Group 1 - The core viewpoint of the article highlights the recent decline in the stock prices of companies related to the "Hong Kong Stock Connect" concept, particularly Baize Medical, Brainstorm Aurora, and PharmaJet, which saw significant drops of 19.16%, 18.32%, and 12.62% respectively [1] - PharmaJet was recently included in multiple Hang Seng Index series components, effective from September 8, which has led to passive buying by ETFs tracking these indices [1] - The stock price volatility of PharmaJet has affected related ETF products, prompting urgent communication between fund companies and index providers [1] Group 2 - On September 15, the Guozhen Hong Kong Stock Connect Innovative Drug Index underwent a quarterly adjustment, with PharmaJet being added as a constituent stock [1] - The largest Hong Kong Stock Connect Innovative Drug ETF purchased 3 million shares of PharmaJet on September 15, amounting to approximately 578 million HKD, which represents about 2.62% of the fund's net asset value [1]

Group 1 - Baize Medical has received net purchases from southbound funds for three consecutive days, with a cumulative net purchase amount of 517 million HKD and a stock price increase of 71.91% [2] - On September 17, the total trading volume of active stocks through the Hong Kong Stock Connect reached 61.702 billion HKD, with a net purchase amount of 7.694 billion HKD [2] - Among the active stocks on September 17, Baize Medical had a trading volume of 2.415 billion HKD through the Hong Kong Stock Connect, with a net purchase amount of 78 million HKD [2]

Group 1 - The Hang Seng Index rose by 1.78% on September 17, with a total southbound trading volume of HKD 178.81 billion, including HKD 94.40 billion net inflow [1] - The southbound trading through Stock Connect (Shenzhen) had a total trading volume of HKD 67.50 billion, with a net inflow of HKD 72.85 billion, while the Shanghai Stock Connect recorded a total trading volume of HKD 111.31 billion and a net inflow of HKD 21.56 billion [1] - Alibaba-W was the most actively traded stock with a total trading volume of HKD 152.17 billion and a net inflow of HKD 50.51 billion, closing up by 5.28% [1][2] Group 2 - Three stocks, including Alibaba-W, Meituan-W, and Baize Medical, have seen continuous net inflows for more than three days, with Alibaba-W leading at a total net inflow of HKD 548.91 billion over 19 days [2] - Xiaomi Group-W recorded the highest net outflow of HKD 6.39 billion, despite its stock price increasing by 2.48% [1][2] - The trading data for September 17 shows that among the active stocks, Meituan-W had a total trading volume of HKD 79.07 billion and a net inflow of HKD 21.00 billion, while Changfei Optical Fiber Cable had a net inflow of HKD 10.21 billion [2]

Core Insights - On September 17, 2025, Alibaba-W (09988), SMIC (00981), and Meituan-W (03690) were the top three companies by trading volume in the southbound trading of the Stock Connect, with transaction amounts of 88.06 billion, 58.89 billion, and 51.92 billion respectively [1] - Alibaba-W (09988), SMIC (00981), and Meituan-W (03690) also led in the Shenzhen-Hong Kong Stock Connect southbound trading, with transaction amounts of 64.11 billion, 36.49 billion, and 27.15 billion respectively [1] Southbound Trading Highlights - The top three active companies in the southbound trading of the Shanghai-Hong Kong Stock Connect were: - Alibaba-W (09988): 88.06 billion with a net inflow of 21.56 billion - SMIC (00981): 58.89 billion with a net inflow of 1.42 billion - Meituan-W (03690): 51.92 billion with a net inflow of 11.79 billion [2] - Other notable companies included: - Xiaomi Group-W (01810): 32.59 billion with a net outflow of 10.57 billion - Tencent Holdings (00700): 31.36 billion with a net outflow of 3.24 billion [2] Shenzhen-Hong Kong Trading Highlights - The top three active companies in the southbound trading of the Shenzhen-Hong Kong Stock Connect were: - Alibaba-W (09988): 64.11 billion with a net inflow of 28.95 billion - SMIC (00981): 36.49 billion with a net inflow of 2.65 billion - Meituan-W (03690): 27.15 billion with a net inflow of 9.21 billion [2] - Other notable companies included: - Tencent Holdings (00700): 25.39 billion with a net inflow of 3.17 billion - Xiaomi Group-W (01810): 23.75 billion with a net inflow of 4.18 billion [2]

