Group 1: Top Net Buy/Sell Companies - The top net buy company is China Life (2628.HK) with a net buy amount of 4.327 billion CNY, representing an increase of 174,625,000 shares[8] - The second highest net buy is the Tracker Fund of Hong Kong (2800.HK) with a net buy amount of 3.143 billion CNY, increasing by 121,631,600 shares[8] - The top net sell company is Kuaishou (1024.HK) with a net sell amount of -1.734 billion CNY, decreasing by 23,156,028 shares[9] Group 2: Industry Distribution of Net Buy/Sell - Financial sector shows significant net buying, led by China Life and AIA Group (1299.HK) with net buys of 4.327 billion CNY and 1.433 billion CNY respectively[8] - The consumer discretionary sector also sees strong net buying, particularly from Alibaba (9988.HK) with a net buy of 2.213 billion CNY[8] - The technology sector has mixed results, with Tencent (0700.HK) showing a net buy of 2.538 billion CNY while Kuaishou (1024.HK) shows a net sell[9] Group 3: Active Stocks - Tencent (0700.HK) is the most active stock with a total trading volume of 3.527 billion CNY and a net buy of 1.618 billion CNY[19] - Meituan (3690.HK) also shows high activity with a trading volume of 2.744 billion CNY and a net buy of 789 million CNY[19] - The Tracker Fund of Hong Kong (2800.HK) had a trading volume of 4.148 billion CNY but a significant net sell of -4.130 billion CNY[22]

丨证券研究报告丨 投资策略丨点评报告 [Table_Title] 恒生系列指数季度检讨结果公布，港股通名单或 随之调整——"重估牛"系列之"入通"策略 报告要点 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 8 月 22 日，恒生指数公司发布了截至 2025 年 6 月 30 日的恒生指数系列季度检讨结果，恒生 指数、恒生中国企业指数，以及恒生综合指数等指数的成分股发生变化。 纳入恒生综合指数的 个股有望进入港股通，根据我们对于 2022 年至 2025 年 3 月"入通"的全样本进行统计，纳入 港股通前个股有望实现一定涨幅，建议持续关注。 [Table_Title 恒生系列指数季度检讨结果公布，港股通名单 2] 或随之调整——"重估牛"系列之"入通"策略 [Table_Summary2] 事件描述 8 月 22 日，恒生指数公司发布了截至 2025 年 6 月 30 日的恒生指数系列季度检讨结果，恒生 指数、恒生中国 ...

Core Viewpoint - The continuous policy support for traditional Chinese medicine (TCM) is reshaping the domestic TCM development landscape, providing structural upgrade opportunities for companies like Kangchen Pharmaceutical [1][15]. Policy Environment - Recent top-level design documents, including various opinions and plans, have been issued to promote the innovation and development of TCM [1]. - The State Council's recent opinion emphasizes quality traceability, intelligent transformation, and technological innovation as core tasks for the TCM industry [1]. Company Performance - Kangchen Pharmaceutical has seen its intrinsic value recognized by the market, with a stock price increase of 119.89% in 2024 and a further rise of 85.99% by August 22, 2025 [1][3]. - The company reported a revenue of 1.569 billion RMB for the first half of 2025, a year-on-year increase of 23.7%, and a net profit of 498 million RMB, up 24.6% [4]. Shareholder Returns - The company is actively returning value to shareholders through high dividends, stock buybacks, and management's continuous share purchases, which have boosted market confidence [3][6]. - Kangchen Pharmaceutical's interim dividend for 2025 is set at 0.33 HKD per share, with a payout ratio exceeding 51% [4]. Market Position - As of August 22, 2025, Kangchen Pharmaceutical's market capitalization reached 12.448 billion HKD, positioning it favorably for potential inclusion in the Hong Kong Stock Connect [3][7]. - The company's current price-to-earnings ratio (TTM) is 11.47, which is below the average of 23.40 for the industry, despite having the highest return on equity (ROE) among peers [5]. Growth Drivers - The renal medicine segment, particularly the unique product Urine Toxin Clear Granules, has driven significant revenue growth, achieving a 28% increase in sales [10]. - The company is expanding its product pipeline, including new drugs for chronic kidney disease (CKD) and related conditions, supported by strategic partnerships and academic collaborations [11][12]. Future Outlook - The anticipated inclusion in the Hong Kong Stock Connect is expected to enhance liquidity and attract mainland capital, further driving stock performance [7][9]. - The overall market sentiment towards the pharmaceutical sector is improving, with expectations of continued valuation recovery and growth potential for quality companies like Kangchen Pharmaceutical [15].

