侃股：AH股溢价有望持续收缩

Group 1 - The core viewpoint of the articles is that public funds are increasingly buying undervalued Hong Kong stocks in the AH market, which helps reduce the premium rate of AH shares [1][2][3] - The Hang Seng AH Premium Index has decreased from around 140 in early 2025 to 118.81, indicating that the average premium of A-shares over Hong Kong shares has dropped from approximately 40% to 18.81% [1] - The integration of financial markets between A-shares and Hong Kong stocks is deepening, with public funds recognizing the premium phenomenon and actively buying related Hong Kong stocks [1][2] Group 2 - The influx of capital has improved the liquidity environment of the Hong Kong stock market and has compressed the price differences of the same securities in both markets [2] - The core of value investing is that asset prices will eventually revert to their intrinsic value, and the irrational discounts between different markets are not sustainable in the long term [2][3] - The disappearance of the discount in Hong Kong stocks signifies that the market arbitrage opportunities are being eliminated, reflecting an improvement in capital allocation efficiency [2][3] Group 3 - The contraction of the AH premium is not a short-term fluctuation but a result of value return and market integration [3] - The continuous engagement of public funds and professional institutions in the Hong Kong stock market will further manifest the logic of same shares, same rights, and same prices [3] - The elimination of discounts indicates that Hong Kong stocks are emerging from a valuation trough, which will significantly enhance the overall stability and investment value of the AH markets [3]