Market Overview - On June 16, the Hang Seng Index rose by 0.70%, closing at 24,060.99 points, with a total net inflow of HKD 57.43 billion through the southbound trading channel [1][3] - The total trading volume for the southbound trading was HKD 1,278.17 billion, with a net buy of HKD 57.43 billion [1] Trading Activity - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 779.26 billion, with a net buy of HKD 26.68 billion, while the Shenzhen Stock Exchange had a transaction amount of HKD 498.91 billion and a net buy of HKD 30.75 billion [1] - In the top ten active stocks on the Shanghai Stock Exchange, Xiaomi Group-W had the highest transaction amount of HKD 43.93 billion, followed by Shandong Molong and Alibaba-W with transaction amounts of HKD 40.27 billion and HKD 29.26 billion, respectively [1] Stock Performance - In terms of net buy amounts, China Construction Bank led with a net buy of HKD 11.08 billion, closing with a price increase of 1.97% [1] - Xiaomi Group-W recorded the highest net sell amount of HKD 14.89 billion, while its closing price increased by 4.23% [1] - In the Shenzhen Stock Exchange's top active stocks, Xiaomi Group-W again led with a transaction amount of HKD 34.12 billion, followed by Pop Mart and Meituan-W with transaction amounts of HKD 15.52 billion and HKD 15.46 billion, respectively [2] - Meituan-W had the highest net buy amount of HKD 6.22 billion, closing with a price increase of 0.43%, while Xiaomi Group-W had a net sell of HKD 3.91 billion [2]

Core Insights - On June 16, 2025, Xiaomi Group-W (01810), Shandong Molong (00568), and Alibaba Group-W (09988) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.393 billion, 4.027 billion, and 2.926 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W (01810), Pop Mart (09992), and Meituan-W (03690) led the trading volume, with amounts of 3.412 billion, 1.552 billion, and 1.546 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Top active companies by trading amount: - Xiaomi Group-W (01810): 4.393 billion, net buy of -1.489 billion - Shandong Molong (00568): 4.027 billion, net buy of 55.0174 million - Alibaba Group-W (09988): 2.926 billion, net buy of 311 million - Pop Mart (09992): 2.646 billion, net buy of 154 million - China Construction Bank (00939): 1.938 billion, net buy of 1.108 billion - Meituan-W (03690): 1.829 billion, net buy of 493 million - Tencent Holdings (00700): 1.802 billion, net buy of -322 million - ZhongAn Online (06060): 1.700 billion, net buy of 215 million - CNOOC (00883): 1.383 billion, net buy of -261 million - Yika (09923): 1.087 billion, net buy of -2.1563 million [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active companies by trading amount: - Xiaomi Group-W (01810): 3.412 billion, net buy of -391 million - Pop Mart (09992): 1.552 billion, net buy of -83.2303 million - Meituan-W (03690): 1.546 billion, net buy of 622 million - Alibaba Group-W (09988): 1.457 billion, net buy of -284 million - Tencent Holdings (00700): 1.314 billion, net buy of -298 million - Shandong Molong (00568): 1.162 billion, net buy of 18.7368 million - Innovent Biologics (01801): 1.111 billion, net buy of -285 million - BeiGene (06160): 1.039 billion, net buy of -228 million - Kuaishou-W (01024): 987 million, net buy of -27.6221 million - CanSino Biologics (09926): 904 million, net buy of 20.6 million [2]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of HKD 57.43 billion on June 16, 2023, indicating strong investor interest in certain stocks while others faced net sell-offs [1]. Group 1: Stock Performance - Meituan-W (03690) and China Construction Bank (00939) were among the top net buyers, with net inflows of HKD 11.61 billion and HKD 15.23 billion respectively [2][5]. - Xiaomi Group-W (01810) faced the highest net sell-off, amounting to HKD 18.79 billion, while Tencent (00700) also saw significant selling pressure with a net outflow of HKD 6.19 billion [2][7]. - Other notable stocks with net inflows included ZHONGAN Online (06060) with HKD 2.15 billion and KANGFANG BIO (09926) with HKD 2.05 billion [5][6]. Group 2: Market Trends and Insights - The report from Goldman Sachs highlighted a recovery in the investment value of Chinese private enterprises, identifying ten major companies that reflect themes in AI, technology development, and new consumption, with a combined market capitalization of USD 1.6 trillion [4]. - The banking sector, particularly China Construction Bank, is experiencing increased interest from insurance funds, which is seen as a positive signal for market sentiment [5]. - The digital asset sector is also gaining traction, with ZHONGAN Online's involvement in stablecoin services indicating a growing focus on digital finance in Hong Kong [6]. Group 3: Company-Specific Developments - Xiaomi's chairman Lei Jun announced the upcoming launch of the Xiaomi YU7, while the company aims to achieve profitability in its automotive and chip businesses by Q3-Q4 of this year [7]. - Bubble Mart (09992) is gaining recognition for its unique IP and product development capabilities, which are expected to drive long-term growth [6].