Core Viewpoint - The article highlights the positive impact of recent policies on the traditional Chinese medicine (TCM) industry, particularly focusing on Kangchen Pharmaceutical's strong performance and growth potential in the context of these favorable developments [1][16]. Policy and Industry Context - Recent policies such as the "Opinions on Promoting the Inheritance and Innovation of Traditional Chinese Medicine" and the "14th Five-Year Plan for the Development of Traditional Chinese Medicine" are reshaping the domestic TCM landscape [1]. - The State Council's directive in March 2023 emphasizes quality traceability, intelligent transformation, and technological innovation, presenting structural upgrade opportunities for the TCM sector [1]. Company Performance - Kangchen Pharmaceutical has seen its stock price increase by 119.89% in 2024, with a year-to-date increase of 85.99% as of August 22 [1][3]. - The company reported a revenue of 1.569 billion RMB for the first half of 2025, a year-on-year growth of 23.7%, and a net profit of 498 million RMB, up 24.6% [3][4]. Financial Metrics - Kangchen's gross profit reached 1.209 billion RMB, with a gross margin of 77.1% [3]. - The company declared an interim dividend of 0.33 HKD per share, with a payout ratio exceeding 51% [4]. Comparative Analysis - Compared to peers, Kangchen's revenue growth, net profit growth, gross margin, and return on equity (ROE) are above the median levels in both A-share and H-share markets [4][5]. - Kangchen's current price-to-earnings (P/E) ratio is 11.47, which is below the average of 23.40 for the industry, indicating potential undervaluation [7]. Shareholder Returns - The company has implemented a strategy of high dividends, share buybacks, and management share purchases to enhance investor confidence [3][8]. - In July 2023, the chairman increased his stake by purchasing 464,000 shares for approximately 5.33 million HKD, and the company has conducted 18 share buybacks totaling 58.53 million HKD [8]. Market Position and Future Prospects - Kangchen's market capitalization reached 12.448 billion HKD, positioning it favorably for potential inclusion in the Hong Kong Stock Connect program [3][9]. - The company is expected to benefit from increased liquidity and capital inflows if included in the Stock Connect, enhancing its market visibility [11]. Product and Innovation Strategy - The renal segment, particularly the "Uremic Clear Granules," continues to drive revenue growth, achieving a 28% increase in sales [11][12]. - Kangchen is expanding its product pipeline in the renal disease sector and has received regulatory approvals for new treatments, indicating a robust innovation strategy [13][14]. Summary - Kangchen Pharmaceutical is well-positioned in the TCM industry, benefiting from favorable policies, strong financial performance, and a strategic focus on innovation and shareholder returns, making it a compelling investment opportunity [16][17].

Core Insights - The China Hong Kong Stock Connect Value Index closed at 3615.8 points on August 25, marking an increase of 75 points or 2.12% [1] - The index reached a high of 3617.34 points and a low of 3579.87 points during the trading day [1] Index Composition - The China Hong Kong Stock Connect Value Index includes 40 stocks listed on the Hong Kong Stock Exchange, selected based on high profitability and good liquidity [1] - The index was launched on December 28, 2018, with a base value of 2000 points and consists of 40 constituent stocks [1]

8月22日盘后，恒生指数公司公布了其定期的半年度指数调整结果，其中中国食品获纳入恒生综合指 数，变动将于9月5日收市后实施并于9月8起生效，届时沪深交易所会相应调整港股通可投资标的范围。 据华泰证券研报，中国食品有可能被调入港股通，因其满足了包括市值、流动性和上市时间等在内的一 系列标准。 来源：新浪港股 中国食品（00506）午前股价上涨17.92%，现报4.08港元，成交额6775.47万港元。 ...

