京东健康(06618)领涨蓝筹。截至收盘，涨11.67%，报61.25港元，成交额2.99亿港元，贡献恒指11.31 点。中金表示，公司25H1业绩超市场预期，主要因药品品类放量良好催化，核心主业表现强劲，药品 品类驱动稳健增长。该行测算2Q25单季度实现收入186.5 亿元(+23.7% YoY)，预计京东集团主站在1H25 期间进行的即时零售投流活动或间接为京东健康带来流量导引获益；截至1H25末，公司过去十二个月 (LTM)活跃用户数超2亿，创历史新高。同时，预计药品品类在1H25期间或实现高于整体收入端的增 速，仍为核心驱动品类。 其他蓝筹股方面，信义光能(00968)涨5.96%，报3.38港元，贡献恒指1.37点；阿里健康(00241)涨4.92%， 报5.33港元，贡献恒指2.51点；新鸿基地产(00016)跌5.35%，报92港元，拖累恒指11.88点；恒基地产 (00012)跌4.63%，报27.6港元，拖累恒指3.07点。 热门板块方面 盘面上，近日京东健康今日公布中期业绩表现亮眼，与成份股叮当健康领涨互联网医疗股。两融余额近 期创新高，中资券商涨幅居前延续走强态势。据报光伏组件再现缺货涨 ...

Market Performance - The Hong Kong stock market indices collectively closed lower, with the Hang Seng Index and the Hang Seng China Enterprises Index both down by 0.98%, and the Hang Seng Tech Index down by 0.59% [1] - Notably, southbound funds recorded a significant net purchase of Hong Kong stocks amounting to HKD 35.876 billion, setting a new record for single-day net inflows [1] Stock Highlights - Several biotech stocks saw substantial gains, with Silver Lake Pharmaceuticals-B rising by 206.48%, and other notable increases including Pagoda Biopharma-B at 32.45% and Grass White Pharmaceutical-B at 24.56% [2] - The market also witnessed strong performance in the Chinese brokerage sector, with CITIC Securities rising nearly 11%, and other firms like China Galaxy and Zhongzhou Securities increasing by over 9% [3] Sector Performance - Internet healthcare stocks performed well, with Dingdang Health surging to a 36% increase and JD Health rising by 11.67% post-earnings [3] - Conversely, large tech stocks generally underperformed, with JD.com, NetEase, and Alibaba all dropping over 3%, while Meituan fell over 2% [3] - The banking sector faced declines, with major banks like ICBC and Agricultural Bank of China dropping by 3% and over 2% respectively, influenced by market expectations regarding consumer loan subsidy policies [3]

Market Performance - The Hong Kong stock market indices collectively closed lower, with the Hang Seng Index and the Hang Seng China Enterprises Index down by 0.98%, and the Hang Seng Tech Index down by 0.59% [1] - Despite the overall market decline, southbound funds recorded a significant net purchase of Hong Kong stocks amounting to HKD 35.876 billion, setting a new record for single-day net inflows [1] Sector Performance - Chinese brokerage stocks, often seen as market leaders, experienced substantial gains, with CITIC Securities rising nearly 11%, and China Galaxy and Zhongzhou Securities increasing over 9% [1] - Internet healthcare stocks showed strong performance, with Dingdang Health surging to 36% and JD Health rising by 11.67% post-earnings [1] - Semiconductor stocks, Apple-related stocks, aviation stocks, photovoltaic stocks, domestic property stocks, and military industry stocks mostly exhibited upward trends [1] Underperforming Stocks - Major technology stocks generally underperformed, dragging the market down, with JD.com, NetEase, and Alibaba each falling over 3%, Meituan down over 2%, Baidu down by 1%, and Xiaomi down by 0.66%, while Tencent managed to stay slightly positive [1] - The banking sector faced collective declines, with major banks like Industrial and Commercial Bank of China down by 3%, and Agricultural Bank of China and China Construction Bank each dropping over 2% [1] - Other sectors such as coal, shipping, gaming, and dairy also experienced declines [1]

