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 since mid-July, driven by a surge in the scale of its Hong Kong Securities ETF, indicating a strong passive allocation demand in the market [2][4][6]. Group 1: Investment Activity - E Fund has purchased a total of 1,365.55 million shares of China Galaxy, making it the most acquired stock among the 11 brokerage H-shares [2][4]. - The specific H-shares bought include China Galaxy, Huatai Securities, Dongfang Securities, and others, with notable purchases occurring on various dates throughout July [4][5]. - The average purchase prices for these shares ranged from HKD 2.73 to HKD 21.45, with the highest being for China Galaxy at HKD 11.21 on July 28 [5][6]. Group 2: Market Dynamics - The H-shares of brokerage firms are generally trading at a discount compared to their A-share counterparts, which is attracting more capital into the H-share market [2][6]. - As of July 31, the scale of E Fund's Hong Kong Securities ETF reached HKD 22.876 billion, a significant increase from HKD 9.703 billion at the end of June, reflecting strong investor interest [6][7]. Group 3: Future Outlook - Analysts suggest that the brokerage sector has strong investment appeal, with many firms reporting over 50% year-on-year growth in net profit for the first half of the year [9]. - The rapid development of stablecoin businesses and the upgrade of virtual asset trading licenses for Chinese brokerages are expected to become new profit growth points [9][10]. - There is an expectation for a rebound in A-share brokerages as institutional investments shift back to A-shares, indicating a potential for catch-up growth in the sector [9][10].