Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 74.68%, Green Power Environmental (01330) at 69.79%, and China Shenhua (01088) at 68.32% [1] - Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) saw the largest increases in holding amounts over the last five trading days, with increases of +2.075 billion, +2.020 billion, and +1.967 billion respectively [1] - The largest decreases in holding amounts were observed in the Yingfu Fund (02800) at -3.743 billion, Hang Seng China Enterprises (02828) at -1.127 billion, and WuXi Biologics (02269) at -0.960 billion [2] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 10.366 billion shares, representing 74.68% [1] - Green Power Environmental (01330) has a holding of 0.282 billion shares, representing 69.79% [1] - China Shenhua (01088) has a holding of 2.308 billion shares, representing 68.32% [1] Group 2: Recent Increases in Holdings - Alibaba-W (09988) increased by +2.075 billion, with a change of +17.799 million shares [1] - Tencent Holdings (00700) increased by +2.020 billion, with a change of +3.6108 million shares [1] - Xiaomi Group-W (01810) increased by +1.967 billion, with a change of +38.0438 million shares [1] Group 3: Recent Decreases in Holdings - Yingfu Fund (02800) decreased by -3.743 billion, with a change of -14.68875 million shares [2] - Hang Seng China Enterprises (02828) decreased by -1.127 billion, with a change of -1.2347 million shares [2] - WuXi Biologics (02269) decreased by -0.960 billion, with a change of -3.24775 million shares [2]

Key Points - The top three stocks with net inflows from southbound funds are Yingfu Fund (02800) with 1.184 billion, Alibaba-W (09988) with 730 million, and Hang Seng China Enterprises (02828) with 556 million [1] - The top three stocks with net outflows are WuXi Biologics (02269) with -539 million, Hua Hong Semiconductor (01347) with -509 million, and SMIC (00981) with -432 million [1] - In terms of net inflow ratio, Shanghai Industrial Holdings (00363) leads with 63.56%, followed by Bank of China Aviation Leasing (02588) with 60.26%, and Sunshine Insurance (06963) with 55.37% [1] - The top three stocks with the highest net outflow ratios are GX China (03040) at -100.00%, Southern Hang Seng Index ETF (03037) at -65.52%, and Sichuan Chengyu Expressway (00107) at -49.23% [1] Top 10 Net Inflows - Yingfu Fund (02800) had a net inflow of 1.184 billion, representing a 16.79% increase, closing at 25.380 [2] - Alibaba-W (09988) saw a net inflow of 730 million, with a 10.34% increase, closing at 116.300 [2] - Hang Seng China Enterprises (02828) had a net inflow of 556 million, with an 8.70% increase, closing at 91.160 [2] - Xiaomi Group-W (01810) had a net inflow of 473 million, with a 6.69% increase, closing at 51.250 [2] - Zai Ding Pharmaceutical (09688) had a net inflow of 429 million, with a 26.73% increase, closing at 27.200 [2] Top 10 Net Outflows - WuXi Biologics (02269) experienced a net outflow of -539 million, with a -33.02% decrease, closing at 29.360 [2] - Hua Hong Semiconductor (01347) had a net outflow of -509 million, with a -21.78% decrease, closing at 44.000 [2] - SMIC (00981) saw a net outflow of -432 million, with a -3.98% decrease, closing at 48.660 [2] - Kuaishou-W (01024) had a net outflow of -292 million, with a -14.76% decrease, closing at 79.150 [2] - Juzi Biotechnology (02367) experienced a net outflow of -220 million, with a -24.75% decrease, closing at 59.000 [2] Net Inflow Ratios - Shanghai Industrial Holdings (00363) had a net inflow ratio of 63.56%, with a net inflow of 11.36 million, closing at 14.870 [3] - Bank of China Aviation Leasing (02588) had a net inflow ratio of 60.26%, with a net inflow of 3.56 million, closing at 73.500 [3] - Sunshine Insurance (06963) had a net inflow ratio of 55.37%, with a net inflow of 2.48 million, closing at 3.790 [3] - Poly Property (06049) had a net inflow ratio of 52.60%, with a net inflow of 1.14 million, closing at 34.880 [3] Net Outflow Ratios - GX China (03040) had a net outflow ratio of -100.00%, with a net outflow of -7100.00, closing at 35.460 [3] - Southern Hang Seng Index ETF (03037) had a net outflow ratio of -65.52%, with a net outflow of -724,900, closing at 25.400 [3] - Sichuan Chengyu Expressway (00107) had a net outflow ratio of -49.23%, with a net outflow of -380,740, closing at 4.920 [3]

