Group 1 - The A-share market experienced a comprehensive rise on September 29, with the brokerage sector seeing significant gains, including Huatai Securities and GF Securities hitting the daily limit [2] - The Hong Kong Securities and Futures Commission reported a 14% quarter-on-quarter increase in net profit for the securities industry, driven by record trading volumes [3] - The total trading volume in Hong Kong increased by 22% to HKD 99.2 trillion, contributing to a net profit of HKD 28.9 billion for the first half of the year [3] Group 2 - The increase in net profit was primarily due to steady growth in trading commissions and a reduction in expenses and interest payments [3] - Notable revenue growth was observed in net commission income from securities trading, which rose by 23% to HKD 13.6 billion, and advisory income for institutional financing, which increased by 33% to HKD 2 billion [3] - The asset management fees decreased by 19% to HKD 17.6 billion, influenced by the timing of fee recognition [3] Group 3 - The overall net profit for all participants in the Hong Kong Stock Exchange reached HKD 15.6 billion, a 34% increase compared to the previous six months [5] - The performance of licensed corporations in Hong Kong has been robust, showcasing the financial sector's adaptability in a rapidly changing business environment [5] - Analysts predict that the brokerage sector will continue to see strong performance in the third quarter, supported by active market transactions and IPO activities [7][8]

9月29日，A股市场全面上涨，券商板块爆发，华泰证券、广发证券等多只券商股涨停。值得注意的是，券 商H股板块涨幅更为突出，华泰证券H股盘中涨幅一度接近18%，广发证券H股一度涨超14%。 9月29日，香港证监会最新公布了一组上半年证券业财报，香港证券业净利润在不断创新高的交易额带动下环 比增加14%，增速最明显的业务收入是交易净佣金收入和投资银行，分别为23%、33%，虚拟资产交易的佣金 收入1.28亿港元。 多家非银金融卖方研究团队表示，业绩支撑或为券商股补涨的主要原因，前期回调之后也出现了左侧布局的机 会，预计今年三季度券商板块还会延续较好的业绩。 香港证券业上半年盈利增加14% 据香港证监会最新公布的上半年证券业财务报告，香港证券业在今年上半年维持稳定增长，交易总额由81.1万 亿港元增加22%至99.2万亿港元，其净盈利在创新高的交易额带动下环比（相对2024年下半年）增加14%至289 亿港元。 这主要得益于交易佣金稳步增长，加上开支及利息支出减少，这些均带动盈利上升。增速较高的收入分项包括 来自证券交易的净佣金收入以及就机构融资提供意见的收入，分别增加23%至136亿港元、增加33%至20亿港 元 ...

Core Viewpoint - The article discusses the significant increase in holdings of H-shares by E Fund Management in various Chinese brokerage firms, driven by a surge in the scale of their Hong Kong Securities ETF, which led to passive buying rather than active accumulation [1][8][9]. Group 1: E Fund's H-share Purchases - E Fund Management bought H-shares of 11 Chinese brokerages, increasing their holdings to over 5% for several firms during the period from July 22 to July 28 [2][4]. - Specific purchases included 5.13% of Shenwan Hongyuan H-shares, 5.14% of China Merchants Securities H-shares, and 6.17% of China Galaxy H-shares [5][7]. - The total scale of E Fund's Hong Kong Securities ETF reached approximately 22.876 billion yuan, a 135% increase from the end of June [9]. Group 2: Market Trends and Fund Allocation - Public funds have shown a growing interest in the A-share brokerage sector, with market value proportions increasing to 0.39% for active funds and 8.21% for passive funds by the end of Q2 [11]. - The performance of H-shares has outpaced A-shares, with the Hong Kong Securities Index rising by 49.92% year-to-date compared to a mere 4.63% for A-shares [12]. - Analysts suggest that the brokerage sector is currently in a phase of "valuation repair, profit realization, and strategic transformation," indicating potential for future growth [13]. Group 3: Investment Opportunities - The brokerage sector is expected to attract more funds due to its low valuation, with a focus on firms with strong retail advantages and diversified business models [12][13]. - The anticipated shift of institutional investors back to A-shares could lead to a "catch-up" effect for A-share brokerages in the latter half of the year [12]. - The overall price-to-book ratio for the brokerage sector stands at 1.57, indicating a strong safety margin for investors [13].

Group 1 - Chinese brokerage stocks have experienced a significant decline, with notable drops in shares such as China Merchants Securities down 4.99% to HKD 16.36, Everbright Securities down 4.54% to HKD 10.52, and CITIC Securities down 4.19% to HKD 27.45 [1] - The Hong Kong Securities Index has risen 49.92% year-to-date, while the average increase for the 13 A+H component brokerage stocks in A-shares is only 4.63%, indicating a substantial narrowing of the AH premium rate [1] - The current AH premium rate for the entire market has fallen below 125%, with the brokerage sector experiencing an even more pronounced decline in AH premium [1] Group 2 - The brokerage index has shown a steady increase in July, approaching the rebound high from the fourth quarter of the previous year, with the average P/B ratio rising from a low of 1.40 to over 1.50, marking a new high for the year [2] - The brokerage index has shifted from a relatively weak position to a significantly stronger one, although the likelihood of a rapid recovery similar to the third quarter of last year is considered low [2] - A steady recovery and oscillating upward trend for the brokerage index is anticipated in the short to medium term, with expectations for a healthy rotation within the sector [2]