48家公司的A股价格是H股的两倍。 他们是否有机会在南部将其饲养？ _东方财富网

原标题：48家公司的A股价格是H股的两倍。 他们有机会吗？

概要

[48companiesAsharesaretwiceasexpensiveasHsharesDotheyhaveachancetoraisethem?】Since2021morethan200billionHongKongdollarsoffundshavegonesouthignitingthebeginningoftheyearinHongKongstocksAsoneoftheimportantindicatorsthatreflectthevaluationofHongKongstockstheAHsharepremiumindexhasfallenbacksinceOctober2020butisstillatahistoricalhighlevel(ShanghaiSecuritiesNews)

Since 2021, more than 200 billion Hong Kong dollars of funds have gone south, igniting the beginning of the year in Hong Kong stocks. As one of the important indicators that reflect the valuation of Hong Kong stocks, the AH share premium index has fallen back since October 2020, but it is still at a historical high level.

Source: Guosheng SecuritiesResearch report

As of the close of January 20, Hang SengShanghai-Shenzhen-Hong Kong Stock ConnectThe AH share premium index closed at 132.88, meaning “A+H”the companyOn average, the A-share stock price of H-shares represents a premium of approximately 32.88%.

　　Oriental wealthChoice dataIt shows that among the 130 “A+H” stocks, the premium rate of AH shares is currently more than 1 timesShare48, many of themSMIC、COSCO Haifa、China Ship Defense、CICCAnd other popular companies and industry leaders.

Some popular companies with high premiums on AH shares

With the influx of funds going south, the mainlandinvestmentA+HStock baseIt is more understood that the premium rate of AH shares is expected to narrow.

　　The highest premium is more than 3.7 times

Because of two placesmarketLiquidity, investor structure, AH sharesCirculationDue to different ratios and other reasons, the valuation difference between AH shares has always been the norm.Although interconnectedmechanismIt has been opened since 2014, but the AH share premium index has not dropped significantly.

Since 2020, the overall performance of Hong Kong stocks has lagged behind that of A-shares. The current AH-share premium index still has a certain spread compared with its historical average since January 2016. Guosheng Securities believes that the expansion of the AH share premium in this round is largely due to the previous weakness and even oversold in the Hong Kong stock market.

As of the close of January 20, the stocks with the highest premium on AH shares areGuolian Securities.. January 20,Guolian SecuritiesA shares closed at 18.17 yuan, H shares closed at 4.61 Hong Kong dollars, and the premium rate of A shares was as high as 371.24%, far ahead of other stocks in the sector.

Top ten companies with AH share premium

AH share premium rate ranks second and third isFudan Zhangjiangwith*ST Rasha. As of January 20, the AH share premium rates of the two stocks were 345.09% and 342.70%.

Among the 130 A+H shares, the 3 companies with the smallest price difference arePing An of China、WuXi AppTecwithChina Merchants Bank, The premium rate is below 2%. The H-share stock prices of the above three companies all hit a record high again on January 20.

The five companies with the lowest premium on AH shares

　　Many popular stocks have a premium of more than 1 times

Although A+H-share companies that have performed well in A-share stock prices since the second half of 2020 will find that their H-shares have also increased correspondingly or even higher, the gap between A-shares and H-shares in the previous period is too high, resulting in many The company’s AH share premium rate is more than 1 times.

According to statistics, most companies with a premium rate of more than 1 times focus on financialInsurance、Public utilities, Energy and other industries, but there are also companies with a high degree of attention in A shares.

As in July 2020Science and Technology Innovation BoardListed leading chip stocksSMIC, As of the close of January 20, its AH share premium rate is about 140.78%.SMICThe issue price at the time of listing on the Science and Technology Innovation Board was 27.46 yuan, which was the sameFuturesThe price premium was less than 6%, but because SMIC’s stock price rose more than twice on the first day of listing on the Science and Technology Innovation Board, it opened the price difference between its A shares and H shares.

Since January, SMIC’s H-shares have become the “darling” of southward funds, with a cumulative increase of over 33% in January.

Among the companies with higher AH share premiums, there areCOSCO Haifa、China Ship DefenseLeading companies in the industry. among them,COSCO HaifaThe premium rate of AH shares is 157%.China Ship DefenseIt is 245%.

Another exampleZhejiang ShibaowithYTO shares, Which are popular stocks in the concept of new energy vehicles and agricultural machinery. Even though its H shares soared by 234% and 116% in the second half of 2020, they have greatly surpassed the trend of its A shares, but the premium rate of AH shares is still not small. They are 250% and 198% respectively.

The above four companies with high AH share premium rate have one thing in common, that is, Hong Kong stocks are outstanding.Market valueBoth are below 10 billion Hong Kong dollars.Li Zhan, chief economist of Zhongshan Securities, believes that from the distribution of AH share premium rate and total market value, theenterpriseThe valuation of Hong Kong stocks is closer to that of A-shares, while the premium rate of AH-shares of small-cap companies is higher.

One of the reasons for this phenomenon is that compared with the small market value, the Hong Kong stock market pays more attention to the large market value A+H shares, and the fundamental research is more thorough. Hong Kong stock investors are more informed.costRelatively lower, making the valuation of large-cap Hong Kong stocks closer to A shares.

In addition, Hong Kong stockscorporate investorMainly select stocks through fundamentals, plus the short-selling mechanism in Hong Kong stocks,Long and shortGamePromote the return of stock prices to a reasonable value.In contrast, A-share investors have a higher risk appetite, are relatively more keen to chase hot spots, and are more inclined to participate in small-cap stocks orthemeThe game of stocks. Therefore, for a long period of time, some A shares of A+H shares have a higher premium than H shares.

However, many institutions believe that with the influx of capital from the south and mainland investors have a better understanding of the fundamentals of A+H shares, the Hong Kong stock market may experience a process of closer valuation system to A shares and a systematic increase in valuation. The premium rate of AH shares is expected to narrow.

Guosheng Securities mentioned in its research report that “Hong Kong stocks have entered a’clearly’ bull market”: whether it isSouthbound tradingSouthward funds, or overseas funds, have a large-scale impact on the information technology industry and the financial industry in Hong Kong stocks.Position, And basically concentrated in the top five leaders. In 2021, with the resonant inflow of capital and foreign capital from the south, Hong Kong stock technology giants and value leaders will continue to benefit.

(Source: Shanghai Securities News)

(Editor in charge: DF398)