易方达“扫货”券商H股？背后是证券ETF规模暴增超百亿

Core Viewpoint - E Fund has been actively buying H-shares of various brokerage firms in Hong Kong, leading to a significant increase in their shareholding ratios, which has sparked speculation about a bullish bet on Hong Kong brokerages [1][3]. Group 1: E Fund's Buying Activity - E Fund has made substantial purchases of H-shares, including 25.29 million shares of China Galaxy Securities and 14.67 million shares of Zhongzhou Securities in July alone [1][5]. - The shareholding ratios of these brokerages have been pushed to between 5% and 9%, with China Galaxy reaching 7.02% and several others exceeding 9% [1][5]. - The buying activity appears to be a result of a surge in the scale of E Fund's Hong Kong Securities ETF, which has increased by over 10 billion HKD in July [3][4]. Group 2: ETF Mechanism and Impact - The increase in ETF scale has led to passive buying, as the ETF manager must quickly purchase underlying stocks to meet demand, resulting in frequent disclosures of shareholding changes [3][7]. - The ETF's mechanism means that the increase in shareholding ratios is not a result of active investment decisions but rather a byproduct of the ETF's structure and investor behavior [8][11]. - The Hong Kong Securities ETF, established in March 2020, tracks a specific index and has seen its scale grow from 9.916 billion HKD to over 22.607 billion HKD in a month, indicating strong investor interest in mainland brokerages [4][6]. Group 3: Market Dynamics and Valuation - The Hong Kong brokerage sector is experiencing a revaluation, driven by low valuations and strong earnings growth, attracting significant capital inflows [9][10]. - The A/H premium for certain brokerages, such as Guolian Minsheng Securities, has reached 112.26%, providing a safety margin for investors [9]. - The performance of the Hong Kong Securities ETF has been robust, with a year-to-date increase of 58%, reflecting the positive sentiment towards the brokerage sector [10].