Group 1 - On August 26, 2025, the top three companies by trading volume in the Southbound Stock Connect were Yingfu Fund (02800) with a trading volume of 5.01 billion, SMIC (00981) with 3.86 billion, and Alibaba-W (09988) with 3.29 billion [1] - In the Southbound Stock Connect for Shenzhen-Hong Kong, the top three companies were Alibaba-W (09988) with a trading volume of 2.19 billion, SMIC (00981) with 1.95 billion, and Tencent Holdings (00700) with 1.81 billion [1] Group 2 - The top active companies in the Southbound Stock Connect (Hong Kong) included Yingfu Fund (02800) with a net buy of 4.997 billion, Alibaba-W (09988) with a net buy of 448 million, and Tencent Holdings (00700) with a net buy of 911 million [2] - In the Southbound Stock Connect (Shenzhen), Alibaba-W (09988) had a net buy of 897 million, while SMIC (00981) and Tencent Holdings (00700) had net sells of 275 million and 240 million respectively [2]

Summary of Key Points Core Viewpoint - Southbound capital saw a significant decrease in trading volume, with a total of approximately 148.74 billion HKD, down nearly 60 billion from the previous day, accounting for 46.79% of the total turnover of the Hang Seng Index, falling below 50% [2]. Group 1: Southbound Capital Flow - Southbound capital recorded a net inflow of approximately 16.57 billion HKD today, with the Shanghai-Hong Kong Stock Connect contributing about 9.61 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing about 6.97 billion HKD [2][4]. - Major ETFs saw substantial buying, with the Yingfu Fund (02800.HK) receiving 6.55 billion HKD and the Hang Seng China Enterprises (02828.HK) receiving 1.78 billion HKD [2]. Group 2: Individual Stock Performance - Alibaba-W (09988.HK) experienced a net buy of 1.35 billion HKD, despite a decline of 2.57% in its stock price, with short-term capital inflow slowing down [2][5]. - Tencent Holdings (0700.HK) saw a net buy of 670 million HKD, with a stock price drop of 0.81% and accelerated short-term capital inflow [2][5]. - Meituan-W (03690.HK) had a net buy of 409 million HKD, with a decline of 1.88% in its stock price and increased short-term capital inflow [2][5]. - Semiconductor Manufacturing International Corporation (00981.HK) faced a net outflow of 983 million HKD, with a stock price drop of 2.77% and continuous capital outflow [3][5]. - Oriental Selection (01797.HK) saw a net outflow of 303 million HKD, with a significant drop of 11.20% in its stock price and predominant capital outflow [3][5].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company reported a total net revenue of 4.4 billion yuan for the fiscal year 2025, a year-on-year decline of 32.7%, but achieved a net profit of 6.19 million yuan, recovering from losses in the first half of the fiscal year [1]. - The company's self-operated product strategy has matured, becoming a core growth engine, with self-operated product GMV reaching approximately 3.81 billion yuan, accounting for 43.8% of total GMV [2]. - The self-built APP channel has shown steady growth, with APP revenue of about 1.1 billion yuan, representing a year-on-year increase of 22% and accounting for 25% of total revenue [3]. - The company has adjusted its profit forecasts for fiscal years 2026 and 2027, reducing the expected net profit to 270 million yuan and 340 million yuan respectively, while introducing a new forecast for fiscal year 2028 at 400 million yuan [4]. Summary by Sections Financial Performance - For fiscal year 2025, the company reported a total net revenue of 4.4 billion yuan, a decrease of 32.7% year-on-year, while the net profit from continuing operations was 6.19 million yuan, down 97.5% year-on-year [1]. - The self-operated product GMV was approximately 3.81 billion yuan, which is 43.8% of total GMV, and the self-operated product revenue was about 3.5 billion yuan, making up 80% of total revenue [2]. APP Development and Membership Growth - The self-built APP channel achieved revenue of approximately 1.1 billion yuan, a 22% increase year-on-year, and accounted for 25% of total revenue [3]. - The number of paid APP members reached 264,000, reflecting a growth of 33% year-on-year, with a user satisfaction rate of 98.7% [3]. Profit Forecast and Valuation - The company has adjusted its profit forecasts for fiscal years 2026 and 2027, with expected net profits of 270 million yuan and 340 million yuan respectively, and a new forecast for fiscal year 2028 at 400 million yuan [4].

Core Insights - The Hong Kong stock market saw significant net inflows from northbound capital, totaling HKD 165.73 billion on August 26, with the Shanghai-Hong Kong Stock Connect contributing HKD 96.05 billion and the Shenzhen-Hong Kong Stock Connect contributing HKD 69.67 billion [1] Group 1: Stock Performance - The most net bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Alibaba-W (09988) [1][5] - The most net sold stocks were SMIC (00981), Oriental Selection (01797), and Xiaomi Group-W (01810) [1][5] - The Tracker Fund of Hong Kong received a net inflow of HKD 50.04 billion, while SMIC experienced a net outflow of HKD 15.76 billion [2][3] Group 2: Sector Trends - Technology stocks, particularly Alibaba-W, Tencent (00700), and Meituan-W (03690), saw substantial net purchases of HKD 13.45 billion, HKD 6.7 billion, and HKD 4.09 billion respectively [5] - The approval of new regulations for internet platform pricing is expected to lead to more standardized pricing practices among e-commerce platforms, which may help maintain market shares [5] - The biotechnology sector is highlighted by the net purchase of HKD 1.25 billion in Innovent Biologics (01801), following the FDA's approval of a new drug trial [6] Group 3: Company-Specific Developments - Meituan (01357) was included in the MSCI China Index, which is expected to enhance its market visibility and investment appeal [5] - Xiaomi Group-W reported a 40% year-on-year increase in automotive revenue, although its smartphone business faced challenges with declining margins [7] - Oriental Selection's performance was mixed, with a 55% year-on-year drop in GMV, leading to a downgrade in its target price by Goldman Sachs [7]

