4月8日上榜港股通成交活跃榜个股中，建设银行为近一个月首次上榜。 （文章来源：证券时报网） 以上榜次数统计，4月8日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、腾讯控股等，近一个 月均上榜21次，最受港股通资金关注。 建设银行为近一个月首次上榜，当日港股通成交额为15.53亿港元，成交净买入8.43亿港元，该股当日收 盘下跌0.96%。（数据宝） 4月8日港股通成交活跃股榜单 | 证券 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上榜 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 港元） | 港元） | 次数 | （港元） | （%） | | 00700 | 腾讯控股 | 160.50 | 29.85 | 21 | 440.400 | 1.15 | | 00981 | 中芯国际 | 69.43 | 8.40 | 21 | 39.150 | 3.85 | | 01810 | 小米集团 W | 179.48 | 3.41 | 21 | 38.900 | 6.72 | 注：本文系新闻报道，不构成投 ...

| 00941 | 中国移动 | 140908.42 | 58830.51 | -0.13 | | --- | --- | --- | --- | --- | | 01810 | 小米集团-W | 1794825.02 | 34134.54 | 6.72 | | 09992 | 泡泡玛特 | 92622.81 | 16766.96 | 4.89 | | 02269 | 药明生物 | 238996.13 | -3280.06 | -2.52 | | 03033 | 南方恒生科技 | 132206.22 | -47076.45 | 4.10 | 今日上榜个股中，腾讯控股、阿里巴巴-W、美团-W等8只股同时上榜港股通（深）、港股通（沪）成 交活跃股，腾讯控股合计成交额160.50亿港元，成交净买入29.85亿港元，阿里巴巴-W合计成交额 146.09亿港元，成交净买入27.05亿港元。药明生物合计成交额23.90亿港元，成交净卖出3280.06万港 元。 从连续性进行统计， 有6只股获南向资金连续3天以上净买入，连续净买入天数较多的有腾讯控股、中 芯国际、小米集团-W，连续净买入天数分别为7天、7天、4天。以其间净 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The healthcare industry is promising with AI assistance and policy support. With the government's emphasis on the "AI +" initiative and related policies, and the increasing demand and supply in the healthcare market, the industry is undergoing significant changes, presenting more investment opportunities [3][7][14]. - The Hang Seng Hong Kong Stock Connect Healthcare Index has investment value. It has a large capacity and wide market - value coverage, high stock concentration, and currently has a low valuation with room for repair [18][21][34]. - The China Universal Hang Seng Hong Kong Stock Connect Healthcare ETF and its linked fund are good investment vehicles. The ETF has excellent tracking performance, and the linked fund can achieve returns similar to the index by investing in the target ETF [3][37][39]. 3. Summary by Directory 3.1 AI Assistance, Policy Support, and a Promising Future for the Healthcare Industry - The healthcare industry aims to ensure national health, covering multiple fields such as drugs, biotechnology, and medical services. It has significant technological and people - related characteristics [7]. - From the demand side, China's monthly medical treatment volume and annual health expenditure are increasing, indicating an expanding medical service market and growing health consumption. In 2024, the per - capita healthcare consumption expenditure was 2,547 yuan, a 3.6% increase, accounting for 9.0% of per - capita consumption expenditure [7]. - From the supply side, China's medical device exports have remained at a high level since 2020, demonstrating the competitiveness of Chinese medical enterprises in the global market [10]. - AI technology is being increasingly applied in the healthcare field, and policies are promoting the development of "AI + medicine and health", which will drive the industry into a new era of "precision, universal access, and intelligence" [14]. - The government supports the development of innovative drugs, and local governments are taking corresponding actions, which will promote the high - quality development of the chemical pharmaceutical field [14]. 3.2 Investment Value of the Hang Seng Hong Kong Stock Connect Healthcare Index 3.2.1 Hang Seng Theme Index Series Compilation Plan - The Hang Seng Hong Kong Stock Connect Healthcare Index is issued by the Hang Seng Index Company, with a base date of December 31, 2014, and a base point of 3,000. Its 40 component stocks are selected from Hong Kong - listed companies engaged in healthcare - related businesses through the Hong Kong Stock Connect, and are weighted by free - float market value [18]. - The sample selection method includes classifying securities by industry, excluding companies with low R & D expenditure ratios, selecting the top 40 by market value, and adjusting the component stocks semi - annually [19]. 