Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced mixed activity with net inflows and outflows from various stocks, indicating a dynamic trading environment influenced by recent company performances and market sentiment. Group 1: Stock Performance - Northbound trading recorded a net inflow of HKD 0.38 billion, with the Shanghai Stock Connect showing a net outflow of HKD 1.8 billion and the Shenzhen Stock Connect showing a net inflow of HKD 2.19 billion [1] - The most bought stocks included Xiaomi Group-W (01810), Kangfang Biotech (09926), and Dongfang Zhenxuan (01797), while the most sold stocks were XPeng Motors-W (09868), Innovent Biologics (01801), and Tencent (00700) [1] Group 2: Individual Stock Insights - Xiaomi Group-W (01810) saw a net inflow of HKD 5.62 billion, with a reported smartphone sales volume of 41 million units in Q2, a year-on-year increase of 0.5% and a quarter-on-quarter increase of 1.5% [4] - Kangfang Biotech (09926) received a net inflow of HKD 99.26 million, with two approved indications for its AK112 drug in China and a strong global research presence [5] - Dongfang Zhenxuan (01797) had a net inflow of HKD 1.87 billion, with a focus on e-commerce capabilities and potential growth following recent market adjustments [5] Group 3: Market Reactions and Trends - XPeng Motors-W (09868) experienced a net outflow of HKD 6.64 billion, despite a new model launch, indicating market volatility and profit-taking behavior [7] - Semiconductor stocks showed divergence, with Huahong Semiconductor (01347) receiving a net inflow of HKD 36.01 million, while SMIC (00981) faced a net outflow of HKD 237 million, reflecting differing market sentiments [6] - The overall trading activity suggests a cautious yet opportunistic approach among investors, with significant movements in response to company-specific news and broader market trends [1][6]

此外，近日新东方发布25财年第四季度业绩，据华西证券根据业绩公告与业绩会推算，东方甄选25财年 第四季度收入1.5亿美元，同比下滑约30%，下滑幅度环比收窄；Non-GAAP营业利润约0.79亿元人民 币，对应的营业利润率约7%，环比提升。该行表示，公司在经历剥离与辉同行、头部主播顿顿离职风 波后，盈利能力持续改善。该行建议关注公司由主播驱动向产品驱动的转型。 本文源自：智通财经网 智通财经获悉，东方甄选(01797)回落逾6%，7月初至今股价已实现翻倍。截至发稿，跌5.16%，报26.08 港元，成交额7.93亿港元。 消息面上，近期，由于商品调整的结果与消费者的预期有异，山姆在社交媒体上被部分用户声讨。此 外，盒马会员店将全部停业，这意味着盒马彻底剥离了号称对标Costco的会员店业务。天风证券此前指 出，东方甄选目前具备货架电商属性及社交电商能力，公司希望打造成为线上山姆店有望借助变局二次 成长。浙商证券则表示，东方甄选和胖东来、山姆在产品开发上类似，都是以消费者为中心，精选高品 质、高性价比产品满足健康需求，驱动稳定复购。 ...

Core Viewpoint - Oriental Selection (01797) has experienced a significant stock price fluctuation, with a drop of over 6% recently, despite having doubled in price since early July. The current trading price is 26.08 HKD with a trading volume of 793 million HKD [1] Group 1: Market Reactions and Business Adjustments - Sam's Club has faced backlash on social media due to discrepancies between product adjustments and consumer expectations [1] - Hema's membership stores will cease operations, indicating a complete withdrawal from the membership store business that was intended to compete with Costco [1] Group 2: Company Performance and Strategy - Tianfeng Securities noted that Oriental Selection possesses attributes of both shelf e-commerce and social e-commerce, aiming to establish itself as an online version of Sam's Club, potentially leading to a second growth phase [1] - Zheshang Securities highlighted that Oriental Selection, along with brands like Pang Donglai and Sam's, focuses on consumer-centric product development, offering high-quality and cost-effective products to meet health needs, which drives stable repurchase rates [1] Group 3: Financial Results - New Oriental reported a revenue of 150 million USD for Q4 of the fiscal year 2025, reflecting a year-on-year decline of approximately 30%, although the decline rate has narrowed compared to previous quarters [1] - Non-GAAP operating profit was approximately 79 million RMB, with an operating profit margin of about 7%, showing a quarter-on-quarter improvement [1] - The company is undergoing a transformation from being driven by influencers to being product-driven, following the challenges of talent departures and business restructuring [1]