来源：智通财经 智通财经9月30日讯（编辑 胡家荣）近期AH溢价指数逼近10年低位，南下资金成交占比已达40%，港 股配置正成为机构投资者的重要战略选择。对此华泰证券在其研报中讨论在公司同质情况下，如何判断 弹性。 现象：AH溢价的近期表现与市场困惑 AH溢价指数从今年5月的134一度下降至117，处于2018年以来的最低水平。这一现象引发了市场广泛关 注：为何同一家公司在不同市场的股价会出现如此显著的差异？ 这种溢价差异不仅突破了最近5年的下限，正在逼近10年下限，且下行速度超过了市场预期。投资者最 关心的是：AH溢价为何持续走低？往后走势如何判断？这对投资决策有何指引？ 从历史数据来看，AH溢价并不具备短期快速均值回归的特性。2015年至2019年AH溢价均值为127，而 2021年至2024年则跃升为143，表明其中枢水平本身就不稳定，且指标往往偏离中枢程度大、时间长。 本质：AH溢价存在的根本原因 虽然AH两地股份同属一家上市公司，只具有一个理论上的内在价值，但两地不同投资者对企业价值的 不同估值会以交易行为反应为价格差异。 根本原因在于两地股票无充分套利机制。A股投资者并不能将其股票换成H股去香港交 ...

Group 1 - In 2024, a record 3,720 listed companies implemented cash dividends totaling 2.4 trillion yuan, marking a historical high [1] - Over 400 companies disclosed interim dividend plans in this year's mid-year report, with a proposed total dividend amount of 180 billion yuan, indicating that interim dividends are becoming a norm for many listed companies [1] - The management encourages cash dividends as a direct and effective way to return value to investors, with policies like the "New National Nine Articles" emphasizing the need for enhanced regulation on cash dividends [1] Group 2 - The normalization of multiple dividends per year is pressuring the resolution of the dividend tax issue, as the current tax system is linked to the holding period of shares [2] - The dividend tax system imposes a differentiated tax rate based on the holding period, which can be seen as unreasonable, especially for individual investors who often face losses [2] - The introduction of multiple dividends per year highlights the unfairness of the dividend tax, as it increases the tax burden on investors who receive interim dividends [3] Group 3 - Two potential solutions to the dividend tax issue are proposed: either abolishing the dividend tax entirely or reforming the tax system to reduce the holding period for tax exemption from 12 months to 6 months [3]