Group 1 - Southbound funds net bought Hong Kong stocks worth 12.046 billion HKD today [1] - Notable net purchases include Tencent at 1.584 billion HKD, Alibaba-W at 1.149 billion HKD, and Innovent Biologics at 718 million HKD [1] - Southbound funds have continuously net bought Alibaba for six days, totaling 5.97552 billion HKD [1] Group 2 - Southbound funds have continuously net sold Xiaomi for six days, totaling 3.9612 billion HKD [1] - Other notable net sales include New China Life Insurance at 334 million HKD [1]

信达生物(01801)发布公告，于2025年8月29日，本公司根据2024年股份计划的条款向5名承授人(包括独 立非执行董事Sherwin博士)授出2.08万份购股权，惟须待承授人接纳。授出购股权中，向Sherwin博士授 出1800份购股权。 来源：智通财经网 ...

Core Viewpoint - The company, Sinopharm (01801), announced the granting of stock options to five grantees, including independent non-executive director Dr. Sherwin, under the terms of the 2024 share plan, with a total of 20,800 options to be granted, pending acceptance by the grantees [1] Summary by Relevant Sections - Stock Options Granted - A total of 20,800 stock options will be granted to five grantees [1] - Dr. Sherwin will receive 1,800 stock options as part of this grant [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 信達生物製藥 INNOVENT BIOLOGICS, INC. （於開曼群島註冊成立的有限公司） （股份代號：1801） 授出購股權及受限制股份 本公告乃根據上市規則第17.06A、17.06B及17.06C條而作出。 授出購股權 董事會宣布，於2025年8月29日，本公司根據2024年股份計劃的條款向5名承授人 （包括獨立非執行董事Sherwin博士）授出20,800份購股權（「授出購股權」），惟須 待承授人接納。授出購股權中，向Sherwin博士授出1,800份購股權。 向承授人授出購股權的詳情如下： | 授出日期： | 2025年8月29日 | | --- | --- | | 承授人數目： | 5名，其中4名為本公司非關連僱員（不包括高級管 | | | 理層）及獨立非執行董事Sherwin博士 | | 授出購股權數目： | 20,800 | | 於購股權獲行使時將予 | 非關連僱員19,000股； ...

Core Viewpoint - The article highlights the strategic adjustments made by prominent fund managers in response to the market's structural characteristics, focusing on sectors like AI, innovative pharmaceuticals, and consumer goods, while also indicating a clear divergence in the consumer sector's performance [2][3][4]. Group 1: Fund Manager Strategies - Prominent fund managers have collectively increased their positions in high-growth sectors such as AI and innovative pharmaceuticals while making structural adjustments within the consumer sector [2]. - The technology and pharmaceutical sectors have emerged as core allocation directions, with significant investments in companies like BYD (increased by 184.78%) and Alibaba (increased by 161.10%) [2]. - Fund managers are focusing on "hard technology" in the tech sector, with AI computing and robotics becoming key investment areas [4]. Group 2: Consumer Sector Dynamics - The consumer sector has shown significant structural differentiation, with fund managers displaying contrasting attitudes towards traditional liquor and new consumption trends [3]. - Some fund managers have increased their holdings in traditional liquor stocks like Wuliangye and Moutai, while others have reduced their positions in these stocks, indicating a shift towards new consumption opportunities [3][4]. - The performance of consumer companies has influenced fund adjustments, with companies like Yili achieving strong revenue growth while others like Yanghe experienced profit declines [4]. Group 3: Future Outlook - Looking ahead to the third quarter, there is optimism regarding the innovative pharmaceutical sector, driven by global collaborations and anticipated clinical data disclosures [5]. - The consumer healthcare sector is expected to continue benefiting from rising health awareness among residents, with demand for home medical devices projected to grow steadily due to an aging population [5]. - The overall economic environment is seen as favorable for investment, although structural pressures may persist, with policies aimed at reducing excessive competition likely to improve corporate profitability [5].

Core Insights - On August 29, Xinhua Insurance made its first appearance on the Hong Kong Stock Connect active trading list in a month, with a trading volume of 2.241 billion HKD and a net sell of 335 million HKD [2][3] - The total trading volume of active stocks on the Hong Kong Stock Connect reached 51.102 billion HKD, accounting for 28.25% of the day's total trading amount, with a net buying amount of 2.774 billion HKD [2] - Among the most actively traded stocks, SMIC led with a trading volume of 7.859 billion HKD, followed by Guotai Junan International and Alibaba-W with trading volumes of 7.251 billion HKD and 6.741 billion HKD, respectively [2] Trading Activity Summary - Xinhua Insurance's trading activity on August 29 included a closing price of 48.14 HKD, reflecting a daily increase of 1.35% [3] - The stocks with the highest trading frequency over the past month included Alibaba-W and Tencent Holdings, each appearing 23 times on the active trading list [2] - Other notable stocks included Xiaomi Group with a trading volume of 4.731 billion HKD and Meituan-W with 4.410 billion HKD, both showing varying daily price changes [2]

