Core Viewpoint - The recent inclusion of multiple Hong Kong stocks into the Stock Connect program has led to significant price volatility and increased trading volumes, presenting both investment opportunities and risks for investors [1][2][4]. Group 1: Stock Performance - Several stocks, such as Yaojie Ankang-B and Baize Medical, experienced extreme price fluctuations after being included in the Stock Connect, with Yaojie Ankang-B surging by 20.13% on September 8, followed by a dramatic drop of 53.73% on September 16 [2][7]. - Baize Medical saw its stock price increase by over 50% on September 15, with trading volatility reaching 85.55% on September 16, before experiencing consecutive declines [2][3]. Group 2: Trading Volume - The average daily trading volume of stocks like Yaojie Ankang-B and Baize Medical surged significantly after their inclusion in the Stock Connect, with increases ranging from several times to dozens of times compared to pre-inclusion levels [3]. Group 3: Reasons for Volatility - The volatility in stock prices is attributed to several factors, including adjustments in index constituents leading to passive buying by related ETFs, increased buying from mainland investors, and speculative trading driven by the innovative nature of the included stocks [4][5][6]. - The adjustment of index constituents has resulted in new stocks being added to the Stock Connect, which has led to substantial buying pressure from ETFs tracking these indices [4]. - The influx of mainland capital has provided additional liquidity, further driving up stock prices [5]. - Speculative trading is also a factor, particularly for stocks in the pharmaceutical sector that have recently gained attention for their innovative products [6]. Group 4: Market Dynamics - Many of the stocks included in the Stock Connect are relatively new, with limited shares available for trading, making them more susceptible to extreme price movements when capital flows in [6]. - The fundamental uncertainties surrounding these companies, such as Yaojie Ankang-B's reported net loss of 123 million yuan in the first half of 2025, highlight the risks associated with investing in these volatile stocks [7].

Core Viewpoint - Zhengli New Energy (03677) has seen a significant stock price increase, attributed to its inclusion in the Hong Kong Stock Connect program, which is expected to enhance shareholder base and trading liquidity [1] Group 1: Stock Performance - Zhengli New Energy's stock surged over 14% during trading, with a current increase of 5.67%, reaching HKD 11.92, and a trading volume of HKD 213 million [1] Group 2: Market Position and Strategy - The company has been added to the Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect eligible securities list effective from September 8, which is anticipated to improve its market reputation and brand awareness [1] - According to a report by CMB International, Zhengli New Energy benefits from a lighter historical burden compared to many peers, and its management's strategy of standardizing cells and platforming battery packs enhances manufacturing efficiency, forming a core competitive advantage [1] Group 3: Financial Performance - Zhengli New Energy has achieved profitability in the last two reporting periods despite a high customer concentration, with industry-leading gross margins attributed to high capacity utilization, advanced manufacturing lines, and excellent management capabilities [1] - The company is expected to maintain scale effects and high capacity utilization at least until the end of 2026, with an anticipated improvement in customer structure further enhancing profit margins [1] - GAC Toyota is projected to become Zhengli's second-largest customer this year, and foreign brands are expected to contribute approximately half of Zhengli's revenue by 2027, driven by partnerships with major automotive manufacturers [1]

更让人惊讶的是，这家2014年成立、专注抗癌和代谢病创新药的公司，至今没有一个产品上市！没错， 没有产品收入！去年还亏损了2.75亿，今年上半年又亏了1.23亿。 就这基本面，股价却从9月开始突然起飞——原因很简单：它被纳入港股通名单，还拿到了核心产品 的"临床默示许可"，可以开始二期试验了。 2小时市值蒸发了1900多亿港元？一家没有产品上市的公司，竟能拥有2700亿港元的市值？ 1934亿港元的市值蒸发需要多久？药捷安康告诉你：只要2小时！ 这一切始于9月16日上午，药捷安康的股价一路狂飙，创下历史新高，市值逼近2700亿港元！什么概 念？相当于"康方生物+药明生物"两家医药巨头加起来的总和！就问你牛不牛？是不是感觉财富自由在 招手？ 但荒诞的来了！下午2点之后，剧情突然反转，股价从每股600多港元，像自由落体一样，跌破200港 元！短短两个多小时，市值蒸发近2000亿港元！股价全天跌了53.73%，如果从最高点算更是暴跌70%。 这走势，就问你刺不刺激？ 盘子小，股价更是容易被快速拉升，叠加两则利好消息，市场资金迅速涌入，股价一路狂奔。 但你说光靠一个许可，就能撑起2700亿港元的市值？这下可苦了那些跟 ...

