Group 1 - The core viewpoint of the article highlights the significant stock performance of CSPC Pharmaceutical Group, which saw a 5.17% increase, reaching HKD 10.38 per share with a trading volume of HKD 1.605 billion [1] - CSPC Pharmaceutical Group is a Hong Kong-listed pharmaceutical company primarily engaged in the production of finished drugs and active pharmaceutical ingredients, with a strategic focus on innovative drugs [1] - The company has a strong product portfolio in therapeutic areas such as neurological diseases, oncology, anti-infection, and cardiovascular diseases, supported by an international R&D team [1] Group 2 - As of the first quarter of 2025, CSPC Pharmaceutical Group reported total revenue of HKD 7.015 billion and a net profit of HKD 1.478 billion [2]

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant short-selling activity and potential investor sentiment towards these companies. Group 1: Top Short-Selling Ratios - JD Health (86618) has the highest short-selling ratio at 100.00% [1][2] - Hang Seng Bank (80011) follows with a short-selling ratio of 88.44% [1][2] - SenseTime (80020) has a short-selling ratio of 76.25% [1][2] Group 2: Top Short-Selling Amounts - Xiaomi Group (01810) leads in short-selling amount with 2.209 billion [1][2] - Tencent Holdings (00700) has a short-selling amount of 0.955 billion [1][2] - WuXi AppTec (02359) reports a short-selling amount of 0.698 billion [1][2] Group 3: Top Short-Selling Deviations - Hang Seng Bank (80011) has the highest deviation value at 48.82% [1][2] - JD Health (86618) follows with a deviation value of 45.78% [1][2] - Uni-President China (00220) has a deviation value of 33.70% [1][2]

Core Viewpoint - Southbound capital has significantly increased its investment in the Hong Kong stock market this year, leading to a historical net inflow of over 840 billion HKD, surpassing previous records and contributing to a strong performance in the market [1][2]. Group 1: Southbound Capital Inflows - As of July 29, 2023, southbound capital has recorded a cumulative net inflow of 8420.02 billion HKD, marking a historical high for the year and more than double the inflow of the same period in 2024 [1][2]. - The daily net inflow peaked on April 9, 2023, with 355.86 billion HKD, setting a record for single-day inflows [1]. - In 135 trading days this year, there were net inflow days on 114 occasions, accounting for over 80% of the trading days [1]. Group 2: Market Performance - The Hang Seng Index has risen over 27% year-to-date, while the Hang Seng Technology Index has increased by over 26% [1][3]. - Major stocks with market capitalizations exceeding 1 trillion HKD have all seen gains, with Xiaomi Group-W up over 60% and Tencent Holdings up over 34% [1][4]. - The Hong Kong stock market has outperformed major global markets, with the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Technology Index showing respective increases of 27.24%, 25.46%, and 26.33% [3]. Group 3: Sector and Stock Performance - Southbound capital has heavily invested in the financial, information technology, and consumer discretionary sectors, with holdings valued at 14517.43 billion HKD, 11115.84 billion HKD, and 7175.67 billion HKD respectively [2][3]. - Notable individual stock holdings include Tencent Holdings at over 5400 billion HKD, and other significant investments in China Mobile, Xiaomi Group-W, and Alibaba-W, each exceeding 2000 billion HKD [2][3]. Group 4: Valuation and Future Outlook - The rolling P/E ratio of the Hang Seng Index has increased to 10.49 times, up from 8.96 times at the beginning of the year, indicating a rise in market valuation [5][6]. - Analysts predict that southbound capital inflows could exceed 1 trillion HKD for the year, although the pace may slow in the second half [6][7]. - The overall market sentiment remains positive, with expectations of continued upward movement supported by improved fundamentals and ongoing capital inflows [6][7].

