智通财经APP获悉，10月14日港股市场，北水成交净买入86.03亿港元，其中港股通(沪)成交净买入49.73亿港元，港股通 (深)成交净买入36.31亿港元。 北水净买入最多的个股是南方恒生科技(03033)、小米集团-W(01810)、腾讯(00700)。北水净卖出最多的个股是中芯国际 (00981)、阿里巴巴-W(09988)、信达生物(01347)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | 62.04 Z | 69.40亿 | 131.44亿 | | HK 09988 | | | -7.36 Z | | 中芯国际 | 38.45 乙 | 41.70 Z | 80.15 Z | | HK 00981 | | | -3.24 Z | | 腾讯控股 | 22.51 乙 | 20.89 亿 | 43.40亿 | | HK 00700 | | | +1.61 乙 | | 来可未营体 | 21.68 乙 | 19.41 Z | 41.09亿 | | HK 01347 | | | +2.28 乙 | ...

深市港股通前十大成交活跃股中，成交额居首的是阿里巴巴-W，成交金额96.88亿港元；其次是小米集 团-W、中芯国际，成交金额分别为61.89亿港元、50.50亿港元。以净买卖金额统计，有8只股为净买 入，净买入金额最多的是盈富基金，净买入20.75亿港元，该股收盘下跌1.56%。净卖出金额最多的是信 达生物，净卖出5.15亿港元，收盘股价下跌4.20%。（数据宝） 10月13日恒生指数下跌1.52%，报收25889.48点，全天南向资金通过港股通渠道合计净买入198.04亿港 元。 证券时报·数据宝统计，10月13日港股通全天合计成交金额为2270.17亿港元，成交净买入198.04亿港 元。 具体来看，沪市港股通成交金额1482.79亿港元，成交净买入75.98亿港元；深市港股通成交金额 787.38亿港元，成交净买入122.06亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，阿里巴巴-W成交额为226.10亿港元，成交金额居 首；其次是中芯国际、小米集团-W，成交金额分别为126.70亿港元、91.33亿港元。以净买卖金额统 计，盈富基金净买入额为52.08亿港元，净买入金额居首，该股收盘股价下跌 ...

| 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 02800 | 盈富基金 | 755024.68 | 728201.07 | -1.56 | | 02828 | 恒生中国企业 | 220847.96 | 213456.66 | -1.44 | | 01347 | 华虹半导体 | 820529.82 | 134769.54 | 8.01 | | 01810 | 小米集团-W | 1532266.32 | 88813.16 | -5.71 | | 03690 | 美团-W | 350210.90 | 80655.18 | -1.87 | | 00763 | 中兴通讯 | 347421.74 | 72439.34 | 2.95 | | 03888 | 金山软件 | 193184.05 | 28616.94 | 13.82 | | 02269 | 药明生物 | 112384.13 | -26781.12 | -4.75 | | 01801 | 信达生物 | 109766.62 | -51510.54 | ...

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 96.88 亿元 | +5.54 亿元 | | 小米集团-W(01810) | 61.89 亿元 | +7.61 亿元 | | 中芯国际(00981) | 50.50 亿元 | +12.86 亿元 | | 腾讯控股(00700) | 44.69 亿元 | +8.63 亿元 | | 华虹半导体(01347) | 30.38 亿元 | +5.60 亿元 | | 盈富基金(02800) | 21.28 亿元 | +20.75 亿元 | | 美团-W(03690) | 14.36 亿元 | +5.12 亿元 | | 中兴通讯(00763) | 13.68 亿元 | +2.97 亿元 | | 药明生物(02269) | 11.24 亿元 | -2.68 亿元 | | 信达生物(01801) | 10.98 亿元 | -5.15 亿元 | 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴- ...

智通财经APP获悉，10月13日港股市场，北水成交净买入198.04亿港元，其中港股通(沪)成交净买入75.98亿港元，港股通 (深)成交净买入122.06亿港元。 北水净买入最多的个股是盈富基金(02800)、恒生中国企业(02828)、华虹半导体(01347)。北水净卖出最多的个股是腾讯 (00700)、阿里巴巴-W(09988)、中芯国际(00981)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | 102.16亿 | 123.94 乙 | 226.10亿 | | HK 09988 | | | -21.78 乙 | | 中芯国际 | 54.30 乙 | 72.40 乙 | 126.70亿 | | HK 00981 | | | -18.10 Z | | 小米集团-W | 46.30 乙 | 45.03亿 | 91.33 亿 | | HK 01810 | | | +1.28 乙 | | 腾讯控股 | 29.11 乙 | 62.19 Z | 91.30 亿 | | HK 00700 | | | -3 ...

China (PRC) | Biotechnology Navigating Competitive Dynamics and Market Access Tailwinds Innovent Biologics Equity Research The GLP-1 market in China is becoming increasingly competitive, with generics and multinational entrants on the horizon. Innovent's strategy focuses on brand equity, differentiated mechanism, and pricing flexibility to maintain share. While NRDL inclusion remains critical for diabetes, obesity and specialty indications will rely on cash-pay and emerging commercial insurance (Category C) ...

