Summary of Key Points Core Viewpoint - On August 14, southbound funds recorded a transaction volume of 147.543 billion HKD, with a net inflow of approximately 1.034 billion HKD, indicating active trading in the Hong Kong stock market. Group 1: Net Inflows - Significant net purchases were made in the following companies: - China Life (02628.HK) with a net inflow of 1.353 billion HKD, showing a price increase of 3.60% [2] - Alibaba-W (09988.HK) with a net inflow of 1.42 billion HKD from the Shanghai-Hong Kong Stock Connect and 3.13 billion HKD from the Shenzhen-Hong Kong Stock Connect, despite a price drop of 1.54% [3] - Li Auto-W (02015.HK) with a net inflow of 3.52 billion HKD, experiencing a decline of 1.60% [4] - Sangfor Technologies (01530.HK) with a net inflow of 3.04 billion HKD, increasing by 2.83% [5] - CanSino Biologics (09926.HK) with a net inflow of 2.22 billion HKD, rising by 4.19% [6] - SMIC (00981.HK) with a net inflow of 2.55 billion HKD from the Shenzhen-Hong Kong Stock Connect, despite a slight decrease of 0.10% [7] Group 2: Net Outflows - Major net sales were observed in the following companies: - Tencent Holdings (00700.HK) with a net outflow of 677.8123 million HKD from the Shanghai-Hong Kong Stock Connect and 519.1757 million HKD from the Shenzhen-Hong Kong Stock Connect, with a price increase of 0.68% [8] - Meituan-W (03690.HK) with a net outflow of 141.0263 million HKD from the Shanghai-Hong Kong Stock Connect and 245.3153 million HKD from the Shenzhen-Hong Kong Stock Connect, showing a slight increase of 0.08% [9] - Crystal International (02228.HK) with a net outflow of 134.2188 million HKD from the Shanghai-Hong Kong Stock Connect and 120.6194 million HKD from the Shenzhen-Hong Kong Stock Connect, despite a significant rise of 11.61% [9] - WuXi Biologics (02269.HK) with a net outflow of 18.83193 million HKD from the Shenzhen-Hong Kong Stock Connect, with a minor price increase of 0.06% [9]

Core Viewpoint - The investment bank maintains a cautiously optimistic outlook on the Chinese pharmaceutical industry, noting a significant average increase of 137% in Hong Kong biotech stocks since early 2025, driven by cash returns from innovative drug licensing deals and unaffected by upcoming U.S. tariffs [1] Group 1: Market Performance - The biotech sector has recently experienced some pullback due to disappointing sales figures from major companies in the first half of 2025, including Hutchison China MediTech [1] - Concerns have arisen regarding Trump's phased implementation of drug tariffs, which could escalate to 150% within a year and ultimately reach 250% [1] Group 2: Company Recommendations - The bank's top pick is BeiGene (06160), with a target price set at HKD 230 and a rating of "Outperform," citing strong performance in the first half of 2025 and an improved gross margin guidance despite U.S. tariff impacts [1] - CanSino Biologics (09926) is expected to report adjusted earnings of RMB 23 million for the first half of 2025, benefiting from revenue growth from its drugs AK104 and AK112, also rated "Outperform" [1] - The target price for Innovent Biologics (01801) has been raised by 10% from HKD 100 to HKD 110, with a rating of "Outperform," reflecting confidence in the company's projected 37% year-on-year revenue growth [1] Group 3: Focus on Innovative Drugs - The bank continues to pay attention to licensing deals for Chinese innovative drugs, with expectations of increased subsidies for high-priced innovative drugs, which may drive sales growth for companies such as Kintor Pharmaceutical (02171), Fosun Pharma (02196), WuXi AppTec (02126), and Kelun-Biotech (06990) [2]

格隆汇8月14日丨康方生物(09926.HK)公告，公司将于2025年8月26日(星期二)举行董事会会议，藉以(其 中包括)考虑及批准公司及其附属公司于截至2025年6月30日止6个月中期业绩及其发布。 ...

