Core Viewpoint - H-shares are outperforming A-shares, with the Hang Seng Index leading in the global capital market since April 2024, experiencing four rounds of technical bull markets, while the pharmaceutical sector leads the market, and technology and discretionary consumption lag behind [1][4]. Group 1: AH Premium Index - The AH premium index fell over 10%, reaching a five-year low of 127.84 points on June 11, down from over 160 points in February 2024 [2]. - The decline in the AH premium index indicates a narrowing discount of H-shares compared to A-shares, attributed to the better performance of H-shares [2]. - The index measures the price differences of A-shares and H-shares of the same companies, reflecting the relative premium or discount [2]. Group 2: IPO Market Performance - The Hong Kong IPO market has seen explosive growth, with 31 new companies listed as of June 10, reclaiming the top position in global IPO fundraising [3]. - The resilience of the Hong Kong market is notable, even in the face of unexpected challenges such as "reciprocal tariffs" [3]. Group 3: Market Dynamics and Investment Trends - The Hang Seng Index has risen over 21% since the low on April 9, entering a technical bull market, with significant sector performance divergence [4]. - The pharmaceutical sector has shown the highest ETF growth at 42.69%, while technology and discretionary consumption sectors lagged behind [4]. - Southbound capital has seen a net inflow of 674.18 billion HKD this year, indicating strong foreign interest in Hong Kong stocks [4]. Group 4: Sector Adjustments and Future Outlook - The recent adjustment in the technology sector is seen as both coincidental and inevitable, with AI-related stocks experiencing a temporary cooling off after a strong previous performance [5]. - The Hong Kong market is becoming a key platform for global capital, with an influx of leading companies and a favorable valuation environment attracting foreign investment [5].

Group 1 - A-share market is experiencing a surge in companies planning to list in Hong Kong, with notable performances from companies like CATL, BYD, and China Merchants Bank, where H-shares are trading at a premium over A-shares [1][3] - UBS's China equity strategy head suggests that the valuation of Hong Kong stocks is lower than their US counterparts, and the liquidity in Hong Kong is improving, indicating a potential narrowing of the AH share discount in the short term [3] - The China Securities Regulatory Commission announced plans to deepen cooperation with the Hong Kong Stock Exchange, supporting leading domestic companies to list in Hong Kong and optimizing the listing approval process [3] Group 2 - Major technology firms are initiating their H-share listing processes, including Zhaoyi Innovation, which has a market capitalization of nearly 80 billion, and Weir Shares, with a market cap of approximately 160 billion [3] - The Hong Kong Stock Exchange plans to increase the position limits for futures and options products related to the Hang Seng Index and other indices, pending regulatory approval [4]

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].