截止12月19日收盘，东北电气(00042)、浙江世宝(01057)、弘业期货(03678)分列AH溢价率前三位，溢价 率分别为900.00%、311.98%、272.19%；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-11.29%、-1.47%、3.02%。其中浙江世宝(01057)、钧达股份(02865)、东 北电气(00042)的偏离值位居前三，分别为45.26%、31.98%、24.73%；另外，广汽集团(02238)、第一拖 拉机股份(00038)、长飞光纤光缆(06869)的偏离值位居后三，分别为-21.76%、-15.00%、-14.68%。 前十大AH股溢价率排行 后十大AH股溢价率排行 | 股票名称 | H股(港元) | A股 | 溢价率↑ | 偏离值 | | --- | --- | --- | --- | --- | | 宁德时代(03750) | 505.000 | 374 | -11.29% | -3.35% | | 招商银行(03968) | 51.050 | 41.99 | -1.47% | -0.68% | | 恒瑞 ...

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant discrepancies between H-shares and A-shares for various companies [1][2][3]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 900.00%, followed by Hongye Futures (03678) at 271.51% and Beijing Machinery (00187) at 270.90% [1][2]. - The top three companies with the highest deviation values are Beijing Machinery (29.68%), Guanghe Tong (28.56%), and Northeast Electric (27.53%) [1][4]. Group 2: Bottom AH Share Premium Rates - The companies with the lowest AH share premium rates include Heng Rui Medicine (01276) with an unspecified rate, Ningde Times (03750) at -10.42%, and China Merchants Bank (03968) at 0.30% [1][3]. - The bottom three companies with the lowest deviation values are First Tractor (00038) at -18.79%, Zhejiang Shibao (01057) at -17.76%, and GAC Group (02238) at -17.40% [1][5]. Group 3: Detailed Premium and Deviation Data - The detailed premium and deviation data for the top ten AH shares shows significant premiums for companies like Sinopec Oilfield Service (01033) at 265.22% and Fudan Zhangjiang (01349) at 254.87% [2]. - The bottom ten AH shares include companies like WuXi AppTec (02359) with a premium of 5.28% and Weichai Power (02338) at 6.70% [3].

Group 1 - The article highlights the top three and bottom three AH premium rates for stocks as of December 8, with Northeast Electric (00042) leading at 900.00% [1] - The second and third highest AH premium rates are for Hongye Futures (03678) at 271.02% and Zhejiang Shibao (01057) at 263.14% [1] - The lowest AH premium rates are for Ningde Times (03750) at -7.18%, followed by China Merchants Bank (03968) at 0.50% and Hengrui Medicine (01276) at 3.12% [1] Group 2 - The article provides a detailed ranking of the top ten AH stocks by premium rate, with Northeast Electric (00042) having a significant premium of 900.00% and a deviation value of 33.05% [1] - Other notable stocks in the top ten include Sinopec Oilfield Service (01033) with a premium of 259.21% and a deviation value of -5.20% [1] - The bottom ten AH stocks by premium rate include Weichai Power (02338) with a premium of 5.92% and a deviation value of -3.57% [1] Group 3 - The article also lists the top ten AH stocks by deviation value, with Northeast Electric (00042) again leading with a deviation of 33.05% [1] - Guanghetong (00638) and Beijing Jingcheng Machinery (00187) follow with deviation values of 28.42% and 26.94% respectively [1] - The bottom three stocks by deviation value include GAC Group (02238) at -17.56%, Jiangsu Ninghu Expressway (00177) at -17.19%, and Shenzhen Expressway (00548) at -11.56% [1]

智通财经APP获悉，截止12月2日收盘，东北电气(00042)、弘业期货(03678)、中石化油服(01033)分列 AH溢价率前三位，溢价率分别为900.00%、272.78%、262.34%；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-5.04%、-0.84%、2.24%。其中广和通(00638)、 东北电气(00042)、京城机电股份(00187)的偏离值位居前三，分别为43.63%、37.21%、23.54%；另外， 广汽集团(02238)、均胜电子(00699)、江苏宁沪高速公路(00177)的偏离值位居后三，分别 为-24.67%、-17.32%、-16.02%。 前十大AH股溢价率排行 后十大AH股偏离值排行 | 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↑ | | --- | --- | --- | --- | --- | | 广汽集团(02238) | 4.250 | 9.17 | 158.35% | -24.67% | | 均胜电子(00699) | 17.850 | 26.98 | 81.06% | -17 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1][2][3] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with a premium rate of 847.37%, followed by Sinopec Oilfield Service (01033) at 270.27% and Hongye Futures (03678) at 269.94% [1][2] - Zhejiang Shibao (01057) and Fudan Zhangjiang (01349) also show high premium rates of 263.16% and 250.00% respectively [2] Group 2: Bottom AH Premium Rates - The lowest premium rates are observed in CATL (03750) at -4.68%, China Merchants Bank (03968) at -1.05%, and Heng Rui Medicine (01276) at 4.32% [1][2] - Other companies like WuXi AppTec (02359) and Midea Group (00300) also show modest premium rates of 5.49% and 5.97% respectively [2] Group 3: Top AH Deviation Values - Guanghe Tong (00638) has the highest deviation value at 32.28%, followed by Beijing Jingcheng Machinery Electric (00187) at 21.40% and Fudan Zhangjiang (01349) at 17.42% [1][3] - Nanjing Panda Electronics (00553) also shows a significant deviation value of 17.34% [3] Group 4: Bottom AH Deviation Values - The lowest deviation values are recorded for Zhongwei New Materials (02579) at -23.92%, Longpan Technology (02465) at -15.25%, and Anhui Wanshan Expressway (00995) at -12.36% [1][3] - Other companies like Ganfeng Lithium (01772) and China Life (02628) also show negative deviation values of -11.85% and -9.94% respectively [3]

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]