Core Insights - On August 29, Xinhua Insurance made its first appearance on the Hong Kong Stock Connect active trading list in a month, with a trading volume of 2.241 billion HKD and a net sell of 335 million HKD [2][3] - The total trading volume of active stocks on the Hong Kong Stock Connect reached 51.102 billion HKD, accounting for 28.25% of the day's total trading amount, with a net buying amount of 2.774 billion HKD [2] - Among the most actively traded stocks, SMIC led with a trading volume of 7.859 billion HKD, followed by Guotai Junan International and Alibaba-W with trading volumes of 7.251 billion HKD and 6.741 billion HKD, respectively [2] Trading Activity Summary - Xinhua Insurance's trading activity on August 29 included a closing price of 48.14 HKD, reflecting a daily increase of 1.35% [3] - The stocks with the highest trading frequency over the past month included Alibaba-W and Tencent Holdings, each appearing 23 times on the active trading list [2] - Other notable stocks included Xiaomi Group with a trading volume of 4.731 billion HKD and Meituan-W with 4.410 billion HKD, both showing varying daily price changes [2]

Market Overview - On August 29, the Hang Seng Index rose by 0.32%, with southbound trading totaling HKD 180.90 billion, comprising HKD 96.47 billion in buying and HKD 84.43 billion in selling, resulting in a net buying amount of HKD 12.04 billion [1] Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total transaction amount of HKD 69.63 billion, with buying at HKD 40.17 billion and selling at HKD 29.47 billion, leading to a net buying of HKD 10.70 billion [1] - Southbound trading through the Stock Connect (Shanghai) had a total transaction amount of HKD 111.27 billion, with buying at HKD 56.30 billion and selling at HKD 54.96 billion, resulting in a net buying of HKD 1.34 billion [1] Active Stocks - The most actively traded stock by southbound funds was SMIC, with a total transaction amount of HKD 78.59 billion [1] - Other notable stocks included Guotai Junan International and Alibaba-W, with transaction amounts of HKD 72.51 billion and HKD 67.41 billion, respectively [1] - Tencent Holdings had a net buying amount of HKD 15.84 billion, closing up by 0.42%, while Alibaba-W saw a net buying of HKD 11.49 billion [1][2] Continuous Net Buying - Three stocks experienced continuous net buying for more than three days, with Alibaba-W leading at six consecutive days, followed by Huahong Semiconductor at four days and Kangfang Biotech at three days [2] - The total net buying amounts during this period were HKD 59.75 billion for Alibaba-W, HKD 11.06 billion for Kangfang Biotech, and HKD 9.49 billion for Huahong Semiconductor [2]

Group 1 - On August 29, 2025, Guotai Junan International (01788), SMIC (00981), and Alibaba-W (09988) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 5.39 billion, 5.11 billion, and 3.14 billion respectively [1] - In the Southbound Stock Connect for Shenzhen-Hong Kong, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) led the trading volume, with amounts of 3.60 billion, 2.75 billion, and 2.16 billion respectively [1] Group 2 - The top ten active companies in the Southbound Stock Connect (Shanghai-Hong Kong) included Guotai Junan International (01788) with a net buy of 0.18 billion, SMIC (00981) with a net sell of 0.46 billion, and Alibaba-W (09988) with a net buy of 0.25 billion [2] - In the Southbound Stock Connect (Shenzhen-Hong Kong), Alibaba-W (09988) had a net buy of 0.90 billion, SMIC (00981) had a net buy of 0.39 billion, and Tencent Holdings (00700) had a net buy of 0.96 billion [2]

来源：新浪基金∞工作室 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 规模方面，截止8月28日，港股创新药ETF（159567）最新份额为66.19亿份，最新规模为61.26亿元。回 顾2024年12月31日，港股创新药ETF（159567）份额为3.95亿份，规模为3.78亿元。即该基金今年以来 份额增加1574.08%，规模增加1521.35%。 流动性方面，截止8月29日，港股创新药ETF（159567）近20个交易日累计成交金额342.26亿元，日均 成交金额17.11亿元；今年以来，161个交易日，累计成交金额1775.81亿元，日均成交金额11.03亿元。 港股创新药ETF（159567）现任基金经理为马君。马君自2024年1月3日管理（或拟管理）该基金，任职 期内收益85.10%。 最新定期报告显示，港股创新药ETF（159567）重仓股包括信达生物、药明生物、百济神州、康方生 物、中国生物制药、中国生物制药、石药集团、三生制药、翰森制药、再鼎医药，持仓占 ...

该行表示，考虑到AK104和AK112的适应症扩展，尤其是AK112-AK112正在扩展到冷肿瘤，目前有五项 一线治疗的III期临床试验正在进行，该行已上调AK104和AK112在中国的高峰预测至45亿和80亿元人民 币。该行亦上调AK112海外风险调整后的高峰销售预测至70亿美元。 中银国际发布研报称，康方生物(09926)上半年收入为14.1亿元人民币，同比增长38%，其中药品销售额 为14亿元人民币，同比增长49%，主要得益于卡度尼利单抗和依沃西单抗被纳入国家医保目录。该行将 康方生物目标价上调至185港元，重申"买入"评级。 ...

