Core Insights - The Hong Kong stock market saw a net inflow of 73.31 billion HKD from northbound trading on September 12, with the Shanghai Stock Connect recording a net outflow of 14.87 billion HKD and the Shenzhen Stock Connect a net inflow of 88.18 billion HKD [1] Group 1: Stock Performance - Alibaba (09988) had a net inflow of 54.25 billion HKD, with total trading volume of 87.74 billion HKD, resulting in a net inflow of 20.76 billion HKD [2] - Tencent (00700) recorded a net inflow of 16.78 billion HKD, with a total trading volume of 31.72 billion HKD, leading to a net inflow of 1.85 billion HKD [2] - Pop Mart (09992) saw a net inflow of 8.70 billion HKD, with a total trading volume of 15.81 billion HKD, resulting in a net inflow of 1.60 billion HKD [2] Group 2: Notable Stocks - Alibaba (09988) received a net inflow of 43.8 billion HKD this week, totaling approximately 220 billion HKD in net inflows, driven by news of its internal chip development for AI models [4] - Tencent (00700) gained a net inflow of 9.29 billion HKD, with market analysts noting that its gaming and advertising businesses are entering a mature phase, making future growth challenging [5] - Pop Mart (09992) attracted a net inflow of 6.42 billion HKD, with positive outlooks from analysts regarding upcoming product launches and seasonal sales [5] Group 3: Other Stocks - Semiconductor stocks like Hua Hong Semiconductor (01347) and SMIC (00981) received net inflows of 4.01 billion HKD and 830.3 million HKD respectively, amid reports of domestic chip development [6] - Kangfang Biologics (09926) had a net inflow of 2.25 billion HKD, supported by positive clinical data announcements [7] - Yaojie Ankang-B (02617) saw a net inflow of 1.8 billion HKD after being added to the Hong Kong Stock Connect list [7]

Market Overview - The Hong Kong stock market opened higher and slightly retreated, with the Hang Seng Index closing at 26,388.16 points, up 301.84 points, a rise of 1.16% [1] - The Hang Seng Tech Index closed at 5,989.27 points, increasing by 100.50 points, a rise of 1.71% [1] Focus Companies - Drug developer Jiajie Ankang-B (02617.HK) saw its stock price rise over 130% during the day, ultimately closing with a gain of 77% [3] - Jiajie Ankang is a clinical-stage biopharmaceutical company focused on developing small molecule therapies for cancer, inflammation, and cardiovascular metabolic diseases [5] - The company was recently added to the Hong Kong Stock Connect list, allowing southbound funds to purchase its shares [5] - Other newly added stocks to the Hong Kong Stock Connect include Brainhole Aurora-B (06681.HK), which closed up 32%, and Boleton (01333.HK), which rose over 21% [5] Capital Flow - Southbound funds continued to show strong buying momentum, with a net purchase amount exceeding 7.3 billion HKD by the end of the trading day [9] Analyst Insights - Analysts noted that the recent influx of southbound funds has driven up the prices of newly added stocks in the Hong Kong Stock Connect [7] - The Hong Kong market is characterized by T+0 trading, which can lead to significant price volatility [7] - Major tech stocks maintained strong performance, with Baidu Group-SW (09888.HK) rising over 8%, Alibaba-W (09988.HK) up over 5%, and Tencent Holdings (00700.HK) closing at 643.5 HKD, just 10% away from its historical high [7] Future Market Outlook - CICC highlighted that the Hong Kong market's structure is more significant than the index itself, with a focus on sector rotation [11] - Citigroup raised its year-end target for the Hang Seng Index by 7% to 26,800 points, with further increases expected in 2024 [11] - GF Securities noted that the Hong Kong market tends to perform well in the 12 months following the Federal Reserve's first rate cut, suggesting a favorable environment for A/H assets [11]

