1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report No explicit core viewpoints are presented in the given text. The report mainly focuses on analyzing the performance, scale,持仓 characteristics, and fund companies of Hong Kong stock funds. 3. Summaries Based on Related Catalogs 3.1 Hong Kong Stock Fund Performance and Scale Development - **Risk - Return Indicators**: Different types of Hong Kong stock funds, including Hong Kong Stock Connect - ETF & Passive Index, Hong Kong QDII - ETF & Passive Index, Hong Kong Stock Connect - Active, and Hong Kong QDII - Active, have varying returns, maximum drawdowns, and annualized Sharpe ratios over different time periods (1 quarter, 1 year, 3 years, and 5 years). For example, the Hong Kong QDII - Active fund had a 10.22% return in the recent quarter [13]. - **Scale and Share Changes**: There are data on the scale development and share changes of different types of Hong Kong stock funds, as well as the new issuance situation of Hong Kong stock funds in each quarter [17][22]. 3.2 Hong Kong Stock Fund Holding Characteristics - **Stock and Hong Kong Stock Positions**: Information on the stock positions and Hong Kong stock positions of different types of Hong Kong stock funds over the past five years is provided, along with the distribution of stock and Hong Kong stock positions [24][27]. - **Sector Allocation**: The sector allocation of Hong Kong stock funds shows that industries such as media, commerce and retail, and electronics are among the top - allocated sectors. There are also changes in the proportion of different sectors over time [31][35]. - **Heavy - Holding Stocks**: The heavy - holding stocks of Hong Kong stock funds include companies like Tencent Holdings, Xiaomi Group - W, and Alibaba - W. There are also data on the top 10 stocks by market value ratio, the top 10 stocks with increased or decreased allocation, and the top 10 stocks by the number of heavy - holding funds [37][39]. 3.3 Hong Kong Stock Fund Company Analysis - **Fund Company Scale**: The top 20 fund companies in terms of Hong Kong stock fund scale in 2025Q2 are listed, along with their scale in 2025Q1, scale changes, and ranking changes. For example, China Asset Management had a scale of 1009.3 billion yuan in 2025Q2, with a 9.61% increase from 2025Q1 [47]. - **Heavy - Holding Industries and Stocks**: The heavy - holding industries (at the Shenwan primary level) and heavy - holding stocks of the top 20 fund companies in terms of Hong Kong stock fund scale are presented, along with the proportion of heavy - holding stocks and their changes [50][51]. 3.4 Performance - Outstanding Hong Kong Stock Fund Holding Display and Quarterly Report Views - **Funds Holding "Top 50 Rising Stocks"**: Some actively managed Hong Kong stock funds that held "top 50 rising stocks" in 2025Q2 are listed, including their fund codes, names, types, 2025Q2 returns, fund managers, total scale, and the stocks they held, along with the stocks' 2025Q2 rising percentages and the proportion of the stocks' market value in the fund's net value [54][55]. - **Quarterly Report Excerpts**: Excerpts from the 2025 second - quarter reports of some performance - outstanding actively managed Hong Kong stock funds are provided, including their performance, fund managers, total scale, and investment strategies. For example, the Huatai - PineBridge Hong Kong Stock Connect Advantage Select A fund plans to invest in innovative drug companies and excellent equipment and consumable leading companies with high barriers [57][58].

7月30日南向资金成交活跃股 7月30日恒生指数下跌1.36%，南向资金全天合计成交金额为1706.84亿港元，其中，买入成交911.99亿 港元，卖出成交794.85亿港元，合计净买入金额117.14亿港元。具体来看，港股通（深）累计成交金额 623.69亿港元，买入成交338.28亿港元，卖出成交285.41亿港元，合计净买入金额52.87亿港元；港股通 （沪）累计成交金额1083.15亿港元，买入成交573.71亿港元，卖出成交509.44亿港元，合计净买入金额 64.27亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是理想汽车-W，合计成交额56.87亿港 元，腾讯控股、阿里巴巴-W成交额紧随其后，分别成交55.11亿港元、49.97亿港元。以净买卖金额统 计，净买入的个股共有9只，理想汽车-W净买入额为20.93亿港元，净买入金额居首，该股收盘股价下 跌12.84%，石药集团净买入额为8.73亿港元，美团-W净买入额为4.47亿港元。净卖出金额最多的是中芯 国际，净卖出2.05亿港元，该股收盘股价下跌5.90%，信达生物、国泰君安国际遭净卖出1.21亿港元、 7355.62万港元。 ...

7月30日恒生指数下跌1.36%，报收25176.93点，全天南向资金通过港股通渠道合计净买入117.14亿港 元。 | 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（%） | | --- | --- | --- | --- | --- | --- | | 00700 | 腾讯控股 | 港股通(沪) | 360772.07 | 43625.25 | -1.08 | | 02015 | 理想汽车-W | 港股通(沪) | 328310.90 | 180580.94 | -12.84 | | 00981 | 中芯国际 | 港股通(沪) | 317191.11 | -16494.21 | -5.90 | | 01801 | 信达生物 | 港股通(沪) | 308031.91 | -48523.03 | -1.50 | | 09988 | 阿里巴巴-W | 港股通(沪) | 284930.76 | 17598.84 | -2.98 | | 06683 | 巨星传奇 | 港股通(沪) | 276697.57 | 17550.67 | 17.97 | | 01788 | 国泰君 ...

