智通财经APP获悉，7月30日,理想汽车-W（02015）、石药集团（01093）、比亚迪股份（01211）南向 资金净流入金额位列市场前三，分别净流入20.80 亿、8.62 亿、6.43 亿 汇丰控股（00005）、安踏体育（02020）、中国移动（00941）南向资金净流出金额位列市场前三，分 别净流出-4.02 亿、-3.01 亿、-2.66 亿 在净流入比方面，天立国际控股（01773）、中国船舶租赁（03877）、郑州银行（06196）以55.55%、 51.95%、50.98%位列市场前三。 | 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 汇丰控股(00005) | -4.02 亿 | -7.26% | 96.950（-3.82%） | | 安踏体育(02020) | -3.01 亿 | -28.84% | 93.200（+1.14%） | | 中国移动(00941) | -2.66 亿 | -14.50% | 87.000（+0.58%） | | 康方生物(09926) | -2.20 亿 | -9.58% | 152.8 ...

Investment Rating - The industry investment rating is "Buy" (maintained) [2] Core Viewpoints - The domestic innovative drug industry is expected to reach an inflection point in 2025, transitioning from capital-driven to profit-driven trends, presenting opportunities for both performance and valuation recovery [5][28] - The basic fundamentals are showing marginal changes that continue to support a recovery in the secondary market, with innovative products being commercialized and leading innovative drug companies entering a profit cycle [6][29] - Continuous release of supportive policies for innovative drugs, including the introduction of the first Class B medical insurance directory, is expected to further expand the market scale [7][30] Summary by Sections Industry Performance - Over the past 12 months, the relative return of the industry compared to the CSI 300 index was 34.1%, with an absolute return of 53.9% [3] Investment Recommendations - The report emphasizes two main investment lines: 1. Pharma companies transitioning to innovation, which have strong performance resilience and are expected to see valuation increases. Recommended companies include Huadong Medicine, Aosaikang, and Health元 [9][30] 2. Biotech companies that are continuously growing and have potential products for overseas registration [9][30] Market Analysis and Outlook - The innovative drug sector is benefiting from significant overseas licensing deals, indicating a strong upward trend in the market. The report highlights the importance of focusing on the commercialization value of research pipelines and the impact of the 2025 national medical insurance directory negotiations [8][30] - The report notes that the innovative drug industry is entering a new profit-driven cycle, with a three-dimensional stock selection framework based on clinical demand, technology platforms, and product strength [7][30]

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector for a reversal trend in 2025, emphasizing innovation drugs as the main investment theme [4]. Core Views - The report highlights significant BD collaborations by leading domestic pharmaceutical companies, indicating a rich pipeline of innovative drugs entering the monetization phase [1][39]. - It suggests focusing on innovative drugs addressing unmet clinical needs, particularly in chronic diseases and cancer [2][4]. - The report notes the ongoing normalization of centralized procurement in medical devices, which is expected to enhance market share for quality domestic companies [41][42]. Summary by Sections Pharmaceutical Sector - Recent collaborations include Heng Rui Medicine's partnership with GSK for 12 innovative projects, with an upfront payment of $500 million and potential milestone payments of $12 billion [1][39]. - The report indicates that the innovative drug sector is experiencing upward momentum, with the China Innovation Drug Index rising by approximately 0.52% [21]. - The report emphasizes the importance of leading pharmaceutical companies' internationalization and resource integration capabilities [2][39]. Medical Devices - The centralized procurement process is advancing, with a focus on drug-coated balloon and urological intervention medical consumables [41][42]. - The report anticipates that quality domestic enterprises will gain higher market shares due to successful bids in procurement [42]. Biopharmaceuticals - Sanofi reported a 10.1% increase in global sales for Q2 2025, driven by the sales of Dupixent, which grew by 21.1% year-on-year [47][48]. - Dupixent has been approved for COPD treatment in 13 countries, with further approvals expected [50]. Medical Services and Consumer Healthcare - The implementation of a childcare subsidy policy is expected to release pent-up demand for IVF services and enhance industry penetration [56][57]. Key Investment Targets - The report identifies key investment targets including Kelun-Botai, Renfu Pharmaceutical, Huadong Medicine, and others [5].

