两会｜国泰君安国际阎峰：建议适时分步下调港股通合格投资者准入门槛

Core Viewpoint - The article emphasizes the need for China to leverage its economic resilience and advancements in new productive forces to attract global capital, especially in the context of ongoing geopolitical tensions and changes in the economic landscape [1]. Group 1: Market Development and Stability - The article suggests that promoting rapid development of the capital market while maintaining market stability should be prioritized. It highlights the importance of capitalizing on the current global governance changes to enhance "Investing in China" and "China Investing" opportunities [1]. - The unique advantages of the Hong Kong market are identified as crucial for achieving a more vibrant and stable market, which would boost international capital's confidence in allocating Chinese assets [1]. Group 2: Performance of Hong Kong and A-share Markets - In 2025, the Hong Kong stock market showed significant support for the A-share market, with the Hang Seng and Hang Seng Tech indices rising by 27.8% and 23.5%, respectively. The IPO market raised a total of HKD 285.8 billion, reclaiming the top position globally [2]. - The A-share market also performed well, with the Shanghai and Sci-Tech 50 indices increasing by 18.4% and 35.9%, respectively, and the total market capitalization surpassing CNY 100 trillion. The average daily trading volume reached CNY 1.7 trillion, a year-on-year increase of 61.9% [2]. Group 3: Specific Recommendations - The article outlines four specific recommendations to enhance market conditions: 1. Utilize the "China Investment" leverage by lowering the eligibility criteria for Hong Kong Stock Connect investors and expanding QDII and RQDII mechanisms to individual clients, which could alleviate the A-H share premium issue and boost market valuation [3]. 2. Focus on the "Investing in China" theme to attract global capital by improving the convenience for foreign investors in mainland markets and aligning trading rules with international standards [4]. 3. Reform the market-making system to enhance liquidity and effectiveness, addressing the lack of market-making functions in mainland markets and the liquidity issues of small-cap stocks in Hong Kong [4]. 4. Strengthen the risk prevention system to avoid systemic risks by monitoring high-risk areas and ensuring market leverage remains within safe limits [4].