Run if you earn? The funds were concentrated to escape the brokerage ETF, and more than 3 billion copies were redeemed in 6 trading days!
With the continuous rise of the brokerage sector since August, funds have begun to consider taking profits.
Wind data shows that although only 6 trading days have passed in September, as of September 8, the total number of 13 broker-themed ETF funds has been reduced by 3.089 billion shares. From a long-term perspective, throughout August, along with the interpretation of the securities stock market, the above-mentioned 13 ETF fund shares decreased by 3.428 billion shares. In July, this number was a cumulative increase of 4.195 billion shares, still showing bargaining. Layout trends.
Since the second half of this year, individual brokerage stocks have indeed emerged from the momentum of big bull stocks. For example, Orient Securities has gained 87.44% cumulatively since July, while Guangfa Securities has gained 58.72% over the same period. But this is only a small number. The cumulative increase of most brokerage stocks in the second half of the year has not exceeded 20%, and there are even 12 brokerage stocks that have fallen. However, the analysis point of view is still concentrated, considering that the brokerage interim report shows that the industry's prosperity continues to improve, and the establishment of the Beijing Stock Exchange is also good for the securities industry, we can continue to pay attention to the future performance of the securities sector.
6.5 billion brokerage ETFs suffered redemption
The securities market is always unpredictable. Just as the brokerage sector was cheering for a stock's daily limit one second before, the next second it was discovered that funds were silently fleeing from the brokerage ETF.
According to wind statistics, as of September 8, 13 broker-themed ETF fund shares have been reduced by 3.089 billion shares in September, an average of 500 million shares per trading day. This shows that the outflow of funds from brokerage ETFs is faster.
In fact, the outflow of funds from the brokerage ETF began in August-the brokerage sector also happened to start this round of rising prices at the end of July and early August.
The data shows that throughout August, along with the deduction of the stock market quotations, the net value of the re-weighted units of the above-mentioned 13 brokerage-themed ETFs generally increased by 9%-11%, but at the same time their fund shares have decreased by 3.428 billion shares. It should be noted that in July, this number was a cumulative increase of 4.195 billion copies, still showing a trend of bargaining.
From the perspective of capital flow, data from Oriental Wealth Choice shows that on September 8, the brokerage trust industry’s cumulative main net outflow was 1.81 billion yuan, ranking 9th among all industry categories. From the perspective of the last 5 trading days, the industry’s cumulative total The main net outflow was 3.011 billion yuan, ranking 12th; and in the last 10 trading days, this figure was 5.788 billion yuan, ranking 14th.
This shows that the outflow of funds from the securities industry is indeed accelerating. At the same time, in the last five trading days, the electronic information industry and the power industry have received a net inflow of 4.919 billion yuan and 2.044 billion yuan respectively, showing part of the path of capital adjustment.
Orient Securities rose 87% in the second half of the year
The current round of brokerage stock prices started in July and early August, which coincided with the disclosure of the semi-annual report of brokerage companies, and to a certain extent also reflected the support of performance on the stock prices of brokerage stocks.
Since August 1st, a total of 17 brokerage stocks have increased by more than 20%. Among them, Orient Securities (SS:600958) and Guangfa Securities (SZ:000776), two stocks with higher “fortune content”, have gained particularly gratifying gains. Up 67.12% and 51.2%; Shenwan Hongyuan, Great Wall Securities, and Huatai Securities rose or fell more than 30% in the range; Soochow Securities, Industrial Securities and other 12 brokerage stocks also gained more than 20%.
If the time is extended to the second half of this year, with the exception of Orient Securities and GF Securities, which have increased by 87.43% and 58.72% respectively, the inter-range share price gains of other brokerage stocks have narrowed, further highlighting the strength of the above two stocks. .
According to Liu Li, a non-bank analyst at Shanxi Securities, from the perspective of performance, in the first half of 2021, 41 listed securities companies achieved operating income of 306.481 billion yuan, an increase of 27.41% year-on-year; net profit was 240.59 billion yuan, an increase of 28.65% year-on-year; overall; The performance is significantly better than the entire industry. In terms of policy, the establishment of the Beijing Stock Exchange will bring growth to the market. Investment banking business may directly increase revenue. Brokerage and credit business will also indirectly benefit from the expansion of the market, which is also beneficial to the industry.
"Since August 2021, the securities sector has continued to be strong, with the overall sector index rising 13.58%, ranking 60 among 227 sub-industries." Liu Li said that in the long run, capital market reforms will be further deepened to serve the real economy and wealth. Management transformation has become the most important task of securities companies. Differentiated development and creating comparative advantages in sub-industries have become the core grasp of the high-quality development of securities companies. From the perspective of secondary market trends, securities firms with advantages in asset-light businesses have higher premiums, and it is recommended to focus on such securities firms.
