Core Insights - On September 30, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 8.849 billion, 4.310 billion, and 3.283 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) also led the trading volume, with amounts of 5.056 billion, 3.306 billion, and 2.030 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 8.849 billion, net inflow of 1.509 billion - SMIC (00981): Trading amount of 4.310 billion, net inflow of 0.656 billion - Tencent Holdings (00700): Trading amount of 3.283 billion, net inflow of 0.811 billion - Xiaomi Group-W (01810): Trading amount of 3.092 billion, net inflow of 0.716 billion - Huahong Semiconductor (01347): Trading amount of 2.642 billion, net inflow of 0.231 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 5.056 billion, net inflow of 2.120 billion - SMIC (00981): Trading amount of 3.306 billion, net outflow of 0.423 billion - Xiaomi Group-W (01810): Trading amount of 2.030 billion, net inflow of 0.339 billion - Huahong Semiconductor (01347): Trading amount of 1.961 billion, net inflow of 0.704 billion - Tencent Holdings (00700): Trading amount of 1.400 billion, net inflow of 0.323 billion [2]

Core Viewpoint - The stock of Crystal Technology Holdings (02228.HK) has experienced a significant increase, rising over 40% in the month of September, with a notable surge of 7.6% reported on September 30, reaching a price of 14.44 HKD per share [1] Company Performance - The stock price of Crystal Technology Holdings rose by 7.6% on September 30, 2023, reaching 14.44 HKD [1] - The total trading volume for the day was 1.751 billion HKD, indicating strong investor interest [1] - The cumulative increase in stock price for the month has exceeded 40%, reflecting positive market sentiment [1]

Group 1 - The core viewpoint of the article highlights the significant stock price increase of Jingtai Holdings (02228), which rose over 7% in the afternoon and has accumulated a gain of over 40% in the month [1] - As of the report, the stock price reached 14.44 HKD with a trading volume of 1.751 billion HKD [1] - In August, Jingtai Holdings announced the latest details of a cooperation agreement with DoveTree, potentially securing up to 5.89 billion USD in milestone payments, setting a new record in the AI drug development sector [1] Group 2 - In September, the company completed a new round of placement, raising 2.653 billion HKD, which will be used for product iteration upgrades and enhancing research and development capabilities [1] - The upgrades include improvements to robotic laboratory technology, AI platform capabilities, and the development of new modal platforms, as well as commercialization, business expansion, investment acquisitions, talent recruitment, and capital supplementation [1] - According to GF Securities, Jingtai is positioned as a third-party service provider for AI-driven drug development, serving pharmaceutical and biotech companies, with a focus on technical neutrality rather than locking clients into a specific large pharmaceutical ecosystem [1] Group 3 - The preference of pharmaceutical and biotech companies for independent third-party vendors, like Jingtai, is driven by data security and ecosystem considerations, suggesting that such third-party AI drug development platforms may become foundational infrastructure in the industry [1] - As AI penetration in drug discovery deepens, the value of third-party platforms is expected to continue to grow, indicating a more sustainable business model and larger potential market space in the long term [1]

Group 1 - The core viewpoint of the article highlights the significant stock price increase of Crystal Tech Holdings (02228), which has risen over 40% in the month, with a current price of 14.44 HKD and a trading volume of 1.751 billion HKD [1] - In August, Crystal Tech announced the latest details of its cooperation agreement with DoveTree, potentially securing up to 5.89 billion USD in milestone payments, setting a new record in the AI drug development sector [1] - In September, the company completed a new round of placement, raising 2.653 billion HKD, which will be used for product iteration upgrades and enhancing research and development capabilities, including upgrades to robotic laboratory technology and AI platform capabilities [1] Group 2 - According to Guangfa Securities, Crystal Tech is positioned as a third-party service provider for AI-driven drug development, serving pharmaceutical and biotech companies, with a focus on collaboration rather than locking clients into a specific pharmaceutical ecosystem [1] - The trend towards data security and ecosystem considerations leads pharmaceutical and biotech companies to prefer partnerships with independent third-party vendors, suggesting that platforms like Crystal Tech may become foundational infrastructure in the industry [1] - As AI continues to penetrate the drug discovery process, the value of third-party platforms is expected to increase, indicating a more sustainable business model and a larger potential market space in the long term [1]