今日上榜个股中，小米集团-W、腾讯控股、阿里巴巴-W等8只股同时上榜港股通（深）、港股通（沪）成交活跃股， 小米集团-W合计成交额 83.68亿港元，成交净买入16.59亿港元，腾讯控股合计成交额45.43亿港元，成交净买入8.33亿港元。泡泡玛特合计成交额23.37亿港元，成交净卖 出3.51亿港元，美团-W合计成交额37.51亿港元，成交净卖出2.88亿港元。 从连续性进行统计， 有4只股获南向资金连续3天以上净买入，连续净买入天数较多的有腾讯控股、中芯国际、阿里巴巴-W，连续净买入天数分 别为4天、3天、3天。以其间净买入金额统计，净买入金额最多的是小米集团-W，合计净买入为24.46亿港元，其次是腾讯控股合计净买入为20.89 亿港元，中芯国际合计净买入为13.03亿港元。（数据宝） | 7月29日南向资金成交活跃股 | | --- | | 代码 简称 | 成交金额 成交净买入 | 今日涨跌幅（%） | | --- | --- | --- | | | （万港元） （万港元） | | | 01810 小米集团-W | 836751.42 165918.68 -2.64 | | | 00700 腾讯控股 ...

Core Viewpoint - The Hang Seng Index fell by 0.15% to close at 25,524.45 points on July 29, with a net inflow of HKD 12.72 billion through the southbound trading channel [1] Group 1: Market Activity - The total trading volume for the southbound trading on July 29 was HKD 155.49 billion, with a net buy of HKD 12.72 billion [1] - The Shanghai Stock Exchange's southbound trading accounted for HKD 98.34 billion in trading volume, with a net buy of HKD 5.88 billion, while the Shenzhen Stock Exchange had a trading volume of HKD 57.15 billion and a net buy of HKD 6.84 billion [1] Group 2: Active Stocks - The most actively traded stock on the Shanghai Stock Exchange was Xiaomi Group-W, with a trading volume of HKD 5.36 billion, followed by Guotai Junan International and Tencent Holdings, with trading volumes of HKD 4.15 billion and HKD 3.00 billion, respectively [2] - In terms of net buying, Tencent Holdings led with a net buy of HKD 1.06 billion, despite its stock price closing down by 0.09% [1][2] - The stock with the highest net sell was Pop Mart, with a net sell of HKD 272 million, while its stock price increased by 5.91% [1][2] Group 3: Detailed Stock Data - The top ten actively traded stocks on the Shenzhen Stock Exchange included Xiaomi Group-W with a trading volume of HKD 3.00 billion and a net buy of HKD 670 million, despite a closing drop of 2.64% [2] - Meituan-W had the highest net sell amount of HKD 509 million, with a closing price decrease of 0.62% [2] - Other notable stocks included Alibaba-W and Southbound Hang Seng Technology, with trading volumes of HKD 2.24 billion and HKD 1.67 billion, respectively [2]

智通财经7月29日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1554.92亿港元，短线交投连续收缩后重新放量，约为今日恒指成交总额的 58.23%，占比也较前几日明显抬升。 个股方面，交易所数据显示，今日南向资金 大幅净买入：小米集团-W(01810.HK)16.59亿港元；腾讯控股(0700.HK)8.33亿港元；阿里巴巴-W(09988.HK)7.53亿港元；石药集团(01093.HK)6.52 亿港元；信达生物(01801.HK)5.14亿港元；国泰君安国际(01788.HK)4.31亿港元；中芯国际(00981.HK)3.67亿港元； 大幅净流出：泡泡玛特(09992.HK)3.51亿港元；美团-W(03690.HK)2.88亿港元。 恒指今日弱势震荡，午后有所走强。全天南向资金净流入约127.20亿港元，其中沪港股通净流入约58.78亿港元，深港股通净流入约68.42亿港元。 | 令日 | 58.78 | 68.42 | 127.20 | | --- | --- | --- | --- | | 近一月 | 573.94 | 534.16 | 1108.10 | 投资要点 小米集团-W今日 ...

| 中芯国际 | 6.421Z | 5.18 亿 | 11.60亿 | | --- | --- | --- | --- | | HK 00981 | | | +1.24 亿 | | 快手-W | 4.62亿 | 4.71亿 | 9.33亿 | | HK 01024 | | | -850.31万 | | 石药集团 | 5.88亿 | 3.24亿 | 9.11亿 | | HK 01093 | | | +2.64 乙 | | 信达生物 | 6.77 亿 | 1.62亿 | 8.39亿 | | HK 01801 | | | +5.141Z | | 泡泡玛特 | 3.63亿 | 4.43亿 | 8.06亿 | | HK 09992 | | | -7973.47万 | 港股通(深)活跃成交股 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W HK 01810 | 31.76亿 | 21.87 亿 | 53.64亿 | | | | | +9.89 亿 | | 国泰君安 ... | 21.58亿 | 19.90亿 | 41 ...

