Core Viewpoint - The first domestically developed GLP-1 weight loss innovative drug, Masitide Injection, is expected to be approved soon, potentially disrupting the current market dominated by multinational giants Novo Nordisk and Eli Lilly [1] Group 1: Drug Approval and Market Impact - Masitide is the world's first GCG/GLP-1 dual receptor agonist for weight loss, which could enhance the accessibility of GLP-1 weight loss medications [1] - The drug is anticipated to receive approval as early as this week, marking a significant milestone in the weight loss pharmaceutical sector [1] Group 2: Market Activity and Pricing - Despite the drug not yet being approved, private hospitals have begun accepting reservations for Masitide Injection through online platforms [1] - A private clinic in Shanghai is offering a group purchase coupon for an initial dosage of 2mg (2 vials) at a reservation price of 500 yuan [1]

Group 1 - Company X has entered into a placement agreement to issue 55 million shares, representing approximately 3.33% of its total issued shares as of the announcement date [1][2] - The placement price is set at HKD 82.4 per share, reflecting a discount of about 4.90% from the closing price on June 25 [2] - The expected total proceeds from the placement are approximately HKD 4.31 billion, with a net amount of about HKD 4.265 billion after costs [2] Group 2 - Approximately 90% of the net proceeds (around HKD 3.839 billion) will be allocated to the global research and development of key innovative pipelines and global facility layout [2] - The remaining 10% (approximately HKD 427 million) will be used for the company's daily operations [2] Group 3 - The recent trend shows a recovery in the financing environment for innovative drugs, with several leading pharmaceutical companies, including Company X, actively pursuing new share placements and financing initiatives [1][4] - Company Y has also completed a new H-share placement, raising approximately HKD 1.039 billion, with 70% of the funds earmarked for innovative drug research [3] Group 4 - The primary market for investment and financing has shown signs of recovery after a period of tightening, with business development transactions becoming a core growth logic for innovative drugs in China [4] - The recent successful IPO of Company Z and the upcoming listing of Wuhan Heyuan Biotechnology Co., Ltd. indicate a thawing in the A-share market for pharmaceutical companies [4][5]

Group 1 - The Hang Seng Index fell by 0.61% on June 26, with southbound trading totaling HKD 167.21 billion, including HKD 86.25 billion in buying and HKD 80.96 billion in selling, resulting in a net buying amount of HKD 5.29 billion [1] - The southbound trading through the Shenzhen Stock Connect amounted to HKD 52.41 billion, with net buying of HKD 2.04 billion, while the Shanghai Stock Connect saw a total of HKD 114.80 billion with net buying of HKD 3.24 billion [1] - Among the actively traded stocks, Guotai Junan International had the highest trading volume at HKD 31.72 billion, followed by Hong Kong Travel and China Everbright Holdings with HKD 8.89 billion and HKD 5.91 billion respectively [1] Group 2 - Semiconductor Manufacturing International Corporation (SMIC) recorded a net buying amount of HKD 8.96 billion, with a closing price increase of 1.02% [2] - China Construction Bank and Xinda Biopharmaceuticals also saw significant net buying amounts of HKD 5.82 billion and HKD 6.75 billion respectively, while Tencent Holdings experienced the highest net selling of HKD 5.71 billion, despite a slight price increase of 0.10% [2] - A total of 7 stocks, including SMIC and Hong Kong Travel, were active in both the Shenzhen and Shanghai Stock Connects, with SMIC's total trading amount reaching HKD 4.63 billion and a net buying of HKD 8.96 billion [2]

Core Insights - On June 26, several stocks including China Everbright Holdings, Hong Kong Travel, Ocean Park, and Rongchang Biopharmaceutical made their debut on the active trading list of Hong Kong Stock Connect, marking their first appearance in the past month [1][2] - The total trading volume of active stocks on June 26 reached 752.26 billion HKD, accounting for 44.99% of the total trading amount for the day, with a net buying amount of 37.13 billion HKD [1][2] Trading Activity Summary - China Everbright Holdings had a trading volume of 59.07 billion HKD with a net buying of 0.94 billion HKD, closing up by 6.19% [2] - Hong Kong Travel recorded a trading volume of 88.87 billion HKD and a net buying of 5.30 billion HKD, closing up by 85.98% [2] - Ocean Park had a trading volume of 16.72 billion HKD with a net buying of 0.23 billion HKD, closing up by 11.27% [2] - Rongchang Biopharmaceutical saw a trading volume of 12.64 billion HKD with a net buying of 1.13 billion HKD, but closed down by 11.71% [2] Most Active Stocks - The most active stock by trading volume was Guotai Junan International, with a trading amount of 317.23 billion HKD [1][2] - Alibaba and Tencent Holdings were the most frequently listed stocks in the past month, each appearing 22 times on the active trading list [1][2]

