国庆长假期间，A股休市，港股市场表现受到投资者重点关注。10月以来，港股市场整体走势较为震 荡，恒生指数在10月2日涨超1.6%后，随后三个交易日连续调整。近期，全球资本"活水"随着美联储开 启新一轮降息周期而流向更多市场。当流动性宽松的闸门再次开启，估值优势显著、与内地经济联动紧 密的港股市场，站在了风口之上。在近期多家公募机构举办的策略会上，加大对港股的配置成为了共识 性的判断。有业内人士表示，外部资金流入港股市场的意愿显著增强，以港股为代表的中国资产或得到 外资的进一步增持。（中证报） ...

Core Viewpoint - The stock of He Yu-B (02256) has risen over 6%, reaching a new high of 18 HKD, driven by recent share buybacks and positive financial performance [1] Group 1: Stock Performance - He Yu-B's stock price increased by 5.56%, trading at 17.84 HKD with a transaction volume of 34.38 million HKD [1] - The company has conducted share buybacks, repurchasing 200,000 shares on August 27 and another 100,000 shares on August 28, totaling 9.545 million shares repurchased for 75.3 million HKD as of June 30, 2025 [1] Group 2: Shareholding Changes - Allianz SE increased its stake in He Yu-B from 4.81% to 5.10% as of August 15 [1] Group 3: Financial Performance - In the first half of the year, the company reported revenue of 657 million RMB, a year-on-year increase of 20%, and a net profit of 328 million RMB, up 59% [1] - The company holds cash reserves of 2.3 billion RMB, providing a solid foundation for future research and operations [1] - Growth is primarily attributed to the core product, ABKS021 (Pimiatin), in collaboration with Merck, which exercised its global commercialization option in the first half of 2025, paying an exercise fee of 85 million USD [1] Group 4: Future Outlook - The company is expected to benefit from the global approval and commercialization of Pimiatin, with ongoing milestone payments and sales sharing [1] - The steady progress in the registration and listing of Pimiatin, along with healthy financial performance, indicates sustainability in the medium term [1]

Group 1 - Major financial institutions like JPMorgan, Citigroup, and Morgan Stanley have recently increased their holdings in H-shares such as CATL, ZTE, and WuXi AppTec, indicating a growing interest in these stocks [1] - JPMorgan's long position in CATL H-shares rose from 5.98% to 6.06%, while Morgan Stanley's increased from 4.96% to 6.05% [1] - The Hong Kong stock market showed strong performance in August, with the Hang Seng Index rising by 1.23% and the Hang Seng Tech Index increasing by 4.06% [3] Group 2 - There is a concern that retail investors often enter the market after institutions have already made their moves, leading to potential losses for these investors [5] - A notable example of institutional behavior is highlighted, where foreign institutions claimed to avoid thematic stocks but were found heavily invested in restructuring concept stocks after earnings reports were released [6] - The concept of "institutional inventory" is introduced as a key indicator of institutional trading activity, suggesting that active participation by institutions can signal future stock performance [9][11] Group 3 - The article emphasizes the importance of understanding the true flow of funds rather than relying on news, which often lags behind actual market movements [14] - It is suggested that retail investors should focus on analyzing data that reveals institutional actions to avoid being misled by superficial news [14] - The conclusion stresses that those who can access and interpret real data will have a competitive advantage in the market [14]

Core Insights - In the first half of the year, foreign investment in domestic stocks and funds increased by a net amount of 10.1 billion USD, indicating a growing interest from global capital in the domestic equity market [1] Group 1 - The net increase in foreign investment reached 18.8 billion USD in May and June, highlighting a significant rise in investment activity during this period [1]

Market Performance - On June 17, 2025, A-shares saw a collective decline with the Shanghai Composite Index down 0.04%, the Shenzhen Component Index down 0.12%, and the ChiNext Index down 0.36%. Over 2900 stocks fell, with total market turnover at 1.2371 trillion yuan, a decrease of 6.4 billion yuan from the previous day [2] - Hong Kong stocks also experienced a downturn, with the Hang Seng Index falling 0.34% to close at 23980.30 points, and total trading volume at 202.144 billion HKD. The Hang Seng China Enterprises Index dropped 0.4%, while the Hang Seng Tech Index decreased by 0.15% [2] - In the US market, major indices fell, with the S&P 500 down 0.84% to 5982.72 points, the Nasdaq Composite down 0.91% to 19521.09 points, and the Dow Jones Industrial Average down 0.7% to 42215.8 points [2] New Stock Offerings - There were no new stock subscriptions or listings on this day [3] Foreign Investment Trends - In May, foreign investment in domestic stocks increased compared to the previous month, with a net inflow of 33 billion USD from non-bank sectors, including enterprises and individuals. The trade in goods maintained a high net inflow, while other capital outflows remained stable [4] - The foreign exchange market showed a balanced supply and demand, with banks transitioning to a surplus in foreign exchange settlements and sales. The overall economic stability in China is expected to support the healthy operation of the foreign exchange market [4]