一个月内规模暴增超百亿！7家券商H股，被这家公募巨头集中买入

Core Viewpoint - The article highlights the recent trend of public funds, particularly E Fund, actively purchasing H-shares of several Hong Kong brokerage firms, indicating a strong interest in the sector due to improved performance and attractive valuations [1][4][16]. Group 1: E Fund's Purchases - On July 28 and 29, the Hong Kong Stock Exchange disclosed that E Fund bought H-shares from seven brokerage firms, including major players like CITIC Securities and招商证券, as well as mid-sized firms like光大证券 and中原证券, with holdings strictly controlled between 5% and 7% [2][5][14]. - E Fund's Hong Kong Securities ETF saw its scale double in the last month, increasing from 9.7 billion to 23 billion HKD, reflecting a significant inflow of capital [3][15]. - The purchases were characterized as passive buying due to the ETF's increased scale, with the H-share holdings exceeding 5% but not reaching the 5% threshold for mandatory disclosure [15]. Group 2: Brokerage Performance - The mid-year performance of brokerages has been strong, with 28 out of 30 listed brokerages reporting a year-on-year net profit growth exceeding 50%, and some firms like华西证券 projecting a net profit increase of over ten times [16][17]. - Analysts attribute this growth to increased trading activity in the secondary market, a rise in stock market activity, and a boost in equity financing and mergers and acquisitions [17]. - The article notes that H-shares are generally undervalued compared to A-shares, with significant premiums for A-shares over H-shares, providing a higher safety margin and dividend returns that attract more capital [18].