Core Viewpoint - Citigroup believes that Apple is likely to receive exemptions from chip tariffs, which has positively impacted Apple-related stocks [2][8]. Group 1: Apple-Related Stocks - Apple-related stocks experienced a boost, with notable increases in shares such as Highpower Technology (+9.62%), Sunny Optical Technology (+3.30%), and others [6][7]. - The overall market saw the Hang Seng Index rise by 0.69% to 25081.63 points, with the technology index up by 0.26% [2][3]. Group 2: Semiconductor Stocks - Semiconductor stocks also benefited, with Huahong Semiconductor and SMIC rising by 2.52% and 0.76%, respectively [9][10]. - The positive sentiment in the semiconductor sector is linked to the potential tariff exemptions for Apple [8]. Group 3: Gaming Sector - The gaming sector continued to rise, with companies like China Star Group and Sands China increasing by 7.43% and 5.01%, respectively [12][14]. - Macau's gaming revenue for July reached 22.125 billion MOP, a year-on-year increase of 19%, marking a post-pandemic high [14]. Group 4: Real Estate Sector - The real estate sector showed signs of recovery, with New World Development rising over 10% [17][19]. - Recent policy adjustments in core cities aim to stabilize the real estate market, focusing on urban renewal and redevelopment [19]. Group 5: Pharmaceutical Sector - The pharmaceutical sector faced pressure, with stocks like CanSino Biologics and Innovent Biologics declining by 8.06% and 7.16%, respectively [20][23]. - Upcoming tariff policies on imported drugs announced by the U.S. government are contributing to the negative sentiment in this sector [21].

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.69%, marking a four-day consecutive rise and returning above the 25,000-point level [1] - The Hang Seng China Enterprises Index and the Hang Seng Tech Index rose by 0.55% and 0.26% respectively, indicating a gradual recovery in market sentiment [1] Technology Sector - Major technology stocks served as market indicators, with Alibaba rising by 2.14%, and JD.com and Baidu increasing by 1.7% [1] - Xiaomi, however, saw a decline of nearly 4% as Daiwa projected that Q2 smartphone shipments may fall below expectations [1] Brain-Computer Interface Industry - The Ministry of Industry and Information Technology, along with six other departments, issued implementation opinions to promote innovation in the brain-computer interface industry, leading to significant gains in related stocks [1] - Nanjing Panda Electronics surged over 19%, showcasing strong performance in this sector [1] Gaming and Gambling Sector - The Macau gaming industry is experiencing a robust recovery, with institutional support boosting the performance of gaming stocks [1] - Following a 5% increase in Apple’s stock price in the overnight US market, related stocks in Hong Kong also saw collective strength, with GoerTek rising by 9.6% [1] Other Sectors - Various sectors including gold stocks, property stocks, restaurant stocks, banking stocks, shipping stocks, paper industry stocks, and gas stocks all experienced gains [1] - Conversely, the biopharmaceutical sector saw a collective pullback, with innovative drug stocks like CanSino Biologics, Innovent Biologics, and Junshi Biosciences experiencing notable declines [1] - Other sectors such as military, robotics, steel, and photovoltaic stocks generally faced downward pressure [1]

| 表格序號 | | 大股東/董事/最高行政人員名稱作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 | 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | | (請參閱上述*註 | 有投票棒股 (日 / 月 / 年) | | | | | | | | 一段 | | 份百分比 | | CS20250806E00020 | 兴证全球基金管理有限公司 | 1201(L) | | 892,639(L) | HKD 18.8587 | | 74,671,860(L) | ( % ) 4.99(L)05/08/2025 | | | | ■ 诺诚健华 分时 多日 日K 周K 月K 季K 年K 1分 3分 5分 10分 15分 30分 1小时 2小时 3小时 4小时 Tick 1天:1分K v | | | | | | | | + 8 × 87 | | × × × × × × × × × × × × × △ の ○ ◎ の の ◎ の の ◎ | | | ...

