智通财经APP获悉，截止11月24日收盘，东北电气(00042)、中石化油服(01033)、弘业期货(03678)分列 AH溢价率前三位，溢价率分别为847.37%、270.27%、269.94%；宁德时代(03750)、招商银行(03968)、 恒瑞医药(01276)分列AH溢价率末三位，溢价率分别为-4.68%、-1.05%、4.32%。其中广和通(00638)、 京城机电股份(00187)、复旦张江(01349)的偏离值位居前三，分别为32.28%、21.40%、17.42%；另外， 中伟新材(02579)、龙蟠科技(02465)、安徽皖通高速公路(00995)的偏离值位居后三，分别 为-23.92%、-15.25%、-12.36%。 前十大AH股溢价率排行 前十大AH股偏离值排行 股票名称 H股(港元) A股 溢价率 偏离值↓ 广和通(00638) 14.860 24.95 101.14% 32.28% 京城机电股份 (00187) 4.060 11.48 238.67% 21.40% 复旦张江(01349) 2.940 8.59 250.00% 17.42% 南京熊猫电子股份 (00553) 4.2 ...

Core Insights - The article highlights the top and bottom AH share premium rates as of November 19, with Northeast Electric (00042) leading at 847.37% and CATL (03750) at -8.50% [1][2]. Premium Rate Rankings - The top three AH share premium rates are: - Northeast Electric (00042): 847.37% - Hongye Futures (03678): 281.60% - Sinopec Oilfield Service (01033): 278.48% [2] - The bottom three AH share premium rates are: - CATL (03750): -8.50% - China Merchants Bank (03968): 0.33% - Heng Rui Medicine (01276): 3.61% [2] Deviation Value Rankings - The highest deviation values are: - Hongye Futures (03678): 31.12% - Sinopec Oilfield Service (01033): 29.24% - Zhejiang Shibao (01057): 28.97% [1][2] - The lowest deviation values are: - Ganfeng Lithium (01772): -15.34% - COSCO Shipping Energy (01138): -11.82% - China Eastern Airlines (00670): -11.38% [1][3]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 7, with Northeast Electric (00042) leading with a premium rate of 881.82% [1] - The article also provides a detailed ranking of stocks based on their deviation values, indicating significant discrepancies between H-shares and A-shares [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): H-share at 0.275 HKD, A-share at 2.25 CNY, premium rate of 881.82%, deviation value of 47.50% [1] - Hongye Futures (03678): H-share at 3.600 HKD, A-share at 10.95 CNY, premium rate of 264.44%, deviation value of 26.95% [1] - Sinopec Oilfield Service (01033): H-share at 0.770 HKD, A-share at 2.31 CNY, premium rate of 259.74%, deviation value of 23.17% [1] - The bottom three stocks with the lowest AH premium rates are: - CATL (03750): H-share at 558.500 HKD, A-share at 395.37 CNY, premium rate of -15.21%, deviation value of 1.62% [1] - China Merchants Bank (03968): H-share at 51.250 HKD, A-share at 42.51 CNY, premium rate of -0.64%, deviation value of -2.86% [1] - Heng Rui Medicine (01276): H-share at 69.950 HKD, A-share at 61.74 CNY, premium rate of 5.72%, deviation value of 7.04% [1] Deviation Value Rankings - The top three stocks with the highest deviation values are: - Northeast Electric (00042): premium rate of 881.82%, deviation value of 47.50% [1] - Hongye Futures (03678): premium rate of 264.44%, deviation value of 26.95% [1] - Changfei Optical Fiber (06869): premium rate of 189.56%, deviation value of 26.59% [1] - The bottom three stocks with the lowest deviation values are: - COSCO Shipping Energy (01138): premium rate of 41.17%, deviation value of -13.87% [2] - China Eastern Airlines (00670): premium rate of 37.91%, deviation value of -11.53% [2] - China Life Insurance (02628): premium rate of 103.35%, deviation value of -11.12% [2]

