Group 1 - On July 22, 2025, the top three companies by trading volume in the Hong Kong Stock Connect (southbound) were Dongfang Electric (01072) with a trading volume of 4.374 billion, Huaxin Cement (06655) with 3.489 billion, and Tencent Holdings (00700) with 2.647 billion [1] - In the Shenzhen-Hong Kong Stock Connect (southbound), the top three companies by trading volume were SMIC (00981) with 1.979 billion, Meituan-W (03690) with 1.833 billion, and Alibaba-W (09988) with 1.739 billion [1] Group 2 - The top active companies in the Hong Kong Stock Connect (southbound) included Dongfang Electric (01072) with a net buy of 0.165 billion, Huaxin Cement (06655) with 0.313 billion, and Tencent Holdings (00700) with 0.271 billion [2] - In the Shenzhen-Hong Kong Stock Connect (southbound), SMIC (00981) had a net buy of 0.779 billion, while Meituan-W (03690) had a net sell of 0.050 billion [2]

| 6.08亿 | 4.51亿 | 10.59亿 +1.57亿 | | --- | --- | --- | | 小米集团-W 5.07亿 | 5.00亿 | 10.07亿 +670.13万 | | 中国龙工 4.09亿 | 4.10亿 | 8.18亿 -86.81万 | | 康方生物 HK 09926 HK 01810 HK 03339 | | | 智通财经APP获悉，7月22日港股市场，北水成交净买入27.17亿港元，其中港股通(沪)成交净买入29.85 亿港元，港股通(深)成交净卖出2.67亿港元。 北水净买入最多的个股是中国人寿(02628)、建设银行(00939)、中芯国际(00981)。北水净卖出最多的个 股是国泰君安国际(01788)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 东方电气 | 22.70亿 | 21.05 乙 | 43.74 Z | | HK 01072 | | | +1.65 亿 | | 华新水泥 | 19.01亿 | 15.88 亿 | 34.89 乙 | | ...

Core Insights - Public funds continued to increase their holdings in Hong Kong stocks in Q2 2025, with the market value of Hong Kong stocks in the sample of actively managed equity funds rising to 20.0%, up from 19.2% in Q1 2025 [6][10] - The increase in holdings was primarily in small and medium-sized Hong Kong stocks, with the Hang Seng Small Cap Index's component stocks' market value share in the total Hong Kong stock holdings of funds increasing by 5.6 percentage points [6][10] - Sector-wise, public funds mainly increased their positions in the pharmaceutical, light manufacturing, non-bank financials, and banking sectors, corresponding to themes of innovative drugs, new consumption, and dividends [6][10] Fund Holdings Analysis - The report indicates a significant shift in fund holdings, with a reduction in the technology sector, particularly in internet and automotive stocks, which had previously seen substantial gains [6][10] - The technology sector's market value share in fund holdings decreased by 3.7 percentage points, while the media and retail sectors also saw declines [10][12] - Conversely, the consumer sector saw an increase of 3.8 percentage points in market value share, indicating a strategic pivot towards consumer-related investments [10][12] Specific Stock Movements - Notable changes in specific stock holdings include Tencent Holdings decreasing from 21.5% to 17.8%, while Alibaba's share dropped from 10.6% to 6.3% [12] - In contrast, stocks like Kuaishou and Pop Mart saw increases in their holdings, reflecting a shift towards emerging consumer brands [12] - The report highlights a significant increase in holdings for companies like Xinda Biopharmaceuticals, which rose from 1.2% to 3.5%, indicating a growing interest in innovative healthcare solutions [12]

Group 1 - The core viewpoint of the article highlights that innovative drugs have become a key source of returns for public funds in 2023, with the Hong Kong stock market's innovative drug index surging by 93.94% as of July 21 [1] - A significant number of funds have reported exceptional performance, with six funds achieving over 100% returns, all heavily invested in innovative drugs [2][3] - The article emphasizes that the majority of funds with returns exceeding 80% are either actively or passively invested in the innovative drug sector [3] Group 2 - The pharmaceutical industry has faced a downturn since 2021, with the pharmaceutical and biotechnology index dropping over 40.19% and the Hong Kong innovative drug index declining by 59.24% over four years [5] - Despite the previous downturn, many funds have recovered losses from 2024 and generated substantial returns due to the recent surge in innovative drugs [6] - The article suggests that the current market rally may only be a temporary boost for thematic funds, and it is essential to evaluate long-term performance during previous downturns [7][8] Group 3 - The article provides detailed performance data of various funds, highlighting the returns of specific funds managed by notable fund managers, such as Zhang Wei and Jin Xiaofei, who have achieved significant returns through strategic investments in innovative drugs [11][37] - Zhang Wei's management of the Huatai-PineBridge Hong Kong Advantage Fund has yielded a return of 138.23% since its inception, while Jin Xiaofei's Penghua Medical Technology Fund has achieved a return of 260.27% since he took over [11][37] - The article discusses the investment strategies of these fund managers, focusing on their ability to identify undervalued innovative drug companies and their proactive adjustments to market conditions [15][56] Group 4 - The article mentions specific innovative drug companies that have performed well, such as Bai Li Tianheng and Hai Si Ke, which have seen significant stock price increases due to successful transitions from generic to innovative drug companies [24][63] - It highlights the importance of understanding the competitive landscape and long-term industry trends when investing in innovative drugs, as emphasized by fund managers like Zhao Wei [56][58] - The article concludes with a positive outlook for the innovative drug sector, suggesting that supportive policies and market conditions may lead to a recovery and growth in the coming years [34][49]

