Group 1 - The core point of the news is that the Hong Kong stock market saw significant net inflows from Northbound trading, with a total net buy of HKD 131.26 billion on July 31, 2023, indicating strong investor interest in certain stocks [1] - The most actively bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Meituan-W (03690), while the most sold stocks were Laopuhuangjin (06181), CSPC Pharmaceutical Group (01093), and Shandong Molong (00568) [1][2] - The Northbound trading saw net purchases of HKD 76.04 billion through the Shanghai Stock Connect and HKD 55.22 billion through the Shenzhen Stock Connect [1] Group 2 - The Tracker Fund of Hong Kong (02800) received a net buy of HKD 24.05 billion, while Hang Seng China Enterprises (02828) and Southern Hang Seng Technology (03033) received net buys of HKD 17.81 billion and HKD 9.73 billion, respectively [5] - Meituan-W (03690) and Kuaishou-W (01024) were also popular among investors, with net buys of HKD 13.98 billion and HKD 13.82 billion, respectively [5] - Semiconductor company SMIC (00981) received a net buy of HKD 2.21 billion, while Meituan (01357) saw a net buy of HKD 15.3 million, following a significant target price increase by Morgan Stanley [6] Group 3 - Laopuhuangjin (06181) faced a net sell of HKD 2.78 billion, with concerns about the sustainability of its profit growth [7] - Xiaomi Group-W (01810) received a net buy of HKD 4.41 billion, while CSPC Pharmaceutical Group (01093) and Shandong Molong (00568) experienced net sells of HKD 1.13 billion and HKD 371 million, respectively [7]

Group 1 - The innovative drug sector is experiencing significant activity, with multiple stocks, including Nanjing New Pharmaceutical and Qizheng Tibetan Medicine, hitting the daily limit up [1] - The focus of the market is on the major collaboration between Shijiazhuang Pharmaceutical Group and US biopharmaceutical company Madrigal Pharmaceuticals, involving the global rights transfer of the oral GLP-1 receptor agonist SYH2086 [1] - Shijiazhuang Pharmaceutical Group will receive a total transaction value of up to $2.075 billion, including an upfront payment of $120 million and potential milestone payments of up to $1.955 billion [1] Group 2 - The overall performance of pharmaceutical stocks is strong, with several stocks, including Nanjing New Pharmaceutical and Qizheng Tibetan Medicine, reaching the daily limit up [1] - In terms of market dynamics, the pharmaceutical and biological sector has a notable presence, with 7 out of 35 stocks hitting the daily limit up, indicating strong investor interest [2] - The innovative drug-related stocks are favored by market funds, with significant net inflows observed in the telecommunications equipment sector, amounting to 2.432 billion yuan [2]

Core Viewpoint - The company has entered into significant strategic agreements with multinational pharmaceutical companies, indicating strong growth potential and collaboration in drug development [1] Group 1: Strategic Partnerships - The company has signed a strategic research collaboration agreement with AstraZeneca worth up to $5.3 billion [1] - A new exclusive licensing agreement has been established with biopharmaceutical company Madrigal, potentially worth up to $2.075 billion [1] Group 2: Product Development - The exclusive licensing agreement with Madrigal pertains to the oral small molecule GLP-1 receptor agonist SYH2086 for global development, production, and commercialization [1] - The company retains rights to develop and sell other oral small molecule GLP-1 receptor agonist products in China [1] Group 3: Financial Terms - The agreement with Madrigal includes a total potential payment of up to $2.075 billion, comprising $120 million in upfront payments and up to $1.955 billion in potential development, regulatory, and commercial milestone payments [1] - Additionally, the company is entitled to receive a high double-digit sales royalty based on annual net sales of SYH2086 [1]

智通财经获悉，石药集团(01093)涨超5%，截至发稿，涨5.15%，报10.62港元，成交额6.08亿港元。 消息面上，石药集团宣布，已与Madrigal Pharmaceuticals,Inc.(Madrigal)就集团的口服小分子激活胰高血 糖素样肽-1(GLP-1)受体激动剂SYH2086在全球的开发、生产及商业化订立独家授权协议。根据协议条 款，集团同意授予Madrigal在全球范围内开发、生产及商业化SYH2086的独家授权，同时保留集团在中 国开发和销售其他口服小分子GLP-1受体激动剂产品的权益。集团有权收取最高可达20.75亿美元的总代 价，包括1.2亿美元的预付款、最高可达19.55亿美元的潜在开发、监管及商业里程碑付款，以及基于 SYH2086年度净销售额的高达双位数销售提成。 本文源自：智通财经网 ...

