证券时报·数据宝统计，8月11日港股通全天合计成交金额为1158.14亿港元，成交净买入0.38亿港元。 具 体来看，沪市港股通成交金额697.39亿港元，成交净卖出1.80亿港元；深市港股通成交金额460.75亿港 元，成交净买入2.19亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，中芯国际成交额为32.68亿港元，成交金额居首； 其次是小米集团-W、腾讯控股，成交金额分别为19.50亿港元、19.35亿港元。以净买卖金额统计，小米 集团-W净买入额为3.70亿港元，净买入金额居首，该股收盘股价下跌0.88%。净卖出金额最多的是小鹏 汽车-W，净卖出3.96亿港元，收盘股价上涨5.36%。 8月11日恒生指数上涨0.19%，报收24906.81点，全天南向资金通过港股通渠道合计净买入0.38亿港元。 （文章来源：证券时报网） 8月11日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00981 | 中芯国际 | 港股通(沪) | 326760.6 ...

8月11日，南下资金净买入港股3834.39万港元。 其中，净买入小米集团-W 5.62亿、康方生物3.05亿、东方甄选1.87亿、晶泰控股1.16亿； 净卖出小鹏汽车-W 6.64亿、信达生物5.27亿、腾讯控股3.39亿、美团-W 2.64亿、阿里巴巴-W 2.33亿、 中芯国际2.37亿。 北水关注个股 小米集团今日微跌0.88%，连续5个交易日收绿。中金发表报告，预计小米集团第二季度收入将达1179.7 亿元，按年增长32.71%，经调整净利润101.8亿元，按年增长64.84%(包含电动车及创新业务3.6亿元亏 损)。该行将小米目标价下调9%至70港元，对应2025及2026年市盈率分别为34.4倍和25.1倍，潜在上行 空间29.6%，维持"跑赢行业"评级。 小鹏汽车今日大涨5.36%。小鹏汽车首款增程车型——小鹏X9增程版MPV已于8月8日进入工信部新一批 新车公示清单，这意味着该车距离上市愈来愈近。小鹏汽车CEO何小鹏、发文表示，首款"超级电动车 型"小鹏X9将会在第四季度正式推出。 信达生物今日跌1.42%。中信证券认为，2025年下半年医疗健康产业的业绩和估值修复趋势确定性较 高，同时分化 ...

据统计，南下资金已连续3日净买入小米，共计27.5701亿港元；连续5日净买入康方生物、共计11.8185 亿港元。(格隆汇) 格隆汇8月11日｜南下资金今日净买入港股3834.39万港元。其中： 净买入小米集团-W 5.62亿、康方生物3.05亿、东方甄选1.87亿、晶泰控股1.16亿； 净卖出小鹏汽车-W 6.64亿、信达生物5.27亿、腾讯控股3.39亿、美团-W 2.64亿、阿里巴巴-W 2.33亿、 中芯国际2.37亿。 | | D. Hos mill | | | | 下载 文川 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 流跌幅 | 净买入额(亿) | 成交额 | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | | 中心国际 | 0.1% | 0.47 | 32.68 Z | 中古国际 | 0.1% | -2.84 | 22.25 L | | 小米集团-W | -0.9% | 3.70 | 19.50亿 | 解讲控股 | 0.0% | -4.32 | 15.50 Z | | 腾讯控股 | 0.0% | 0.93 ...

Core Insights - Southbound capital transactions today amounted to approximately 115.814 billion HKD, marking a significant contraction and reaching a near 24-day low, accounting for 57.65% of the total turnover of the Hang Seng Index [2] - The Hang Seng Index experienced a slight increase of 0.19%, closing at 24,906.81 points, with a net inflow of southbound capital of about 38.35 million HKD [2] - Notable net purchases included Xiaomi Group-W (5.62 billion HKD), Kangfang Biotech (3.06 billion HKD), and Dongfang Zhenxuan (1.88 billion HKD) [2] - Significant net outflows were observed in XPeng Motors-W (6.65 billion HKD), Innovent Biologics (5.28 billion HKD), Tencent Holdings (3.40 billion HKD), Meituan-W (2.65 billion HKD), and Alibaba-W (2.34 billion HKD) [2] Company Performance - Xiaomi Group-W saw a decrease of 0.88%, with short-term capital continuing to flow in, accumulating 2.137 million shares over the past five days [3] - Kangfang Biotech increased by 0.25%, but short-term capital was primarily flowing out, with a reduction of 286,000 shares over the past five days [3] - Dongfang Zhenxuan rose by 3.32%, with short-term capital predominantly flowing in, adding 412,000 shares over the past five days [3] - XPeng Motors-W increased by 5.36%, with short-term capital also flowing in, accumulating 226,000 shares over the past five days [3] - Innovent Biologics decreased by 1.42%, with short-term capital flowing out, reducing 609,000 shares over the past five days [3] - Tencent Holdings remained unchanged, with short-term capital flowing in, adding 581,000 shares over the past five days [3] - Meituan-W decreased by 1.32%, with a slowdown in capital inflow, accumulating 1.167 million shares over the past five days [3] - Alibaba-W increased by 1.89%, with short-term capital flowing in, adding 1.642 million shares over the past five days [3]

