每经AI快讯，晶泰控股(02228.HK)涨超8%，截至发稿，涨6.66%，报12.97港元，成交额12.23亿港元。 ...

Core Viewpoint - Jingtai Holdings (02228) has seen a significant stock increase, rising over 8% and currently trading at HKD 12.97 with a transaction volume of HKD 1.223 billion, following a collaboration announcement with Hangzhou Baicheng Pharmaceutical [1] Group 1: Collaboration Details - Jingtai Technology has signed a letter of intent with Hangzhou Baicheng Pharmaceutical to utilize its "AI + Robotics" platform for new drug development [1] - Baicheng Pharmaceutical will commission Jingtai Technology to conduct pharmaceutical research and development [1] - The collaboration aims to address unmet clinical needs in various disease areas, including pain, hypersomnia, tumors, autoimmune diseases, and ophthalmology, leveraging Jingtai's AI drug development platform [1] Group 2: Strategic Meetings - On September 24, Jingtai Technology's chairman and CEO visited the headquarters of China Merchants Group to seek strategic collaboration [1] - The visit aimed to enhance communication and cooperation in accelerating new drug development, discovering new materials, and chemical automation [1] - Jingtai Technology looks to leverage this visit to achieve win-win development through resource advantages [1]

Core Viewpoint - Jingtai Holdings (02228) has seen a significant stock price increase, rising over 8% and currently trading at 12.97 HKD with a transaction volume of 1.223 billion HKD, following a collaboration announcement with Hangzhou Baicheng Pharmaceutical Technology Co., Ltd. [1] Group 1: Collaboration and Strategic Initiatives - Jingtai Technology has signed a letter of intent with Baicheng Pharmaceutical to utilize its "AI + Robotics" platform for new drug development [1] - The collaboration aims to address unmet clinical needs in various disease areas, including pain, hypersomnia, tumors, autoimmune diseases, and ophthalmology, leveraging Jingtai's AI drug development platform [1] - Both companies plan to explore the establishment of a joint venture to expand their commercial cooperation in drug development and other fields [1] Group 2: Strategic Meetings and Future Directions - On September 24, Jingtai Technology's chairman and CEO visited the headquarters of China Merchants Group to seek strategic collaboration [1] - The visit aimed to enhance communication and cooperation in accelerating new drug development, discovering new materials, and chemical automation [1] - Jingtai Technology is looking to leverage resource advantages for mutual development and success through this strategic engagement [1]

Core Points - The Hang Seng Index fell by 1.35% on September 26, closing at 26,128.20 points, while southbound funds through the Stock Connect recorded a net inflow of HKD 10.541 billion [1] - The total trading volume for the Stock Connect on September 26 was HKD 160.921 billion, with a net buy of HKD 10.541 billion [1] - In the Shanghai Stock Connect, the trading volume was HKD 101.109 billion with a net buy of HKD 7.366 billion, while in the Shenzhen Stock Connect, the trading volume was HKD 59.812 billion with a net buy of HKD 3.174 billion [1] Trading Activity - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 11.062 billion, followed by Xiaomi Group-W and SMIC, with trading volumes of HKD 7.476 billion and HKD 5.598 billion respectively [1] - In terms of net buy amounts, Xiaomi Group-W led with a net buy of HKD 2.274 billion, despite its closing price dropping by 8.07% [1] - The stock with the highest net sell amount was Xpeng Motors-W, with a net sell of HKD 224 million, while its closing price increased by 5.03% [1] Shenzhen Stock Connect Activity - In the Shenzhen Stock Connect, Xiaomi Group-W had the highest trading volume at HKD 6.471 billion, followed closely by Alibaba-W and SMIC, with trading volumes of HKD 6.439 billion and HKD 3.316 billion respectively [2] - Alibaba-W recorded the highest net buy amount in the Shenzhen Stock Connect at HKD 2.035 billion, despite a closing drop of 3.20% [2] - Xiaomi Group-W also had the highest net sell amount in the Shenzhen Stock Connect, with a net sell of HKD 1.669 billion, closing down by 8.07% [2]