Core Insights - The article highlights the top and bottom AH share premium rates as of October 31, with Northeast Electric (00042) leading at 847.37% and Ningde Times (03750) at -16.62% [1][2][3] Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 847.37% with H-share priced at HKD 0.285 and A-share at CNY 2.25 [2][3] - Hongye Futures (03678) follows with a premium rate of 249.09%, H-share at HKD 3.850 and A-share at CNY 11.22 [2][3] - Andeli Juice (02218) also has a premium rate of 249.06%, with H-share at HKD 15.960 and A-share at CNY 46.51 [2][3] Bottom AH Share Premium Rates - Ningde Times (03750) shows a premium rate of -16.62%, with H-share at HKD 558.500 and A-share at CNY 388.77 [2][3] - China Merchants Bank (03968) has a premium rate of 0.70%, with H-share at HKD 48.640 and A-share at CNY 40.89 [2][3] - Heng Rui Pharmaceutical (01276) has a premium rate of 2.18%, with H-share at HKD 75.200 and A-share at CNY 64.15 [2][3] Top AH Share Deviation Values - Changfei Optical Fiber (06869) has the highest deviation value at 30.17%, with H-share at HKD 35.820 and A-share at CNY 85 [1][2] - Fudan Zhangjiang (01349) follows with a deviation value of 25.11%, H-share at HKD 3.270 and A-share at CNY 9.31 [1][2] - Shandong Molong (00568) has a deviation value of 22.49%, with H-share at HKD 4.100 and A-share at CNY 7.24 [1][2] Bottom AH Share Deviation Values - CNOOC Services (02883) has the lowest deviation value at -12.82%, with H-share at HKD 7.570 and A-share at CNY 14.39 [4] - First Tractor Company (00038) follows with a deviation value of -11.21%, H-share at HKD 7.830 and A-share at CNY 13.04 [4] - COSCO Shipping Energy (01138) has a deviation value of -10.47%, with H-share at HKD 11.000 and A-share at CNY 13.49 [4]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of October 22, with Northeast Electric, Hongye Futures, and Andeli Juice leading in premium rates, while CATL, Heng Rui Medicine, and China Merchants Bank lag behind [1][2]. AH Premium Rate Rankings - The top three stocks by AH premium rate are: - Northeast Electric (00042) with a premium rate of 847.37% - Hongye Futures (03678) with a premium rate of 248.83% - Andeli Juice (02218) with a premium rate of 248.39% [2] - The bottom three stocks by AH premium rate are: - CATL (03750) with a premium rate of -18.20% - Heng Rui Medicine (01276) with a premium rate of 0.15% - China Merchants Bank (03968) with a premium rate of 1.60% [2] Deviation Values - The top three stocks by deviation value are: - Guanghe Tong (00638) with a deviation value of 81.35% - Shandong Molong (00568) with a deviation value of 38.55% - Changfei Optical Fiber (06869) with a deviation value of 35.75% [1][2] - The bottom three stocks by deviation value are: - Shanghai Electric (02727) with a deviation value of -23.77% - Chalco International (02068) with a deviation value of -22.62% - China National Foreign Trade (00598) with a deviation value of -17.07% [1][3]

Group 1: AH Market Performance - A-shares have significantly outperformed H-shares since the beginning of Q3 2025, indicating a divergence from the AH premium rate trends[3] - The AH premium rate index recently touched a historical low of 120, suggesting a potential reconfiguration of the premium rate central tendency[20] - The premium rate is influenced by liquidity differences, investor structure, and tax policies between A-shares and H-shares[5] Group 2: Q4 Outlook - The Q4 investment strategy should shift focus from aggressive tech growth sectors to policy-favored areas such as consumption and re-inflation sectors[7] - A-share earnings growth is expected to be stronger than H-share, with the ChiNext and Sci-Tech 50 indices showing higher projected earnings per share (EPS) growth rates[12] - The liquidity in A-shares remains robust, with a significant portion of trading activity driven by "deposit migration" phenomena[69] Group 3: Valuation and Risk - The valuation of H-shares appears less attractive compared to A-shares, with the Hang Seng Index's risk premium at relatively low levels[98] - The risk premium for H-shares is currently insufficient for foreign investors, while the Nasdaq remains appealing due to its risk premium levels[100] - The report highlights potential risks including policy misalignment and model failures that could impact future performance[13]

Core Insights - The article highlights the current AH premium rates of various stocks, with Northeast Electric (00042) leading at 815.25% and Ningde Times (03750) at the bottom with -12.98% [1][2][3] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042) at 815.25% - Hongye Futures (03678) at 234.51% - Sinopec Oilfield Service (01033) at 222.78% [1][2] - The bottom three stocks with the lowest AH premium rates are: - Ningde Times (03750) at -12.98% - Heng Rui Pharmaceutical (01276) at -5.18% - Zijin Mining (02899) at 3.36% [1][3] Deviation Value Rankings - The stocks with the highest deviation values are: - Changfei Fiber Optic Cable (06869) at 29.36% - Northeast Electric (00042) at 28.81% - Zhaoyan New Drug (06127) at 26.44% [1][4] - The stocks with the lowest deviation values are: - Longyuan Power (00916) at -29.23% - Longpan Technology (02465) at -23.15% - Fosun Pharmaceutical (02196) at -22.01% [1][5]

