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]

Core Insights - The Hong Kong stock market saw a net inflow of 53.45 billion HKD from Northbound trading on October 23, with the Shanghai Stock Connect contributing 47.7 billion HKD and the Shenzhen Stock Connect contributing 5.75 billion HKD [1] Group 1: Stock Performance - The most bought stocks included CNOOC (00883), Pop Mart (09992), and Meituan-W (03690) [1] - The most sold stocks included Hua Hong Semiconductor (01347), Innovent Biologics (01801), and Xiaomi Group-W (01810) [1] Group 2: Individual Stock Details - CNOOC (00883) received a net buy of 9.79 billion HKD, driven by rising international oil prices due to sanctions on Russian oil companies [5] - Pop Mart (09992) saw a net buy of 7.93 billion HKD, with a reported sales growth of 245% to 250% in Q3, significantly exceeding Morgan Stanley's forecast [5] - Meituan-W (03690) had a net buy of 5.24 billion HKD, with strategic leadership changes indicating a focus on international expansion [6] - Semiconductor stocks showed divergence, with SMIC (00981) receiving a net buy of 4.25 billion HKD, while Hua Hong Semiconductor (01347) faced a net sell of 10.14 billion HKD due to concerns over its business sustainability [6] - Zai Lab (02367) received a net buy of 3.59 billion HKD following the approval of a new medical device [7] - Tencent (00700) and Alibaba-W (09988) had net buys of 2.65 billion HKD and 1.53 billion HKD, respectively, while Innovent Biologics (01801) and Xiaomi Group-W (01810) faced net sells of 1.4 billion HKD and 573 million HKD [7]

Core Insights - The Hong Kong stock market saw a net inflow of 53.45 billion HKD from northbound trading on October 23, with the Shanghai-Hong Kong Stock Connect contributing 47.7 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 5.75 billion HKD [1] Group 1: Stock Performance - The most bought stocks included CNOOC (00883), Pop Mart (09992), and Meituan-W (03690) [1] - The most sold stocks included Hua Hong Semiconductor (01347), Innovent Biologics (01801), and Xiaomi Group-W (01810) [1] - CNOOC received a net buy of 9.79 billion HKD, driven by rising international oil prices due to sanctions on Russian oil companies [4] - Pop Mart saw a net buy of 7.93 billion HKD, with a reported sales growth of 245% to 250% in Q3, significantly exceeding Morgan Stanley's forecast [5] - Meituan-W received a net buy of 5.24 billion HKD, with strategic leadership changes indicating a focus on international expansion [5] Group 2: Sector Insights - Semiconductor stocks showed divergence, with SMIC (00981) receiving a net buy of 4.25 billion HKD, while Hua Hong Semiconductor faced a net sell of 10.14 billion HKD [5][6] - The demand for domestic advanced wafer foundry services is expected to rise due to the growth of AI applications and supportive policies [6] - Giant Biologics (02367) received a net buy of 3.59 billion HKD following the approval of a new medical device by the National Medical Products Administration [6]

Core Viewpoint - The company, Giant Bio (2367.HK), experienced a significant intraday stock increase of 13.72%, reaching HKD 43.92, following the announcement of receiving a medical device registration certificate from the National Medical Products Administration of China for its recombinant type I α1 collagen freeze-dried fiber product [1] Group 1: Product Approval - The company’s wholly-owned subsidiary, Shaanxi Giant Bio Technology Co., Ltd., received the medical device registration certificate for its recombinant collagen product [1] - This product is designed for facial dermal tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet [1] - It is noted as the first recombinant type I natural sequence collagen injectable product approved in China, showcasing the company's core competencies in technology research and development [1] Group 2: Market Opportunities - The approval of this product enriches the company's product portfolio and presents new opportunities for business development in the skin rejuvenation market [1]

Core Viewpoint - The approval of the recombinant type I α1 collagen freeze-dried fiber product marks a significant milestone for the company, enhancing its competitive edge in the skin rejuvenation market [1] Group 1: Product Approval - The company's wholly-owned subsidiary, Shaanxi Juzhi Biotechnology Co., Ltd., received the Medical Device Registration Certificate from the National Medical Products Administration of China for the recombinant type I α1 collagen product [1] - This product is the first recombinant natural sequence collagen injectable approved in China, indicating a breakthrough in the company's product offerings [1] Group 2: Market Opportunities - The approval of this product will enrich the company's product categories and provide new opportunities for business development in the skin rejuvenation market [1] - The company plans to gradually launch and promote this product in accordance with its business strategy, leveraging existing products, brands, and channels to enhance consumer experience [1] Group 3: Competitive Position - The approval reflects the company's core competencies in technology research and development as well as industrialization [1] - The company aims to solidify its leading position in the health and beauty sector through this new product offering [1]

Core Viewpoint - The company has received a medical device registration certificate for its recombinant type I α1 collagen freeze-dried fiber product, marking a significant advancement in its product offerings and potential market opportunities in the skin rejuvenation sector [1] Group 1: Product Approval - The product is the first recombinant type I natural sequence collagen injectable approved in China, showcasing the company's technological research and development capabilities [1] - The approval was granted through a joint review of device and drug assessments, highlighting the regulatory efficiency [1] Group 2: Market Opportunities - The new product will enhance the company's product portfolio and provide new opportunities for business development in the skin rejuvenation market [1] - The company plans to gradually launch and promote the product in accordance with its business strategy, aiming to offer a diverse experience to consumers [1] Group 3: Competitive Position - The approval reinforces the company's leading position in the health and beauty sector, allowing it to strengthen its existing products, brands, and channels [1]