Group 1 - The Hang Seng-Hushen Connect AH Premium Index has declined significantly since 2025, reaching a low of 116.62 points on September 22, marking a drop of over 17% this year [1][2] - The narrowing of the AH premium is attributed to increased southbound capital inflow and a wave of "A+H" listings, which have altered the structure of Hong Kong-listed companies [1][2] - Southbound capital has totaled 11,224.67 million HKD this year, primarily investing in consumer discretionary, financials, information technology, and healthcare sectors [2][3] Group 2 - Foreign capital has shown signs of improvement in buying Hong Kong stocks, with long-term stable foreign capital inflows amounting to approximately 677 million HKD from May to July [3][4] - Certain companies, such as Ningde Times and Heng Rui Pharmaceutical, have seen their H-shares trading at a premium over A-shares, indicating higher valuation recognition from international investors [4][5] - The inclusion of new constituent stocks in the AH Premium Index reflects the overall price gap between A-shares and H-shares, with some H-shares trading over 20% higher than their A-share counterparts [4]

Core Viewpoint - The Hong Kong stock market has shown notable performance recently, with specific ETFs experiencing gains, but the overall outlook suggests that a rebound may not be imminent due to structural differences with the A-share market [1][2]. Market Performance - The Hong Kong stock market, particularly the National Enterprises ETF (159519), Dividend ETF (159331), and Technology ETF (513020), saw increases of 1.95%, 1.37%, and 0.64% respectively [1]. - Since July, the Hong Kong market has underperformed compared to the A-share market, raising questions about potential catch-up growth [1]. Earnings Expectations - There is an expectation of downward revisions in earnings for Hong Kong stocks, contrasting with the A-share market, which is experiencing a positive shift in profit forecasts [1]. - In the first half of the year, Hong Kong's net profit growth was +4.2% year-on-year, but this is a decline from the projected +9.2% for 2024, while A-shares reported a +2.8% increase, recovering from a -3.0% forecast for 2024 [1]. Valuation Insights - The AH premium remains low, having slightly rebounded after reaching 125%, which indicates that Hong Kong's dividend-paying assets are losing their attractiveness compared to A-shares due to a 20% dividend tax for investors using the Hong Kong Stock Connect [1]. - According to Zheshang Securities, the current appeal of Hong Kong stocks is not strong given the low AH premium [1]. Liquidity and Market Drivers - Market expectations of a Federal Reserve interest rate cut may provide some support for Hong Kong stocks, but historical data suggests that such cuts do not guarantee market uptrends [2]. - The fundamental factors are expected to dominate market movements, with structural opportunities identified in sectors like technology hardware and pharmaceuticals [2]. Investment Recommendations - Investors are advised to focus on specific ETFs such as the Technology ETF (513020) and the Innovative Drug ETF (517110) to capture structural opportunities in the Hong Kong market [2].

Group 1 - The Shanghai Composite Index rose by 1.51%, closing at 3883.56 points, while the Hang Seng Index increased by 1.94%, closing at 25829.91 points [1] - Air China (China International Airlines) has an AH premium of 55.38%, ranking 67th among AH shares [1] - At the close of trading, Air China's A-shares were priced at 7.54 yuan, with a gain of 1.89%, and H-shares were priced at 5.3 Hong Kong dollars, up by 2.32% [1] Group 2 - Air China was established in 1988 and underwent a restructuring in 2002, forming a new company based on the merger of several airlines [1] - The company was officially established as a subsidiary of China Aviation Group in 2004 and was listed on the Hong Kong and London stock exchanges later that year [1]

Group 1 - The core viewpoint of the articles highlights the performance of the Shanghai Composite Index and the Hang Seng Index, with increases of 1.51% and 1.94% respectively on August 25 [1] - China Railway Signal & Communication Corporation (China Tonghao) has an AH premium of 73.39%, ranking 46th among AH shares [1] - At the close of trading, China Tonghao's A-shares were priced at 5.62 yuan, reflecting a 1.26% increase, while its H-shares were priced at 3.54 HKD, up by 1.72% [1] Group 2 - China Tonghao is a large central enterprise directly supervised by the State-owned Assets Supervision and Administration Commission, specializing in rail transit control technology [1] - The company is a global leader in rail transit control systems and possesses a complete industrial chain including investment and financing, design and research, system integration, equipment manufacturing, engineering services, and operation maintenance [1] - China Tonghao has received an A-grade in operational performance assessment for four consecutive years and successfully listed on the Hong Kong Stock Exchange in 2015, becoming the first central enterprise and A+H share company to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2019 [1]

Group 1 - The Shanghai Composite Index rose by 1.51% to close at 3883.56 points, while the Hang Seng Index increased by 1.94% to 25829.91 points [1] - China Oilfield Services Limited (COSL) has an AH premium of 114.04%, ranking 20th among AH shares [1] - COSL's A-shares closed at 14.62 yuan, up by 1.39%, and H-shares closed at 7.46 HKD, increasing by 0.4% [1] Group 2 - COSL is a major integrated oilfield service provider globally, offering services across all stages of offshore oil and gas exploration, development, and production [1] - The company's business is divided into four main categories: geophysical exploration services, drilling services, oilfield technical services, and marine services [1] - COSL was publicly listed on the Hong Kong Stock Exchange on November 20, 2002, and has been trading in the U.S. OTC market since March 26, 2004, and on the Shanghai Stock Exchange since September 28, 2007 [1]

