Summary of Key Points Core Viewpoint - The report highlights the short-selling ratios and amounts for various stocks, indicating significant bearish sentiment in the market, particularly for New World Development, Li Ning, and BYD, which have the highest short-selling ratios [1][2]. Short-Selling Ratios - New World Development and Li Ning both have a short-selling ratio of 100.00%, indicating complete bearish positions [2]. - BYD has a short-selling ratio of 91.94%, suggesting strong negative sentiment towards the stock [2]. Short-Selling Amounts - Alibaba leads in short-selling amount with 7.482 billion, followed by China Pacific Insurance at 1.943 billion and Meituan at 1.420 billion [2]. - Tencent Holdings and CSPC Pharmaceutical also feature in the top five for short-selling amounts, with 1.006 billion and 0.887 billion respectively [2]. Deviation Values - China Ping An has the highest deviation value at 45.98%, indicating a significant difference between its current short-selling ratio and its average over the past 30 days [2]. - China Pacific Insurance and Lai Kai Pharmaceutical follow with deviation values of 44.30% and 39.82% respectively, suggesting notable shifts in market sentiment [2].

Market Overview - On September 11, the Hang Seng Index fell by 0.43%, closing at 26,086.32 points, while southbound funds through the Stock Connect recorded a net purchase of HKD 18.989 billion [1][3] - The total trading volume for the Stock Connect on September 11 was HKD 172.214 billion, with a net purchase of HKD 18.989 billion [1] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 103.737 billion, with a net purchase of HKD 8.073 billion [1] - In the Shenzhen Stock Connect, the total trading volume was HKD 68.477 billion, with a net purchase of HKD 10.916 billion [1] Active Stocks - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 80.75 billion and a net purchase of HKD 29.46 billion, closing up by 0.35% [1][2] - Meituan-W had the highest net sell amount of HKD 9.36 billion, closing down by 5.06% [1][2] - In the Shenzhen Stock Connect, Alibaba-W also led with a trading volume of HKD 43.575 billion and a net purchase of HKD 7.835 billion [2] - The top net purchase stock was Innovent Biologics, with a net purchase of HKD 0.847 billion, despite closing down by 2.51% [2] Summary of Key Stocks | Stock Code | Stock Name | Trading Volume (HKD million) | Net Purchase (HKD million) | Daily Change (%) | |------------|------------------|------------------------------|----------------------------|-------------------| | 09988 | Alibaba-W | 807.48 | 294.62 | 0.35 | | 03690 | Meituan-W | 618.38 | -93.59 | -5.06 | | 00981 | SMIC | 491.04 | 41.75 | 4.97 | | 01801 | Innovent Biologics| 253.79 | 84.73 | -2.51 | | 00700 | Tencent Holdings | 263.33 | -92.26 | -0.63 | [2]

Market Overview - On September 11, the Hang Seng Index fell by 0.43% with a total southbound trading volume of HKD 172.21 billion, including buy transactions of HKD 95.60 billion and sell transactions of HKD 76.61 billion, resulting in a net buy of HKD 18.99 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) had a total trading volume of HKD 68.48 billion, with buy transactions of HKD 39.70 billion and sell transactions of HKD 28.78 billion, leading to a net buy of HKD 10.92 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading volume of HKD 103.74 billion, with buy transactions of HKD 55.91 billion and sell transactions of HKD 47.83 billion, resulting in a net buy of HKD 8.07 billion [1] Active Stocks - Alibaba-W was the most actively traded stock with a total trading volume of HKD 124.32 billion and a net buy of HKD 37.30 billion, closing with a price increase of 0.35% [1][2] - Other notable stocks included Meituan-W and SMIC, with trading volumes of HKD 84.52 billion and HKD 80.43 billion, respectively [1] - Tencent Holdings had the highest net sell amount of HKD 11.51 billion, closing down by 0.63% [1][2] Continuous Net Buying and Selling - Alibaba-W and SMIC were the only two stocks with continuous net buying for more than three days, with Alibaba-W having a total net buy of HKD 371.43 billion over 15 days and SMIC with HKD 15.76 billion over 3 days [2] - Stocks with continuous net selling included Kangfang Biotech, Tencent Holdings, and Meituan-W, with total net sell amounts of HKD 17.48 billion, HKD 14.61 billion, and HKD 10.28 billion, respectively [2]

