Core Viewpoint - The recent surge in A-share companies pursuing H-share listings has drawn significant market attention, particularly with companies like CATL and BYD seeing their H-share prices exceed A-share prices, highlighting a potential trend of H-share price appreciation relative to A-shares [1][3][5]. Group 1: H-share Performance - CATL's H-share price reached 322.40 HKD, surpassing its A-share price of 266.99 CNY, resulting in an AH share premium rate of -9.85% as of May 23 [5][7]. - Other companies such as BYD and China Merchants Bank also reported H-share prices exceeding A-share prices, with AH premium rates of -5.23% and -3.51% respectively [7]. - The overall trend indicates a potential resurgence of the AH premium phenomenon, with several companies showing narrowing price gaps between their A and H shares [10][11]. Group 2: Market Trends and Indices - The Hang Seng AH Premium Index has shown a decline from a high of 161.36 points in February 2024 to 131.88 points by May 23, indicating stronger performance of H-shares compared to A-shares [12]. - The Hang Seng Index for H-shares has increased by 7.04% this year, driven by factors such as global economic recovery and increased liquidity in the Hong Kong market [13]. Group 3: Institutional Insights - UBS's research suggests that the AH premium, currently around 30%, has room for narrowing due to factors like improved liquidity in Hong Kong and increased foreign investment [16]. - The report indicates that while the overall AH premium may stabilize, certain stocks could experience an AH discount due to heightened interest from foreign investors [17]. - Open-source securities predict that the AH premium could return to lower levels seen between 2016 and 2019, influenced by the "AI+" narrative and regulatory improvements in the internet sector [18].

随着股价上涨，两家公司市值也水涨船高。截至5月21日，宁德时代总市值接近1.249万亿元，位居A股 第八位。比亚迪总市值超过1.246万亿元，位居A股第九位。良好的基本面是两家公司备受青睐的重要原 因。根据中汽协数据，2025年1—4月，新能源汽车产销分别完成442.9万辆和430万辆，同比分别增长 48.3%和46.2%。 5月21日，宁德时代（300750）H股延续香港上市首日涨势，盘中涨幅一度超12%，股价突破343港元/ 股，刷新5月20日高点。与此同时，宁德时代在A股市场盘中价格逼近280元/股，创下年内新高。比亚迪 （002594）在港股市场亦强势上涨，当日收盘价首次站上460港元/股大关，并推动其A股股价突破前期 高点。 作为先进制造领域的领军企业，宁德时代和比亚迪在港股市场的股价均高于其A股股价，成为当前市场 上少数A股股价低于港股的公司。业内人士认为，这一现象不仅深刻反映了我国核心资产的时代变迁， 也表明港股优质资产价值正在得到全球投资者的认可，从而带动A股相关公司价值重塑。 宁德时代H股溢价率创六年来新高 5月20日，宁德时代登陆港交所，完成"A+H"双资本平台布局。此次港股IPO募资35 ...

Core Viewpoint - CATL's H-shares debuted on the Hong Kong Stock Exchange with a significant premium over its A-shares, indicating a shift in market dynamics for Chinese companies listing in Hong Kong [2][3]. Group 1: Market Performance - On the first day of trading, CATL's H-shares opened over 12% higher and closed at 306.2 HKD per share, a 16.43% increase, with a trading volume exceeding 8.2 billion HKD [2]. - The closing price of CATL's A-shares was 263 RMB, resulting in a premium of approximately 7.4% for H-shares compared to A-shares, a rare occurrence in the Hong Kong market [2]. Group 2: Factors Influencing Premium - The premium of CATL's H-shares over A-shares is attributed to improved liquidity in the Hong Kong market, the scarcity of quality investment targets, and the structure of the share issuance [3][4]. - The average daily trading volume in the Hong Kong market surged to over 270 billion HKD in April, a 140% year-on-year increase, enhancing the financing efficiency for A-share companies listing in Hong Kong [3]. - CATL's IPO was oversubscribed by 15.17 times during the international placement phase, indicating strong demand and contributing to the liquidity premium on the listing day [4]. Group 3: Institutional Investment - A significant portion of CATL's shares is held by institutional investors, with only 7.5% of shares available for public offering, leading to a more stable investment environment [5]. - Institutional investors in the Hong Kong market focus on long-term value and fundamentals, reducing short-term speculative trading [5]. Group 4: Trends in A-H Share Pricing - Historically, A-shares have traded at a premium to H-shares, but this trend is changing, with the AH share premium index declining nearly 10% since 2025 [5][6]. - The narrowing of the price gap suggests a significant correction in H-share valuations relative to A-shares, particularly for large-cap companies [6]. - The positive performance of the Hong Kong market and increased liquidity are expected to attract more A-share companies to list in Hong Kong, especially in the renewable energy sector [6].