Core Insights - The recent trend in the A-share market has seen a surge in companies planning to list H-shares in Hong Kong, with notable performances from companies like CATL, whose H-share prices have surpassed their A-share counterparts, drawing significant market attention [1][2]. Group 1: H-share Performance - CATL's H-share price reached 322.40 HKD, exceeding its A-share price of 266.99 CNY, resulting in an AH share premium rate of -9.85% as of May 23 [2]. - Other companies such as BYD and China Merchants Bank also exhibited H-share prices higher than A-share prices, with premium rates of -5.23% and -3.51% respectively [3]. - The overall trend indicates a narrowing gap between A-share and H-share prices, with potential for H-shares to exceed A-shares in more cases [3]. 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 [4]. - The Hang Seng Index (H-share index) has increased by 7.04% this year, attributed to global economic recovery and increased liquidity in the Hong Kong market [4]. Group 3: Institutional Insights - UBS's China equity strategy head suggests that the AH premium, currently around 30%, has room for narrowing due to factors like reduced US-China tariffs and improved liquidity in Hong Kong [6]. - The report indicates that while the overall AH premium may remain stable, certain stocks could experience an AH discount due to increased foreign interest and higher liquidity in Hong Kong [6]. Group 4: Future Outlook - Analysts from CICC and Kaiyuan Securities believe that the AH price gap may continue to narrow, with potential for Hong Kong stocks to outperform A-shares in the short term due to external uncertainties and the impact of AI and regulatory changes in the internet sector [7].

文 | 银行螺丝钉 （转载请注明出处） 2024年4季度, A股上涨超过港股,AH股溢 价指数短期接近150。 最近港股上涨较多，这个指数也掉到了131 上下。 时间拉长后， AH股溢价率指数，长期上下 波动,并没有拉开特别大的差距。 说明A股和同公司港股，长期回报相似。 对同公司的H股的溢价程度。 因为是同公司，所以基本面相同。 比如说这个指数是140,意味着 A股相对同 公司的H股，平均溢价了40%。 这几年,AH股溢价率指数在130-140上下。 因为港股分红税、印花税、交易费用等比A 股高，常态下港股 H股比同公司A股便宜大 约30%-40%。 所以也不用担心，后面也会有 A股发挥的阶 段的。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...