Recently, the A-share market has set off a wave of listing in Hong Kong. Many leading companies have announced the launch of H-share issuance plans, and companies that have already been listed on the Hong Kong stock market have performed well. Among them, the share price of CATL, a leader in power batteries, has been rising since its listing on the Hong Kong Stock Exchange, and the price of its H shares has even surpassed that of its A shares, which has attracted widespread attention from the market. At the same time, the prices of H shares of companies such as BYD and China Merchants Bank have recently exceeded those of A shares, making the inverted price of AH shares the focus of the market. Looking ahead, Kaiyuan Securities believes that the AH premium rate is still not a constraint on Hong Kong stocks and there is still room for further decline. With the empowerment of "AI+", the narrative logic of Internet giants and technology giants has been further strengthened, and with the phased results of antitrust supervision of Internet platforms, the AH premium rate is expected to return to the relatively low level of 2016-2019.