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]

Group 1 - The Hong Kong stock market showed strong performance on August 13, with the Hang Seng Index rising by 1.88% and the Hang Seng Tech Index increasing by 2.35%, particularly driven by the healthcare sector [1] - The Hong Kong Innovative Drug 50 ETF (513780) closed up by 3.38% with a turnover rate exceeding 18% and a transaction volume of over 400 million yuan, indicating strong investor interest [1] - Notably, the Hong Kong Innovative Drug 50 ETF (513780) experienced a net inflow of 1.07 billion yuan over the past 15 trading days, and it has gained over 92% year-to-date as of August 12 [1] Group 2 - The National Healthcare Security Administration announced the preliminary review results for the 2025 medical insurance directory and commercial insurance innovative drug directory, with 534 drugs passing the basic medical insurance directory review and 121 drugs passing the commercial insurance innovative drug directory review [2] - High-priced innovative drugs, including CAR-T therapies, are seeking inclusion in the commercial insurance innovative drug directory, indicating a push for diversified payment methods for innovative drugs [2] - Analysts suggest that the rise of innovative drugs is sustainable, recommending attention to companies with rich pipeline layouts, high-potential single innovative drugs, and leading technology platforms in the sector [2]

Core Viewpoint - The adjustment of the national medical insurance and commercial health insurance drug directories is a significant event for the innovative drug investment landscape in the second half of the year, with over 650 drugs entering the basic medical insurance directory and commercial insurance innovative drug directory [1][2]. Group 1: Medical Insurance Directory Adjustments - A total of 534 drug generic names passed the initial review for the basic medical insurance directory, with 310 drugs being added to the directory, a significant increase from 249 in 2024 [2]. - The directory adjustments allow newly approved innovative drugs to have the opportunity to enter the insurance directory, including several notable drugs such as the lung cancer drug Gorailis and the autoimmune drug Fuanqi [2]. Group 2: Commercial Health Insurance Directory - The commercial health insurance innovative drug directory has approved 121 drugs, including five CAR-T therapies and a domestic vaccine, marking a new approach for market access for preventive biological products [3]. - Notable CAR-T therapies that made it into the directory include products from Fosun Kite, Huyuan Bio, and WuXi AppTec, with the latter's product achieving $808 million in revenue in the first half of the year, reflecting a doubling in growth [3]. Group 3: Future Outlook for Innovative Drugs - The upcoming months will see significant overseas pharmaceutical conferences and further developments in the medical insurance directories, providing ample opportunities for speculation and investment in innovative drugs [4]. - The domestic innovative drug sector is expected to benefit from increased clinical data catalysts and a rebound in funding and secondary market activity, enhancing the demand for new drug development [4].

Core Viewpoint - The report from Huafu Securities indicates that Kangfang Biopharma (9926.HK) is leading globally in the development of its self-researched dual antibody AK112, which is expected to capture the largest share of the global second-generation immuno-oncology (IO) market [1] Financial Projections - The projected revenues for Kangfang Biopharma for the years 2025, 2026, and 2027 are estimated to be 35.18 billion, 57.65 billion, and 93.72 billion CNY respectively [1] - The expected net profits attributable to the parent company for the same years are projected to be -1.86 billion, 8.03 billion, and 29.66 billion CNY respectively [1] Valuation - The reasonable market capitalization for Kangfang Biopharma is estimated to be 222.8 billion HKD [1] - The report maintains a "buy" rating for the company's stock [1]

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index (HSSCPB) increased by 0.02%, with notable stock performances including Jingtai Holdings (02228) up 7.38% and Fosun Pharma (02196) up 6.00% [3] - The Hong Kong Innovative Drug Selection ETF (520690) rose by 0.52%, reaching a latest price of 0.97 yuan, with a trading volume of 240.45 million yuan and a turnover rate of 0.62% [3] - Jingtai Holdings announced an expected comprehensive income of no less than 500 million yuan for the six months ending June 30, 2025, representing an increase of at least 387% compared to the same period in 2024 [3] Group 2 - The Hong Kong Innovative Drug Selection ETF reached a new high in scale at 385 million yuan and a new high in shares at 399 million [4] - The ETF has seen continuous net inflows over the past three days, with a maximum single-day net inflow of 22.93 million yuan, totaling 42.28 million yuan [4] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [5] Group 3 - The HSSCPB index aims to reflect the performance of Hong Kong-listed companies involved in innovative drug research, development, and production [5] - The top ten weighted stocks in the HSSCPB index account for 78.05% of the total index weight, including companies like BeiGene (06160) and WuXi Biologics (02269) [5]