互联网医疗股逆势走高，截至发稿，叮当健康(09886)涨21.31%，报0.74港元；京东健康(06618)涨 12.03%，报61.4港元；众安在线(06060)涨3.79%，报19.15港元；阿里健康(00241)涨3.54%，报5.26港 元。 消息面上，京东健康发布截至2025年6月30日止6个月的中期业绩，该集团取得收入人民币352.9亿元(单 位下同)，同比增加24.5%；期间非国际财务报告准则盈利35.7亿元，同比增加35%；归属于公司所有者 的期间盈利25.96亿元，同比增加27.45%；每股基本盈利0.82元。里昂指出，京东健康上半年业绩符合 预期，在618的良好表现和强劲的用户增长带动下，营收较去年同期增长24.5%至353亿元，Ebit较去年 同期增长57%至25亿元。由于原研药的需求由医院内转移至医院外，药物销售亦有所增长。 中信证券此前指出，得益于政策优化、商保推动和AI赋能，需求或业绩修复趋势或将延续全年，预计 有望看到医疗健康产业整体的收入、利润、现金流修复向好。其中收入端有望得到商保增量支付拉动， 利润端有望受益于集采政策等优化，现金流有望受益于医院回款向好、化债回款支持和生物 ...

Group 1 - Hong Kong stock market indices fell over 1%, with the Hang Seng Index down 1.19%, losing over 300 points, while the Hang Seng China Enterprises Index and Hang Seng Tech Index dropped 1.26% and 1.08% respectively [1] - JD Health's mid-term performance significantly exceeded expectations, leading to a strong recovery in the healthcare sector, with related ETFs seeing increased trading volume and capital inflow into innovative drugs and internet healthcare [1] - The Hong Kong Innovative Drug Selected ETF (520690) experienced a nearly 1.5% increase, with a trading volume exceeding 80 million and a turnover rate over 20%, attracting a net inflow of 32 million over the past five days [1] Group 2 - Institutions noted that JD Health's fundamental recovery exceeded expectations, validating the feasibility of the internet healthcare flow-to-conversion-to-profitability model, which has led to a revaluation of the sector [2] - The Hang Seng Medical ETF (513060) and its linked products cover core assets in Hong Kong's healthcare sector, including pharmaceuticals, medical devices, and services, making them attractive for investors [2] - The Hong Kong Innovative Drug Selected ETF (520690) closely tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Selected Index, focusing on leading innovative drug companies and high R&D attributes, which are worth investors' attention [2]

中信证券此前指出，得益于政策优化、商保推动和AI赋能，需求或业绩修复趋势或将延续全年，预计 有望看到医疗健康产业整体的收入、利润、现金流修复向好。其中收入端有望得到商保增量支付拉动， 利润端有望受益于集采政策等优化，现金流有望受益于医院回款向好、化债回款支持和生物医药融资环 境触底回暖等因素。建议全面关注医疗健康产业投资机会，业绩和估值从全年角度来看，或有望迎来双 击，现在布局正当时。 消息面上，京东健康发布截至2025年6月30日止6个月的中期业绩，该集团取得收入人民币352.9亿元(单 位下同)，同比增加24.5%；期间非国际财务报告准则盈利35.7亿元，同比增加35%；归属于公司所有者 的期间盈利25.96亿元，同比增加27.45%；每股基本盈利0.82元。里昂指出，京东健康上半年业绩符合 预期，在618的良好表现和强劲的用户增长带动下，营收较去年同期增长24.5%至353亿元，Ebit较去年 同期增长57%至25亿元。由于原研药的需求由医院内转移至医院外，药物销售亦有所增长。 智通财经APP获悉，互联网医疗股逆势走高，截至发稿，叮当健康(09886)涨21.31%，报0.74港元；京东 健康(0661 ...

