Group 1 - The Ministry of Ecology and Environment has issued the "2024-2025 National Carbon Emission Trading Market Quota Allocation Plan" for the steel, cement, and aluminum smelting industries, which is based on the mature experience of the power generation sector [1] - The quota allocation framework continues to focus on free allocation based on carbon emission intensity, linking the quota amount to actual production without setting an absolute cap on total carbon emissions [1] - The plan requires newly included enterprises to complete their first quota compliance within the year, with local governments responsible for ensuring timely compliance to maintain the integrity and effectiveness of the carbon trading market [1] Group 2 - Tianfeng Securities reports that over 85% of clinker lines in northern provinces are currently in a shutdown state due to peak production adjustments, with plans for shutdowns in December varying by region [2] - The report indicates that the cement sector is experiencing strong bottom-line profit support, with head enterprises expected to address excess production capacity by 2025, having already replaced 52.5 million tons of capacity while exiting 83.59 million tons [2] - The actual effects of excess production governance are anticipated to become evident in 2026, as policies are designed to provide a window for excess production enterprises to adjust [2] Group 3 - Related Hong Kong stocks in the cement sector include Huaxin Cement (06655), China National Building Material (03323), Conch Cement (00914), China Resources Cement Technology (01313), Shanshui Cement (00691), Western Cement (02233), Jinyu Group (02009), and Asia Cement (China) (00743) [3]

香港联交所最新资料显示，11月28日，Invesco Asset Management Limited增持海螺水泥（00914）155.5 万股，每股作价23.3208港元，总金额约为3626.38万港元。增持后最新持股数目为7800.05万股，最新持 股比例为6%。 来源：新浪港股 ...

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | | | 原因 | 股份數目 | | (請參閱上述*註 | 有投票權股 (日 / 月 / 年) 材 | | | | | | | 份自分比 | | | | | | | 96 ) | | CS20251202E00027 | Invesco Asset Management 101(L) 1,555,000(L) | | HKD 23.3208 | 78,000,500(L) | 6.00(L)28/11/2025 | | | Limited | | | | | 格隆汇12月3日丨根据联交所最新权益披露资料显示，2025年11月28日，海螺水泥(00914.HK)获Invesco Asset Management Limited在场内以每股均价23.3208 港元增持155.5万股，涉资约3626.38万港元。 增持后，Invesco Asset Management Li ...

格隆汇12月3日丨根据联交所最新权益披露资料显示，2025年11月28日，海螺水泥(00914.HK)获Invesco Asset Management Limited在场内以每股均价23.3208 港元增持155.5万股，涉资约3626.38万港元。 增持后，Invesco Asset Management Limited最新持股数目为7800.05万股，持股比例由5.88%上升至6.00%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | | | 原因 | 股份數目 | | (請參閱上述*註 | 有投票權股 (日 / 月 / 年) 材 | | | | | | | 份自分比 | | | | | | | 96 ) | | CS20251202E00027 | Invesco Asset Management 101(L) 1,555,000(L) | | HKD 23.3208 | 78,000,500(L) | ...

Group 1 - Invesco Asset Management Limited increased its stake in Conch Cement (600585) by acquiring 1.555 million shares at a price of HKD 23.3208 per share, totaling approximately HKD 36.2638 million [1] - Following the acquisition, Invesco's total shareholding in Conch Cement reached 78.0005 million shares, representing a 6% ownership stake [1]

Core Viewpoint - Invesco Asset Management Limited has increased its stake in Conch Cement (00914) by acquiring 1.555 million shares at a price of HKD 23.3208 per share, totaling approximately HKD 36.2638 million, resulting in a new holding of 78.0005 million shares, representing 6% of the company [1] Group 1 - Invesco Asset Management Limited's recent purchase of shares indicates a positive outlook on Conch Cement's performance [1] - The total investment made by Invesco amounts to approximately HKD 36.2638 million, reflecting significant confidence in the company's future [1] - Following the acquisition, Invesco's total shareholding in Conch Cement has reached 78.0005 million shares, which is 6% of the company's total shares [1]

FF301 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600585 | 說明 | A股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,999,702,579 | RMB | | 1 RMB | | 3,999,702,579 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 3,999,702,579 | RMB | | 1 RMB | | 3,999,702,579 | 本月底法定/註冊股本總額： RMB 5,299,302,579 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 安徽海螺水泥股份有限公司 呈交日期: 2025年1 ...

Core Viewpoint - A-shares have lower trading costs and better market liquidity compared to H-shares, with a current premium of about 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) being above 120. However, certain companies like CATL have shown a reverse phenomenon where H-shares are priced higher than A-shares [2][4]. Group 1: Market Dynamics - The phenomenon of H-shares trading at a premium over A-shares is attributed to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity [5]. - Among the six companies exhibiting this "inversion," three are newly listed, resulting in lower liquidity for H-shares, which can lead to inflated prices due to concentrated holdings by large institutions [5][6]. - As institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [5]. Group 2: Characteristics of A-H Share Companies - Companies with inverted pricing typically share common traits: they are large enterprises with stable operating histories and solid financials, often in traditional industries like finance and energy [6]. - The valuation of these companies tends to be higher in the A-share market, reflecting differing expectations from overseas investors regarding future growth potential [6][8]. Group 3: Foreign Investment Preferences - Foreign investors prefer industry leaders that have a competitive edge in the market, which are often scarce in the international market [8]. - These leading companies usually possess strong brand recognition, stable profitability, and good governance structures, aligning with foreign investors' long-term investment criteria [8][9]. - The preference for H-shares over A-shares is also influenced by the perceived monopolistic characteristics of certain companies, which can lead to higher valuations in the H-share market [9].

Core Insights - A-shares have lower trading costs and better market liquidity compared to H-shares, with an overall premium of 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) remaining above 120 [1][2] - A peculiar situation has arisen where H-shares of certain companies, such as CATL, are trading at higher prices than their A-shares, attributed to factors like limited liquidity and the preference of overseas investors for industry leaders [1][2][3] Group 1: Market Dynamics - The six companies experiencing H-share price premiums over A-shares include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group, with others like Zijin Mining and BYD showing closer price alignment [2][3] - The phenomenon of "inverted pricing" is largely due to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity which drives up prices [2][3] Group 2: Investor Preferences - Foreign investors show a strong preference for industry leaders that are scarce in the international market, often leading to higher valuations for these companies in H-shares [4][5] - Companies with stable financials and established operational histories, particularly in traditional sectors like finance and energy, tend to attract more foreign investment, reflecting differing growth expectations between domestic and international investors [3][4] Group 3: Future Outlook - As large institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [2][4] - The case of CATL illustrates this trend, where its H-share premium over A-shares decreased from over 30% to approximately 13% following the unlocking of shares held by certain investors [2][4]

Group 1 - The Capital Group Companies, Inc. increased its stake in Conch Cement (00914.HK) by acquiring 1,989,000 shares at an average price of HKD 23.2487 per share, totaling approximately HKD 46.242 million [1] - Following this transaction, The Capital Group's total shareholding in Conch Cement rose to 118,278,520 shares, increasing its ownership percentage from 8.95% to 9.10% [1]