2026年1月30日，中证指数有限公司与恒生指数公司联合公布了截至2025年12月31日的中证恒生沪港通 AH股精明指数半年度检讨结果。 经过此次调整，指数成份股总数仍保持在50只不变。值得关注的是，新能源汽车领域的代表性企业赛力 斯的入选，凸显了其在A+H股市场中的活跃度与影响力的提升，也反映了指数对新兴高成长性产业的 侧重。 公告同时指出，新纳入指数的两家公司，其具体的股份类别（A股或H股）将于2026年3月最终确定，并 与每月例行的股份类别转换调整同步实施。这一安排确保了指数投资的代表性与可投资性。 此次调整涉及成份股的调入与调出，旨在更精准地反映两地上市公司的市场表现与结构性变化。 | A 股 | 港股 | 公司 | | --- | --- | --- | | 600031 | 6031 | 三一重工股份有限公司 | | 601127 | 9927 | 賽力斯集團股份有限公司 | | A 股 | 港股 | 公司 | | --- | --- | --- | | 600115 | 670 | 中國東方航空股份有限公司 | | 600600 | 168 | 青島啤酒股份有限公司 | 根据公告，本次指数调整将 ...

| 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 中石化油服(01033) | 0.970 | 3.43 | 323.71% | 53.41% | | 安德利果汁(02218) | 16.130 | 47.16 | 250.22% | 21.68% | | 山东墨龙(00568) | 4.300 | 9.58 | 166.74% | 19.01% | | 中铝国际(02068) | 2.690 | 6.23 | 177.32% | 18.78% | | 天齐锂业(09696) | 49.420 | 61.09 | 48.06% | 18.59% | | 金风科技(02208) | 14.570 | 26.46 | 117.50% | 16.10% | | 洛阳钼业(03993) | 22.320 | 25.8 | 38.44% | 13.82% | | 康希诺生物(06185) | 35.340 | 68.64 | 132.65% | 13.77% | | --- | --- | --- | --- | --- | | ...

香港联交所最新数据显示，1月22日，小摩减持三一重工（06031）28万股，每股作价24.0119港元，总 金额约为672.33万港元。减持后最新持股数目约为7909.12万股，最新持股比例为10.97%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 香港联交所最新数据显示，1月22日，小摩减持三一重工（06031）28万股，每股作价24.0119港元，总 金额约为672.33万港元。减持后最新持股数目约为7909.12万股，最新持股比例为10.97%。 ...

智通财经APP获悉，香港联交所最新数据显示，1月22日，小摩减持三一重工(06031)28万股，每股作价 24.0119港元，总金额约为672.33万港元。减持后最新持股数目约为7909.12万股，最新持股比例为 10.97%。 ...

| 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 君实生物(01877) | 22.860 | 40.09 | 110.06% | 22.43% | | 京城机电股份 (00187) | 4.130 | 13.08 | 279.42% | 22.18% | | 康希诺生物(06185) | 36.740 | 73.16 | 138.51% | 21.90% | | 金风科技(02208) | 15.580 | 28.12 | 116.17% | 19.35% | | 安德利果汁(02218) | 15.500 | 44.77 | 246.00% | 19.04% | | 东北电气(00042) | 0.285 | 2.25 | 847.37% | 11.94% | | | 15.370 | 30.1 | 134.55% | 10.75% | | 广和通(00638) | | | | | | --- | --- | --- | --- | --- | | 洛阳钼业(03993) | 24.140 | 26.88 | 33. ...

Group 1 - The heavy machinery stocks in Hong Kong experienced a significant rise, with Senson International increasing by over 9% and Sany Heavy Industry reaching a new high with a 2.2% increase [1] - The engineering machinery industry is expected to maintain stable orders until mid-January 2026, with clear market expectations for a sales peak after the Spring Festival [1] - Leading manufacturers such as XCMG, Sany Heavy Industry, Zoomlion, and LiuGong are prioritizing overseas market capacity expansion as a core task for the coming year [1] Group 2 - Since 2025, the domestic engineering machinery sector has entered an upward cycle, driven by equipment renewal demand and construction progress, leading to increased excavator sales and continued positive growth in non-excavator products [1] - Analysts suggest that in the context of global loose fiscal and monetary policies, the theme of going overseas is likely to become a popular annual trend, with the engineering machinery sector benefiting significantly from this logic [1] - Currently, leading companies in the engineering machinery sector have an overseas profit contribution ratio of over 70%, and the sector is expected to benefit from potential catalysts such as future interest rate cuts by the Federal Reserve [1]

