国泰海通｜海外策略：从细分行业看AH溢价趋势

Core Viewpoint - The current AH premium level has potential for further decline, primarily driven by traditional industries such as real estate and banking, while emerging sectors like semiconductors and hardware exhibit higher premiums with potential for narrowing [1]. Summary by Sections Current AH Premium Level - The current AH premium level still possesses certain downward space [1]. Contribution of Traditional Industries - The recent narrowing of the AH premium is mainly attributed to traditional industries [1]. Potential for Decline in Traditional Industries - The AH premium for traditional sectors like real estate and banking still has room for further narrowing [1]. Emerging Industries' Premium Trends - Future trends indicate that the AH premium for emerging industries such as semiconductors and hardware is expected to gradually narrow [1]. A-Share Listed Companies - A-share listed companies have a larger potential for AH premium decline [1].