智通财经APP获悉，截止12月2日收盘，东北电气(00042)、弘业期货(03678)、中石化油服(01033)分列 AH溢价率前三位，溢价率分别为900.00%、272.78%、262.34%；宁德时代(03750)、招商银行(03968)、 恒瑞医药(01276)分列AH溢价率末三位，溢价率分别为-5.04%、-0.84%、2.24%。其中广和通(00638)、 东北电气(00042)、京城机电股份(00187)的偏离值位居前三，分别为43.63%、37.21%、23.54%；另外， 广汽集团(02238)、均胜电子(00699)、江苏宁沪高速公路(00177)的偏离值位居后三，分别 为-24.67%、-17.32%、-16.02%。 前十大AH股溢价率排行 后十大AH股偏离值排行 | 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↑ | | --- | --- | --- | --- | --- | | 广汽集团(02238) | 4.250 | 9.17 | 158.35% | -24.67% | | 均胜电子(00699) | 17.850 | 26.98 | 81.06% | -17 ...

Core Insights - The article discusses the phenomenon of six companies having higher stock prices in the Hong Kong market (H-shares) compared to their A-share counterparts, which is contrary to the typical market behavior where A-shares usually trade at a premium due to lower transaction costs and better liquidity [1][3]. Group 1: Market Dynamics - The Hang Seng AH Share Premium Index (HSAHP) remains above 120, indicating a 20% premium of A-shares over H-shares on average [1][3]. - The six companies, including Ningde Times (300750.SZ, 03750.HK), are identified as newly listed stocks expected to debut by 2025, contributing to their higher H-share prices due to limited circulation [1][3]. Group 2: Investor Behavior - There is a noted preference among foreign investors for industry leaders in niche markets, which makes it challenging to find comparable stocks in the international market, leading to the observed price discrepancies [1][3].

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 Viewpoint - The phenomenon of "AH share premium inversion" is observed in six companies, where H-shares are priced higher than A-shares, attributed to low liquidity and foreign investors' preference for industry leaders [1][2]. Group 1: Market Dynamics - The Heng Seng AH Share Premium Index (HSAHP) remains above 120, indicating a 20% premium of A-shares over H-shares [1]. - The six companies experiencing this inversion include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group [2]. - The market sees a preference for newly listed stocks in the H-share market, which have lower liquidity, leading to higher valuations [2]. Group 2: Liquidity and New Listings - The "inversion" stocks are characterized by a high proportion of newly listed shares, with three of the six companies listed for less than a year [2]. - The market capitalization of H-shares is often significantly smaller than that of A-shares, contributing to the liquidity scarcity and price inversion [2]. - As institutional investors gradually exit their IPO allocations, the liquidity in the H-share market is expected to increase, potentially narrowing the premium [2]. Group 3: Foreign Investment Preferences - Foreign investors show a strong preference for industry leaders that have established market positions and stable financials [3][4]. - These companies typically operate in traditional sectors such as finance, energy, and infrastructure, which have predictable profit models [3]. - The preference for H-shares is also driven by the perception of higher growth potential and better governance structures in these companies [4]. Group 4: Examples of Inversion - BYD and China Merchants Bank are highlighted as typical examples of companies where H-shares occasionally exhibit a premium over A-shares [5]. - The presence of monopolistic characteristics in H-shares can attract foreign investment, as these companies are often seen as irreplaceable in the global market [5].

Core Insights - A-shares have lower trading costs and better market liquidity compared to H-shares, with a current premium of approximately 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) being 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 [2] - The phenomenon of H-share price premiums is linked to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity [2][3] - Newly listed companies in the H-share market tend to have lower trading volumes, which can lead to inflated prices due to concentrated holdings by large institutions [2][3] Group 2: Investor Preferences - Foreign investors show a preference for industry leaders that have established market positions and stable financials, often leading to higher valuations in the H-share market [4][5] - Companies with strong brand recognition and stable profitability are more likely to attract foreign investment, as these factors align with the long-term investment strategies of international investors [4][5] - The preference for H-shares over A-shares is also influenced by the perceived growth potential and governance standards of the companies involved [4][5] Group 3: Specific Company Examples - CATL's H-shares were observed to have a premium of over 30% shortly after listing, which has since narrowed to approximately 13% as liquidity increased [2] - Other examples of companies with close pricing between H-shares and A-shares include BYD and China Merchants Bank, reflecting positive market sentiment regarding their growth prospects and governance [5]

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]