3.2.2 Component Stock Market - Value Distribution: Large Capacity and Wide Coverage - As of April 2, 2025, the total market value of the 40 component stocks of the index is HK$1.63 trillion, and the total free - float market value is HK$0.69 trillion, accounting for 2.99% and 3.34% of the Hang Seng Composite Index respectively. The index has a large capacity and wide market - value coverage [21]. - There are both leading enterprises with a market value of over HK$100 billion and many companies with a market value of less than HK$20 billion. The number of companies with a total market value of less than HK$50 billion is the largest, and the companies with the largest total market value are BeiGene and WuXi AppTec [21]. - The free - float market value is more concentrated below HK$10 billion, and the company with the largest free - float market value is BeiGene [24]. 3.2.3 High Stock Concentration - As of April 2, 2025, the top ten component stocks of the index account for 70.68% of the total weight, with the highest weight of a single stock reaching 13.99%. All the top ten stocks belong to the pharmaceutical and biological industry, covering various sub - industries such as chemical pharmaceuticals, biological products, medical devices, and medical services [27]. - BeiGene, with a weight of 13.99%, is expected to turn a profit in 2025 according to market forecasts [27][28]. 3.2.4 Index Valuation and Performance: Weak Performance Since 2024 and Low Valuation - As of April 2, 2025, among the 40 component stocks, 18 have a negative PE, and 17 of the remaining stocks have a current PE percentile below the 50% level in the past ten years, with 11 below the 30% level. The healthcare sector currently has a low valuation and room for repair [34]. - Historically, the index has generally outperformed the Hang Seng Composite Index. Although its performance has been poor since 2024, the trend is expected to improve with the development of AI in 2025. In an uncertain global environment, the pharmaceutical sector has relatively weak trade - relatedness and growing demand, so there is potential for repair [34]. 3.3 China Universal Hang Seng Hong Kong Stock Connect Healthcare ETF and Its Linked Fund 3.3.1 China Universal Hang Seng Hong Kong Stock Connect Healthcare ETF - The ETF (fund code: 159506) was listed on July 3, 2023, with Tian Ximeng as the fund manager. It closely tracks the Hang Seng Hong Kong Stock Connect Healthcare Index, with a tracking error of 1.67% in the past year. The management fee is 0.50% and the custody fee is 0.10% [37]. 3.3.2 China Universal Hang Seng Hong Kong Stock Connect Healthcare ETF Linked Fund - The linked fund (A - class fund code: 020110, C - class fund code: 020111) was established on December 5, 2023, also managed by Tian Ximeng. It invests in the target ETF to track the index and achieve returns similar to the index. The management fee is 0.50% and the custody fee is 0.10% [39]. 3.4 Appendix 3.4.1 Fund Manager Introduction - China Universal Fund Management Co., Ltd. was established in Beijing in 1999, one of the first ten fund management companies approved by the China Securities Regulatory Commission. It has branches in multiple cities and foreign - capital participation. It has rich investment management experience and provides professional fund investment services [40]. 3.4.2 Fund Manager Profile - Tian Ximeng, a master's degree holder, joined China Universal Fund in May 2017. He has held various positions and is currently a quantitative fund manager in the Quantitative Investment Department of the company [41].

