深港通和沪港通是香港联交所（HKEx）分别在2014年11月17日和2015年5月16日正式推出的两种股票交易机制。它们不仅为内地证券市场的发展注入新的动力，也为内地证券市场的参与者提供了新的投资机会。

　　首先，就目前已经实施的情况来看，这两种交易机制都是由中国证监会特许金融机构受理外国法律人士、外国法律实体或者外国上市公司申请开立“合规性”大额外币账户，然后将外币兑换成人民币作为中国内地A股交易的基础。

　　而从交易对象上来看，这两种交易机制之间存在一定差异。根据《中华人民共和国证券法》第三十五条的要求，只有归属香港上市公司法律人士、法实体或者上市公司所能使用的“合规性”大额外币账户才能进行“合规性”大额外币兑换。

　　正是由于这一原因，对于使用“合规性”大额外币账户进行A股交易而言，仅归属香港上市公司法律人士、法实体或者上市公司才能使用的“合规性”大额外币账户才能进行A股交易——也就是说，如此情况下，仅归属香港上市公司的A 股才能使用此方式进行A 股买卖。

　　考虑到归属不同上市地区会造成不同风险水平、不同会员数量、不同流动性水平等问题；考虑到归属不同上市地区也会存在不一样的监管要求、信誉度要求、流通量要求、信用风险要求等问题——因此就对应出不同的A 股买卖方式——也就是说便出现了「 深 沪 通 」 的 情 况 。

　　目前已正式实施的「 深 沪 通 」 （ 含 「 深 沪 通 」 和 「 沪 淯 通 」 ） （ 含 「 沪 广 通 」 ） 申 购 申 赎 绿 色 通道 加快 中 央 监 管 机 关 监 管 加快 备 案 （ FAFS ） 【1】 （ FAFS ） 加快 备 注 加快 绿 色 通风道 —— 也就是说便出现了「 深 港 通 」 (Stock Connect) .

　　"Stock Connect"是2014年11月17日由中国证监会特批金融机构代理客戶, 外国法律人士, 外国法律实体, 外国上帐公司, 运作 "Complying Large-Value Foreign Currency Account" ,然得将"Foreign Currency" (FCY) exchange to RMB for trade in China A shares. Stock Connect allows overseas investors to buy and sell eligible stocks listed on the Shanghai and Shenzhen Stock Exchanges through the Hong Kong stock market.

　　 Stock Connect 有效将 A 護航集中來 Hong Kong , 藉以通關 "Mainland - Hong Kong Mutual Market Access Arrangement". Stock Connects provides a two - way investment channel between Mainland China and Hong Kong , allowing both Mainland Investors to trade selected stocks in Hong Kong and overseas investors to trade selected stocks listed in mainland China.

　　 Stock Connects has become a main driving force of Chinese capital markets. It has greatly enhanced the liquidity of the Chinese stock markets, improved the efficiency of capital allocation, and facilitated more efficient international cooperation between China s capital markets and global financial markets.

　　 Stock Connects has also provided new investment opportunities for domestic investors. With Stock Connects, domestic investors can now invest in overseas stocks such as Hang Seng Index Constituents or H - Share Constituents . In addition , it has enabled domestic investors to access more diversified investments including blue chip companies in mainland China as well as some leading enterprises from other countries and regions . All these have brought positive impacts on the Chinese capital market.

　　 Finally , it is worth noting that there are still some differences between "Stock Connects" and "Shanghai-Hong Kong Stock Connect". Firstly , the “stock connect concept stock ” refers to those stocks which are traded on an authorized exchange but not necessarily listed on either Shanghai or Shenzhen exchanges. Secondly , while “stock connect concept stock ” enables transactions between domestic securities accounts and foreign securities accounts , “Shanghai-Hong Kong Stock Connect ” only allows transactions within a single account type (e.g., domestic securities accounts ). Thirdly , “Stock Connect Concept Stocks ” involve both buying and selling of securities whereas “Shanghai-Hong Kong Stock connects involve only buying of securities from one market and selling them in another.

　　 In conclusion , with the implementation of "Stock connects "and "Shanghai-Hong Kong Stock connects ", Chinese capital markets have become more open to foreign investors . It has also brought new opportunities for domestic investors who can now access a wider range of investments than ever before . As with any new mechanism , however, there are certain risks involved which should be taken into consideration before investing.

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