Core Insights - On January 12, 2026, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 8.776 billion, 3.590 billion, and 2.802 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Meituan-W (03690) also led the trading volume, with amounts of 6.830 billion, 3.416 billion, and 2.100 billion respectively [1] Southbound Stock Connect Trading Activity - **Top Active Companies in Southbound Stock Connect:** - Alibaba-W (09988): Trading amount of 8.776 billion, net buy of -74.5144 million [2] - Tencent Holdings (00700): Trading amount of 3.590 billion, net buy of 1.184 billion [2] - Xiaomi Group-W (01810): Trading amount of 2.802 billion, net buy of 289 million [2] - Meituan-W (03690): Trading amount of 2.450 billion, net buy of -875 million [2] - SMIC (00981): Trading amount of 2.427 billion, net buy of -21.875 million [2] - Other notable companies include Kuaishou-W (01024) with a trading amount of 1.949 billion and a net buy of 948 million [2] Shenzhen-Hong Kong Stock Connect Trading Activity - **Top Active Companies in Shenzhen-Hong Kong Stock Connect:** - Alibaba-W (09988): Trading amount of 6.830 billion, net buy of 278 million [2] - Tencent Holdings (00700): Trading amount of 3.416 billion, net buy of 828 million [2] - Meituan-W (03690): Trading amount of 2.100 billion, net buy of 393 million [2] - Kuaishou-W (01024): Trading amount of 1.990 billion, net buy of 1.298 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.869 billion, net buy of 484 million [2]

Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of HKD 73.06 billion on January 12, 2023, indicating strong investor interest in certain stocks [1]. Group 1: Northbound Trading Activity - Northbound trading through Stock Connect saw a net buy of HKD 15.46 billion from Shanghai and HKD 57.6 billion from Shenzhen [1]. - The stocks with the highest net buy included Kuaishou-W (01024), Tencent (00700), and Southern Hang Seng Technology (03033) [1]. - The stocks with the highest net sell included China Mobile (00941) and Goldwind Technology (02208) [1]. Group 2: Individual Stock Performance - Kuaishou-W (01024) received a net buy of HKD 22.45 billion, driven by its AI capabilities gaining popularity globally, with a reported 102% increase in daily revenue from December 2025 to January 2026 [4]. - Tencent (00700) saw a net buy of HKD 20.11 billion, with a positive outlook from Zhongtai Securities, highlighting its potential in the AI sector [5]. - Xiaomi Group-W (01810) had a net buy of HKD 7.73 billion, with plans for a significant increase in R&D investment over the next five years [5]. - Alibaba-W (09988) experienced a net buy of HKD 2.03 billion amid ongoing regulatory scrutiny in the food delivery sector [5]. - Horizon Robotics-W (09660) received a net buy of HKD 1.79 billion, with optimistic growth expectations due to advancements in smart driving technology [6]. - Jingtai Holdings (02228) had a net buy of HKD 42.04 million, with a focus on its AI and robotics platform [7]. - Southern Hang Seng Technology (03033) and SMIC (00981) received net buys of HKD 8.57 billion and HKD 2.334 million, respectively [7].

Core Insights - The Huabao CSI Hong Kong Stock Connect Medical Theme ETF (159137) closed with a gain of 0.38% on January 12, with a trading volume of 173 million yuan [1] Fund Overview - The fund was established on December 31, 2025, and is officially named Huabao CSI Hong Kong Stock Connect Medical Theme Exchange-Traded Fund [1] - The management fee is set at 0.50% per annum, while the custody fee is 0.10% per annum [1] - The performance benchmark for the fund is the return of the CSI Hong Kong Stock Connect Medical Theme Index, adjusted for the RMB exchange rate [1] Fund Management - The current fund manager is Zhang Fang, who has managed the fund since its inception, achieving a return of 4.33% during the management period [1] Top Holdings - The latest report indicates that the top holdings of the ETF include: - WuXi Biologics: 2.65% holding, valued at approximately 7.49 million yuan [2] - JD Health: 2.02% holding, valued at approximately 5.71 million yuan [2] - WuXi AppTec: 1.44% holding, valued at approximately 4.07 million yuan [2] - Crystal Digital Holdings: 0.98% holding, valued at approximately 2.76 million yuan [2] - Alibaba Health: 0.93% holding, valued at approximately 2.63 million yuan [2] - WuXi AppTec Holdings: 0.86% holding, valued at approximately 2.43 million yuan [2] - Sinopharm: 0.72% holding, valued at approximately 2.04 million yuan [2] - Genscript Biotech: 0.55% holding, valued at approximately 1.55 million yuan [2] - Ping An Good Doctor: 0.46% holding, valued at approximately 1.31 million yuan [2] - CSPC Pharmaceutical Group: 0.41% holding, valued at approximately 1.17 million yuan [2]

