公募巨头“扫货”11只券商H股 原因曝光

Core Viewpoint - E Fund has significantly increased its holdings in 11 H-shares of brokerage firms, driven by a surge in the scale of its Hong Kong Securities ETF, indicating strong passive allocation demand in the market [1][5]. Group 1: Investment Activity - Starting from mid-July, E Fund has consecutively purchased H-shares from brokerage firms including China Galaxy, Huatai Securities, and Dongfang Securities, among others [3][4]. - The largest acquisition was of China Galaxy, totaling 13.6555 million shares [1][4]. - The average purchase price per share for China Galaxy on July 28 was HKD 11.21, representing a 6.17% stake in the company [4]. Group 2: Market Dynamics - The H-shares of brokerage firms are generally trading at a discount compared to their A-share counterparts, which is attracting more capital into the market [1][8]. - As of July 31, the scale of E Fund's Hong Kong Securities ETF reached HKD 22.876 billion, a significant increase of HKD 13.173 billion from HKD 9.703 billion at the end of June [5][6]. Group 3: Performance and Outlook - The brokerage sector has shown strong performance, with many firms reporting over 50% year-on-year growth in net profit for the first half of the year [8]. - Analysts suggest that the H-shares have outperformed A-shares significantly, with H-shares rising by 73.9% compared to a mere 22.0% increase in A-shares from April 7 to July 22 [8].