证券时报·数据宝统计，8月11日港股通全天合计成交金额为1158.14亿港元，成交净买入0.38亿港元。 具 体来看，沪市港股通成交金额697.39亿港元，成交净卖出1.80亿港元；深市港股通成交金额460.75亿港 元，成交净买入2.19亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，中芯国际成交额为32.68亿港元，成交金额居首； 其次是小米集团-W、腾讯控股，成交金额分别为19.50亿港元、19.35亿港元。以净买卖金额统计，小米 集团-W净买入额为3.70亿港元，净买入金额居首，该股收盘股价下跌0.88%。净卖出金额最多的是小鹏 汽车-W，净卖出3.96亿港元，收盘股价上涨5.36%。 8月11日恒生指数上涨0.19%，报收24906.81点，全天南向资金通过港股通渠道合计净买入0.38亿港元。 （文章来源：证券时报网） 8月11日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00981 | 中芯国际 | 港股通(沪) | 326760.6 ...

8月11日，南下资金净买入港股3834.39万港元。 其中，净买入小米集团-W 5.62亿、康方生物3.05亿、东方甄选1.87亿、晶泰控股1.16亿； 净卖出小鹏汽车-W 6.64亿、信达生物5.27亿、腾讯控股3.39亿、美团-W 2.64亿、阿里巴巴-W 2.33亿、 中芯国际2.37亿。 北水关注个股 小米集团今日微跌0.88%，连续5个交易日收绿。中金发表报告，预计小米集团第二季度收入将达1179.7 亿元，按年增长32.71%，经调整净利润101.8亿元，按年增长64.84%(包含电动车及创新业务3.6亿元亏 损)。该行将小米目标价下调9%至70港元，对应2025及2026年市盈率分别为34.4倍和25.1倍，潜在上行 空间29.6%，维持"跑赢行业"评级。 小鹏汽车今日大涨5.36%。小鹏汽车首款增程车型——小鹏X9增程版MPV已于8月8日进入工信部新一批 新车公示清单，这意味着该车距离上市愈来愈近。小鹏汽车CEO何小鹏、发文表示，首款"超级电动车 型"小鹏X9将会在第四季度正式推出。 信达生物今日跌1.42%。中信证券认为，2025年下半年医疗健康产业的业绩和估值修复趋势确定性较 高，同时分化 ...

据统计，南下资金已连续3日净买入小米，共计27.5701亿港元；连续5日净买入康方生物、共计11.8185 亿港元。(格隆汇) 格隆汇8月11日｜南下资金今日净买入港股3834.39万港元。其中： 净买入小米集团-W 5.62亿、康方生物3.05亿、东方甄选1.87亿、晶泰控股1.16亿； 净卖出小鹏汽车-W 6.64亿、信达生物5.27亿、腾讯控股3.39亿、美团-W 2.64亿、阿里巴巴-W 2.33亿、 中芯国际2.37亿。 | | D. Hos mill | | | | 下载 文川 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 流跌幅 | 净买入额(亿) | 成交额 | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | | 中心国际 | 0.1% | 0.47 | 32.68 Z | 中古国际 | 0.1% | -2.84 | 22.25 L | | 小米集团-W | -0.9% | 3.70 | 19.50亿 | 解讲控股 | 0.0% | -4.32 | 15.50 Z | | 腾讯控股 | 0.0% | 0.93 ...

