赛力斯12月1日获调入港股通，截至收盘，赛力斯港股涨超5%报收121港元；A股涨约4%，报收131.22 元。12月1日，深交所发布公告，赛力斯获调入港股通标的证券名单。分析认为，赛力斯获调入港股通 不仅带来了增量资金和关注度，其长期战略投资价值也进一步凸显，形成了"强基本面+资金面助力"的 正向循环。 ...

Group 1 - The core point of the news is that Seres (9927.HK) opened high at 4.25%, reaching HKD 120, with a total market capitalization of HKD 209 billion. This increase is attributed to the announcement from the Shenzhen Stock Exchange regarding the adjustment of the Hong Kong Stock Connect eligible securities list, which will take effect on December 1, 2025 [1] - The adjustment is due to Seres completing the price stabilization period in the Hong Kong market and having its A-shares listed for more than 10 trading days, in accordance with the relevant regulations of the Shenzhen Stock Exchange [1] - Analysts view the inclusion in the Hong Kong Stock Connect as a positive signal, indicating that it will bring valuable incremental capital and increased attention to the stock [1]

Fund Overview - The fund is named "Jianxin Hangzhi Hong Kong Stock Connect Exchange-Traded Open-Ended Index Securities Investment Fund" and is referred to as "Jianxin Hangzhi Hong Kong Stock Connect ETF" [52] - The fund operates as an exchange-traded open-ended index fund and is categorized as a stock-type fund [52] - The initial offering price for each fund share is set at RMB 1.00 [52] Fund Raising Details - The maximum initial fundraising limit for the fund is RMB 2 billion, excluding interest and subscription fees [53] - The fundraising period is from December 4, 2025, to December 19, 2025, with both online and offline cash subscription options available [56] - Investors can subscribe multiple times, with no upper limit on the total subscription amount for individual investors [2][53] Subscription Methods - Investors can choose between online cash subscription and offline cash subscription [59] - For online subscriptions, a minimum of 1,000 shares or its multiples is required per transaction, while offline subscriptions through the fund management company require a minimum of 50,000 shares [2][63] - Subscription fees will be calculated based on the number of shares subscribed and the applicable commission rate [60][64] Fund Management and Custody - The fund is managed by Jianxin Fund Management Co., Ltd., and the custodian is Bank of China Co., Ltd. [1] - The fund's share registration agency is China Securities Registration and Settlement Co., Ltd. [1] Investor Eligibility - The fund is available for individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [54] Fund Operation and Adjustments - The fund management company reserves the right to adjust the fundraising arrangements based on various circumstances [18] - After the fundraising period, the fund management will determine the list of brokers for subscription and redemption, which will be announced after approval from the Shanghai Stock Exchange [5]

Core Viewpoint - The Hong Kong innovative drug sector has experienced a significant rally this year, with the Hong Kong innovative drug index (CSI:931787) rising by 75% until October, but has since entered a cooling phase as investors digest previous gains [3][4]. Group 1: Market Performance - The innovative drug sector saw 23 companies listed in the Hong Kong healthcare sector this year, compared to only 8 last year [3]. - Despite the initial surge, many companies that have not yet entered the Stock Connect are experiencing a decline in stock prices, indicating a challenging path to inclusion [3][4]. Group 2: Stock Connect Mechanism - The Stock Connect allows mainland investors to trade Hong Kong-listed stocks, with significant contributions from southbound funds, accounting for 40%-50% of trading volume in some companies [3][4]. - Companies not included in the Stock Connect face liquidity challenges, as most mainland public funds cannot invest directly [4][5]. Group 3: Challenges for Inclusion - The threshold for entering the Stock Connect has increased due to rising market valuations, with the market capitalization requirement for inclusion in the Hang Seng Composite Index set at approximately HKD 9.32 billion [6]. - Companies previously included in the Stock Connect but later removed face significant hurdles to re-entry, as liquidity issues persist [7][8]. Group 4: Business Development (BD) Fatigue - The market has shown signs of "BD fatigue," where announcements of potential business developments no longer lead to significant stock price increases, as seen with recent collaborations that resulted in stock declines [9][10]. - Investors are now demanding more substantial evidence of project viability and commitment from partners before reacting positively to BD announcements [10]. Group 5: Future Outlook - The market is currently in a quiet phase, with investors waiting for clear signals of recovery before increasing their positions, reflecting a cautious sentiment as year-end approaches [10][11].

