In the early trading of April 11, the Shanghai and Shenzhen stock markets fluctuated and rose, and the Shanghai Composite Index stood at the 3200-point integer mark, and both theme stocks and weight stocks performed actively. As of the midday closing, the Shanghai Composite Index rose 0.9% to 3219 points, the Shenzhen Component Index rose 0.76%, and the ChiNext Index rose 0.43%. Among the top ten heavyweight stocks in
, Sinopec has the largest increase at present. Stimulated by the rebound in international oil prices, both Sinopec and Sinopec opened higher in the early trading today, but the former was obviously stronger. As of the midday closing, Sinopec rose 3.25%, while Sinopec rose 1.19%. From a technical perspective, Sinopec is also significantly stronger than China Petroleum. The sharp drop in February failed to fall below the half-year line, but China Petroleum hit a new low in the stage.
Just last night, a well-known asset management official account published an article about Sinopec, which mentioned that before April 2016, the stock price trend of the two Petrochemical heroes has been very close, but since April 2016, the trumpets between Sinopec and Sinopec have been expanding and have recently taken different directions.
The article believes that Sinopec has the following benefits: the dividend yield is relatively high, and there is still a possibility of rising in the future; second, Sinopec, as a company with a complete industrial chain integrating exploration and development, oil refining, chemical industry and sales, has systematic advantages in digesting price fluctuations in resource products; third, Sinopec has passed the peak period of capital expenditure, and the future free cash flow and profits are expected to grow both. In addition, compared with the industry's bigwigs, the valuation is relatively cheap, and finally came to the conclusion that "maybe everyone is also quite sexy sometimes."
Although Sinopec A shares performed well today, in comparison, Sinopec H shares performed better recently. Since the beginning of this year, Sinopec's A-shares have only risen by 14%, and H-shares have risen by as much as 30%. Today, they hit a new record high in the interim intraday trading. Currently, Sinopec's A-shares are 16% premium over H-shares.
According to Haitong Securities analysis , there have been three major differences in Sinopec's A+H stock trends in history: (1) December 2008-March 2009; (2) December 2014; (3) March 2018 to present. The previous two divergences were basically consistent with their respective market trends. This divergence was due to the fact that the trends of the Shanghai Composite Index and the Hang Seng Index were basically consistent, and Sinopec's stock price performed differently.
They believe that the divergence in Sinopec's A/H shares' stock price performance this time is mainly based on two major reasons: one is that the large-cap stocks in the A-share market perform weakly, and the other is that the Hong Kong stock market may prefer high-dividend companies. On March 26, Sinopec released its 2017 annual report and announced its profit distribution plan. On the day of the announcement, Sinopec A-shares fell 2.78%, while H-shares rose sharply by 5.16%, which to a certain extent indicates that Hong Kong stock investors may prefer high dividends.
At present, many companies in AH shares have performed better than A shares. For example, Conch Cement, the only A shares have a discounted price compared to H shares, its H shares hit a record high today, but its A shares are still hovering below its previous high. The following are individual stocks with a premium rate of AH shares within 16%. You can see the different investment preferences of A shares and Hong Kong shares.