Group 1 - The biotechnology sector, which faced significant downturns in previous years, has experienced a turnaround in 2025, with concept stocks rising sharply and becoming stars in the Hong Kong stock market [1][2] - From the beginning of the year to June 25, biotechnology stocks in the Hong Kong market have cumulatively risen over 92%, with innovative drug concepts increasing by over 49% [2] - Several biotechnology companies have initiated share placements to alleviate financing difficulties, with notable stock price increases observed [6][7] Group 2 - The surge in the biotechnology sector is supported by fundamental, news, and capital market factors, including the rapid expansion of Chinese innovative drugs in global markets [3][4] - In the first five months of 2025, China's share of global business development (BD) transactions has skyrocketed from 5% in 2021 to 42%, with transaction amounts reaching $45.5 billion [3] - The increase in licensing transactions has allowed more innovative drug companies to turn profitable, improving the overall fundamentals of the sector [4] Group 3 - The improved financing environment has led to multiple biotechnology companies in Hong Kong announcing share placement plans, with significant amounts raised for research and operational purposes [6][9] - For instance, Innovent Biologics plans to raise approximately HKD 4.31 billion through a share placement, with 90% of the funds allocated for global research and development [7] - Other companies, such as Junshi Biosciences, have also announced share placements to fund innovative drug development and operational needs [8][9] Group 4 - Institutions have noted a recent cooling in biotechnology stocks after a period of rapid growth, with ongoing monitoring of market trends [10] - Analysts from Guolian Minsheng Securities highlight that the pharmaceutical sector has seen a recovery after four years of adjustment, with a 4.57% increase in the medical and biological industry as of May 30, 2025 [10] - The outlook for innovative drugs remains positive, with expectations for continued growth driven by successful international collaborations and funding inflows [11][12]

Group 1 - Southbound funds net bought Hong Kong stocks worth HKD 5.286 billion on June 26, with notable purchases in SMIC (HKD 896 million), Innovent Biologics (HKD 675 million), and China Construction Bank (HKD 582 million) [1] - Tencent Holdings experienced a net sell-off of HKD 571 million, marking a continuous net sell for 20 days totaling HKD 20.79862 billion [3] - China Construction Bank has seen a net buy for 12 consecutive days, accumulating HKD 8.02139 billion [3] Group 2 - Innovent Biologics plans to place 55 million shares at a price of HKD 78.36 per share, raising approximately HKD 4.265 billion, with 90% allocated for global R&D and 10% for daily operations [4] - Hong Kong Tourism Board reported a 20% year-on-year increase in visitor numbers in May, with mainland visitors rising by 19% [4] - Alibaba Group announced a strategic shift towards a one-stop asset service platform, focusing on AI product upgrades and service system enhancements [4] Group 3 - Xiaomi Group is set to launch its first SUV, the Xiaomi YU7, along with other products, with expectations of significant revenue growth in the coming years [5] - Rongchang Biologics has licensed its proprietary drug to Vor Bio, receiving an upfront payment of USD 125 million and potential milestone payments up to USD 4.105 billion [5]

Core Insights - On June 26, 2025, Guotai Junan International (01788), Hong Kong Travel (00308), and China Everbright Holdings (00165) ranked as the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 24.285 billion, 6.964 billion, and 4.470 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Guotai Junan International (01788), Hong Kong Travel (00308), and Xiaomi Group-W (01810) were the top three companies, with trading amounts of 7.437 billion, 1.923 billion, and 1.730 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Top active companies by trading volume include: - Guotai Junan International (01788): 24.285 billion with a net buy of 26.0143 million - Hong Kong Travel (00308): 6.964 billion with a net buy of 400 million - China Everbright Holdings (00165): 4.470 billion with a net buy of 7.03114 million - Shandong Molong (00568): 4.252 billion with a net buy of 93.5208 million - Xiaomi Group-W (01810): 3.235 billion with a net buy of 78.9768 million [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active companies by trading volume include: - Guotai Junan International (01788): 7.437 billion with a net buy of 233 million - Hong Kong Travel (00308): 1.923 billion with a net buy of 130 million - Xiaomi Group-W (01810): 1.730 billion with a net buy of 123 million - SMIC (00981): 1.652 billion with a net buy of 532 million - China Everbright Holdings (00165): 1.437 billion with a net buy of 24.1098 million [2]