Core Insights - Southbound capital transactions today amounted to approximately 115.814 billion HKD, marking a significant contraction and reaching a near 24-day low, accounting for 57.65% of the total turnover of the Hang Seng Index [2] - The Hang Seng Index experienced a slight increase of 0.19%, closing at 24,906.81 points, with a net inflow of southbound capital of about 38.35 million HKD [2] - Notable net purchases included Xiaomi Group-W (5.62 billion HKD), Kangfang Biotech (3.06 billion HKD), and Dongfang Zhenxuan (1.88 billion HKD) [2] - Significant net outflows were observed in XPeng Motors-W (6.65 billion HKD), Innovent Biologics (5.28 billion HKD), Tencent Holdings (3.40 billion HKD), Meituan-W (2.65 billion HKD), and Alibaba-W (2.34 billion HKD) [2] Company Performance - Xiaomi Group-W saw a decrease of 0.88%, with short-term capital continuing to flow in, accumulating 2.137 million shares over the past five days [3] - Kangfang Biotech increased by 0.25%, but short-term capital was primarily flowing out, with a reduction of 286,000 shares over the past five days [3] - Dongfang Zhenxuan rose by 3.32%, with short-term capital predominantly flowing in, adding 412,000 shares over the past five days [3] - XPeng Motors-W increased by 5.36%, with short-term capital also flowing in, accumulating 226,000 shares over the past five days [3] - Innovent Biologics decreased by 1.42%, with short-term capital flowing out, reducing 609,000 shares over the past five days [3] - Tencent Holdings remained unchanged, with short-term capital flowing in, adding 581,000 shares over the past five days [3] - Meituan-W decreased by 1.32%, with a slowdown in capital inflow, accumulating 1.167 million shares over the past five days [3] - Alibaba-W increased by 1.89%, with short-term capital flowing in, adding 1.642 million shares over the past five days [3]

Summary of Key Points Core Viewpoint - On August 11, southbound funds recorded a transaction volume of 115.814 billion HKD, with a net inflow of approximately 0.038 billion HKD, indicating mixed investor sentiment in the Hong Kong market [1]. Group 1: Major Net Buy and Sell Activities - Significant net buying was observed in Xiaomi Group-W (01810.HK) with 5.62 billion HKD, Kangfang Biotech (09926.HK) with 3.06 billion HKD, and Dongfang Zhenxuan (01797.HK) with 1.88 billion HKD [1]. - Major net selling was noted in XPeng Inc. (09868.HK) with 66.496 billion HKD, Innovent Biologics (01801.HK) with 52.789 billion HKD, and Tencent Holdings (00700.HK) with 33.983 billion HKD [1]. Group 2: Individual Stock Performance - Xiaomi Group-W experienced a decline of 0.88% with net buying of 3.70 billion HKD from the Shanghai-Hong Kong Stock Connect and 1.92 billion HKD from the Shenzhen-Hong Kong Stock Connect [1]. - Kangfang Biotech saw a slight increase of 0.25% with a net inflow of 3.06 billion HKD from the Shenzhen-Hong Kong Stock Connect [1]. - Dongfang Zhenxuan rose by 3.32%, with net buying of 2.01 billion HKD from the Shanghai-Hong Kong Stock Connect and a net sell of 131.974 million HKD from the Shenzhen-Hong Kong Stock Connect [1]. - Crystal Tech Holdings (02228.HK) increased by 4.78% with net buying of 1.17 billion HKD from the Shanghai-Hong Kong Stock Connect [2]. - CSPC Pharmaceutical Group (01093.HK) rose by 0.97% with a net inflow of 386.093 million HKD from the Shenzhen-Hong Kong Stock Connect [3]. - Hua Hong Semiconductor (01347.HK) fell by 3.68% with net buying of 360.177 million HKD from the Shanghai-Hong Kong Stock Connect [4]. - XPeng Inc. increased by 5.36% but faced significant net selling of 39.574 billion HKD from the Shanghai-Hong Kong Stock Connect and 26.922 billion HKD from the Shenzhen-Hong Kong Stock Connect [5]. - Innovent Biologics declined by 1.42% with net selling of 30.133 billion HKD from the Shanghai-Hong Kong Stock Connect and 22.656 billion HKD from the Shenzhen-Hong Kong Stock Connect [6]. - Tencent Holdings remained stable with no change in price, but had net buying of 925.043 million HKD from the Shanghai-Hong Kong Stock Connect and net selling of 43.233 billion HKD from the Shenzhen-Hong Kong Stock Connect [6]. - Meituan-W (03690.HK) decreased by 1.32% with net selling of 37.107 billion HKD from the Shanghai-Hong Kong Stock Connect and net buying of 1.06 billion HKD from the Shenzhen-Hong Kong Stock Connect [6].