Group 1 - On August 1, the Hong Kong stock market saw a net inflow of 12.207 billion HKD from northbound trading, with 5.575 billion HKD from the Shanghai Stock Connect and 6.632 billion HKD from the Shenzhen Stock Connect [2] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Xiaomi Group-W (01810), while the most sold stocks were Innovent Biologics (01801), Alibaba-W (09988), and SMIC (00981) [2][8] - Xiaomi Group-W reported over 30,000 vehicle deliveries in July, attributed to increased production capacity, with expectations of 400,000 to 500,000 vehicle sales by 2025 [6] Group 2 - In the technology sector, Tencent (00700), Meituan-W (03690), and Kuaishou-W (01024) saw net inflows of 8.36 billion, 7.66 billion, and 2.02 billion HKD respectively, while Alibaba-W faced a net outflow of 2.02 billion HKD [7] - InnoCare Pharma (02577) received a net inflow of 3.63 billion HKD after being listed as a partner by NVIDIA for its 800V DC power architecture, which is designed for AI data centers [7] - The overall sentiment in the Hong Kong market remains positive, with expectations of a structural uptrend driven by improving fundamentals and policy outlook [6][7]

Core Viewpoint - On August 1, InnoCare Pharma made its debut on the Hong Kong Stock Connect active trading list, marking its first appearance in the past month, with significant trading volume and a notable price increase [1] Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect reached 38.767 billion HKD, accounting for 29.03% of the total trading amount on that day, with a net buying amount of 9.016 billion HKD [1] - Tencent Holdings led the trading volume with 5.412 billion HKD, followed closely by InnoCare Pharma and Alibaba-W, with trading amounts of 4.391 billion HKD and 4.390 billion HKD respectively [1] Stock Performance Summary - InnoCare Pharma recorded a trading volume of 4.391 billion HKD on August 1, with a net buying amount of 0.364 billion HKD, and its stock price surged by 30.91% on that day [1] - The stocks with the highest frequency of appearance on the active trading list over the past month were Alibaba-W and Tencent Holdings, each appearing 23 times, indicating strong interest from Hong Kong Stock Connect investors [1]

Market Overview - On August 1, the Hang Seng Index fell by 1.07%, with southbound trading totaling HKD 1,335.36 billion, comprising HKD 728.72 billion in buying and HKD 606.64 billion in selling, resulting in a net buying amount of HKD 122.07 billion [1] Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total trading amount of HKD 507.42 billion, with net buying of HKD 66.32 billion, while the Stock Connect (Shanghai) had a total trading amount of HKD 827.94 billion and net buying of HKD 55.75 billion [1] - The most actively traded stock by southbound funds was Tencent Holdings, with a total trading amount of HKD 54.12 billion, followed by InnoCare Pharma and Alibaba Group, with trading amounts of HKD 43.91 billion and HKD 43.90 billion, respectively [1] Net Buying and Selling Analysis - The top net buying stocks included the Tracker Fund of Hong Kong with a net buying amount of HKD 37.44 billion, followed by Hang Seng China Enterprises with HKD 17.20 billion and Xiaomi Group with HKD 10.99 billion [1] - The stock with the highest net selling was Innovent Biologics, with a net selling amount of HKD 4.02 billion, while Alibaba Group and SMIC experienced net selling of HKD 2.02 billion and HKD 1.77 billion, respectively [1] Continuous Net Buying Stocks - Among the stocks that have seen continuous net buying for more than three days, Tencent Holdings, Xiaomi Group, and Meituan had the longest streaks, with 7 days, 6 days, and 3 days of net buying, respectively [2] - The highest net buying amounts during this period were for Xiaomi Group at HKD 41.36 billion, followed by Tencent Holdings at HKD 35.42 billion and Meituan at HKD 26.12 billion [2] Active Stocks on August 1 - The following stocks were highlighted for their trading activity on August 1: - Tracker Fund of Hong Kong: Total trading amount HKD 376.30 million, net buying HKD 374.44 million, price change -1.11% - Hang Seng China Enterprises: Total trading amount HKD 221.46 million, net buying HKD 171.97 million, price change -0.95% - Xiaomi Group: Total trading amount HKD 399.61 million, net buying HKD 109.92 million, price change +0.47% - Tencent Holdings: Total trading amount HKD 541.21 million, net buying HKD 83.62 million, price change -2.73% [2]

Group 1 - China Biopharmaceutical announced a successful collaboration progress with Merck on LM-299, expecting to receive a $300 million technology transfer milestone payment soon [1] - The technology transfer for LM-299 was completed in July 2025, with Merck confirming the milestone payment in the third quarter [1] - CSPC Pharmaceutical reached an exclusive licensing agreement with Madrigal for the GLP-1 receptor agonist SYH2086, with a total deal value of up to $20.75 billion [2] Group 2 - Eli Lilly's drug Mounjaro (tirzepatide injection) received approval from China's National Medical Products Administration for a new indication to improve blood sugar control in adults with type 2 diabetes [3] - Hualan Pharmaceutical expects a profit of approximately RMB 1.184 billion for the first half of the year, following the successful transfer of commercialization tasks for Huataning [4] - WuXi AppTec reported a 101.92% increase in net profit to RMB 8.561 billion for the first half of the year, with revenue growth of 20.64% to RMB 20.799 billion [5] Group 3 - Heng Rui Medicine signed a collaboration agreement with GSK to advance innovative therapies in respiratory, autoimmune, inflammation, and oncology fields, with a potential total value of approximately $12 billion [6][7] - GSK will pay Heng Rui a $500 million upfront payment, with potential future milestone payments based on successful development and sales [7]