6月26日港股市场，北水成交净买入52.86亿港元，其中港股通(沪)成交净买入32.41亿港元，港股通(深) 成交净买入20.45亿港元。 中芯国际(00981)获净买入8.96亿港元。消息面上，美拟收紧半导体技术豁免。东方证券指出，台积电、 三星电子和SK海力士等半导体制造商在中国大陆的工厂在其全球供应链中具有重要地位。这些工厂同 时具有中国大陆的市场、政策、资源和人才等成本优势，及母公司的技术和设备优势。若豁免权取消， 其相较本土晶圆厂竞争设备和技术优势将受削弱，利好本土晶圆厂。 | 港股通(沪)活跃成交股 | | --- | | 荣昌生物 | 6.88亿 | 5.75亿 | 12.64亿 | | --- | --- | --- | --- | | HK 09995 | | | +1.13 亿 | | 腾讯控股 | 2.91亿 | 8.62亿 | 11.54亿 | | HK 00700 | | | -5.71亿 | | 信达生物 | 8.95亿 | 2.20亿 | 11.15亿 | | HK 01801 | | | +6.75亿 | 港股通(深)活跃成交股 北水净买入最多的个股是中芯国际(00981)、信 ...

Group 1: Market Overview - The Hang Seng Index fell by 0.48%, down 117 points, closing at 24,357 points, while the Hang Seng Tech Index remained unchanged [1] - The early trading volume in the Hong Kong stock market reached HKD 142.1 billion [1] Group 2: Digital Currency and Stablecoins - Citic Securities highlighted the need to focus on opportunities related to stablecoins in response to the rising international dominance of digital dollars [1] - Stocks related to stablecoins saw significant gains, with Victory Securities (08540) doubling in price, China Everbright Holdings (00165) rising nearly 28%, and Yikang (09923) and Huaxing Capital Holdings (01911) both increasing by approximately 11% [1] Group 3: Sector Performance - Hong Kong Travel (00308) surged over 60% as the tourism industry continues to show positive trends, with the company increasing its tourism investments [3] - Defense and military stocks rose against the market trend, with China Shipbuilding Defense (00317) up 8.5% and AVIC (02357) increasing by 2.88%, as institutions expect a revaluation of defense assets [3] - China Molybdenum (03993) rose by 5.92% due to a new round of cobalt export bans from the Democratic Republic of Congo, which may exceed market expectations, providing strong support for cobalt prices [3] - Ocean Park (02255) increased by over 19% as Xiangyuan Holdings is set to become the new controlling shareholder, potentially leading to complementary advantages [3] Group 4: Company-Specific News - Sinopharm (01801) fell by 3.94% after announcing a 4.9% discount on a share placement, raising HKD 4.265 billion [4] - Kingkey Financial International (01468) dropped over 6% following a profit warning, expecting an annual net loss of no more than HKD 1.25 billion [5]

Group 1 - Company has entered into a placement agreement with joint placement agents Morgan Stanley and Goldman Sachs to issue 55 million placement shares, representing approximately 3.33% of the total issued shares as of the announcement date [1] - The expected total proceeds from the placement are approximately HKD 4.3098 billion, with net proceeds estimated at around HKD 4.2654 billion [1] - Approximately 90% of the net proceeds will be used to advance the company's clinical and preclinical innovative pipeline globally, while about 10% will be allocated for daily operations [1] Group 2 - The company aims to grow into a world-class biopharmaceutical enterprise, leveraging a strong R&D platform and a rich pipeline to enter a new growth cycle [2] - The global layout of the innovative pipeline is becoming a significant growth engine for the company, showcasing its core competitiveness [2] - The placement is expected to better support the company's globalization efforts and provide more flexibility in pipeline development, ultimately creating sustainable long-term returns for the company and its shareholders [2]