相关ETF规模倍增 易方达基金买入11家券商H股

Core Viewpoint - The significant increase in H-shares of brokerage firms in July is attributed to substantial investments by E Fund, which has led to a notable rise in the holdings of several brokerage stocks [1][2][3]. Group 1: E Fund's Investment Activities - E Fund began purchasing H-shares of brokerages on July 11, with major acquisitions occurring in late July, resulting in increased ownership percentages across multiple firms [2][3]. - By July 31, E Fund's ETF, which focuses on Hong Kong securities, saw its scale grow to 22.876 billion yuan, a 135% increase from the end of June [1][3]. - Specific transactions included E Fund buying 5.13% of Shenwan Hongyuan H-shares and increasing holdings in other firms like China Galaxy and Huatai Securities to over 6% [2][3]. Group 2: Performance of Brokerage Firms - The surge in H-shares is supported by a significant improvement in the performance of listed brokerages, with major firms reporting a year-on-year net profit growth of 50% to 80% for the first half of 2025 [5]. - Smaller brokerages have shown even higher growth rates, with some reporting increases exceeding 1000%, influenced by low base effects [5]. Group 3: Market Conditions and Future Outlook - The Hong Kong stock market has experienced a robust recovery in 2025, with total equity financing reaching 291.641 billion yuan, a 288.75% increase year-on-year [6]. - Analysts suggest that the current low valuations of brokerage stocks present a favorable investment opportunity, particularly as the market remains active and supportive of capital market stability [6]. - The recent announcement of CICC's intention to list H-shares indicates a growing recognition of the importance of the Hong Kong market among mainland brokerages [7].