The Continued Enhancement Of Shenzhen Hong Kong Tong'S "Opening To Traffic"

According to the plan, after the approval of Shenzhen Hong Kong Tong in August 16th this year, there will be 3 to 4 months' preparation time.

If there is no accident, the time of Shenzhen Hong Kong Tong's opening to traffic is about 11 and December this year. According to the general speculation of the current market, the probability of opening the gate in Shenzhen and Hong Kong is relatively high in November this year.

Shenzhen Hong Kong Tong, which is the most talked about market this year, one of the core topics.

It is worth mentioning that after a series of preparations, the preparatory work for Shenzhen Hong Kong Tong is basically ready, and all the market parties are waiting for the official release of the "opening" signal.

The continuous increase of the "opening up" expectation is undoubtedly conducive to accelerating the two-way flow of funds in the two markets so as to achieve a better "interconnection and interoperability" situation.

At the same time, from the perspective of the new rules, the Shanghai and Hong Kong Tong and Shenzhen Hong Kong Tong will be unified without setting the total limit, but the single day limit is still set up. As for the Hong Kong stock exchange, we still maintain the entry threshold of 500 thousand yuan.

It can be seen that the launch of Shenzhen Hong Kong Tong will fully absorb the experience and lessons of Shanghai and Hong Kong through "opening up", and further improve it, and its overall design is more in line with the real demand of the market.

Among them, the Shanghai Stock Exchange as an example, since September 9th this year, Shanghai stock through the net outflow pressure continued to show, while only two trading days showed signs of net inflow.

On the whole, its net inflow intensity is relatively limited.

As for Hong Kong stocks through channels, the signs of continuous net inflow of funds are more significant, while the willingness of funds to "go south" is obviously greater than that of "northward" funds.

It can be seen that, with the continued increase of Shenzhen Hong Kong Tong's "open to traffic" expectations, OTC funds are closely related to the market discount rate and the valuation of the local market.

To this day,

The premium index is still around 120, which in fact implies that there is still a certain premium rate for A shares compared with H-shares.

In November 2014, Shanghai and Hong Kong through the formal "opening", once triggered a vigorous bull market.

However, in view of the prevailing market environment, on the one hand, it benefited from a relatively balanced pattern of AH share discount rate, and at that time there was still a discount space for A shares compared with H shares. The A share market valuation advantage was more significant. On the other hand, it benefited from the gradual activation of leveraged funds, especially the venue financing and OTC capital allocation, thereby enhancing the leverage of leverage funds on the stock market.

Among them,

There is still a lot of premium space than the Hong Kong stock market, and the valuation advantage of Hong Kong stock market is more significant.

As for leveraged funds, the leverage of "leverage" and "de bubble" has been too large.

Perhaps, for many funds, there is still no psychological shadow caused by the stock market turmoil.

As a result, in the very different environment of the market and the uncertainty of the policy environment, Shenzhen and Hong Kong's driving force on A shares is far less than that of Shanghai and Hong Kong.

However, with the advance of Shanghai Hong Kong Tong and Shenzhen Hong Kong mutual promotion, the space of discount and premium will be gradually merged in the future, and the space for future capital arbitrage is expected to shrink gradually. As for the different trading time, trading system and investor structure between the two markets, it is also expected that with the deepening of the interconnection mechanism, we will get the opportunity of gradual integration.

This is indeed a gradual development opportunity for the A share market.