点击蓝字，关注我们 瑞银认为，这种优异表现反映了多个因素，包括：1）上市企业的质量和年份改善；2）中国内地 IPO 限制收紧；3）香港流动性改善； 4）外国投资者对中国核心资产的需求增加。 这些新上市公司反过来进一步多元化并增强了 H 股的行业组合，且随着关税暂时缓和、外国投资者 持仓较低，以及中国股市估值相比其他市场较低，瑞银继续对 H 股持乐观看法。 一、短期 A-H 溢价可能收窄 A-H 溢价目前为 33%，接近 10 年平均水平，但低于近期 5 年平均水平。 外国投资者对中国核心资产的需求正在增强？ 今年香港 IPO 市场已复苏，年初至今融资总额达 90 亿美元，尽管仍低于 2020 年的峰值，但同比增长 320%。今年的 IPO 年初至今平均回报率达 18%，跑赢恒生指数 （+13%）；相比之下，前几年 IPO 后三个月的平均回报率仅为 4%。 香港 IPO 后三个月平均回报率 瑞银注意到，例如 MSCI 中国指数对在香港上市的股票不采用基于市场的扣减（下次重新平衡公告日 期为次年 8 月 7 日），而恒生科技指数（HSTECH）在其成分股中偏好高科技公司（季度重新平 衡）。 瑞银估计，跟踪恒生科技 ...

Group 1 - The demand from foreign investors for core Chinese assets is increasing, with Hong Kong's IPO market recovering this year, raising a total of $9 billion, which is a 320% year-on-year increase despite being lower than the peak in 2020 [1][2] - The average return rate for IPOs this year has reached 18%, outperforming the Hang Seng Index, which increased by 13% [1] - UBS attributes the strong performance of IPOs to improved quality of listed companies, tightening IPO restrictions in mainland China, improved liquidity in Hong Kong, and increased demand from foreign investors for core Chinese assets [2] Group 2 - The A-H premium currently stands at 33%, close to the 10-year average but below the recent 5-year average, with potential for narrowing in the short term due to factors such as easing geopolitical tensions and increased foreign capital inflow [3][5] - Certain stocks are experiencing A-H discounts rather than premiums, viewed as high-quality core holdings by foreign investors, with examples including BYD and China Merchants Bank, which currently have an A-H discount of about 3% [5] Group 3 - Passive fund flows may further benefit large IPOs in Hong Kong, with estimated management funds for ETFs tracking the Hang Seng Tech Index and MSCI China Index at approximately $24 billion and $12 billion, respectively [8] - Despite frequent IPO activities this year, the total financing amount remains modest compared to the peak in 2020 and the $53 billion inflow of southbound funds this year [9] Group 4 - The diversification and quality of Hong Kong stocks have improved due to the influx of A-share blue-chip companies and the return of American Depositary Receipts (ADRs), with H-shares showing robust earnings performance [12]