Market Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Select Index (HSSCPB) decreased by 4.06% as of August 7, 2025 [3] - Notable declines in constituent stocks include: Innovent Biologics (09969) down 9.00%, Lepu Biopharma-B (02157) down 8.21%, and CanSino Biologics (09926) down 7.18% [3] - The Hong Kong Innovative Drug Select ETF (520690) fell by 2.79%, with the latest price at 0.98 yuan [3] - Over the past week, the Hong Kong Innovative Drug Select ETF has seen a cumulative increase of 1.62%, ranking in the top half among comparable funds [3] Liquidity and Trading Activity - The Hong Kong Innovative Drug Select ETF had a turnover rate of 16.49%, with a trading volume of 57.78 million yuan, indicating active market participation [3] - The average daily trading volume for the ETF over the past year was 72.86 million yuan [3] Company Performance - BeiGene reported a total revenue of 17.518 billion yuan for the first half of 2025, a year-on-year increase of 46.0% [3] - The company achieved a net profit of 450 million yuan, marking its first half-year profit since its A-share listing [3] - Revenue growth was driven by sales of self-developed products such as Baiyueze® and licensed products from Amgen, alongside improved operational efficiency through cost management [3] Industry Trends - Despite significant financing pressures in primary and secondary markets, enthusiasm for domestic innovative drug research remains high, with continuous growth in innovative outcomes [4] - In 2024, six domestic innovative drugs received their first approvals overseas, reflecting an acceleration in international recognition [4] - In clinical research, domestic innovative drug trial registrations surpassed those in the U.S. for the first time in 2023, ranking first globally [4] - The share of domestic innovative drugs in emerging therapies is notably high, with significant clinical results from products like Zebutini and AK112 [4] Fund Performance - The Hong Kong Innovative Drug Select ETF saw a significant increase of 28 million shares over the past week, ranking in the top half among comparable funds [4] - The ETF experienced a net outflow of 2.0112 million yuan recently, but had net inflows on three out of the last four trading days, totaling 27.5305 million yuan [4] - The management fee for the ETF is 0.50%, and the custody fee is 0.10%, making it the lowest among comparable funds [4] - As of August 6, 2025, the ETF's tracking error for the year was 0.173%, the highest tracking precision among comparable funds [4] Index Composition - The top ten weighted stocks in the HSSCPB index include BeiGene (06160), Innovent Biologics (01801), WuXi Biologics (02269), and others, collectively accounting for 78.31% of the index [5] - The index aims to reflect the performance of Hong Kong-listed companies involved in innovative drug research, development, and production [5]

Group 1 - The pharmaceutical sector is experiencing a general decline, with CRO and innovative drug concepts leading the losses. Notable declines include: Innovent Biologics (09969) down 7.68% to HKD 17.54, WuXi AppTec (06127) down 5.88% to HKD 23.06, Tigermed (03347) down 5.6% to HKD 53.1, and Kintor Pharmaceutical (02171) down 5.4% to HKD 19.96 [1] - U.S. President Trump announced plans to introduce new tariffs on pharmaceuticals, with initial "small tariffs" on imported drugs expected to be revealed next week. The tariffs are projected to increase to 150% within a year and potentially reach 250% thereafter, aimed at boosting domestic drug production [1] - Tianfeng Securities expressed confidence in the long-term competitive advantages of the pharmaceutical industry, noting that the innovative drugs and related supply chains are still viewed positively despite potential challenges. The relative certainty of domestic consumption is also seen as improving [1]

Core Insights - The article highlights the emergence of 236 doubling stocks in the A-share market as of August 5, with significant contributions from sectors like digital currency, innovative drugs, and humanoid robots, benefiting fund net values substantially [1][3]. Group 1: Doubling Stocks Performance - Among the doubling stocks, Aowei New Materials leads with over 15 times increase, while Shuotai Shen and *ST Yushun have increased over 5 times, and several others have seen increases exceeding 2 times [3]. - Shuotai Shen, focusing on unmet clinical needs, saw its stock price rise significantly after being heavily purchased by 49 funds, with a market value held by these funds reaching 1.228 billion [3]. - Victory Technology also benefited from the AI-driven demand for high-end products, with a stock price increase of over 90% in Q1, leading to a fund holding ratio of 14.48% [4]. Group 2: Fund Strategies and Market Dynamics - The doubling stocks are primarily small and mid-cap stocks, prompting small-cap theme funds to implement purchase limits to maintain strategy continuity [2]. - The active trading environment, with daily A-share turnover exceeding 1 trillion, has favored small-cap companies due to their higher volatility and growth potential [5]. - Funds that have capitalized on the doubling trend are mainly small-cap strategy funds, with notable performances from medical and technology theme funds [5]. Group 3: Future Outlook - The innovation drug sector is expected to see long-term investment value supported by increasing R&D capabilities and a growing number of licensing transactions with overseas companies [6]. - The humanoid robot sector is also highlighted for its potential growth, with advancements in control precision and material demand expected to create investment opportunities [6].