智通财经APP获悉，中银国际发布研报称，康方生物(09926)上半年收入为14.1亿元人民币，同比增长 38%，其中药品销售额为14亿元人民币，同比增长49%，主要得益于卡度尼利单抗和依沃西单抗被纳入 国家医保目录。该行将康方生物目标价上调至185港元，重申"买入"评级。 该行表示，考虑到AK104和AK112的适应症扩展，尤其是AK112-AK112正在扩展到冷肿瘤，目前有五项 一线治疗的III期临床试验正在进行，该行已上调AK104和AK112在中国的高峰预测至45亿和80亿元人民 币。该行亦上调AK112海外风险调整后的高峰销售预测至70亿美元。 ...

核心产品收入符合预期。1H25 产品销售额14.02 亿元，同比增长49.2%，产品毛利率为 79.25%，销售和 营销开支费用率达47.80%（-7.1pctYoY），其中开坦尼（AK104）和依达方（AK112）销售贡献积极。 这两个核心双抗已纳入国家医保目录，为充分挖掘两个产品的国内商业化潜力，公司成立了1000+销售 人员组成的商业化团队，考虑到公司两款核心产品临床优势明显，医患认可度高，以及公司加快销售投 入，我们对这两款产品的国内销售持乐观态度。 HARMONi-A 最终分析显示OS 取得统计学意义。2025 年8 月，公司宣布AK112 联合化疗用于治疗2L EGFRm NSCLC 的HARMONi-A 临床公布最终数据，取得具有临床意义和统计学显著的OS 获益，公司 未来将在学术大会上公布详细数据。该临床结果上一次更新是2024 年5 月，OS HR 为0.80，成熟度为 52%，我们认为该结果进一步证明了AK112 在2L EGFRmNSCLC 能够为患者带来明显的生存获益。值 得注意的是，目前在2LEGFRm NSCLC 尚无上市药物取得OS 统计学显著性，IO 代表性药物Keytruda ...

[Table_yemei1] 观点聚焦 Investment Focus 研究报告 Research Report 29 Aug 2025 康方生物 Akeso (9926 HK) 25H1：HARMONi-A 获统计学显著获益结果，建议关注 2025 WCLC 数据催化 25H1: The HARMONi-A study achieved statistically significant benefits; we recommend paying attention to the data catalyst at the 2025 WCLC 公司 25H1 实现营收 14.1 亿元（+37.8%），其中商业化收入 14.0 亿 元（+49.2%），商业化授权收入 0.1 亿元。毛利 11.2 亿元 （+18.8%），毛利率 79.4%（-12.6pcts），商业化毛利 11.1 亿元 （+29.5%）。研发开支 7.3 亿元（+23.0%），研发费用率 51.8% （-6.2pcts），销售费用 6.7 亿元（+29.8%），销售费用率 47.5% （-2.9pcts），行政开支 1.3 亿元（+34.4 ...

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 | | --- | --- | --- | | 美团-W(03690) | 61.45 亿元 | -2.97 亿元 | | 中芯国际(00981) | 55.65 亿元 | +3.18 亿元 | | 阿里巴巴-W(09988) | 47.26 亿元 | -3.76 亿元 | | 盈富基金(02800) | 40.29 亿元 | -40.01 亿元 | | 腾讯控股(00700) | 24.97 亿元 | -3.78 亿元 | | 康方生物(09926) | 16.81 亿元 | +5.12 亿元 | | 华虹半导体(01347) | 15.73 亿元 | +1.19 亿元 | | 小米集团-W(01810) | 15.63 亿元 | -3.00 亿元 | | 中国海洋石油(00883) | 13.81 亿元 | +2.53 亿元 | | 晶泰控股(02228) | 11.81 亿元 | +2.24 亿元 | 智通财经APP获悉，2025年8月28日当天，中芯国际(00981)、美团-W(03690)、盈富基金(02800)位居沪 港通（ ...

Group 1 - The Hong Kong Innovative Drug ETF (159567) closed down 1.26% on August 28, with a trading volume of 2.227 billion yuan [1] - The fund was established on January 3, 2024, with a management fee of 0.50% per year and a custody fee of 0.10% per year [1] - As of August 27, 2024, the fund's latest share count was 6.506 billion shares, with a total size of 6.134 billion yuan, reflecting a year-to-date increase of 1545.50% in shares and 1523.46% in size compared to December 31, 2023 [1] Group 2 - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 88.56% during the tenure [2] - The top holdings of the fund include Innovent Biologics (9.52%), WuXi Biologics (9.47%), BeiGene (8.73%), and others, with their respective market values and share counts detailed [2] - The fund's liquidity is strong, with a cumulative trading amount of 35.359 billion yuan over the last 20 trading days, averaging 1.768 billion yuan per day [1][2]