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 小米集团-W(01810) | 53.64 亿元 | +9.89 亿元 | | 国泰君安国际(01788) | 41.48 亿元 | +1.69 亿元 | | 腾讯控股(00700) | 30.04 亿元 | +10.60 亿元 | | 阿里巴巴-W(09988) | 22.43 亿元 | +2.02 亿元 | | 中芯国际(00981) | 21.86 亿元 | +2.43 亿元 | | 美团-W(03690) | 20.67 亿元 | +2.21 亿元 | | 南方恒生科技(03033) | 16.71 亿元 | -6787.71 万元 | | 锦欣生殖(01951) | 15.63 亿元 | +1.95 亿元 | | 泡泡玛特(09992) | 15.31 亿元 | -2.72 亿元 | | 石药集团(01093) | 14.85 亿元 | +3.88 亿元 | 智通财经APP获悉，2025年7月29日当天，小米集团-W(01810)、国泰君安国际(01788)、腾讯控股 (00700)位居沪港通（南向）成交额前3 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth 12.72 billion HKD today, with notable purchases in Xiaomi Group-W (1.659 billion), Tencent Holdings (0.832 billion), and Alibaba-W (0.753 billion) [1] - Southbound funds have net bought Tencent for four consecutive days, totaling 2.08902 billion HKD, and Xiaomi for three consecutive days, totaling 2.44603 billion HKD [1] - Other significant net purchases include Sino Biopharmaceutical (0.651 billion), InnoCare Pharma (0.514 billion), and SMIC (0.366 billion) [1] Group 2 - In the Shanghai Stock Connect, Xiaomi Group-W saw a decrease of 2.6% with a net buy of 0.989 billion, while Tencent Holdings increased by 0.1% with a net buy of 1.060 billion [3] - Alibaba-W had a slight increase of 0.1% with a net buy of 0.202 billion, and SMIC rose by 0.5% with a net buy of 0.243 billion [3] - Meituan-W experienced a decline of 0.6% with a net sell of 0.221 billion, while Pop Mart saw a significant increase of 5.9% with a net sell of 0.272 billion [3]

Core Viewpoint - The healthcare sector is experiencing a significant transformation driven by advancements in AI technology, particularly in areas such as AI-assisted diagnosis and drug development, despite facing challenges in data governance, clinical translation, and ethical considerations [1][2]. Group 1: AI in Healthcare - AI is widely applied across the healthcare process, enhancing efficiency and patient experience in areas like health management, imaging analysis, and drug development [3]. - The AI healthcare market is projected to grow from 97.3 billion yuan in 2023 to 159.8 billion yuan by 2028, indicating a positive trend in the sector [3]. - Major tech companies like Tencent, Ant Group, and Huawei are increasingly investing in AI healthcare, focusing on transforming concepts into commercial applications [3][4]. Group 2: Challenges in AI Implementation - The industry faces several barriers to scaling AI applications, including data privacy, clinical validation, operational capabilities, and interoperability of ecosystems [4]. - Successful commercialization of AI in healthcare requires a closed loop in processes, compliance, and business models to truly empower healthcare professionals and create value for patients [4]. Group 3: AI in Drug Development - AI-native startups are gaining attention, with their valuation logic focusing on model capabilities, computational efficiency, and data barriers, differing from traditional pharmaceutical companies [5]. - The collaboration between AstraZeneca and China’s CSPC Pharmaceutical Group highlights the potential of AI-driven drug development, with a total potential value exceeding 5.3 billion USD [6]. - AI tools have shown significant ROI in drug development, particularly in lead compound design, reducing the candidate selection process from two years to under one year [6]. Group 4: Regulatory and Market Considerations - The FDA's recent initiatives to integrate AI tools into their processes demonstrate a shift towards modernizing regulatory frameworks, which is crucial for Chinese pharmaceutical companies looking to enter international markets [9][10]. - Companies must prepare for international market entry by aligning with FDA guidelines, establishing secure environments, and developing talent that understands both drug development and AI compliance [10]. Group 5: Data Standardization and Global Trials - AI-driven synthetic control arms and real-world data simulations are being recognized by the FDA as valid methods for addressing patient population differences in international multi-center trials [11]. - To tackle data standardization issues in emerging markets, companies should adopt international data models and utilize technologies like federated learning to ensure data quality while maintaining patient privacy [11].