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近期,沪港通成为了市场关注和热议的话题之一。在此背景下,关于同等权益不同市场的折溢价问题,海外大多认为价差的存在是由投资者群体风险收益的差异、汇率预期、资本流动限制、市场运行机制等因素造成的。中国香港地区和内地市场同权个股的折溢价现象长期存在,特别是近两年来内地大中盘股A股折价现象逐步增多,主要有以下3个方面的原因。第一,港股通常以国际投资者为主,在对蓝筹市
Recently, the Shanghai-Hong Kong Stock Connect has become one of the topics of market concern and hot discussion. Under this background, regarding the discount premium of different markets with the same rights and interests, most of the overseas think the existence of the spread is caused by the differences in risk and return of investors, exchange rate expectations, capital flow restrictions and market operation mechanism. The discount premium exists for the same stocks in Hong Kong, China and the mainland market for a long time. Especially in the past two years, the discount of A shares of large and medium-sized mainland companies has gradually increased. There are mainly three reasons below. First, Hong Kong stocks are usually dominated by international investors in the blue-chip market