Fund Overview - The fund is named "Loomis Sayles Hong Kong Stock Connect Technology Equity Fund" and is classified as an equity fund [27] - The fund will be publicly offered from December 8, 2025, to March 6, 2026 [30] - The minimum total subscription amount for the fund is set at 200 million units, with a maximum subscription limit of 5 billion RMB [33] Subscription Details - Investors can subscribe multiple times during the fundraising period, with a minimum initial subscription amount of 10 RMB for individual accounts and 50,000 RMB for direct sales [38] - The fund adopts a "full payment subscription, share confirmation" method, and subscription applications cannot be revoked once accepted [37] - The fund management has the right to adjust the subscription period based on fundraising conditions, with a maximum fundraising period of three months [30][9] Investor Eligibility - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [31] - The fund management reserves the right to determine and adjust the qualifications of investors eligible to purchase the fund [2][31] Risk Management - The fund is subject to specific risks associated with the Hong Kong Stock Connect mechanism, including market volatility and currency risks [20] - The fund management may refuse subscriptions from non-qualified investors, including U.S. taxpayers and those on sanction lists [4][3] Fund Management - The fund management is conducted by Loomis Sayles Fund Management (China) Co., Ltd., with China Industrial Bank serving as the fund custodian [1] - The fund will utilize a third-party service provider for share registration and valuation [22] Fund Performance and Fees - The fund will have different share classes (A and C) with varying fee structures, including subscription fees for A shares and no subscription fees for C shares [40] - The fund's past performance does not guarantee future results, and investors are encouraged to read the fund's prospectus for detailed risk disclosures [23]

Core Insights - On November 27, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and SMIC (00981) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 7.315 billion, 3.541 billion, and 2.817 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Xiaomi Group-W (01810), and Tencent Holdings (00700) also ranked as the top three, with trading amounts of 3.670 billion, 1.648 billion, and 1.450 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong)** - Alibaba-W (09988): Trading amount of 7.315 billion, net buying of +0.602 billion [2] - Xiaomi Group-W (01810): Trading amount of 3.541 billion, net selling of -0.537 billion [2] - SMIC (00981): Trading amount of 2.817 billion, net selling of -0.431 billion [2] - Tencent Holdings (00700): Trading amount of 2.676 billion, net selling of -0.165 billion [2] - Pop Mart (09992): Trading amount of 1.979 billion, net buying of +0.290 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong)** - Alibaba-W (09988): Trading amount of 3.670 billion, net buying of +0.317 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.648 billion, net selling of -0.152 billion [2] - Tencent Holdings (00700): Trading amount of 1.450 billion, net selling of -0.094 billion [2] - SMIC (00981): Trading amount of 1.326 billion, net buying of +0.198 billion [2] - Meituan-W (03690): Trading amount of 1.025 billion, net buying of +0.174 billion [2]

Group 1 - The company, Zhi Zi Cheng Technology Co., Ltd. (09911.HK), announced the repurchase of 2.052 million shares from November 20 to November 26, at a total cost of approximately HKD 19.41 million, demonstrating confidence in its business outlook and future prospects [1] - This marks the second share buyback announcement within the month, with a previous repurchase of 1.612 million shares from November 17 to November 19, totaling around HKD 14.98 million, bringing the total repurchased shares to over HKD 34 million within ten days [1] - Despite recent market volatility, international capital has increased its holdings in Zhi Zi Cheng Technology, acquiring a total of 13.99 million shares from November 7 to November 21 through five major financial institutions [1] Group 2 - Citibank initiated coverage on Zhi Zi Cheng Technology with a "Buy" rating, highlighting several positive factors that could drive future stock performance, including seasonal strength expected in Q4 2025 due to product events and marketing activities [2] - The report also mentioned the potential for new products to be commercialized and the possibility of inclusion in the "Hong Kong Stock Connect" program [2]