Core Insights - On September 29, China Mobile made its first appearance on the Hong Kong Stock Connect active trading list in nearly a month [2] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 550.07 billion, accounting for 36.95% of the day's total trading amount, with a net buying amount of HKD 4.20 billion [2] - Alibaba-W led the trading volume with HKD 139.01 billion, followed by Xiaomi Group-W and SMIC with HKD 99.14 billion and HKD 67.04 billion respectively [2] Trading Activity Summary - The most frequently listed stocks in the past month include Alibaba-W and Tencent Holdings, each appearing 21 times, indicating strong interest from Hong Kong Stock Connect funds [2] - China Mobile's trading volume on that day was HKD 11.61 billion, with a net selling amount of HKD 8.15 billion, and the stock closed down by 0.12% [2] Individual Stock Performance - Tencent Holdings had a trading amount of HKD 65.16 billion with a net buying amount of HKD 14.94 billion, closing at HKD 660.000, up by 2.48% [2] - SMIC recorded a trading amount of HKD 67.04 billion with a net buying amount of HKD 3.79 billion, closing at HKD 76.500, up by 4.87% [2] - Xiaomi Group-W had a trading amount of HKD 99.14 billion with a net buying amount of HKD 9.96 billion, closing at HKD 53.550, down by 2.01% [2] - Alibaba-W's trading amount was HKD 139.01 billion with a net buying amount of HKD 35.57 billion, closing at HKD 173.400, up by 4.14% [2]

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 52.11 亿元 | +18.96 亿元 | | 小米集团-W(01810) | 36.91 亿元 | +5.73 亿元 | | 中芯国际(00981) | 30.22 亿元 | +3.62 亿元 | | 腾讯控股(00700) | 24.53 亿元 | +2.30 亿元 | | 盈富基金(02800) | 18.12 亿元 | -18.07 亿元 | | 华虹半导体(01347) | 12.93 亿元 | -8412.65 万元 | | 美团-W(03690) | 9.89 亿元 | +821.61 万元 | | 理想汽车-W(02015) | 8.99 亿元 | +1.25 亿元 | | 晶泰控股(02228) | 8.29 亿元 | -8819.96 万元 | | 快手-W(01024) | 8.22 亿元 | +3.71 亿元 | 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | ...

Group 1 - The Hong Kong pharmaceutical stocks showed a strong performance on September 29, with most companies experiencing significant gains [1] - Yiming Anke-B (01541.HK) increased by 18.98%, reaching HKD 13.48 [1] - Chuangxin Biotechnology-B (02509.HK) rose by 12.11%, trading at HKD 32.96 [1] - Jingtai Holdings (02228.HK) saw an increase of 8.55%, priced at HKD 13.2 [1] - Gakosi-B (01167.HK) gained 7.58%, with a price of HKD 9.94 [1] - Rongchang Biotechnology (09995.HK) experienced a rise of 6.37%, reaching HKD 108.5 [1]

Group 1 - The pharmaceutical stocks have shown a strong performance, with notable increases in share prices for companies such as Yiming Anke-B (up 18.98%), Quansheng Biotechnology-B (up 12.11%), and others [1] - On September 25, Trump announced a 100% tariff on patented and branded drugs, with the only exemption for companies that are "IS BUILDING" pharmaceutical factories in the U.S. [1] - According to CMB International, the impact on China's innovative drug industry chain is limited, and there is no need for excessive concern [1] Group 2 - Guojin Securities noted recent fluctuations in the innovative drug sector due to a lack of authoritative academic conferences in July and August, leading to a decrease in business development (BD) events [2] - Historically, significant BD transactions tend to cluster towards the end of the year, and upcoming authoritative academic meetings in October, such as the ESMO conference, are expected to boost BD events [2] - The outlook remains positive for the global competitiveness of Chinese innovative drugs, driven by operational improvements and an increase in BD collaborations [2]

Group 1 - The pharmaceutical stocks have shown strong performance, with notable increases in share prices for companies such as Yiming Anke-B (up 18.98%), Quansheng Biotechnology-B (up 12.11%), and others [1] - On September 25, Trump announced a 100% tariff on patented and branded drugs, with the only exemption for companies that are "IS BUILDING" pharmaceutical factories in the U.S. [1] - According to CMB International, the impact on China's innovative drug industry chain is limited, and there is no need for excessive concern [1] Group 2 - Guojin Securities noted recent fluctuations in the innovative drug sector due to a lack of authoritative academic conferences in July and August, leading to a decrease in BD events [2] - The firm anticipates that with the upcoming ESMO conference in October, there will be an increase in BD events, which are expected to enhance the global competitiveness of Chinese innovative drugs [2] - The industry trend indicates improvements in operational performance and a concentration of BD collaborations [2]

Core Viewpoint - AI pharmaceutical concept stocks are gaining strength, with Crystal Tech Holdings experiencing significant price increases and a notable market capitalization [1][2] Group 1: Stock Performance - On September 29, Crystal Tech Holdings saw its stock price rise over 8%, reaching a peak of 13.21 HKD per share [1] - As of the report, the stock was up 6%, trading at 12.89 HKD per share, with a total market capitalization exceeding 55 billion HKD [1][2] - The stock's trading volume was 109 million shares, with a total transaction value of 1.396 billion HKD [2] Group 2: Financial Results - Crystal Tech Holdings released its interim report for 2025 on September 16, reporting revenue of 517 million RMB, a year-on-year increase of 403.8% [2] - The company achieved a net profit attributable to shareholders of 82.795 million RMB, reversing from a loss of 1.238 billion RMB in the previous year [2]