Core Insights - The Hong Kong stock market saw a net inflow of 10.541 billion HKD from Northbound trading on September 26, with the Shanghai Stock Connect contributing 7.366 billion HKD and the Shenzhen Stock Connect contributing 3.174 billion HKD [1] Group 1: Stock Performance - Alibaba-W (09988) received the highest net inflow of 5.720 billion HKD, with total trading volume of 11.062 billion HKD, reflecting a net increase of 3.77 billion HKD [2] - Horizon Robotics-W (09660) attracted a net inflow of 8.63 billion HKD, with plans to use proceeds from a share placement to expand overseas market operations and invest in emerging fields [5] - Tencent (00700) saw a net inflow of 7.92 billion HKD, supported by its global digital ecosystem conference focusing on AI and internationalization [5] - Xiaomi Group-W (01810) recorded a net inflow of 6.05 billion HKD, despite a stock price drop following a product launch event [5] Group 2: Market Trends - Northbound trading has shown a strong interest in technology and AI-related stocks, with significant inflows into companies like Alibaba and Horizon Robotics, indicating a growing demand for digital transformation and AI solutions [4][5] - The semiconductor sector faced selling pressure, with SMIC (00981) and Hua Hong Semiconductor (01347) experiencing net outflows of 1.45 billion HKD and 2.12 billion HKD respectively, amid concerns over U.S. government regulations on semiconductor production [6]

Group 1 - The S&P 500 index declined by 0.5%, closing at 6,604.72 points, marking over three consecutive days of losses [3] - The White House signed an executive order requiring ByteDance to sell its U.S. assets to American investors, aimed at addressing national security concerns [3] - This action raises concerns about escalating regulatory tensions between the U.S. and China in the tech sector, potentially leading to more asset restructuring among multinational companies [3] Group 2 - The Hong Kong Stock Connect recorded a net inflow of HKD 11.05 billion, with Alibaba (09988.HK) seeing the highest net inflow of HKD 4.63 billion, followed by Tencent (00700.HK) [3] - Xiaomi (01810.HK) experienced the largest net outflow, amounting to HKD 0.8 billion, followed by Crystal International Holdings (02228.HK) [3]

Core Insights - The AI healthcare sector is experiencing significant stock performance, with JingTai Holdings (02228.HK) seeing a notable increase in share price, reaching a new high of HKD 12.57 per share, up 5.63% on September 25, and a year-to-date increase of 107.02% [1] Group 1: Company Developments - JingTai Holdings signed a cooperation letter of intent with Baicheng Pharmaceutical (301096.SZ) to utilize its "AI + Robotics" platform for new drug development, focusing on unmet clinical needs in various disease areas [1] - The collaboration aims to advance the development and incubation of innovative drug pipelines and explore broader commercial cooperation, including the potential establishment of a joint venture [1] - JingTai Holdings has achieved a significant milestone in clinical research with the new PRMT5 inhibitor PEP08, receiving approvals for clinical trials in Australia and Taiwan, confirming milestone payments for the project [2] Group 2: Market Position and Future Prospects - The company is included in the FTSE China Small Cap Index as of September 19, indicating its growing market presence [2] - According to招商证券, JingTai Holdings' AI pharmaceutical business is progressing steadily, with a projected year-on-year growth rate of 615% in drug discovery by the first half of 2025 [3] - The company has secured a pipeline cooperation agreement with DoveTree worth USD 5.99 billion, receiving an initial payment of USD 51 million, contributing positively to its performance [3] - JingTai Holdings is also exploring cross-industry applications of its technology platform, including new materials, which may expand its market potential [3]

