中金研究 | 本周精选：宏观、策略、固定收益

Strategy - The article discusses the accelerating trend of A to H listings in the Hong Kong stock market, with nearly 50 A-share companies planning to list in Hong Kong, of which 23 have submitted materials or have been approved [3][4] - The recent H-share listing of CATL has intensified this trend, achieving the highest IPO financing globally for the year and leading to a rare situation where H-shares are more expensive than A-shares [3][4] - Key questions addressed include the reasons behind the increasing A to H listings, the premium of H-shares over A-shares, and the implications for the Hong Kong market in both the short and long term [3] Macroeconomy - The article highlights three confusions regarding the RMB exchange rate, noting the recent appreciation of the RMB against the USD despite advancements in China's manufacturing technology and efficiency [7] - It points out the historical high gap between the nominal effective exchange rate and the real effective exchange rate of the RMB, as well as the unprecedented divergence between the nominal effective exchange rate and the USD exchange rate in recent years [7] - The article suggests that the RMB may have short-term appreciation potential against the USD due to unfulfilled depreciation pressures on the USD and the accumulation of funds awaiting settlement from China's current account [7]