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沪港通的背后是资本市场制度红利的逐步释放,预计A股市场制度建设与金融产品创新将会加速推进。风险偏好、市场制度以及稀缺性差异是A/H股估值差异的主要原因,沪港通将会带来A/H股估值的逐步接轨,并推动A股估值体系的国际化。
Behind the Shanghai-Hong Kong Stock Connect is the gradual release of dividends in the capital market system. It is expected that the construction of the A-share market system and the innovation of financial products will be accelerated. Risk appetite, market system and scarcity differences are the main reasons for the valuation difference of A / H shares. Shanghai-Hong Kong Stock Connect will lead to the gradual convergence of A / H stock valuation and promote the internationalization of A-share valuation system.