3家出现折价！AH股溢价指数，创近五年新低！

Core Viewpoint - The Hang Seng AH Premium Index has been declining, reaching a five-year low, indicating a narrowing premium of A-shares compared to H-shares [2][4]. Group 1: Index Performance - On June 12, the Hang Seng AH Premium Index hit a low of 126.91 points, marking a new five-year low [2]. - The index has experienced fluctuations throughout the year, with a cumulative decline of approximately 10% from the beginning of the year to date [4]. - The index's decline suggests that the valuation gap between A-shares and H-shares is closing, as A-shares have generally been at a premium to H-shares in recent years [2][4]. Group 2: Market Comparison - Year-to-date, the Hang Seng Index has increased by 19.82%, while the A-share market's Shanghai Composite Index has only risen by 1.52%, indicating weaker performance in the A-share market compared to the Hong Kong market [7]. - The Shenzhen Component Index has decreased by 1.73%, and the ChiNext Index has dropped by 3.48% during the same period [7]. Group 3: Individual Stock Analysis - Among 155 companies analyzed, over 150 still show a premium of A-shares over H-shares, with 145 companies having a premium rate exceeding 10% [9]. - Notably, companies like Ningde Times, WuXi AppTec, and China Merchants Bank have seen their A-shares trading at a discount to H-shares [10]. - Some companies, such as Weichai Power, have experienced significant narrowing of the A/H share price gap, with the actual price difference reduced to below 5% [11]. Group 4: Market Dynamics - The overall market trend shows that the A/H share premium is decreasing, with many companies transitioning from premium to discount [11]. - Factors contributing to this trend include improved liquidity from southbound capital inflows and the listing of more quality companies in Hong Kong, which helps attract more investment [11].