Summary of CATL Conference Call Company Overview - **Company**: CATL (Contemporary Amperex Technology Co., Limited) - **Industry**: Electric Vehicle (EV) Batteries and Energy Storage Systems (ESS) Key Points and Arguments Earnings and Valuation - CATL's H-shares were upgraded to Overweight (OW) on September 14, 2025, due to a 10% earnings lift, which was 10% above Bloomberg consensus estimates [2][17] - The earnings estimate for 2026 has been raised by an additional 10% to Rmb94 billion, which is also 10% above consensus [2][17] - The price target for CATL's A-shares is lifted to Rmb520, based on a 25x P/E ratio, while the H-shares target is set at HK$650, based on a 29x P/E, indicating a 15% premium over A-shares [2][17] Market Dynamics - Global EV and ESS battery demand forecasts have been increased by 9% and 17% respectively for 2026, indicating a strong market outlook [5] - Industry supply is expected to remain tight, with nearly a 90% utilization rate (UTR) projected for 2026 [5] - CATL aims to regain market share lost in 2025 due to capacity constraints, with an estimated capacity addition of 300-400 GWh in the upcoming year [5] Competitive Landscape - CATL is the only company rated Overweight among tier-2 battery makers, as expectations for their earnings are already fully priced in, with potential downside risks [5] - The company is positioned to weather material price hikes better than tier-2 players, maintaining stable net unit profits since 2019 [7] Production and Sales Outlook - Production volume for 1Q26 is expected to be flat compared to 4Q25, despite typically being a low season for EV sales in China [6] - There is a potential for inventory restocking and strong growth in ESS production, which could exceed 100% year-on-year [6] Risks and Opportunities - Downside risks include a potential decline in China passenger EV sales, where CATL has approximately 35% exposure in 2026, with a worst-case scenario estimating a 5-10% downside [7] - Upside risks could arise from recovering market shares in both EV and ESS segments, potentially leading to a 23% increase in sales volume [7] Index Inclusion - CATL-H has been confirmed for inclusion in MSCI and FTSE indices, which could enhance its visibility and attractiveness to global investors [7] Price Premium Analysis - The average premium for CATL-H over CATL-A was 27% prior to the IPO lockup expiry, currently standing at 15%. A higher premium is justified due to CATL's leadership in the EV value chain [5][24] - CATL-H traded at a peak premium of 45% over CATL-A, attributed to low liquidity and global investor demand [25] Conclusion - CATL is positioned as a leading player in the EV battery market with strong growth prospects and a favorable valuation compared to peers. The company is expected to navigate potential risks effectively while capitalizing on market opportunities in the EV and ESS sectors [2][5][7]

公司作为有限合伙人参与本次基金投资，主要是借助专业投资机构优势，通过专业化投资管理团队，拓 展投资渠道，挖掘业务合作和发展机会，并获取合理投资回报，符合公司发展及股东利益。 智通财经APP讯，宁德时代(03750)发布公告，公司于2025年12月1日与博裕天枢(宁波)自有资金投资有 限责任公司、宁波市甬元投资基金有限公司等合作方签署了《博裕新智新产(宁波)股权投资合伙企业(有 限合伙)有限合伙合同》(以下简称"《有限合伙合同》")，公司作为有限合伙人之一参与投资"博裕新智 新产(宁波)股权投资合伙企业(有限合伙)"(以下简称"基金"、"合伙企业")，于基金完成首次交割后，基 金认缴出资金额为人民币40.01亿元，其中公司作为有限合伙人认缴出资人民币5亿元，持有基金 12.497%的认缴比例。 ...

格隆汇12月1日丨宁德时代(03750.HK)公告，宁德时代新能源科技股份有限公司(以下简称"公司"或"宁 德时代")于2025年12月1日与博裕天枢(宁波)自有资金投资有限责任公司、宁波市甬元投资基金有限公司 等合作方签署了《博裕新智新产(宁波)股权投资合伙企业(有限合伙)有限合伙合同》(以下简称"《有限 合伙合同》")，公司作为有限合伙人一参与投资"博裕新智新产(宁波)股权投资合伙企业(有限合伙)"(以 下简称"基金"、"合伙企业")，于基金完成首次交割后，基金认缴出资金额为人民币400,100万元，其中 公司作为有限合伙人认缴出资人民币50,000万元，持有基金12.497%的认缴比例。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Contemporary Amperex Technology Co., Limited 寧德時代新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3750） 海外監管公告 關於參與投資博裕新智新產（寧波）股權 投資合夥企業（有限合夥）的公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列寧德時代新能源科技股份有限公司（「本公司」）於深圳證券交易所網站 （ http://www.szse.cn /）及巨潮資訊網( www.cninfo.com.cn )所發布之《寧德時代新能 源科技股份有限公司關於參與投資博裕新智新產（寧波）股權投資合夥企業（有限 合夥）的公告》，僅供參閱。 承董事會命 寧德時代新能源科技股份有限公司 董事長、執行董事兼總經理 曾毓群先生 中國•寧德，二零二五年十二月一日 於本公告日期，本公司董事會成員包括執行董事曾毓群先生、潘 ...