根据数据，上述收益率排名前十的主动权益类基金，平均涨幅超过69%，除了汇添富香港优势精选A， 其他医药主题基金也表现亮眼。其中，分列收益率排行榜第二、三位的是长城医药产业精选A、永赢医 药创新智选A，收益率分别为87.73%、79.79%。 公募基金半年度业绩收官战进入倒计时，医药主题基金目前以碾压性优势席卷排行榜。 数据显示，截至6月14日，在收益率排名前十的主动权益类基金中，有9只为医药主题产品，暂居榜首的 汇添富香港优势精选A甚至以103.67%的收益率率先撞线"翻倍基"。半程冠军最终会花落谁家，市场正 拭目以待。 多位业内人士对证券时报记者表示，这场由创新药研发突破、港股流动性复苏、跨境BD交易重构估值 体系等多重因素驱动的医药投资盛宴，不仅改写了基金业绩的半年度排名格局，更折射出资本市场 对"中国创新力量"的重估与期待。 医药基金霸屏半年榜 6月已过半，主动权益基金的半年度业绩排名也即将出炉。年初至今，医药板块持续强势表现，多只医 药主题基金凭借精准布局和行业红利释放，实现了业绩爆发。不出意外，医药基金将成为半年度收益榜 单的最大赢家。 经历了多年连续下跌后，医药生物行业在2025年迎来了盈利与估值 ...

创新药投资手册：从盈利到 BD 爆发，创新药如何投资？ 20250615 摘要 中国创新药行业正经历系统性估值提升，主要受益于 BD 出海的实现， MNC 开始为早期管线产品买单，重塑了估值体系，扭转了过去仅依赖国 内市场买单的局面。 中国创新药行业已达经营拐点，大型生物技术公司如百济神州已展示盈 利趋势，进入盈利窗口期，验证了创新药商业化模式的市场认可度。 MNC 面临专利悬崖，急需通过 BD 引进创新药以填补销售缺口，而中国 创新药研发在过去十年取得显著进展，为 BD 合作提供了高质量的替代 产品。 中国创新药 BD 活动集中在 ADC 和二代 IO 领域，中国企业在 ADC 领域 通过创新设计和改造提升产品有效性并降低毒性，如科伦博泰和应恩生 物处于全球领先地位。 康方生物的 Harmony Two 研究数据引发 MNC 对二代 IO 赛道的关注， 加速了相关布局，并促成了多项大型 BD 交易，如 BMS 与 Biotech 的合 作，总金额超过 90 亿美金。 Q&A 中国创新药行业未来的发展前景如何？ 中国创新药行业正处于经营层面的拐点，今年被认为是扭亏元年。随着更多 Biotech 公司进入盈利窗 ...

康方生物：中国创新药的"Deepseek时刻"或将到来 金十数据6月13日讯，近日，康方生物全球首创双特异性抗体新药AK112的海外试验受到全球瞩目，该 药曾在头对头试验中击败全球销售"药王"K药，眼下计划在美递交上市申请，其海外授权首付款约5亿 美元。康方生物在接受采访中表示，数据显示，今年一季度，中国药企达成33笔海外授权交易，总金额 达366亿美元，同比增长258%。康方生物、三生制药、石药集团等龙头企业，都在出海潮中取得喜人进 展。中国创新药的"Deepseek时刻"有望到来。 （一财） ...

Group 1 - The company,药捷安康-B (02617), plans to conduct a global offering of 15.281 million H shares from June 13 to June 18, 2025, with a share price of HKD 13.15 and a 15% over-allotment option [1] - The company focuses on discovering and developing innovative small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases, with a mission to provide innovative and differentiated treatment solutions globally [1] - The company has established a pipeline of six clinical-stage candidates and one preclinical candidate, aiming to expand its pipeline further through in-depth research in translational medicine and drug design [1] Group 2 - The company has entered into cornerstone investment agreements with five cornerstone investors, who have agreed to subscribe for shares totaling approximately HKD 130 million [2] - Based on the share price of HKD 13.15, cornerstone investors will acquire approximately 978.95 million shares [2] - The company estimates a net proceeds of approximately HKD 161 million from the global offering, with 90% allocated to fund a multi-regional Phase III clinical trial for its core product, Tinengotinib, and 10% for general operational expenses [2]

