中证香港证券投资主题指数

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公募巨头“扫货”11只券商H股,原因曝光
Zhong Guo Ji Jin Bao· 2025-08-02 07:08
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].
公募巨头“扫货”11只券商H股,原因曝光
中国基金报· 2025-08-02 06:32
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].