Group 1 - The core viewpoint of the articles highlights the significant performance of H-shares in the brokerage sector, with notable monthly increases in stock prices for several firms, particularly Dongfang Securities, which saw a rise of 35.97% [1][3] - E Fund has been actively increasing its holdings in H-shares of various brokerages, with substantial purchases made between July 22 and July 28, resulting in over 5% ownership in several firms [3] - The increase in institutional investment is attributed to the substantial 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 [4] Group 2 - E Fund's investment strategy included significant acquisitions of H-shares in firms like Shenwan Hongyuan, China Merchants Securities, and CITIC Securities, with ownership percentages exceeding 5% [3] - The total equity financing in the Hong Kong stock market has surged, reaching 2916.41 billion yuan by July 21, marking a year-on-year increase of 288.75% [4] - The rapid growth of E Fund's Hong Kong Securities Investment ETF, which increased from 97.03 billion yuan at the end of June to 228.76 billion yuan by July 31, reflects the heightened interest in the sector [3]

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].

Core Viewpoint - E Fund has significantly increased its holdings in 11 H-shares of brokerage firms, driven by a surge in the scale of its Hong Kong Securities ETF, indicating a strong demand for passive allocation in the market [1][4]. Group 1: Investment Activity - E Fund began purchasing H-shares of brokerage firms such as China Galaxy, Huatai Securities, and Dongfang Securities from mid-July, with the highest number of shares bought being 13.6555 million for China Galaxy [1][2]. - The H-shares of Dongfang Securities, Zhongyuan Securities, and Guolian Minsheng were bought three times in July, with their holdings increasing to 7.03% as of July 23 [3]. Group 2: ETF Growth - The scale of E Fund's Hong Kong Securities ETF reached 22.876 billion yuan by July 31, up 13.173 billion yuan from 9.703 billion yuan at the end of June, reflecting a substantial increase in demand [4]. - The ETF is linked to the CSI Hong Kong Securities Investment Theme Index, which selects companies from the Hong Kong Stock Connect to represent the overall performance of the sector [4]. Group 3: Market Sentiment and Future Outlook - The influx of funds into brokerage ETFs indicates market optimism regarding the future performance of the brokerage sector [5]. - Analysts note that many listed brokerages have reported over 50% year-on-year growth in net profit for the first half of the year, and the development of stablecoin businesses is expected to provide new profit growth points [5]. - The H-shares of brokerages have outperformed A-shares significantly, with a 73.9% increase compared to a 22.0% increase for A-shares from April 7 to July 22, suggesting a potential for A-shares to catch up [5].

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].