Core Views - The report maintains a positive outlook on the biopharmaceutical industry, expecting it to outperform the market due to minimal impact from recent U.S. tariff policies on drug sectors [4][5] - The report emphasizes continued optimism for innovative drugs and sectors related to consumer recovery, highlighting the resilience of the pharmaceutical sector amidst tariff changes [4][5] Industry Insights - The recent U.S. tariff policy has a limited effect on the pharmaceutical sector, with most drugs, including various chemical drugs, vaccines, and biological products, exempt from tariffs. Raw materials like vitamins and amino acids are also on the exemption list [4][27] - The report suggests that the innovative drug sector has shown significant growth, providing a selection of quality stocks based on criteria such as strong fundamentals, potential in research pipelines, and favorable cash positions [4][5] Investment Strategy - The report recommends focusing on four main themes: "Innovation," "Going Global," "Equipment Upgrades," and "Consumer Recovery" [5] - **Innovation**: Invest in globally competitive innovative drugs and promising categories, with specific companies highlighted such as BeiGene and East China Pharmaceutical [5] - **Going Global**: Identify opportunities in overseas markets, with companies like Mindray Medical and Sinocare suggested for investment [5] - **Equipment Upgrades**: Expect support for medical equipment updates from government policies, with companies like Mindray Medical and United Imaging Healthcare recommended [5] - **Consumer Recovery**: Anticipate a rebound in sectors like ophthalmology and aesthetic medicine, with companies like Prue Eye Hospital and Tongce Medical highlighted [5] Key Companies to Watch - **Nocare Biopharma**: Expected to achieve revenue of 1.009 billion in 2024, with a 49% year-on-year growth in sales of its core product, Oubatinib [6] - **Sihuan Pharmaceutical**: Strong fundamentals with a stable performance, and a promising pipeline with multiple products expected to be approved between 2025 and 2027 [9] - **East China Pharmaceutical**: Anticipated growth driven by the commercialization of domestic nuclear medicine products and a robust R&D pipeline [10] - **China Biopharmaceutical**: Rapid revenue growth with an increasing proportion of innovative products, indicating potential for accelerated profit growth [11] - **Aier Eye Hospital**: Benefiting from growing demand in ophthalmology and favorable policies for private specialty hospitals, with significant expansion plans [21]

Summary of Key Points from the Conference Call Industry Overview - The global pharmaceutical market is substantial, with an estimated size of approximately $1.5 trillion in 2023, projected to grow at a CAGR of 3%-6% from 2023 to 2027. The U.S. market accounts for nearly half of this, while emerging markets in the Asia-Pacific region are expected to grow at a faster rate. Notably, oncology and weight loss sectors are anticipated to see significant growth, providing important opportunities for pharmaceutical companies [3][5]. Internationalization of Chinese Pharmaceutical Industry - The internationalization process of the Chinese pharmaceutical industry can be categorized into three main parts: product export, technology export, and business model export. Product export can occur through self-sales, distributor agency (CSO model), and collaboration (BD model) [2]. - The internationalization stages include product registration, channel expansion, localization, and brand enhancement. Most Chinese innovative pharmaceutical companies are still in the product registration phase, with a few, like BeiGene and Mindray, advancing to channel expansion and localization [4]. Export Trends and Market Dynamics - China's pharmaceutical export scale reached $102 billion in 2023, with a notable increase in exports to Belt and Road countries, rising from 33% in 2013 to 37% in 2023. Conversely, the export proportion to the U.S. has decreased from 19% in 2010 to 16.7% in 2023 [7]. - The export of active pharmaceutical ingredients (APIs) from China is also on the rise, with an estimated $43 billion in exports in 2024, reflecting a nearly 5% year-on-year growth [3][9]. Company-Specific Highlights BeiGene - BeiGene's performance is strong, with sales of its drug, Zanubrutinib, expected to reach $2.6 billion in 2024, doubling year-on-year. The company anticipates achieving profitability in 2025, supported by a deepening product pipeline in hematological malignancies [3][20]. 3SBio - 3SBio is expected to see steady growth, with revenue and profit exceeding expectations in 2024, achieving over 15% growth. Key products like TPIAO and Mandy are maintaining high growth rates, with TPIAO projected to exceed $7 billion in revenue in 2024, a 20% increase [23][24]. Rongchang Biologics - Rongchang Biologics faces challenges with cash flow and sales but has seen significant growth in sales of its drug, Tislelizumab, which increased by 88% year-on-year. The company is enhancing cash flow through a private placement and expects to reduce losses significantly in the coming year [26][27]. Regulatory and Policy Environment - Recent updates in pharmaceutical policies indicate a shift towards optimizing procurement policies, focusing on quality assessment and regulation. The average price reduction from the tenth batch of generic drug procurement was around 50%-61%, with expectations for further reductions in future batches [14][15]. - The innovation policy landscape is supportive of the development of innovative medicines, with a focus on improving approval processes and market access [16][18]. Investment Recommendations - Recommended stocks for April include BeiGene, 3SBio, and Major Biologics, with BeiGene highlighted for its strong performance and growth potential [19][20]. Conclusion - The Chinese pharmaceutical industry is experiencing significant growth and internationalization, with key players like BeiGene and 3SBio showing promising performance. The evolving regulatory landscape and increasing focus on innovation are expected to drive future growth in the sector.

