Group 1: Market Overview - Northbound trading recorded a net buy of HKD 1.89 billion, with the Shanghai Stock Connect showing a net sell of HKD 27.89 billion and the Shenzhen Stock Connect showing a net buy of HKD 29.79 billion [1] - The most bought stocks included Meituan-W (03690), China Construction Bank (00939), and Sinopec Oilfield Service (01033), while the most sold stocks were Alibaba-W (09988), Tencent (00700), and CNOOC (00883) [1] Group 2: Stock Performance - Meituan-W (03690) received a net buy of HKD 12.18 billion, driven by the launch of its AI Coding Agent product, which allows users with no coding experience to create websites and software [4] - China Construction Bank (00939) saw a net buy of HKD 4.05 billion, while China Bank (03988) faced a net sell of HKD 4.05 billion, indicating a divergence in bank stock performance [5] - Xiaomi Group-W (01810) experienced a net sell of HKD 7.64 billion, with expectations of narrowing losses in its automotive business by 2025 [7] - Alibaba-W (09988) and Tencent (00700) faced significant net sells of HKD 33.13 billion and HKD 20.63 billion respectively, attributed to lower-than-expected capital expenditures and cloud revenue growth [8] Group 3: Sector Insights - The banking sector is attracting insurance capital due to its high dividend value and the strategic significance of insurance channels for business expansion [5] - The biotechnology sector is facing a sell-off, with companies like Stone Pharmaceutical Group (01093) and Innovent Biologics (01801) experiencing net sells due to a recent wave of equity financing [6] - Bubble Mart (09992) received a net buy of HKD 60.66 million, supported by its strong IP recognition and successful new product launches [6]

Core Insights - AstraZeneca has entered into a strategic research collaboration with CSPC Pharmaceutical Group to advance the discovery and development of new oral candidate drugs targeting high-priority indications [1] Financial Terms - CSPC will receive an upfront payment of $110 million and is eligible for up to $1.62 billion in potential research milestone payments and up to $3.6 billion in potential sales milestone payments [1] - Additionally, CSPC may receive single-digit sales royalties based on the annual net sales of the relevant products [1] Development Rights - AstraZeneca retains the option to obtain exclusive rights for the global development and commercialization of the candidate drugs [1]

Market Overview - On June 12, the Hang Seng Index fell by 1.36%, closing at 24,035.38 points, while southbound funds through the Stock Connect recorded a net purchase of HKD 5.585 billion [1] - The total trading volume for the Stock Connect on June 12 was HKD 129.736 billion, with a net purchase of HKD 5.585 billion [1] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 82.940 billion, with a net purchase of HKD 3.851 billion; in the Shenzhen Stock Connect, the trading volume was HKD 46.796 billion, with a net purchase of HKD 1.733 billion [1] - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 4.189 billion, followed by Pop Mart and Xiaomi Group-W, with trading volumes of HKD 4.061 billion and HKD 3.929 billion, respectively [1] - In terms of net buying, Xpeng Motors-W led with a net purchase of HKD 594 million, despite its closing price dropping by 6.66% [1] - Alibaba-W had the highest net selling amount at HKD 1.180 billion, with a closing price decrease of 3.21% [1] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Pop Mart had the highest trading volume at HKD 226.324 million, followed by Xiaomi Group-W and Alibaba-W with trading volumes of HKD 192.103 million and HKD 178.887 million, respectively [2] - The stock with the highest net purchase was Innovent Biologics, with a net purchase of HKD 437 million, and it closed up by 1.00% [2] - Kuaishou-W had the highest net selling amount at HKD 750 million, with a closing price drop of 5.87% [2]

Core Viewpoint - The Chinese innovative pharmaceutical sector is experiencing a significant surge in external licensing deals, leading to substantial stock price increases for many companies in the industry [2][5][8]. Group 1: Stock Performance - Among 59 Hong Kong-listed biotech companies, 25 have seen their stock prices double this year [3][6]. - The stock prices of several companies have surged due to successful licensing deals, with notable increases such as 32.28% on the day of announcement for Sanofi [6]. - The top five performing companies in the 18A sector have seen stock price increases of 538.46%, 386.56%, 319.69%, 267.8%, and 233.33% respectively [6]. Group 2: Licensing Deals - Significant licensing transactions have occurred, including a $12.5 billion upfront payment for a drug by Sanofi, setting a record for Chinese innovative drugs [4]. - Another deal between Bristol-Myers Squibb and BioNTech could yield up to $11.1 billion in revenue for BioNTech [4]. - China accounted for 44% of the global total licensing transaction value this year, with over $50 billion in deals [5]. Group 3: Industry Dynamics - The innovative drug industry is characterized by long development cycles, high costs, and low success rates, with an average cost of $2.3 billion for oncology drugs [8]. - The demand for innovative drugs is increasing as major pharmaceutical companies face patent expirations, creating a market opportunity for Chinese firms [8]. - Chinese companies are leading in various therapeutic areas, with more pipelines than the U.S. [9]. Group 4: Strategic Considerations - The trend of external licensing raises questions about the long-term implications for Chinese companies, particularly regarding their ability to commercialize products independently [10][11]. - Concerns exist about the potential loss of pricing power and market control if companies sell their pipelines too early [10][11]. - The industry is viewed as a trial-and-error game, where Chinese firms have a competitive edge in the efficiency of their trial processes [9].