Core Viewpoint - The liquidity of Chinese concept stocks returning to Hong Kong has shown significant differentiation, with larger companies facing liquidity challenges despite their market capitalization [1][2]. Group 1: Liquidity Challenges - As of mid-2025, among 31 Chinese concept stocks returning to Hong Kong, 12 have been included in the Hong Kong Stock Connect, leading to a more balanced trading level between US and Hong Kong stocks [1]. - BOSS Zhipin, despite a market capitalization of nearly 65 billion HKD, has faced persistent liquidity issues since its introduction to the Hong Kong market in December 2022 without raising funds [2][3]. - The average daily trading volume for BOSS Zhipin in Hong Kong was only 1.24 million HKD, with a turnover rate of 0.002%, compared to 5.6 billion HKD in the US market, highlighting a stark contrast in trading activity [2]. Group 2: Public Offering to Improve Liquidity - To address its liquidity issues, BOSS Zhipin launched a public offering on June 25, 2025, issuing 34.5 million shares at a price of 66.0 HKD per share, raising a net amount of 2.2 billion HKD [3][4]. - The public offering allowed participation from retail investors, which is expected to enhance liquidity by diversifying the shareholder base and increasing daily trading activity [3][4]. - Following the public offering, BOSS Zhipin's average daily trading volume surged to 35.2 million HKD, an increase of approximately 28.4 times, and the turnover rate rose to 0.05%, a 23.7-fold increase [5][6]. Group 3: Challenges in Meeting Stock Connect Requirements - Despite improvements in liquidity, BOSS Zhipin faces challenges in meeting the Stock Connect eligibility criteria, which require an average market capitalization of at least 20 billion HKD and total trading volume of 6 billion HKD over 183 trading days [6][7]. - As of September 16, 2025, BOSS Zhipin had only achieved 31% of the required total trading volume, indicating significant hurdles in reaching the necessary thresholds for inclusion in the Stock Connect [6][7]. Group 4: Executive Selling and Market Sentiment - Following the public offering, BOSS Zhipin's CTO sold shares in the US market, raising concerns about potential negative market sentiment among retail investors [7][9]. - The executive's selling activity could be interpreted as a cautious signal regarding the company's short-term outlook, which may affect trading enthusiasm among newly attracted retail investors [9]. - The company needs to maintain market confidence through positive operational disclosures and effective shareholder communication to balance shareholder returns and market stability [9].

药捷安康成为最近港股备受瞩目的焦点。 近一周的暴涨的背后，到底是行情驱动，还是精心操纵？ 01 在部分人看来，药捷安康这波行情，并非无的放矢。 今年以来，整个创新药板块均表现不错。截止8月底，港股整个医药板块翻倍股达到16只，板块整体热度较高。 在上周市场纷纷讨论，药捷安康是否配得上其700亿市值之时，昨日，药捷安康股价再次暴涨，市值直接突破2500亿港元，超越康方生物等一众成熟药企。 今日盘中，药捷安康股价更是高见679.5港元，9月以来最大涨幅超10倍。 若从今年6月港股上市时，仅13.15港元/股的发行价算起，不到三个月的时间，药捷安康股价直接暴涨近50倍！ 然而午后，药捷安康突发跳水，较日内高点跌超70%，总市值直接蒸发近2000亿港元。 来源：图虫 而在9月10日，药捷安康发布一则公告，披露其核心产品替恩戈替尼的一项II期临床试验获得了中国药监局的临床默示许可，被视为此次行情的主要推动力 之一。 公开资料显示，替恩戈替尼（Tinengotinib）是一款创新多靶点小分子激酶抑制剂（MKT），靶向FGFR/VEGFR、JAK和Aurora三大通路，通过靶向肿瘤细 胞和改善肿瘤微环境发挥抗肿瘤作用。 目 ...

