Core Insights - The article highlights the short-selling ratios and amounts for various companies, indicating significant bearish sentiment in the market towards certain stocks [1][2]. Short-Selling Ratios - JD Health-R (86618) has the highest short-selling ratio at 100.00% [2] - JD Group-SWR (89618) follows with a short-selling ratio of 91.39% [2] - SenseTime-WR (80020) has a short-selling ratio of 89.62% [2] - Other notable companies with high short-selling ratios include Kuaishou-WR (81024) at 88.04% and Lenovo Group-R (80992) at 87.33% [2] Short-Selling Amounts - The highest short-selling amount is recorded for Pop Mart (09992) at 2.864 billion [2] - Alibaba-SW (09988) has a short-selling amount of 2.628 billion [2] - Meituan-W (03690) follows with a short-selling amount of 1.962 billion [2] - Tencent Holdings (00700) and SMIC (00981) also show significant short-selling amounts of 1.859 billion and 840 million respectively [2] Short-Selling Deviation Values - SenseTime-WR (80020) has the highest deviation value at 45.68%, indicating a significant difference from its historical average [2] - JD Group-SWR (89618) has a deviation value of 44.65% [2] - Kuaishou-WR (81024) shows a deviation value of 43.37% [2] - Other companies with notable deviation values include OSL Group (00863) at 42.11% and Alibaba-SW (09988) at 32.36% [2]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **collagen injection products** within the **medical aesthetics industry**, highlighting the growth and competitive landscape of this sector [1][5][6]. Company Insights 聚子生物 (Juzi Bio) - **Regulatory Approval**: Juzi Bio has obtained a Class III medical device certificate, enhancing market confidence. New products with increased weight are expected to launch by the end of this year or early next year, albeit at higher prices [1][3]. - **Product Development**: The company plans to introduce multiple collagen-related products, with 1-2 new products expected to be approved in 2026 and another in 2027, creating a comprehensive product matrix to boost market competitiveness [1][4]. - **Sales Performance**: Recent stock price declines are attributed to weaker sales performance during the Double Eleven shopping festival, impacted by competition from international brands and ongoing public sentiment issues [2]. 锦波公司 (Jinbo Company) - **Market Performance**: Jinbo's collagen freeze-dried fiber series has performed well, but profit margins have decreased due to increased competition and falling terminal prices. The introduction of more recombinant collagen products may intensify competition but could also expand market demand [1][8][10]. - **Sales Strategy**: Jinbo is focusing on expanding application ranges and reducing costs to drive market growth. The company is also collaborating with leading institutions for OEM production to enhance product lines [10][22]. Market Dynamics - **Growth Trends**: The collagen injection product line is the third largest in the medical aesthetics market, with a growth rate exceeding 50% since 2022. The micro-aesthetic series is expected to maintain a strong growth trajectory [1][5]. - **Product Pricing and Profitability**: High-margin products like the 10 mg and 12 mg variants have effectively compensated for the slowdown in the 4 mg product line, stabilizing overall growth [1][7]. - **Consumer Trends**: A decline in terminal prices is anticipated to attract younger and lower-tier market customers, expanding the overall market size while reducing the space for non-compliant products [12]. Competitive Landscape - **Market Share**: Recombinant collagen fillers have the potential to replace animal-derived fillers, especially for cost-sensitive consumers. Currently, recombinant collagen occupies 20%-30% of the market share, with significant growth potential remaining [14][15]. - **Unique Advantages**: Recombinant collagen offers lower prices and stable supply compared to animal-derived products, along with compliance and safety advantages, making it a preferred choice in the current regulatory environment [18][19]. Future Outlook - **Market Expansion**: The future growth of recombinant collagen products is promising, with expectations of increased usage as new lower-priced products are introduced and consumer education improves [16]. - **Sales Strategies**: Companies are encouraged to enhance their marketing strategies and strengthen partnerships with medical institutions to improve brand recognition and market acceptance [20][21]. Conclusion - The medical aesthetics industry, particularly in collagen injection products, is poised for significant growth driven by regulatory approvals, innovative product offerings, and strategic market positioning. Companies like Juzi Bio and Jinbo are adapting to competitive pressures while exploring new market opportunities.

