这一转变的核心逻辑在于资本的价值发现功能。 当A股市场因投资者情绪或流动性因素导致估值偏离基本面，股价估值明显低于内在价值时，国际资本 与长期资金却能够认识到上市公司的发展潜力，并通过港股市场进行买入并持有，从而推动估值回归理 性。 对比去年同期来看，AH股溢价出现明显收窄，目前也有宁德时代、招商银行、恒瑞医药、美的集团等 多股出现了AH股溢价倒挂的现象，这是中国优质资产受到国际资本青睐的结果，同时也是南向资金的 理性选择。未来不排除有更多两地上市公司的港股股价超越A股的可能。 过去，AH股溢价长期存在，主要源于两地市场流动性差异、投资者结构分化等原因。A股市场以散户 为主，流动性充沛且风险偏好较高，推动估值中枢上移；而港股市场机构投资者占比更高，定价更趋理 性，于是H股估值通常都会较A股更低。然而，这一格局在今年发生了显著变化：国际资本对中国优质 资产的配置需求上升，叠加南向资金持续流入，港股市场的流动性与估值水平逐渐提升，部分上市公司 的H股股价开始反超A股股价。 AH股溢价倒挂的直接原因是国际资本的重点青睐。随着全球资产配置向新兴市场倾斜，中国优质资产 因其稳定的基本面与成长性成为重点买入对象。外资机构 ...

金十数据11月17日讯，北京商报文章表示，优质标的AH股溢价倒挂不稀奇，对比去年同期来看，AH股 溢价出现明显收窄，目前也有 宁德时代 、 招商银行 、 恒瑞医药 、 美的集团 等多股出现了AH股溢价 倒挂的现象，这是中国优质资产受到国际资本青睐的结果，同时也是南向资金的理性选择。未来不排除 有更多两地上市公司的港股股价超越A股的可能。溢价倒挂现象并非全面普涨，而是集中于两类上市公 司。一是具备全球竞争力的行业龙头，其估值体系已与国际接轨；二是高股息、低波动的稳健型资产。 随着资本市场开放程度的提升，两地市场的互联互通机制将进一步完善，资金流动的壁垒持续降低。未 来，会有更多优质上市公司的H股价格超越A股股价，尤其是那些符合国际投资者价值判断、具备长期 增长潜力的公司。 ...

Core Viewpoint - The narrowing of the AH share premium indicates a shift in investor perception and highlights the increasing preference of international capital for high-quality Chinese assets, leading to the possibility of H-shares surpassing A-shares in price in the future [1][2][3] Group 1: Market Dynamics - The AH share premium has significantly narrowed compared to the same period last year, with companies like CATL, China Merchants Bank, and Midea Group showing instances of H-share prices exceeding A-share prices [1] - Historically, the AH share premium existed due to differences in market liquidity and investor structure, with A-shares being dominated by retail investors and H-shares by institutional investors [1][2] - The current shift is driven by increased international capital allocation towards high-quality Chinese assets and sustained inflows of southbound funds, enhancing the liquidity and valuation levels of the Hong Kong market [1][2] Group 2: Investment Trends - The direct cause of the AH share premium inversion is the strong preference of international capital for Chinese assets, which are recognized for their stable fundamentals and growth potential [2] - Long-term investors, such as domestic insurance and public funds, are focusing on companies' dividend capabilities and long-term growth potential, further compressing the AH premium [2] - The premium inversion phenomenon is concentrated among two types of companies: industry leaders with global competitiveness and stable, low-volatility assets, which are the main targets for value investment [2] Group 3: Future Outlook - The current narrowing of the AH share premium may be just the beginning of a broader change in investor recognition, with expectations of more H-shares surpassing A-shares in price as market connectivity improves [3] - Two significant changes are anticipated: the integration of valuation systems, leading A-shares to adopt a more rational pricing style akin to H-shares, and an optimization of the investor structure with a higher proportion of institutional investors [3] - Ultimately, as investor rationality increases and company valuations align, the prices of A-shares and H-shares should converge, achieving a state of equal pricing and rights [3]