Group 1 - Southbound funds recorded a net inflow of HKD 12.207 billion, marking the fourth consecutive day of net inflows exceeding HKD 10 billion [1] - Notable net purchases included the Tracker Fund of Hong Kong (HKD 3.744 billion), China Enterprises Index (HKD 1.72 billion), and Xiaomi Group (HKD 1.099 billion) [1] - Southbound funds have consistently net purchased Tencent for 7 days, totaling HKD 3.5417 billion, and Xiaomi for 6 days, totaling HKD 4.13539 billion [3] Group 2 - Xiaomi Group's chairman Lei Jun announced that the company delivered over 30,000 vehicles in July and plans to open 18 new stores in August, expanding its presence to 352 stores across 97 cities [4] - InnoCare Pharma announced a partnership with NVIDIA to promote the large-scale implementation of an 800 VDC power architecture in AI data centers, which significantly enhances system efficiency and reliability [4] - Stone Pharmaceutical completed a transaction with Madrigal involving a GLP-1 small molecule drug with an upfront payment of USD 120 million and potential milestone payments of up to USD 1.955 billion [4] Group 3 - The Hong Kong Monetary Authority's stablecoin licensing regime officially took effect on August 1, with expectations of a limited number of initial licenses being issued [5] - BlackRock reduced its stake in Innovent Biologics from 5.19% to 4.69% as the company registered a Phase II clinical trial for IBI363, indicating confidence in its new generation immunotherapy [5] - UBS forecasts a 36% year-on-year revenue growth for Innovent Biologics in the first half of the year, projecting the company to achieve breakeven [5]

Group 1 - On August 1, the Hong Kong stock market saw a net inflow of 12.207 billion HKD from northbound trading, with 5.575 billion HKD from the Shanghai Stock Connect and 6.632 billion HKD from the Shenzhen Stock Connect [2] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Xiaomi Group-W (01810), while the most sold stocks were Innovent Biologics (01801), Alibaba-W (09988), and SMIC (00981) [2] - The Tracker Fund of Hong Kong received a net inflow of 37.44 billion HKD, Hang Seng China Enterprises received 17.19 billion HKD, and Southern Hang Seng Technology (03033) received 8.55 billion HKD [5] Group 2 - Xiaomi Group-W (01810) saw a net inflow of 8.55 billion HKD, with the chairman announcing that July's car deliveries exceeded 30,000 units due to increased production capacity [6] - Tencent (00700), Meituan-W (03690), and Kuaishou-W (01024) received net inflows of 8.36 billion HKD, 7.66 billion HKD, and 2.02 billion HKD respectively, while Alibaba-W (09988) faced a net outflow of 2.02 billion HKD [6] - Innovent Biologics (02577) received a net inflow of 3.63 billion HKD after being listed as a partner by NVIDIA for its 800V direct current power architecture [7] Group 3 - Guotai Junan International (01788) experienced a net outflow of 48.99 million HKD amid the implementation of the stablecoin regulatory framework in Hong Kong [8] - Other stocks that saw net inflows included CSPC Pharmaceutical Group (01093) with 2.52 billion HKD and Giant Legend (06683) with 6.55 million HKD, while Innovent Biologics (01801) and SMIC (00981) faced net outflows of 4.02 billion HKD and 1.77 billion HKD respectively [8]

Group 1 - On August 1, 2025, InnoCare Pharma (02577), Tencent Holdings (00700), and Alibaba Group-W (09988) ranked as the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 3.333 billion, 3.023 billion, and 2.736 billion respectively [1] - In the Southbound Stock Connect, Tencent Holdings (00700), Yingfu Fund (02800), and Southern Hang Seng Technology (03033) were the top three companies by trading volume, with transaction amounts of 2.389 billion, 2.076 billion, and 1.854 billion respectively [1] Group 2 - The top ten active companies in the Southbound Stock Connect included InnoCare Pharma (02577) with a transaction amount of 3.333 billion and a net buying amount of +320 million, Tencent Holdings (00700) with 3.023 billion and +102 million, and Alibaba Group-W (09988) with 2.736 billion and -416 million [2] - In the Southbound Stock Connect, Tencent Holdings (00700) had a transaction amount of 2.389 billion and a net buying amount of +734 million, Yingfu Fund (02800) had 2.076 billion and +2069 million, and Southern Hang Seng Technology (03033) had 1.854 billion and +856 million [2]