Overview - The monoclonal antibody (mAb) market in China is still in its early stages, with many overseas mAbs not yet approved domestically. The high cost of these drugs limits accessibility for many patients with lower payment capabilities. However, the market penetration of mAbs is gradually increasing due to their significant advantages over traditional drugs, updates to the national medical insurance catalog, and rising national income levels. The market size of China's mAb industry is projected to reach 131.5 billion yuan in 2024, representing a year-on-year growth of 30.85% [1][5]. Industry Chain - The upstream of the mAb industry includes suppliers of raw materials such as cell culture media, enzymes, antibodies, reagents, consumables, and packaging materials, as well as core equipment suppliers like bioreactors and purification devices. The midstream consists of mAb research and production companies, while the downstream includes hospitals, DTP pharmacies, retail pharmacies, and online channels. Hospitals are the most critical distribution channel for mAbs in China, especially for drugs listed in the medical insurance catalog [3][5]. Development Background - The application of mAbs in cancer treatment is widespread, with the number of new cancer cases in China projected to reach 5.064 million in 2024, a year-on-year increase of 2.61%. This growing cancer population drives the demand for mAbs. Additionally, mAbs have shown efficacy in treating other diseases, such as asthma and inflammatory bowel diseases, providing new development opportunities for the mAb industry [4][5]. Current Status - Since the launch of the first therapeutic mAb in 1986, the mAb market has rapidly developed, with significant products like trastuzumab and adalimumab emerging. By 2024, the global mAb market size is expected to reach 273.3 billion USD, with a year-on-year growth of 9.15% [4][5]. Competitive Landscape - In the global pharmaceutical market, mAbs are becoming a cornerstone of biopharmaceuticals, with 8 mAbs appearing in the top 20 global drug sales rankings in 2024. The success of mAbs in treating tumors and immune diseases is notable, and advancements in biopharmaceutical technology may expand their role in treating infectious diseases [5][6]. Domestic Market Dynamics - In 2024, only 7 mAbs are among the top 30 chemical and biological drugs sold in Chinese hospitals, indicating significant room for growth in the domestic mAb market. The market is expected to expand further as domestic companies gain market share [7][8]. Company Analysis - Domestic companies like BeiGene, Innovent Biologics, Junshi Biosciences, and others are increasingly capturing market share previously dominated by multinational corporations. For instance, BeiGene's Tislelizumab leads in the PD-1 mAb market in China, while Innovent's Sintilimab and Junshi's Toripalimab also hold significant positions [8][9]. Future Trends - The quality and efficacy of domestic mAbs are expected to improve with ongoing advancements in research and production technologies. This may lead to a further increase in market share, breaking the monopoly of multinational companies. Additionally, the application of mAbs is anticipated to expand beyond cancer and autoimmune diseases to include infectious and transmissible diseases [11].

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the Hong Kong market, indicating significant investor sentiment and potential market movements for these companies [1][2]. Short Selling Ratios - AIA Group Ltd (友邦保险-R) and JD Health (京东健康-R) both have a short-selling ratio of 100.00%, indicating complete short interest [1][2]. - JD Group (京东集团-SWR) follows with a short-selling ratio of 87.80% [1][2]. Short Selling Amounts - Alibaba Group (阿里巴巴-SW) leads in short-selling amount with 19.21 billion, followed by Tencent Holdings (腾讯控股) at 18.81 billion and Sanofi (三生制药) at 14.30 billion [1][2]. - Other notable companies include Meituan (美团-W) with 13.13 billion and BYD Company (比亚迪股份) with 12.05 billion [2]. Deviation Values - The top three stocks with the highest deviation values are Hong Kong Exchanges and Clearing (香港交易所-R) at 40.73%, AIA Group (友邦保险-R) at 37.99%, and JD Group (京东集团-SWR) at 36.59% [1][2]. - This deviation indicates a significant difference between current short-selling ratios and their historical averages [2]. Additional Insights - The report provides a detailed table of the top ten stocks by short-selling amounts, ratios, and deviation values, showcasing the current market sentiment towards these companies [2].

截至2024年年报，三生制药营业总收入91.08亿元、净利润20.9亿元。 8月29日，三生制药将披露2025财年中报。 8月26日，三生制药(01530)盘中下跌2.14%，截至10:16，报29.28元/股，成交4.25亿元。 三生制药是中国领先的生物制药企业，专注于创新药物的研发、生产与销售，拥有约30种上市产品和31 个在研产品，核心产品在各自治疗领域市场占有率领先。公司具备覆盖生物药全生命周期的研发及 CDMO能力，在全球设有6大生产基地，2023年CDMO产能达7.6万升，并拥有2600余名医学代表构建广 泛学术推广网络。 作者：行情君 本文源自：金融界 ...