【华福证券：维持康方生物买入评级】智通财经8月11日电，华福证券就康方生物(09926.HK)发布研报 称，该公司自研双抗AK112进度全球领先，有望占据全球二代IO市场的最大份额。预计公司2025-2027 年营业收入分别为35.18/57.65/93.72亿元，归母净利润分别为-1.86/8.03/29.66亿元，合理市值为2228亿港 元，维持买入评级。 转自：智通财经 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 74.70%, Green Power Environmental (01330) at 70.03%, and China Shenhua (01088) at 68.18% [1] - Tencent Holdings (00700), Alibaba-W (09988), and Kuaishou-W (01024) saw the largest increases in holding amounts over the last five trading days, with increases of +2.39 billion, +2.11 billion, and +1.60 billion respectively [1] - The largest decreases in holding amounts over the last five trading days were recorded by the Tracker Fund of Hong Kong (02800) at -7.82 billion, Hang Seng China Enterprises (02828) at -4.88 billion, and China Mobile (00941) at -1.34 billion [1] Hong Kong Stock Connect Latest Holding Ratios - China Telecom (00728): 10.368 billion shares, 74.70% holding ratio [1] - Green Power Environmental (01330): 0.283 billion shares, 70.03% holding ratio [1] - China Shenhua (01088): 2.303 billion shares, 68.18% holding ratio [1] - Other notable companies include Tianjin Chuangye Environmental (01065) at 64.43% and New天绿色能源 (00956) at 63.76% [1] Recent Increases in Holdings (Last 5 Trading Days) - Tencent Holdings (00700): +2.39 billion, +4.2595 million shares [1] - Alibaba-W (09988): +2.11 billion, +18.1194 million shares [1] - Kuaishou-W (01024): +1.60 billion, +20.1638 million shares [1] - Other companies with significant increases include China Shenhua (01088) and China Life (02628) [1] Recent Decreases in Holdings (Last 5 Trading Days) - Tracker Fund of Hong Kong (02800): -7.82 billion, -30.82404 million shares [1] - Hang Seng China Enterprises (02828): -4.88 billion, -5.35312 million shares [1] - China Mobile (00941): -1.34 billion, -1.54265 million shares [1] - Other companies with notable decreases include Southbound Hang Seng Technology (03033) and Guotai Junan International (01788) [1]

Core Viewpoint - The investment value of innovative drugs is not a short-term pulse but a long-term industrial dividend, with optimal solutions for sharing this dividend through index tools in golden tracks [1] Group 1: Performance of Innovative Drug Indices - Since July, the National Index for Hong Kong Stock Connect Innovative Drugs and the China Securities Innovative Drug Industry Index have reached new highs, with year-to-date increases of 106.7% and 32.3% respectively as of July 31 [2] - The impressive performance of these indices reflects a decade-long transformation of China's innovative drug industry from "follower" to "leader" [2] - Recent inflows into ETFs tracking innovative drug indices have been significant, with a net inflow of 4.26 billion yuan from August 4 to August 8 and over 16 billion yuan since June [2] Group 2: Index Adjustments and Sensitivity - The recent upgrade of the Hong Kong Stock Innovative Drug Index aims to enhance its focus by excluding CXO companies and increasing adjustment frequency from semi-annual to quarterly, effective August 12 [3][4] - This adjustment allows the index to better capture the core drivers of the innovative drug industry, focusing on pharmaceutical companies that lead drug development and hold key patents [3] - The increased adjustment frequency enhances the index's sensitivity, enabling it to quickly identify emerging growth companies in a rapidly evolving market [4] Group 3: Policy Support for Innovative Drugs - The innovative drug industry has received significant policy support this year, with the State Council's 2025 strategic goal to create a globally competitive innovation ecosystem [5] - Multiple regulatory bodies have introduced supportive measures, including optimizing review processes and reopening IPO channels for unprofitable companies [6] - The 2024 medical insurance fund expenditure on innovative drugs is projected to be 3.9 times that of 2020, with an annual growth rate of 40% [7] Group 4: Market Dynamics and Future Outlook - By the end of 2024, China is expected to have 3,575 original innovative drugs in clinical trials, surpassing the U.S. and becoming the global leader [7] - The proportion of first-in-class (FIC) drugs has increased from less than 10% in 2015 to 24% in 2024, indicating a significant enhancement in original innovation capabilities [7] - The innovative drug market in China currently accounts for less than 10% of the total pharmaceutical market, indicating substantial growth potential compared to over 20% in other G20 countries [9] Group 5: Investment Opportunities in Innovative Drugs - The China Securities Innovative Drug Industry Index has shown a year-to-date increase of 32.3%, with significant upside potential remaining [8] - The long-term growth of the innovative drug market is supported by an aging population and increasing demand for treatments for chronic diseases and rare diseases [8] - Investing in ETFs that track the innovative drug sector provides a way to mitigate risks associated with individual stock investments while capitalizing on overall industry growth [9]

