Key Points - The top three stocks with net inflows from southbound funds are China Life (02628) with 1.58 billion, Southern Hang Seng Technology (03033) with 768 million, and Alibaba-W (09988) with 452 million [1][2] - The top three stocks with net outflows are Tencent Holdings (00700) with -1.20 billion, Anta Sports (02020) with -697 million, and Rongchang Biopharmaceutical (09995) with -584 million [1][2] - In terms of net inflow ratio, Datang Renewable (01798) leads with 74.45%, followed by Shenzhen Expressway (00548) with 50.53%, and Bosideng (03998) with 50.23% [1][3] - The top three stocks with the highest net outflow ratios are Chongqing Rural Commercial Bank (03618) at -58.46%, Kington Services (09666) at -54.34%, and Poly Property Group (00119) at -51.88% [1][3] Net Inflow Rankings - The top ten stocks by net inflow include: - China Life (02628): 1.58 billion, 34.91% increase, closing price 23.620 (+3.60%) [2] - Southern Hang Seng Technology (03033): 768 million, 14.65% increase, closing price 5.475 (-0.90%) [2] - Alibaba-W (09988): 452 million, 4.38% increase, closing price 121.800 (-1.54%) [2] - Other notable stocks include Li Auto-W (02015) with 349 million and AIA Group (01299) with 317 million [2] Net Outflow Rankings - The top ten stocks by net outflow include: - Tencent Holdings (00700): -1.20 billion, -5.56% decrease, closing price 590.000 (+0.68%) [2] - Anta Sports (02020): -697 million, -40.49% decrease, closing price 92.450 (+2.72%) [2] - Rongchang Biopharmaceutical (09995): -584 million, -33.65% decrease, closing price 77.450 (+13.65%) [2] - Other notable stocks include Meituan-W (03690) with -387 million and China Construction Bank (00939) with -366 million [2] Net Inflow Ratio Rankings - The top stocks by net inflow ratio include: - Datang Renewable (01798): 74.45%, net inflow of 14.5175 million, closing price 2.360 (+0.85%) [3] - Shenzhen Expressway (00548): 50.53%, net inflow of 8.719 million, closing price 7.020 (0.00%) [3] - Bosideng (03998): 50.23%, net inflow of 6.728 million, closing price 4.630 (+0.65%) [3]

Core Viewpoint - UBS has added Kangfang Biotech (09926) to its list of major recommended stocks in the Asia-Pacific region, citing that the overseas potential of its main asset, Edafo, is not fully reflected in the stock price [1] Group 1: Company Analysis - UBS believes that reports of potential collaborations with multinational companies and the upcoming HARMONi study presentation at the 2025 World Lung Cancer Congress will serve as positive catalysts for the stock price [1] - The target price for Kangfang Biotech has been raised from HKD 197.5 to HKD 224.3, with a "Buy" rating assigned [1] - The valuation of Kangfang Biotech is approximately at the median of the biotech stocks covered by UBS, indicating potential for further outperformance [1] Group 2: Sales Forecasts - UBS has increased its peak sales estimate for Edafo from USD 14.6 billion to USD 16.3 billion [1] - The peak sales estimate for another key asset, Kantani, has been raised from USD 2.2 billion to USD 3.4 billion [1]

Group 1 - Kangfang Biotech (09926) shares rose over 4%, reaching a new high of 173.8 HKD, with a trading volume of 1.212 billion HKD [1] - The 2025 World Lung Cancer Conference (WCLC) will take place from September 6 to 9 in Barcelona, Spain, where Kangfang's partner Summit Therapeutics will present the results of the HARMONi study, a pivotal Phase III clinical trial for the PD-1/VEGF bispecific antibody drug, Ivoris [1] Group 2 - UBS has added Kangfang Biotech to its list of major recommended stocks in the Asia-Pacific region, citing the overseas potential of its main asset, Ivoris, which is not fully reflected in the stock price [2] - The firm believes that reports of potential collaborations with multinational companies and the upcoming HARMONi study results will act as positive catalysts for the stock price [2] - UBS raised its peak sales forecast for Ivoris from 14.6 billion USD to 16.3 billion USD and for another key asset, Kantan, from 2.2 billion USD to 3.4 billion USD, increasing the target price from 197.5 HKD to 224.3 HKD with a "Buy" rating [2]