Market Overview - The Hong Kong stock market opened higher and slightly retreated, with the Hang Seng Index closing at 26,388.16 points, up 301.84 points, a rise of 1.16% [1] - The Hang Seng Tech Index closed at 5,989.27 points, increasing by 100.50 points, a rise of 1.71% [1] Company Highlights - A notable company,药捷安康 (Jiangsu Hengrui Medicine Co., Ltd.), is focused on discovering and developing innovative small molecule therapies for tumors, inflammation, and cardiovascular metabolic diseases. It was recently added to the Hong Kong Stock Connect list, allowing southbound funds to purchase its shares [3] -药捷安康-B (02617.HK) saw its stock price rise over 130% during the day, ultimately closing with a gain of 77% [4] - Other newly added stocks in the Hong Kong Stock Connect include 博雷顿 (Boreton, 01333.HK), which closed up over 21%, and 曹操出行 (Caocao Chuxing, 02643.HK), which peaked at a 14% increase during the day [5] Market Trends - Analysts noted a strong influx of southbound funds into the Hong Kong stock market, leading to significant price increases for newly added stocks. However, the T+0 trading system in Hong Kong presents risks of high volatility [7] - The technology sector in Hong Kong maintained a strong performance, with notable increases in stock prices for major companies such as 百度集团 (Baidu, 09888.HK) up over 8%, 阿里巴巴 (Alibaba, 09988.HK) up over 5%, and 腾讯控股 (Tencent, 00700.HK) up over 2%, closing at 643.5 HKD, nearing its historical high [7] Future Outlook - 中金公司 (CICC) highlighted that the Hong Kong market's key characteristic this year is structural performance over index performance, with a focus on sectors driven by profit trends [10] - 花旗 (Citi) raised its year-end target for the Hang Seng Index by 7% to 26,800 points, with expectations for further increases to 27,500 points and 28,800 points in the first half and by year-end next year, respectively [10] - 广发证券 (Guotai Junan) analyzed past performance during the Federal Reserve's rate-cutting cycles, indicating that the Hong Kong market tends to rise in the 12 months following the first rate cut, suggesting a favorable environment for A/H assets [10]

| 派格生物医药－Ｂ(02565) | 50.800 | 53.000 | 1.53% | | --- | --- | --- | --- | | 洛阳钼业(03993) | 13.170 | 13.470 | 1.51% | | ＧＸ亚洲半导体(03119) | 78.420 | 78.140 | 1.48% | | 利基控股(00240) | 1.400 | 1.400 | 1.45% | | 弥明生活百货(08473) | 0.142 | 0.142 | 1.43% | | 汇丰控股(00005) | 106.300 | 106.900 | 1.42% | | ＦＬ二南方日经(07262) | 97.320 | 97.640 | 1.33% | | RAFFLESINTERIOR(01376) | 0.375 | 0.395 | 1.28% | | 安硕中国(02801) | 28.300 | 28.500 | 1.28% | | 安硕亚洲除日－Ｕ(09010) | 8.795 | 8.800 | 1.27% | | 招商恒生科技(03423) | 10.740 | 10.820 | 1.22% | | ...

Core Viewpoint - The stock of药捷安康-B (02617) experienced significant market interest, surging nearly 130% at one point during the day, ultimately closing up 77.09% at 192.5 HKD, with a total trading volume of 2.613 billion HKD and a turnover rate of approximately 4.74% [1] Company Overview -药捷安康 is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule innovative therapies for oncology, inflammation, and cardiovascular metabolic diseases [1] - As of June 30, 2025, the company has six clinical-stage candidate products and several preclinical candidates in its pipeline [1] Key Product Highlights - The core product,替恩戈替尼 (TT-00420), has garnered significant market attention due to multiple recent positive developments [1] - On September 10,替恩戈替尼 received clinical implied approval from the National Medical Products Administration of China for a Phase II clinical trial in treating hormone receptor-positive (HR+) and HER2-negative or low-expressing recurrent or metastatic breast cancer [1] - The product is also involved in an open-label, multicenter Phase II clinical study for advanced hepatocellular carcinoma (HCC) in combination with 康方生物's 开坦尼/依达方, with the first patient recently dosed [1] - Additionally,替恩戈替尼 has been granted Fast Track designation by the U.S. Food and Drug Administration (FDA) for the treatment of metastatic castration-resistant prostate cancer [1]

值得注意的是，替恩戈替尼近期迎多重利好。替恩戈替尼联合氟维司群治疗经治失败的激素受体阳性 （HR+）且人表皮生长因子受体2阴性或低表达（HER2-）的复发或转移性乳腺癌II期临床试验，已于9 月10日获得了中国国家药品监督管理局的临床默示许可；替恩戈替尼分别联用康方生物的开坦尼/依达 方的治疗晚期肝细胞癌(HCC)的开放性、多中心II期临床研究，于近日完成首例患者给药；替恩戈替尼 获得美国食品药物管理局(FDA)授予治疗转移性去势抵抗性前列腺癌的快速通道认证。 智通财经APP获悉，药捷安康-B(02617)今日获市场资金热捧，午后一度涨近130%，尾盘涨幅有所回 落。截至收盘，涨77.09%，报192.5港元，全天成交额26.13亿港元，换手率约4.74%。 消息面上，上交所、深交所近日发布公告，药捷安康被调入港股通标的名单，自9月8日起生效。公开资 料显示，药捷安康是一家以临床需求为导向、处于注册临床阶段的生物制药公司，专注于发现及开发肿 瘤、炎症及心脏代谢疾病小分子创新疗法。截至2025年6月30日，该公司主要管线包括六款临床阶段候 选产品及多款临床前阶段候选产品。其中，替恩戈替尼（TT-00420）这款 ...