Group 1 - Xiaomi Group-W (01810), SMIC (00981), and Alibaba-W (09988) ranked the top three in net inflow of southbound funds, with net inflows of 1.716 billion, 0.497 billion, and 0.492 billion respectively [1] - The top three stocks with the highest net outflow of southbound funds were the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and China Mobile (00941), with net outflows of -4.725 billion, -1.560 billion, and -0.794 billion respectively [1] - In terms of net inflow ratio, Reshape Energy (02570), Haitian International (01882), and Guofu Hydrogen Energy (02582) led the market with ratios of 69.81%, 56.10%, and 54.91% respectively [1] Group 2 - The top ten stocks by net inflow included Xiaomi Group-W (01810) with 1.716 billion and a closing price of 51.850, down 3.98% [2] - The top ten stocks by net outflow included the Tracker Fund of Hong Kong (02800) with -4.725 billion and a closing price of 25.560, up 0.55% [2] - The highest net inflow ratio was recorded by Reshape Energy (02570) at 69.81% with a closing price of 167.000, up 1.33% [3]

8月11日上榜的成交活跃股中，康方生物通过港股通渠道成交金额为11.00亿港元，净买入金额为3.06亿港元，不仅如此，该股已连续5日出现成交 净买入，累计净买入金额为11.82亿港元，其间股价上涨5.72%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （原标题：康方生物获南向资金连续5天净买入） 康方生物获南向资金连续5天净买入，累计净买入金额为11.82亿港元，股价累计上涨5.72%。 证券时报•数据宝统计显示，8月11日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交294.32亿港元，净卖出金额为10.21亿港元。 ...

证券时报·数据宝统计，8月11日港股通全天合计成交金额为1158.14亿港元，成交净买入0.38亿港元。 具 体来看，沪市港股通成交金额697.39亿港元，成交净卖出1.80亿港元；深市港股通成交金额460.75亿港 元，成交净买入2.19亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，中芯国际成交额为32.68亿港元，成交金额居首； 其次是小米集团-W、腾讯控股，成交金额分别为19.50亿港元、19.35亿港元。以净买卖金额统计，小米 集团-W净买入额为3.70亿港元，净买入金额居首，该股收盘股价下跌0.88%。净卖出金额最多的是小鹏 汽车-W，净卖出3.96亿港元，收盘股价上涨5.36%。 8月11日恒生指数上涨0.19%，报收24906.81点，全天南向资金通过港股通渠道合计净买入0.38亿港元。 （文章来源：证券时报网） 8月11日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00981 | 中芯国际 | 港股通(沪) | 326760.6 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth 38.34 million HKD on August 11, with notable net purchases in Xiaomi Group (562 million HKD) and Kangfang Biotech (305 million HKD) [1] - Xiaomi has seen a continuous net buying trend for three days, totaling 2.75701 billion HKD, while Kangfang Biotech has experienced five consecutive days of net buying, amounting to 1.18185 billion HKD [1] Group 2 - Xiaomi Group's stock slightly declined by 0.88%, marking five consecutive trading days in the red, with a projected revenue of 117.97 billion CNY for Q2, reflecting a year-on-year growth of 32.71% [2] - Adjusted net profit for Xiaomi is expected to reach 10.18 billion CNY, a year-on-year increase of 64.84%, despite a loss of 360 million CNY from electric vehicles and innovation businesses [2] - The target price for Xiaomi has been lowered by 9% to 70 HKD, with projected P/E ratios of 34.4x and 25.1x for 2025 and 2026, respectively, indicating a potential upside of 29.6% [2] Group 3 - XPeng Motors' stock surged by 5.36% following the announcement that its first extended-range model, the XPeng X9, has entered the new vehicle public announcement list, indicating an upcoming launch [2] - XPeng's CEO confirmed that the XPeng X9, described as a "super electric vehicle," is set to officially launch in the fourth quarter [2] Group 4 - Innovent Biologics' stock fell by 1.42%, with Citic Securities projecting a strong recovery trend in the medical health industry by the second half of 2025, emphasizing the importance of innovation and internationalization [2] - The report suggests that the innovative drug sector will benefit from domestic policy support, leading to a potential upward trend in the sector [2]

据统计，南下资金已连续3日净买入小米，共计27.5701亿港元；连续5日净买入康方生物、共计11.8185 亿港元。(格隆汇) 格隆汇8月11日｜南下资金今日净买入港股3834.39万港元。其中： 净买入小米集团-W 5.62亿、康方生物3.05亿、东方甄选1.87亿、晶泰控股1.16亿； 净卖出小鹏汽车-W 6.64亿、信达生物5.27亿、腾讯控股3.39亿、美团-W 2.64亿、阿里巴巴-W 2.33亿、 中芯国际2.37亿。 | | D. Hos mill | | | | 下载 文川 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 流跌幅 | 净买入额(亿) | 成交额 | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | | 中心国际 | 0.1% | 0.47 | 32.68 Z | 中古国际 | 0.1% | -2.84 | 22.25 L | | 小米集团-W | -0.9% | 3.70 | 19.50亿 | 解讲控股 | 0.0% | -4.32 | 15.50 Z | | 腾讯控股 | 0.0% | 0.93 ...