Market Overview - On August 15, the A-share market experienced a significant upward trend, with the Shanghai Composite Index rising by 0.47%, the Shenzhen Component Index increasing by 1.19%, and the ChiNext Index soaring by 2.14% [1][2] - The total market turnover for the half-day was 1.33 trillion yuan, showing a slight decrease compared to the previous day, with 4,460 stocks rising and 817 stocks falling [2] Sector Performance - The power equipment, building materials, petrochemicals, and industrial machinery sectors saw notable gains, while the banking sector experienced a significant pullback [2][9] - In the Hong Kong market, all three major indices fell by over 1%, with JD Health leading the Hang Seng Index constituents with a rise of over 13% [2] Power Equipment and Machinery - The power equipment sector saw a strong rally, with stocks like Zhongheng Electric and Oujing Technology hitting the daily limit, and several others rising over 10% [4][5] - The machinery sector also performed well, with Junpu Intelligent hitting the daily limit and other stocks like Shandong Zhanggu and Dayuan Pump Industry also seeing significant increases [6][7] - According to the National Bureau of Statistics, from January to July, investments in solar, wind, nuclear, and hydropower in China grew by 21.9% year-on-year [5] Banking Sector - The banking sector faced collective declines, with all but one bank stock falling. Notably, Citic Bank dropped over 3%, and major state-owned banks also saw declines exceeding 2% [9][10] - Recent regulatory measures have been introduced to address issues like "mortgage rebates" and "disguised interest rate cuts," encouraging banks to adopt differentiated competition strategies [10] Brokerage and Trading Software - The brokerage and trading software sectors experienced a collective surge, with stocks like Changcheng Securities achieving a three-day limit increase and Tianfeng Securities hitting the daily limit [11][12] - Notable gains were also seen in stocks like Zhina Zhen and Tonghuashun, with increases of 16% and over 14%, respectively [11][13] JD Health Performance - JD Health's stock price rose over 16% in the Hong Kong market, reaching a peak of 64 HKD per share, with a closing price of 62.1 HKD, marking a 13.22% increase and a total market capitalization of 198.7 billion HKD [14] - The company reported a total revenue of 35.29 billion yuan for the first half of 2025, reflecting a year-on-year growth of 24.5%, with a Non-IFRS net profit of 3.57 billion yuan, up 35% [14]

Market Performance - The Hong Kong stock market experienced a decline, with all three major indices dropping over 1%, specifically the Hang Seng Index down 1.19%, losing over 300 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index fell by 1.26% and 1.08% respectively [1] Sector Performance - Major technology stocks, which serve as market indicators, were generally weak, with JD.com down nearly 4%, Meituan down over 3%, Alibaba down 2.6%, and other tech stocks like Kuaishou, NetEase, Xiaomi, and Baidu also declining over 1%. However, Tencent saw a consecutive rise post-earnings [1] - The banking sector was negatively impacted, with major banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, and China Merchants Bank all dropping over 2% [1] - Insurance stocks, which performed strongly previously, saw some pullback, with AIA Group down nearly 3% [1] - Various sectors including robotics, automotive, gambling, coal, dairy, sports goods, and dining all experienced declines [1] Notable Performers - Chinese brokerage stocks saw significant gains, with Zhongzhou Securities leading with a nearly 14% increase, and other firms like China International Capital Corporation and China Merchants Securities rising over 5% [1] - Internet healthcare stocks surged, with Dingdang Health rising over 26% [1] - Other sectors such as aviation, Apple-related stocks, domestic real estate, and non-ferrous metals showed resilience and were active despite the overall market downturn [1]

Core Viewpoint - The report from Credit Lyonnais indicates that JD Health's performance in the first half of the year met expectations, driven by strong user growth and good performance during the 618 shopping festival [1] Financial Performance - JD Health's revenue increased by 24.5% year-on-year to 35.3 billion yuan [1] - Earnings before interest and taxes (EBIT) rose by 57% year-on-year to 2.5 billion yuan [1] Market Trends - There has been a shift in demand for original research drugs from hospitals to outpatient settings, contributing to an increase in drug sales [1] Future Outlook - Credit Lyonnais raised JD Health's net profit forecasts for 2025 and 2026 by 15% and 13% respectively [1] - The target price for JD Health was increased from 56 HKD to 64 HKD, maintaining an "outperform" rating [1]

Group 1 - JD Health (6618.HK) saw its stock price rise over 12% to HKD 61.5, reaching a new high since March 2023 [1] - The company reported a revenue of RMB 35.29 billion for the first half of the year, representing a year-on-year growth of 24.5% [1] - Net profit for the same period was RMB 2.596 billion, with a year-on-year increase of 27.5% [1] Group 2 - The gross profit margin improved from 23.6% in the same period last year to 25.2%, primarily due to changes in the revenue mix [1] - As of the end of June, the number of annual active users exceeded 200 million, with an average of over 500,000 consultations per day in the first half of the year [1]