Core Insights - The company AK112 is leading globally in the development of second-generation immune-oncology (IO) therapies and is expected to capture the largest market share in this segment [1][2] - The broad-spectrum anti-cancer effects of PD-1 and VEGF targets are promising, with a significant existing market potential of nearly $60 billion, driven by the synergistic mechanisms of dual-target therapies [1] - The company has made substantial progress in clinical trials, with multiple Phase III studies underway and a unique position as the only approved PD-1/VEGF dual antibody globally [2] Market Potential - The global peak sales for VEGF monoclonal antibody Bevacizumab reached approximately $7.1 billion in 2019, while combined global sales for PD-1/PD-L1 monoclonal antibodies are projected to reach $51.6 billion by 2024 [1] - The total upfront payments for PD-1/VEGF or PD-L1/VEGF dual antibody licensing agreements have reached $3.9 billion, with total deal values amounting to $28.8 billion [1] Clinical Development - AK112 has received approval for two indications in China, with one included in the national medical insurance directory, showcasing its leading global progress [2] - The company is advancing multiple Phase III clinical studies for various cancers, including NSCLC, triple-negative breast cancer, and pancreatic cancer, which could potentially replace existing market products [2] - The first international registration trial for the PD-1/CTLA-4 dual-specific antibody, AK104, has been approved, indicating significant clinical and commercial potential [2] Financial Projections - Revenue forecasts for the company are estimated at 3.518 billion, 5.765 billion, and 9.372 billion yuan for 2025-2027, with net profits projected to be -186 million, 803 million, and 2.966 billion yuan respectively [3] - Assuming successful international Phase III trials for AK112, the risk-adjusted peak sales are estimated at approximately $19.7 billion [3] - Based on a DCF valuation with a WACC of 8.06% and a perpetual growth rate of 1%, the reasonable market capitalization is calculated to be 222.8 billion HKD [3]

Group 1 - The core point of the news is that China Universal Asset Management has announced a subscription limit for two of its funds, the China Universal Science and Technology Innovation Fund and the China Universal Medical Innovation Fund, starting from August 11, to protect existing investors and maintain stable operations [1] - The China Universal Science and Technology Innovation Fund, managed by Shao Jie, has achieved a return rate of 132.55% since inception, with an annualized return of 14.79% for Class A shares and 39.66% with an annualized return of 13.11% for Class C shares [1] - The China Universal Medical Innovation Fund, managed by renowned fund manager Ge Lan, has a return rate of 68.74% for Class A shares and 60.24% for Class C shares since inception, with annualized returns of 8.45% and 7.59% respectively [1] Group 2 - The China Universal Science and Technology Innovation Fund focuses on the technology innovation industry, with significant investments in sectors such as smart vehicles, advanced manufacturing processes, and self-developed chip IP [2] - The top ten holdings of the China Universal Science and Technology Innovation Fund include companies like Hengxuan Technology, Lanyin Technology, and Tencent Holdings, with total market values ranging from approximately 117 million to 350 million yuan [2] - The China Universal Medical Innovation Fund primarily invests in stocks related to medical innovation, with a focus on innovative pharmaceuticals and medical devices [2][4] Group 3 - The top ten holdings of the China Universal Medical Innovation Fund include companies such as Sanofi Pharmaceutical and WuXi AppTec, with market values ranging from approximately 324 million to 729 million yuan [4] - Other funds managed by different companies, such as ICBC Credit Suisse and Great Wall Fund, have also reported high returns this year, with notable investments in similar sectors [5][6]