AH溢价率收窄

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恒生AH溢价指数创年内新低!A股相对H股溢价收窄,4只个股现折价
Jin Rong Jie· 2025-07-18 23:34
Core Viewpoint - The Hong Kong stock market is experiencing significant changes, with the Hang Seng AH Premium Index declining and reaching a new low for the year, indicating a narrowing premium of A-shares relative to H-shares, reflecting improved liquidity and value reassessment in the market [1] Group 1: AH Premium Rate Trends - The trend of narrowing AH premium rates is particularly evident at the individual stock level, with all 160 A+H listed companies seeing their AH premium rates drop below 200% [3] - The highest premium rate is for Chenming Paper, at 199.54%, contrasting sharply with the end of 2024 when over 10 stocks had premium rates exceeding 200% [3] - As of July 18, the number of stocks with premium rates over 100% has decreased to 32, down from 57 at the end of 2024, with BYD and Hongye Futures leading at 185.83% and 185.47% respectively [3] - Notably, four stocks are now trading at a discount of A-shares relative to H-shares, with CATL showing the largest discount at 24.63% [3] Group 2: Foreign Investment Trends - H-shares have performed strongly this year, supporting the narrowing premium rates, with seven H-shares doubling in value, including Rongchang Bio, which surged by 3.91 times [4] - Foreign institutions are increasingly favoring leading assets in the Hong Kong market, as evidenced by Wellington Management's purchase of 1.14 million shares of Hengrui Medicine for approximately 84.93 million HKD [4] - CATL's H-shares have seen a cumulative increase of 50.19% since their listing on May 20, with JPMorgan increasing its stake to 5.26% after purchasing 851,600 shares [4] - WuXi AppTec also attracted foreign investment, with FMR LLC increasing its holdings to 14.04% after buying 1.72 million shares [4] Group 3: Structural Changes in the Market - The Hong Kong stock market is undergoing structural changes, with new economy sectors like innovative pharmaceuticals, new energy, and consumer electronics rapidly emerging [5] - These sectors demonstrate stronger profit growth certainty and align better with global investors' long-term allocation preferences [5] - There is a noticeable differentiation in market structure, with large-cap companies having significantly lower premium rates compared to small-cap companies, indicating institutional investors' growing recognition of industry leaders and companies with solid fundamentals [5]
德勤中国马德辉:A股和港股的估值将越来越接近
Guang Zhou Ri Bao· 2025-05-30 06:03
Group 1 - The recent surge in Hong Kong IPOs is characterized by a significant increase in the number of listings and the amount of capital raised, with 27 new stocks listed and HKD 77.6 billion raised as of May 27, compared to 21 listings and HKD 9.6 billion in the same period last year, marking a 29% increase in listings and an over eightfold increase in capital raised [1] - Over 150 new listing applications are currently being processed, with a 30% increase, including several A-share companies and more than five applicants planning to raise over USD 1 billion [1][2] - The favorable conditions for companies to list in Hong Kong include clearer and more efficient approval processes, which help companies achieve financing goals quickly, and the dual listing requirement enhances corporate governance and investor confidence [2] Group 2 - The narrowing premium between A-shares and H-shares is attracting investor attention, as the valuation levels of the A-share market have historically been higher than those of the Hong Kong market, with the liquidity in the Hong Kong market improving [2] - The trend of companies listing in Hong Kong is expected to continue, with a focus on large A-share companies, leading enterprises, Chinese concept stocks, and companies from the Middle East and ASEAN, particularly in technology and healthcare sectors [2][3] - The role of the Hong Kong market as a bridge between the domestic and global economies is expected to become more pronounced, with an increasing number of high-quality A-share companies entering the Hong Kong capital market, enhancing its capacity and influence [3]