AH溢价藏玄机，港股性价比渐显

Core Insights - The AH premium level has become a key indicator for foreign capital allocation direction, with over 50 A-share companies applying for secondary listings in Hong Kong since 2025, highlighting the increasing value of dual-listed stocks [1] - Foreign investors show a clear preference for low-premium stocks, with smaller-cap stocks having an average AH premium rate exceeding 95%, while larger-cap stocks have much lower rates of 4% (A-shares) and 17% (H-shares) [1] - Historical data indicates a correlation of 0.56 between the AH premium index's fluctuations and the scale difference of foreign inflows into H-shares and A-shares since 2020, suggesting that a rebound in the premium rate may lead to increased foreign investment in H-shares [1] - The AH premium index has declined from a high of 157 in February last year to a new low of 123 in August 2025, indicating potential for foreign capital to return to Hong Kong stocks if the premium rate reverts to the mean [1] - The Hong Kong stock market is showing significant investment value due to a "triple resonance" of policy dividends, technological innovation breakthroughs, and continuous liquidity improvement [1] - Hong Kong is home to leading technology companies in AI, biomedicine, and new energy vehicles, which possess core competitiveness in cutting-edge fields [1] - With the onset of the Federal Reserve's interest rate cuts and continuous inflow of southbound capital, Hong Kong stocks may experience dual opportunities for performance enhancement and value reassessment [1] Related ETFs - AI Full Industry Chain - Hong Kong Stock Connect Technology ETF (159101) [2] - New Consumption Forces - Hang Seng Consumption ETF (513230) [2] - Pure Internet - Hang Seng Internet ETF (513330) [2] - Focus on Innovative Drugs - Hang Seng Pharmaceutical ETF (159892) [2]