（文章来源：证券时报网） 昊天国际建投、国联民生、老铺黄金、博安生物为近一个月首次上榜，昊天国际建投当日港股通成交额 为16.21亿港元，成交净买入1.06亿港元，该股当日收盘下跌32.78%。国联民生当日港股通成交额为 16.87亿港元，成交净买入0.23亿港元，该股当日收盘上涨10.90%。老铺黄金当日港股通成交额为10.15 亿港元，成交净卖出3.65亿港元，该股当日收盘下跌2.67%。博安生物当日港股通成交额为13.84亿港 元，成交净买入0.51亿港元，该股当日收盘上涨22.31%。 7月14日港股通成交活跃股榜单 | 证券 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上榜 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 港元） | 港元） | 次数 | （港元） | （%） | | 00700 | 腾讯控股 | 15.26 | -0.84 | 20 | 500.000 | 0.68 | | 01810 | 小米集团 W | 26.75 | -0.66 | 20 | 57.300 | -0 ...

Core Insights - On July 14, 2025, Guotai Junan International (01788), Legend Holdings (06683), and Alibaba-W (09988) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 39.23 billion, 19.38 billion, and 18.37 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Guotai Junan International (01788), and Tencent Holdings (00700) led the trading volume, with amounts of 18.33 billion, 15.70 billion, and 15.26 billion respectively [1] Southbound Stock Connect Top Active Companies - Guotai Junan International (01788) had a trading amount of 39.23 billion with a net buying amount of +18.74 million [2] - Legend Holdings (06683) recorded a trading amount of 19.38 billion with a net buying amount of +53.64 million [2] - Alibaba-W (09988) achieved a trading amount of 18.37 billion with a net buying amount of +223 million [2] - Health Road (02587) had a trading amount of 17.86 billion with a net selling amount of -66.69 million [2] - Other notable companies included Guolian Minsheng (01456) with 16.87 billion and a net buying amount of +23.39 million, and Meituan-W (03690) with 16.20 billion and a net buying amount of +783 million [2] Shenzhen-Hong Kong Stock Connect Top Active Companies - Alibaba-W (09988) led with a trading amount of 18.33 billion and a net buying amount of +636 million [2] - Guotai Junan International (01788) followed with a trading amount of 15.70 billion and a net buying amount of +72.43 million [2] - Tencent Holdings (00700) had a trading amount of 15.26 billion but recorded a net selling amount of -842.80 million [2] - Other significant companies included Xiaomi Group-W (01810) with 12.92 billion and a net selling amount of -1.01 billion, and Meituan-W (03690) with 12.69 billion and a net buying amount of +440 million [2]

Summary of Key Points Core Viewpoint - On July 14, southbound funds recorded a transaction volume of HKD 1216.88 billion, with a net inflow of approximately HKD 82.43 billion, indicating strong investor interest in Hong Kong stocks [1]. Group 1: Net Inflows - Major net purchases included Meituan-W (03690.HK) with HKD 1.22 billion, Alibaba-W (09988.HK) with HKD 859 million, and SMIC (00981.HK) with HKD 300 million [1]. - Meituan-W saw a price increase of 0.75%, with net inflows of HKD 783 million from the Shanghai-Hong Kong Stock Connect and HKD 440 million from the Shenzhen-Hong Kong Stock Connect [1]. - Alibaba-W experienced a price rise of 0.95%, with net inflows of HKD 223 million from the Shanghai-Hong Kong Stock Connect and HKD 636 million from the Shenzhen-Hong Kong Stock Connect [1]. - SMIC's stock price increased by 1.09%, with net inflows of HKD 300 million from the Shenzhen-Hong Kong Stock Connect [1]. Group 2: Net Outflows - Significant net sales were observed in Old Puhuang (06181.HK) with HKD 364.90 million, Health Road (02587.HK) with HKD 129.49 million, Tencent Holdings (00700.HK) with HKD 84.28 million, and Xiaomi Group W (01810.HK) with HKD 65.71 million [1]. - Old Puhuang's stock price declined by 2.67%, reflecting the net outflow [4]. - Health Road's stock price increased by 13.60%, despite the net outflow of HKD 66.70 million from the Shanghai-Hong Kong Stock Connect and HKD 62.80 million from the Shenzhen-Hong Kong Stock Connect [4]. - Tencent Holdings saw a price increase of 0.68%, with net outflows of HKD 84.28 million from the Shenzhen-Hong Kong Stock Connect [4]. - Xiaomi Group W's stock price decreased by 0.09%, with net inflows of HKD 35.12 million from the Shanghai-Hong Kong Stock Connect but net outflows of HKD 100.82 million from the Shenzhen-Hong Kong Stock Connect [4]. Group 3: Other Notable Movements - Innovent Biologics (01801.HK) saw a price increase of 1.80%, with net inflows of HKD 160 million from the Shenzhen-Hong Kong Stock Connect [2]. - Haotian International Investment (01341.HK) experienced a significant drop of 32.78%, despite net inflows of HKD 106 million from the Shanghai-Hong Kong Stock Connect [3]. - Guotai Junan International (01788.HK) saw a slight decline of 0.16%, with net inflows of HKD 18.74 million from the Shanghai-Hong Kong Stock Connect and HKD 72.43 million from the Shenzhen-Hong Kong Stock Connect [4].

