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<Research>CICC: H-shrs Underperform A-shrs Recently on Lack of Structural Highlights & Temporarily Weak Capital
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Since the start of 2026, the 'spring fever' arrived as expected, with A-shares achieving a '16-day winning streak' and hitting new highs, while Hong Kong stocks have notably been ’absent', according to CICC's research report.

In reality, Hong Kong stocks have remained weak since its peak in October 2025, with the HSTECH lagging behind major indices in the US, mainland China and Hong Kong by plunging 20%.

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CICC attributed Hong Kong stocks' recent underperformance to structural lack of highlights and temporarily weak capital, reflecting weaker fundamentals.

As analyzed above, understanding the true reasons behind A-shares' recent good start reveals that Hong Kong stocks' absence is unsurprising as the A-share rally itself doesn't reflect fundamental shifts, and both sectors and capital flows show advantages lie in A-shares, not H-shares.
AAStocks Financial News
Website: www.aastocks.com