7月22日，港股创新药再度走强，高纯度+高弹性标的港股通创新药ETF（520880）场内价格现涨逾 3%，再攀新高。 | 序号 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 1513 | 丽珠医药 | 1 | 40.500 | 4 200 | | | 2 | 3933 | 联邦制药 | | 16.640 | 1.220 | 7.91% | | 3 | 9688 | 更鼎医药 | | 29.200 | 1.850 | 6.76% | | 4 | 1548 | 金斯瑞生物科技 | | 17.440 | 1.020 | 6.21% | | 5 | 9969 | 诺诚健华 | Mr. | 19.020 | 0.840 | 4.62% | | 6 | 9926 | 康方生物 | While | 146.900 | 6.400 | 4.56% | | 7 | 2162 | 康诺亚-B | | 62.650 | 2.550 | 4 74% | | 8 | 6990 | 科伦博泰生物-E W | | 39 ...

Group 1 - The Hang Seng Healthcare Index (HSHCI) has shown a strong increase of 2.14%, with notable gains from stocks such as Livzon Pharmaceutical (up 11.57%) and United Laboratories (up 7.00) [3] - The Hang Seng Healthcare ETF (513060) has risen by 2.02%, with a recent price of 0.66 yuan, and has accumulated an 8.95% increase over the past week, ranking in the top third among comparable funds [3] - The trading activity of the Hang Seng Healthcare ETF is robust, with a turnover rate of 10.09% and a transaction volume of 840 million yuan, indicating active market participation [3] Group 2 - The 11th batch of national drug procurement has officially launched, involving 55 varieties, signaling a positive shift in procurement policies favoring innovative drugs [4] - The procurement policy emphasizes "no procurement for new drugs" and optimizes selection criteria, enhancing protection for innovative drugs and promoting a healthier market ecosystem for generic drugs [4] - The stable operation of the national medical insurance fund, projected to reach total revenue of 34,913.37 billion yuan by the end of 2024, supports the accessibility and market demand for innovative drugs [5] Group 3 - The Hang Seng Healthcare ETF has seen a significant growth in scale, increasing by 221 million yuan over the past two weeks, ranking in the top third among comparable funds [5] - The ETF's financing activities are notable, with a latest financing purchase amount of 160 million yuan and a financing balance of 231 million yuan [5] - The ETF has achieved a net value increase of 30.39% over the past two years, with a maximum monthly return of 28.34% since inception [5] Group 4 - The Hang Seng Healthcare ETF has a Sharpe ratio of 2.22 over the past year, indicating strong risk-adjusted returns [6] - The ETF has the lowest relative drawdown among comparable funds, with a drawdown of 0.52% year-to-date [6] - The ETF's management fee is 0.50%, and its tracking error is 0.060%, the highest tracking precision among comparable funds [6] Group 5 - The top ten weighted stocks in the Hang Seng Healthcare Index account for 60.73% of the index, including companies like BeiGene and WuXi Biologics [7]