南向资金今日大幅净买入82.43亿元。港股通（沪）方面，美团-W、阿里巴巴-W分别获净买入7.83亿港 元、2.23亿港元；健康之路净卖出额居首，金额为0.67亿港元；港股通（深）方面，阿里巴巴-W、美 团-W分别获净买入6.36亿港元、4.4亿港元；老铺黄金净卖出额居首，金额为3.65亿港元。 ...

Company Overview - Health Road Holdings Limited operates a digital health service platform in China and is the fourth largest digital health service platform by registered personal users as of December 31, 2023 [2] - The company is also the fifth largest digital health service platform by revenue for the year 2023 [2] - Since 2001, the company has provided health services to individual users on its digital platform and expanded to offer enterprise services and digital marketing since 2015 [2] Financial Performance - As of December 31, 2024, the company reported total revenue of 1.201 billion yuan, a year-on-year decrease of 3.51% [1] - The net profit attributable to shareholders was -268 million yuan, an increase of 13.42% year-on-year [1] - The gross profit margin stood at 30.47%, with a debt-to-asset ratio of 59.82% [1] Market Performance - As of July 14, the stock price of Health Road was 8.77 HKD per share, reflecting a 13.6% increase with a trading volume of 216 million shares and a turnover of 1.831 billion HKD [1] - Over the past month, the stock has experienced a cumulative decline of 86.59%, and a year-to-date decline of 40.98%, underperforming the Hang Seng Index by 20.34% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the healthcare equipment and services industry is -2.89 times, with a median of 1.17 times [1] - Health Road's P/E ratio is -23.37 times, ranking 68th in the industry [1] - Other companies in the industry have P/E ratios such as Giant Star Medical Holdings at 0.28 times, Jingjiu Health at 0.38 times, and others ranging from 1.96 to 5.45 times [1] Analyst Ratings - Liao Asset Management has given a "Buy" rating for Health Road, with a target price of 68.5 HKD [1]

Group 1 - The core viewpoint of the articles highlights the strategic value and uniqueness of the company's platform-based business model in the internet healthcare sector, which has evolved over 20 years to enhance accessibility and drive digital transformation in the industry [1] - The company has developed a comprehensive ecosystem that integrates online and offline services, catering to diverse patient needs while accumulating data and resources for sustainable growth [1] - The company has completed its research and development in AI healthcare and is now in the commercialization phase, utilizing AI technology to reconstruct the entire healthcare service chain [1] Group 2 - The company recently announced the successful inclusion of its "Liver Disease Smart Service Platform" in the first batch of projects under the digital healthcare concept verification plan in Beijing, which aims to support the WHO's goal of eliminating viral hepatitis by 2030 [2] - The company continues to increase its R&D investment to enhance its digital capabilities and competitiveness, focusing on improving user health tracking, optimizing digital tools for doctors, and integrating AI solutions into its platform [2] - The company was recognized in the inaugural "Top 50 Health Technology Companies in China" list by KPMG China, reflecting its innovative practices in the healthcare technology field [4]

