Changes in Hong Kong stocks | Chinese brokerage stocks fell at a high level, China Merchants Securities (06099) fell more than 5%, and CITIC Securities (06030) fell more than 4%

The Zhitong Finance App learned that Chinese brokerage stocks fell from a high level. As of press release, China Merchants Securities (06099) fell 4.99% to HK$16.36; Everbright Securities (06178) fell 4.54% to HK$10.52; CITIC Securities (06030) fell 4.19% to HK$27.45; and CITIC Construction Investment Securities (06066) fell 3.66% to HK$12.64.

Shen Wan Hongyuan pointed out earlier that the Hong Kong stock index has risen by 49.92% year to date, while the average increase in A shares of the 13 corresponding A+H constituent stock brokers during the same period was only 4.63%. The AH premium rate of brokerage firms has narrowed significantly: according to the Hang Seng Shanghai, Shenzhen and Hong Kong Stock AH Premium Index, the AH premium rate in the entire market has now declined below 125%, while the AH premium rate in the brokerage sector has narrowed even more. The bank believes that the increase in foreign holdings of Chinese assets and institutions (insurance capital, public offering) favors investing in Hong Kong stocks with high dividends and undervalued values, so the increase in brokers' H shares was significantly better than that of A-shares. Pay attention to the logic of making up the increase in brokers' A-shares in the second half of the year.

Zhongyuan Securities said that the brokerage index continued to rise steadily in July. While continuing to hit new highs in the new year, it gradually approached the rebound high in the fourth quarter of last year, and the overall pattern further strengthened. The average P/B of the sector was gradually restored from a minimum of 1.40 times at the beginning of the month to more than 1.50 times at the end of the month, setting a new high in valuation during the year. At present, the brokerage index has significantly strengthened from its relative weakness in the previous period, but it is expected that the probability of a quick recovery in the market at the end of the third quarter of last year will be low. It is worth looking forward to a steady recovery and fluctuating upward trend in the short to medium term. It is expected that the sector will maintain a healthy rotational upward pattern.