Core Insights - Kangfang Biopharma is a global leader in bispecific antibodies, with its core product, AK112 (PD-1/VEGF bispecific antibody), becoming the first bispecific antibody to surpass Keytruda in mPFS for first-line lung cancer treatment [1] - The report updates on AK112's clinical data both domestically and internationally, highlighting its potential as a blockbuster drug, and discusses the differentiation between AK104 and AK112 [1][2] - Future focus areas include the 2025 ESMO HARMONi-6 clinical data release, overseas clinical progress for AK112 and AK104, domestic healthcare negotiations in 2025, and potential business development opportunities [1] Commercialization Capability - Both Kadunili and AK112 have been included in healthcare insurance, with Kadunili achieving sales of 546 million yuan in its first year and 1.358 billion yuan in 2023, representing a growth of 148.5% [2] - AK112 generated approximately 350 million yuan in its first year post-launch, with the negotiated price dropping to 736 yuan per bottle, a reduction of 68% [2] - The overseas development of AK112 is supported by a $5 billion licensing agreement with Summit Therapeutics, which is conducting three ongoing Phase III clinical trials [2] R&D Pipeline - The company has over 50 innovative drug candidates targeting major diseases, with 24 new drugs in clinical research and commercialization stages, including 15 potential first-in-class or best-in-class bispecific antibodies [2] - 17 Phase III clinical trials are currently underway, including PD-1/LAG-3 bispecific antibody AK129 and TIGIT/TGF-β fusion protein AK130 [2] - The exploration of new therapeutic approaches through bispecific antibodies and ADCs is expected to become a second growth point for the company [2] Company Catalysts - Upcoming catalysts include the Phase III HARMONi-6 study data readout for AK112 at the ESMO conference in October, and potential updates on HARMONi-3 and HARMONi-7 overseas enrollment [3] - For AK104, data readout for post-operative adjuvant therapy in liver cancer is anticipated, along with potential global development plans [3][4] - Other significant data readouts include the final data for the combination of Paimu Li and Anru Te Ni in advanced liver cancer and the monoclonal antibody for moderate to severe atopic dermatitis [4] Financial Projections - The company is projected to achieve revenues of 3.732 billion yuan, 5.149 billion yuan, and 7.628 billion yuan in 2025, 2026, and 2027, respectively, with growth rates of 75.70%, 37.98%, and 48.14% [4] - Expected net profits for the same years are -75 million yuan, 335 million yuan, and 1.401 billion yuan [4] - The ongoing expansion of the R&D pipeline and the successful launch of innovative products are expected to contribute positively to the company's long-term sustainable growth [4]

Group 1 - The core index, the CESHKB, experienced a decline of 1.62%, closing at 8758.46 points with a trading volume of 12.171 billion [1] - Over the past month, the CESHKB has increased by 21.79%, by 64.09% over the last three months, and has risen 98.69% year-to-date [1] - The CESHKB is designed to reflect the overall performance of biotechnology companies listed in Hong Kong, with a base date of December 12, 2014, and a base point of 2000.0 [1] Group 2 - The top ten holdings of the CESHKB include: CanSino Biologics (13.31%), Innovent Biologics (9.84%), 3SBio (9.12%), BeiGene (8.94%), WuXi Biologics (8.9%), WuXi AppTec (5.65%), Kintor Pharmaceutical (4.91%), Zai Lab (4.82%), Nuo Therapeutics (4.34%), and Kingstar Biotech (4.0%) [1] - The CESHKB is fully composed of stocks listed on the Hong Kong Stock Exchange, with a sector breakdown showing 59.75% in biopharmaceuticals, 23.83% in pharmaceutical and biotechnology services, 14.25% in chemical drugs, and 2.17% in medical devices [2]

Group 1 - The core index of the CSI Hong Kong Stock Connect Innovative Drug Index (931250) experienced a decline of 1.42%, closing at 1114.48 points with a trading volume of 16.63 billion yuan [1] - Over the past month, the index has increased by 22.12%, by 65.37% over the last three months, and has risen 94.38% year-to-date [1] - The index comprises 50 listed companies involved in innovative drug research and development, reflecting the overall performance of innovative drug companies within the Hong Kong Stock Connect [1] Group 2 - The top ten weighted companies in the index include: CanSino Biologics (10.0%), Innovent Biologics (9.88%), BeiGene (8.97%), WuXi Biologics (8.93%), China Biologic Products (7.69%), CSPC Pharmaceutical Group (7.19%), 3SBio (5.66%), Hansoh Pharmaceutical (4.23%), WuXi AppTec (3.5%), and Kelun-Biotech (3.05%) [1] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Group 3 - In terms of industry composition, the index's sample holdings consist of 40.89% in drug formulations, 40.00% in other biopharmaceuticals, 18.70% in pharmaceutical and biotechnology services, and 0.41% in vaccines [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Special circumstances may lead to temporary adjustments to the index, such as delisting of samples or corporate actions like mergers and acquisitions [2]

从中证香港美国上市中美科技指数持仓样本的行业来看，信息技术占比44.27%、可选消费占比 17.44%、通信服务占比14.09%、医药卫生占比11.16%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。如果新上市中国和美国科技公 司市值分别在中国样本公司和美国样本公司中排名前五，将在其上市第十一个交易日快速纳入指数。当 样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护 细则处理。 本文源自：金融界 作者：行情君 金融界7月21日消息，上证指数高开高走，中证香港美国上市中美科技指数 (港美上市中美科技， 931734)报5642.24点。 数据统计显示，中证香港美国上市中美科技指数近一个月上涨9.54%，近三个月上涨29.90%，年至今上 涨25.59%。 据了解，中证香港美国上市中美科技指数从中国香港和美国上市的证券中选取流动性较好、市值较高的 中国和美国科技行业公 ...