Summary of Key Points Core Viewpoint - On August 11, southbound funds recorded a transaction volume of 115.814 billion HKD, with a net inflow of approximately 0.038 billion HKD, indicating mixed investor sentiment in the Hong Kong market [1]. Group 1: Major Net Buy and Sell Activities - Significant net buying was observed in Xiaomi Group-W (01810.HK) with 5.62 billion HKD, Kangfang Biotech (09926.HK) with 3.06 billion HKD, and Dongfang Zhenxuan (01797.HK) with 1.88 billion HKD [1]. - Major net selling was noted in XPeng Inc. (09868.HK) with 66.496 billion HKD, Innovent Biologics (01801.HK) with 52.789 billion HKD, and Tencent Holdings (00700.HK) with 33.983 billion HKD [1]. Group 2: Individual Stock Performance - Xiaomi Group-W experienced a decline of 0.88% with net buying of 3.70 billion HKD from the Shanghai-Hong Kong Stock Connect and 1.92 billion HKD from the Shenzhen-Hong Kong Stock Connect [1]. - Kangfang Biotech saw a slight increase of 0.25% with a net inflow of 3.06 billion HKD from the Shenzhen-Hong Kong Stock Connect [1]. - Dongfang Zhenxuan rose by 3.32%, with net buying of 2.01 billion HKD from the Shanghai-Hong Kong Stock Connect and a net sell of 131.974 million HKD from the Shenzhen-Hong Kong Stock Connect [1]. - Crystal Tech Holdings (02228.HK) increased by 4.78% with net buying of 1.17 billion HKD from the Shanghai-Hong Kong Stock Connect [2]. - CSPC Pharmaceutical Group (01093.HK) rose by 0.97% with a net inflow of 386.093 million HKD from the Shenzhen-Hong Kong Stock Connect [3]. - Hua Hong Semiconductor (01347.HK) fell by 3.68% with net buying of 360.177 million HKD from the Shanghai-Hong Kong Stock Connect [4]. - XPeng Inc. increased by 5.36% but faced significant net selling of 39.574 billion HKD from the Shanghai-Hong Kong Stock Connect and 26.922 billion HKD from the Shenzhen-Hong Kong Stock Connect [5]. - Innovent Biologics declined by 1.42% with net selling of 30.133 billion HKD from the Shanghai-Hong Kong Stock Connect and 22.656 billion HKD from the Shenzhen-Hong Kong Stock Connect [6]. - Tencent Holdings remained stable with no change in price, but had net buying of 925.043 million HKD from the Shanghai-Hong Kong Stock Connect and net selling of 43.233 billion HKD from the Shenzhen-Hong Kong Stock Connect [6]. - Meituan-W (03690.HK) decreased by 1.32% with net selling of 37.107 billion HKD from the Shanghai-Hong Kong Stock Connect and net buying of 1.06 billion HKD from the Shenzhen-Hong Kong Stock Connect [6].

