深港通（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) | 96.88 亿元 | +5.54 亿元 | | 小米集团-W(01810) | 61.89 亿元 | +7.61 亿元 | | 中芯国际(00981) | 50.50 亿元 | +12.86 亿元 | | 腾讯控股(00700) | 44.69 亿元 | +8.63 亿元 | | 华虹半导体(01347) | 30.38 亿元 | +5.60 亿元 | | 盈富基金(02800) | 21.28 亿元 | +20.75 亿元 | | 美团-W(03690) | 14.36 亿元 | +5.12 亿元 | | 中兴通讯(00763) | 13.68 亿元 | +2.97 亿元 | | 药明生物(02269) | 11.24 亿元 | -2.68 亿元 | | 信达生物(01801) | 10.98 亿元 | -5.15 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- ...

智通财经APP获悉，10月13日港股市场，北水成交净买入198.04亿港元，其中港股通(沪)成交净买入75.98亿港元，港股通 (深)成交净买入122.06亿港元。 北水净买入最多的个股是盈富基金(02800)、恒生中国企业(02828)、华虹半导体(01347)。北水净卖出最多的个股是腾讯 (00700)、阿里巴巴-W(09988)、中芯国际(00981)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | 102.16亿 | 123.94 乙 | 226.10亿 | | HK 09988 | | | -21.78 乙 | | 中芯国际 | 54.30 乙 | 72.40 乙 | 126.70亿 | | HK 00981 | | | -18.10 Z | | 小米集团-W | 46.30 乙 | 45.03亿 | 91.33 亿 | | HK 01810 | | | +1.28 乙 | | 腾讯控股 | 29.11 乙 | 62.19 Z | 91.30 亿 | | HK 00700 | | | -3 ...

China (PRC) | Pharmaceutical Svcs. Asia Healthcare Tour Takeaways We recently visited WuXi Bio during our Grand Asia Healthcare Tour during Sep 17-26. Below are the key takeaways with full transcript of our Q&A with management. Despite heightened US-China tensions and the Biosecure Act debate, WuXi expects no direct impact - its name was absent from recent legislative drafts, and the House version stalled. The company remains confident in its compliance and quality track record, with FDA and EMA approvals a ...

Core Insights - On October 10, 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 140.49 billion, 86.63 billion, and 42.68 billion respectively [1][2] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also ranked as the top three, with trading amounts of 77.88 billion, 48.07 billion, and 26.41 billion respectively [1][2] Southbound Trading Highlights - The top three active companies in the southbound trading of the Shanghai-Hong Kong Stock Connect were: - Alibaba-W (09988): 140.49 billion with a net buy of -13.44 billion - SMIC (00981): 86.63 billion with a net buy of -14.69 billion - Tencent Holdings (00700): 42.68 billion with a net buy of -11.60 billion [2] - The top three active companies in the southbound trading of the Shenzhen-Hong Kong Stock Connect were: - Alibaba-W (09988): 77.88 billion with a net buy of -4.67 billion - SMIC (00981): 48.07 billion with a net buy of -12.39 billion - Tencent Holdings (00700): 26.41 billion with a net buy of +2.09 billion [2]

Group 1 - Southbound funds recorded a net sell of HKD 399 million in Hong Kong stocks today [1] - Notable net purchases included Xiaomi Group-W at HKD 933 million, Pop Mart at HKD 669 million, and ZTE Corporation at HKD 490 million [1] - Significant net sells were observed in SMIC at HKD 2.709 billion, Alibaba-W at HKD 1.81 billion, and Tencent Holdings at HKD 951 million [1] Group 2 - Southbound funds have continuously net bought Xiaomi for 5 days, totaling HKD 3.82084 billion [1] - There has been a consecutive 2-day reduction in holdings for SMIC, amounting to HKD 5.105 billion [1] - A similar trend of reduction was noted for Hua Hong Semiconductor, with a total decrease of HKD 2.286 billion over 2 days [1]

