Group 1 - The core viewpoint of the news highlights the significant surge in Chinese AI model stocks, particularly with companies like Zhiyu and MiniMax experiencing substantial price increases, with Zhiyu rising over 130% in five trading days and MiniMax increasing over 40% in the same period [1] - The launch of new AI models such as GLM-5 by Zhiyu and Minimax 2.5 by MiniMax is expected to drive further interest and investment in the sector, with additional models from Alibaba and ByteDance anticipated to be released around the Chinese New Year [1] - Korean retail investors are actively purchasing Chinese AI model stocks, indicating a shift in investment preferences towards emerging technology companies, as evidenced by their buying patterns in the Hong Kong stock market [2][4] Group 2 - Data from the Korea Securities Depository shows that Korean investors have favored stocks like MiniMax and various ETFs related to Chinese technology and semiconductors, reflecting a strong interest in these sectors [2][3] - The Korean stock market has seen a remarkable increase, with the composite index rising by 130% since 2025, largely driven by a few major stocks like Samsung Electronics and SK Hynix, which have contributed significantly to the overall market performance [6][7] - The trend of Korean retail investors converting their currency to invest in foreign markets, including the Chinese stock market, has raised concerns about the depreciation of the Korean won, as highlighted by the Bank of Korea [10][11]

Core Viewpoint - The Hong Kong stock market is experiencing two distinct but resonant waves of incremental capital from mainland China and South Korean retail investors, leading to a diversification of funding sources and a layered pricing logic in the market [1][14]. Group 1: Scale and Structure - Southbound funds have established themselves as the core incremental source and revaluation force in the Hong Kong stock market, with a cumulative net inflow of 5.11 trillion HKD by the end of 2025, and a record annual net purchase of 1.41 trillion HKD in 2025 [2]. - The market capitalization of southbound funds has surpassed 6.3 trillion HKD, accounting for 12.7% of the total market capitalization of Hong Kong stocks, indicating their evolution into an "endogenous pricing variable" [2]. Group 2: Trading Behavior of South Korean Retail Investors - South Korean retail investors, while having a relatively limited capital size, exhibit highly concentrated and leveraged trading behaviors, particularly impacting specific sectors such as new economy IPOs and the semiconductor industry [5]. - In early 2026, South Korean retail investors made a net purchase of over 2 million USD in MiniMax-WP, contributing significantly to its IPO, which saw an oversubscription of 1837 times [5]. Group 3: Industry Preferences - Southbound funds focus on financials and high-dividend utilities, with significant investments in companies like China Construction Bank and China Mobile, driven by high dividend yields and low valuation levels [6]. - South Korean investors, on the other hand, show a preference for high-growth sectors, with notable investments in Xiaomi and MiniMax-WP, reflecting a narrative-driven trading strategy [8]. Group 4: Investment Strategies - Southbound funds demonstrate a long-term investment strategy characterized by stable holdings and systematic increases in positions, as seen with China Construction Bank, which saw a net purchase of 7.39 billion shares in 2025 [12]. - South Korean retail investors engage in high-frequency trading with a focus on social media trends and community consensus, leading to a rapid turnover of holdings, with an average holding period of less than three months [13]. Group 5: Market Dynamics - The influx of South Korean retail investors into the Hong Kong market represents a diversification of the investor base, contributing to liquidity while also potentially increasing volatility during certain periods [14]. - The interaction between the long-term positioning of southbound funds and the short-term trading strategies of South Korean investors creates a new normal in the Hong Kong stock market characterized by layered pricing and concurrent narratives [14].

Group 1 - Korean investors have shown increasing enthusiasm for Chinese assets, with a total investment exceeding $88 million in the top ten stocks as of February 10, 2026 [3] - The top ten stocks purchased by Korean investors include MINIMAX-WP, Huaxia CSI 300 ETF, and Lanke Technology, with respective investments of $20.67 million, $19.18 million, and $18.64 million [1][2] - There is a noticeable shift in Korean investment focus towards emerging technology companies in China, compared to 2025, where the top investments were in companies like Xiaomi and Alibaba [4] Group 2 - The investment amounts for the top ten stocks in 2026 are as follows: MINIMAX-WP ($20.67 million), Huaxia CSI 300 ETF ($19.18 million), Lanke Technology ($18.64 million), and others, indicating a diverse interest in various sectors [2][4] - In 2025, the top investments were led by Xiaomi Group ($87.75 million) and Global X China Semiconductor ETF ($7.40 million), highlighting a different investment landscape compared to 2026 [5]

