Summary of Key Points Core Viewpoint - On July 16, the Hang Seng Index fell by 0.29%, with southbound funds recording a total transaction amount of HKD 128.80 billion, resulting in a net inflow of HKD 16.03 billion [1]. Southbound Fund Transactions - The total transaction amount for southbound funds was HKD 128.80 billion, with buy transactions amounting to HKD 65.20 billion and sell transactions at HKD 63.60 billion, leading to a net buy of HKD 16.03 billion [1]. - The southbound trading through Stock Connect (Shenzhen) had a total transaction amount of HKD 46.84 billion, with net selling of HKD 4.06 billion, while the trading through Stock Connect (Shanghai) had a total transaction amount of HKD 81.96 billion, resulting in a net buy of HKD 20.09 billion [1]. Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total transaction amount of HKD 88.05 billion, followed by Guotai Junan International and Pop Mart, with transaction amounts of HKD 76.18 billion and HKD 58.30 billion, respectively [1]. - The stocks with the highest net buying included Meituan-W with a net buy of HKD 8.57 billion, followed by China Construction Bank with HKD 7.59 billion and CanSino Biologics with HKD 1.30 billion [1]. - Tencent Holdings had the highest net selling amount of HKD 17.57 billion, with other notable net sells from Xiaomi Group-W and Kingsoft Cloud at HKD 2.67 billion and HKD 1.69 billion, respectively [1]. Continuous Net Buying and Selling - Meituan-W was the only stock to receive continuous net buying for more than three days, with a total net buy of HKD 66.08 billion over eight days [2]. - The stocks with the highest continuous net selling included Tencent Holdings and Xiaomi Group-W, with total net sells of HKD 35.78 billion and HKD 19.75 billion, respectively [2].

Core Insights - On July 16, 2025, Alibaba-W (09988), Guotai Junan International (01788), and Pop Mart (09992) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 5.728 billion, 5.673 billion, and 3.623 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Pop Mart (09992) also ranked as the top three, with trading amounts of 3.076 billion, 2.718 billion, and 2.207 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 5.728 billion with a net buy of -0.343 billion [2] - Guotai Junan International (01788) recorded a trading amount of 5.673 billion with a net buy of +0.101 billion [2] - Pop Mart (09992) achieved a trading amount of 3.623 billion with a net buy of +0.316 billion [2] - Tencent Holdings (00700) had a trading amount of 2.635 billion with a net buy of -0.294 billion [2] - Meituan-W (03690) had a trading amount of 2.480 billion with a net buy of +0.498 billion [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 3.076 billion with a net buy of +0.314 billion [2] - Tencent Holdings (00700) recorded a trading amount of 2.718 billion with a net buy of -1.464 billion [2] - Pop Mart (09992) achieved a trading amount of 2.207 billion with a net buy of -0.394 billion [2] - Guotai Junan International (01788) had a trading amount of 1.945 billion with a net buy of -0.040 billion [2] - Meituan-W (03690) had a trading amount of 1.759 billion with a net buy of +0.359 billion [2]

Core Insights - Kingsoft Cloud made its debut on the Hong Kong Stock Connect active trading list on July 15, marking its first appearance in the past month [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 485.32 billion, accounting for 32.19% of the day's total trading amount, with a net sell amount of HKD 4.08 billion [1] Trading Activity Summary - Alibaba-W had the highest trading volume at HKD 115.93 billion, followed by Tencent Holdings at HKD 65.87 billion and Meituan-W at HKD 63.15 billion [1] - The most frequently listed stocks in the past month were Alibaba-W and Tencent Holdings, each appearing 21 times, indicating strong interest from Hong Kong Stock Connect investors [1] - Kingsoft Cloud recorded a trading volume of HKD 41.33 billion on its first appearance, with a net buying amount of HKD 0.15 billion and a closing price increase of 16.81% [1] Active Stocks List - The active stocks on July 15 included: - Tencent Holdings: Trading amount HKD 65.87 billion, net sell HKD 8.31 billion, closing price HKD 517.500, daily change +3.50% [1] - Xiaomi Group W: Trading amount HKD 42.78 billion, net sell HKD 5.25 billion, closing price HKD 57.650, daily change +0.61% [1] - Alibaba W: Trading amount HKD 115.93 billion, net sell HKD 0.03 billion, closing price HKD 113.500, daily change +6.97% [1] - Meituan-W: Trading amount HKD 63.15 billion, net buy HKD 6.47 billion, closing price HKD 126.200, daily change +4.38% [1] - Kingsoft Cloud: Trading amount HKD 41.33 billion, net buy HKD 0.15 billion, closing price HKD 7.920, daily change +16.81% [1]

Group 1 - The Hang Seng Index rose by 1.60% on July 15, with southbound funds totaling a transaction amount of 150.755 billion HKD, including 77.289 billion HKD in buy transactions and 73.466 billion HKD in sell transactions, resulting in a net buy of 3.824 billion HKD [1] - The southbound trading through Stock Connect (Shenzhen) had a cumulative transaction amount of 54.072 billion HKD, with net buying of 2.234 billion HKD, while Stock Connect (Shanghai) had a cumulative transaction amount of 96.683 billion HKD, with net buying of 1.590 billion HKD [1] - Alibaba-W had the highest transaction amount among southbound funds at 11.593 billion HKD, followed by Tencent Holdings and Meituan-W with transaction amounts of 6.587 billion HKD and 6.315 billion HKD respectively [1] Group 2 - Meituan-W recorded a net buy of 647 million HKD, with a closing price increase of 4.38%, while Tencent Holdings faced the highest net sell of 831 million HKD, despite a closing price increase of 3.50% [1][2] - Among the stocks with continuous net buying, Meituan-W had the highest net buy amount of 5.752 billion HKD over 7 days, followed by Giant Star Legend with a net buy of 528 million HKD over 5 days [2] - The stocks with the highest net sell amounts included Tencent Holdings and Xiaomi Group-W, with total net sells of 1.820 billion HKD and 1.708 billion HKD respectively [2]

Core Insights - On July 15, 2025, Alibaba-W (09988), Meituan-W (03690), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 75.09 billion, 38.52 billion, and 37.38 billion respectively [1] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Meituan-W (03690) also ranked as the top three, with trading amounts of 40.83 billion, 28.49 billion, and 24.63 billion respectively [1] Southbound Trading Activity - The top active companies in the southbound trading of the Shanghai-Hong Kong Stock Connect included: - Alibaba-W (09988) with a trading amount of 75.09 billion and a net buy of -4.77 billion - Meituan-W (03690) with a trading amount of 38.52 billion and a net buy of +843.695 million - Tencent Holdings (00700) with a trading amount of 37.38 billion and a net buy of +1.31 billion [2] - The top active companies in the southbound trading of the Shenzhen-Hong Kong Stock Connect included: - Alibaba-W (09988) with a trading amount of 40.83 billion and a net buy of +4.75 billion - Tencent Holdings (00700) with a trading amount of 28.49 billion and a net buy of -9.62 billion - Meituan-W (03690) with a trading amount of 24.63 billion and a net buy of +5.62 billion [2]

（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]