港股券商板块火爆！外资中资齐抢筹，未来增长动力足吗？

Core Viewpoint - The Hong Kong stock market's brokerage sector has shown remarkable performance, with the Hong Kong Securities ETF experiencing a year-to-date increase of 50.88%, significantly outperforming the CSI All Share Securities Companies Index [1] Group 1: Market Performance - The Hong Kong Securities ETF attracted a substantial inflow of 3.856 billion HKD over the past week, indicating growing investor confidence in the brokerage sector [1] - The brokerage sector's revenue for the first half of 2025 is projected to grow by 32.5% year-on-year, with net profit increasing by 48.7% [1][2] - The average daily trading volume in the A-share market from January to July 2025 was approximately 1.58 trillion CNY, a 32% increase compared to the same period last year [2] Group 2: Investment Trends - Both domestic and foreign investors are actively investing in Hong Kong brokerages, with BlackRock purchasing 1.2624 million shares of China International Capital Corporation for 25.52 million HKD [1] - Public funds increased their holdings in the brokerage sector from 3.2% in Q1 to 4.8% in Q2, while northbound funds recorded a net purchase of 18.6 billion HKD in July [2] Group 3: Future Outlook - The number of new A-share accounts is expected to rise significantly, reflecting increased market participation and potential future revenue growth for brokerages [3] - Initiatives supporting A+H listings and the return of Chinese concept stocks to Hong Kong are anticipated to generate additional business for brokerages, potentially adding 10 to 30 billion HKD in new investment banking revenue over the next three years [3] Group 4: Liquidity and Valuation - Improved liquidity in both A-share and Hong Kong markets is a key factor for the brokerage sector's performance, with various policy funds being guided into the market [4] - Despite significant price increases, some brokerages still have a price-to-book ratio below 1, indicating potential for valuation recovery [5]