Core Viewpoint - Jingtai Holdings (02228) has seen a significant increase in stock price, rising nearly 7% in early trading and currently at HKD 12.95, with a trading volume of HKD 2.236 billion. The company has announced a strategic cooperation agreement with a subsidiary of JinkoSolar to develop AI and automation technologies for high-throughput tandem solar cells, establishing a joint venture to create a closed-loop manufacturing line for solar cells [1][1][1]. Group 1 - Jingtai Technology is transitioning from a "0 to 1" phase to a "1 to N" phase, indicating a critical growth stage where its business model has been validated and is entering a high-speed growth trajectory [1]. - The continuous realization of large orders and revenue recognition are identified as the core drivers of stock price in the short term [1]. - The long-term value of the company is attributed to its technological barriers in the "AI + robotics" platform and the potential for expansion into the "AI for Science" domain [1].

Core Viewpoint - Jingtai Holdings (02228) has seen a significant increase in stock price, rising nearly 7% in early trading and currently up 3.27% at HKD 12.95, with a trading volume of HKD 2.236 billion [1] Group 1: Company Developments - Jingtai Technology has announced a strategic cooperation agreement with a subsidiary of JinkoSolar to develop AI and automation high-throughput stacked solar cell technology [1] - The partnership will establish a joint venture to create the world's first "AI decision-making - robotic execution - data feedback" closed-loop manufacturing line for stacked solar cells, aimed at developing high-efficiency and high-stability solar cell products for various applications [1] Group 2: Market Analysis - Zhongyou Securities has released a research report indicating that Jingtai Technology is at a critical transition phase from "0 to 1" to "1 to N," with its business model validated and entering a high-growth phase [1] - In the short term, the continuous landing of large orders and revenue recognition are the core drivers of the stock price; in the long term, the technological barriers of its "AI + robotics" platform and the potential for expansion into "AI for Science" across various fields are central to its value [1]

Investment Rating - The report assigns a "Buy" rating to the stocks of Dongyangguang (600673.SH) and Jingtai Holdings (02228.HK) [4] Core Insights - The commercial aerospace industry is entering a phase of global resonance, with China's commercial aerospace market expected to grow from 2.3 trillion yuan in 2024 to 2.8 trillion yuan in 2025 [2] - China has applied for frequency resources for over 200,000 satellites, indicating a significant expansion in satellite constellations [1] - The focus on 3D printing and upstream materials is crucial for the aerospace sector, particularly in the manufacturing of rocket engines and satellite components [3] Summary by Sections Industry Overview - The commercial aerospace market is projected to reach a scale of 2.8 trillion yuan by 2025, with significant contributions from various satellite constellation projects [2] - China is actively developing large-scale satellite constellations, with several projects aiming to deploy thousands of satellites [2] Technological Focus - The report emphasizes the importance of 3D printing technology in the aerospace sector, particularly for rocket engines, which can significantly reduce costs and production time [3] - Key materials identified include high-temperature alloys, 3D printing metal powders, and advanced composite materials for satellites [3] Investment Targets - Key investment targets include Dongyangguang and Jingtai Holdings, with projected earnings per share (EPS) increasing significantly from 2024 to 2027 [4] - The report highlights specific companies involved in critical materials and technologies, such as high-modulus carbon fiber and 3D printing materials [6]

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [2]. Core Insights - The company is a rare player in the "AI for Science" sector, founded by three MIT physicists in 2015, focusing on drug and material science R&D solutions using quantum physics principles, AI, and robotics. In H1 2025, the company achieved revenue of RMB 517 million, a year-on-year increase of 404%, with a net profit of RMB 83 million [6][10]. - The company signed the largest AI pharmaceutical order in the industry with DoveTree, valued at HKD 47 billion (USD 5.99 billion), which reflects its technological strength and potential for future business development [7]. - The company has made significant progress in drug discovery, with its AI platforms being applied across various fields and partnerships with major pharmaceutical companies like Johnson & Johnson and Pfizer [6][7]. Summary by Sections Company Overview - Latest closing price: HKD 11.35 - Total shares: 4.303 billion - Total market capitalization: HKD 48.8 billion - 52-week high/low: HKD 3.85 / HKD 15.12 - Debt-to-asset ratio: 8.9% - Price-to-earnings ratio: -226.34 [4]. Financial Performance - Revenue forecast for 2025-2027: RMB 787 million, RMB 998 million, RMB 1.465 billion, with growth rates of 195.3%, 26.8%, and 46.7% respectively. The net profit is projected to improve from -RMB 156 million in 2025 to RMB 196 million in 2027 [13][16]. Product Development - The company has developed two innovative topical ingredients for hair growth, Remeanagen™ and AquaKine™, which have received FDA approval and are expected to generate significant revenue in the consumer market [10][11]. - The global market for hair loss treatments is projected to grow from USD 5.04 billion in 2025 to USD 6.15 billion by 2033, indicating strong demand and growth potential [11]. Strategic Partnerships - The company has established a strategic partnership with JinkoSolar to develop a new generation of solar cells using AI and automation, enhancing its capabilities in the chemical raw materials sector [12][14].

