AH High Premium Phenomenon Will Continue For Some Time.

A shares and Hong Kong stocks may still need some time to run in order to truly achieve the goal of interconnection.

However, in the current environment of AH high premium, investors may wish to pay close attention to the medium and long-term investment opportunities in the Hong Kong stock market.

Recently, the Fed's interest rate raising policy finally landed and attracted the attention of global investors.

Specifically, on Thursday morning, the Fed announced the results of the conference and will raise interest rates by 25 basis points to 0.25% to 0.5%.

The move by the Fed has in fact been in line with market expectations.

However, the concern of market investors is that the Fed will trigger a series of shocks after raising interest rates, thereby exacerbating the global capital market, especially in emerging markets.

However, judging from the stock market performance in recent trading days, the global stock market has not been greatly affected.

At the same time, from the recent performance of A shares and Hong Kong stock market, there are obvious signs of recovery.

Perhaps, for the Fed's interest rate increase, the market is understood to be the elimination of uncertainties, and this has stimulated the enthusiasm of some of the bottom line funds.

However, it is important to note that the rate hike of the Fed will essentially open a new round of interest rate hikes.

The market generally expected that in 2016,

Or there will be 2-4 interest rate increases.

By then, with the emergence of the Federal Reserve's successive interest rate increase, its impact on emerging markets will gradually become apparent.

In fact, since December this year, the performance of the Hong Kong stock market has been even more weaker than the A share market.

Among them, in from December 3rd to 15th of this year, the Hang Seng Index of Hongkong once appeared "nine Lian Yin" trend, and during the period, the biggest decline of the market index was more than 1000 points.

At the same time, from the recent quarter of Hong Kong stock volume, it also showed a gradual downward trend.

Among them, data show that in the three quarter, the average daily trading volume of Hong Kong stock market was only about 65 billion 600 million Hong Kong dollars, which shrank by nearly half compared with the two quarter.

However, during this period, the overall performance of the A share market was relatively strong, and the market index once returned to the high level above the 3600 point.

However, with the gradual differentiation of the two markets, there is a high premium rate between AH shares.

Among them, as of now, A shares have a premium rate of about 42% compared with H-shares.

At the same time, the average price earnings ratio of the Hong Kong stock market is less than 10 times, and the average price earnings ratio of Hongkong's state-owned enterprises index is even as low as 8 times.

On the contrary, with the gradual increase of the A share market in the near future, the average price to earnings ratio of the A share market has risen to varying degrees. At present, the premium rate between the two markets has begun to expand gradually, and the number of shares that A shares have discount rate at present is few.

In the short term,

The premium will continue for some time.

However, with the continuous strengthening of the "interconnection" mode between the two markets, the phenomenon of high premium between the two markets is expected to slow down gradually.

However, in order to truly achieve the goal of "interconnection and interconnection" between the two markets, it may still take some time to run in.

However, in the current environment of AH high premium, investors may wish to pay close attention to the medium and long-term investment opportunities in the Hong Kong stock market.

It should be noted that in the last year, the two markets "

"The mechanism is also gradually improving, and with the landing of the direct investment in Hong Kong stocks by public funds, the opening of the Shanghai and Hong Kong links and the introduction of mutual recognition policies between the two places, the" interconnection and interconnection "mode between the two markets will be further strengthened in the future.

Perhaps, in the near future, the high premium rate between the two markets will gradually shrink, and the valuation gap between the two markets is expected to be gradually integrated.