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]

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. As of the latest report, the stock is down 5.16% at HKD 26.08, with a trading volume of HKD 793 million [1]. Group 1: Market Reactions and Business Adjustments - Recent consumer dissatisfaction has emerged regarding Sam's Club's product adjustments, leading to criticism on social media [1]. - Hema's membership stores will cease operations, indicating a complete withdrawal from its Costco-like membership business [1]. Group 2: Company Strategy and Performance - 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 leveraging market changes for further growth [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 Performance - New Oriental reported its fourth-quarter earnings for the fiscal year 2025, with revenue of USD 150 million, reflecting a year-on-year decline of approximately 30%, although the decline rate has narrowed compared to the previous quarter [1]. - Non-GAAP operating profit was approximately RMB 79 million, 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 focusing on product-driven strategies, following the challenges of talent departures and business restructuring [1].

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]