Market Performance - The Hong Kong stock market continued its decline, with notable drops in several biotech companies [1] - Innovent Biologics (09969) fell by 11.19%, closing at 14.760, with a market capitalization of 26.021 billion and a year-to-date increase of 141.18% [2] - Rongchang Biologics (09995) decreased by 10.22%, with a latest price of 95.350 and a total market value of 53.74 billion, reflecting a year-to-date increase of 562.15% [2] - WuXi AppTec (02268) and WuXi Biologics (02269) experienced declines of 5.68% and 5.32%, respectively, with market caps of 89.818 billion and 1585.28 billion [2] - Other companies such as Fuhong Hanlin (02696) and Kelun-Biotech (06990) also saw declines of over 4% [1][2] Company Highlights - Innovent Biologics has shown a significant year-to-date performance increase of 141.18% despite the recent drop [2] - Rongchang Biologics has the highest year-to-date increase among the listed companies at 562.15% [2] - WuXi Biologics and WuXi AppTec have maintained strong year-to-date increases of 120.84% and 138.50%, respectively [2] - Fuhong Hanlin and Kelun-Biotech also reported substantial year-to-date increases of 205.49% and 199.33% [2]

Core Viewpoint - The Hong Kong biopharmaceutical stocks continued to decline, with significant drops in several key companies, indicating a bearish trend in the sector [1]. Group 1: Stock Performance - Innovent Biologics (09969) experienced a decline of 11.19%, with a latest price of 14.760 and a total market capitalization of 26.021 billion, despite a year-to-date increase of 141.18% [2]. - Rongchang Biologics (09995) fell by 10.22%, with a latest price of 95.350 and a market cap of 53.747 billion, showing a remarkable year-to-date increase of 562.15% [2]. - WuXi AppTec (02268) saw a decrease of 5.68%, with a latest price of 73.100 and a market cap of 89.818 billion, maintaining a year-to-date increase of 138.50% [2]. - WuXi Biologics (02269) dropped by 5.32%, with a latest price of 38.780 and a market cap of 158.528 billion, reflecting a year-to-date increase of 120.84% [2]. - Fuhong Hanlin (02696) declined by 4.42%, with a latest price of 72.400 and a market cap of 39.349 billion, showing a year-to-date increase of 205.49% [2]. - Kelun-Biotech (06990) decreased by 4.25%, with a latest price of 488.800 and a market cap of 113.981 billion, with a year-to-date increase of 199.33% [2]. - WuXi AppTec (02359) fell by 4.19%, with a latest price of 114.400 and a market cap of 339.275 billion, reflecting a year-to-date increase of 109.21% [2]. - Gendicine (09688) saw a decrease of 2.83%, with a latest price of 25.440 and a market cap of 28.432 billion, with a year-to-date increase of 21.72% [2]. - CanSino Biologics (09926) declined by 2.05%, with a latest price of 128.800 and a market cap of 118.643 billion, reflecting a year-to-date increase of 112.19% [2]. - Junshi Biosciences (01877) fell by 2.02%, with a latest price of 29.100 and a market cap of 29.877 billion, showing a year-to-date increase of 151.30% [2].

Summary of Conference Call Notes Industry Overview - The focus remains on the innovative drug sector, benefiting from business development (BD) transactions and data catalysts, with companies like Heng Rui continuing to push forward despite recent large transactions not meeting expectations [1][2] - The CRO (Contract Research Organization), CDMO (Contract Development and Manufacturing Organization), and upstream supply chain are benefiting from anticipated interest rate cuts in the U.S. and recovering order performance [1][2] - Medical devices, particularly high-consumption and equipment sectors, are showing signs of reversing performance difficulties, with Q3 expected to show improvement [1][2] Key Investment Strategies - Emphasis on the innovative drug line, with catalysts from the ESMO conference and BD transactions, alongside Q3 performance improvements [1][5] - Attention to the impact of basic drug directory policies and adjustments in traditional Chinese medicine companies, which may provide short-term catalysts [1][5] - Portfolio adjustments in October 2025 included increasing positions in companies like Changchun High-tech, Xianju Pharmaceutical, Betta Pharmaceuticals, and Tengke Pharmaceuticals, as well as companies showing performance inflection points [1][6] Core Recommendations - Recommended stocks based on three criteria: vertical extension capability in the supply chain, realization capability, and systematic early-stage R&D platform capability [9] - Specific recommendations include Changchun High-tech, Betta Pharmaceuticals, Amgen Pharmaceuticals, and Xiansheng Pharmaceuticals [9] - Notable mentions include Amgen, WuXi Biologics, and Miaomei Helian, expected to benefit from strong Taiji business, recovery in monoclonal antibody business, and high growth in ADC projects, with significant earnings growth anticipated in 2025 [1][19] Sector-Specific Insights - The innovative drug sector is viewed as the strongest and most fundamentally sound segment, with a focus on recovery from previous difficulties and policy changes [3][4] - CROs are showing early signs of recovery, with significant performance from WuXi and similar companies [3][4] - Medical devices are also recovering, with various companies performing well across different segments [4] Company-Specific Developments - **Betta Pharmaceuticals**: Notable for strong financial performance and ongoing business development, including an IPO process in Hong Kong expected to bring positive momentum [10] - **Amgen Pharmaceuticals**: Recently introduced strategic investment from Haizheng Pharmaceuticals, enhancing future growth prospects [11] - **Miaomei Helian**: Positioned as a leader in the ADC CRDMO sector, with significant growth expected from backend projects [20] - **Tianyu Co.**: Anticipated to maintain strong growth due to a diverse product pipeline and CDMO business expansion [25] - **Lianbang Pharmaceuticals**: Focused on innovative drugs, with several promising projects in clinical trials expected to drive future growth [26][27] Market Performance - The recommended portfolio showed an average increase of 5.5 percentage points in September, outperforming the broader pharmaceutical sector by 7.2 percentage points [6] - Specific stocks like Changchun High-tech and WuXi Biologics saw significant price increases of 26% and 23%, respectively [6] Conclusion - The innovative drug sector remains a key focus for investment, with several companies showing promising signs of recovery and growth potential. The overall sentiment is positive, with expectations for continued performance improvements in Q3 and beyond, driven by strategic investments and favorable market conditions [1][2][5]