Market Performance - The Hang Seng Index rose by 0.52% to close above 25,000 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index increased by 0.36% and 0.54% respectively [1] - Major technology stocks showed an upward trend, with Alibaba up by 2.4%, JD.com and Baidu nearly 2%, and Meituan up by 1% [3] - Semiconductor stocks rebounded after initial declines, with InnoCare Pharma rising nearly 12% and SMIC up by 3% [3] Sector Analysis - The Macau gaming industry is experiencing a strong recovery, leading to collective gains in gaming stocks [3] - Financing for real estate companies reached a new high in July 2025, with active performance in domestic property stocks [3] - Conversely, the biopharmaceutical sector faced a downturn, particularly in innovative drug companies, with notable declines in stocks like Innovent Biologics and WuXi Biologics [4]

Market Performance - The Hong Kong stock market saw a rebound in the morning session, with the Hang Seng Index closing up 0.52%, surpassing the 25,000-point mark [1] - The Hang Seng China Enterprises Index and the Hang Seng Tech Index rose by 0.36% and 0.54%, respectively [1] Sector Movements - Major technology stocks generally experienced upward trends, with Alibaba rising by 2.4%, JD.com and Baidu increasing by nearly 2%, and Meituan up by 1% [1] - Semiconductor stocks rebounded after an initial dip, with InnoCare Pharma surging nearly 12% and the heavyweight SMIC rising by 3% [1] - Macau's gaming industry showed strong recovery, leading to collective gains in gaming stocks [1] - Real estate financing reached a new high in July, with 65 typical property companies raising funds, resulting in active performance among domestic property stocks [1] - Apple shares surged by 5% in the overnight US market, boosting related stocks in Hong Kong, with GoerTek leading the charge with a 10% increase [1] Underperforming Sectors - Biopharmaceutical stocks, which had previously been on the rise, faced a collective downturn, particularly in the innovative drug sector, with notable declines in companies like Innovent Biologics, CanSino Biologics, Tigermed, and WuXi Biologics [1] - Defense, steel, new consumption concepts, and robotics sectors also saw declines [1]

Core Points - The Shanghai Composite Index closed at 3638.40 points with a change of 0.12% and a total trading volume of 1,206.179 billion yuan [1] - Eight A-shares experienced a crossover where the 5-day moving average fell below the 10-day moving average, indicating potential bearish trends [1] Group 1: Stock Performance - Stock "信立泰" (Code: 002294) decreased by 1.86% with a 5-day moving average of 49.37 yuan and a 10-day moving average of 49.62 yuan, showing a distance of -0.49% [1] - Stock "万邦德" (Code: 002082) decreased by 1.36% with a 5-day moving average of 7.48 yuan and a 10-day moving average of 7.52 yuan, also showing a distance of -0.49% [1] - Stock "毕得医药" (Code: 688073) decreased by 2.96% with a 5-day moving average of 59.09 yuan and a 10-day moving average of 59.27 yuan, indicating a distance of -0.30% [1] Group 2: Additional Stocks with Moving Average Crossovers - Stock "吉贝尔" (Code: 688566) decreased by 3.58% with a 5-day moving average of 33.90 yuan and a 10-day moving average of 33.97 yuan, showing a distance of -0.20% [1] - Stock "诺诚健华" (Code: 688428) decreased by 6.03% with a 5-day moving average of 30.02 yuan and a 10-day moving average of 30.07 yuan, indicating a distance of -0.18% [1] - Stock "丽人丽妆" (Code: 605136) increased by 0.81% with a 5-day moving average of 9.82 yuan and a 10-day moving average of 9.84 yuan, showing a distance of -0.15% [1]

Group 1 - Pharmaceutical stocks generally declined, with CRO and innovative drug concepts experiencing the largest drops [1] - Notable declines included: Innovent Biologics (09969) down 7.68% to HKD 17.54, Zai Lab (603127) down 5.88% to HKD 23.06, Tigermed (300347) down 5.6% to HKD 53.1, and Kintor Pharmaceutical (02171) down 5.4% to HKD 19.96 [1] - The market is reacting to President Trump's announcement of new tariffs on pharmaceuticals, which will start with a "small tariff" and potentially increase to 150% within a year, and up to 250% thereafter [1] Group 2 - Tianfeng Securities noted that the market remains confident in the long-term competitive advantages of the pharmaceutical industry, despite potential challenges [1] - The innovative drugs and related industry chain are still viewed as promising directions, with increasing certainty in domestic consumption [1]