Group 1 - 康方生物's stock price increased over 4%, reaching a new high of 173.8 HKD, with a trading volume of 1.212 billion HKD [1] - The 2025 World Lung Cancer Conference (WCLC) will take place in Barcelona, Spain, where 康方生物's partner Summit Therapeutics will present the results of the HARMONi study, a pivotal Phase III clinical trial for the PD-1/VEGF bispecific antibody drug [1] Group 2 - UBS has added 康方生物 to its list of major recommended stocks in the Asia-Pacific region, citing the overseas potential of its main asset, Edafo, which is not fully reflected in the stock price [2] - The firm believes that news regarding potential collaborations with multinational companies and the upcoming HARMONi study results will act as positive catalysts for the stock price [2] - UBS raised its peak sales forecast for Edafo from 14.6 billion USD to 16.3 billion USD and for another key asset, Okan, from 2.2 billion USD to 3.4 billion USD, while increasing the target price from 197.5 HKD to 224.3 HKD with a "Buy" rating [2]

Core Viewpoint - UBS has added Kangfang Biopharma to its list of major recommended stocks in the Asia-Pacific region, believing that the overseas potential of its key asset, Edafo, is not fully reflected in its stock price [1] Group 1: Company Potential - UBS highlights that reports of potential collaborations with multinational companies and the upcoming HARMONi study presentation at the 2025 World Lung Cancer Congress serve as positive catalysts for the stock price [1] - The company is also advancing the global registration and research of another key asset, Okanani [1] Group 2: Financial Estimates - UBS has raised its peak sales forecast for Edafo from $14.6 billion to $16.3 billion and for Okanani from $2.2 billion to $3.4 billion [1] - The target price for Kangfang Biopharma has been increased from HKD 197.5 to HKD 224.3, maintaining a "Buy" rating [1]

Investment Rating - The report maintains an investment rating of "B" for the biopharmaceutical industry, indicating that it is expected to outperform the market [1][3]. Core Insights - The report highlights that tumor immunotherapy (IO) is a cornerstone treatment for non-small cell lung cancer (NSCLC), with next-generation IO therapies based on PD-1/L1 monoclonal antibodies showing promise when combined with VEGF, IL-2, ADC, and CTLA-4 to overcome immune resistance and improve survival rates [3][4]. - PD-1/VEGF dual antibodies have demonstrated significant clinical benefits in first-line progression-free survival (PFS) and overall survival (OS) settings, while PD-L1 ADCs offer new options for immune-resistant cases [3][4]. - The report notes that the combination of PD-1/VEGF dual antibodies with chemotherapy has outperformed PD-1 monoclonal antibodies combined with chemotherapy in clinical trials [3][4]. Summary by Sections Tumor Immunotherapy Developments - The report discusses the efficacy of various ADC drugs in NSCLC, including TROP2, EGFR×HER3, and PD-L1 ADCs, which have shown outstanding results [3]. - PD-1/VEGF dual antibodies have reached PFS endpoints in clinical trials for squamous NSCLC, with an overall response rate (ORR) of 71.4% and a median duration of response (mDOR) of 12.7 months [4]. Clinical Trial Results - In first-line PD-L1 positive NSCLC, the ORR for the 707 single-agent treatment was 70.8%, while the combination with chemotherapy yielded an ORR of 58.3% for non-squamous and 81.3% for squamous NSCLC [4]. - The report also highlights the significant OS benefits observed with the PD-1/IL-2α-bias dual antibody fusion protein IBI363 in previously treated squamous NSCLC, achieving a median OS of 15.3 months [5]. Emerging Therapies - The PD-L1 ADC HLX43 has shown an ORR of 31.9% in CPI-treated NSCLC, with a notable 47.4% ORR in the EGFR wild-type non-squamous NSCLC subgroup [6]. - The report emphasizes the potential of the PD-1/VEGF/CTLA-4 triple antibody CS2009, which has demonstrated anti-tumor activity in early clinical trials [6].

