据报道，公募基金不断买入高折价的AH股中的港股，这有助于降低AH股溢价率。从价值投资的角度 看，同股、同权、同价是大势所趋，未来AH股溢价率有望持续收缩。 恒生AH股溢价指数从2025年初的140附近目前已经下降至118.81，表明同时存在A股和港股的公司股 价，A股股价较港股股价的平均溢价率已经从40%附近下降至18.81%，溢价水平不断收缩。 这种资金流向不仅改善了港股的流动性环境，更通过实际成交价格的拉升，直接压缩了同一标的在两地 的价差。当内资成为港股市场不可忽视的定价力量时，两地市场的定价逻辑趋于统一，溢价率收缩具备 了坚实的资金基础。 价值投资的核心在于资产价格最终会回归其内在价值。同一家企业的盈利能力、治理水平和派息政策在 AH两地完全对等。从长远看，不同市场之间带来的非理性折价不具备永远存在的条件。随着互联互通 机制不断发展，两地市场在交易制度、信息披露以及监管标准上日趋同步，这种制度性的融合正在消除 导致溢价的客观原因。 同股、同权、同价是成熟资本市场的基本特征。当两地投资者能够无障碍地跨市场选择同一资产时，价 格均衡点自然会向价值中心靠拢。港股折价的消失，本质上是市场套利机会被抹平的过程， ...

据报道，公募基金不断买入高折价的AH股中的港股，这有助于降低AH股溢价率。从价值投资的角度 看，同股、同权、同价是大势所趋，未来AH股溢价率有望持续收缩。 恒生A H股溢价指数从2025年初的140附近目前已经下降至118.81，表明同时存在A股和港股的公司股 价，A股股价较港股股价的平均溢价率已经从40%附近下降至18.81%，溢价水平不断收缩。 在A股、港股两地金融市场互联互通机制不断深化的背景下，公募基金已经对两边的溢价现象充分重 视，并不断进行逢低买入相关港股股票的交易，从价值投资的底层逻辑出发，同股、同权、同价不仅是 理论上的终点，也是两地市场融合发展的必然趋势。 公募基金买入行为的背后，是资本对确定性价值的追逐。长期以来，港股市场由于参与者以海外机构为 主，且受到全球宏观流动性环境的直接制约，导致其在估值层面相对于A股长期处于贴水状态。 当公募基金等内资通过港股通渠道稳步增持时，投资者对于内地蓝筹股的估值逻辑也在发生变化。内地 机构的定价权不断提升，意味着港股的价值发现功能被激活。随着公募基金为主的内地机构对港股配置 比例的提升，这种由资金力量驱动的价值修复，正在不断填平港股的价值洼地。 这种资金 ...

Core Insights - The article emphasizes the importance of reform and opening-up as a key driver for high-quality development in contemporary China, particularly in Jiangsu province, which has achieved significant milestones during the "14th Five-Year Plan" period. Group 1: Economic Development and Reform - Jiangsu has over 14.6 million business entities, with registered individual businesses exceeding 10 million, leading the nation [1] - The province's actual foreign investment during the "14th Five-Year Plan" period surpassed $119 billion, maintaining the top position in the country [1] - Jiangsu has focused on key areas for reform, enhancing the socialist market economy system and expanding international cooperation [1] Group 2: Domestic Market and Logistics - Jiangsu has strengthened the foundation for domestic circulation, actively participating in the construction of a unified national market [2] - The province has established 10 national logistics hubs and 8 national-level demonstration logistics parks, with logistics costs as a percentage of GDP reduced to 12.7%, 1.3 percentage points lower than the national average [2] - The Yangtze River Delta region has accelerated market integration through collaborative initiatives among Shanghai, Zhejiang, and Anhui [2] Group 3: Factor Market and Financial Support - Jiangsu has advanced the market-oriented allocation of factors, enhancing technological innovation, land utilization, talent attraction, and capital supply [3] - The province has seen a significant increase in social financing, with new loans ranking first nationally since 2022, and 256 new domestic listed companies established during the "14th Five-Year Plan" [3] Group 4: Data and Digital Economy - Jiangsu has pioneered a unified public data management model, registering 14,908 types of public data resources, the highest in the country [4] - The province has established a trading framework for data, including a data exchange and a unified platform system [4] Group 5: Quality and Efficiency of Business Entities - Jiangsu's business entities have shown renewed vitality, with state-owned enterprises investing a total of 670 billion yuan during the "14th Five-Year Plan," accounting for nearly one-sixth of provincial major project investments [5][6] - The province has achieved high-quality standards in manufacturing and public services, with quality indices ranking first nationally [6] Group 6: Open Economy and Investment Environment - Jiangsu has maintained its position as the top province for foreign investment, with a cumulative scale exceeding $119 billion during the "14th Five-Year Plan," representing about one-sixth of the national total [7] - The province has been recognized for its favorable business environment for five consecutive years, aiming to become a premier investment destination [7]