Group 1: Investment Trends - Significant net purchases were observed in Alibaba-W (37.3 billion), Innovent Biologics (9.56 billion), and SMIC (9.32 billion) among others, while Tencent Holdings saw a net sell-off of 11.51 billion [1][4] - Southbound funds have continuously net bought Alibaba for 15 days, totaling 371.4389 billion HKD, and have net sold Tencent for 3 days, totaling 14.6076 billion HKD [4] Group 2: Company Developments - Alibaba's "Gaode Street Ranking" launched on September 10, attracting over 40 million users, indicating a strategic move to enhance user engagement and monetization through local services [6] - Reports suggest that the Trump administration is drafting an executive order to impose strict restrictions on Chinese pharmaceuticals, which may impact companies like Innovent Biologics and BeiGene [7] - SMIC is benefiting from high demand in the semiconductor industry driven by AI computing needs and accelerated domestic substitution in equipment and materials [7] Group 3: Market Reactions - UBS reports that the recent price correction of Pop Mart is creating buying opportunities ahead of key product launches and the Christmas sales season, maintaining a "Buy" rating with a target price of 432 HKD [7] - Tencent has repurchased 874,000 shares for 5.5 billion HKD and is considering issuing offshore RMB bonds, marking its first bond issuance since April 2021 [8]

Core Viewpoint - The AH innovative drug sector experienced significant volatility due to external negative news, but ultimately managed to stabilize after initial panic selling [1][4]. Market Performance - The A-share innovative drug ETF (562050) initially dropped over 4%, while the Hong Kong Stock Connect innovative drug ETF (520880) saw a decline of nearly 8% at the start [1]. - By the end of the trading day, the A-share ETF closed down 0.7%, and the Hong Kong ETF finished down 1.82%, with an intraday fluctuation of 6.67% and a trading volume of 928 million yuan, an increase of over 88% compared to the previous day [1]. Stock Performance - Major stocks in the innovative drug sector faced declines, including: - Kangfang Biotech (9926) down 4.34% with a market cap of 117.6 billion yuan [2] - Innovent Biologics (1801) down 2.51% with a market cap of 166.3 billion yuan [2] - Stone Pharmaceutical (1093) down 7.50% with a market cap of 116.6 billion yuan [2] - Conversely, smaller-cap stocks like Yaojie Ankang-B (2617) surged over 30%, and other stocks like InnoCare Pharma-B (9606) and Rongchang Biotech (1801) rose by 16.86% and 10.16%, respectively [4]. External Factors - Reports indicated that the Trump administration might draft legislation imposing strict restrictions and reviews on Chinese pharmaceuticals, raising concerns about potential disruptions to Chinese innovative drug business development [2][4]. Market Sentiment and Future Outlook - Fund manager Feng Chen stated that the likelihood of the U.S. banning Chinese innovative drug business development is minimal, as the proposed legislation is not a priority [5]. - The innovative drug sector is expected to see significant divergence in market sentiment, with potential buying opportunities for high-quality innovative drug stocks following the recent market adjustments [5]. - The Hong Kong Stock Connect innovative drug ETF (520880) has seen substantial inflows, with a total of 280 million yuan over the past week and a net inflow rate exceeding 187% over the last 60 days [5]. Index Adjustments - The Hong Kong Stock Connect innovative drug ETF (520880) underwent a "purification" adjustment on September 8, removing CXO stocks to better reflect the innovative drug industry's development trends [7]. - Prior to this adjustment, the index had achieved a year-to-date increase of 119.75%, outperforming other innovative drug indices [7].

Group 1 - Corning Jereh Pharmaceutical-B (09966) announced that its new drug application for KN026, in collaboration with Shanghai Jinmant Biotech Co., Ltd., has been accepted by the National Medical Products Administration of China for treating HER2-positive locally advanced, recurrent, or metastatic gastric/gastroesophageal junction adenocarcinoma patients who have failed at least one systemic treatment including trastuzumab-based chemotherapy [1] - The new drug application is based on a pivotal phase II/III clinical trial, which showed that KN026 combined with chemotherapy significantly improved clinical efficacy compared to existing standard treatments, extending progression-free survival (PFS) and overall survival (OS) without new safety risks, low incidence of cardiac toxicity, and low immunogenicity [1] - KN026 received breakthrough therapy designation from the National Medical Products Administration on November 4, 2023, and was granted priority review qualification on August 28, 2025 [1] Group 2 - Currently, there are no approved anti-HER2 drugs for second-line treatment of HER2-positive gastric cancer, making KN026 the first anti-HER2 bispecific antibody drug in China to achieve positive results in this indication [2] - The phase II clinical trial results for KN026 will be presented at the 2024 European Society for Medical Oncology annual meeting, showing an objective response rate of 40.0% and a median PFS of 8.6 months as assessed by an independent review committee [2]

