將爲兩市注入活水！滬深港通擬進一步雙向擴容，哪些公司符合標準？機構火速解讀
12月19日，中國證監會和香港證監會發布聯合公告，進一步深化兩地市場交易互聯互通機制。
來源：中金點晴
調整後，互聯互通北向、南向合資格標的範圍均擴大。聯合公告中，兩地證監會、上交所、深交所、香港聯交所、中證登、香港中央結算就擴大互聯互通標的範圍的整體方案達成共識。具體來說，主要有三點變化：
由原來的「合資格的上證180、上證380指數成分股、深證成指和深證中小創新指數成份股中所有市值不低於60億元的成份股、和滬深交易所上市的A+H股公司的A股」調整爲「市值50億人民幣以上符合一定流動性標準條件的上證A股指數/深證綜合指數成分股，以及滬深交易所上市的A+H股公司的A股。」。
我們測算，這一變化下，以2022年12月19日數據粗略篩選，不考慮A+H共同上市的部分，我們預計按照指數成分和市值要求篩選的北向合資格標的篩選範圍從原有的1458只或提升至2516只，覆蓋A股市場的數量比例由28.9%或提升到50.2%，總市值佔比則從75.9%或提升到87.2%。
當前互聯互通機制雙向交易較爲活躍，爲兩地投資者提供了較大的便利。自互聯互通機制2014年開通以來，南北雙向覆蓋的股票市值和數量都陸續增加，當前滬股通、深股通分別有593/900支合資格標的，港股通則有554支合資格標的，分別佔滬市、深市、港股市場當前總市值比例達到83%/80%/84%。
從成交佔比看，當前A股市場成交額中北向資金的貢獻約爲4.3%，港股市場中的南向資金成交額貢獻則達到15.3%，且兩者在近年來均保持了持續的上升趨勢，顯示出兩地市場互相融合及中國內陸資本市場開放程度的逐步深化。
互聯互通進一步擴容有助於推進資本市場高水平對外開放。剛剛召開的中央經濟工作會議中提出的五大任務中，「更大力度吸引和利用外資」是其中重要一項，會議提到要推進高水平對外開放，結合當前國際新環境，如地緣局勢及中外政策與增長預期、匯率波動和國際資金流向情況，我們認爲互聯互通的進一步擴容是資本市場對外開放的重要舉措之一。
繼今年陸續將ETF納入互聯互通、利率互換市場互聯互通（「互換通」）、明確二次上市轉成主要上市後納入港股通等，此次港股通範圍的進一步優化和擴大，對於推動互聯互通機制優化、促進南北向資金交易進一步擴大和活躍、強化香港離岸人民幣中心地位都具有長期意義，也是中國資本市場開放和港交所持續推動互聯互通的重要方向。
往前看，我們預計互聯互通機制仍有望持續優化，關注港股通人民幣計價交易、外資準入規則進一步放鬆等潛在的進一步優化方向。
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