Core Viewpoint - The article highlights the growing recognition and success of Chinese biotech companies in the global market, particularly through the development of proprietary technologies and platforms, exemplified by the recent patent authorization of the RenMab® platform by BaiOsaite [1][2][4]. Group 1: Technological Advancements - BaiOsaite's RenMab® platform received a patent from the Japan Patent Office, marking a significant achievement in China's biotech innovation [1]. - The platform utilizes a proprietary technology called SUPCE® to humanize mouse antibody variable region genes, addressing key challenges in antibody drug development [2]. - The platform has gained international attention, with collaborations established with major companies like Merck and Johnson & Johnson, resulting in a large-scale antibody discovery project targeting over 1,000 potential drug targets [4]. Group 2: Market Trends and Collaborations - In 2024, over 94 license-out transactions for Chinese innovative drugs were recorded, with 41 occurring in the first quarter of 2025, totaling over $36.9 billion in transaction value [6]. - Notable deals include IBI3009's global licensing agreement with Roche, which includes an upfront payment of $80 million and potential milestone payments up to $1 billion [5]. - The focus on PD-1/VEGF bispecific antibodies has attracted significant international interest, with major agreements involving Pfizer and Merck [6]. Group 3: Intellectual Property and Global Strategy - Chinese biotech companies are shifting their focus from merely exporting products to also exporting platforms and intellectual property, recognizing the higher commercial potential in original technologies [7][8]. - Companies like BaiOsaite and Innovent Biologics are demonstrating systematic capabilities in intellectual property layout, enhancing their negotiating power in international collaborations [8]. - The future of competition in biomedicine will hinge on establishing ecosystems and standards, with a focus on building technological barriers and deep collaborations with upstream and downstream partners [9][10].

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 41.89 亿元 | -11.80 亿元 | | 泡泡玛特(09992) | 40.61 亿元 | -5804.06 万元 | | 小米集团-W(01810) | 39.29 亿元 | +1.53 亿元 | | 建设银行(00939) | 20.81 亿元 | +3.98 亿元 | | 美团-W(03690) | 20.70 亿元 | -2.96 亿元 | | 快手-W(01024) | 16.87 亿元 | -6675.04 万元 | | 腾讯控股(00700) | 16.32 亿元 | -1.39 亿元 | | 小鹏汽车-W(09868) | 16.00 亿元 | +5.94 亿元 | | 中国银行(03988) | 15.35 亿元 | +1.39 亿元 | | 中国海洋石油(00883) | 15.25 亿元 | -3.91 亿元 | 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 | | --- | --- | --- | | 泡泡玛特(09992) | ...

Core Viewpoint - The recent controversies surrounding Kangfang Biopharma highlight significant compliance and clinical data challenges, raising concerns about the company's internal controls and the clinical value of its drug, Cadonilimab [2][3][4]. Group 1: Compliance Issues - A patient purchased 70 doses of Cadonilimab for 79,320 yuan, with most labeled for "clinical research use only," indicating a serious compliance breach [2]. - Kangfang Biopharma acknowledged that the issue stemmed from a sales representative forging research documents to obtain the drug, emphasizing that no fees were charged to patients [2]. - The incident reveals a critical lack of internal controls within the company's distribution process [2][4]. Group 2: Clinical Data Controversy - The Phase III HARMONi study showed a significant progression-free survival (PFS) benefit (risk ratio of 0.52) for EGFR-mutant lung cancer patients, but the overall survival (OS) benefit (risk ratio of 0.79) did not reach statistical significance [3]. - Summit Therapeutics and Kangfang attempted to downplay the OS results, highlighting that no EGFR second-line treatment has shown significant OS benefit in registration studies [3]. - The FDA considers "significant OS benefit" a necessary condition for drug approval, adding uncertainty to future submissions [4]. Group 3: Strategic Challenges - Kangfang Biopharma faces dual pressures from compliance issues and clinical data scrutiny, necessitating a strengthening of its sales compliance system [4]. - The company reported a 12.51% increase in sales and marketing expenses to 1.002 billion yuan, while R&D spending decreased by 5.29% to 1.188 billion yuan, raising questions about maintaining innovation [4]. - The founder expressed intentions to continue clinical research for products like Ivosidenib and accelerate global development, but the company must navigate compliance and data challenges to transform pressure into opportunity [5].