1200亿港元南向资金涌入港股

Core Viewpoint - The article discusses the narrowing of the AH premium, highlighting the significant reduction in the discount rate for companies listed in both A-shares and H-shares, particularly noting Dongpeng Beverage's recent listing as having the second-lowest discount rate since 2015 [1][4]. Group 1: AH Premium Dynamics - Dongpeng Beverage's H-share discount rate at 14% is significantly lower than the average of approximately 33% since 2015 [1]. - The overall AH premium index has decreased from a near ten-year high of 161.36 points in February 2024 to 119.44 points by February 2026, returning to levels seen in 2019 [1]. - The narrowing of the AH premium is attributed to improved liquidity in the Hong Kong market, driven by increased participation from southbound funds, a weak dollar environment, and improved profitability in Hong Kong stocks [3][4]. Group 2: Southbound Fund Influence - Southbound funds have become a stabilizing force in narrowing the AH premium, with their market participation exceeding 30% in August 2025 [4]. - In 2025, net inflows from southbound funds reached a record high of 1.4 trillion HKD, with over 120 billion HKD net inflows recorded by February 2026 [4]. - The influx of southbound funds has improved liquidity in the Hong Kong market, reducing the liquidity gap between A-shares and H-shares [4]. Group 3: Valuation Disparities - Some leading companies have experienced a phenomenon where H-share prices exceed A-share prices, known as "premium inversion," with notable examples including CATL and China Merchants Bank [5][6]. - The preference of foreign investors for globally competitive stocks leads to higher valuations for certain companies, impacting the AH premium [6]. - The valuation divergence between large-cap leading stocks and smaller-cap stocks reflects a "Matthew Effect," where larger companies attract more investment and liquidity [7][10]. Group 4: Market Structure Changes - The article notes that the AH premium is influenced by sector-specific dynamics, with significant variations observed across industries [10]. - The introduction of new listing rules allowing growth companies to list in Hong Kong may further alter the perception of AH premiums [11]. - The potential expansion of the dual-counter model allowing mainland investors to trade Hong Kong stocks in RMB could further narrow the valuation discount between A-shares and H-shares [11].