Core Insights - The article highlights the top and bottom AH share premium rates as of September 17, with Northeast Electric (00042) leading at a premium of 831.03% and Ningde Times (03750) at the bottom with -10.11% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has the highest premium rate of 831.03% with a deviation value of 44.04% [2][4] - Andeli Juice (02218) follows with a premium rate of 236.50% and a deviation value of 8.97% [2] - Hongye Futures (03678) ranks third with a premium rate of 223.11% and a deviation value of -13.14% [2] Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -10.11% with a deviation value of 6.07% [3] - Heng Rui Medicine (01276) has a premium rate of -1.06% and a deviation value of 0.46% [3] - Midea Group (00300) shows a premium rate of 3.86% with a deviation value of -2.87% [3] Group 3: Top Deviation Values - Northeast Electric (00042) leads in deviation value at 44.04% with a premium rate of 831.03% [4] - Zhaoyan New Drug (06127) has a deviation value of 22.30% with a premium rate of 97.55% [4] - Zhejiang Shibao (01057) follows with a deviation value of 21.80% and a premium rate of 216.26% [4] Group 4: Bottom Deviation Values - Fudan Zhangjiang (01349) has the lowest deviation value at -22.95% with a premium rate of 195.69% [5] - Longyuan Power (00916) shows a deviation value of -21.66% with a premium rate of 163.60% [5] - Liaogang Co. (02880) has a deviation value of -20.47% with a premium rate of 105.66% [5]

Core Viewpoint - The recent performance of AH premium and the stock performance of A-shares and H-shares are showing completely opposite trends, with A-shares outperforming H-shares, yet the AH premium index has reached a new low since 2020 [1][2]. Group 1: AH Premium and Market Trends - The AH premium rate has reached a new low, despite A-share indices showing better performance than H-share indices [1][2]. - Since August, 84% of H-shares have outperformed A-shares, indicating a shift in investment focus towards quality H-share assets by southbound funds and foreign capital [11]. Group 2: Historical Context and Investment Strategies - Historically, from 2014 to 2023, the AH premium rate had a potential bottom of 125%, attributed to the 20% dividend tax on H-shares and the tax exemption for A-shares held for over a year [5]. - Prior to the opening of the Hong Kong Stock Connect, the average AH premium rate from 2006 to 2014 was around 115.8%, which increased after the connect was established [5]. Group 3: Factors Influencing Current Trends - The current AH premium rate bottom of 125% is no longer valid due to three main reasons: increased investment in H-shares by insurance funds, a surge in high-end manufacturing and tech companies listing in Hong Kong, and potential changes in tax regulations suggested by the Hong Kong Securities and Futures Commission [10]. - Insurance funds have made 23 significant investments in H-shares this year, benefiting from tax exemptions on dividends for shares held over 12 months [10]. Group 4: Specific Companies and Performance - Companies such as Ningde Times, 恒瑞医药 (Hengrui Medicine), and 美的集团 (Midea Group) have shown instances of AH premium rate inversion, indicating a shift in market dynamics [14][16].

Group 1 - The recent rally in Hong Kong insurance stocks is driven by capital flow towards undervalued and fundamentally strong companies [2] - Major insurance stocks such as China Pacific Insurance and China Life have seen significant price increases, with China Pacific Insurance rising by 6.20% to HKD 33.90 per share [2] - The average discount of H-shares compared to A-shares remains high, with notable discounts for companies like China Life at -52% and China Pacific Insurance at -25% [2] Group 2 - The Hong Kong stock market has shown strong upward momentum, with the Hang Seng Index rising by 20% since the beginning of the year [3] - The China Insurance Industry Association has announced a reduction in the maximum preset interest rates for various insurance products, which is expected to improve the profitability of new policies [3] - The upward trend in the 10-year government bond yield to over 1.7% alleviates asset allocation pressures, providing more room for valuation recovery in the insurance sector [3] Group 3 - The insurance industry faces significant risks related to interest rate spreads, with new single premium costs exceeding long-term government bond yields [4] - The reduction in preset interest rates to 2.0% is anticipated to enhance the potential profitability of new policies and boost sales agent motivation [4] - Asset-liability matching is crucial for determining the "real value" of insurance stocks, especially in a low-interest-rate environment [4]