Core Insights - On September 25, China Everbright Holdings made its debut on the Hong Kong Stock Connect active trading list for the first time in a month [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 563.55 billion, accounting for 36.05% of the day's total trading amount, with a net buying amount of HKD 72.15 billion [1] - Alibaba-W led the trading volume with HKD 182.84 billion, followed by Xiaomi Group-W and SMIC with HKD 114.02 billion and HKD 77.63 billion respectively [1] Trading Activity Summary - The most frequently listed stocks in the past month include Alibaba-W and Tencent Holdings, each appearing 23 times, indicating strong interest from Hong Kong Stock Connect funds [1] - China Everbright Holdings had a trading volume of HKD 14.37 billion on the day, with a net selling amount of HKD 0.71 billion, and its stock price increased by 25.89% [1] Active Stocks List - The active stocks on September 25 included: - Tencent Holdings: Trading amount HKD 48.30 billion, net buying HKD 11.11 billion, closing price HKD 650.000, daily change +0.23% [1] - SMIC: Trading amount HKD 77.63 billion, net buying HKD 9.59 billion, closing price HKD 76.800, daily change +0.07% [1] - Xiaomi Group-W: Trading amount HKD 114.02 billion, net selling HKD 8.02 billion, closing price HKD 59.450, daily change +4.48% [1] - Alibaba-W: Trading amount HKD 182.84 billion, net buying HKD 46.32 billion, closing price HKD 172.000, daily change -1.15% [1] - China Everbright Holdings: Trading amount HKD 14.37 billion, net selling HKD 0.71 billion, closing price HKD 12.790, daily change +25.89% [1]

Summary of Key Points Core Viewpoint - The Hang Seng Index experienced a slight decline of 0.13% on September 25, with southbound capital transactions totaling HKD 156.31 billion, indicating a net inflow of HKD 11.046 billion [1][2]. Southbound Capital Transactions - Total southbound capital transactions amounted to HKD 1,563.10 million, with buy transactions at HKD 836.78 million and sell transactions at HKD 726.32 million, resulting in a net buy of HKD 110.46 million [1]. - The breakdown of transactions shows that the Shenzhen Stock Connect had a total transaction amount of HKD 577.51 million, with net buying of HKD 62.16 million, while the Shanghai Stock Connect had a total transaction amount of HKD 985.59 million, with net buying of HKD 48.30 million [1]. Active Stocks - Alibaba-W led the southbound capital transactions with a total transaction amount of HKD 182.84 million and a net buy of HKD 46.32 million, despite a closing price drop of 1.15% [1][2]. - Other notable stocks included Xiaomi Group-W with a total transaction amount of HKD 114.02 million and a net sell of HKD 8.02 million, and SMIC with a total transaction amount of HKD 77.63 million and a net buy of HKD 9.59 million [1][2]. Continuous Net Buying - Alibaba-W and SMIC were highlighted for their continuous net buying, with Alibaba-W experiencing 25 consecutive days of net buying totaling HKD 720.86 million, while SMIC had 5 consecutive days with a total net buy of HKD 25.60 million [2].

Core Insights - On September 25, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and SMIC (00981) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 11.969 billion, 7.178 billion, and 4.734 billion respectively [1] - The same companies also led in the Shenzhen-Hong Kong Stock Connect southbound trading, with trading amounts of 6.315 billion, 4.224 billion, and 3.029 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong Connect)**: - Alibaba-W (09988): Trading amount of 11.969 billion, net buying of 2.469 billion [2] - Xiaomi Group-W (01810): Trading amount of 7.178 billion, net selling of 0.287 billion [2] - SMIC (00981): Trading amount of 4.734 billion, net buying of 0.666 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Connect)**: - Alibaba-W (09988): Trading amount of 6.315 billion, net buying of 2.163 billion [2] - Xiaomi Group-W (01810): Trading amount of 4.224 billion, net selling of 0.515 billion [2] - SMIC (00981): Trading amount of 3.029 billion, net buying of 0.293 billion [2]