Market Overview - On August 19, the Hang Seng Index fell by 0.21%, closing at 25,122.90 points, while southbound funds through the Stock Connect recorded a net inflow of HKD 18.573 billion [1][3] - The total trading volume for the Stock Connect on August 19 was HKD 168.997 billion, with a net buy of HKD 18.573 billion [1][3] Trading Activity - In the Shanghai Stock Connect, the trading volume was HKD 103.202 billion, with a net buy of HKD 8.911 billion; in the Shenzhen Stock Connect, the trading volume was HKD 65.795 billion, with a net buy of HKD 9.662 billion [1][3] - The most actively traded stock in the Shanghai Stock Connect was Dongfang Zhenxuan, with a trading volume of HKD 7.043 billion, followed by the Tracker Fund of Hong Kong and Tencent Holdings, with trading volumes of HKD 5.106 billion and HKD 3.221 billion, respectively [1][2] Net Buy and Sell Analysis - The Tracker Fund of Hong Kong had the highest net buy amount of HKD 5.089 billion, despite a closing price drop of 0.16% [1][2] - The stock with the highest net sell amount was Hua Hong Semiconductor, with a net sell of HKD 149 million and a closing price drop of 3.12% [1][2] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Dongfang Zhenxuan also led in trading volume with HKD 3.294 billion, followed by Hang Seng China Enterprises and the Tracker Fund of Hong Kong, with trading volumes of HKD 2.215 billion and HKD 2.021 billion, respectively [2] - The stock with the highest net buy in the Shenzhen Stock Connect was Hang Seng China Enterprises, with a net buy of HKD 2.215 billion, despite a closing price drop of 0.37% [2]

Core Insights - On August 19, 2025, Oriental Selection (01797), Tracker Fund of Hong Kong (02800), and Tencent Holdings (00700) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 7.043 billion, 5.106 billion, and 3.221 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Oriental Selection (01797), Hang Seng China Enterprises Index ETF (02828), and Tracker Fund of Hong Kong (02800) were the top three stocks, with trading amounts of 3.294 billion, 2.215 billion, and 2.021 billion respectively [1] Southbound Stock Connect - Top Active Companies - Oriental Selection (01797) had a trading amount of 7.043 billion with a net buy of -48.8231 million [2] - Tracker Fund of Hong Kong (02800) recorded a trading amount of 5.106 billion with a net buy of 5.089 billion [2] - Tencent Holdings (00700) had a trading amount of 3.221 billion with a net buy of 979 million [2] - Alibaba Group (09988) had a trading amount of 2.547 billion with a net buy of -7.2321 million [2] - SMIC (00981) recorded a trading amount of 2.084 billion with a net buy of 160.3 million [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Oriental Selection (01797) had a trading amount of 3.294 billion with a net buy of -464 million [2] - Hang Seng China Enterprises Index ETF (02828) recorded a trading amount of 2.215 billion with a net buy of 2.215 billion [2] - Tracker Fund of Hong Kong (02800) had a trading amount of 2.021 billion with a net buy of 1.982 billion [2] - Tencent Holdings (00700) recorded a trading amount of 2.018 billion with a net buy of 46.322 million [2] - Alibaba Group (09988) had a trading amount of 1.984 billion with a net buy of 268 million [2]

Summary of Key Points Core Viewpoint - The Hong Kong stock market saw significant net inflows from Northbound trading, with a total net buy of HKD 185.73 billion on August 19, 2023, indicating strong investor interest in Hong Kong stocks [1]. Northbound Trading Activity - Northbound trading through Stock Connect recorded a net buy of HKD 89.11 billion from Shanghai and HKD 96.62 billion from Shenzhen [1]. - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Southern Hang Seng Technology (03033) [1]. - The most sold stocks were Oriental Selection (01797), SMIC (00981), and Hua Hong Semiconductor (01347) [1]. Individual Stock Performance - **Tracker Fund of Hong Kong (02800)**: Net buy of HKD 70.7 billion [6]. - **Hang Seng China Enterprises (02828)**: Net buy of HKD 22.14 billion [6]. - **Southern Hang Seng Technology (03033)**: Net buy of HKD 14.11 billion [6]. - **Tencent Holdings (00700)**: Net buy of HKD 10.25 billion; reported a 15% year-on-year revenue growth to HKD 184.5 billion and a 17% increase in net profit [6]. - **Xiaomi Group (01810)**: Net buy of HKD 7.39 billion; reported a 30% year-on-year revenue increase to HKD 115.96 billion [7]. - **Sangfor Technologies (01530)**: Net buy of HKD 2.82 billion; recently completed a share placement to Pfizer [7]. - **Jingtao Holdings (02228)**: Net buy of HKD 1.79 billion; expects a significant increase in revenue and profit for the first half of 2025 [8]. Market Sentiment and Future Outlook - Analysts from Industrial Securities maintain a bullish outlook on Hong Kong stocks, predicting a long-term bull market driven by increasing confidence among global and Chinese investors [6]. - The potential for a Federal Reserve interest rate cut is seen as a catalyst for further liquidity in the Hong Kong market [6].

