深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 43.57 亿元 | +7.84 亿元 | | 中芯国际(00981) | 31.32 亿元 | +5.15 亿元 | | 信达生物(01801) | 25.38 亿元 | +8.47 亿元 | | 康方生物(09926) | 24.18 亿元 | +3.65 亿元 | | 美团-W(03690) | 22.68 亿元 | +8.39 亿元 | | 石药集团(01093) | 21.59 亿元 | +2.67 亿元 | | 腾讯控股(00700) | 17.39 亿元 | -2.29 亿元 | | 百济神州(06160) | 17.30 亿元 | +8.27 亿元 | | 三生制药(01530) | 16.52 亿元 | +2.15 亿元 | | 中国生物制药(01177) | 16.02 亿元 | +3.24 亿元 | 智通财经APP获悉，2025年9月11日当天，阿里巴巴-W(09988)、美团-W(03690)、中芯国际(00981)位居 沪港通（南向 ...

Core Insights - The article highlights the net inflow and outflow of capital in the Hong Kong stock market, with specific focus on the top companies experiencing significant changes in capital flow [1][2]. Group 1: Net Inflow - Alibaba-W (09988) leads with a net inflow of 5.14 billion, representing a 25.60% increase in capital [2]. - Horizon Robotics-W (09660) follows with a net inflow of 1.375 billion, showing a 24.13% increase [2]. - Tencent Holdings (00700) has a net inflow of 1.076 billion, with an 8.04% increase [2]. - Other notable companies with significant inflows include BYD Company (01211) with 1.031 billion and WuXi Biologics (02269) with 542 million [2]. Group 2: Net Outflow - Pop Mart (09992) experiences the highest net outflow at -649 million, reflecting a -6.94% decrease [2]. - Kuaishou-W (01024) has a net outflow of -581 million, with a -13.67% decrease [2]. - Meitu Inc. (01357) sees a net outflow of -472 million, indicating a -24.59% decrease [2]. - Other companies with significant outflows include Xiaomi Group-W (01810) at -368 million and China Merchants Bank (03968) at -227 million [2]. Group 3: Net Inflow Ratio - The top net inflow ratio is held by Wisdom Hong Kong 100 (02825) at 100.00%, with a total inflow of 5.924 billion [3]. - Sinopec Kantons Holdings (00934) follows with a net inflow ratio of 72.10%, totaling 6.5044 million [3]. - Kunlun Energy (00135) has a net inflow ratio of 63.22%, with an inflow of 5.6388 million [3]. Group 4: Net Outflow Ratio - iFlytek Medical Technology (02506) leads in net outflow ratio at -48.28%, with an outflow of -13.4085 million [3]. - VTECH Holdings (00303) has a net outflow ratio of -45.83%, totaling -15.8089 million [3]. - NetDragon (00777) follows with a net outflow ratio of -45.72%, with an outflow of -41.1797 million [3].

Market Overview - The Hong Kong stock market showed a soft trend, with the Hang Seng Index (HSI) maintaining fluctuations and overall market sentiment being cautious [1] - The pharmaceutical sector exhibited mixed performance, with Kangfang Biopharma (09926) being a notable focus, closing at 140.1 HKD, down 1.68% for the day, with a trading volume of 29.57 billion HKD [1] Company Insights - Kangfang Biopharma's core product, AK112, is expected to release follow-up clinical data at the end of the month during an international medical conference, which has garnered market attention regarding its potential in cancer treatment [1] - The stock has experienced significant short-term volatility, with a 5-day price fluctuation of 21.6% [1] Technical Analysis - Technical indicators suggest a "buy" signal with a strength of 10, while multiple moving averages indicate a "strong buy" signal [3] - The Relative Strength Index (RSI) is at a relatively low level of 35, with several oscillators showing neutral signals, but some indicators indicate oversold conditions, suggesting a potential bottoming phase with a 57% probability of price increase [3] Support and Resistance Levels - The first support level for Kangfang Biopharma is at 128.3 HKD, with a second support level at 109.6 HKD [5] - The first resistance level is at 155.9 HKD, and if this level is surpassed, the second resistance level at 170.6 HKD may be challenged [5] - The current stock price of 140.1 HKD is positioned between the support and first resistance levels, making stability and movement towards the resistance level crucial for future trends [5] Investment Products - For investors optimistic about a rebound, the Huatai call warrant (18380) is recommended, offering a leverage of 3 times with an exercise price of 158.98 HKD, noted for its low premium and implied volatility [5][6] - The Bank of China call warrant (18157) is also worth considering, with a lower leverage of 2.6 times and a similar exercise price, but it has the highest implied volatility among similar products [6] - In terms of bull certificates, UBS's bull certificate (53839) has a high leverage of 4.6 times with a redemption price of 120 HKD, while JPMorgan's bull certificate (55333) offers an even higher leverage of 5.2 times with a redemption price of 124 HKD, suitable for investors confident in a short-term rebound [7][8]

