AH溢价创五年新低，H股跑出巨大超额收益

Core Insights - The Hang Seng AH Premium Index fell below 127 points on June 12, reaching a low of 126.91 points, marking a nearly five-year low with a year-to-date decline of 10.45% [1] - The AH Premium Index reflects the price differences of stocks listed simultaneously in mainland China and Hong Kong, indicating that the discount of H-shares relative to A-shares has narrowed, primarily due to H-shares outperforming A-shares [1] Summary by Sections - AH Premium Index Performance - The index's decline indicates a significant shift in market dynamics, with H-shares outperforming A-shares [1] - Out of 155 constituent stocks in the index, 144 H-shares have outperformed their A-share counterparts this year, representing a remarkable 93% [1] - Notable Stock Performance - Rongchang Biological has seen the most significant excess return, with its H-shares surging by 300% compared to a 135% increase in A-shares, resulting in a 165 percentage point excess return [1] - The AH premium for Rongchang Biological has decreased from 136% at the beginning of the year to 35% currently [1] - Market Analysis and Future Outlook - Analysts suggest that the re-emergence of valuation advantages in A-shares may lead to a new round of market correction, similar to historical patterns [1] - There is a growing concern regarding the long-term divergence in fundamentals between the mainland and Hong Kong markets [1]