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]

Market Overview - The Hang Seng Index fell by 0.43%, down 109 points, while the Hang Seng Tech Index decreased by 1.57%. The early trading volume in Hong Kong stocks was HKD 148.2 billion [1]. Biotechnology Sector - The Hang Seng Biotechnology Index rose by 1.77%. Notable gainers included MicroPort Medical (00853) up 9.7%, MicroPort NeuroTech (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% following the announcement of the construction of a modular biologics manufacturing facility in Singapore [1]. - Fosun Pharma (02196) gained over 5% after acquiring exclusive rights for the innovative Alzheimer's drug AR1001 [1]. - HeartCare Medical-B (02160) surged by 8.8% as the company is expected to acquire and restructure MicroPort's cardiac management business, enhancing its product pipeline [1]. Insurance Sector - Insurance stocks continued their upward trend, with New China Life Insurance (01336) rising by 4.47% to reach a new high, and China Life Insurance (02628) increasing by 1.5% [2]. Consumer Sector - 361 Degrees (01361) rose by 6.5%, with institutions expecting strong revenue growth for the full year [3]. - Dreamland (01119) increased by 3.5% after signing a capitalization agreement with Playrix, bringing in a strategic shareholder from the upstream development sector [4]. Semiconductor Sector - Gako Technology-B (01167) surged over 20% as a concerted action party increased its stake by over 60,000 shares, raising its total holding to 25.36% [5]. - Semiconductor stocks collectively declined, with Huahong Semiconductor (01347) down 5.3%, SMIC (00981) down 3.9%, and ASMPT (00522) down 2.74%. Nvidia's order for 300,000 H20 chips and Morgan Stanley's comments on the potential impact of the 520 unlock on local industry sentiment contributed to this decline [5].

Summary of Key Points from the Conference Call Industry Overview - The Chinese innovative pharmaceutical industry is experiencing a significant enhancement in strength, with its share of global first-in-class drugs increasing to 19% [7] - Multinational corporations (MNCs) are facing a severe patent cliff, with major companies like Merck, AbbVie, and BMS having over 60%, 58%, and 69% of their 2024 revenues coming from drugs facing patent expiration within the next five years [8][9] - MNCs are actively seeking business development (BD) transactions to address these challenges, with strong cash reserves available for such activities [10] Business Development Trends - The trend of Chinese innovative drugs going global is robust, driven by the strengthening capabilities of Chinese companies and the impending patent cliffs faced by MNCs [2] - MNCs are expected to engage in more BD transactions, particularly in the second half of 2025 and into 2026, as they seek to replenish their pipelines [2] Oncology Sector Insights - The oncology field is shifting from PD-1 combined with chemotherapy to next-generation immuno-oncology (IO) and antibody-drug conjugates (ADC) [3] - Potential MNC buyers in this space include AstraZeneca, Pfizer, and Merck, all of which are looking to enhance their portfolios with next-generation IO and ADC assets [3] Metabolic Disease Developments - The metabolic field is evolving from merely focusing on weight loss to comprehensive metabolic management, including fat reduction and muscle preservation [4][5] - Companies like Novo Nordisk and AstraZeneca are exploring oral medications and multi-target approaches in this area [4] Immune and Inflammatory Disease Innovations - New directions in the immune and inflammation sector include novel targets and engineering innovations, with significant investments from companies like AbbVie and Sanofi [6] - Emerging targets such as TL1a are attracting substantial investments, indicating a strong interest in this area [20] Market Position of Chinese Innovative Drugs - Chinese innovative drug companies have made significant strides in global markets, with improved clinical data quality and increased academic recognition [7] - The presence of Chinese companies in the oncology sector is growing, with several projects in advanced stages of development [14] MNC Strategies for BD Transactions - MNCs are focusing on four main strategies for BD transactions: consolidating core areas, entering new fields, exploring opportunities, and investigating new technologies [11] - The willingness of MNCs to invest in promising assets at the preclinical stage is evident, particularly in high-potential areas like TL1a [20] ADC and TCE Technology Developments - The ADC field is characterized by a tiered approach, with MNCs diversifying their portfolios across various targets [15] - T-cell engagers (TCE) are being developed for blood cancers and autoimmune diseases, with ongoing clinical trials showing promising results [16] Conclusion - The ongoing trends in the Chinese pharmaceutical industry, coupled with the challenges faced by MNCs, are creating a fertile ground for increased collaboration and investment opportunities in the global market [29]

