AH溢价指数创年内新低多只龙头股获外资增持

Core Viewpoint - The AH premium index has continued to decline, reaching a new low for the year, indicating a narrowing valuation gap between A-shares and H-shares, driven by increased liquidity in the Hong Kong market and foreign investment in H-shares [1][7]. Group 1: AH Premium Trends - As of July 18, the AH premium index hit 126.23 points, marking a year-to-date low, with the premium rate for A+H shares remaining below 200% for all 160 stocks in the sector [1]. - The number of stocks with an AH premium rate exceeding 100 has decreased to 32, with none surpassing 200%, compared to 57 stocks exceeding 100% at the end of 2024 [2]. - The highest premium rate is held by Morning Paper (ST晨鸣) at 199.54%, followed by BYD and Hongye Futures at 185.83% and 185.47%, respectively [2]. Group 2: H-share Performance - Seven H-shares have doubled in value this year, with Rongchang Bio's H-share increasing by 3.91 times, and Shandong Molong and Nuocheng Jianhua rising by 2.59 times and 2.05 times, respectively [3]. - The A-shares of Rongchang Bio have also seen significant growth, with a 1.45 times increase, although still lagging behind its H-share performance [3]. Group 3: Foreign Investment Trends - Foreign investors are increasingly favoring industry leaders, with significant investments in companies like Heng Rui Pharmaceutical and Ningde Times, indicating a shift in market dynamics [4][5]. - For instance, Wellington Management increased its stake in Heng Rui Pharmaceutical, while Morgan Stanley highlighted the company's strong product pipeline and growth potential [5]. - The trend of foreign investment in leading firms reflects a broader structural change in the Hong Kong market, favoring new economy sectors such as innovative pharmaceuticals and renewable energy [4][6]. Group 4: Future Outlook - Analysts predict that the AH premium will continue to trend downward, reflecting deeper structural changes in the market and a reassessment of H-share valuations by mainland investors [6][7]. - The influx of southbound capital and the increasing share of institutional investors in H-shares are expected to further compress the AH premium [7].