Core Insights - On September 18, Hong Kong Broadband made its first appearance on the active trading list of Hong Kong Stock Connect in nearly a month [2] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 763.71 billion, accounting for 36.27% of the day's total trading amount, with a net buying amount of HKD 33.31 billion [2] Trading Activity Summary - The top traded stock was Alibaba-W with a trading volume of HKD 210.72 billion, followed by SMIC and Tencent Holdings with trading volumes of HKD 140.50 billion and HKD 91.65 billion, respectively [2] - Over the past month, Alibaba-W and Tencent Holdings were the most frequently listed stocks, appearing 23 times, indicating strong interest from Hong Kong Stock Connect funds [2] Hong Kong Broadband Performance - On the day of its first listing, Hong Kong Broadband had a trading volume of HKD 26.49 billion and a net buying amount of HKD 4.28 billion, with its stock price increasing by 68.55% [2]

Market Overview - On September 18, the Hang Seng Index fell by 1.35%, with southbound trading totaling HKD 210.55 billion, comprising HKD 108.42 billion in buying and HKD 102.13 billion in selling, resulting in a net buying amount of HKD 6.28 billion [1] Southbound Trading Details - Southbound trading through the Shenzhen Stock Connect had a total trading amount of HKD 76.78 billion, with buying at HKD 40.58 billion and selling at HKD 36.20 billion, leading to a net buying of HKD 4.38 billion [1] - The Shanghai Stock Connect recorded a total trading amount of HKD 133.77 billion, with buying at HKD 67.84 billion and selling at HKD 65.93 billion, resulting in a net buying of HKD 1.84 billion [1] Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total trading amount of HKD 210.72 billion, followed by SMIC and Tencent Holdings with HKD 140.50 billion and HKD 91.65 billion respectively [1] - In terms of net buying, Meituan-W led with a net buying amount of HKD 14.12 billion, followed by Alibaba-W with HKD 12.10 billion and Pop Mart with HKD 12.07 billion [1] - The stock with the highest net selling was Hua Hong Semiconductor, with a net selling amount of HKD 11.65 billion, while Tencent Holdings and SMIC had net selling amounts of HKD 4.18 billion and HKD 2.77 billion respectively [1] Continuous Net Buying - Two stocks, Alibaba-W and Meituan-W, have seen continuous net buying for over three days, with Alibaba-W having a total net buying of HKD 561.01 billion over 20 days and Meituan-W with HKD 49.01 billion over 4 days [2]

Core Insights - On September 18, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 13.163 billion, 9.044 billion, and 5.634 billion respectively [1][2] - Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also led the trading volume in the southbound trading of the Shenzhen-Hong Kong Stock Connect, with trading amounts of 7.909 billion, 5.005 billion, and 3.531 billion respectively [1][2] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 13.163 billion, net buying of 0.315 billion [2] - SMIC (00981): Trading amount of 9.044 billion, net selling of 0.395 billion [2] - Tencent Holdings (00700): Trading amount of 5.634 billion, net selling of 0.940 billion [2] - Meituan-W (03690): Trading amount of 4.440 billion, net buying of 0.568 billion [2] - Xiaomi Group-W (01810): Trading amount of 3.518 billion, net buying of 0.280 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 7.909 billion, net buying of 0.895 billion [2] - SMIC (00981): Trading amount of 5.005 billion, net buying of 0.117 billion [2] - Tencent Holdings (00700): Trading amount of 3.531 billion, net buying of 0.522 billion [2] - Meituan-W (03690): Trading amount of 2.495 billion, net buying of 0.844 billion [2] - Xiaomi Group-W (01810): Trading amount of 2.236 billion, net buying of 0.381 billion [2]

Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, with a total net purchase of HKD 62.88 billion on September 18, 2023, indicating strong investor interest in certain stocks [1] Group 1: Northbound Trading Activity - Northbound trading through Stock Connect (Shanghai) recorded a net purchase of HKD 19.07 billion, while the Shenzhen Connect saw a net purchase of HKD 43.82 billion [1] - The most purchased stocks included Meituan-W (03690) with a net inflow of HKD 14.12 billion, Alibaba-W (09988) with HKD 12.1 billion, and Pop Mart (09992) with HKD 12.07 billion [3][4] Group 2: Company-Specific Developments - Meituan-W (03690) launched its international food delivery brand Keeta in Kuwait, achieving top downloads in the food and beverage category on both iOS and Google Play, indicating strong user growth in the Middle East [3] - Alibaba-W (09988) received a boost from Goldman Sachs' report highlighting significant advancements in AI infrastructure and models in China, including the launch of Alibaba's Qwen3-Next [3] - Pop Mart (09992) is viewed positively by Huayuan Securities, which noted that recent stock price adjustments are normal market fluctuations, and the company is expected to continue high-quality growth due to its strong IP capabilities and expanding overseas business [4] Group 3: Selling Activity - Semiconductor stocks faced net sell-offs, with SMIC (00981) and Hua Hong Semiconductor (01347) experiencing net outflows of HKD 2.77 billion and HKD 11.64 billion, respectively, as companies like Alibaba and Baidu shift towards self-designed chips for AI model training [6] - Tencent (00700) also faced a net sell-off of HKD 4.18 billion, reflecting a broader trend of investor caution in the tech sector [7]

