Since 2025, the Hang Seng Shanghai-Shenzhen-Hong Kong Stock Connect AH Premium Index has fluctuated downward from 145 points. On September 22, the index hit an intraday low of 116.62 points, a new low in more than six years. So far this year, the index has fallen by over 17%. The recent narrowing of the AH premium is primarily due to two factors: First, the accelerated inflow of southbound funds and the continued influx of long-term overseas funds into the Hong Kong stock market in recent months have fueled the market's rise and narrowed the AH premium; second, this year's wave of "A+H" listings has, to a certain extent, changed the structure of Hong Kong-listed companies. Leading companies such as CATL and Hengrui Medicine have H shares trading at a significant premium over their A shares, driving the index down.