康方生物科技（ 開曼 ）有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將 於二零二五年八月二十六日（ 星期二 ）舉行董事會會議，藉以（ 其中包括 ）考慮及批 准本公司及其附屬公司於截至二零二五年六月三十日止六個月之中期業績及其發 佈。 承董事會命 康方生物科技（開曼）有限公司 Akeso, Inc. 康 方 生 物 科 技（ 開 曼 ）有 限 公 司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9926） 董事會會議召開日期 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 主席兼執行董事 夏瑜博士 香港，二零二五年八月十四日 於 本 公 告 日 期 ， 董 事 會 成 員 包 括 主 席 兼 執 行 董 事 夏 瑜 博 士 ， 執 行 董 事 李 百 勇 博 士、王忠民博士及張鵬博士，非執行董事謝榕剛先生，獨立非執行董事曾駿文博 士、徐岩博 ...

Core Viewpoint - 康方生物's stock rose over 4%, currently at 164.6 HKD with a trading volume of 1.404 billion HKD, following the announcement of significant clinical trial results to be presented at the 2025 World Lung Cancer Conference [1] Group 1: Clinical Developments - 康方生物's partner, Summit Therapeutics, will present the results of the global first PD-1/VEGF bispecific antibody drug, Ivoris, during the conference, specifically the Phase III HARMONi study results, which have been selected for a Late-Breaking Abstract presentation [1] - The company will also disclose efficacy data for the combination therapy of Cardonili and Proxilumab (VEGFR2) in patients with immune therapy-resistant lung cancer, which has been included in the Mini Oral session of the conference [1] - The combination therapy of Cardonili has previously been recognized as a breakthrough therapy for advanced squamous non-small cell lung cancer (NSCLC) after progression on PD-(L)1 inhibitors, highlighting its significant clinical value [1]

Core Viewpoint - 康方生物's stock rose over 4%, reaching 164.6 HKD with a trading volume of 1.404 billion HKD, following the announcement of significant clinical trial results to be presented at the 2025 World Lung Cancer Conference [1] Group 1: Clinical Developments - 康方生物's partner, Summit Therapeutics, will present the results of the global first PD-1/VEGF bispecific antibody drug, Ivoris, during the conference, specifically the results from the international multicenter Phase III clinical trial HARMONi, which has been selected for a Late-Breaking Abstract oral presentation [1] - The company will also disclose efficacy data for the combination therapy of Cardonili and Proxilumab (VEGFR2) in patients with immune therapy-resistant lung cancer, which has been included in the Mini Oral session of the conference [1] - The combination therapy of Cardonili has previously been recognized as a breakthrough therapy for advanced squamous non-small cell lung cancer (NSCLC) that has progressed after PD-(L)1 inhibitor treatment, highlighting its significant clinical value [1]

Core Viewpoint - 康方生物's stock rose over 4%, reaching 164.6 HKD, with a trading volume of 1.404 billion HKD, following the announcement of significant clinical trial results to be presented at the 2025 World Lung Cancer Conference [1] Group 1: Clinical Developments - 康方生物's partner, Summit Therapeutics, will present the results of the global first PD-1/VEGF bispecific antibody new drug, Ivoris, during the conference, which has been selected for a Late-Breaking Abstract oral presentation [1] - The company will also disclose efficacy data for the combination therapy of Cardonili and Proxilumab (VEGFR2) in the context of immune therapy-resistant lung cancer, which has been included in the conference's Mini Oral session [1] - The combination therapy of Cardonili has been recognized as a breakthrough treatment for advanced squamous non-small cell lung cancer (NSCLC) after progression on PD-(L)1 inhibitors, highlighting its significant clinical value [1]