药捷安康成为最近港股备受瞩目的焦点。 在上周市场纷纷讨论，药捷安康是否配得上其700亿市值之时，昨日，药捷安康股价再次暴涨，市值直接突破2500亿港元，超越康方生物等一众成熟药 企。 今日盘中，药捷安康股价更是高见679.5港元，9月以来最大涨幅超10倍。 若从今年6月港股上市时，仅13.15港元/股的发行价算起，不到三个月的时间，药捷安康股价直接暴涨近50倍！ 然而午后，药捷安康突发跳水，较日内高点跌超70%，总市值直接蒸发近2000亿港元。 近一周的暴涨的背后，到底是行情驱动，还是精心操纵？ 01 在部分人看来，药捷安康这波行情，并非无的放矢。 今年以来，整个创新药板块均表现不错。截止8月底，港股整个医药板块翻倍股达到16只，板块整体热度较高。 而在9月10日，药捷安康发布一则公告，披露其核心产品替恩戈替尼的一项II期临床试验获得了中国药监局的临床默示许可，被视为此次行情的主要推动 力之一。 也是因此，替恩戈替尼可以说是药捷安康最具价值的核心资产之一，且除了替恩戈替尼，药捷安康的其他管线，都还处于相对早期的研发阶段，关注度也 不如替恩戈替尼。 也是因此，目前药捷安康还没有商业化产品，业绩也仍处于亏损状态。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月16日，港股药捷安康-B盘中走势跌宕起伏。当日早盘，药捷安康-B一度涨超60%，截至午盘，药捷 安康-B涨超49%，报619港元/股，市值达到2457亿港元，市值超越了信达生物、康方生物等一众知名创 新药企业。 然而，14时30分左右，药捷安康-B股价开始跳水，盘中一度跌超63%。截至9月16日收盘，药捷安康-B 跌53.73%，报192港元/股，市值缩水至762亿港元。 药捷安康-B于9月8日纳入港股通，9月12日、9月15日股价均狂飙。股价大涨背后，近日，药捷安康-B公 告了在研产品的进展。然而，药捷安康-B还是一家亏损公司，2023年、2024年合计年内亏损超过6亿元 人民币。此外，根据港交所中央结算及交收系统数据，药捷安康-B前10大券商席位持股达99.82%，股 权集中度较高。 从大涨到"闪崩" 公开资料显示，药捷安康-B是一家以临床需求为导向、处于注册临床阶段的生物制药公司，专注于发现 及开发肿瘤、炎症及心脏代谢疾病小分子创新疗法。 6月23日，药捷安康-B登陆港股，上市当日股价即大涨79%。自9月8日纳入港股通后，药捷 ...

Group 1: Top Net Buy/Sell Companies - Alibaba-W (9988.HK) had the highest net buy amount of ¥179.99 billion with a holding change of 119,120,888 shares[8] - Horizon Robotics-W (9660.HK) ranked second with a net buy of ¥37.96 billion, increasing its holdings by 371,459,400 shares[8] - Pop Mart (9992.HK) led the net sell list with a net sell amount of -¥25.29 billion, decreasing its holdings by 9,136,051 shares[9] Group 2: Industry Distribution of Net Buy/Sell - The report highlights significant net buying in the Consumer Discretionary sector, particularly with companies like Alibaba and Meituan[11] - Financial sector companies like Ping An (2318.HK) and AIA (1299.HK) also saw substantial net buying, indicating investor confidence in financial services[8] - The Information Technology sector experienced notable net selling, particularly with companies like Xiaomi and Kuaishou, reflecting a shift in investor sentiment[9] Group 3: Active Stocks - Alibaba-W (9988.HK) was the most active stock with a total trading volume of ¥87.74 billion and a net buy of ¥20.76 billion on the Shanghai Stock Connect[18] - Meituan-W (3690.HK) had a trading volume of ¥50.99 billion but recorded a net sell of -¥16.35 billion, indicating a decline in investor interest[18] - Tencent Holdings (0700.HK) showed a trading volume of ¥31.72 billion with a slight net buy of ¥1.85 billion, suggesting stable investor confidence[18]

