Core Viewpoint - JingTai Holdings (02228) has seen a significant stock increase of nearly 7%, currently trading at 7.58 HKD with a transaction volume of 669 million HKD, following a major partnership announcement with DoveTree for a pipeline collaboration worth approximately 47 billion HKD [1] Group 1: Partnership Details - On August 5, JingTai Technology announced a collaboration with DoveTree, involving a total order scale of about 47 billion HKD, with an initial payment of 4 billion HKD already received [1] - The collaboration focuses on the development of multiple innovative drug assets, granting DoveTree exclusive global development and commercialization rights [1] - JingTai Technology is expected to receive further payments and potential milestone payments totaling approximately 46.6 billion HKD [1] Group 2: Market Impact and Expert Insights - This partnership sets a new record in the AI and robotics drug development sector [1] - Dongwu Securities highlighted that DoveTree LLC was founded by Professor Gregory Verdine, a Harvard Chemistry Department tenured professor and a pioneer in chemical biology, who has co-founded over ten biotech companies, including five publicly listed ones [1] - The total package amount for this commercial collaboration is reported to be 5.89 billion USD, exceeding market expectations, and the collaboration is expected to achieve significant commercial milestones under the endorsement of a Harvard professor, indicating substantial future growth potential for the company [1]

消息面上，8月5日，晶泰科技宣布与DoveTree达成总订单规模约470亿港元的管线合作，并已收到首付 款4亿港元。此次合作涉及多款创新药资产的研发，DoveTree将拥有相关药物全球独家开发和商业化权 利。晶泰科技有望获得进一步付款及潜在里程碑付款总计约466亿港元。此次合作创AI+机器人新药研 发领域订单新高。 东吴证券指出，DoveTree LLC由Gregory Verdine教授成立，后者为哈佛化学系终身教授，为化学生物学 的先驱，作为创业领军人物，Verdine教授创立或共同创立了超过十家生物科技公司，包括五家公开上 市公司，其主导推进的三种治疗方法已获FDA批准。该行指出，此次商业合作总包金额达58.9亿美金， 超过市场预期，该行认为，在哈佛大学教授背书下，其管线有望达到其协定的商业里程碑，公司未来成 长不可限量。 智通财经APP获悉，晶泰控股(02228)再涨近7%，截至发稿，涨6.61%，报7.58港元，成交额6.69亿港 元。 ...

Investment Rating - The report maintains a "Buy" rating for key stocks in the basic chemical sector, including Dongyangguang, Jingtai Holdings, Zhongyan Dadi, and Weixing Chemical [4]. Core Insights - The basic chemical sector is experiencing a configuration opportunity, with the index declining from a peak of 9565.18 points in September 2021 to a low of 3876.11 points in February 2024, representing a cumulative drop of 59.5% [1]. - The construction project growth rate in the chemical industry has been continuously declining, with a forecasted negative growth rate of -7.3% by Q1 2025 [1]. - The basic chemical index saw a cumulative increase of 5.9% from July 11 to August 8, 2024, while the petroleum and petrochemical index increased by 2.5% during the same period [1]. - Institutional holdings in the basic chemical sector peaked in Q3 2021 at 6.69%, but have since declined to 3.72% by Q2 2025 [1]. Summary by Sections Solid-State Battery Materials - Solid-state batteries are expected to significantly enhance energy density, with potential to exceed 500 Wh/kg, compared to traditional lithium-ion batteries which struggle to surpass 300 Wh/kg [2]. - The report highlights the importance of solid-state battery materials, including polymer, oxide, and sulfide types, with a focus on sulfide materials for future full solid-state batteries [2]. - Companies to watch in this sector include Daoshi Technology and Changyang Technology, as they are positioned to benefit from the anticipated industrialization of solid-state batteries starting in 2026 [2]. AI4S and AI Materials Investment Opportunities - AI4S is rapidly penetrating the pharmaceutical and chemical industries, with significant growth in innovative drug licensing transactions reaching 41 deals worth $36.929 billion in Q1 2025 [3]. - AI technologies are expected to replace traditional drug development processes, enhancing efficiency and reducing costs [3]. - The report identifies key players in AI4S, including Jingtai Holdings and Zhizhi New Materials, as well as suppliers of AI-specific hardware and materials [3].