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights that the recent national procurement has been stable, with limited disruptions, and institutions are increasing their positions in innovative companies, maintaining a positive outlook on undervalued innovative targets [1][4] - The overall market sentiment has improved, driven by significant business development transactions, and the pharmaceutical sector is expected to continue its steady growth in 2026, despite potential short-term volatility [4][5] Summary by Sections Market Performance - The Hang Seng Index rose by 1.3% and the Hang Seng Healthcare Index increased by 5.0%, ranking second among 12 industry indices [4][6] - Sub-sectors such as biopharmaceuticals and CXO both saw a growth of 7.4% [6] Institutional Holdings - Since Q4 2025, the proportion of domestic capital holding pharmaceutical stocks through Hong Kong Stock Connect has slightly decreased, while foreign capital holdings have increased [32] - As of February 10, 2026, domestic holdings were at 22.2%, down 0.2 percentage points, while foreign holdings rose to 39.7%, up 0.9 percentage points [32] Sales Performance - In 2025, China's pharmaceutical market sales decreased by 1% year-on-year, with public hospitals accounting for the largest market share at 10,977 billion RMB, down 2.1% [5] - Retail pharmacy sales reached 5,878 billion RMB, growing by 2.4%, with online pharmacies seeing a significant increase of 13.6% [5] National Procurement - The recent national procurement round had a high selection rate of 93%, with 1,020 products from 1,091 participating companies expected to be implemented by the end of March 2026 [5] - The procurement process has seen increased participation and a diverse range of selected products, ensuring stability in clinical demand [5] Investment Recommendations - The report recommends focusing on innovative drugs, particularly companies like Sanofi and Hengrui Medicine, which have rich catalysts and clear long-term growth logic [4] - It also suggests looking into CXO companies benefiting from high downstream demand and improving financing conditions, such as WuXi AppTec [4]

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights that the recent national procurement has been stable, with a high selection rate of 93%, indicating a positive outlook for innovative companies in the sector [4][5] - The market sentiment has improved, driven by significant business development (BD) transactions, suggesting a continuation of the positive trend in 2026 despite potential short-term volatility [4] - The report emphasizes the importance of focusing on fundamentals and valuations when selecting stocks, particularly undervalued innovative companies that have been overlooked during market fluctuations [4] Summary by Sections Market Performance - The Hang Seng Index rose by 1.3% and the Hang Seng Healthcare Index increased by 5.0%, outperforming the broader market [4][6] - Sub-sectors such as biopharmaceuticals and CXO both saw a growth of 7.4% [6] Institutional Holdings - As of February 10, 2026, domestic institutional holdings through Hong Kong Stock Connect slightly decreased to 22.2%, while foreign holdings increased to 39.7%, indicating a shift towards more positive sentiment among foreign investors [32] - Key increases in holdings were noted in leading CXO companies benefiting from demand recovery, such as Tigermed and WuXi AppTec [37][38] Valuation Overview - The report provides a valuation summary for various companies, with notable buy ratings for AstraZeneca, BeiGene, and others, indicating strong growth potential [3] - The average price-to-earnings (P/E) ratio for the healthcare sector is reported at 28.4 times, with specific segments like biopharmaceuticals at 13.1 times [16] Sales Trends - The report notes a 1% year-on-year decline in China's pharmaceutical market sales for 2025, with significant variations across different sales channels [5] - Public hospitals accounted for the largest market share but experienced a 2.1% decline, while retail pharmacies saw a 2.4% increase, driven by online sales growth [5] Procurement Insights - The recent national procurement round involved 316 commonly used drugs, with a high participation rate and diverse product offerings, ensuring stable clinical supply [5] - The procurement process has been refined to enhance quality and reliability, with stricter requirements for participating companies [5]

