香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 CSPC PHARMACEUTICAL GROUP LIMITED SYH2086是本集團開發的具有完全自主知識產權的臨床前候選藥物，屬於一種新型口服小 分子GLP -1受體激動劑。GLP -1受體激動劑是一類通過GLP -1受體發揮作用的藥物，已被開 發 為 用 於 2 型 糖 尿 病 和 肥 胖 症 管 理 的 治 療 方 法 ， 其 核 心 作 用 機 制 包 括 促 進 胰 島 素 分 泌 、 抑 制 胰 高 血 糖 素 釋 放 、 延 緩 胃 排 空 及 降 低 食 欲 ， 從 而 兼 具 降 糖 和 減 重 效 果 。 臨 床 前 數 據 顯 示，SYH2086具有優異的體外激動活性和體內降糖、減重效果，並在不同動物種屬上具有 寬劑量範圍線性化的藥物動力學(PK)行為，且無明顯安全性風險。 – 1 – 關於Madrigal Madrigal（ NASDAQ：MDGL ）是一家專注於提供代謝功能 ...

Core Viewpoint - The announcement of HRS-9821 project licensing to GlaxoSmithKline (GSK) by Heng Rui Medicine signifies a growing trend of multinational pharmaceutical companies acquiring innovative drugs from Chinese firms, reflecting a competitive landscape in the Chinese pharmaceutical market [1][5][19]. Group 1: Licensing and Financial Details - Heng Rui Medicine will receive a $500 million upfront payment from GSK, with potential milestone payments reaching up to $12 billion based on successful development, registration, and sales [2]. - The licensing agreement excludes regions such as mainland China, Hong Kong, Macau, and Taiwan, indicating a strategic focus on international markets [1]. - The deal has positively impacted Heng Rui Medicine's stock prices in both A-shares and Hong Kong stocks [4]. Group 2: Market Trends and Acquisitions - In the first half of the year, multinational pharmaceutical companies invested approximately 464.3 billion yuan ($64.5 billion) in acquiring Chinese innovative drugs, indicating a surge in interest [6][19]. - The "buy-buy-buy" strategy adopted by these companies highlights a shift towards acquiring rather than developing new drugs internally [7][20]. - Notable transactions include Pfizer's acquisition of a PD-1/VEGF bispecific antibody from 3SBio for $12.5 billion, marking a record for domestic innovative drug deals [8][10]. Group 3: Characteristics of Transactions - The average transaction amounts are substantial, with many exceeding $1 billion, and the largest deals surpassing $6 billion [15]. - Major pharmaceutical companies involved in these transactions include Pfizer, Roche, and AstraZeneca, all ranked among the top ten global pharmaceutical firms [16]. - The focus of these acquisitions is on high-tech areas such as oncology, autoimmune diseases, and metabolic disorders, showcasing the advanced nature of the Chinese pharmaceutical pipeline [17]. Group 4: Rationale Behind Acquisitions - The high risk and long development timelines associated with innovative drug development make acquisitions a more attractive option for multinational companies [20][22]. - Acquiring innovative drugs allows these companies to quickly fill gaps in their pipelines and respond to competitive pressures in the market [25][27]. - The trend of increasing external procurement from Chinese companies has risen from 10% in 2020 to 29% in 2023, indicating a growing recognition of the value of Chinese innovation [17][19]. Group 5: Advantages of Chinese Innovative Drugs - Chinese innovative drugs are perceived as high-quality and cost-effective compared to similar products in developed markets, making them appealing to multinational companies [36][40]. - The lower costs associated with drug development in China, estimated to be 20-30% of those in the U.S., further enhance the attractiveness of these assets [40]. - The increasing number of new drug approvals and ongoing research pipelines in China positions the country as a significant player in the global pharmaceutical landscape [36][38].