Group 1 - On August 8, several stocks including Hutchison Whampoa, Nanjing Panda Electronics, Oriental Selection, Fubo Group, Zai Ding Pharmaceutical, and Huitongda Network made their debut on the Hong Kong Stock Connect active trading list for the first time in a month [1][2] - The total trading volume of active stocks on August 8 reached 33.757 billion HKD, accounting for 27.32% of the total trading amount on that day, with a net buying amount of 1.614 billion HKD [1] - Among the active stocks, SMIC had the highest trading volume at 11.074 billion HKD, followed by Alibaba and Xiaomi with trading amounts of 3.887 billion HKD and 3.800 billion HKD respectively [1] Group 2 - Hutchison Whampoa had a trading volume of 0.958 billion HKD with a net selling of 0.158 billion HKD, closing down 15.99% [2] - Nanjing Panda Electronics recorded a trading volume of 1.075 billion HKD with a net selling of 0.025 billion HKD, closing down 10.40% [2] - Oriental Selection had a trading volume of 1.024 billion HKD with a net buying of 0.056 billion HKD, closing up 12.32% [2] - Fubo Group had a trading volume of 0.747 billion HKD with a net buying of 0.031 billion HKD, closing up 18.36% [2] - Zai Ding Pharmaceutical had a trading volume of 0.768 billion HKD with a net buying of 0.217 billion HKD, closing down 10.47% [2] - Huitongda Network had a trading volume of 1.758 billion HKD with a net buying of 0.076 billion HKD, closing up 26.90% [2]

Core Insights - On August 8, 2025, SMIC (00981), Alibaba-W (09988), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 6.668 billion, 2.541 billion, and 2.286 billion respectively [1] - In the Southbound Stock Connect for Shenzhen, SMIC (00981), Xiaomi Group-W (01810), and Alibaba-W (09988) also ranked as the top three, with trading amounts of 4.406 billion, 1.514 billion, and 1.346 billion respectively [1] Southbound Stock Connect (Shanghai) - Top active companies by trading volume: - SMIC (00981): 6.668 billion with a net buy of 0.213 billion - Alibaba-W (09988): 2.541 billion with a net buy of 0.398 billion - Xiaomi Group-W (01810): 2.286 billion with a net buy of 0.547 billion - Tencent Holdings (00700): 1.916 billion with a net buy of 0.424 billion - Huizhou Network (09878): 1.758 billion with a net buy of 0.0758 billion - Hua Hong Semiconductor (01347): 1.125 billion with a net sell of 0.336 billion - Nanjing Panda Electronics (00553): 1.075 billion with a net sell of 0.0252 billion - CSPC Pharmaceutical Group (01093): 1.075 billion with a net sell of 0.133 billion - Dongfang Zhenxuan (01797): 1.024 billion with a net buy of 0.0556 billion - Jing Tai Holdings (02228): 0.956 billion with a net buy of 0.0446 billion [1] Southbound Stock Connect (Shenzhen) - Top active companies by trading volume: - SMIC (00981): 4.406 billion with a net sell of 0.639 billion - Xiaomi Group-W (01810): 1.514 billion with a net sell of 0.0745 billion - Alibaba-W (09988): 1.346 billion with a net buy of 0.333 billion - Tencent Holdings (00700): 1.214 billion with a net sell of 0.319 billion - Hutchison China MediTech (00013): 0.958 billion with a net sell of 0.158 billion - CanSino Biologics (09926): 0.893 billion with a net buy of 0.0202 billion - Zai Lab (09688): 0.768 billion with a net buy of 0.0217 billion - Innovent Biologics (01801): 0.759 billion with a net buy of 0.0745 billion - Fufeng Group (03738): 0.747 billion with a net buy of 0.0315 billion - Tracker Fund of Hong Kong (02800): 0.729 billion with a net buy of 0.0684 billion [1]

智通财经APP获悉，8月8日港股市场，北水成交净买入62.71亿港元，其中港股通(沪)成交净买入32.8亿 港元，港股通(深)成交净买入29.92亿港元。 北水净买入最多的个股是阿里巴巴-W(09988)、盈富基金(02800)、小米集团-W(01810)。北水净卖出最 多的个股是中芯国际(00981)、华虹半导体(01347)、和黄医药(00013)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 中芯国际 | 34.40 乙 | 32.28 乙 | 66.68 亿 | | HK 00981 | | | +2.13 乙 | | 阿里巴巴-W | 14.6917 | 10.72亿 | 25.41 乙 | | HK 09988 | | | +3.98 亿 | | 小米集团-W | 14.16亿 | 8.69亿 | 22.86亿 | | HK 01810 | | | +5.47 乙 | | 腾讯控股 | 11.70 乙 | 7.461Z | 19.16亿 | | HK 00700 | | | +4.24 乙 | | 汇通 ...

Core Viewpoint - The collaboration between JingTai Technology and DoveTree marks a significant milestone in the field of AI-driven drug development, with a total order scale of approximately HKD 470 billion (USD 59.9 billion) [1][2]. Group 1: Collaboration Details - JingTai Technology has signed a pipeline cooperation agreement with DoveTree, receiving an initial payment of approximately HKD 4 billion (USD 510 million) [1]. - The agreement includes further payments of about HKD 3.85 billion (USD 490 million) and potential milestone payments and sales shares amounting to approximately HKD 462 billion (USD 58.9 billion) [1]. Group 2: Strategic Advantages - The partnership combines DoveTree's expertise in biological mechanism research and target selection with JingTai Technology's AI-driven drug development capabilities, creating a highly complementary relationship [2]. - DoveTree, founded by renowned biopharmaceutical entrepreneur Dr. Gregory Verdine, has a successful track record in drug development, with three marketed drugs generating cumulative sales exceeding USD 10 billion [2]. Group 3: Industry Impact - This collaboration is expected to accelerate the development of innovative drugs in oncology, immunology, inflammatory diseases, neurological disorders, and metabolic disorders, providing more clinically valuable treatment options for patients globally [2].