Core Viewpoint - The article emphasizes the importance of weight management as a national strategy in China, highlighting the need for collaborative efforts across various sectors to address obesity and promote scientific weight loss solutions [10][12][24]. Group 1: Conference Overview - The "2025 Weight Management Industry Conference" was held in Suzhou, gathering over 800 participants from government, medical, research, and retail sectors to discuss the new positioning of weight loss in the Healthy China strategy [2]. - Keynote speeches were delivered by prominent figures, including government officials and industry leaders, focusing on innovative solutions and the construction of a weight loss ecosystem [2][6]. Group 2: Obesity Statistics and Health Impact - According to the "World Obesity Map 2025," over 50% of Chinese adults are overweight or obese, with projections indicating that the population affected will reach 515 million by 2030 [10]. - Obesity is not only a health issue but also a significant social burden, with metabolic syndromes linked to obesity causing economic losses exceeding 100 billion yuan annually [10]. Group 3: Innovative Solutions in Weight Management - The conference announced the launch of the first GLP-1 dual-target weight loss drug, "Masitide," which has shown an average weight loss of 18.6% over 48 weeks and an 80% reduction in liver fat content [6][12]. - The drug's clinical research was published in the New England Journal of Medicine, marking a significant milestone for China's drug development capabilities [12]. Group 4: Collaborative Ecosystem Development - The article discusses the need for a comprehensive weight management system that includes screening, diagnosis, intervention, and management, moving from fragmented attempts to standardized practices [13][14]. - A declaration was signed by leading organizations to support the national weight management initiative, aiming to enhance the weight loss ecosystem and contribute to the Healthy China 2030 strategy [24]. Group 5: Educational Initiatives - A weight loss science book titled "Doctors Teach You Scientific Weight Loss" was published, involving contributions from 88 experts to improve public understanding of obesity and weight management [7][21]. - The conference highlighted the importance of integrating medical, retail, and educational resources to create a holistic approach to weight management [9][19].

Core Viewpoint - The stock price of Innovent Biologics (01801) experienced a decline of 5.37% on August 11, trading at 86.35 CNY per share with a transaction volume of 999.3 million CNY [1] Company Overview - Innovent Biologics focuses on the research, development, production, and sales of innovative drugs targeting major diseases such as tumors, autoimmune diseases, metabolic disorders, and ophthalmology [1] - The company has successfully launched 10 products, with 4 products currently under review and 4 new drug molecules in Phase III or pivotal clinical studies. Additionally, 18 new drug candidates are in clinical research [1] Financial Performance - As of the 2024 annual report, Innovent Biologics reported total revenue of 9.422 billion CNY and a net profit of -94.631 million CNY [1] - The company's patient assistance program has benefited over 170,000 patients, with a total drug donation value of 3.4 billion CNY [1] Upcoming Events - Innovent Biologics is scheduled to disclose its interim report for the fiscal year 2025 on August 27 [1]

Core Viewpoint - The investment value of innovative drugs is not a short-term pulse but a long-term industrial dividend, with optimal solutions for sharing this dividend through index tools in golden tracks [1] Group 1: Performance of Innovative Drug Indices - Since July, the National Index for Hong Kong Stock Connect Innovative Drugs and the China Securities Innovative Drug Industry Index have reached new highs, with year-to-date increases of 106.7% and 32.3% respectively as of July 31 [2] - The impressive performance of these indices reflects a decade-long transformation of China's innovative drug industry from "follower" to "leader" [2] - Recent inflows into ETFs tracking innovative drug indices have been significant, with a net inflow of 4.26 billion yuan from August 4 to August 8 and over 16 billion yuan since June [2] Group 2: Index Adjustments and Sensitivity - The recent upgrade of the Hong Kong Stock Innovative Drug Index aims to enhance its focus by excluding CXO companies and increasing adjustment frequency from semi-annual to quarterly, effective August 12 [3][4] - This adjustment allows the index to better capture the core drivers of the innovative drug industry, focusing on pharmaceutical companies that lead drug development and hold key patents [3] - The increased adjustment frequency enhances the index's sensitivity, enabling it to quickly identify emerging growth companies in a rapidly evolving market [4] Group 3: Policy Support for Innovative Drugs - The innovative drug industry has received significant policy support this year, with the State Council's 2025 strategic goal to create a globally competitive innovation ecosystem [5] - Multiple regulatory bodies have introduced supportive measures, including optimizing review processes and reopening IPO channels for unprofitable companies [6] - The 2024 medical insurance fund expenditure on innovative drugs is projected to be 3.9 times that of 2020, with an annual growth rate of 40% [7] Group 4: Market Dynamics and Future Outlook - By the end of 2024, China is expected to have 3,575 original innovative drugs in clinical trials, surpassing the U.S. and becoming the global leader [7] - The proportion of first-in-class (FIC) drugs has increased from less than 10% in 2015 to 24% in 2024, indicating a significant enhancement in original innovation capabilities [7] - The innovative drug market in China currently accounts for less than 10% of the total pharmaceutical market, indicating substantial growth potential compared to over 20% in other G20 countries [9] Group 5: Investment Opportunities in Innovative Drugs - The China Securities Innovative Drug Industry Index has shown a year-to-date increase of 32.3%, with significant upside potential remaining [8] - The long-term growth of the innovative drug market is supported by an aging population and increasing demand for treatments for chronic diseases and rare diseases [8] - Investing in ETFs that track the innovative drug sector provides a way to mitigate risks associated with individual stock investments while capitalizing on overall industry growth [9]