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 41.89 亿元 | -11.80 亿元 | | 泡泡玛特(09992) | 40.61 亿元 | -5804.06 万元 | | 小米集团-W(01810) | 39.29 亿元 | +1.53 亿元 | | 建设银行(00939) | 20.81 亿元 | +3.98 亿元 | | 美团-W(03690) | 20.70 亿元 | -2.96 亿元 | | 快手-W(01024) | 16.87 亿元 | -6675.04 万元 | | 腾讯控股(00700) | 16.32 亿元 | -1.39 亿元 | | 小鹏汽车-W(09868) | 16.00 亿元 | +5.94 亿元 | | 中国银行(03988) | 15.35 亿元 | +1.39 亿元 | | 中国海洋石油(00883) | 15.25 亿元 | -3.91 亿元 | 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 泡泡玛特(09992) | ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of 13.76 billion HKD on June 11, 2023, indicating strong investor interest in certain stocks while others faced substantial sell-offs [1]. Group 1: Northbound Trading Activity - Northbound trading saw a net buy of 3 billion HKD through the Shanghai Stock Connect and 10.77 billion HKD through the Shenzhen Stock Connect [1]. - The most bought stocks included China Construction Bank (00939), Meituan-W (03690), and Innovent Biologics (01801) [1]. - The most sold stocks were Xiaomi Group-W (01810), Tencent (00700), and Alibaba-W (09988) [1]. Group 2: Stock-Specific Insights - Xiaomi Group-W had a net sell of 9.30 billion HKD, with total buy and sell amounts of 13.67 billion HKD and 22.97 billion HKD respectively [2]. - Tencent faced a net sell of 8.65 billion HKD, with total transactions amounting to 19.75 billion HKD [2]. - Alibaba-W experienced a net sell of 6.71 billion HKD, with total transactions of 17.53 billion HKD [2]. Group 3: Sector Analysis - The banking sector showed mixed results, with China Construction Bank receiving a net buy of 7.06 billion HKD, while China Bank faced a net sell of 3.1 billion HKD [4]. - Analysts suggest that declining deposit rates may drive funds into the stock market, supporting a potential recovery in bank valuations [4]. - The innovation drug sector showed varied performance, with Innovent Biologics and 3SBio receiving net buys, while CSPC Pharmaceutical Group faced a net sell [5]. Group 4: Company Developments - Meituan-W received a net buy of 3.69 billion HKD, bolstered by the launch of its AI Coding Agent product, which allows users to create websites and software tools without coding experience [5]. - China National Offshore Oil Corporation (00883) saw a net buy of 1.6 billion HKD, with positive outlooks on its operational performance and capital expenditure plans [6]. - Bilibili-W (09626) received a net buy of 416 million HKD, supported by new measures to promote the gaming industry [6]. Group 5: Market Sentiment - Tencent and Alibaba's significant net sells were attributed to concerns over capital expenditures and cloud revenue growth falling short of expectations, impacting market confidence in the AI sector [7]. - Xiaomi's net sell was linked to its commitment to enhancing the automotive supply chain in response to national directives [7].

Group 1: Industry Overview - In 2025, from January to May, the total amount of license-out transactions by Chinese innovative pharmaceutical companies reached $45.5 billion, compared to $51.9 billion for the entire year of 2024 [1] - A milestone event occurred on May 20, when 3SBio signed a global exclusive development agreement with Pfizer worth over $6 billion, setting a record for upfront payments in China's innovative drug license-out transactions at $1.25 billion [1] - The rapid growth of China's innovative drug sector is attributed to long-term accumulation, with significant reforms in drug review systems starting in 2015, leading to increased innovation and investment in the healthcare sector [1] Group 2: Market Dynamics - The introduction of the 18A chapter listing rules in Hong Kong in 2018 allowed unprofitable biotech companies to go public, which, along with similar rules in the STAR Market, opened up new capital market channels for the biotech sector [2] - Despite a downturn in the secondary market for biotech stocks, the fundamentals of the industry have improved, leading to a resurgence in investment in innovative drug companies [2] Group 3: Factors Driving Growth - Chinese innovative drug companies have developed strong capabilities due to a decade of talent and technology accumulation, along with increased collaboration with multinational pharmaceutical companies [3] - Multinational companies face a "patent cliff," creating a demand for new product pipelines, which has shifted their focus to Chinese biotech firms as viable partners for business development [4] Group 4: Transaction Trends - The skepticism from multinational companies regarding the reliability of Chinese clinical data has decreased over the past few years, leading to increased interest in Chinese assets due to their lower transaction costs [5] - The efficiency and speed of Chinese teams in drug development, along with the emergence of experienced management teams, have contributed to the rising volume of license-out transactions [5] Group 5: Investment and Exit Strategies - Pivotal bioVenture has established a new fund to invest in innovative drug companies, focusing on strong innovation and solid management teams [7] - The IPO remains a significant exit strategy for investors, with an increasing number of biotech companies successfully listing on the Hong Kong Stock Exchange [8] - Mergers and acquisitions in the biotech sector are becoming a trend, providing diverse exit pathways for venture capital firms [9] - Cash flow from business development transactions is also becoming a source of dividends for investors, enhancing fund performance [10]

