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 a strong demand for passive allocation in the market [1][4]. Group 1: Investment Activity - E Fund began purchasing H-shares of brokerage firms such as China Galaxy, Huatai Securities, and Dongfang Securities from mid-July, with the highest number of shares bought being 13.6555 million for China Galaxy [1][2]. - The H-shares of Dongfang Securities, Zhongyuan Securities, and Guolian Minsheng were bought three times in July, with their holdings increasing to 7.03% as of July 23 [3]. Group 2: ETF Growth - The scale of E Fund's Hong Kong Securities ETF reached 22.876 billion yuan by July 31, up 13.173 billion yuan from 9.703 billion yuan at the end of June, reflecting a substantial increase in demand [4]. - The ETF is linked to the CSI Hong Kong Securities Investment Theme Index, which selects companies from the Hong Kong Stock Connect to represent the overall performance of the sector [4]. Group 3: Market Sentiment and Future Outlook - The influx of funds into brokerage ETFs indicates market optimism regarding the future performance of the brokerage sector [5]. - Analysts note that many listed brokerages have reported over 50% year-on-year growth in net profit for the first half of the year, and the development of stablecoin businesses is expected to provide new profit growth points [5]. - The H-shares of brokerages have outperformed A-shares significantly, with a 73.9% increase compared to a 22.0% increase for A-shares from April 7 to July 22, suggesting a potential for A-shares to catch up [5].