Core Viewpoint - The application for the new drug KN026 (Anituzumab Injection) developed by the company's subsidiary has been accepted by the National Medical Products Administration of China, targeting HER2-positive gastric cancer patients who have failed at least one systemic treatment [1][2]. Group 1 - The product is a bispecific antibody that targets two non-overlapping epitopes of HER2, leading to HER2 signal blockade [2]. - The objective response rate for the product in combination with chemotherapy is reported at 40.0%, with a median progression-free survival of 8.6 months and a median overall survival of 13.2 months based on the results of a Phase II clinical trial [2]. - The application is primarily based on a key Phase II/III clinical trial (KC-WISE), which shows significant clinical efficacy compared to current standard treatments, with no new safety risks identified [2]. Group 2 - Currently, there are no approved anti-HER2 drugs for second-line treatment of HER2-positive gastric cancer, making this product the first bispecific antibody to achieve positive results in this indication in China [2]. - The company is actively advancing multiple clinical trials for the product targeting different solid tumor indications, with gastric and breast cancer developments currently in critical Phase III clinical trial stages [2].

Core Insights - Corning Jereh Pharmaceutical-B (09966) has received acceptance for its new drug application for KN026, a combination chemotherapy treatment for HER2-positive gastric cancer patients who have failed at least one systemic therapy, from the National Medical Products Administration of China [1] - The application is based on a pivotal Phase II/III clinical trial that demonstrated significant clinical efficacy, prolonging progression-free survival (PFS) and overall survival (OS) compared to existing standard treatments, with a low incidence of cardiac toxicity and immunogenicity [1] - KN026 is the first bispecific antibody drug in China to achieve positive results in second-line treatment for HER2-positive gastric cancer, with an objective response rate of 40.0% and a median PFS of 8.6 months reported at the 2024 European Society for Medical Oncology annual meeting [2] Company Developments - The collaboration between Corning Jereh Pharmaceutical and Shanghai Jinmant Biotech, a subsidiary of CSPC Pharmaceutical Group (01093), is focused on the development of KN026 [1] - KN026 has been granted breakthrough therapy designation by the National Medical Products Administration and has received priority review status, indicating its potential significance in treating gastric cancer [1] Industry Context - Currently, there are no approved anti-HER2 drugs for second-line treatment of HER2-positive gastric cancer, highlighting the market opportunity for KN026 [2] - The positive clinical trial results for KN026 may pave the way for its adoption in clinical practice, addressing an unmet medical need in the treatment of gastric cancer [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 該產品是一種抗HER2雙特異性抗體，可同時結合HER2的兩個非重疊表位，導致HER2信號 阻斷。在2024年歐洲腫瘤內科學會(ESMO)大會上，該產品的II期臨床研究結果首次公布。 該研究結果顯示，該產品聯合化療的客觀緩解率為40.0 %，經獨立評審委員會(IRC)評估的 中位無進展生存期為8.6個月，中位總生存期為13.2個月。本次上市申請主要是基於一項關 鍵II╱III期臨床試驗（ KC -WISE ）。III期臨床研究的首次期中分析結果顯示，與目前的標準 治療相比，該產品聯合化療可顯著提高臨床療效，延長無進展生存期和總生存期，且在安 全性方面無新發安全性風險，心臟毒性發生率低，免疫原性低。 該 產 品 本 次 按 照 治 療 用 生 物 製 品 1 類 新 藥 申 報 ， 其 適 應 症 為 聯 合 化 療 用 於 至 少 接 受 過 一 種 系統性治療（ 必須包含曲妥珠單抗聯合化療 ）失敗，HER ...

【导读】庞大AI算力需求引爆半导体板块！中芯国际领涨蓝筹，Wind半导体行业指数逆市大涨5.42% 恒生科技指数成 份 股中19只上涨，11只下跌。其中，商汤涨5.50%，华虹半导体涨4.63%，ASMPT涨3.12%。 从行业表现看，恒生行业指数涨跌不一，原材料业指数涨1.97%，公用事业指数涨0.8%，工业指数涨0.7% ； 跌幅方面，医疗保健业 指 数 跌3.09%，能源业指数跌1.19%，非必需性消费行业指数跌0.57%。 从盘面来看，Wind概念板块涨跌不一，富士康指数涨11.79%，芯片替代指数涨5.35%，紫光系指数涨5.12% ； CRO指数跌4.05%，创 新药指数跌3.73%，抗肿瘤指数跌3.52%。 中国基金报记者 郭玟君 9月11日，香港三大股指齐跌。恒生指数收盘跌0.43%，恒生科技指数跌0.24%，恒生中国企业指数跌0.73%。全日市场成交额 为 3252 亿港元，较前一交易日有所增加。南向资金净买入额 为 189.89亿港元。 | 恒生指数 恒生国企 | 恒生科技 | | --- | --- | | 26086.32 9260.25 | 5888.77 | | -113.94 - ...