Group 1 - Debon Logistics has launched a logistics line connecting China to six Middle Eastern countries, including the UAE and Saudi Arabia, with tailored customs and delivery solutions for various product categories [5][6] - Temu has partnered with e-commerce platform Base.com to enhance operational efficiency for cross-border sellers in markets like the UK and the US, offering streamlined order fulfillment and inventory management [5][6] - SHEIN plans to open its first physical stores in France in November, marking its first foray into brick-and-mortar retail after focusing primarily on online sales [6] Group 2 - TikTok is testing a self-operated e-commerce feature called "Trendy Beat" in the UK, aiming to sell products directly sourced by TikTok, enhancing its e-commerce strategy [6] - Xiaomi is accelerating its European expansion by opening flagship stores in Germany and Spain, with plans to sell electric vehicles by 2027 [7] - BYD has officially rolled out its 14 millionth new energy vehicle in Brazil, with the Brazilian president becoming a car owner, highlighting BYD's dominance in the Brazilian market [8] Group 3 - Hesai Technology has become the first company globally to produce over one million lidar units annually, maintaining a leading market share in the ADAS sector [8] - Natural堂 has completed a new financing round, raising 300 million RMB, with a valuation exceeding 7 billion RMB, and plans for an IPO in Hong Kong [9] - Anlan Power has secured angel funding to develop electric smart jet skis, targeting markets in North America, Europe, and emerging regions [9] Group 4 - Dap Bio has completed a Series B financing round to accelerate the global commercialization of its high-end life science instruments, focusing on drug discovery and synthetic biology [9] - Saudi Arabia will implement new freight regulations requiring advance declaration of cargo through the FASAH platform, effective October 29, 2025, to enhance logistics efficiency [11] - The trend of Chinese innovative drugs going global continues, with notable partnerships and licensing agreements, reflecting the global recognition of China's R&D capabilities [12]

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector's potential for a reversal in 2025, particularly focusing on innovative drugs and the recovery of left-side sectors as the biggest investment opportunities for the year [5][14]. Core Insights - The innovative drug sector is expected to continue its upward trend, with BD (business development) activities anticipated to catalyze market movements. The upcoming ESMO conference (October 17-21) is highlighted as a key event for clinical data disclosures from domestic innovative drug companies [2][13]. - The report emphasizes the importance of recent Nobel Prize discoveries related to peripheral immune tolerance, which are relevant to the development of new therapies in oncology and autoimmune diseases. This underscores the significance of innovation in these fields [40][50]. - The report notes that the CXO industry in China is entering a recovery phase, with improvements expected in industry orders, capacity utilization, and performance metrics due to enhanced domestic investment and financing data [2][5]. Summary by Sections Innovative Drugs - The innovative drug sector has seen a recent pullback, but the long-term upward trend remains intact. The report suggests that the market is awaiting further BD catalysts and highlights the importance of upcoming clinical data from the ESMO conference [2][13]. - The report indicates that the overall sentiment in the innovative drug sector is still positive, with a focus on potential breakthroughs in cancer and autoimmune therapies following the recent Nobel Prize discoveries [40][50]. Biologics - Novo Nordisk announced an agreement to acquire Akero for $4.7 billion, with Akero's FGF21 analog EFX showing promise as a leading therapy for metabolic dysfunction-related fatty liver disease (MASH) [3][51]. - The report suggests that EFX is the only drug in Phase 2 trials demonstrating significant fibrosis regression in F4 patients, highlighting the need for continued attention to developments in this area [51][57]. Medical Devices - The commercialization of innovative products is accelerating, with domestic replacements making significant progress. For instance, MicroPort's Tumi laparoscopic surgical robot has surpassed 100 global orders and is leading the domestic market share [4][58]. - The report notes that the Tumi robot has received market access in over 60 countries and regions, with a strong presence in high-end markets such as Europe [60][62]. Traditional Chinese Medicine - There has been a continuous increase in new drug IND and NDA applications for traditional Chinese medicine, with 92 new IND applications and 42 NDA applications reported in the first nine months of 2025 [3][64]. - The report highlights ongoing policy support for traditional Chinese medicine, which is expected to drive further innovation and development in this sector [64][65].

【中邮证券：首次覆盖信达生物 给予买入评级】智通财经10月10日电，中邮证券就信达生物 (01801.HK)发布研究报告。认为该公司在国内肿瘤药物领域具备领先地位，综合管线矩阵布局丰富，逐 步获批上市有望双轮驱动业绩维持高增。预计公司2025-2027年归母净利润 9.8/15.8/32.5亿元，对应 PE 为 162/100/49，首次覆盖，给予"买入"评级。 转自：智通财经 ...

此外，信达生物综合管线矩阵丰富，多元化出海。心血管代谢及内分泌科来看：玛氏度肽、PCSK9已获 批，在研管线聚焦心血管相关的"四高"广阔人群;眼科：双抗分子有望通过差异化机制提升患者生存质 量;皮肤科及风湿科：匹康奇拜单抗(IL23p19)率先获批，具备BIC潜力;其余产品管线以FIC/BIC为目的解 决未满足需求。IBI3002为全球同类首创的免疫双抗分子，TSLP和IL4Rα为靶点，在哮喘患者初步展示 疗效信号。随着临床进展不断推进，有望持续拓展公司在创新管线的全球授权合作，同时获批产品和成 熟品种在全球多地区上市加速和拓展准入多元化公司出海模式，加速全球化布局。 中邮证券发布研报称，首次覆盖信达生物(01801)，给予"买入"评级，预计公司2025-2027年归母净利润 9.8/15.8/32.5亿元，对应PE为162/100/49。公司发布25年中期业绩公告，25H1公司收入59.5亿元，同比 +50.6%，其中产品收入52.3亿元，同比增长37.3%。EBITDA为14亿元，净利润为12亿元，在手现金146 亿元。信达在国内肿瘤药物领域具备领先地位，综合管线矩阵布局丰富，逐步获批上市有望双轮驱动业 ...