Historically, A-shares have typically traded at a 20% to 40% premium relative to their H-share counterparts. However, this longstanding trend has recently been disrupted by leading hard-tech companies, as evidenced by the H-shares of firms like Montage Technology, CATL, and GigaDevice now trading at a premium to their A-shares. This shift is not attributable to a single capital source but rather stems from the collective influence of long-term foreign funds, overseas tech-focused funds, southbound capital flows, and trading-oriented funds. Institutional analysis suggests that the core of this transformation lies in the reshaping of the pricing logic for China’s core assets by global capital. H-shares have transitioned from being perceived as a 'discount substitute' for A-shares to emerging as a Valuation Platform (Note: The term 'Valuation Platform' is retained in its original form within the HTML for precision, assuming it represents a specialized or industry-specific concept) endowed with independent global pricing capabilities. While the market generally doubts that this premium trend will become universal across all hard-tech firms, it anticipates the formation of a 'small-scale systemic premium' among a select few core enterprises that demonstrate global leadership, limited liquidity, and unequivocal global competitiveness.