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financial associated press, october 5 (reporter gao yanyun)the sharp rise in hong kong stocks during the national day holiday caused the premium rate of brokerage ah ​​shares to narrow significantly.

from october 2 to 4, the hong kong stock brokerage sector rose by an average of 52.24% in three trading days, shenwan hongyuan rose by 219.28% in hong kong, and china merchants securities rose by 121.43%; the trading volume of many brokerage stocks was huge, and citic securities’ trading volume in three trading days reached 10.181 billion hong kong dollars, cicc and china galaxy's transactions were 6.142 billion hong kong dollars and 4.891 billion hong kong dollars respectively; the turnover rate remained high, with the higher ones being shenwan hongyuan hong kong (26.36%), guolian securities (22.12%), and china merchants securities (19.48 %), orient securities (19.04%).

the a/h premium of brokerage stocks has narrowed significantly. the current average premium rate of brokerage stocks is 71.63%, down 78.56 percentage points from before the holiday. the number of brokerage stocks with a premium rate of more than 1 times fell from 11 before the holiday to 4. huatai securities the a-share premium rate is -1.64%, while citic securities and china merchants securities are only 8.08% and 6.76%.

hong kong stock brokerage firms rose by an average of more than 50% in the past three trading days

as of october 5, during the national day holiday, hong kong stocks have been trading for three trading days, namely october 2, 3, and 4. the average range increase of 22 hong kong stock brokers reached 52.24%, and the average range amplitude was 73.68%. the average turnover rate in the range reached 11.44%, and the cumulative transaction volume in the three trading days was hk$41.963 billion.

the top 10 hong kong stock brokerages with the highest gains in the three-trading day range are shenwan hongyuan hong kong (219.28%), china merchants securities (121.43%), zhongzhou securities (76.4%), guolian securities (68%), and shenwan hongyuan (60.98 %), citic construction investment (58.82%), htsc (58.15%), bocom international (52.54%), orient securities (50.7%), everbright securities (45.43%). htsc is huatai securities.

in addition, other securities firms whose ah shares are dual-listed include cicc (42.88%), china galaxy (40.22%), gf securities (38.78%), and citic securities (35.52%).

citic securities has the largest trading volume, with a cumulative turnover of hk$10.181 billion in three trading days. other hong kong stock brokers with top trading volumes are cicc (hk$6.142 billion), china galaxy (hk$4.891 billion), and china merchants securities (hk$4.22 billion). , htsc (hk$3.483 billion).

shenwan hongyuan hong kong has been repeatedly speculated by the market, and the turnover rate in the three trading days is as high as 26.36%; other turnover rates with higher turnover rates are guolian securities (22.12%), china merchants securities (19.48%), and orient securities (19.04%) ), cicc (18.05%), citic construction investment (18.01%), shenwan hongyuan (17%), everbright securities (14.83%), citic securities (14.61%), china galaxy (14.33%), yaocai securities financial (13.92%), htsc (11.66%), guotai junan international (9.49%), zhongzhou securities (9.47%), gf securities (8.3%).

huatai securities hong kong stock price exceeds a-share price

after three consecutive trading days of sharp gains in hong kong stocks, the premium rate of brokerage a/h shares narrowed significantly.

based on the latest closing prices of ah, the average a-share premium rate of the 14 brokerage firms was 71.63%, a decrease of 78.56 percentage points from september 30, when the average premium rate was 150.19%.

currently, only 4 brokerage companies have a-share premium rates exceeding 1 times, while on september 30, 11 companies exceeded 1 times, and as many as 4 of them exceeded 2 times.

the premium rate of huatai securities' a-shares fell to -1.64%. the closing price of hong kong stocks on october 4 was hk$19.8, or rmb 17.89. the closing price of huatai securities' a-shares on september 30 was 17.6 yuan. in addition, the a-share premium rates of citic securities and china merchants securities are also relatively low, at 8.08% and 6.76% respectively.

the reversal of the premium rates of the above three securities companies is more prominent. the premium rates of the closing prices of hong kong stocks before the holidays on september 30 of these three securities companies were 19.61%, 93.05%, and 27.04% respectively.

currently, the top ten securities companies with premium rates are haitong securities (167.57%), cicc (115.14%), citic construction investment (111.70%), guotai junan (105.76%), guolian securities (94.97%), and shenwan hongyuan (91.81 %), everbright securities (80.83%), centaline securities (68.10%), china galaxy (67.29%), orient securities (62.84%).

sell-side research: market reflexivity strengthens trading volume amplification logic

tianfeng securities research report believes that as market sentiment warms up, customers' willingness to open accounts has significantly increased, the average daily number of account openings has surged, and there are queues for online account openings. at the same time, the autonomous activity of sleeping customers has increased significantly compared with the previous period of this month, and individual and institutional customers there is a strong willingness for funds to enter the market. judging from the trading volume, customers' trading sentiment is enthusiastic. the logic of “increasing market trading activity and improving the fundamentals of securities firms” was quickly recognized by the market. the speed of logical interpretation of the brokerage sector exceeded expectations, and the fundamental market trend was interpreted in advance. with the support of market reflexivity, the intensity and speed of market interpretation may exceed market expectations. it is recommended to pay attention to leading securities companies.

the reflexivity of the market means that the opinions and behaviors of market participants influence each other, forming a self-reinforcing loop feedback mechanism. this kind of reflexivity will be more easily reflected in the investment in the brokerage sector, forming a self-positive feedback mechanism of "market trading volume amplifies → brokerage fundamentals improve, investing in the brokerage sector → market trading volume further amplifies".

kaiyuan securities research report believes that the policy combination of stabilizing growth and stabilizing the stock market has exceeded expectations, and market trading volume is expected to continue to increase. superimposed on a low base, it is expected that the performance of listed securities companies in the second half of the year will be significantly improved year-on-year. we are optimistic about the targets of high-beta elastic internet securities firms (financial it), optimistic about orient securities, which has outstanding wealth management advantages and still low valuations, and optimistic about the main lines of mergers and acquisitions and leading securities firms with low valuations.