Core Insights - WuXi Biologics has achieved fully automated continuous drug substance production at pilot scale using its WuXiUP™ platform, enhancing efficiency and flexibility for clients [1][4][6] Production Efficiency - The WuXiUP™ platform allows for non-stop 24/7 operation, minimizing manual intervention and reducing quality risks, leading to enhanced manufacturing efficiency [2] - In upstream processes, WuXiUP™ has demonstrated a total output exceeding 110 g/L over 24 days of continuous cell culture, with a peak daily yield of 7.6 g/L [2] - The downstream purification process utilizes a two-step, high-efficiency membrane chromatography system, resulting in a 5- to 10-fold increase in productivity compared to traditional methods [2][6] Quality Control - WuXiUP™ employs advanced Process Analytical Technology (PAT) for real-time monitoring of critical parameters, significantly improving manufacturing procedure control [3] - The integration of automated closed-loop control systems with PAT allows for intelligent diversion of out-of-spec samples, enhancing overall quality control [3] Technological Advancements - The platform is designed to manufacture a variety of pharmaceutical proteins, achieving 5–20 times higher productivity compared to traditional processes [5] - Notably, when scaling to 1,000–2,000 L using single-use bioreactors, WuXiUP™ achieves productivity levels comparable to traditional 10,000–20,000 L stainless steel bioreactors [6] Regulatory Success - The WuXiUP™ platform has facilitated one molecule to receive Biologics License Application (BLA) approval and 11 others to receive Investigational New Drug (IND) approvals [6]

公募基金二季报本周进入密集披露期，部分头部基金及知名基金经理的调仓动向也备受市场关注。 综合来看，各家基金在二季度保持了高仓位运作，新能源产业链、医药消费等成为关注重点。 此外，睿远基金傅鹏博管理的基金则对光伏行业板块个股更为关注。综合季报，通威股份、迈为股 份等新晋十大重仓股，大族激光、先导智能等退出前十大重仓股序列；由傅鹏博、朱璘管理的睿远成长 价值混合基金前十大重仓股为三安光电、中国移动、立讯精密、东方雨虹、万华化学、通威股份、吉利 汽车、沃森生物、迈为股份、国瓷材料。相比一季度，该基金新进持仓了通威股份、吉利汽车、迈为股 份，而先导智能、大族激光、卫宁健康则被调出十大重仓股序列；广发基金刘格菘持仓结构没有出现大 幅调整。其前十大重仓股当中，亿纬锂能、龙佰集团的持仓量不变，国联股份、福莱特分别新晋成为第 七大重仓股和第九大重仓股。另外，晶澳科技、隆基绿能、锦浪科技等多只个股持股数量均较一季度末 有所增长。 Wind数据显示，截至7月20日记者发稿时，已经有多家基金公司旗下1338只股票型开放式基金（未 合并A/C）发布了二季度报告，其中不乏头部基金公司和张坤、刘格菘、傅鹏博、李晓星等知名基金经 理。易方 ...

Group 1 - WuXi Biologics plans to spin off its bioconjugate drug CRDMO service company, WuXi AppTec, for a listing on the Hong Kong Stock Exchange, amid challenges in market capitalization and future performance [1] - As of July 11, 2023, WuXi Biologics' stock price has decreased by 50.9% from its peak of 77.4 HKD per share, resulting in a total market value loss exceeding 100 billion HKD [1] - The competitive landscape in the CXO sector is intensifying, with companies like Samsung Biologics securing significant contracts, such as a 400 million USD deal with Pfizer for biosimilar production [1] Group 2 - The global ADC outsourcing service market is projected to grow significantly, reaching 11 billion USD by 2030, with a compound annual growth rate of 28.4% from 2022 to 2030 [2] - The spin-off of WuXi AppTec is seen as a strategic move to enhance operational efficiency and capitalize on the growth opportunities in the ADC and bioconjugate markets [2] - The uncertainty remains regarding whether the spin-off will positively impact WuXi Biologics' performance and stock price [2]

