医药龙头藏不住了！持股量狂涨58倍，外资砸重金抢筹！

Core Viewpoint - The significant increase in Hong Kong Stock Connect holdings of Hengrui Medicine, with a staggering 5879% rise, indicates strong investor interest and confidence in the company, marking it as a leading player in the pharmaceutical sector [1][3]. Group 1: Stock Performance - Hengrui Medicine's stock price surged from 45 HKD on its debut to 74 HKD by the end of September, reflecting a 113% increase, while its A-share counterpart only rose by 29% during the same period [3][4]. - The trading volume of Hengrui's H-shares increased dramatically from just over 700,000 shares to 42.87 million shares within three months, averaging a net increase of over 200,000 shares per trading day [3][4]. Group 2: Market Dynamics - The proportion of Hong Kong Stock Connect holdings in Hengrui's H-shares rose from 0.2% to 12%, equating to approximately 36 billion HKD, which is comparable to the market capitalization of a mid-sized pharmaceutical company [4]. - The market sentiment was further bolstered by a significant deal with GSK, involving a 5 billion USD upfront payment and potential milestones of up to 12 billion USD, which led to a 10% price increase on the day of the announcement [3][4]. Group 3: Investment Rationale - The influx of southbound funds is attributed to a narrowing of the interest rate differential between Hong Kong and the US, alleviating liquidity concerns, alongside Hengrui's high-quality pipeline of drugs that are in demand by multinational pharmaceutical companies [5]. - The valuation gap between Hengrui's A-shares and H-shares presents an arbitrage opportunity, with the H-shares being valued at 300 billion HKD compared to 350 billion RMB for the A-shares, making it an attractive investment [5].