港股通是内地投资者通过沪深证券交易所参与香港联合交易所上市股票交易的合规渠道，其设立旨在促 进内地与香港资本市场的双向开放与互联互通。对于有意参与港股通交易的投资者而言，了解并满足相 关参与条件是顺利开展交易的前提。以下将基于2025年全国最新修订的法案法规及交易所业务规则，对 港股通交易需要满足的条件进行详细科普。 证券账户与资金账户条件是参与港股通的基础门槛。投资者需持有上海证券交易所或深圳证券交易所的 A股证券账户，且账户状态正常，无冻结、注销等异常情形；同时需拥有对应的资金账户，确保资金结 算渠道畅通。这一要求是为了保障交易的合规性与资金安全，只有具备有效账户体系的投资者，才能进 入后续权限申请环节。 资产门槛是衡量投资者风险承受能力的核心指标之一。根据2025年修订的相关规定，参与港股通的个人 投资者，其证券账户及资金账户内的资产（不含融资融券融入的资金和证券）在申请权限开通前20个交 易日的日均余额需不低于人民币50万元。此处的资产范围包括账户内的股票、基金、债券、现金等合规 资产，但不包含通过融资融券业务获得的资金或证券，以真实反映投资者自身的风险承担能力。 交易经验要求是确保投资者具备市场认知 ...

Group 1 - The Hong Kong innovative drug sector opened high today, with companies like 3SBio and InnoCare rising by 6%, and CSPC Pharmaceutical and Rongchang Bio increasing by 5%, contributing to a 3.27% rise in the Hong Kong Stock Connect Innovative Drug ETF (159297), which also saw a net subscription of 16 million shares, marking three consecutive days of gains [1][2] - CSPC Pharmaceutical's ActRIIA/B antibody JMT206 injection clinical trial application was approved for obesity treatment, and its self-developed chemical class 1 new drug SYH2061 injection received FDA approval for clinical trials. The company's executive chairman, Cai Dongchen, has increased his holdings by a total of 44.87 million shares in the past month [2] - The Federal Reserve's interest rate cut expectations have risen significantly, with a December rate cut probability now at 80% [2] Group 2 - There has been a significant increase in demand for flu-related medications, testing, and online consultations, with Meituan's platform reporting over a 100% increase in orders for specific flu medications since November. Alibaba Health's platform noted a more than 500% week-on-week increase in the number of buyers for antiviral flu medications in the last two weeks [2] - The Hong Kong Stock Connect Innovative Drug ETF (159297) recently underwent a major update, removing CXO companies to enhance the purity of innovative drugs to 100%. The frequency of sample adjustments has increased from semi-annual to quarterly, allowing for faster updates of constituent stocks [2] - Since its launch on September 22, the ETF has added 1.2 billion shares, achieving a growth rate of 295.26%, with a total management and custody fee rate of 0.2%, making it one of the lowest-cost options in its category, and it allows T+0 trading without QDII quota restrictions [3]

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (513920) has shown a positive performance with a 1.10% increase in value and significant growth in shares traded and net asset value since its inception [1] Group 1: Fund Performance - The ETF's latest net asset value is 5.66 billion yuan [1] - Since its establishment on December 20, 2023, the fund has achieved a return of 74.18% [1] - Over the past month, the fund has recorded a return of 1.07% [1] Group 2: Trading Activity - On November 25, the ETF's trading volume reached 362 million yuan [1] - The number of shares increased by 44 million, bringing the total shares to 3.419 billion [1] - In the last 20 trading days, the ETF's shares have increased by 734 million [1] Group 3: Management and Benchmark - The fund is managed by Huaan Fund Management Co., Ltd. [1] - The performance benchmark for the ETF is the Hang Seng Stock Connect China Central State-Owned Enterprises Dividend Index, adjusted for exchange rates [1]