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 share market, which helps reduce the premium rate of AH shares [1][2][3] - The Hang Seng AH Share Premium Index has decreased from around 140 at the beginning of 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 domestic capital into the Hong Kong market is improving liquidity and compressing price differences for the same securities across 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 the elimination of arbitrage opportunities and reflects an improvement in capital allocation efficiency [2][3]