二是内地企业全球化战略与融资需求驱动。龙头企业通过港股上市加速全球化布局，如宁德时代 （300750）募资用于匈牙利工厂建设；恒瑞医药（600276）计划将资金投入海外临床研发。此外，港股 以港币计价的特性便于企业获取美元融资，降低汇率波动风险。 近日，在第十九届上市公司价值评选专家评审会上，红土创新基金总经理冀洪涛分享了关于当前内地企 业赴港上市热潮的核心动因及对A股资产估值的影响。冀洪涛认为，赴港上市热潮有望推动中国核心资 产价值估值修复，推动科技股估值水平与国际接轨。 冀洪涛表示，今年以来内地企业赴港上市热潮的驱动因素有三方面：一是港交所制度优化降低了上市门 槛。2024年港交所推出"科企专线"，为特专科技、生物科技企业开辟快速审核通道，同时完善 了"A+H"二次上市规则，允许A股优质企业赴港，解决了此前"审核慢、门槛高"的痛点，使港股重新成 为内地企业国际化的"优选平台"。 谈到赴港上市热潮对A股估值体系的影响，冀洪涛认为，当前AH股溢价指数处于历史底部区间，部分 龙头企业H股出现溢价，有望通过"套利交易"和"价值投资"机制推动A股估值修复。长期来看，A股核心 资产估值将更贴近全球定价体系。冀洪涛同时 ...

谈到赴港上市热潮对A股估值体系的影响，冀洪涛认为，当前AH股溢价指数处于历史底部区间，部分 龙头企业H股出现溢价，有望通过"套利交易"和"价值投资"机制推动A股估值修复。长期来看，A股核心 资产估值将更贴近全球定价体系。冀洪涛同时谈到了对成长股的估值影响，认为成长股估值逻辑向"技 术壁垒"切换。港股市场对科技企业的估值更侧重研发投入与技术壁垒，促进A股市场从估值驱动转向 成长驱动。 对港股市场有哪些影响呢？冀洪涛认为，赴港上市热潮重塑了港股流动性，南向资金主导与成长风格崛 起。据观察，南向资金成市场"压舱石"，表现为港股通资金的流入规模和交易占比均创历史新高。资金 流向从高股息（金融、公用事业）转向成长板块，港股市场结构从"金融地产主导"转向"科技+消费"驱 动，流动性向头部成长股集中。 （文章来源：证券时报） 冀洪涛表示，今年以来内地企业赴港上市热潮的驱动因素有三方面：一是港交所制度优化降低了上市门 槛。2024年港交所推出"科企专线"，为特专科技、生物科技企业开辟快速审核通道，同时完善 了"A+H"二次上市规则，允许A股优质企业赴港，解决了此前"审核慢、门槛高"的痛点，使港股重新成 为内地企业国际化的"优 ...

Investment Rating - The report maintains an "Overweight" rating for the communication industry and its sub-sectors, including communication operators [9]. Core Insights - China Mobile has initiated a centralized procurement project for ordinary optical cable products for 2025-2026, with a notable decrease in both procurement scale and price limits, indicating a downward trend in capital expenditure for traditional connections [2][3]. - The optical fiber and cable manufacturers are expected to seek new growth points in saturated markets, such as undersea cables and data center interconnect (DCI) [2][3]. - The report highlights the need to monitor the bidding progress of optical fiber and cable manufacturers and their breakthroughs in new directions [2][3]. Summary by Sections Market Overview - The communication index rose by 4.96% last week, outperforming the Shanghai Composite Index and Shenzhen Component Index, which increased by 1.92% and 2.29%, respectively [2][13]. - The procurement scale for China Mobile's current round is 0.99 billion core kilometers, down 30.98% from 2021 and 8.65% from 2023 [14]. Procurement Details - The maximum price limit for this round is set at 5.675 billion yuan, a decrease of 42.44% from 2021 and 25.57% from 2023 [14]. - The average procurement price is 57.42 yuan per core kilometer, down 16.6% from 2021 and 18.72% from 2023 [14]. Company Recommendations - The report recommends several companies for investment, including China Mobile, China Telecom, and China Unicom, with target prices and ratings indicating a bullish outlook [10]. - Specific companies highlighted for their potential include Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, all rated as "Buy" [10]. Industry Trends - The report notes a significant shift in focus towards AI computing chains and core asset value reassessment within the communication industry [4]. - The demand for optical cables in data centers is projected to account for approximately 5% of global demand by 2025, increasing to over 11% by 2030 [18]. Competitive Landscape - The competitive environment among optical cable manufacturers is expected to intensify due to the reduced procurement scale and price limits, with a maximum share of 19.36% for winning bidders [15][18]. - Major players are expanding into international undersea communication projects, with companies like Hengtong Optic-Electric actively participating in global markets [19].