Core Viewpoint - The Hong Kong capital market is experiencing a significant recovery in 2025, with IPO financing reaching 132.9 billion HKD, a 50% increase compared to the entire year of 2024 [3]. Industry Financing Overview - The top three industries in terms of financing scale are Information Technology, Consumer Discretionary, and Healthcare, with the Healthcare sector raising 37 billion HKD [4]. - Notably, four of the top ten refinancing projects in 2025 are focused on innovative drugs, collectively raising 19.9 billion HKD, highlighting the sector's attractiveness [4]. Company-Specific Highlights - WuXi AppTec raised 7.7 billion HKD through a placement at a price of 104.27 HKD per share, marking the largest medical project financing of the year and the third largest overall [6]. - The company reported a 20.6% increase in revenue for the first half of 2025, with net profit soaring by 95% [6]. - In contrast, the company had a substantial cash reserve of 17.5 billion HKD, raising questions about the necessity of this financing [6]. Capital Movements in "WuXi System" - The "WuXi System" has been active in capital movements, with significant share reductions and financing activities among its subsidiaries, indicating a tightly linked capital network [7]. - WuXi AppTec reduced its stake in WuXi Biologics twice in early 2025, totaling 3.73 billion HKD, while also engaging in various financing activities [7][8]. Other Notable Financing Activities - Innovent Biologics raised 4.3 billion HKD at a low discount of 4.9%, with a remarkable 46% revenue growth and a 302% increase in net profit [9]. - However, significant shareholder reductions by Temasek and Eli Lilly raised concerns about the company's long-term value despite its strong performance [10]. - CanSino Biologics raised 3.97 billion HKD with a low discount, but the simultaneous cash-out by executives raised sensitivity around the company's financial health [11]. - Hansoh Pharmaceutical raised 3.92 billion HKD with a unique underwriting model, indicating confidence in the financing despite potential market challenges [12].

Core Viewpoint - The Hong Kong capital market is experiencing a significant recovery in 2025, with IPO financing reaching 132.9 billion HKD, a 50% increase compared to the entire year of 2024 [3] Group 1: Market Performance - As of the first eight months of 2025, the IPO financing scale in Hong Kong reached 132.9 billion HKD, marking a four-year high [3] - The secondary market for Hong Kong stocks has shown even stronger performance, with fundraising reaching 190.5 billion HKD, which is 3.8 times higher than the total for 2024 [3] - The average fundraising scale per project in the secondary market is 1.1 billion HKD, contributing significantly to the market's activity [3] Group 2: Industry Financing - The top three industries in terms of financing scale are Information Technology, Consumer Discretionary, and Healthcare, with the Healthcare sector raising 37 billion HKD [4] - Notably, four out of the top ten refinancing projects in 2025 are related to innovative drugs, collectively raising 19.9 billion HKD [4] Group 3: Company-Specific Financing Activities - WuXi AppTec led the medical sector with a 77 billion HKD fundraising through a lightning placement, marking the largest medical project financing of the year [6] - The company reported a 20.6% year-on-year increase in revenue for the first half of 2025, reaching 20.8 billion HKD, and a 95% increase in net profit [6] - Innovent Biologics raised 43.1 billion HKD with a 4.9% discount, benefiting from a 46% increase in revenue and a 302% surge in net profit [9] - Kangfang Biologics raised 39.7 billion HKD at a 4.75% discount, despite being the only company in the healthcare sector to report a decline in net profit for two consecutive reporting periods [11] - Hansoh Pharmaceutical raised 39.2 billion HKD with a 6.5% discount, utilizing a firm underwriting model to ensure full subscription of shares [12]

Market Overview - On September 10, the Hang Seng Index rose by 1.01%, closing at 26,200.26 points, with a total net inflow of southbound funds through the Stock Connect amounting to HKD 75.66 billion [1][3] - The total trading volume for the Stock Connect on the same day was HKD 1,393.07 billion, with a net buy of HKD 75.66 billion [1] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 867.41 billion, with a net buy of HKD 25.36 billion; in the Shenzhen Stock Connect, the trading volume was HKD 525.66 billion, with a net buy of HKD 50.30 billion [1] - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 1,090.16 million and a net buy of HKD 242.57 million, closing up by 0.63% [2] - In the Shenzhen Stock Connect, Alibaba-W also led with a trading volume of HKD 589.33 million and a net buy of HKD 208.56 million, closing up by 0.63% [2] Notable Stocks - The stock with the highest net sell was Pop Mart, with a net sell of HKD 129.84 million, closing down by 4.51% [2] - Other notable stocks included Semiconductor Manufacturing International Corporation (SMIC) with a net buy of HKD 11.94 million and a closing increase of 3.61%, and Tencent Holdings with a net buy of HKD 2.32 million, closing up by 1.04% [2]