Core Viewpoint - The sudden surge in the stock price of Baize Medical (02609.HK) is attributed to its inclusion in the Hong Kong Stock Connect program, which has significantly increased its liquidity and market attention, despite the company's underwhelming financial performance [2][4][5]. Group 1: Stock Performance - On September 16, Baize Medical's stock price soared over 90% at one point, closing up 28.03% at HKD 13.11 per share, with a market capitalization of approximately HKD 17.29 billion [2]. - The stock has seen a nearly 100% increase over two days, with trading volume reaching nearly HKD 8 billion and a high turnover rate [4]. - The stock's recent performance is part of a broader trend, as other newly listed medical stocks like Yaojie Ankang-B (02617.HK) and Mirxes-B (02629.HK) have also experienced significant price increases [6]. Group 2: Company Background - Baize Medical is a leading domestic oncology specialty medical service provider, offering comprehensive cancer care services, including screening, diagnosis, treatment, and rehabilitation, with operations in five provinces [4]. - The company went public on the Hong Kong Stock Exchange in June 2023, but its stock performance was initially lackluster before the recent surge [4]. Group 3: Financial Performance - For the years 2022 to 2024, Baize Medical's projected revenues are RMB 803 million, RMB 1.072 billion, and RMB 1.189 billion, respectively, while it is expected to incur losses of RMB 75.515 million, RMB 24.406 million, and RMB 3.557 million during the same period [5]. - In the first half of this year, the company reported revenue of RMB 575 million, a slight increase of 0.66% year-on-year, but the loss for the period was RMB 20.262 million, significantly widening compared to the previous year [6]. - As of June 30, 2025, Baize Medical's goodwill reached RMB 643 million, primarily due to acquisitions, which poses a risk of impairment affecting its financial health [6].

Core Insights - On September 16, 2025, Alibaba-W (09988), Brainstorm Aurora-B (06681), and Baize Medical (02609) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 57.96 billion, 55.71 billion, and 48.83 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Xiaomi Group-W (01810), and PharmaJet-B (02617) led the trading volume, with amounts of 31.74 billion, 18.85 billion, and 18.82 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 57.96 billion with a net buying amount of +18.98 billion [2] - Brainstorm Aurora-B (06681) recorded a trading amount of 55.71 billion with a net buying amount of +98.28 million [2] - Baize Medical (02609) achieved a trading amount of 48.83 billion with a net buying amount of +2.17 billion [2] - Meituan-W (03690) had a trading amount of 32.61 billion with a net buying amount of +2.65 billion [2] - The Yingfu Fund (02800) had a trading amount of 31.85 billion with a net selling amount of -31.70 billion [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 31.74 billion with a net buying amount of +11.33 billion [2] - Xiaomi Group-W (01810) recorded a trading amount of 18.85 billion with a net selling amount of -3.48 billion [2] - PharmaJet-B (02617) achieved a trading amount of 18.82 billion with a net selling amount of -4.50 billion [2] - Brainstorm Aurora-B (06681) had a trading amount of 18.22 billion with a net buying amount of +26.73 million [2] - Meituan-W (03690) had a trading amount of 18.15 billion with a net buying amount of +4.51 billion [2]

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling HKD 31.89 billion on September 16, with the majority coming from the Shanghai-Hong Kong Stock Connect [1] Group 1: Northbound Capital Flow - Northbound capital had a net selling of HKD 29.76 billion through the Shanghai Stock Connect and HKD 2.13 billion through the Shenzhen Stock Connect [1] - The stocks with the highest net buying included Alibaba-W (09988), Meituan-W (03690), and Baize Medical (02609) [1] - The stocks with the highest net selling included the Tracker Fund of Hong Kong (02800), Xiaomi Group-W (01810), and SMIC (00981) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) saw a net inflow of HKD 30.31 billion, supported by recent announcements related to its mapping service and AI developments [4] - Meituan-W (03690) recorded a net inflow of HKD 7.15 billion, bolstered by the successful launch of its international delivery brand Keeta in Kuwait [5] - Baize Medical (02609) and Tongyuan Kang Medical-B (02410) received net inflows of HKD 3.27 billion and HKD 2.96 billion, respectively, following regulatory changes that enhance the clinical trial approval process for innovative drugs [5] Group 3: Notable Net Selling - The Tracker Fund of Hong Kong (02800) faced a significant net outflow of HKD 46.38 billion, with analysts suggesting that while short-term interest rates may benefit the Hong Kong market, the overall outlook remains cautious due to weakening fundamentals [7] - Xiaomi Group-W (01810), SMIC (00981), and Tencent (00700) experienced net outflows of HKD 5.69 billion, HKD 4.12 billion, and HKD 3.86 billion, respectively [8]