Core Viewpoint - The domestic innovative drug industry is transitioning from a follower to FIC/BIC innovation, supported by engineer dividends, abundant clinical resources, and favorable policies, indicating a qualitative improvement as it enters the 2.0 era [1][2] Group 1: Industry Development - The innovative drug sector is expected to benefit from policy reforms in payment systems, enhancing the profitability of innovative drug companies as they commercialize domestic products [2] - The upcoming ESMO conference in mid-October is anticipated to provide new investment opportunities through the release of relevant clinical data and business development (BD) activities [2] Group 2: Investment Climate - The investment landscape has improved since early this year, with a notable reversal in the financing trend for the innovative drug industry, particularly in the A/H market [3] - The recovery of IPO projects and financing activities in the secondary market is expected to positively impact investment data in Q3, benefiting domestic CROs and upstream research sectors [3] Group 3: Policy Support - Continuous advancement of commercial medical insurance policies since 2025 is likely to accelerate payment system reforms, easing supply-demand conflicts and supporting domestic innovation [4] - Fiscal policy enhancements are expected to increase market interest in domestic medical equipment stocks [4] Group 4: Target Companies - A-share targets include: BeiGene (688235.SH), Hengrui Medicine (600276.SH), Kelun Pharmaceutical (002422.SZ), WuXi AppTec (603259.SH), Tigermed (300347.SZ), New Industry (300832.SZ), BGI Genomics (688114.SH), Huatai Medical (688617.SH), and Dian Diagnostics (300244.SZ) [5] - H-share targets include: Kelun Biotech (06990), CSPC Pharmaceutical (01093), China Biologic Products (01177), CanSino Biologics (09926), WuXi Biologics (02269), Junshi Biosciences (01877), and Zai Lab (09688) [5]

Core Viewpoint - The Hong Kong biopharmaceutical sector experienced a significant decline, with major companies reporting substantial drops in stock prices, indicating a bearish trend in the market [1]. Group 1: Stock Performance - Innovent Biologics (099660) saw a decline of 11.54%, with a latest price of 16.640 and a market capitalization of 293.36 billion, despite a year-to-date increase of 171.90% [2]. - Rongchang Biologics (09995) dropped by 9.20%, priced at 108.600, with a total market value of 612.08 billion, and a remarkable year-to-date increase of 654.17% [2]. - Kelun-Biotech (06990) fell by 7.71%, with a latest price of 533.000 and a market cap of 1,242.88 billion, while still showing a year-to-date increase of 226.39% [2]. - Tigermed (03347) decreased by 6.86%, priced at 43.960, with a market capitalization of 378.51 billion and a year-to-date increase of 44.25% [2]. - WuXi AppTec (02268) experienced a decline of 6.22%, with a latest price of 77.650 and a market cap of 954.09 billion, maintaining a year-to-date increase of 153.34% [2]. - CanSino Biologics (09926) dropped by 5.15%, priced at 134.500, with a market capitalization of 1,238.94 billion, and a year-to-date increase of 121.58% [2]. - Other companies like Junshi Biosciences (01877) and BeiGene (06160) also reported declines, with respective decreases of 3.16% and 2.48% [2].