Group 1 - Significant net purchases were made in Alibaba (HKD 4.511 billion), Bilibili (HKD 0.362 billion), and other companies, while major net sales were recorded for Pop Mart (HKD 1.711 billion) and others [1] - Southbound funds have continuously net purchased Alibaba for 14 days, totaling HKD 33.41389 billion, while Pop Mart and Xiaomi have seen net sales over the last three days [3] Group 2 - Alibaba launched a new product called "Gaode Street Ranking," which utilizes AI algorithms to quantify user behavior and create a credit system for offline services, enhancing visibility for lesser-known businesses [4] - Goldman Sachs reported that Bilibili's upcoming game "Three Kingdoms: Hundred Generals Card" is expected to achieve daily active users of one million, with a launch planned for the 2026 Spring Festival [4] Group 3 - The AI cloud market in China is projected to reach CNY 22.3 billion in the first half of 2025, with a significant growth forecast driven by generative AI [5] - Bank of America upgraded Kingsoft Cloud's rating to "Buy" with a target price of USD 20.4, while JPMorgan maintained a "Buy" rating and raised the target price to USD 19 [5] Group 4 - Xiaomi's marketing manager was dismissed for serious violations, including leaking confidential information, indicating potential internal governance issues [6]

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 109.02 亿元 | +24.26 亿元 | | 泡泡玛特(09992) | 34.20 亿元 | -12.98 亿元 | | 中芯国际(00981) | 30.19 亿元 | +1.19 亿元 | | 腾讯控股(00700) | 28.96 亿元 | +2317.41 万元 | | 小米集团-W(01810) | 26.63 亿元 | -3.26 亿元 | | 美团-W(03690) | 24.60 亿元 | -2.91 亿元 | | 康方生物(09926) | 15.30 亿元 | -1.57 亿元 | | 金山云(03896) | 15.26 亿元 | -3.31 亿元 | | 中国海洋石油(00883) | 13.01 亿元 | +1.55 亿元 | | 国泰君安国际(01788) | 11.39 亿元 | +2567.24 万元 | 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988 ...

Core Viewpoint - 招银国际 maintains a "Buy" rating for 康方生物 (09926), citing positive overall survival (OS) trends from the HARMONi trial, which enhances confidence in its first-line indication potential [1] Group 1: Clinical Trial Results - Summit released the latest data from the HARMONi global clinical trial, evaluating the efficacy of AK112 combined with chemotherapy versus chemotherapy alone in second-line EGFR-TKI resistant NSCLC patients [2] - Chinese patients demonstrated superior progression-free survival (PFS) results, with a median PFS of 6.8 months for AK112 combined with chemotherapy compared to 4.4 months for chemotherapy alone (HR=0.52, p<0.001) [3] - In long-term follow-up, the PFS HR slightly worsened to 0.57, potentially due to increased data maturity in Western populations, with North American and European patients showing PFS HRs of 0.67 and 0.55 respectively [3] Group 2: Overall Survival Analysis - In the final OS analysis, the median OS for the AK112 combined chemotherapy group was 16.8 months compared to 14.0 months for the chemotherapy alone group, with an HR of 0.79 (95% CI: 0.62–1.01, p=0.0570) [4] - Long-term follow-up showed an improvement in OS HR to 0.78 (95% CI: 0.62–0.98) with a nominal p-value of 0.0332, indicating a positive trend despite the FDA's reliance on pre-specified analysis results [4] - North American patients exhibited strong OS results with an HR of 0.70, although the confidence interval was wide (0.38–1.30) [5]

Core Viewpoint - The report from CMB International maintains a "Buy" rating for Kangfang Biotech (09926), highlighting positive overall survival (OS) trends from the HARMONi trial, which enhances confidence in its first-line indication potential [1] Group 1: Clinical Trial Results - The HARMONi trial assessed the efficacy of AK112 combined with chemotherapy versus chemotherapy alone in second-line treatment for third-generation EGFR-TKI resistant NSCLC patients, showing that Western patients had inferior progression-free survival (PFS) risk ratios compared to Chinese patients [1] - In the primary PFS analysis (n=345, median follow-up of 22.3 months), the median PFS for AK112 combined with chemotherapy was 6.8 months compared to 4.4 months for chemotherapy alone (HR=0.52, p<0.001) [2] - In longer follow-up (median 29.7 months), the PFS HR slightly worsened to 0.57, attributed to increased data maturity in Western populations, with North American and European patients showing PFS HR of 0.67 and Chinese patients at 0.55 [2] Group 2: Overall Survival Analysis - In the final OS analysis (n=438, overall median follow-up of 29.7 months), the median OS for the AK112 combined group was 16.8 months versus 14.0 months for the chemotherapy group, with an HR of 0.79 (95% CI: 0.62–1.01, p=0.0570), indicating an overall positive OS trend [3] - In non-predefined longer follow-up (32.7 months), the OS HR improved to 0.78 (95% CI: 0.62–0.98) for the Western patient cohort, with a nominal p-value of 0.0332, emphasizing the importance of mature long-term OS data for evaluating efficacy in Western patients [3] - North American patients showed strong OS results with an HR of 0.70, despite a wide confidence interval (0.38–1.30), while European patients had limited sample size and follow-up time [4]