Core Insights - On September 18, Hong Kong Broadband made its first appearance on the active trading list of Hong Kong Stock Connect in nearly a month [2] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 763.71 billion, accounting for 36.27% of the day's total trading amount, with a net buying amount of HKD 33.31 billion [2] Trading Activity Summary - The top traded stock was Alibaba-W with a trading volume of HKD 210.72 billion, followed by SMIC and Tencent Holdings with trading volumes of HKD 140.50 billion and HKD 91.65 billion, respectively [2] - Over the past month, Alibaba-W and Tencent Holdings were the most frequently listed stocks, appearing 23 times, indicating strong interest from Hong Kong Stock Connect funds [2] Hong Kong Broadband Performance - On the day of its first listing, Hong Kong Broadband had a trading volume of HKD 26.49 billion and a net buying amount of HKD 4.28 billion, with its stock price increasing by 68.55% [2]

Market Overview - On September 18, the Hang Seng Index fell by 1.35%, with southbound trading totaling HKD 210.55 billion, comprising HKD 108.42 billion in buying and HKD 102.13 billion in selling, resulting in a net buying amount of HKD 6.28 billion [1] Southbound Trading Details - Southbound trading through the Shenzhen Stock Connect had a total trading amount of HKD 76.78 billion, with buying at HKD 40.58 billion and selling at HKD 36.20 billion, leading to a net buying of HKD 4.38 billion [1] - The Shanghai Stock Connect recorded a total trading amount of HKD 133.77 billion, with buying at HKD 67.84 billion and selling at HKD 65.93 billion, resulting in a net buying of HKD 1.84 billion [1] Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total trading amount of HKD 210.72 billion, followed by SMIC and Tencent Holdings with HKD 140.50 billion and HKD 91.65 billion respectively [1] - In terms of net buying, Meituan-W led with a net buying amount of HKD 14.12 billion, followed by Alibaba-W with HKD 12.10 billion and Pop Mart with HKD 12.07 billion [1] - The stock with the highest net selling was Hua Hong Semiconductor, with a net selling amount of HKD 11.65 billion, while Tencent Holdings and SMIC had net selling amounts of HKD 4.18 billion and HKD 2.77 billion respectively [1] Continuous Net Buying - Two stocks, Alibaba-W and Meituan-W, have seen continuous net buying for over three days, with Alibaba-W having a total net buying of HKD 561.01 billion over 20 days and Meituan-W with HKD 49.01 billion over 4 days [2]

Core Insights - On September 18, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 13.163 billion, 9.044 billion, and 5.634 billion respectively [1][2] - Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also led the trading volume in the southbound trading of the Shenzhen-Hong Kong Stock Connect, with trading amounts of 7.909 billion, 5.005 billion, and 3.531 billion respectively [1][2] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 13.163 billion, net buying of 0.315 billion [2] - SMIC (00981): Trading amount of 9.044 billion, net selling of 0.395 billion [2] - Tencent Holdings (00700): Trading amount of 5.634 billion, net selling of 0.940 billion [2] - Meituan-W (03690): Trading amount of 4.440 billion, net buying of 0.568 billion [2] - Xiaomi Group-W (01810): Trading amount of 3.518 billion, net buying of 0.280 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 7.909 billion, net buying of 0.895 billion [2] - SMIC (00981): Trading amount of 5.005 billion, net buying of 0.117 billion [2] - Tencent Holdings (00700): Trading amount of 3.531 billion, net buying of 0.522 billion [2] - Meituan-W (03690): Trading amount of 2.495 billion, net buying of 0.844 billion [2] - Xiaomi Group-W (01810): Trading amount of 2.236 billion, net buying of 0.381 billion [2]

东方甄选(01797)午后涨超16%，近两个交易日股价累涨超25%。值得注意的是，该股股价自8月19日创 下阶段新高后跳水，不到一个月曾回调超50%。截至发稿，涨15.73%，报26.78港元，成交额22.64亿港 元，市盈率TTM则高达4436。 消息面上，花旗近期研报指出，因应东方甄选的商业模式从"依赖龙头主播"转向"规模化会员平台"，将 2025至27财年收入预测分别下调36%、31%及30%，盈利预测分别下调69%、30%及26%，并将目标价由 18.5港元升至33港元。该行预期会员平台将有26.4万付费会员，月回购率达40%；自有品牌毛利率由 10%低位恢复至24%；预计2028年经调整净利率达7%至8%，而现时为4%；维持"买入"评级，但认为转 型成效仍然需要经多个季度的表现来验证。 ...

智通财经APP获悉，东方甄选(01797)午后涨超16%，近两个交易日股价累涨超25%。值得注意的是，该 股股价自8月19日创下阶段新高后跳水，不到一个月曾回调超50%。截至发稿，涨15.73%，报26.78港 元，成交额22.64亿港元，市盈率TTM则高达4436。 消息面上，花旗近期研报指出，因应东方甄选的商业模式从"依赖龙头主播"转向"规模化会员平台"，将 2025至27财年收入预测分别下调36%、31%及30%，盈利预测分别下调69%、30%及26%，并将目标价由 18.5港元升至33港元。该行预期会员平台将有26.4万付费会员，月回购率达40%；自有品牌毛利率由 10%低位恢复至24%；预计2028年经调整净利率达7%至8%，而现时为4%；维持"买入"评级，但认为转 型成效仍然需要经多个季度的表现来验证。 ...

格隆汇9月18日｜此前持续回调的东方甄选(1797.HK)今日盘中不断拉升，大涨超16%报27港元，为连续 第二日反弹，截至目前成交额放大至超20亿港元。 ...

Group 1 - The stock of Dongfang Zhenxuan in Hong Kong saw a significant increase, rising over 14% in the afternoon session on September 18 [1] - The previous trading day recorded a rise of 9.56% for the same stock [1]

Group 1 - The stock of Dongfang Zhenxuan surged by 16% in a single day [1] - The trading volume reached nearly 2 billion Hong Kong dollars [1]

（文章来源：每日经济新闻） 每经AI快讯，9月18日，东方甄选股价连续2日上涨，现涨超10%，成交额超11亿港元。 ...

東方甄選控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1797） 謹訂於2025年11月3日（星期一）上午十時正舉行之 股東週年大會適用之代表委任表格 （附註1） | （附註1） 本人╱吾等 | （姓名） | | --- | --- | | 地址為 | （地址） | | 為東方甄選控股有限公司（「本公司」）股本中 | （附註2） 股 每股面值0.00002美元 | | （附註3） 之普通股之登記持有人，茲委任大會主席 或 | （姓名） | | 地址為 | （地址） | 為本人╱吾等之代表，代表本人╱吾等就如下所示決議案出席本公司謹訂於2025年11月3日（星期 一）上午十時正假座本公司於北京的總部中國北京市海淀區海淀東三街2號南樓18層舉行之股東週年 大會（「股東週年大會」）（及其任何續會）。 | | 普通決議案* | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | | 1. | 省覽及考慮截至2025年5月31日止財政年度本公司之經審核綜 | | | | | 合財務報表及本公司董事（「董事」）會報告與本公司核數師報 | | | | | 告。 | ...