Market Overview - The Hong Kong stock market experienced narrow fluctuations on September 15, with the Hang Seng Index closing at 26,446.56 points, up 58.40 points, or 0.22% [1] - The Hang Seng Tech Index closed at 6,043.61 points, increasing by 54.34 points, or 0.91% [1] Company Highlights - Pharmaceutical company Yaojie Ankang-B (02617.HK) saw its stock price surge by 115.58% to close at HKD 415, after reaching a peak of HKD 431.4 during the day [2][3] - Yaojie Ankang's stock has increased over 30 times since its IPO price of HKD 13.15, with a market capitalization exceeding HKD 120 billion [2] - The company reported zero revenue and a loss of HKD 123 million in the first half of the year, focusing on innovative therapies for cancer and other diseases [3] Clinical Developments - Yaojie Ankang received clinical approval for its core product, Tinengotinib, for treating specific types of breast cancer, indicating promising early clinical results [4] Other Company Movements - Contemporary Amperex Technology Co., Limited (CATL) saw its A-shares rise by 14%, reaching a historical high of HKD 371.52, while its H-shares peaked at HKD 476.8, closing at HKD 465, up 7.44% [7][8] - CATL's global market share remains strong, with a gross margin of 25.58% reported for the first half of 2025, and ongoing expansion in production capacity [9] Sector Performance - The technology sector showed mixed results, with companies like Bilibili-W (09626.HK) rising nearly 5%, while others like Lenovo Group (00992.HK) fell over 2% [12] - The healthcare, technology, and consumer goods sectors are expected to perform well following potential interest rate cuts, while utilities and telecommunications may lag [14]

Market Overview - The Hong Kong stock market experienced narrow fluctuations on September 15, with the Hang Seng Index closing at 26,446.56 points, up 58.40 points, or 0.22% [1] - The Hang Seng Tech Index closed at 6,043.61 points, increasing by 54.34 points, or 0.91% [1] Company Highlights - The stock of Yaojie Ankang-B (02617.HK) surged by 115.58% on the day, reaching a closing price of 415 HKD after hitting a peak of 431.4 HKD, marking a 124% intraday increase [2][3] - Yaojie Ankang's initial public offering price was 13.15 HKD, and within less than three months, its market value has exceeded 120 billion HKD, with a cumulative increase of over 30 times [2][3] - Yaojie Ankang is focused on developing innovative small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases, currently in the clinical registration phase [3] Clinical Developments - On September 10, Yaojie Ankang received clinical approval from the National Medical Products Administration of China for its core product, Tinengotinib (TT-00420), in a Phase II trial for treating HR+/HER2- breast cancer [4] - Early clinical results indicated promising effects of Tinengotinib in patients who have undergone multiple treatments, suggesting potential breakthroughs in treatment strategies [4] Other Company Movements - Contemporary Amperex Technology Co., Limited (CATL) saw its A-shares rise by 14%, reaching a historical high of 371.52 CNY, while its H-shares peaked at 476.8 HKD, closing at 465 HKD, up 7.44% [7][8] - CATL's global market share remains strong, with a gross margin of 25.58% reported for the first half of 2025, indicating stable profitability [9] Sector Performance - The technology sector showed mixed results, with notable gains in companies like Alibaba (09988.HK), which rose over 2% [10] - The automotive sector also performed well, with NIO-SW (09866.HK) increasing by over 3% [12] - Southbound funds continued to see significant net inflows, exceeding 14 billion HKD on the first trading day of the week [12] Future Market Outlook - Analysts predict that the Hong Kong market will strengthen following the Federal Reserve's potential interest rate cuts, with historical data suggesting an average increase of 35.4% in the Hang Seng Index over the following 12 months [14]