Investment Rating - The report maintains an investment rating of "Outperform" with a target price set for leading stocks [3][4]. Core Insights - The innovative drug sector is experiencing fluctuations, but several catalysts are anticipated, including academic conferences, business development achievements, and negotiations for medical insurance [2]. - The National Medical Insurance Administration has updated the data on innovative drugs included in the medical insurance directory, showing rapid hospital admissions for several newly included domestic innovative drugs [2][22]. Summary by Sections Weekly New Drug Market Review - From August 4 to August 10, 2025, the top five companies in the new drug sector by stock price increase were: Beihai Kangcheng (+73.1%), Jiahe Biotech (+39.0%), Gilead Sciences (+30.3%), Heyu Biotech (+21.1%), and Hengrui Medicine (+15.3%). The top five companies with the largest declines were: Hutchison China MediTech (-13.8%), Frontier Biotech (-13.4%), Yifang Biotech (-11.7%), Haichuang Pharma (-9.9%), and Maiwei Biotech (-9.2%) [1][16]. Recommended Stocks to Watch - The report suggests focusing on potential overseas licensing opportunities for significant products, including differentiated GLP-1 assets from companies like Zhongsheng Pharma, Kangyuan Pharma, and Gilead Sciences. Additionally, upgraded PD-1 products from Kangfang Biotech and others are highlighted [2][22]. Key Analysis of the New Drug Industry - The report notes that several innovative drugs newly included in the medical insurance directory are rapidly entering hospitals, with notable growth in hospital admissions for drugs such as Zaiqiang Pharma's recombinant thrombin and Hengrui Medicine's Tazemetostat [2][22][23]. New Drug Approval and Acceptance Status - This week, three new drug applications were approved, including Adalimumab injection from Wuhan Biological Products Research Institute, Dulaglutide injection from Shandong Boan Biotech, and Evinacumab injection from Xi'an Janssen [28][29]. Additionally, four new drug applications were accepted, including Trastuzumab injection from Amgen and others [28][30]. Clinical Application Approval and Acceptance Status - A total of 55 new drug clinical applications were approved this week, while 31 new drug clinical applications were accepted [10][31].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector, indicating a positive outlook for investment opportunities in this industry [5]. Core Insights - The report highlights the ongoing competition in the weight loss drug sector, particularly focusing on the technological advancements and the performance of various companies in this space [14][20]. - It emphasizes the strong performance of innovative drugs, particularly in the context of the pharmaceutical market's overall trends, which remain robust despite some short-term fluctuations [3][16]. - The report outlines a strategic focus on innovative drugs and new technologies, including brain-computer interfaces and AI in medicine, as key areas for investment moving forward [17][18]. Summary by Sections 1. Industry Performance - The pharmaceutical index decreased by 0.84% during the week of August 4-8, underperforming compared to the CSI 300 and ChiNext indices [14]. - The market showed signs of recovery after a previous downturn, with innovative drugs experiencing some volatility but still presenting structural opportunities, particularly in weight loss medications [2][15]. 2. Weight Loss Drug Sector - The report discusses the shift from single-target GLP-1 drugs to multi-target approaches, highlighting the potential of drugs like Retatrutide, which showed a weight reduction of 24.2% in clinical trials [20][25]. - Emerging multi-functional targets such as FGF21 are gaining attention, with companies like GSK making significant investments in this area [22][31]. - The report notes the importance of oral formulations and long-acting drugs to improve patient compliance and market penetration [33][34]. 3. Investment Strategies - The report suggests focusing on overseas large pharmaceutical companies and small to mid-cap technology revolutions as primary investment themes [17][18]. - Specific companies highlighted for investment include Innovent Biologics, BeiGene, and others in the innovative drug space [18][19]. - The report also emphasizes the importance of new technologies, including AI in pharmaceuticals and brain-computer interfaces, as critical areas for future growth [8][9]. 4. Future Outlook - The report maintains an optimistic view for the pharmaceutical sector through 2025, with a focus on innovative drugs and new technologies [17]. - It identifies key themes for investment, including innovative drugs, new technologies, and the restructuring of supply chains [17][18].