Summary of the Conference Call for Juzi Biotechnology Company Overview - Juzi Biotechnology has recently received approval for a freeze-dried fiber preparation of water light needles, targeting facial dermal tissues, including areas around the eyes, between the eyebrows, and crow's feet. This product is expected to start contributing profits in 2026, with a growth potential of around 1 billion RMB for a single product, potentially releasing tens of millions to 100 million RMB in profits [2][6]. Industry Insights - The domestic market for recombinant collagen medical devices is primarily dominated by Jinbo Biotechnology, which holds three certificates, while Juzi Biotechnology has just obtained one. Other companies, such as Chuangjian and Lafang, are also in the application process [2][4]. - Recombinant collagen has advantages over animal-derived collagen, including price competitiveness, lower allergenic risks, and no religious restrictions, indicating a broad market potential. The medical aesthetics market is projected to reach a scale of 10 billion RMB by 2025 [2][5]. Product Development and Pipeline - Juzi Biotechnology currently has four products in the application stage, including two water light needles, a gel product targeting neck wrinkles (which has entered a fast-track review), and a cross-linked recombinant collagen gel for nasolabial folds and marionette lines [3][4]. - The newly approved product is expected to bring an incremental net profit of approximately 500 million RMB, with sales potentially reaching over 1.5 billion RMB based on the development of similar products by Jinbo Biotechnology [2][6]. Competitive Landscape - The competitive landscape for recombinant collagen medical devices is characterized by limited approved certificates, with Jinbo Biotechnology leading the market. Juzi Biotechnology aims to quickly capture market share and achieve performance growth through a distribution model, while being cautious about price control [4][8]. - The technology behind recombinant collagen overcomes the limitations of extraction from animal sources, providing greater application prospects and growth potential in the medical aesthetics market [7]. Future Directions and Challenges - Juzi Biotechnology's future direction includes advancing other medical devices in the application process and rapidly capturing market share for performance growth. The company may adopt a distribution model to accelerate market penetration but must manage price control effectively [8]. - The company also faces challenges in restoring its cosmetics business due to public sentiment issues. Given the current limited number of certificates and high industry attractiveness, Juzi Biotechnology is expected to maintain a favorable competitive position in the next couple of years, while anticipating more companies entering the field to drive industry development [8].

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Market Overview - On October 23, the Hang Seng Index rose by 0.72%, closing at 25,967.98 points, with a net inflow of HKD 5.345 billion through the southbound trading channel [1] - The total trading volume for the southbound trading on the same day was HKD 120.193 billion, with a net buy of HKD 5.345 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 75.581 billion, with a net buy of HKD 4.770 billion [1] - The Shenzhen Stock Exchange's southbound trading recorded a transaction amount of HKD 44.612 billion, with a net buy of HKD 0.575 billion [1] Active Stocks - In the Shanghai Stock Exchange's southbound trading, Alibaba-W had the highest transaction amount at HKD 49.75 billion, followed by Pop Mart and SMIC with HKD 46.66 billion and HKD 35.22 billion respectively [1] - In terms of net buy amounts, Pop Mart led with a net buy of HKD 5.38 billion, despite its closing price dropping by 9.36% [1] - The stock with the highest net sell amount was Hua Hong Semiconductor, with a net sell of HKD 3.56 billion, and its closing price decreased by 4.61% [1] Shenzhen Stock Exchange Active Stocks - In the Shenzhen Stock Exchange's southbound trading, Alibaba-W also topped the transaction amount at HKD 32.77 billion, followed by SMIC and Pop Mart with HKD 25.85 billion and HKD 23.60 billion respectively [2] - The stock with the highest net buy was Meituan-W, with a net buy of HKD 0.487 billion, and it closed up by 4.06% [2] - Hua Hong Semiconductor again had the highest net sell amount at HKD 6.59 billion, with a closing price drop of 4.61% [2]

Market Overview - On October 23, the Hang Seng Index rose by 0.72%, with total southbound trading amounting to HKD 120.19 billion, including buy transactions of HKD 62.77 billion and sell transactions of HKD 57.42 billion, resulting in a net buying amount of HKD 5.34 billion [1] Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a total trading amount of HKD 44.61 billion, with buy transactions of HKD 22.59 billion and sell transactions of HKD 22.02 billion, leading to a net buying amount of HKD 0.57 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading amount of HKD 75.58 billion, with buy transactions of HKD 40.18 billion and sell transactions of HKD 35.40 billion, resulting in a net buying amount of HKD 4.77 billion [1] Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total trading amount of HKD 82.52 billion, followed by Pop Mart and SMIC with trading amounts of HKD 70.27 billion and HKD 61.07 billion, respectively [1] - In terms of net buying, China National Offshore Oil Corporation led with a net buying amount of HKD 9.80 billion, with a closing price increase of 2.15%. Pop Mart and Meituan-W followed with net buying amounts of HKD 7.93 billion and HKD 5.24 billion, respectively [1] Net Selling Stocks - The stock with the highest net selling amount was Hua Hong Semiconductor, with a net selling of HKD 10.14 billion and a closing price decrease of 4.61%. Other notable net selling stocks included Innovent Biologics and Xiaomi Group-W, with net selling amounts of HKD 1.40 billion and HKD 0.57 billion, respectively [1] Continuous Net Buying - Two stocks experienced continuous net buying from southbound funds for more than three days: SMIC and Pop Mart, with net buying days of three each. Pop Mart had the highest net buying amount during this period at HKD 21.54 billion, followed by SMIC with HKD 11.96 billion [2]

