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]

Core Insights - The article discusses the significant results of the DREAMS-1 clinical trial for the dual receptor agonist, IBI362 (Mastudutide), developed by Innovent Biologics, focusing on its efficacy in treating type 2 diabetes patients in China [1][2]. Group 1: Clinical Trial Results - The DREAMS-1 study achieved its primary and all key secondary endpoints by July 2024, demonstrating that Mastudutide effectively lowers blood sugar and promotes weight loss while positively impacting cardiovascular and renal metabolic indicators [1]. - The study included 320 Chinese type 2 diabetes patients with an average age of 50.4 years and a baseline HbA1c of 8.24%. Participants were randomly assigned to receive either 4 mg or 6 mg of Mastudutide or a placebo for 24 weeks [2]. Group 2: Efficacy in Glycemic Control - At 24 weeks, the HbA1c levels decreased by 1.57% and 2.15% for the 4 mg and 6 mg groups, respectively, compared to a mere 0.14% in the placebo group. The proportion of patients achieving HbA1c <7.0% was 68.6% and 87.4% for the treatment groups, while only 10.7% in the placebo group [3]. Group 3: Weight Loss Outcomes - Mastudutide also showed significant weight loss benefits, with the 4 mg and 6 mg groups experiencing weight reductions of 5.61% and 7.81%, respectively, compared to 1.26% in the placebo group. Additionally, 50.9% and 69.0% of patients in the treatment groups lost ≥5% of their body weight, while only 7.3% in the placebo group achieved this [5]. Group 4: Safety Profile - The overall tolerability of Mastudutide was good, with gastrointestinal adverse effects being the most common, primarily occurring during the titration phase. The incidence of hypoglycemia was low, with no severe cases reported, and the safety profile was consistent with previous studies [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]

金融界6月25日消息，上证指数低开高走，中证沪深港生物科技主题指数 (沪深港生物科技主题， 932245)报1352.64点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。当特殊情况下将对指数进行临时调整。当样本退市时，将其从指数 样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当沪股通、深 股通和港股通证券范围发生变动导致样本不再满足互联互通资格时，指数将相应调整。 本文源自：金融界 作者：行情君 从指数持仓来看，中证沪深港生物科技主题指数十大权重分别为：恒瑞医药（12.02%）、百济神州 （10.82%）、药明康德（8.63%）、迈瑞医疗（7.04%）、信达生物（6.24%）、药明生物（4.88%）、 康方生物（3.31%）、石药集团（3.04%）、中国生物制药（2.78%）、三生制药（2.05%）。 从中证沪深港生物科技主题指数持仓的市场板块来看，香港证券交易所占比45.80%、上海证券交易所 占比33 ...

Core Viewpoint - The recent performance of the Hong Kong pharmaceutical sector reflects a positive market sentiment towards innovative drug companies, driven by long-term expectations of industry upgrades and the recognition of R&D asset values [1][2]. Group 1: Market Performance - As of June 25, 2025, the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index (930965) decreased by 0.64%, with mixed performances among constituent stocks [1]. - Notable gainers included Nuo Cheng Jian Hua (09969) up 1.48% and Yun Ding Xin Yao (01952) up 1.20%, while leading decliners included Lian Bang Pharmaceutical (03933) down 5.07% [1]. - The Hong Kong Pharmaceutical ETF (159718) saw a slight decline of 0.12%, with a recent price of 0.84 yuan, but had a weekly increase of 1.69% [1]. Group 2: Liquidity and Scale - The Hong Kong Pharmaceutical ETF had a turnover rate of 21.07% with a trading volume of 53.59 million yuan, indicating active market participation [1]. - Over the past week, the ETF's scale increased by 2.31 million yuan, ranking second among comparable funds [1]. - In terms of shares, the ETF added 5 million shares over the last three months, also ranking second among comparable funds [1]. Group 3: Industry Outlook - According to Fangzheng Securities, there is a strong belief in the ongoing bullish trend for innovative drugs, with a continued revaluation of innovative drug assets expected [1]. - The current market rally is characterized by a recognition of the commercial viability of innovative drug models, particularly for leading companies like BeiGene, Innovent Biologics, and Hansoh Pharmaceutical, which are anticipated to achieve profitability through business development or globalization by 2024 or Q1 2025 [1][2]. - The collective rise of leading innovative drug stocks indicates a systematic re-evaluation of their long-term R&D investments, with the market's confidence in the sustainability of their profit models improving [2]. Group 4: Fund Flows and Leverage - The Medical Innovation ETF (516820) experienced a 0.57% decline, with a recent price of 0.35 yuan, but had a 3-month cumulative increase of 2.05% [3]. - The ETF saw a net inflow of funds over the past six days, totaling 63.57 million yuan, with an average daily net inflow of 10.60 million yuan [3]. - Leveraged funds have been actively buying into the Medical Innovation ETF, with a total net purchase of 5.61 million yuan and a latest financing balance of 56.05 million yuan [3]. Group 5: Index Composition - The CSI Pharmaceutical and Medical Device Innovation Index (931484) includes 30 companies with strong profitability and growth potential, reflecting the overall performance of the pharmaceutical and medical device sector [5]. - The top ten weighted stocks in the index account for 66.57% of its total weight, including companies like Heng Rui Pharmaceutical and WuXi AppTec [5]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index (930965) also features a top ten weighted stock composition that represents 60.77% of the index, including companies like BeiGene and WuXi Biologics [6].