Core Viewpoint - The proposal emphasizes enhancing the core engine function of the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on technology cooperation, industrial collaboration, regulatory alignment, and cultural exchange to better integrate Hong Kong and Macao into the national development framework [1] Group 1: Economic Development - The plan aims to deepen market integration and actively participate in the construction of a unified market in the Greater Bay Area, adhering to the "five unifications and one openness" basic requirements [1] - It highlights the importance of legislative, enforcement, and judicial collaboration across all processes to facilitate smoother operations within the region [1] Group 2: Financial Initiatives - The proposal includes the establishment of more "Bay Area standards" and "Bay Area certifications" to enhance competitiveness and regulatory alignment [1] - It supports the development of cross-border financial services such as "Bond Connect" and "Wealth Management Connect," and the establishment of an international commercial bank in the Greater Bay Area [1] Group 3: Talent and Collaboration - The plan aims to expand the professional practice areas for talent from Hong Kong and Macao, facilitating their integration into the Greater Bay Area's economic activities [1] - It encourages collaboration between the Guangzhou Futures Exchange and the Hong Kong Stock Exchange for product listing cooperation [1]

Group 1 - The construction of the Shenzhen-Zhongshan Bridge has significantly shortened travel time between Shenzhen and Zhongshan to half an hour, facilitating the accelerated flow of talent, capital, and technology within the Guangdong-Hong Kong-Macao Greater Bay Area [2] - New industrial collaboration models such as "Shenzhen headquarters + Zhongshan manufacturing" and "Shenzhen R&D + Zhongshan transformation" are emerging, indicating a robust integration of industries between the two cities [2] - The "Bay Area Standards" have reached a total of 235 items as of May this year, reflecting the continuous improvement in market integration levels among Guangdong, Hong Kong, and Macao [3] Group 2 - The Shenzhen-Zhongshan Bridge has recorded over 3 million passengers since its opening, highlighting its role in enhancing cross-city public transport [1] - The local government in Zhongshan has implemented over 300 administrative service items to facilitate cross-city operations for Shenzhen enterprises, promoting a seamless business environment [2] - The ongoing development of cross-river and cross-sea channels in the Greater Bay Area is contributing to the formation of a "railway-based Greater Bay Area," enhancing connectivity and convenience for residents [3]

Core Points - The meeting focused on advancing the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing the importance of implementing Xi Jinping's strategic considerations and expectations for the region [1][2] - The leadership aims to enhance the core engine role of the Greater Bay Area, deepen cooperation with Hong Kong and Macao, and promote market integration [3] Group 1: Strategic Goals - The leadership recognizes the need to deepen reforms and expand high-level opening-up to fully leverage the Greater Bay Area's core engine role [2] - There is a commitment to advancing the "Nansha Plan" and optimizing the modern industrial system in Nansha, aiming for high-quality development [2] - The focus is on integrating innovation across industries and establishing a competitive modern industrial system [2] Group 2: Infrastructure and Connectivity - The meeting highlighted the importance of enhancing infrastructure connectivity and exploring high-standard economic and trade rules with Hong Kong and Macao [3] - There is an emphasis on the construction of a world-class airport and port cluster, as well as the development of international commercial banks and shipping joint transaction centers [2][3] Group 3: Social and Regional Development - The leadership aims to promote shared development among Guangzhou, Hong Kong, and Macao, particularly in education, healthcare, and cultural exchanges [2] - There is a focus on regional coordination and enhancing the capabilities of major platforms like the Knowledge City and the Eastern Center [2][3]