Market Overview - On August 29, the Hang Seng Index rose by 0.32%, with southbound trading totaling HKD 180.90 billion, comprising HKD 96.47 billion in buying and HKD 84.43 billion in selling, resulting in a net buying amount of HKD 12.04 billion [1] Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total transaction amount of HKD 69.63 billion, with buying at HKD 40.17 billion and selling at HKD 29.47 billion, leading to a net buying of HKD 10.70 billion [1] - Southbound trading through the Stock Connect (Shanghai) had a total transaction amount of HKD 111.27 billion, with buying at HKD 56.30 billion and selling at HKD 54.96 billion, resulting in a net buying of HKD 1.34 billion [1] Active Stocks - The most actively traded stock by southbound funds was SMIC, with a total transaction amount of HKD 78.59 billion [1] - Other notable stocks included Guotai Junan International and Alibaba-W, with transaction amounts of HKD 72.51 billion and HKD 67.41 billion, respectively [1] - Tencent Holdings had a net buying amount of HKD 15.84 billion, closing up by 0.42%, while Alibaba-W saw a net buying of HKD 11.49 billion [1][2] Continuous Net Buying - Three stocks experienced continuous net buying for more than three days, with Alibaba-W leading at six consecutive days, followed by Huahong Semiconductor at four days and Kangfang Biotech at three days [2] - The total net buying amounts during this period were HKD 59.75 billion for Alibaba-W, HKD 11.06 billion for Kangfang Biotech, and HKD 9.49 billion for Huahong Semiconductor [2]

Group 1 - On August 29, 2025, Guotai Junan International (01788), SMIC (00981), and Alibaba-W (09988) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 5.39 billion, 5.11 billion, and 3.14 billion respectively [1] - In the Southbound Stock Connect for Shenzhen-Hong Kong, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) led the trading volume, with amounts of 3.60 billion, 2.75 billion, and 2.16 billion respectively [1] Group 2 - The top ten active companies in the Southbound Stock Connect (Shanghai-Hong Kong) included Guotai Junan International (01788) with a net buy of 0.18 billion, SMIC (00981) with a net sell of 0.46 billion, and Alibaba-W (09988) with a net buy of 0.25 billion [2] - In the Southbound Stock Connect (Shenzhen-Hong Kong), Alibaba-W (09988) had a net buy of 0.90 billion, SMIC (00981) had a net buy of 0.39 billion, and Tencent Holdings (00700) had a net buy of 0.96 billion [2]

Group 1 - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 3.62% on August 29, with a trading volume of 2.004 billion yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of August 28, 2024, the fund's latest share count was 6.619 billion, with a total size of 6.126 billion yuan, reflecting an increase of 1574.08% in shares and 1521.35% in size year-to-date [1] Group 2 - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 85.10% during the tenure [2] - The top holdings of the fund include Innovent Biologics, WuXi Biologics, BeiGene, and others, with significant weightings such as 9.52% for Innovent Biologics and 9.47% for WuXi Biologics [2] - The fund's recent trading activity shows a cumulative trading amount of 34.226 billion yuan over the last 20 trading days, averaging 1.711 billion yuan per day [1]

Summary of Key Points Core Viewpoint - The Hong Kong stock market saw significant net inflows from Northbound trading, with a total net buy of 120.46 billion HKD on August 29, 2023, indicating strong investor interest in certain stocks, particularly Tencent and Alibaba [1]. Group 1: Northbound Trading Activity - Northbound trading recorded a net buy of 120.46 billion HKD, with 13.42 billion HKD from the Shanghai Stock Connect and 107.04 billion HKD from the Shenzhen Stock Connect [1]. - The most bought stocks included Tencent (00700), Alibaba-W (09988), and Innovent Biologics (01801) [1]. - The most sold stocks were Xiaomi Group-W (01810), New China Life Insurance (01336), and SMIC (00981) [1]. Group 2: Individual Stock Performance - Tencent (00700) had a net buy of 15.83 billion HKD, supported by strong performance from its mobile game "Valorant," with projected first-year revenue of 5 to 6 billion RMB [4]. - Alibaba-W (09988) saw a net buy of 11.49 billion HKD, reporting Q1 FY2026 revenue of 247.65 billion RMB, a 2% year-on-year increase, and a record high capital expenditure of 38.68 billion RMB, up 220% [5]. - Innovent Biologics (01801) received a net buy of 7.18 billion HKD, with a 50.6% increase in revenue to approximately 6 billion RMB in the first half of the year, exceeding market expectations [5]. Group 3: Notable Net Sales - Xiaomi Group-W (01810) faced a net sell of 8.61 billion HKD, with a 40% year-on-year increase in automotive revenue, but smartphone business margins were under pressure due to rising storage costs [7]. - New China Life Insurance (01336) experienced a net sell of 3.34 billion HKD, despite reporting a 25.5% increase in revenue to 69.43 billion RMB and a 33.5% increase in net profit [7]. - SMIC (00981) had a net sell of 614.7 million HKD, reflecting ongoing challenges in the semiconductor sector [7].