截至10月22日，巨子生物(02367)今年10月份股价下跌了31.65%。拉长时间线来看，自今年5月20日盘中触及阶段性高点85.14港元以来，巨子生物股价累计最 高跌幅则达到55.18%。也就是说，其股价历经5个月走出了一波"腰斩"行情，而直到10月23日才看到止跌迹象。 了解到，10月23日，巨子生物旗下重组I型α1亚型胶原蛋白冻干纤维获NMPA批准，拿到了III类医疗器械注册证。 受此利好消息影响，10月23日早盘，巨子生物股价冲高，开盘半个小时内股价最高达到43.92港元，涨幅达到13.72%。一根大阳线也结束了巨子生物近期14 连阴的萧条走势。不过早盘冲高后，巨子生物股价并未继续保持拉升态势，而是出现了明显回落，最终收涨6.68%。其冲高回落后能否在后续顺利实现股价 反弹无疑成为投资者关注的焦点。 "腰斩"行情的背后 其实从整体来看，巨子生物的股价在今年是经历一次较大的剧烈波动。 首先从今年年初至5月中旬，公司受去年业绩表现强劲利好影响，股价表现强劲。区间阶段涨幅一度达到70%，并在5月20日创下85.15港元的阶段性高点， 市值突破900亿港元。 此轮行情中，受益于行业内重组胶原蛋白概念推动以及 ...

截至10月22日，巨子生物(02367)今年10月份股价下跌了31.65%。拉长时间线来看，自今年5月20日盘中触及阶段性高点85.14港元以来，巨子生物股价累计最 高跌幅则达到55.18%。也就是说，其股价历经5个月走出了一波"腰斩"行情，而直到10月23日才看到止跌迹象。 智通财经APP了解到，10月23日，巨子生物旗下重组I型α1亚型胶原蛋白冻干纤维获NMPA批准，拿到了III类医疗器械注册证。 受此利好消息影响，10月23日早盘，巨子生物股价冲高，开盘半个小时内股价最高达到43.92港元，涨幅达到13.72%。一根大阳线也结束了巨子生物近期14 连阴的萧条走势。不过早盘冲高后，巨子生物股价并未继续保持拉升态势，而是出现了明显回落，最终收涨6.68%。其冲高回落后能否在后续顺利实现股价 反弹无疑成为投资者关注的焦点。 但从5月下旬开始，公司股价开始急转直下，特别是在"重组胶原测不到"风波爆发后，股价连续多日大幅下跌。例如在5月26日至28日的三个交易日内，股价 便累计下跌约10%。而在后续核心品种"618"表现不及预期以及公司医美注射剂产品审批进度低于预期等因素影响下，巨子生物股价开始持续下跌。 此时市 ...

Core Insights - On October 23, 2025, Alibaba-W (09988), Pop Mart (09992), and SMIC (00981) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 4.975 billion, 4.666 billion, and 3.522 billion respectively [1][2] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Pop Mart (09992) also ranked as the top three, with trading amounts of 3.277 billion, 2.585 billion, and 2.360 billion respectively [1][2] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): 4.975 billion, net inflow of 268 million - Pop Mart (09992): 4.666 billion, net inflow of 538 million - SMIC (00981): 3.522 billion, net inflow of 463 million - Meituan-W (03690): 2.699 billion, net inflow of 37.728 million - Huahong Semiconductor (01347): 2.359 billion, net outflow of 356 million - CNOOC (00883): 1.987 billion, net inflow of 529 million - Tencent Holdings (00700): 1.804 billion, net inflow of 102 million - Genscript Biotech (02367): 1.429 billion, net inflow of 279 million - Shandong Hi-Speed (00412): 1.359 billion, net inflow of 67.296 million - Xiaomi Group-W (01810): 1.350 billion, net inflow of 183 million [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): 3.277 billion, net outflow of 115 million - SMIC (00981): 2.585 billion, net outflow of 37.824 million - Pop Mart (09992): 2.360 billion, net inflow of 255 million - Huahong Semiconductor (01347): 1.624 billion, net outflow of 659 million - Meituan-W (03690): 1.534 billion, net inflow of 487 million - Tencent Holdings (00700): 1.217 billion, net inflow of 163 million - CNOOC (00883): 1.167 billion, net inflow of 451 million - Xiaomi Group-W (01810): 1.054 billion, net outflow of 240 million - Genscript Biotech (02367): 826 million, net inflow of 80.645 million - Innovent Biologics (01801): 797 million, net outflow of 14 million [2]

Group 1 - Southbound funds net bought Hong Kong stocks worth 5.345 billion HKD today [1] - The top net purchases included China National Offshore Oil Corporation (CNOOC) at 979 million HKD, Pop Mart at 793 million HKD, and Meituan-W at 524 million HKD [1] - Southbound funds have net bought Pop Mart for three consecutive days, totaling 2.15428 billion HKD, and have also net bought SMIC for three consecutive days, totaling 1.19602 billion HKD [1] Group 2 - Alibaba-W saw a net purchase of 268 million HKD despite a 1.7% decline [3] - CNOOC experienced a 2.2% increase with a net purchase of 529 million HKD [3] - Tencent Holdings had a net purchase of 163 million HKD with a 1.5% increase [3]