Market Overview - The Hang Seng Index fell 2.5% last week, closing at 22,849 points, while the Hang Seng Tech Index dropped 3.5% to 5,313 points. The Hong Kong Chinese Enterprises Index rose 0.6% as funds flowed back into high-dividend central state-owned enterprises [1] - Average daily trading volume in Hong Kong stocks decreased by 2.3% to HKD 253.4 billion, with significant inflows of HKD 63.2 billion through the Stock Connect, supporting the market [1] - The valuation of Hong Kong stocks has significantly recovered, with the AH premium at a four-year low, indicating potential for short-term pullbacks due to external pressures and liquidity concerns from company placements [1] Geopolitical and Economic Impact - The announcement of "reciprocal tariffs" by the U.S. has heightened market volatility, with tariffs on Chinese exports expected to rise to 66-67% when considering previous tariffs [2] - The Federal Reserve's cautious stance amid inflation uncertainty has led to increased risk aversion in global markets, impacting asset prices across various sectors [2] - The geopolitical tensions between the U.S. and China are expected to elevate risk premiums for Chinese assets, with potential negative impacts on emerging markets and Hong Kong stocks [2][3] Sector Analysis Consumer Sector - Haier Smart Home's stock fell 8.0% due to the unexpected increase in tariffs, which could negatively affect the investment climate for export-oriented companies [4] - The healthcare sector saw a 1.39% increase in the Hang Seng Healthcare Index, although some companies in the CXO sector experienced declines due to tariff impacts [4] Public Utilities and Environmental Sector - The public utilities sector is expected to benefit from new pricing governance policies aimed at improving pricing mechanisms for water and gas services, potentially leading to increased service charges [5][10] - The performance of public utility stocks has been mixed, with some companies like China Water Affairs showing strong revenue growth due to their high exposure to domestic water supply operations [11] Energy Sector - The coal price has decreased by 20.6% year-on-year, which may alleviate some negative impacts on the thermal power industry despite a decline in power generation [8] - The public utilities sector is expected to see a positive impact from the government's pricing reforms, particularly in water and gas operations [10] Company-Specific Insights WuXi Biologics - WuXi Biologics is projected to see a 9.6% increase in revenue for FY24, driven by a significant rise in new project numbers and improved demand in North America and Europe [13][14] - The company has a robust order backlog, with a 5.1% year-on-year increase expected by the end of FY24, supporting steady revenue growth [14] Market Sentiment - The overall performance of Hong Kong stocks in FY24 has been disappointing, with 83.3% of selected stocks underperforming market expectations, indicating a challenging operating environment [7] - The public utilities sector has shown more stability, with a lower error rate in earnings forecasts compared to other sectors [7]

Core Insights - On April 3, 2023, Shenzhou International made its first appearance on the Hong Kong Stock Connect active trading list in a month [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 573.05 billion, accounting for 44.62% of the day's total trading volume [1] - The net buying amount for the active stocks was HKD 192.38 billion [1] Trading Activity Summary - Xiaomi Group-W had the highest trading volume at HKD 150.13 billion, followed by Alibaba-W at HKD 98.68 billion and Tencent Holdings at HKD 86.39 billion [1] - Among the stocks listed, Alibaba-W and Tencent Holdings were the most frequently appearing stocks, each appearing 23 times in the past month [1] - Shenzhou International recorded a trading volume of HKD 10.54 billion with a net selling amount of HKD 0.12 billion, and its stock price fell by 14.15% on that day [1] Individual Stock Performance - Semiconductor Manufacturing International Corporation (SMIC) had a trading volume of HKD 43.87 billion with a net buying amount of HKD 8.54 billion [1] - Meituan-W had a trading volume of HKD 25.53 billion with a net buying amount of HKD 5.61 billion [1] - The performance of other notable stocks included: - Yingfu Fund: Trading volume of HKD 61.51 billion, net buying amount of HKD 60.72 billion - China National Offshore Oil Corporation: Trading volume of HKD 12.04 billion, net buying amount of HKD 1.91 billion [1]

