Guo Shiliang: Shanghai And Hong Kong Pass The Capital Northward Enthusiasm Less Than South Enthusiasm.

Since August 3rd this year, Hong Kong stocks have been continuously active through capital channels, and after August 31st this year, Hong Kong stocks have achieved a net inflow of $3 billion per day through capital channels.

In contrast, the capital activity of Shanghai stock exchange channel is obviously insufficient, and on the whole, Hong Kong and Shanghai have less enthusiasm to go north than south.

Then, Shanghai and Hong Kong have a strong enthusiasm for "going south", and what are the funds gambling? Maybe, for more funds, there is both the demand for assets maintenance and increment under the effect of asset shortage, and the worry about the expected pressure of RMB depreciation.

However, in August 16th this year, the news of the approval of Shenzhen Hong Kong Tong was undoubtedly a catalyst to activate the Hong Kong stock market or to stimulate the capital to go south.

At the same time, in the near future, new regulations show that venture capital can participate in the channels through Shanghai and Hong Kong, which will further stimulate the surge of large funds.

In an attempt to meet the demand for assets to maintain value and increase value, and seek a better investment outlet for its capital.

At present, although the AH share premium index is only about 120 points, the premium rate of A shares over Hong Kong stocks is also narrowing.

However, as a whole, the valuation advantage of the A share market still does not occupy a significant advantage. With the continuous growth of the domestic asset shortage effect, the domestic high and medium investment return rate with low risk can be found.

There are few and difficult to excavate.

As a result, it has further accelerated the close of capital to the Hong Kong stock market.

In addition, when the Shenzhen Hong Kong Tong was approved, the arbitrage space between the two markets still existed, which accelerated the accelerated flow of arbitrage funds and tried to obtain more convenient arbitrage space, which also promoted the capital flow efficiency of the two markets, but the willingness of capital to go south through Shanghai and Hong Kong would be even stronger.

Since the opening of Shanghai and Hong Kong in November 17, 2014,

The premium index showed significant changes.

During this period, under the background of the full activation of highly leveraged funds, the A share market continued to be active, and in the late stage of the full leverage of highly leveraged funds, it realized the signs of accelerated growth. In less than 1 years, the A share market had created the bull market's highest point, and then came the formation of a major turning point in the market.

However, in the A share market, while the Hong Kong stock market adjacent to the A share market has been lingering, there is a sign that the core of operation continues to move downward.

Affected by this, there is a huge difference between the discount premium rates between the two markets, and the valuation advantage of the Hong Kong stock market has gradually gained the attention of the market.

Even the Hong Kong stock market is also perceived by the market as a lack of liquidity and a decline in its status.

It is undeniable that even in the current AH share premium index of low innovation environment, AH shares trading shares of listed companies, there is a clear discount premium rate space.

Among them, there are few shares of A shares in the two markets, but there is a premium rate, and the stock market with a huge premium rate occupies a majority.

It can be seen that, combined with the recent performance of the AH share premium index, the valuation advantage of the A share market is still not obvious, and with the continuous occurrence of the asset shortage effect and the approval of Shenzhen Hong Kong pass, it also directly promotes the continued activity of some funds looking for arbitrage space and accelerates the rapid flow of funds between the two markets.