Core Viewpoint - Oriental Selection's stock fell over 11% with a trading volume exceeding 2.6 billion HKD, reflecting ongoing concerns about its financial performance and market position [2]. Financial Performance - For the fiscal year 2025 (June 2024 - May 2025), Oriental Selection reported a revenue of 4.4 billion HKD, a year-on-year decline of 32.7% [4]. - The net profit from continuing operations was 6.191 million HKD, down 97.5% year-on-year [4]. - Goldman Sachs adjusted its GMV forecast for the fiscal years 2026 to 2027 down by 1% to 3%, while increasing revenue forecasts by up to 10% due to improved contributions from self-operated brand products [2]. Market Position and Trends - The company has experienced a significant drop in its follower count, losing over 1.86 million followers since July 2024 [5]. - The main account of Oriental Selection has only entered the Douyin (TikTok) sales leaderboard top ten four times this year, failing to maintain its previous strong performance [5]. - The decline in viewership and engagement is attributed to the inability to replace the traffic effect brought by top streamers [5].

中国经济网北京8月26日讯 东方甄选（01797.HK）港股今日收报28.08港元，跌幅11.20%。 （责任编辑：魏京婷） ...

| 指数 | 最新 | 涨跌幅 | | --- | --- | --- | | 相生指数 | 25524.92 | -1.18% | | 国企指数 | 9148.66 | -1.07% | | 红筹指数 | 4343.85 | -1.02% | 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯：北京时间8月26日16:00，恒生指数收盘下跌304.99点，跌幅为1.18%，报收25524.92点；国 企指数收盘下跌99.34点，跌幅为1.07%，报收9148.66点；红筹指数收盘下跌44.65点，跌幅为1.02%，报 收4343.85点。南向资金当日净流入165.73亿港元。东方甄选跌超11%，蔚来、君实生物跌超6%，中兴 通讯跌近6%，碧桂园跌超5%；中国黄金国际涨超10%，灵宝黄金涨超9%。 （记者 胡玲） ...

责任编辑：杨红卜 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月26日，港股收盘，恒生指数跌1.18%，恒生科技指数跌0.74%。东方甄选跌超11%，蔚来、君实生物 跌超6%，中兴通讯跌近6%，碧桂园跌超5%；中国黄金国际涨超10%，灵宝黄金涨超9%。 ...

Core Viewpoint - Oriental Selection (1797.HK) experienced a significant intraday drop of nearly 11%, trading at 28.2 HKD, with a transaction volume exceeding 22 billion HKD [1] Financial Performance - For the fiscal year 2025 (June 2024 - May 2025), the net revenue from the continuing operations (self-operated products and live e-commerce) decreased by 32.7% year-on-year from 6.5 billion to 4.4 billion HKD [1] - The net profit from continuing operations was 6.191 million HKD, a substantial decline of 97.5% compared to 249 million HKD in the same period last year [1] Market Analysis - Goldman Sachs reported that Oriental Selection's performance for the second half of the fiscal year ending in May showed mixed results, with the gross merchandise volume (GMV) dropping by 55% year-on-year to 3.9 billion HKD, which was 15% lower than the bank's expectations [1]

记者丨刘雪莹 罗永浩回应网友喊话邀请俞敏洪、王自如 近日，罗永浩官宣播客节目《罗永浩的十字路口》，并在第一期邀请了理想汽车创始人李想。评论区， 有网友喊话罗永浩邀请俞敏洪、王自如上节目。罗永浩先后回复："已拉黑""也已拉黑"。 随后罗永浩还辟谣"拉黑俞敏洪王自如"称，只是把起哄的网友拉黑。 编辑丨陈思颖 8月26日午后，港股东方甄选跌近11%，成交额超20亿元。 据智通财经报道，高盛就东方甄选发布研报称，下调公司2026至2027财年GMV预测1%至3%，受益于自 营品牌产品GMV贡献提升，将收入预测上调最多10%，2026至2027财年经调整净利润率预测上调0.2% 和1%，目标价上调至9港元。因基本面持续疲软，加上估值较贵，该行维持沽售评级。 | 1 FEBRT FREEKS | 要会議:已拉爾维數以下自由 | | --- | --- | | | Sach直接的月26日消费, 最新机制度, OT | | 日本の原因的に行ける。 (0)年度は10000) | 永进的十零曲口 直文集团:"我们第一期修落 | | 和相关服务器价值得非值税处 | 可群上线图:24小时全网设组+角组织建设管 | | | 服は200 ...