Core Viewpoint - The stock of CSPC Pharmaceutical Group (01093) rose over 5%, reaching HKD 10.62 with a trading volume of HKD 608 million, following the announcement of an exclusive licensing agreement with Madrigal Pharmaceuticals for the development, production, and commercialization of the oral GLP-1 receptor agonist SYH2086 globally [1] Group 1 - CSPC Pharmaceutical Group has entered into an exclusive licensing agreement with Madrigal Pharmaceuticals for the global development, production, and commercialization of SYH2086 [1] - Under the agreement, CSPC grants Madrigal exclusive rights to develop, produce, and commercialize SYH2086 worldwide while retaining rights to develop and sell other oral GLP-1 receptor agonist products in China [1] - CSPC is entitled to receive up to USD 2.075 billion in total consideration, which includes an upfront payment of USD 120 million, potential milestone payments of up to USD 1.955 billion, and high double-digit sales royalties based on annual net sales of SYH2086 [1]

Core Viewpoint - The stock of CSPC Pharmaceutical Group (01093) rose over 5% following the announcement of an exclusive licensing agreement with Madrigal Pharmaceuticals for the development, production, and commercialization of the oral small molecule GLP-1 receptor agonist SYH2086 [1] Group 1 - CSPC Pharmaceutical Group's stock increased by 5.15%, reaching HKD 10.62, with a trading volume of HKD 608 million [1] - The agreement grants Madrigal exclusive rights to develop, produce, and commercialize SYH2086 globally, while CSPC retains rights to develop and sell other oral small molecule GLP-1 receptor agonists in China [1] - CSPC is entitled to receive up to USD 2.075 billion in total consideration, which includes an upfront payment of USD 120 million, potential milestone payments of up to USD 1.955 billion, and high double-digit sales royalties based on annual net sales of SYH2086 [1]

港股创新药概念多股走强，歌礼制药(01672.HK)、石药集团(01093.HK)涨近3%，中国生物制药 (01177.HK)涨超2%，百济神州(06160.HK)、翰森制药(03692.HK)等跟涨。 ...

Core Insights - The innovative drug sector has seen significant growth this year, with the China Securities Hong Kong Stock Connect Innovative Drug Index rising over 124% since the beginning of the year, and the Shanghai Stock Exchange Sci-Tech Innovation Board Innovative Drug Index increasing over 80% [2][3] - There is a growing divergence in opinions among fund managers regarding the valuation of innovative drugs, with some expressing caution and suggesting profit-taking, while others remain optimistic about future growth [2][11] Fund Performance - As of July 29, 2023, 16 funds have reported returns exceeding 100%, all heavily invested in the innovative drug sector [5] - The fund managed by Zhang Wei, Huatai-PineBridge Hong Kong Advantage Selection, leads with a 139% return [5] - The total scale of funds focused on innovative drugs has increased from 111 billion yuan to 366 billion yuan this year, marking a growth of over 200% [5] Market Dynamics - The innovative drug sector has attracted significant investor interest, with the scale of the Huatai-PineBridge National Index Hong Kong Stock Connect Innovative Drug ETF rising from less than 700 million yuan to nearly 8 billion yuan in the first half of the year [5] - The innovative drug index has seen a net inflow of 172 billion yuan, making it one of the highest net buying sectors this year [5][6] Valuation Concerns - Some fund managers, like Wan Minyuan from Rongtong Fund, have raised concerns about the high valuations of A-share innovative drug stocks, suggesting that many companies may have reached their peak valuations [11][12] - There is a belief that the current market is experiencing a bubble, with excessive speculation on early-stage clinical drugs [11][12] Long-term Outlook - The innovative drug sector is viewed as a critical area for investment, with expectations of continued growth driven by technological advancements and supportive policies [10][14] - Fund managers emphasize the importance of selecting companies with strong technological capabilities and sustainable clinical value to navigate potential market volatility [2][14]