Core Viewpoint - The stock of ZhiJie AnKang-B (02617) has surged nearly 88%, reaching a high of 204.6 HKD, representing an increase of over 1455% from its IPO price of 13.15 HKD, driven by its inclusion in the Hong Kong Stock Connect list and positive developments regarding its core product, Tiengertinib [1][1][1] Company Developments - ZhiJie AnKang's Tiengertinib is the world's first and only FGFR inhibitor to enter the registration clinical stage for treating patients with recurrent or refractory cholangiocarcinoma [1][1] - The company has received multiple positive updates for Tiengertinib, including the approval for a Phase II clinical trial in China for treating HR+ and HER2- recurrent or metastatic breast cancer, which was granted clinical implied permission on September 10 [1][1] - Tiengertinib is also involved in an open-label, multicenter Phase II clinical study for advanced hepatocellular carcinoma (HCC) in combination with other therapies, with the first patient recently dosed [1][1] - The drug has received Fast Track designation from the FDA for the treatment of metastatic castration-resistant prostate cancer [1][1]

每经AI快讯，9月12日，药捷安康-B(02617.HK)午后涨近88%，高见204.6港元，较招股价13.15港元已涨 超1455%。截至发稿，涨53.08%，报166.4港元，成交额10.33亿港元。 ...

Core Viewpoint - The stock of药捷安康-B (02617) has surged nearly 88%, reaching a high of 204.6 HKD, which is an increase of over 1455% from its IPO price of 13.15 HKD, driven by positive developments in its clinical trials and inclusion in the Hong Kong Stock Connect program [1] Group 1: Stock Performance - The stock price increased by 53.08% to 166.4 HKD with a trading volume of 10.33 billion HKD [1] - The stock has seen a significant rise since its IPO, reflecting strong market interest and investor confidence [1] Group 2: Company Developments - The company has been included in the Hong Kong Stock Connect program effective from September 8 [1] - The core product,替恩戈替尼, is the first and only FGFR inhibitor to enter the registration clinical stage for treating recurrent or refractory cholangiocarcinoma [1] - The drug has shown clinical efficacy evidence for treating metastatic castration-resistant prostate cancer [1] Group 3: Clinical Trial Updates - The company received clinical implied approval from the National Medical Products Administration of China for a Phase II trial of替恩戈替尼 combined with fulvestrant for HR+ and HER2- recurrent or metastatic breast cancer on September 10 [1] - A Phase II open-label, multicenter clinical study of替恩戈替尼 in combination with other treatments for advanced hepatocellular carcinoma has recently completed its first patient dosing [1] - The drug has been granted Fast Track designation by the FDA for the treatment of metastatic castration-resistant prostate cancer [1]

Group 1 - The Hang Seng Index rose by 1.53%, gaining 398 points to reach 26,484 points, while the Hang Seng Tech Index increased by 2.18% with a morning trading volume of 184.9 billion HKD [1] - Zai Lab's stock surged over 55%, with a three-month increase exceeding 800%, and its market capitalization surpassed 66 billion HKD following the approval of a Phase II trial for its drug [1] - Cloud computing stocks continued to rise, driven by Oracle's substantial computing orders and North American cloud providers increasing capital expenditure budgets, with GDS Holdings up 16% and Alibaba rising by 5.93% [1] Group 2 - Domestic property stocks saw gains as first-tier cities introduced new real estate policies, which are expected to stimulate market demand, with China Overseas Land up 16% and Country Garden rising by 9.68% [1] - China Hongqiao's stock increased by over 6% due to strong expectations of interest rate cuts benefiting aluminum prices, with the company's equity capacity expected to enhance profits [1] - Tianyue Advanced's stock rose over 10%, with institutions optimistic about the potential applications of silicon carbide materials in high-end computing chips [1] Group 3 - Bilibili's stock increased by 3% as the testing date for its new game was set for October, with institutions optimistic about the company's growth potential supported by AI [1] - China Shipbuilding Defense's stock rose over 5% amid ongoing supply-demand tensions in the shipbuilding industry, with attention on the group's progress in addressing competition [1] Group 4 - Juxing Legend's stock surged over 15% as it prepares to unveil its "Juxing Dog" in collaboration with Yushu Technology this weekend [2] - Nocoda Technology's stock soared over 39% after signing a cooperation agreement with Alpha AI for low-altitude economic intelligent drones [3] - Ark Health's stock rose over 13% following a strategic partnership with Innovent Biologics to develop services in the "AI + weight loss" sector [3]