Group 1 - The Hang Seng Biotechnology Index (HSHKBIO) has seen a strong increase of 1.88%, with notable gains from constituent stocks such as MicroPort Medical (00853) up 8.63%, and Stone Pharmaceutical Group (01093) up 7.40% [1] - The Hang Seng Biotechnology ETF (513280) has risen by 3.00%, marking its third consecutive increase, with a latest price of 1.34 HKD and a weekly cumulative increase of 8.89% [1] - The trading volume for the Hang Seng Biotechnology ETF was active, with a turnover of 34.45% and a transaction value of 161 million HKD, indicating strong market participation [1] Group 2 - The Hang Seng Biotechnology ETF has experienced a significant increase in shares, growing by 2 million shares over the past week, ranking in the top third among comparable funds [2] - The ETF has seen continuous net inflows over the last three days, with a peak single-day net inflow of 3.83 million HKD, totaling 8.73 million HKD in net inflows [2] Group 3 - Over the past year, the net value of the Hang Seng Biotechnology ETF has increased by 130.59%, ranking 3rd out of 122 QDII equity funds, placing it in the top 2.46% [3] - WuXi Biologics announced the construction of a modular biomanufacturing facility in Singapore, which is part of a strategic collaboration with Pharmadule Morimatsu [3] - The latest report from Zhongyin Securities suggests focusing on three main lines: 1) sectors with stable growth such as medical devices and pharmaceuticals, 2) the CXO sector and medical equipment expected to see a turnaround, and 3) innovative fields related to national medical insurance negotiations [3] Group 4 - The Hang Seng Biotechnology ETF (513280) is highlighted as the only ETF tracking the Hang Seng Biotechnology Index to have received net inflows this year, with the lowest management fee of 0.15% per year among Hong Kong pharmaceutical ETFs [4]

Group 1: Market Performance - The Hong Kong stock market saw all three major indices decline in the morning session, with the Hang Seng Tech Index dropping 1.57%, marking a five-day losing streak [1] - The Hang Seng Index and the Hang Seng China Enterprises Index both fell by 0.43% [1] - Internet healthcare stocks performed strongly, with Ping An Good Doctor surging 9% to reach a new high [1] Group 2: ETF Performance - The Hang Seng Medical ETF (513060) experienced significant fluctuations, rising over 3% during the session with a trading volume nearing 2.5 billion yuan and a turnover rate exceeding 30% [1] - Most constituent stocks within the ETF saw gains, including Ping An Good Doctor up over 11%, MicroPort Medical up over 8%, and several others with gains exceeding 4% [1] Group 3: Policy Developments - The National Healthcare Security Administration (NHSA) held four seminars in July 2025 to discuss a comprehensive policy support system for innovative drugs and medical devices [2][3] - The first seminar focused on establishing a scientific value evaluation system for innovative products, which is expected to enhance the efficiency of healthcare resource allocation [2] - Subsequent seminars addressed collaborative innovation among various stakeholders, the empowerment of research and development through healthcare data, and the identification of pain points in drug development [3] Group 4: Policy Implementation - Recent procurement policy optimizations by the NHSA have improved market access for innovative drugs and medical devices, allowing medical institutions to report quantities by brand and ensuring fair competition [4] - A new pricing mechanism for newly listed drugs has been established, allowing innovative drugs with breakthrough efficacy to secure reasonable premium pricing [4] Group 5: Industry Trends - The policy changes are reshaping the pharmaceutical industry's innovation logic, encouraging differentiation in innovation and directing capital towards unmet clinical needs [5] - The internationalization of Chinese innovative drugs is accelerating, with significant increases in licensing transactions and overseas revenue for companies like BeiGene and Innovent Biologics [5] - The ability to leverage healthcare data for post-market research is becoming a competitive advantage for companies [5] Group 6: High-End Medical Equipment - The government is supporting the development of high-end medical devices, setting a target for 70% of county-level hospitals to use domestically produced equipment by 2025 [6] - The new medical infrastructure is expected to drive over 200 billion yuan in equipment procurement demand [6] Group 7: Investment Opportunities - The Hang Seng Medical ETF (513060) is positioned to benefit from the policy dividends and industry upgrades, focusing on innovative drug and medical device companies [7] - The ETF's constituent companies are expected to experience significant growth as the government supports high-end medical equipment and innovative drug development [7][8]

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 ...