Core Viewpoint - WuXi Biologics (02269) experienced a 2.09% decline in stock price, trading at 29.1 HKD per share with a transaction volume of 3.59 billion HKD as of 10:29 AM on August 12 [1] Company Overview - WuXi Biologics is a leading global provider of biologics services, offering comprehensive, integrated, and highly customized services throughout the entire process from discovery and development to production of biologics [1] - The company held a 48% market share in China's biologics R&D market in 2016 and has established partnerships with 12 out of the top 20 global pharmaceutical companies [1] Financial Performance - As of the 2024 annual report, WuXi Biologics reported total revenue of 18.675 billion RMB and a net profit of 3.356 billion RMB [1] - The company is set to disclose its interim report for the fiscal year 2025 on August 19 [1]

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index (HSSCPB) increased by 0.02%, with notable stock performances including Jingtai Holdings (02228) up 7.38% and Fosun Pharma (02196) up 6.00% [3] - The Hong Kong Innovative Drug Selection ETF (520690) rose by 0.52%, reaching a latest price of 0.97 yuan, with a trading volume of 240.45 million yuan and a turnover rate of 0.62% [3] - Jingtai Holdings announced an expected comprehensive income of no less than 500 million yuan for the six months ending June 30, 2025, representing an increase of at least 387% compared to the same period in 2024 [3] Group 2 - The Hong Kong Innovative Drug Selection ETF reached a new high in scale at 385 million yuan and a new high in shares at 399 million [4] - The ETF has seen continuous net inflows over the past three days, with a maximum single-day net inflow of 22.93 million yuan, totaling 42.28 million yuan [4] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [5] Group 3 - The HSSCPB index aims to reflect the performance of Hong Kong-listed companies involved in innovative drug research, development, and production [5] - The top ten weighted stocks in the HSSCPB index account for 78.05% of the total index weight, including companies like BeiGene (06160) and WuXi Biologics (02269) [5]

Core Viewpoint - WuXi Biologics has launched the WuXia293Stable platform, enhancing the development and manufacturing of complex biologics with high titers, stability, and quality [1][6]. Group 1: Platform Features - WuXia293Stable is designed for innovative, difficult-to-express molecules, demonstrating high titers of up to 5.0 g/L for monoclonal antibodies while improving purity [4][10]. - The platform maintains stable expression and consistent quality during long-term cell passages, enabling scalable clinical and commercial manufacturing at 2000L for fed-batch and 1000L for perfusion [4][10]. - It offers a comprehensive suite of services, including cell bank testing and viral clearance validation, as part of its one-stop CMC solution [4]. Group 2: Comparison with CHO Cells - Traditionally, CHO cells have been used for recombinant protein expression but may face challenges with complex modalities, leading to low titer levels and truncation issues [2]. - HEK293 cells, utilized in WuXia293Stable, can alleviate truncation issues while maintaining high titer levels, making them more suitable for complex molecules [2]. Group 3: Company Commitment and Vision - The launch of WuXia293Stable reinforces WuXi Biologics' commitment to technological innovation and the vision that every biologic can be made [6]. - The WuXia™ platform family, which includes WuXia293Stable, has generated over 1000 cell lines for various therapeutic applications, showcasing its proven track record [7][8].