Core Viewpoint - On January 9, the Hang Seng Index rose by 0.32%, with southbound funds totaling HKD 111.39 billion in trading volume, resulting in a net inflow of HKD 6.81 billion [1] Group 1: Southbound Trading Activity - The total trading volume for southbound funds was HKD 111.39 billion, with buy transactions amounting to HKD 59.10 billion and sell transactions at HKD 52.29 billion, leading to a net buy of HKD 6.81 billion [1] - The Hong Kong Stock Connect (Shenzhen) recorded a total trading volume of HKD 44.30 billion, with net buying of HKD 5.15 billion, while the Hong Kong Stock Connect (Shanghai) had a trading volume of HKD 67.08 billion and a net buy of HKD 1.66 billion [1] Group 2: Active Stocks - Alibaba-W had the highest trading volume among southbound funds at HKD 99.89 billion, but experienced a net sell of HKD 26.22 billion, despite a closing price increase of 2.73% [1] - Tencent Holdings saw a net buy of HKD 14.12 billion, with a closing price decrease of 0.81%, while Xiaomi Group-W had a net buy of HKD 8.70 billion [1] - Kuaishou-W recorded a net buy of HKD 7.76 billion, and Meituan-W and China Mobile faced net sells of HKD 3.67 billion and HKD 3.11 billion, respectively [1] Group 3: Continuous Net Buying - Xiaomi Group-W and Tencent Holdings were the only two stocks with continuous net buying for more than three days, with Xiaomi Group-W having a total net buy of HKD 55.53 billion over seven days, and Tencent Holdings with HKD 42.31 billion over three days [2]

Core Viewpoint - On January 9, the Hang Seng Index rose by 0.32% to close at 26,231.79 points, with a net inflow of HKD 6.815 billion through the southbound trading channel [1] Group 1: Market Activity - The total trading volume for southbound trading on January 9 was HKD 111.389 billion, with a net buying amount of HKD 6.815 billion [1] - The Shanghai Stock Exchange's southbound trading amounted to HKD 67.084 billion, with a net buying of HKD 1.660 billion, while the Shenzhen Stock Exchange recorded HKD 44.305 billion in trading with a net buying of HKD 5.155 billion [1] Group 2: Active Stocks - In the Shanghai Stock Exchange's southbound trading, Alibaba-W had the highest trading volume at HKD 65.69 billion, followed by Goldwind Technology at HKD 33.07 billion and SMIC at HKD 21.74 billion [1] - Tencent Holdings had the highest net buying amount of HKD 0.883 billion, despite a closing price drop of 0.81% [1] - Alibaba-W recorded the highest net selling amount of HKD 2.114 billion, while its closing price increased by 2.73% [1] Group 3: Detailed Stock Data - The top active stocks in the southbound trading on January 9 included: - Alibaba-W: Trading amount of HKD 656.911 million with a net selling of HKD 211.364 million, closing up by 2.73% [3] - Goldwind Technology: Trading amount of HKD 330.673 million with a net selling of HKD 13.003 million, closing up by 3.41% [3] - SMIC: Trading amount of HKD 217.368 million with a net selling of HKD 17.406 million, closing down by 0.73% [3] - Tencent Holdings: Trading amount of HKD 209.478 million with a net buying of HKD 52.898 million, closing down by 0.81% [3]

Group 1 - On January 9, 2026, Alibaba-W (09988), Goldwind Technology (02208), and SMIC (00981) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 6.569 billion, 3.307 billion, and 2.174 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also ranked as the top three, with transaction amounts of 3.420 billion, 2.095 billion, and 1.749 billion respectively [1] Group 2 - The top active companies in the Southbound Stock Connect included Alibaba-W (09988) with a net buy amount of -2.114 billion, Goldwind Technology (02208) with -0.130 billion, and SMIC (00981) with -0.174 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988) had a net buy amount of -0.508 billion, Tencent Holdings (00700) had +0.529 billion, and SMIC (00981) had +0.866 billion [2]