Group 1 - Korean investors are increasingly enthusiastic about allocating assets in China, with over $8.8 million invested in the Hong Kong Stock Exchange as of February 10 [1] - The top ten stocks purchased by Korean investors include MINIMAX-WP, 华夏沪深300ETF, and 澜起科技, among others, indicating a shift towards emerging technology companies [1][2] - The total investment amounts for the top ten stocks are as follows: MINIMAX-WP at $20.67 million, 华夏沪深300ETF at $19.18 million, and 澜起科技 at $18.64 million [2][3] Group 2 - Compared to 2025, Korean investors are now focusing on new emerging industries and technology companies, as evidenced by the change in their top ten investments [3] - In 2025, the top ten net purchases by Korean investors included Xiaomi Group and Global X China Semiconductor ETF, highlighting a different investment focus compared to 2026 [4][5] - The total investment amounts for the top ten stocks in 2025 were significantly higher, with Xiaomi Group at $87.75 million and Global X China Semiconductor ETF at $74.03 million [5]

Group 1 - Nomura has revised WuXi AppTec's revenue and profit forecasts for 2025 down by 4.5% and 8.7% respectively, reflecting the actual data released by the company last month [1] - For 2026, revenue is expected to increase by 37% year-on-year to 8.1 billion yuan, aligning with market expectations due to more projects entering the clinical trial application phase [1] - The projected revenue from commercialized projects is estimated at 181 million yuan, while revenue from the acquisition of Dongyao Pharmaceutical is expected to be 150 million yuan [1] Group 2 - Profit for 2026 is anticipated to rise by 47%, with gross margin expanding by 0.7 percentage points to 36.5% due to economies of scale, although depreciation from the Singapore facility will have a slight negative impact [1] - Operating profit margin is expected to expand by 1.1 percentage points to 29.3%, reflecting improved efficiency [1] - Nomura has raised the target price for WuXi AppTec from 82.72 HKD to 87.73 HKD, maintaining a "Buy" rating [1]

Core Viewpoint - Korean investors are aggressively purchasing Chinese AI stocks, particularly leading companies in the large model sector, indicating a strong interest in the Chinese market and AI technology [1]. Group 1: Investment Trends - As of February 10, 2026, Korean investors have significantly increased their buying activity in Chinese stocks compared to the previous year [1]. - The top ten stocks purchased by Korean investors include MiniMax-WP, 华夏沪深300ETF, 澜起科技, and others, reflecting a diverse interest in various sectors [1]. Group 2: Purchase Amounts - The purchase amounts for key stocks are as follows: MiniMax-WP at $2,067.12 million, 华夏沪深300ETF at $1,918.22 million, and 澜起科技 at $1,864.71 million [2]. - Other notable purchases include 安硕恒生科技ETF at $736.47 million and 南方东英每日杠杆三星电子 at $732.50 million, showcasing a strong preference for technology and ETF products [2].

此 乃 要 件 請 即 處 理 閣 下 對 本 通 函 任 何 方 面 或 應 採 取 的 行 動 如 有 任 何 疑 問，應 諮 詢 股 票 經 紀 或 其 他 註 冊 證 券 交 易 商、銀 行 經 理、律 師、專 業 會 計 師 或 其 他 專 業 顧 問。 閣 下 如 已 出 售 或 轉 讓 名 下 所 有 藥 明 合 聯 生 物 技 術 有 限 公 司*的 股 份，應 立 即 將 本 通 函 送 交 買主或承讓人、或經手買賣或轉讓的銀行、股票經紀或其他代理人，以便轉交買主或承讓人。 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 通 函 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 通 函 全 部 或 任 何 部 分 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。 WUXI XDC CAYMAN INC. 藥明合聯生物技術有限公司* （於開曼群島註冊成立的有限公司） （股份代號：2268） 主 ...

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 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約。 （股 份 代 號：2268） BioDlink International Company Limited 東曜藥業股份有限公司 （於 香 港 註 冊 成 立 的 有 限 公 司） （股份代號：1875） 聯合公告 寄發有關 花旗環球金融亞洲有限公司為及代表要約人 就本公司全部已發行股份 （要 約 人 及 要 約 人 一 致 行 動 人 士 已 擁 有 或 同 意 將 予 收 購 的 該 等 股 份 除 外） 及註銷全部尚未行使購股權 若 構 成 違 反 任 何 司 法 權 區 的 適 用 法 律 或 規 例，則 本 公 告 所 載 全 部 或 部 分 資 料 不 得 於 或 向 該 司 法 權 區 發 佈、刊 發 或 派 發。 W ...