8月7日恒生指数上涨0.69%，南向资金全天合计成交金额为1407.38亿港元，其中，买入成交707.00亿港 元，卖出成交700.38亿港元，合计净买入金额6.61亿港元。具体来看，港股通（深）累计成交金额 526.81亿港元，买入成交283.53亿港元，卖出成交243.29亿港元，合计净买入金额40.24亿港元；港股通 （沪）累计成交金额880.57亿港元，买入成交423.47亿港元，卖出成交457.10亿港元，合计净卖出金额 33.63亿港元。 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 01810 | 小米集团-W | 1047772.68 | 172172.52 | -3.98 | | 00981 | 中芯国际 | 426693.35 | 49971.98 | 0.76 | | 09988 | 阿里巴巴-W | 443298.37 | 49292.76 | 2.14 | | 00700 | 腾讯控股 | 377791.38 | 42667.88 | -0.26 | | 01347 ...

Group 1 - Xiaomi Group-W (01810) leads the southbound trading volume on both Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, with transaction amounts of 62.12 billion and 42.66 billion respectively [1][1][1] - The top three companies by trading volume on Shanghai-Hong Kong Stock Connect are Xiaomi Group-W (01810), Yingfu Fund (02800), and Alibaba-W (09988) [1][1] - On Shenzhen-Hong Kong Stock Connect, the top three companies are Xiaomi Group-W (01810), SMIC (00981), and Alibaba-W (09988) [1][1] Group 2 - The net buying amount for Xiaomi Group-W (01810) on Shanghai-Hong Kong Stock Connect is +17.67 billion, while on Shenzhen-Hong Kong Stock Connect it is -45.59 million [1][1] - Alibaba-W (09988) has a net buying amount of +3.25 billion on Shanghai-Hong Kong Stock Connect and +1.68 billion on Shenzhen-Hong Kong Stock Connect [1][1] - SMIC (00981) shows a significant net buying amount of +5.26 billion on Shenzhen-Hong Kong Stock Connect, while it has a net buying amount of -25.94 million on Shanghai-Hong Kong Stock Connect [1][1]

Macro Strategy - The report analyzes three historical cases of capacity adjustment over a century, providing insights into supply-demand rebalancing: the long depression in the late 19th century in Europe and America, the 1929 Great Depression, and Japan's capacity reduction in the 1970s and 1990s [1][11] - Key conclusions include that capacity imbalance can lead to a negative feedback loop lasting 20-30 years if uncontrolled, and government intervention is more effective than non-intervention in addressing capacity imbalances [1][11] - Effective supply-demand rebalancing requires simultaneous efforts in controlling capacity, restoring credit, and stabilizing employment, rather than relying solely on supply or demand policies [1][11] Fixed Income - The report discusses the micro-guided convertible bond, which has a total issuance scale of 1.17 billion yuan, with net proceeds used for the construction of an intelligent factory for semiconductor thin film deposition equipment [2][12] - The expected listing price range for the convertible bond is between 128.84 and 143.03 yuan, with a predicted subscription rate of 0.0036% [2][12] - The company, Micro-Guided Nano, has shown steady revenue growth with a compound annual growth rate of 71.44% from 2020 to 2024, achieving 2.7 billion yuan in revenue in 2024, a year-on-year increase of 60.74% [2][12] Industry Analysis - The report on Chuanfeng Power highlights the company's leading position in the all-terrain vehicle and motorcycle markets, with three major business segments experiencing rapid growth [3][14] - The investment recommendation maintains a "buy" rating for Chuanfeng Power, anticipating higher valuations due to its significant market position and growth potential across its business segments [3][14] - Jiuhua Tourism is positioned to leverage its unique cultural and natural resources, with projected net profits of 220 million, 240 million, and 270 million yuan from 2025 to 2027, corresponding to price-earnings ratios of 18, 16, and 15 times [4][14] Company-Specific Insights - Crystal Technology has secured a significant contract for drug discovery, with potential payments exceeding 5.89 billion USD, indicating strong future growth prospects [5][16] - The company is expected to achieve revenues of 552 million, 924 million, and 1.503 billion yuan from 2025 to 2027, with a forecasted return to profitability by 2027 [5][16] - Zhongchong Co., a leader in the pet food industry, reported a 42.6% year-on-year increase in net profit for the first half of 2025, driven by strong growth in its proprietary brands [17][18]