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 | | --- | --- | --- | | 理想汽车-W(02015) | 24.04 亿元 | +2.87 亿元 | | 阿里巴巴-W(09988) | 21.48 亿元 | +1.81 亿元 | | 腾讯控股(00700) | 19.03 亿元 | -2.53 亿元 | | 信达生物(01801) | 18.63 亿元 | +3.64 亿元 | | 中芯国际(00981) | 17.74 亿元 | -4034.73 万元 | | 小米集团-W(01810) | 15.86 亿元 | +3.13 亿元 | | 石药集团(01093) | 13.20 亿元 | +3.43 亿元 | | 药明生物(02269) | 11.45 亿元 | +1.72 亿元 | | 美团-W(03690) | 9.35 亿元 | +1.72 亿元 | | 康方生物(09926) | 9.32 亿元 | +3084.87 万元 | 2025年7月30日当天，腾讯控股(00700)、理想汽车-W(02015)、中芯国际(00981)位居沪港通（南向）成 交额 ...

Market Overview - On July 30, the Hong Kong stock market saw a net inflow of 11.714 billion HKD from Northbound trading, with 6.427 billion HKD from Shanghai Stock Connect and 5.287 billion HKD from Shenzhen Stock Connect [2] Top Net Buy and Sell Stocks - The stocks with the highest net inflows included Li Auto-W (02015), CSPC Pharmaceutical Group (01093), and Meituan-W (03690) [2] - The stocks with the highest net outflows were SMIC (00981), Innovent Biologics (01801), and Guotai Junan International (01788) [2] Stock Performance - Li Auto-W (02015) experienced a significant drop of nearly 13%, but Northbound funds purchased 2.093 billion HKD worth of shares [7] - CSPC Pharmaceutical Group (01093) and Kangfang Bio (09926) saw net inflows of 872 million HKD and 30.84 million HKD, respectively, while Innovent Biologics (01801) faced a net outflow of 121 million HKD [7] - Tencent Holdings had a net inflow of 4.36 billion HKD, while Alibaba-W (09988) saw a net inflow of 1.76 billion HKD [3] Industry Insights - The introduction of Li Auto's first pure electric SUV, the i8, priced from 321,800 RMB, is expected to shift consumer preference towards new electric models [7] - HSBC's report indicates that the domestic pharmaceutical sector has outperformed the market this year, with expectations for strong momentum to continue [7] - Notably, Novo Nordisk has downgraded its 2025 earnings guidance, anticipating a significant decline in sales and profit growth [7] Additional Developments - Giant Legend (06683) received a net inflow of 175 million HKD after announcing a strategic partnership with Yuzhu Technology for the development of consumer-grade robotic products [8] - SMIC (00981) faced a net outflow of 205 million HKD due to reduced orders from major IC design firms, impacting production capacity and profitability [9]

大幅净买入：理想汽车-W(02015.HK)20.93亿港元、石药集团(01093.HK)8.73亿港元、美团- W(03690.HK)4.47亿港元、阿里巴巴-W(09988.HK)3.57亿港元、腾讯控股(00700.HK)1.83亿港元、巨星 传奇(06683.HK)1.76亿港元。 大幅净卖出：中芯国际(00981.HK)20528.94万港元、信达生物(01801.HK)12149.89万港元、国泰君安国 际(01788.HK)7355.61万港元。 成交详情 7月30日消息，南向资金今日成交1706.84亿港元，净流入约117.14亿港元。其中沪港股通净流入约64.27 亿港元，深港股通净流入约52.87亿港元 交易所数据显示，7月30日南向资金动向： 理想汽车W今日跌12.84%，沪港股通净买入18.06亿港元，深港股通净买入2.87亿港元。 石药集团今日涨2.33%，沪港股通净买入5.30亿港元，深港股通净买入3.43亿港元。 美团W今日跌0.93%，沪港股通净买入2.75亿港元，深港股通净买入1.72亿港元。 腾讯控股今日跌1.08%，沪港股通净买入4.36亿港元，深港股通净卖出25286. ...