港股医药股早盘走强，信达生物、药明康德涨超2%。 每日经济新闻 受盘面影响，多只港股医药相关ETF涨约2%。 | 代码 | 类型 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 520880 | 跨 港股通创新药ETF T+0 | 1.326 | 0.059 | 4.66% | | 159557 | 跨 恒生医疗ETF嘉实 T+0 | 1.803 | 0.042 | 2.39% | | 159718 | 覧 港股医药ETF T+0 | 1.067 | 0.023 | 2.20% | | 159366 | 跨 港股医疗ETF T+O | 1.571 | 0.037 | 2.41% | | 159615 | 跨 恒生生物科技ETF T+0 | 1.350 | 0.025 | 1.89% | | 159776 | 跨 港股通医药ETF T+0 | 1.417 | 0.027 | 1.94% | | 513200 | 跨 港股通医药ETF T+0 | 1.263 | 0.024 | 1.94% | 有券商表示，我国创新药研发数量已居全球第一，且部分领域 ...

今日上榜个股中，小米集团-W、腾讯控股、阿里巴巴-W等8只股同时上榜港股通（深）、港股通（沪）成交活跃股， 小米集团-W合计成交额 83.68亿港元，成交净买入16.59亿港元，腾讯控股合计成交额45.43亿港元，成交净买入8.33亿港元。泡泡玛特合计成交额23.37亿港元，成交净卖 出3.51亿港元，美团-W合计成交额37.51亿港元，成交净卖出2.88亿港元。 从连续性进行统计， 有4只股获南向资金连续3天以上净买入，连续净买入天数较多的有腾讯控股、中芯国际、阿里巴巴-W，连续净买入天数分 别为4天、3天、3天。以其间净买入金额统计，净买入金额最多的是小米集团-W，合计净买入为24.46亿港元，其次是腾讯控股合计净买入为20.89 亿港元，中芯国际合计净买入为13.03亿港元。（数据宝） | 7月29日南向资金成交活跃股 | | --- | | 代码 简称 | 成交金额 成交净买入 | 今日涨跌幅（%） | | --- | --- | --- | | | （万港元） （万港元） | | | 01810 小米集团-W | 836751.42 165918.68 -2.64 | | | 00700 腾讯控股 ...

Core Viewpoint - The Hang Seng Index fell by 0.15% to close at 25,524.45 points on July 29, with a net inflow of HKD 12.72 billion through the southbound trading channel [1] Group 1: Market Activity - The total trading volume for the southbound trading on July 29 was HKD 155.49 billion, with a net buy of HKD 12.72 billion [1] - The Shanghai Stock Exchange's southbound trading accounted for HKD 98.34 billion in trading volume, with a net buy of HKD 5.88 billion, while the Shenzhen Stock Exchange had a trading volume of HKD 57.15 billion and a net buy of HKD 6.84 billion [1] Group 2: Active Stocks - The most actively traded stock on the Shanghai Stock Exchange was Xiaomi Group-W, with a trading volume of HKD 5.36 billion, followed by Guotai Junan International and Tencent Holdings, with trading volumes of HKD 4.15 billion and HKD 3.00 billion, respectively [2] - In terms of net buying, Tencent Holdings led with a net buy of HKD 1.06 billion, despite its stock price closing down by 0.09% [1][2] - The stock with the highest net sell was Pop Mart, with a net sell of HKD 272 million, while its stock price increased by 5.91% [1][2] Group 3: Detailed Stock Data - The top ten actively traded stocks on the Shenzhen Stock Exchange included Xiaomi Group-W with a trading volume of HKD 3.00 billion and a net buy of HKD 670 million, despite a closing drop of 2.64% [2] - Meituan-W had the highest net sell amount of HKD 509 million, with a closing price decrease of 0.62% [2] - Other notable stocks included Alibaba-W and Southbound Hang Seng Technology, with trading volumes of HKD 2.24 billion and HKD 1.67 billion, respectively [2]

智通财经7月29日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1554.92亿港元，短线交投连续收缩后重新放量，约为今日恒指成交总额的 58.23%，占比也较前几日明显抬升。 个股方面，交易所数据显示，今日南向资金 大幅净买入：小米集团-W(01810.HK)16.59亿港元；腾讯控股(0700.HK)8.33亿港元；阿里巴巴-W(09988.HK)7.53亿港元；石药集团(01093.HK)6.52 亿港元；信达生物(01801.HK)5.14亿港元；国泰君安国际(01788.HK)4.31亿港元；中芯国际(00981.HK)3.67亿港元； 大幅净流出：泡泡玛特(09992.HK)3.51亿港元；美团-W(03690.HK)2.88亿港元。 恒指今日弱势震荡，午后有所走强。全天南向资金净流入约127.20亿港元，其中沪港股通净流入约58.78亿港元，深港股通净流入约68.42亿港元。 | 令日 | 58.78 | 68.42 | 127.20 | | --- | --- | --- | --- | | 近一月 | 573.94 | 534.16 | 1108.10 | 投资要点 小米集团-W今日 ...