格隆汇8月19日丨三生制药(01530.HK)宣布，本公司将于2025年8月29日（星期五）举行董事会会议，藉 以（其中包括）审议及批准刊发本公司及其附属公司截至2025年6月30日止六个月的未经审核中期业绩 及其发布，并考虑派发中期股息（如有）。 ...

三生制药（「本公司」）董事會（「董事會」）謹 此 宣 佈，本 公 司 將 於 二 零 二 五 年 八 月 二十九日（星 期 五）舉 行 董 事 會 會 議，藉 以（其 中 包 括）審議及批准刊發本公司及其 附 屬 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 中 期 業 績 及 其 發 佈， 並考慮派發中期股息（如 有）。 承董事會命 三生制药 主 席 婁競博士 香 港，二 零 二 五 年 八 月 十 九 日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 婁 競 博 士 及 蘇 冬 梅 女 士；非 執 行 董 事 張 皎 娥 女 士；以 及 獨 立 非 執 行 董 事 濮 天 若 先 生、楊 凱 蒂 女 士 及 黃 祖 耀 先 生。 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 的 全 部 或 任 何 部 份 內 容 而 產 生 或 因 依 賴 ...

8月19日，三生制药(01530)盘中下跌3.14%，截至10:01，报31.5元/股，成交3.41亿元。 本文源自：金融界 作者：行情君 截至2024年年报，三生制药营业总收入91.08亿元、净利润20.9亿元。 三生制药是中国领先的生物制药企业，专注于创新药物的研发、生产与销售，拥有约30种上市产品和31 个在研产品，核心产品在各自治疗领域市场占有率领先。公司具备覆盖生物药全生命周期的研发及 CDMO能力，在全球设有6大生产基地，2023年CDMO产能达7.6万升，并拥有2600余名医学代表构建广 泛学术推广网络。 ...

Key Points - The top three stocks with net inflows from southbound funds are China Life (02628) with 1.58 billion, Southern Hang Seng Technology (03033) with 768 million, and Alibaba-W (09988) with 452 million [1][2] - The top three stocks with net outflows are Tencent Holdings (00700) with -1.20 billion, Anta Sports (02020) with -697 million, and Rongchang Biopharmaceutical (09995) with -584 million [1][2] - In terms of net inflow ratio, Datang Renewable (01798) leads with 74.45%, followed by Shenzhen Expressway (00548) with 50.53%, and Bosideng (03998) with 50.23% [1][3] - The top three stocks with the highest net outflow ratios are Chongqing Rural Commercial Bank (03618) at -58.46%, Kington Services (09666) at -54.34%, and Poly Property Group (00119) at -51.88% [1][3] Net Inflow Rankings - The top ten stocks by net inflow include: - China Life (02628): 1.58 billion, 34.91% increase, closing price 23.620 (+3.60%) [2] - Southern Hang Seng Technology (03033): 768 million, 14.65% increase, closing price 5.475 (-0.90%) [2] - Alibaba-W (09988): 452 million, 4.38% increase, closing price 121.800 (-1.54%) [2] - Other notable stocks include Li Auto-W (02015) with 349 million and AIA Group (01299) with 317 million [2] Net Outflow Rankings - The top ten stocks by net outflow include: - Tencent Holdings (00700): -1.20 billion, -5.56% decrease, closing price 590.000 (+0.68%) [2] - Anta Sports (02020): -697 million, -40.49% decrease, closing price 92.450 (+2.72%) [2] - Rongchang Biopharmaceutical (09995): -584 million, -33.65% decrease, closing price 77.450 (+13.65%) [2] - Other notable stocks include Meituan-W (03690) with -387 million and China Construction Bank (00939) with -366 million [2] Net Inflow Ratio Rankings - The top stocks by net inflow ratio include: - Datang Renewable (01798): 74.45%, net inflow of 14.5175 million, closing price 2.360 (+0.85%) [3] - Shenzhen Expressway (00548): 50.53%, net inflow of 8.719 million, closing price 7.020 (0.00%) [3] - Bosideng (03998): 50.23%, net inflow of 6.728 million, closing price 4.630 (+0.65%) [3]