Group 1 - Heavy machinery stocks in Hong Kong have surged, with Senson International rising over 9% and Sany Heavy Industry increasing by 2.2%, reaching a new high during trading [1] - The engineering machinery industry has maintained stable orders in the first half of January 2026, with expectations for a sales peak after the Spring Festival [1] - Leading manufacturers such as XCMG, Sany Heavy Industry, Zoomlion, and LiuGong are prioritizing overseas market capacity expansion as a core task for next year [1] Group 2 - Since 2025, a domestic upcycle in engineering machinery has begun, driven by equipment renewal demand and construction progress, leading to increased excavator sales and continued positive growth in non-excavator products [1] - Analysts suggest that under the backdrop of global loose fiscal and monetary policies, the theme of going overseas is expected to become a popular annual trend, with engineering machinery benefiting significantly from this logic [1] - Currently, leading companies in the sector have an overseas profit contribution ratio of over 70%, and the engineering machinery sector is likely to benefit from potential catalysts such as future interest rate cuts by the Federal Reserve [1]

Core Findings - In 2025, a total of 170 Chinese companies with VC/PE backgrounds went public, marking a 27.82% increase from 133 in 2024, with a VC/PE penetration rate of 57.82% [10][7] - The electronic information sector reported an exit return of nearly 200 billion yuan, with the Hong Kong Stock Exchange's main board showing the highest exit returns [7][11] - A total of 294 Chinese companies successfully completed IPOs globally, with both the number of IPOs and the amount raised showing signs of recovery [20][23] VC/PE Investment Analysis - The scale of VC/PE exit returns reached 431.8 billion yuan in 2025, a 116% increase from 199.9 billion yuan in 2024, with an average return rate of 2.89 times [11][10] - The electronic information industry had the highest exit return at 182.81 billion yuan, while the consumer sector had the highest return multiple at 13.71 times [11][16] IPO Market Overview - In 2025, the total number of IPOs in A-shares, Hong Kong, and U.S. markets was 294, with a 29.52% year-on-year increase, and the total amount raised was 372.5 billion yuan, up 152% [20][23] - The Hong Kong Stock Exchange's main board led with 111 IPOs, while the Nasdaq Capital Market followed with 57 [23][38] Sector Performance - The electronic information sector led with 48 IPOs, followed by advanced manufacturing and healthcare with 47 and 41 IPOs, respectively [53][56] - The energy and mining sector raised the most funds at 784.38 billion yuan, while the average fundraising amount in the public utility sector surged by 6,935% [57][58] Regional Analysis - Jiangsu, Guangdong, and Hong Kong had the highest number of IPOs, with 46, 42, and 38 respectively, while Fujian led in fundraising with 571.78 billion yuan [59][64] - The number of IPOs in Inner Mongolia increased threefold, marking the highest growth rate [63][64] Notable IPOs - The top fundraising companies included Huadian New Energy, which raised over 100 billion yuan, and several electronic information companies like Moer Thread and Muxi Co., Ltd. [35][18]

Core Viewpoint - Daiwa has reassessed its A+H share valuation premium strategy, which involves selecting A+H shares with a minimum premium of 10% to construct a monthly A-share investment portfolio, indicating that this strategy typically yields strong returns when the overall A+H premium narrows rapidly [1] Group 1: Investment Strategy Performance - The latest results show that even when the valuation gap widens or the A-share market outperforms the H-share market, the investment strategy has performed well, with cumulative relative returns increasing from approximately 90% to 107.5% over the past two months [1] - The primary drivers of this performance are attributed to the rise in global metal prices and the recent renewal cycle in China's construction machinery sector, benefiting companies such as Luoyang Molybdenum (603993), Zijin Mining (601899), Sany Heavy Industry (600031), and Weichai Power (000338) [1] Group 2: Foreign Investment Trends - There is a sustained interest from overseas investors in Chinese technology companies; however, due to geopolitical concerns, investors generally prefer holding H-shares [1] - It is anticipated that the repatriation of foreign capital will drive the market capitalization of H-shares, which are significantly lower than their A-share counterparts, including Contemporary Amperex Technology (300750), leading to a potential rapid increase in stock prices post dual listing, which may create re-rating opportunities for their A-shares [1]

Group 1 - JPMorgan Chase & Co. reduced its stake in Sany Heavy Industry (06031.HK) by selling 457,500 shares at an average price of HKD 24.2006 per share, amounting to approximately HKD 11.072 million [2] - Following the reduction, JPMorgan's total holdings in Sany Heavy Industry decreased to 79,245,999 shares, representing a reduction in ownership from 11.06% to 10.99% [2]