Group 1 - The Hang Seng Index fell by 0.08% to close at 24,162.87 points on June 10, with a total net inflow of HKD 7.59 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 124.87 billion, with a net buying amount of HKD 7.59 billion [1] - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 79.04 billion with a net buying of HKD 4.80 billion, while in the Shenzhen-Hong Kong Stock Connect, the trading volume was HKD 45.83 billion with a net buying of HKD 2.80 billion [1] Group 2 - In the top ten active stocks for the Shanghai-Hong Kong Stock Connect, Meituan-W had the highest trading amount of HKD 3.32 billion, followed by Xiaomi Group-W and Tencent Holdings with trading amounts of HKD 2.97 billion and HKD 2.34 billion respectively [2] - In terms of net buying, the highest was for CSPC Pharmaceutical Group with a net buying amount of HKD 368 million, while Tencent Holdings had the highest net selling amount of HKD 1.04 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W led with a trading amount of HKD 1.72 billion, followed by Tencent Holdings and Meituan-W with trading amounts of HKD 1.64 billion and HKD 1.53 billion respectively [2]

Group 1 - Southbound funds net bought Hong Kong stocks worth 75.9 billion HKD on June 10, with notable net purchases in Meituan-W (9.85 billion HKD), CSPC Pharmaceutical Group (7.61 billion HKD), and Innovent Biologics (5.19 billion HKD) [1] - Tencent Holdings saw a significant net sell-off of 18.92 billion HKD, alongside other companies like Xiaomi Group-W (8.99 billion HKD) and Alibaba-W (7.71 billion HKD) [1] - Meituan has experienced 17 consecutive days of net buying, totaling 185.1264 billion HKD, while Tencent has faced 8 consecutive days of net selling, amounting to 99.4492 billion HKD [1] Group 2 - Tencent Holdings experienced a slight decline of 0.87% and repurchased 973,000 shares at a price range of 509-520 HKD per share, costing 500 million HKD [6] - Meituan's stock dropped by 2.7%, while JD.com's daily order volume for food delivery surpassed 25 million, capturing over 31% of the national market share [6] - Meituan launched its first AI Coding Agent product, NoCode, aimed at various applications including data analysis and product prototype design [7] Group 3 - Xiaomi Group's stock fell by 1.29%, and the company addressed rumors regarding a fatal accident during high-level driving training, stating that it would pursue legal action against those spreading false information [7]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of HKD 75.9 billion on June 10, 2023, indicating strong investor interest in certain stocks while others faced net sell-offs [1]. Group 1: Net Buying and Selling Stocks - Meituan-W (03690) led the net buying with HKD 17.86 billion, showing a net inflow of HKD 2.52 billion [2]. - Stone Pharmaceutical Group (01093) received a net buy of HKD 10.28 billion, with a net inflow of HKD 3.68 billion [2]. - Tencent (00700) faced the highest net sell of HKD 18.91 billion, with a net outflow of HKD 10.44 billion [2][6]. - Xiaomi Group-W (01810) saw a net sell of HKD 8.99 billion, with a net outflow of HKD 3.72 billion [2][7]. Group 2: Notable Company Insights - Meituan's strong merchant base and user reviews are expected to enhance its local business profitability, with new ventures likely to reduce losses [4]. - Stone Pharmaceutical Group is anticipated to secure significant overseas licensing deals, potentially exceeding USD 50 billion each, which could boost its revenue from business development [4]. - Xinda Biopharmaceutical (01801) is projected to benefit from positive clinical data and aims to have five drugs in global Phase III trials by 2030 [5]. - Crystal Technology Holdings (02228) is expected to experience short-term growth driven by policy incentives and long-term growth through customer retention and pipeline development [5]. Group 3: Market Sentiment and Future Outlook - The market's confidence in AI and cloud services has been shaken due to lower-than-expected capital expenditures and cloud revenue growth, but long-term potential remains positive as these technologies integrate into core business operations [6].