Group 1 - The Hang Seng Index rose by 0.07%, gaining 19 points to close at 26,465 points, while the Hang Seng Tech Index increased by 0.39% [1] - The early trading volume in Hong Kong stocks reached 160.2 billion HKD [1] Group 2 - New pharmaceutical stocks in the Hong Kong Stock Connect saw significant gains, with ZhiJie AnKang-B (02617) surging over 49%, reaching a market capitalization of over 240 billion HKD; BaiZe Medical (02609) rose over 76%; and TongYuanKang Pharmaceutical-B (02410) increased by over 36% [1] - Fosen Pharmaceutical (01652) experienced a dramatic rise of over 410%, closing at 1.35 HKD, up 297%, following the approval of Metformin and Ertugliflozin tablets [2] - Shanghai Fudan (01385) increased by 5.87%, with the company well-prepared for supply chain disruptions, and Morgan Stanley noted limited impact on demand [2] - SF Express (09699) rose over 6% as its "SoFast" service officially launched in Macau, with Daiwa optimistic about the company's revenue growth prospects [2] - Valiant Bio-B (09887) increased by over 13%, with its core product LBL-024 for melanoma completing its first patient dosing in trials [2] - Bilibili-W (09626) rose by 2.78%, accumulating a total increase of about 25% over the past six days, with the new game "Three Kingdoms: Hundred Generals" set for testing in October [2] - LionTeng Holdings (02562) surged over 7% as it plans to acquire leading companies in artificial intelligence and blockchain to expand its digital finance layout [2] - GCL-Poly Energy (03800) rose by 3.97%, planning a discounted placement to raise approximately 5.392 billion HKD for structural adjustments in polysilicon capacity [2] - China General Nuclear Power Corporation Mining (01164) increased by 6.7%, as the U.S. seeks to expand its strategic uranium reserves, with institutions expecting a recovery in uranium prices [2] - Yunfeng Financial (00376) fell over 16% after announcing a discounted placement to raise about 1.15 billion HKD [2]

Market Overview - The Hang Seng Index rose by 0.07%, gaining 19 points to close at 26,465 points, while the Hang Seng Tech Index increased by 0.39% [1] - Early trading volume in Hong Kong stocks reached HKD 160.2 billion [1] Notable Stock Movements - New pharmaceutical stocks in the Hong Kong Stock Connect surged, with Yaojie Ankang-B (02617) rising over 49%, reaching a market capitalization of over HKD 240 billion [1] - Baize Medical (02609) saw an increase of over 76% [1] - Tongyuan Kang Pharmaceutical-B (02410) rose by over 36% [1] Specific Company Highlights - Fosen Pharmaceutical (01652) experienced a dramatic rise of over 410%, closing at HKD 1.35, up 297%, following the approval of Metformin and Ertugliflozin tablets [2] - Shanghai Fudan (01385) increased by 5.87%, with the company prepared for supply chain disruptions, and Morgan Stanley noted limited impact on demand [2] - SF Express (09699) rose by over 6% as its "SoFast" service launched in Macau, with positive revenue growth prospects according to Daiwa [2] - Valiant Pharmaceuticals-B (09887) increased by over 13%, completing the first medication trial for its core product LBL-024 for melanoma [2] - Bilibili-W (09626) rose by 2.78%, accumulating a 25% increase over six days, with the new game "Three Kingdoms: Hundred Generals" set for testing in October [2] - Liontech Holdings (02562) surged over 7% as it plans to acquire a leading AI and blockchain company to expand its digital finance footprint [2] - GCL-Poly Energy (03800) rose by 3.97%, planning a discounted share placement to raise approximately HKD 5.392 billion for structural adjustments in polysilicon capacity [2] - CGN Mining (01164) increased by 6.7% amid expectations of rising uranium prices as the U.S. seeks to expand its strategic uranium reserves [2] - Yunfeng Financial (00376) fell over 16% after announcing a discounted share placement to raise about HKD 1.15 billion [2]

Group 1 - The core viewpoint of the article highlights the significant stock price surge of Baize Medical (2609.HK), which rose over 50% in one day and further increased by 94% to reach HKD 19.88, marking a total increase of 192% over two days, with a market capitalization exceeding HKD 26 billion [1] - Baize Medical is primarily engaged in investment and provision of medical services related to oncology, operating six proprietary for-profit hospitals and managing two non-profit hospitals across various regions including Beijing, Tianjin, and Anhui [1] - The company’s flagship hospital is Beijing Xiyuan Cancer Hospital, which offers core services such as cancer screening, diagnosis, treatment, and rehabilitation [1] Group 2 - The inclusion of Baize Medical in the Hong Kong Stock Connect program, effective from September 8, has contributed to its stock price surge [1]