Key Points - Xiaomi Group-W (01810), Crystal International Holdings (02228), and BYD Electronic (00285) ranked top in net inflow of southbound funds, with net inflows of 562 million, 227 million, and 213 million respectively [1][2] - Xpeng Motors-W (09868), Innovent Biologics (01801), and Ganfeng Lithium (01772) had the highest net outflows, with net outflows of -663 million, -535 million, and -410 million respectively [1][2] - In terms of net inflow ratio, Haitian Flavoring and Food (03288), Jiangsu Nanjing Highway (00177), and Swire Properties B (00087) led the market with ratios of 55.51%, 49.37%, and 46.46% respectively [1][2] - The highest net outflow ratios were recorded by Reshape Energy (02570), Southbound Hang Seng Index ETF (03037), and First Pacific Company (00142) with ratios of -90.77%, -68.70%, and -60.36% respectively [1][3] Net Inflow Rankings - Xiaomi Group-W (01810) had a net inflow of 562 million, representing 8.75% of its closing price of 50.800, which decreased by 0.88% [2] - Crystal International Holdings (02228) saw a net inflow of 227 million, with a net inflow ratio of 11.34% and a closing price of 7.450, which increased by 4.78% [2] - BYD Electronic (00285) recorded a net inflow of 213 million, with a net inflow ratio of 13.41% and a closing price of 38.680, which increased by 6.15% [2] Net Outflow Rankings - Xpeng Motors-W (09868) experienced the largest net outflow of -663 million, with a net outflow ratio of -20.13% and a closing price of 83.600, which increased by 5.36% [2] - Innovent Biologics (01801) had a net outflow of -535 million, with a net outflow ratio of -19.67% and a closing price of 89.950, which decreased by 1.42% [2] - Ganfeng Lithium (01772) recorded a net outflow of -410 million, with a net outflow ratio of -19.45% and a closing price of 34.000, which increased by 20.91% [2] Net Inflow Ratio Rankings - Haitian Flavoring and Food (03288) had a net inflow ratio of 55.51%, with a net inflow of 21.1399 million and a closing price of 33.560, which decreased by 0.47% [3] - Jiangsu Nanjing Highway (00177) recorded a net inflow ratio of 49.37%, with a net inflow of 14.6726 million and a closing price of 9.980, which decreased by 0.40% [3] - Swire Properties B (00087) had a net inflow ratio of 46.46%, with a net inflow of 4.0945 million and a closing price of 12.160, which decreased by 0.57% [3]

Group 1 - The core viewpoint of the news is the performance and holdings of the Zhongyin Innovation Medical Mixed Fund C, which has shown significant growth in recent months and has a strong portfolio in the healthcare sector [1][3]. - As of August 13, 2025, the latest net value of Zhongyin Innovation Medical Mixed Fund C is 2.1969 yuan, reflecting a growth of 3.87% [1]. - The fund has achieved a return of 15.09% over the past month, ranking 1008 out of 4699 in its category [1]. - Over the last six months, the fund's return is 86.76%, ranking 26 out of 4543 [1]. - Year-to-date, the fund has returned 85.33%, ranking 30 out of 4501 [1]. - The top ten stock holdings of the fund account for a total of 62.83%, with significant positions in companies such as Innovent Biologics (8.33%), Kelun-Biotech (8.15%), and Hengrui Medicine (8.08%) [1]. Group 2 - The Zhongyin Innovation Medical Mixed Fund C was established on October 30, 2020, and as of June 30, 2025, it has a total scale of 2.686 billion yuan [1]. - The fund manager, Zheng Ning, has a background in asset management and has held various positions in the investment industry, including roles at Taikang Asset Management and Zhonggeng Fund Management [2]. - Zheng Ning has been managing the Zhongyin Innovation Medical Mixed Fund C since July 1, 2022, and has also taken on management roles for other funds within the healthcare sector [2].

Core Viewpoint - The report from Guojin Securities highlights the rise of innovative drugs in China, indicating that the industry is in the early stages of realizing innovation outcomes, with significant opportunities for independent development and large-scale licensing transactions in the future [1] Group 1: Industry Trends - The global oncology immunotherapy landscape is entering a new era characterized by the combination of PD-1 and TAA (tumor-associated antigens) with cytokines [2] - Multinational pharmaceutical companies are facing patent cliffs for their blockbuster drugs while new innovative drug assets are rapidly emerging globally, including in China, leading to a trend of licensing agreements to fill pipeline gaps [2] - The global innovative drug business development (BD) upfront payments have reached the billion-dollar level, with China accounting for 40% of the total upfront payments [2] Group 2: Drug Development Focus - The evolution from single antibodies to dual and multi-target molecules is ongoing, with a focus on enhancing efficacy and reducing toxicity [3] - The exploration of new molecular constructs has progressed from combinations of immune checkpoint inhibitors (ICIs) and TAAs to combinations with cytokines like IL-2, aiming for better therapeutic outcomes [3][4] - The next wave of innovation in the post-PD-1 era is just beginning, with numerous companies exploring combinations of PD-1 with IL-2 and other structural innovations [4] Group 3: Potential Investment Targets - The report suggests that promising new products may emerge from segments such as TCE (T-cell engagers), other dual/multi-antibodies, and innovative ADCs (antibody-drug conjugates), with a focus on leading clinical enterprises [5] - Recommended companies to watch include Innovent Biologics (01801), Kintor Pharmaceutical (09926), and Kelun-Biotech (06990) [5]