to-date compared to a mere 4.63% for A-shares [12]. - Analysts suggest that the brokerage sector is currently in a phase of "valuation repair, profit realization, and strategic transformation," indicating potential for future growth [13]. Group 3: Investment Opportunities - The brokerage sector is expected to attract more funds due to its low valuation, with a focus on firms with strong retail advantages and diversified business models [12][13]. - The anticipated shift of institutional investors back to A-shares could lead to a "catch-up" effect for A-share brokerages in the latter half of the year [12]. - The overall price-to-book ratio for the brokerage sector stands at 1.57, indicating a strong safety margin for investors [13].