Group 1: Market Overview - The Federal Reserve lowered interest rates by 25 basis points, signaling a mixed hawkish tone from Chairman Powell, which impacted the Hong Kong stock market negatively, with the Hang Seng Index dropping 1.35% to 26,544.85 points [1] - The trading volume for the day was 413.31 billion HKD, with the Hang Seng China Enterprises Index and Hang Seng Tech Index also experiencing declines of 1.46% and 0.99% respectively [1] Group 2: Blue-Chip Performance - Pop Mart (09992) led blue-chip stocks with a 4.62% increase, closing at 267.2 HKD, contributing 13.67 points to the Hang Seng Index [2] - Semiconductor company SMIC (00981) rose by 2.66%, while other blue-chip stocks like Sino Biopharmaceutical (01177) and Xinyi Solar (00968) had mixed performances [2] Group 3: Sector Highlights - Hydrogen energy stocks surged, with Yihua Tong (02402) increasing by 23.26%, driven by supportive policies for the hydrogen industry in various Chinese cities [3][4] - Semiconductor stocks continued their upward trend, with Huahong Semiconductor (01347) rising by 8.62% [4] - The robotics sector showed renewed activity, with several companies like Shou Cheng Holdings (00697) and Sanhua Intelligent Controls (02050) experiencing gains [5][6] Group 4: Notable Company Developments - Huawei announced plans to launch new AI chips between 2026 and 2028, indicating a strong focus on self-developed technology [5] - Kaisa Capital (00936) saw a dramatic increase of 174.19% after announcing a partnership to advance asset tokenization in compliance with Hong Kong regulations [8] - Hong Kong Broadband (01310) surged by 68.55% following a voluntary cash offer from China Mobile Hong Kong [9] Group 5: Pharmaceutical Developments - Hengrui Medicine (01276) reached a new high, up 5.77%, after its subsidiary received a priority review notice for a new cancer treatment drug [12]

9月18日午后，A股三大指数涨跌不一。截至发稿，上证指数跌0.34%，深证成指涨0.13%，创业板指涨0.08%。 医药商业板块异动拉升。其中，中国医药（600056）午后直线冲上涨停，截至发稿报12.05元/股，总市值超180亿元。柳药集团、漱玉平民、老百姓等跟 涨。 固态电池概念午后回暖，先导智能涨超7%，天赐材料、杭可科技、利元亨等跟涨。 < V 固态电池 2328.75 0.23% ri Q 港股方面，东方甄选日内涨超14%，成交额超23亿港元。 | 成份股 | 股吧 | | 资讯 | | --- | --- | --- | --- | | 名称 | 最新 | 涨幅 ↓ | 涨跌 | | 万向钱潮 | 11.52 | 10.03% | 1.05 | | 000559 歐 | | | | | 科森科技 | 17.70 | 10.01% | 1.61 | | 603626 融 | | | | | 华正新材 | 43.44 | 10.00% | 3.95 | | 603186 | | | | | 江东股份 | 8.18 | 9.95% | 0.74 | | 600869 融 | | | | | 金发科技 | ...

Core Viewpoint - Oriental Selection (01797) has seen a significant stock price increase of over 16% in the afternoon session, with a cumulative rise of over 25% in the past two trading days, following a substantial decline of over 50% after reaching a new high on August 19 [1] Financial Performance - As of the latest report, the stock price is up 15.73%, trading at HKD 26.78, with a trading volume of HKD 22.64 billion and a TTM price-to-earnings ratio of 4436 [1] Analyst Insights - Citigroup's recent research report indicates a shift in Oriental Selection's business model from "relying on leading hosts" to a "scaled membership platform," leading to a downward revision of revenue forecasts for the fiscal years 2025 to 2027 by 36%, 31%, and 30% respectively [1] - Profit forecasts have also been adjusted downwards by 69%, 30%, and 26% for the same periods [1] - The target price has been raised from HKD 18.5 to HKD 33, with expectations of 264,000 paying members and a monthly repurchase rate of 40% [1] Profitability Expectations - The gross margin for proprietary brands is expected to recover from a low of 10% to 24% [1] - Adjusted net profit margin is projected to reach 7% to 8% by 2028, compared to the current 4% [1] - The "buy" rating is maintained, but the effectiveness of the transformation will need to be validated over several quarters [1]

Core Viewpoint - Oriental Selection (01797) has seen a significant stock price increase of over 16% in the afternoon, with a cumulative rise of over 25% in the past two trading days, following a sharp decline of over 50% after reaching a new high on August 19 [1] Financial Performance - As of the latest report, the stock price is at 26.78 HKD, with a trading volume of 2.264 billion HKD and a TTM price-to-earnings ratio of 4436 [1] Analyst Insights - Citigroup's recent research report indicates a shift in Oriental Selection's business model from "relying on leading hosts" to a "scaled membership platform," leading to a downward revision of revenue forecasts for fiscal years 2025 to 2027 by 36%, 31%, and 30% respectively [1] - Profit forecasts have also been adjusted downwards by 69%, 30%, and 26% for the same periods [1] - The target price has been raised from 18.5 HKD to 33 HKD, with expectations of 264,000 paying members and a monthly repurchase rate of 40% [1] Profitability Expectations - The gross margin for proprietary brands is expected to recover from a low of 10% to 24% [1] - Adjusted net profit margin is projected to reach 7% to 8% by 2028, compared to the current 4% [1] - The "buy" rating is maintained, but the effectiveness of the transformation will need to be validated over several quarters [1]

格隆汇9月18日｜此前持续回调的东方甄选(1797.HK)今日盘中不断拉升，大涨超16%报27港元，为连续 第二日反弹，截至目前成交额放大至超20亿港元。 ...

Group 1 - The stock of Dongfang Zhenxuan in Hong Kong saw a significant increase, rising over 14% in the afternoon session on September 18 [1] - The previous trading day recorded a rise of 9.56% for the same stock [1]