Core Viewpoint - WuXi AppTec has sold 50.8 million shares of its associate WuXi Biologics through block trading, raising approximately HKD 21.78 billion, which is expected to significantly enhance its financial performance in 2025 [1][2]. Group 1: Share Sale Details - The share sale represents 4.23% of WuXi Biologics' total share capital and is part of a series of three sales within six months, totaling a 11.4% reduction in holdings and over HKD 46 billion raised [1]. - WuXi AppTec's subsidiary, WuXi Biologics, remains the second-largest shareholder with a 33.94% stake after the sale [1]. Group 2: Financial Performance - WuXi Biologics reported a revenue of RMB 4.052 billion for 2024, a year-on-year increase of 90.77%, and a net profit of RMB 1.07 billion, up 276.76% [2]. - In contrast, WuXi AppTec's revenue for 2024 was RMB 39.241 billion, a decline of 2.73%, with a net profit of RMB 9.450 billion, down 1.63%, marking the first decline in recent years [2]. Group 3: Strategic Initiatives - The funds from the share sale will be used to accelerate global capacity and capability building, as well as to attract and retain key talent [2]. - WuXi AppTec is expanding its global production capacity, with new facilities in Taixing and Switzerland, and plans for a Singapore R&D and production base to be operational by 2027 [2]. Group 4: Geopolitical Risks - WuXi AppTec faces geopolitical risks, particularly from uncertainties in the U.S. market, where 64% of its revenue (approximately RMB 25.02 billion) is derived [3]. - To mitigate potential risks from U.S. tariffs, the company is accelerating the construction of its Middleton facility, expected to be operational by the end of 2026 [3].

Investment Rating - The report maintains a "Buy" rating for WuXi Biologics (2269) [3][8]. Core Insights - The company is actively advancing its "Winning Molecules" strategy, with significant growth in preclinical business and a continuous increase in new projects. The divestment of the Ireland vaccine plant optimizes asset allocation, indicating a positive long-term growth outlook [3][8]. - The company reported a revenue of 18.675 billion RMB for 2024, reflecting a 9.6% increase, while net profit was 3.356 billion RMB, down 1.3%. Adjusted net profit was 5.4 billion RMB, up 9.0% [8]. - The report highlights a strong order and project trend, with 151 new projects signed in 2024, over half of which are from the U.S. The company expects to complete 24 PPQ projects in 2025, a 50% increase from 2024 [8]. Financial Summary - Revenue and profit projections for WuXi Biologics are as follows (in million RMB): - 2022A: Revenue 15,287, Net Profit 4,420 - 2023A: Revenue 17,051, Net Profit 3,400 - 2024A: Revenue 18,675, Net Profit 3,356 - 2025E: Revenue 21,197, Net Profit 4,019 - 2026E: Revenue 24,329, Net Profit 4,706 - 2027E: Revenue 28,278, Net Profit 5,621 - The company’s PE ratio is projected to decrease from 52.51 in 2022 to 18.21 in 2027, indicating improving valuation [7][8].

4月2日，南下资金今日净买入港股117.17亿港元。 | 名称 | 沖股通 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | --- | --- | --- | --- | --- | | 小米集团-W | -4.2% | 7.89 | 121.23亿 | 小米集团-W | | 中芯国际 | 0.9% | 4.14 | 27.48亿 | 阿里巴巴-W | | 腾讯控股 | 0.0% | 9.35 | 27.24亿 | 中芯国际 | | 阿里巴巴-W | 0.2% | 8.28 | 23.59亿 | 腾讯控股 | | 越疆 | -4.3% | 0.83 | 14.48亿 | 小鹏汽车-W | | 优必选 | 5.6% | 0.02 | 9.70亿 | 零跑汽车 | | 小鹏汽车-W | -0.4% | 1.67 | 9.49亿 | 信达生物 | | 速腾聚创 | 2.0% | -0.04 | 9.03亿 | 老铺黄金 | | 快手-W | 2.3% | 0.52 | 8.99 Z | 南方恒生科技 | | 零跑汽车 | 13.0% | 2.03 | 8.55 Z | 药明生物 | 其中：净买入小米集团- ...