Summary of Wuxi Biologics Conference Call Company Overview - **Company**: Wuxi Biologics - **Industry**: Biologics Contract Development and Manufacturing Organization (CDMO) Key Points Growth Drivers - **New Modalities**: Wuxi Bio is expected to benefit from the growth of new modalities, specifically antibody-drug conjugates (ADC) and bi/multi-specific antibodies (b/msAb), which are projected to grow at a CAGR of 43% from 2020 to 2024, surpassing traditional monoclonal antibodies (mAbs) which have a CAGR of 17% [2][11] - **Revenue Contribution**: Preliminary revenue from Wuxi XDC, a subsidiary, accounted for approximately 27% of Wuxi Bio's total revenue in H125, indicating strong growth potential [2] Market Position - **China's Leadership**: China is leading in the global R&D pipeline for new modalities, with 46% of b/msAb and 52% of ADC originating from the country. This positions Wuxi Bio favorably to capture a significant share of the market [3][22] - **Out-licensing Trends**: Chinese biopharma's out-licensing activities are robust, with 32% of global total deal value attributed to China, and 45% of this value coming from b/msAb and ADC [3][28] Financial Performance - **Revenue Projections**: Revenue is expected to grow from RMB 21.3 billion in 2025 to RMB 40.4 billion by 2029, with a gross margin improvement from 41.3% to 45.0% over the same period [6][51] - **Earnings Growth**: Net profit is projected to increase significantly, with estimates for 2025 showing a net profit of RMB 4.74 billion, rising to RMB 9.45 billion by 2029 [6][46] Valuation and Market Sentiment - **Price Target**: The price target has been raised to HK$41.20 from HK$20.30, reflecting a potential upside based on the company's growth prospects in new modalities [5][47] - **Current Trading Metrics**: As of August 7, 2025, Wuxi Bio is trading at HK$30.02, which is below the median P/E ratio of 25x for comparable Chinese CRO companies [7][49] Competitive Advantages - **Technological Edge**: Wuxi Bio utilizes advanced platforms such as WuxiBody bispecific and Wuxi DARx ADC, which enhance R&D efficiency and product quality [39][43] - **Flexible Capacity**: The company has a geographically diversified capacity and employs 100% disposable reactors, allowing for flexible scaling of production to meet demand [4][39] Risks and Considerations - **Geopolitical Factors**: While geopolitical uncertainties have previously impacted demand, the company has shown resilience, with preliminary revenue growth of 16% YoY in H125 [14] - **Market Competition**: The competitive landscape remains intense, particularly in the monoclonal antibody segment, but Wuxi Bio's focus on new modalities positions it well for future growth [44] Conclusion - **Long-term Outlook**: Wuxi Biologics is poised for significant growth driven by new modalities, strong market positioning in China, and advanced technological capabilities. The current valuation does not fully reflect its growth potential, making it an attractive investment opportunity [12][21]

Group 1 - Central European Fund announced that its two funds, the Central European Science and Technology Innovation Fund and the Central European Medical Innovation Fund, will be subject to subscription limits starting August 11 [1] - The Central European Science and Technology Innovation Fund, managed by Shao Jie, has achieved a return rate of 132.55% since inception, with an annualized return of 14.79% for Class A shares and 39.66% with an annualized return of 13.11% for Class C shares [1] - The Central European Medical Innovation Fund, managed by renowned fund manager Ge Lan, has a return rate of 68.74% for Class A shares and 60.24% for Class C shares since inception, with annualized returns of 8.45% and 7.59% respectively [1] Group 2 - The Central European Science and Technology Innovation Fund focuses on the technology innovation industry, with significant investments in sectors such as smart vehicles, advanced manufacturing processes, self-developed chip IP, and next-generation smart terminals [2] - The top ten holdings of the Central European Science and Technology Innovation Fund include companies like Hengxuan Technology, Lanke Technology, and Ideal Automotive, with the largest holding being Hengxuan Technology valued at approximately 350.59 million yuan [2] - The Central European Medical Innovation Fund primarily invests in stocks related to medical innovation, with a focus on innovative pharmaceuticals and medical devices [2] Group 3 - The top ten holdings of the Central European Medical Innovation Fund include companies such as Sanofi Pharmaceutical, Kelun Pharmaceutical, and WuXi AppTec, with the largest holding being Sanofi Pharmaceutical valued at approximately 729.52 million yuan [4] - Other funds managed by notable managers have also reported strong performance, with year-to-date returns of 84.56% for ICBC Credit Suisse's QDII fund and 82.59% for Great Wall Fund's health-related funds [5][6]