Group 1 - The Hong Kong stock market experienced a rise and then a pullback, with the Hang Seng Index reaching a new high [1] - The National Healthcare Security Administration is publishing a list of drugs that have passed preliminary review for the "2025 National Medical Insurance Directory and Commercial Insurance Innovative Drug Directory," which will enter expert review and negotiation stages [1][2] - The Hong Kong Innovative Drug Selected ETF (520690) saw a nearly 2.5% increase, with a trading volume exceeding 20 million and a turnover rate over 5%, indicating strong market interest [1] Group 2 - The dual-track policy of basic medical insurance and commercial insurance for innovative drugs signals a payment closure model, suggesting that "true innovation is easier to scale" [2] - The performance of innovative drugs is expected to be positively impacted by the dual-track payment system and significant business development opportunities, leading to a systematic revaluation of the Chinese innovative drug sector [2] - The Hang Seng Medical ETF (513060) is benefiting from the dual advantages of technology penetration and market expansion, particularly in AI healthcare and innovative drug companies [3]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [6] Core Views - The report emphasizes that the second wave of innovation in pharmaceuticals is just beginning, with a focus on disruptive technologies and a potential bull market driven by innovative drugs [2][12][13] - The PD-1 Plus pipeline is highlighted as a significant trend, with various companies actively developing dual-target and triple-target drugs [17][21] Summary by Sections Recent Performance - The pharmaceutical index increased by 3.08% during the week of August 11-15, underperforming the ChiNext index but outperforming the CSI 300 index [11] - The market showed strong momentum, particularly in innovative drugs, with significant movements in both large-cap and small-cap stocks [12] Future Outlook - The report suggests a continued optimistic view on innovative drugs, with a focus on overseas major drugs and small-cap technology revolutions as key investment themes [13] - Specific strategies include balancing investments in new technologies like brain-computer interfaces and AI in medicine while continuing to explore innovative drugs [13] Investment Strategy - The report outlines a detailed investment strategy focusing on innovative drugs, including major overseas players and small-cap technology companies [14] - Key companies mentioned include: - Overseas Major Drugs: Innovent Biologics, 3SBio, and others [14] - Small-Cap Technology Revolution: Junshi Biosciences, Zai Lab, and others [14] - New Technologies: Companies involved in brain-computer interfaces and AI in healthcare [16] PD-1 Plus Pipeline - The PD-1/VEGF dual antibodies are identified as critical in the current research landscape, with several companies like CanSino Biologics and 3SBio making significant advancements [17][18] - The report highlights the competitive landscape and the potential for new therapies to emerge from ongoing clinical trials [19][20] Market Trends - The report notes that the innovation drug index has outperformed the pharmaceutical index and the CSI 300 index since the beginning of 2025, indicating a strong market trend towards innovative pharmaceuticals [47][48]

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index (HSSCPB) increased by 0.77% as of August 15, 2025, with notable gains from companies such as BeiGene (1.78%) and Innovent Biologics (1.67%) [3] - The Hong Kong Innovative Drug Selection ETF (520690) rose by 0.60%, marking its third consecutive increase, with the latest price at 1.01 yuan [3] - Over the past week, the Hong Kong Innovative Drug Selection ETF has accumulated a rise of 2.76% [3] Group 2 - According to Guojin Securities, China's innovative drugs are on the rise, entering the initial phase of realizing innovation results, with significant opportunities for independent development and large-scale transactions in BD authorization [4] - In the oncology sector, two main directions are highlighted: the multidimensional iteration of ADC (antibody-drug conjugates) and innovations in the molecular components of immunotherapy [4] - The latest scale of the Hong Kong Innovative Drug Selection ETF reached 396 million yuan, a new high since its establishment [4] Group 3 - The top ten weighted stocks in the HSSCPB index account for 77.96% of the index, including companies like BeiGene and WuXi Biologics [5] - The Hong Kong Innovative Drug Selection ETF closely tracks the HSSCPB index, which reflects the performance of Hong Kong-listed companies involved in innovative drug research, development, and production [5]

8月14日恒生指数下跌0.37%，报收25519.32点，全天南向资金通过港股通渠道合计净买入10.34亿港 元。 证券时报·数据宝统计，8月14日港股通全天合计成交金额为1475.43亿港元，成交净买入10.34亿港元。 具体来看，沪市港股通成交金额927.12亿港元，成交净买入16.45亿港元；深市港股通成交金额548.31亿 港元，成交净卖出6.11亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，腾讯控股成交额为60.03亿港元，成交金额居首； 其次是阿里巴巴-W、中芯国际，成交金额分别为36.89亿港元、36.59亿港元。以净买卖金额统计，中国 人寿净买入额为13.53亿港元，净买入金额居首，该股收盘股价上涨3.60%。净卖出金额最多的是腾讯控 股，净卖出6.78亿港元，收盘股价上涨0.68%。 深市港股通前十大成交活跃股中，成交额居首的是腾讯控股，成交金额41.88亿港元；其次是中芯国 际、阿里巴巴-W，成交金额分别为21.29亿港元、21.23亿港元。以净买卖金额统计，有5只股为净买 入，净买入金额最多的是阿里巴巴-W，净买入3.13亿港元，该股收盘下跌1.54%。净卖出金额最多的是 腾讯 ...