Core Viewpoint - On June 24, Zhejiang Shibao made its first appearance on the Hong Kong Stock Connect active trading list in a month, with a trading volume of 1.32 billion HKD and a net buying amount of 87 million HKD, resulting in a significant price increase of 30.72% on that day [1]. Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect on June 24 was 37.72 billion HKD, accounting for 31.11% of the total trading amount, with a net selling amount of 646 million HKD [1]. - The top three stocks by trading volume were Xiaomi Group-W (7.88 billion HKD), Meituan-W (5.61 billion HKD), and Alibaba-W (3.99 billion HKD) [1]. - The most frequently listed stocks in the past month were Alibaba-W and Meituan-W, each appearing 21 times, indicating strong interest from Hong Kong Stock Connect investors [1]. Individual Stock Performance - Zhejiang Shibao's trading volume was 1.32 billion HKD, with a net buying amount of 87 million HKD, marking its first appearance on the active list in a month [1]. - Other notable stocks included Tencent Holdings (3.00 billion HKD, net selling of 945 million HKD), Xiaomi Group-W (7.88 billion HKD, net selling of 1.55 billion HKD), and Meituan-W (5.61 billion HKD, net buying of 785 million HKD) [1]. - The latest closing prices and daily percentage changes for key stocks were as follows: Tencent Holdings at 509.50 HKD (+1.09%), Xiaomi Group-W at 56.90 HKD (+3.74%), Meituan-W at 130.00 HKD (-1.07%), and Alibaba-W at 112.70 HKD (+1.71%) [1].

Market Overview - On June 24, the Hang Seng Index rose by 2.06%, closing at 24,177.07 points, with a total net inflow of HKD 2.589 billion through the southbound trading channel [1] - The total trading volume for the southbound trading on June 24 was HKD 121.261 billion, with a net buying amount of HKD 2.589 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 76.777 billion, with a net buying of HKD 0.812 billion; the Shenzhen Stock Exchange's southbound trading had a total transaction amount of HKD 44.484 billion, with a net buying of HKD 1.777 billion [1] - In the top ten active stocks for the Shanghai Stock Exchange's southbound trading, Xiaomi Group-W had the highest transaction amount of HKD 5.007 billion, followed by Meituan-W and Shandong Molong with transaction amounts of HKD 3.106 billion and HKD 2.791 billion, respectively [1] Stock Performance - In terms of net buying, China Construction Bank led with a net buying amount of HKD 0.693 billion, closing with a price increase of 2.56% [1] - Xiaomi Group-W had the highest net selling amount of HKD 1.083 billion, while its closing price increased by 3.74% [1] - For the Shenzhen Stock Exchange's southbound trading, Xiaomi Group-W also led in transaction amount with HKD 2.868 billion, followed by Meituan-W and Alibaba-W with transaction amounts of HKD 2.500 billion and HKD 1.793 billion, respectively [2] - The stock with the highest net buying in the Shenzhen market was Innovent Biologics, with a net buying amount of HKD 0.599 billion, closing up by 4.06% [2]

Core Insights - Innovent Biologics announced positive Phase 3 clinical study results for mazdutide, a dual glucagon (GCG)/glucagon-like peptide-1 (GLP-1) receptor agonist, in treating type 2 diabetes (T2D) in Chinese adults, demonstrating significant efficacy in glycemic control and weight loss [1][8] Clinical Study Details - The DREAMS-1 study enrolled 319 Chinese participants with T2D inadequately controlled by diet and exercise, with a mean age of 50.4 years and a mean baseline HbA1c of 8.24% [2] - Participants were randomized to receive either mazdutide 4 mg, mazdutide 6 mg, or placebo for 24 weeks, with the primary endpoint being the change in HbA1c from baseline to week 24 [2] Efficacy Results - Mazdutide achieved an HbA1c reduction of 2.15% after 24 weeks, with 68.6% and 87.4% of participants on mazdutide 4 mg and 6 mg, respectively, achieving HbA1c <7.0%, compared to 10.7% with placebo [3] - Weight reduction was also significant, with participants on mazdutide 4 mg and 6 mg showing a percentage change in body weight of -5.61% and -7.81%, respectively, compared to -1.26% with placebo [4] Cardiometabolic Improvements - Treatment with mazdutide led to significant improvements in multiple cardiometabolic risk factors, including fasting glucose, waist circumference, blood pressure, and lipid levels [5] Safety Profile - Mazdutide exhibited a favorable safety profile, with low incidence of treatment-emergent adverse events (TEAEs) leading to discontinuation, primarily mild to moderate gastrointestinal symptoms [6][7] Market Context - China has a high incidence of T2D, with approximately 140 million adult patients, highlighting the urgent need for effective treatment options [8][9] - The treatment landscape for diabetes is shifting towards a patient-centered approach, integrating glycemic control, weight management, and cardiovascular risk factor management [8] Future Prospects - Mazdutide has two New Drug Applications (NDAs) under review by China's National Medical Products Administration (NMPA) for chronic weight management and glycemic control in adults with T2D [11][12] - Innovent is actively developing a next-generation pipeline in the cardiovascular and metabolic fields, aiming to meet public health needs [12]