| 中芯国际 | 6.421Z | 5.18 亿 | 11.60亿 | | --- | --- | --- | --- | | HK 00981 | | | +1.24 亿 | | 快手-W | 4.62亿 | 4.71亿 | 9.33亿 | | HK 01024 | | | -850.31万 | | 石药集团 | 5.88亿 | 3.24亿 | 9.11亿 | | HK 01093 | | | +2.64 乙 | | 信达生物 | 6.77 亿 | 1.62亿 | 8.39亿 | | HK 01801 | | | +5.141Z | | 泡泡玛特 | 3.63亿 | 4.43亿 | 8.06亿 | | HK 09992 | | | -7973.47万 | 港股通(深)活跃成交股 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W HK 01810 | 31.76亿 | 21.87 亿 | 53.64亿 | | | | | +9.89 亿 | | 国泰君安 ... | 21.58亿 | 19.90亿 | 41 ...

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 小米集团-W(01810) | 53.64 亿元 | +9.89 亿元 | | 国泰君安国际(01788) | 41.48 亿元 | +1.69 亿元 | | 腾讯控股(00700) | 30.04 亿元 | +10.60 亿元 | | 阿里巴巴-W(09988) | 22.43 亿元 | +2.02 亿元 | | 中芯国际(00981) | 21.86 亿元 | +2.43 亿元 | | 美团-W(03690) | 20.67 亿元 | +2.21 亿元 | | 南方恒生科技(03033) | 16.71 亿元 | -6787.71 万元 | | 锦欣生殖(01951) | 15.63 亿元 | +1.95 亿元 | | 泡泡玛特(09992) | 15.31 亿元 | -2.72 亿元 | | 石药集团(01093) | 14.85 亿元 | +3.88 亿元 | 智通财经APP获悉，2025年7月29日当天，小米集团-W(01810)、国泰君安国际(01788)、腾讯控股 (00700)位居沪港通（南向）成交额前3 ...

Core Insights - The Chinese pharmaceutical industry is experiencing a resurgence after three years of stagnation, driven by high-value licensing deals from multinational pharmaceutical companies [1][2] - There is a significant interest from overseas investors in Chinese biopharmaceutical companies, with a notable increase in licensing agreements and IPO activities [2][8] - The trend of "licensing out" Chinese drug candidates to foreign companies is becoming more common, providing Chinese firms with milestone payments and a share of sales revenue [4][6] Group 1: Market Dynamics - As of mid-July, approximately 288 companies are waiting for IPOs in Hong Kong, many of which are biopharmaceutical firms seeking to list under the 18A rule [1][8] - The Hong Kong medical sector has seen a 54% increase this year, significantly outperforming the MSCI China Index, which rose by 17% [8] - The average price-to-earnings (PE) ratio for the sector is around 30 times, placing it in the 15th percentile of its valuation range over the past five years [8] Group 2: Investment Trends - U.S. investment banks are playing a crucial role in facilitating these licensing deals and IPOs, with cornerstone investors contributing 42% of IPO financing this year, two-thirds of which comes from overseas [1][12] - The trend of U.S. pharmaceutical companies seeking to lower costs through partnerships with Chinese firms is expected to continue, especially in light of U.S. drug pricing policies [2][6] Group 3: Licensing Agreements - The number of licensing transactions from China has increased significantly, with 35 deals in 2023 and projected to reach 43 in 2024, alongside a total upfront payment of $2.957 billion in 2023 [3][6] - Notable licensing agreements include Akeso's ivonescimab, which was licensed to Summit Therapeutics for a total value of $5 billion, marking one of the largest overseas licensing deals in Chinese biopharmaceutical history [7][6] Group 4: Future Outlook - Chinese biopharmaceutical companies are increasingly able to produce globally recognized clinical data, particularly in competitive fields like oncology and immunology [2][6] - The shift from merely selling drug pipelines to achieving global commercialization is essential for the future growth of Chinese pharmaceutical companies [13][15] - There is a need for Chinese firms to enhance their innovation capabilities and international execution to compete effectively on a global scale [14][15]