Group 1 - The Shanghai Composite Index rose by 1.51% to close at 3883.56 points, while the Hang Seng Index increased by 1.94% to 25829.91 points [1] - China International Capital Corporation (CICC) has an A/H premium of 82.91%, ranking 36th among A/H shares [1] - CICC's A-shares closed at 39.29 yuan, with a gain of 1.11%, and H-shares closed at 23.46 HKD, up by 2.27% [1] Group 2 - CICC was established in 1995 and has been involved in numerous pioneering transactions, contributing to China's economic reform and development [1] - The company aims to become a first-class investment bank with international competitiveness, providing high-quality financial services to a diverse client base [1] - CICC has developed a balanced business structure encompassing research, information technology, investment banking, equity, fixed income, asset management, private equity, and wealth management [1]

Group 1 - The Shanghai Composite Index rose by 1.51% to close at 3883.56 points, while the Hang Seng Index increased by 1.94% to 25829.91 points [1] - Shanghai Pharmaceuticals Holding Co., Ltd. (referred to as "the company") has an AH premium of 66.35%, ranking 50th in AH stock premium rates [1] - The company's A-shares closed at 19.48 yuan, with a rise of 1.94%, and its H-shares closed at 12.79 Hong Kong dollars, increasing by 1.59% [1] Group 2 - The company is a large pharmaceutical group listed in both Shanghai and Hong Kong, with stock codes 02607 on the Hong Kong Stock Exchange and 601607 on the Shanghai Stock Exchange [1] - The company's main business covers pharmaceutical manufacturing and commerce, and it is included in the SSE 180 Index, CSI 300 Index, and MSCI China Index [1] - The company advocates core values of "innovation, integrity, cooperation, inclusiveness, and responsibility," aiming to enhance the quality of public health and become a respected leading brand in pharmaceutical manufacturing and health services [1] - The company is committed to innovation and has been increasing its investment in research and development to accelerate its transformation and development [1]

Group 1 - The Shanghai Composite Index rose by 0.13% to close at 3771.1 points, while the Hang Seng Index fell by 0.24% to close at 25104.61 points [1] - Liaoning Port Group's A/H premium reached 102.66%, ranking 25th among A/H shares [1] - As of the close, Liaoning Port's A-shares were priced at 1.62 yuan, with a 1.25% increase, and H-shares were priced at 0.87 HKD, remaining flat [1] Group 2 - Liaoning Port Group, formerly known as Dalian Port Co., Ltd., was listed in Hong Kong and Shanghai in 2006 and 2010 respectively, making it the first port company in China with both A and H share financing platforms [1] - On February 9, 2021, Dalian Port Co., Ltd. merged with Yingkou Port Group Co., Ltd., and was renamed Liaoning Port Group [1] - The restructured Liaoning Port Group's business includes containers, oil products, bulk cargo, and passenger roll-on/roll-off services, primarily located in Dalian and Yingkou [1]

Core Points - On August 21, the Shanghai Composite Index rose by 0.13% to close at 3771.1 points, while the Hang Seng Index fell by 0.24% to close at 25104.61 points [1] - China National Aviation Holdings Company, known as Air China, has an AH premium of 49.9%, ranking 73rd among AH shares [1] - As of the market close, Air China's A-shares were priced at 7.52 yuan, down by 0.13%, while its H-shares were priced at 5.46 Hong Kong dollars, up by 0.55% [1] Company Overview - Air China was established in 1988 as China International Airlines and underwent restructuring in October 2002, forming a new entity through the merger of China International Airlines, China Aviation Corporation, and China Southwest Airlines [1] - The company was officially established as a subsidiary of China Aviation Group in September 2004 and was listed on the Hong Kong Stock Exchange (stock code 0753) and the London Stock Exchange (trading code AIRC) in December 2004 [1]

Group 1 - The core point of the article highlights the performance of the Shanghai Composite Index and the Hang Seng Index on August 21, with the former rising by 0.13% to close at 3771.1 points and the latter falling by 0.24% to close at 25104.61 points [1] - China Communications Construction Company (CCCC) has an A/H premium of 73.77%, ranking 42nd among A/H shares [1] - On the same day, CCCC's A-shares closed at 9.42 yuan, up 1.62%, while its H-shares closed at 5.9 Hong Kong dollars, up 1.55% [1] Group 2 - CCCC is recognized as a global leader in large-scale infrastructure services, primarily engaged in the investment, construction, and operation of transportation infrastructure, equipment manufacturing, and urban development [1] - The company provides a comprehensive range of solutions and integrated services, including investment financing, consulting planning, design and construction, and management operations [1] - CCCC is the world's largest port design and construction company, the largest road and bridge design and construction company, the largest dredging company, the largest container crane manufacturer, and a leading provider of offshore drilling platform design and equipment [1] - Additionally, CCCC is the largest international engineering contractor in Asia and the largest highway investor in China [1]