AH如何收敛?

华尔街见闻
28 Feb

摘 要 核心结论:今年以来,恒生科技大幅跑赢沪深300,超额分位数已较高,但超额后或仍有超额,中长期需收敛未必代表短期开始收敛。从幅度而言,本轮超额距离22年11月-23年1月仍有差距,而时间上也相比 2022年 11月-2023年1月的三个月区间、2019年8月-2021年2月的半年区间短。我们认为,本轮AH涨幅差异大约有80%或可由外汇掉期带来的无风险套利来解释,剩下的20%才是港股有较多优质...

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