Shang Hai Zheng Quan Bao·2025-09-22 18:48Group 1 - The Hang Seng-Hushen Connect AH Premium Index has declined significantly since 2025, reaching a low of 116.62 points on September 22, marking a drop of over 17% this year [1][2] - The narrowing of the AH premium is attributed to increased southbound capital inflow and a wave of "A+H" listings, which have altered the structure of Hong Kong-listed companies [1][2] - Southbound capital has totaled 11,224.67 million HKD this year, primarily investing in consumer discretionary, financials, information technology, and healthcare sectors [2][3] Group 2 - Foreign capital has shown signs of improvement in buying Hong Kong stocks, with long-term stable foreign capital inflows amounting to approximately 677 million HKD from May to July [3][4] - Certain companies, such as Ningde Times and Heng Rui Pharmaceutical, have seen their H-shares trading at a premium over A-shares, indicating higher valuation recognition from international investors [4][5] - The inclusion of new constituent stocks in the AH Premium Index reflects the overall price gap between A-shares and H-shares, with some H-shares trading over 20% higher than their A-share counterparts [4]