智通财经APP获悉，百度集团-SWR(89888)、京东健康-R(86618)、友邦保险-R(81299)上一交易日沽空比 率位于前三位，分别为99.23%、92.28%、90.91%。理想汽车-W(02015)、阿里巴巴-SW(09988)、腾讯控 股(00700)的沽空金额位居前三，分别为24.66 亿元、18.28 亿元、17.98 亿元。友邦保险-R(81299)、百度 集团-SWR(89888)、京东健康-R(86618)的偏离值位居前三，分别为38.31%、34.96%、34.77%。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | | 偏离值 | | --- | --- | --- | --- | --- | | 百度集团-SWR(89888) | 201.23 万元 | 99.23% | 34.96% | | | 京东健康-R(86618) | 2.82 万元 | 92.28% | 34.77% | | | 友邦保险-R(81299) | 68.00 万元 | 90.91% | 38.31% | | | 比亚迪股份-R(81211) | 487.15 万元 | 74.06% ...

Performance Summary - Ningde Times (03750.HK) reported a revenue of 178.886 billion yuan for the first half of the year, an increase of 7.27% year-on-year, with a net profit of 30.512 billion yuan, up 33.02% year-on-year [2] - Hisense Home Appliances (00921.HK) achieved a total operating revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% year-on-year [2] - New Oriental-S (09901.HK) recorded a net revenue of 4.9 billion USD for the fiscal year 2025, a year-on-year increase of 13.6%, with a net profit of 372 million USD, up 20.1% year-on-year [2] - Weisheng Holdings (03393.HK) reported an operating income of 1.368 billion yuan, a year-on-year increase of 11.88%, and a net profit of 305 million yuan, up 12.24% year-on-year [2] - Yingda Real Estate (00432.HK) had a total revenue of 736 million HKD, a year-on-year growth of 35%, but reported a net loss of approximately 249 million HKD, an increase of 62.75% year-on-year [2] - Saint Bella (02508.HK) announced a profit alert, expecting a net profit of over 320 million yuan, turning from loss to profit year-on-year [2] - Aoneng Construction (01183.HK) issued a profit alert, expecting a net profit increase of over 125% to no less than 18 million MOP year-on-year [2] - Da Cheng Corn Group (03889.HK) issued a profit warning, expecting a net loss of approximately 65 to 85 million HKD, turning from profit to loss year-on-year [2] Company News - Sinopec Oilfield Services (01033.HK) announced that its subsidiary won a natural gas pipeline engineering project with a bid amount of 3.597 billion yuan, accounting for 4.44% of the 2024 revenue [2] - CSPC Pharmaceutical Group (01093.HK) signed an exclusive licensing agreement with MADRIGAL for SYH2086, with potential total payments of up to 2.075 billion USD [2] - China Biopharmaceutical (01177.HK) reported successful external licensing cooperation for LM-299, with a milestone payment of 300 million USD expected to be received soon [2] - Chunquan Industrial Trust (01426.HK) reported an average rental rate of approximately 86% for Huamao Property in the second quarter [2] - Sihuan Pharmaceutical (00460.HK) completed the first patient enrollment in a Phase III clinical trial for the new indication of the innovative drug Annelazole Sodium for gastroesophageal reflux disease [2] - Zhaoke Ophthalmology-B (06622.HK) received orphan drug designation from the FDA for Mephalan for the treatment of retinoblastoma in children [2] - Yunnan Construction Investment Concrete (01847.HK) continues to sign concrete supply contracts for the expansion project of Kunming Changshui International Airport, with a contract amount of approximately 283 million yuan [2] Buyback and Increase Dynamics - Vitasoy International (00345.HK) repurchased 2.122 million shares for approximately 19.6 million HKD at a price range of 9.2 to 9.26 HKD [2] - China Eastern Airlines (00670.HK) spent approximately 7.2536 million HKD to repurchase 2.5 million shares at a price range of 2.89 to 2.92 HKD [2]