Core Viewpoint - The Hang Seng Index Company announced its semi-annual index adjustment results, including the addition of China Telecom, JD Logistics, and Pop Mart to the Hang Seng Index, with Pop Mart also being included in the Hang Seng China Enterprises Index. The Hang Seng Technology Index remained unchanged [1][2]. Group 1: Index Adjustments - The Hang Seng Index will include China Telecom, JD Logistics, and Pop Mart with respective weights of 1.44%, 0.51%, and 0.22%, increasing the total number of constituent stocks to 88 [2]. - Pop Mart will be included in the Hang Seng China Enterprises Index with a weight of 2.10%, maintaining the total number of constituent stocks at 50 [2]. - The Hang Seng Technology Index will not have any additions or removals, keeping its total at 30 constituent stocks [2]. Group 2: Fund Flows - The expected fund inflows from the additions are approximately $160 million for China Telecom, $68.74 million for JD Logistics, and $45 million for Pop Mart, with respective inflow durations of 4.4 days, 3.5 days, and 1.0 day [2]. - For the Hang Seng China Enterprises Index, Pop Mart is expected to bring in $150 million with an inflow duration of about 0.3 days [3]. - The Hang Seng Technology Index is projected to see significant inflows for Horizon Robotics and BYD, estimated at $560 million and $500 million, with inflow durations of 3.4 days and 0.9 days respectively [3]. Group 3: Stock Connect Adjustments - A total of 20 stocks are expected to be added to the Stock Connect, with 19 stocks being removed, aligning closely with previous predictions [4]. - The potential new additions to the Stock Connect include companies such as China Foods, Cao Cao Travel, and others [4]. - Companies like CATL, Heng Rui Medicine, and Sanhua Intelligent Control, which are already listed in both A and H shares, will enter the Stock Connect after their price stabilization period ends [4]. Group 4: Implementation Timeline - The index adjustments will be implemented on September 5 and will officially take effect on September 8 [5]. - The official announcement regarding the Stock Connect adjustments will be published on September 5, with trading commencing on September 8 [5]. Group 5: Market Reactions - Active funds may engage in preemptive buying or selling for arbitrage, while passive funds will adjust their holdings at the end of the trading day on September 5, leading to significant trading volume for related stocks [6].

Group 1 - The core point of the article is that Jin Jing New Energy (01783) has seen a significant stock price increase due to its inclusion in the Hang Seng Composite Index, which is expected to enhance liquidity and attract more investment from mainland China [1][1][1] Group 2 - Jin Jing New Energy's stock price rose over 8% during trading, with a current increase of 6.3%, reaching HKD 8.1, and a trading volume of HKD 10.67 million [1][1][1] - The announcement of the index adjustment was made by the Hang Seng Index Company on August 22, with the changes set to take effect after market close on September 5 and officially on September 8 [1][1][1] - Analysts from UBS, CICC, and Shenwan Hongyuan have predicted that Jin Jing New Energy is likely to be included in the Hong Kong Stock Connect list, which would unlock a direct inflow channel for mainland funds [1][1][1]

晋景新能(01783)盘中涨超8%，截至发稿，涨6.3%，报8.1港元，成交额1067.65万港元。 消息面上，8月22日盘后，恒生指数公司公布了其定期的半年度指数调整结果，其中晋景新能获纳入恒 生综合指数成分股，变动将于9月5日收市后实施并于9月8起生效。此前，瑞银、中金及申万宏源预计晋 景新能有望纳入港股通名单标的。分析人士指出，一旦入港股通，晋景新能将直接解锁内地资金的流入 通道，有望获得更多南向资金的关注、青睐，以及被动资金如指数基金的增配，短期流动性便将显著提 升。 ...

（原标题：港股异动 | 中国食品(00506)涨超16% 获纳入恒生综合指数 机构料其有望入通） 消息面上，8月22日盘后，恒生指数公司公布了其定期的半年度指数调整结果，其中中国食品获纳入恒 生综合指数，变动将于9月5日收市后实施并于9月8起生效，届时沪深交易所会相应调整港股通可投资标 的范围。据华泰证券研报，中国食品有可能被调入港股通，因其满足了包括市值、流动性和上市时间等 在内的一系列标准。 智通财经APP获悉，中国食品(00506)涨超16%，截至发稿，涨16.18%，报4.02港元，成交额3997.43万港 元。 ...