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

券商中国2025-07-31

港股券商正在遭遇公募机构“扫货”。7月28日和29日，港交所披露，7家券商H股遭遇公募巨头易方达基金的买入，这7家券商既有头部券商中信建投证券、招商证券等，也有光大证券、中原证券等中型券商，持有H股比例均严格控制在5%至7%。“上述券商H股属于被动买入，易方达基金管理的香港证券ETF申购补券买入了券商H股超过5%，港交所按照规则自动披露。”相关知情渠道方人士对券商中国记者表示，不过，这些持股比例仍...

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H shares of 7 brokerages were bought intensively by this public offering giant","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600030":0.9,"600061":0.9,"600095":0.9,"600109":0.9,"600155":0.9,"600369":0.9,"600390":0.9,"600517":0.9,"600621":0.9,"600864":0.9,"600906":0.9,"600909":0.9,"600918":0.9,"600958":0.9,"600999":0.9,"601059":0.9,"601066":0.9,"601099":0.9,"601108":0.9,"601136":0.9,"601162":0.9,"601198":0.9,"601211":0.9,"601236":0.9,"601375":0.9,"601377":0.9,"601456":0.9,"601555":0.9,"601688":0.9,"601696":0.9,"601788":0.9,"601878":0.9,"601881":0.9,"601901":0.9,"601990":0.9,"601995":0.9},"content_text":"港股券商正在遭遇公募机构“扫货”。7月28日和29日，港交所披露，7家券商H股遭遇公募巨头易方达基金的买入，这7家券商既有头部券商中信建投证券、招商证券等，也有光大证券、中原证券等中型券商，持有H股比例均严格控制在5%至7%。“上述券商H股属于被动买入，易方达基金管理的香港证券ETF申购补券买入了券商H股超过5%，港交所按照规则自动披露。”相关知情渠道方人士对券商中国记者表示，不过，这些持股比例仍是H股部分超过5%，总股本尚未到5%的举牌线。数据显示，在港股交投活跃之下，易方达基金管理的香港证券ETF规模在最新一个月内就实现了翻倍，自6月30日的97亿元增加至7月29日的230亿元，一个月内规模增加了133亿元。业内人士认为，当前这种现象是被动资金配置与行业景气回升共振的结果，证券行业中期业绩亮眼和H股的低估值也提供了更高的安全边际和股息回报，吸引资金配置。7家券商H股被易方达集中买入7月28日和7月29日，港交所集中披露多家上市公司股东变动情况，其中，涉及多家H股券商，这些券商均被一家公募基金——易方达买入。7月28日，港交所集中披露，易方达基金买入了东方证券H股、国联民生证券H股和中原证券H股3家。具体如下：易方达基金于7月23日买入东方证券H股157.76万股，买入价格7.57港元/股至7.61港元/股，在买入之后，易方达基金持有东方证券H股比例从6.87%升至7.03%。易方达基金于7月23日买入国联民生证券H股67.95万股，买入价格6.02港元/股至6.06港元/股，在买入之后，易方达基金持有国联民生证券H股比例从6.88%升至7.03%。易方达基金于7月23日买入中原证券H股183.6万股，买入价格2.81港元/股至2.83港元/股，在买入之后，易方达基金持有中原证券H股比例从6.87%升至7.03%。紧接着，7月29日，港交所披露，易方达基金买入了申万宏源集团H股、招商证券H股、光大证券H股和中信建投证券H股4家。具体如下：易方达基金于7月24日买入申万宏源集团H股537.36万股，买入价3.55港元/股至3.56港元/股，在买入之后，易方达基金持有申万宏源集团H股比例从4.92%升至5.13%。易方达基金于7月24日买入招商证券H股273.5万股，买入价16.99港元/股至17港元/股，在买入之后，易方达基金持有招商证券H股比例从4.92%升至5.14%。易方达基金于7月24日买入光大证券H股151万股，买入价10.99港元/股至11.08港元/股，在买入之后，易方达基金持有光大证券H股比例从4.92%升至5.13%。易方达基金于7月24日买入中信建投证券H股270.6万股，买入价13.36港元/股至13.46港元/股，在买入之后，易方达基金持有中信建投证券H股比例从4.92%升至5.14%。综合来看，易方达基金买入的上述7家券商H股，持有的上述券商H股比例整齐划一严格控制在5%—7%左右。券商中国记者采访相关渠道方了解到，这些H股券商并非易方达基金“主动买入”，而是其管理的香港证券ETF基金规模大增，被动补券买入H股券商，不过，所持H股券商比例超过5%，但是总股本尚未达到5%举牌线。数据显示，易方达基金管理的香港证券ETF（513090）主要追踪中证香港证券投资主题指数，从证券投资主题的角度反映了在香港上市证券的表现，6月30日该基金规模显示为97亿元，而截至7月29日，该基金规模已经增加至230.29亿元，即实现了一个月内规模翻倍，创成立以来新高。券商中期业绩亮眼易方达基金集中“扫货”券商H股，受到市场关注。而券商自身中期业绩在上市公司阵营中表现亮眼。截至目前，从已公布的30家上市券商或上市券商股上半年业绩来看，业绩全线上涨（含扭亏），其中，28家券商净利润同比增速超过50%，天风证券和锦龙股份2家扭亏为盈，近半数公司业绩翻番，部分基数较低的券商如华西证券净利预增超10倍。山西证券分析师李明阳等在研报中分析，上半年二级市场成交活跃度明显提升，股票市场回暖，同时股权融资发行规模有所提升，并购持续活跃，证券公司各项业务均有所受益，业绩预告指出业绩增长主要原因为上半年投资交易、财富管理、投资银行等业务的增长。同时，上述分析师认为，受益于稳定币、虚拟资产等发展，头部券商积极推动香港1/4/9号牌升级，券商将拓展新的蓝海，支撑业绩及估值提升。与此同时，业界分析人士认为，券商H股较A股普遍存在折价现象，例如，国联民生证券A/H溢价近100%，光大证券A/H溢价超过80%，申万宏源集团和中原证券A/H溢价均超70%，H股的低估值提供了更高的安全边际和股息回报，吸引更多资金的配置。华创证券分析指出，取剔除指数型基金后的其他主动型公募基金重仓持仓数据，证券、多元金融持仓数据均环比上升。受益于市场情绪修复及虚拟资产相关政策催化，今年第二季度证券板块持仓环比边际提升，但多数增配资金流向头部券商，板块整体仍严重欠配。目前多家上市券商披露中报业绩预告，表现超预期，当下板块估值仍处低位。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2555073169","isCrawlerRequest":true}