Group 1 - The Hang Seng Index fell by 0.12% on July 7, with southbound trading totaling HKD 101.765 billion, comprising HKD 56.916 billion in buying and HKD 44.849 billion in selling, resulting in a net inflow of HKD 12.067 billion [1] - The southbound trading through Stock Connect (Shenzhen) had a total turnover of HKD 40.903 billion, with net buying of HKD 6.276 billion, while Stock Connect (Shanghai) had a turnover of HKD 60.862 billion, with net buying of HKD 5.791 billion [1] - The most actively traded stock by southbound funds was Guotai Junan International, with a total turnover of HKD 72.91 billion, followed by Meituan-W and Alibaba-W with turnovers of HKD 51.22 billion and HKD 47.51 billion respectively [1] Group 2 - Among the stocks with significant net buying, the top was the Yingfu Fund with a net inflow of HKD 24.99 billion, despite a closing price drop of 0.16%, followed by Meituan-W with HKD 7.17 billion and China Construction Bank with HKD 6.21 billion [1] - The stocks that saw continuous net buying for more than three days included SMIC, Innovent Biologics, and China Construction Bank, with net buying days of 12, 7, and 3 respectively [2] - The total net buying amount for SMIC was HKD 77.01 billion, followed by Innovent Biologics with HKD 22.89 billion and China Construction Bank with HKD 8.49 billion [2]

Core Insights - On July 7, Health Road made its debut on the Hong Kong Stock Connect active trading list for the first time in a month, indicating increased investor interest [2] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 344.29 billion, accounting for 33.83% of the day's total trading amount, with a net buying amount of HKD 63.29 billion [2] - The top three stocks by trading volume were Guotai Junan International (HKD 72.91 billion), Meituan-W (HKD 51.22 billion), and Alibaba-W (HKD 47.51 billion) [2] Trading Activity Summary - Health Road's trading volume on July 7 was HKD 14.54 billion, with a net buying amount of HKD 0.28 billion, and the stock closed up by 15.27% [2] - The stocks with the highest number of appearances on the active trading list over the past month were Alibaba-W and Tencent Holdings, each appearing 20 times, indicating strong interest from Hong Kong Stock Connect funds [2] - Other notable stocks included Xiaomi Group-W (HKD 31.57 billion), China Construction Bank (HKD 12.28 billion), and Kuaishou-W (HKD 8.83 billion) [2]

Group 1 - On July 7, 2025, Guotai Junan International (01788), Meituan-W (03690), and Alibaba-W (09988) ranked as the top three in southbound trading volume under the Shanghai-Hong Kong Stock Connect, with transaction amounts of 54.57 billion, 30.67 billion, and 24.19 billion respectively [1] - In the southbound trading volume under the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Meituan-W (03690), and Guotai Junan International (01788) also ranked as the top three, with transaction amounts of 23.32 billion, 20.55 billion, and 18.34 billion respectively [1] Group 2 - The top active companies in southbound trading under the Shanghai-Hong Kong Stock Connect included Guotai Junan International (01788) with a net buy of 1.69 billion, Meituan-W (03690) with a net buy of 7.80 billion, and Alibaba-W (09988) with a net buy of 2.00 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988) had a net buy of 848.75 million, while Meituan-W (03690) experienced a net sell of 628.12 million [2]

Market Overview - The Hang Seng Index fell by 0.45%, down 107 points, closing at 23,808 points, while the Hang Seng Tech Index decreased by 0.15% [1] - Early trading volume in Hong Kong stocks reached HKD 109.5 billion [1] Stablecoin Regulation - The Hong Kong Monetary Authority plans to release guidelines for stablecoin regulations this month, aiming to issue licenses within the year [1] - Stocks related to stablecoins saw significant gains, with Guotai Junan International rising by 8.2%, ZhongAn Online increasing by 5.64%, and Yike rising over 9% [1] New Tea Beverage Market - A subsidy war in the takeaway market has ignited the new tea beverage sector, with Guming and Cha Baidao both rising over 9% [1] Digital Health Services - Health Road saw its stock rise over 9% as its controlling shareholder voluntarily extended the lock-up period, focusing on a digital health service platform [1] Gaming Industry - Morgan Stanley reported that Macau's gaming revenue in June increased by 19% year-on-year to MOP 21.1 billion, exceeding analyst predictions by 9% [1] - Gaming stocks continued their upward trend, with Amax Holdings up 3.7%, Melco International Development up 1.6%, and MGM China up 2.1% [1] Medical Device Sector - In response to China's reciprocal restrictions on EU medical devices, the National Medical Products Administration issued support for high-end medical devices [1] - Medical device stocks experienced broad gains, with Spring Medical up 1.86%, Yongsheng Medical up 7.27%, and Xinwei Medical-B up 5.5% [1] Company Developments - China Rare Earth Holdings plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Jihong Co. saw its stock rise over 10%, with a projected over 55% year-on-year increase in net profit attributable to shareholders for the first half of the year [3] - H&H International Holdings is expected to see a decline in net profit by 45% to 65% for the first half of the year, resulting in a drop of over 6% in its stock price [4]