Group 1 - The core viewpoint of the article highlights the recent stock performance of Innovent Biologics, which saw a 2.1% decline, trading at 97.85 CNY per share with a transaction volume of 3.855 billion CNY as of July 30 [1] - 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, having successfully launched 10 products [1] - As of October 2023, the company has 4 products under review, 4 new drug molecules in Phase III or pivotal clinical studies, and 18 new drug candidates in clinical research [1] Group 2 - For the fiscal year ending 2024, Innovent Biologics reported total revenue of 9.422 billion CNY and a net loss of 94.631 million CNY [2] - The company's patient assistance program has benefited over 170,000 patients, with a total value of drug donations reaching 3.4 billion CNY [1]

Group 1: Market Performance - The Hong Kong stock market saw all three major indices decline in the morning session, with the Hang Seng Tech Index dropping 1.57%, marking a five-day losing streak [1] - The Hang Seng Index and the Hang Seng China Enterprises Index both fell by 0.43% [1] - Internet healthcare stocks performed strongly, with Ping An Good Doctor surging 9% to reach a new high [1] Group 2: ETF Performance - The Hang Seng Medical ETF (513060) experienced significant fluctuations, rising over 3% during the session with a trading volume nearing 2.5 billion yuan and a turnover rate exceeding 30% [1] - Most constituent stocks within the ETF saw gains, including Ping An Good Doctor up over 11%, MicroPort Medical up over 8%, and several others with gains exceeding 4% [1] Group 3: Policy Developments - The National Healthcare Security Administration (NHSA) held four seminars in July 2025 to discuss a comprehensive policy support system for innovative drugs and medical devices [2][3] - The first seminar focused on establishing a scientific value evaluation system for innovative products, which is expected to enhance the efficiency of healthcare resource allocation [2] - Subsequent seminars addressed collaborative innovation among various stakeholders, the empowerment of research and development through healthcare data, and the identification of pain points in drug development [3] Group 4: Policy Implementation - Recent procurement policy optimizations by the NHSA have improved market access for innovative drugs and medical devices, allowing medical institutions to report quantities by brand and ensuring fair competition [4] - A new pricing mechanism for newly listed drugs has been established, allowing innovative drugs with breakthrough efficacy to secure reasonable premium pricing [4] Group 5: Industry Trends - The policy changes are reshaping the pharmaceutical industry's innovation logic, encouraging differentiation in innovation and directing capital towards unmet clinical needs [5] - The internationalization of Chinese innovative drugs is accelerating, with significant increases in licensing transactions and overseas revenue for companies like BeiGene and Innovent Biologics [5] - The ability to leverage healthcare data for post-market research is becoming a competitive advantage for companies [5] Group 6: High-End Medical Equipment - The government is supporting the development of high-end medical devices, setting a target for 70% of county-level hospitals to use domestically produced equipment by 2025 [6] - The new medical infrastructure is expected to drive over 200 billion yuan in equipment procurement demand [6] Group 7: Investment Opportunities - The Hang Seng Medical ETF (513060) is positioned to benefit from the policy dividends and industry upgrades, focusing on innovative drug and medical device companies [7] - The ETF's constituent companies are expected to experience significant growth as the government supports high-end medical equipment and innovative drug development [7][8]

Group 1 - The core viewpoint of the article indicates that the Hong Kong stock market is experiencing a positive trend, particularly in the biotechnology sector, with significant gains observed in specific stocks like 恒生生物科技ETF and 信达生物 [1] - As of 11:30 AM, 恒生生物科技ETF (159615.SZ) increased by 2.64%, while 信达生物 rose by 4.85%, reflecting strong investor interest in the biotech sector [1] - 中信证券's research report anticipates that the mid-year performance of Hong Kong stocks in 2025 will be released in mid to late August, with a notable increase in revenue growth compared to the same period last year [1] Group 2 - The report suggests that while revenue growth for the Hang Seng Index is expected to rise significantly, profit growth may experience a moderate slowdown [1] - Certain sub-sectors, such as new consumption, technology, and pharmaceuticals, are showing signs of increased confidence, with expectations for substantial performance improvements [1] - The article recommends focusing on sectors with positive earnings expectations and good certainty ahead of the earnings report disclosures [1]

Group 1 - The Hang Seng Index fell by 0.43%, down 109 points, while the Hang Seng Tech Index dropped by 1.57%. The morning trading volume in Hong Kong stocks was HKD 148.2 billion [1] - The Hang Seng Biotechnology Index rose by 1.77%, with notable gains from MicroPort Medical (00853) up 9.7%, MicroPort NeuroScience (02172) up over 8%, and Innovent Biologics (01801) up 4.85% [1] - WuXi AppTec (02359) increased by 2.24%, WuXi Biologics (02126) rose by 6.5%, and WuXi Biologics (02269) saw an increase of over 3% after announcing the construction of a modular biomanufacturing facility in Singapore [1] Group 2 - Mindray Medical-B (02160) surged by 8.8% as the company is expected to acquire and restructure the MicroPort cardiac rhythm management business, enhancing its product pipeline [2] - Insurance stocks continued to rise, with New China Life Insurance (01336) up 4.47% and China Life Insurance (02628) increasing by 1.5% [3] Group 3 - 361 Degrees (01361) rose by 6.5%, with the company showing steady revenue growth, and institutions expect strong revenue growth for the full year [4] - Dreamscape (01119) increased by 3.5% after signing a capitalization agreement with Playrix, bringing in a long-term strategic partner [5] Group 4 - GAC Group-B (01167) surged over 20% as a concerted action party increased its holdings by over 60,000 shares, raising its stake to 25.36% [6] - Semiconductor stocks collectively declined, with Hua Hong Semiconductor (01347) down 5.3%, SMIC (00981) down 3.9%, and ASMPT (00522) down 2.74% [6]