Core Viewpoint - The AH share premium index has dropped to a new low of 128.05 points, the lowest since July 2020, indicating a potential trend towards equal pricing for dual-listed companies in the future [1] Group 1: AH Share Premium Index - The AH share premium index has fallen below 127 points, currently at 128.05 points, marking a significant decline [1] - The continuous decrease in the AH share premium index reflects a combination of market rationality and institutional progress [1] Group 2: Future Outlook - There is an expectation that the valuation premium for high-quality dual-listed stocks will continue to decrease, potentially leading to equal pricing for AH shares [1] - Achieving equal pricing for AH shares is seen as a positive development for the valuation recovery of these stocks [1] Group 3: Investment Considerations - Investors are advised to focus on the fundamentals of companies, industry trends, and global layout capabilities when seizing opportunities related to equal pricing of high-quality AH shares [1] - The realization of equal pricing in the market will further strengthen China's position as a crucial hub for global asset allocation [1]

Group 1 - The AH share premium index has dropped to a new low of 128.05 points, the lowest since July 2020, indicating a potential for continued reduction in valuation premiums for dual-listed companies [1] - The decline in the AH share premium index reflects a market re-evaluation of value discrepancies between A-shares and H-shares, driven by improved capital market connectivity [1][2] - The realization of same-price shares for quality AH stocks is a result of enhanced market efficiency, with the Stock Connect mechanism facilitating increased daily trading volumes and greater pricing power for southbound funds [1][2] Group 2 - Institutional breakthroughs in the Hong Kong market, such as simplified cross-border merger approvals and a variety of financing tools, have lowered financing costs and improved efficiency for A+H companies [2] - Some quality listed companies, like Ping An Insurance and China Merchants Bank, have already achieved same-price shares, reflecting a natural trading logic for multi-listed companies [2] - The future realization of same-price shares will have profound implications for both A-shares and H-shares, aligning valuations closer to international standards and enhancing corporate governance and disclosure quality [2][3] Group 3 - The complete alignment of quality AH stock prices requires a more mature investor base and a stronger belief in value investing, which are still developing [3] - The ongoing decline of the AH share premium index is a result of market rationality and institutional progress, presenting investment opportunities as the market moves towards same-price shares [3] - Achieving same-price shares will further solidify China's capital market as a key hub for global asset allocation [3]