多图速览>> 本周（7月28日到8月1日）的五个交易日中，A股三大指数均回调，沪指累计下跌0.94%，深证成指累计跌1.58%，创业板指累计跌0.74%。从板块、概念看， 医药股本周表现强势，AI应用、电子、光伏、固态电池活跃。 | 指数 | 周五涨跌幅 | | 周五收盘点数 周五成交额 (亿元) | 近一周 | | --- | --- | --- | --- | --- | | 上证指数 | -0.37% | 3560 | 6846 | -0 | | 深证成指 | -0.17% | 10991 | 9137 | -1 | | 北班50 | -0.23% | 1420 | 217 | -2 | | 科创50 | -1.06% | 1037 | 330 | -1 | | 创业板指 | -0.24% | 2323 | 4653 | -0 | | 下班50 | -0.79% | 2754 | 941 | -1 | | 沪深300 | -0.51% | 4055 | 3597 | -1 | ►牛熊股：这只创新药概念股领涨，50股跌超10% 消息面上，南新制药30日发布公告称，公司近期正在筹划购买某一国内药品技术等资产 ...

Market Overview - During the trading days from July 28 to August 1, all three major A-share indices experienced a pullback, with the Shanghai Composite Index down by 0.94%, the Shenzhen Component Index down by 1.58%, and the ChiNext Index down by 0.74% [1] - The Shanghai Composite Index closed at 3560 points with a trading volume of 684.6 billion yuan on Friday [3] Sector Performance - The pharmaceutical sector showed strong performance this week, with several stocks in the AI application, electronics, photovoltaic, and solid-state battery sectors also being active [1] - A total of 20 stocks saw a price increase of over 30%, with Nanjing New Pharmaceutical leading with a cumulative increase of 78.01% [4] Notable Stocks - Nanjing New Pharmaceutical's significant rise is attributed to its announcement regarding the potential acquisition of domestic pharmaceutical technology assets, although the deal is still in the planning stage and carries uncertainty [4] - Other notable gainers include Dongxin Co. (53.68%), Southern Road Machinery (53.38%), and Siquan New Materials (50.75%) [5] Trading Activity - A total of 71 stocks had a turnover rate exceeding 100%, with Beifang Changlong leading at 257.92% [6] - The sectors with high turnover rates included electronics, machinery equipment, and pharmaceuticals [6] Fund Flow - The banking and transportation sectors were favored by institutional investors, receiving net inflows of 2.224 billion yuan and 990 million yuan, respectively [8] - Conversely, sectors such as computers, non-ferrous metals, and electronics faced significant net sell-offs, each exceeding 10 billion yuan [8] Institutional Research - DeFu Technology attracted the most attention from institutions, with 238 firms participating in its research [14] - The focus of institutional research remains on sectors like electronic components, photovoltaic equipment, and industrial machinery [14] Financing Activity - New Yisheng topped the list for financing net purchases, amounting to 1.6 billion yuan, followed by Ningde Times and WuXi AppTec with 1.351 billion yuan and 1.123 billion yuan, respectively [12]

Group 1 - A total of 2090 stocks received net financing purchases this week, with 1103 stocks having net purchases exceeding 10 million yuan, 118 stocks exceeding 100 million yuan, and 5 stocks exceeding 1 billion yuan [1] - New Yisheng topped the list with a net purchase amount of 1.6 billion yuan, followed by Ningde Times, WuXi AppTec, and Kweichow Moutai with net purchases of 1.351 billion yuan, 1.123 billion yuan, and 1.067 billion yuan respectively [1] - CITIC Securities, Dongshan Precision, and Muyuan Foods experienced the highest net sell-offs, with amounts of 1.18 billion yuan, 714 million yuan, and 344 million yuan respectively [1]

Group 1 - A total of 138 listed companies were investigated by institutions this week, with Defu Technology receiving the most attention from 238 participating institutions [1] - Other companies such as Shijia Photonics, Haida Group, and Shunluo Electronics were also investigated by over 90 institutions [1] - In terms of total investigation frequency, Gains Group was investigated 4 times, while Weili Transmission, Tianlong Co., Jeya Co., and Beite Technology were each investigated 3 times [1] Group 2 - Institutions continue to focus on sectors such as electronic components, photovoltaic equipment, industrial machinery, and electric power [1]

Group 1 - Two companies received IPO approvals during the week, while one company, Chengdu Ruisi Environmental Technology Co., Ltd., terminated its review process on July 25 [1][2] - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. is the first company to have its IPO application accepted under the fifth set of listing standards for the Sci-Tech Innovation Board, aiming to raise 1.5 billion yuan [1] - Tainuo Maibo reported revenues of 4.34 million yuan in 2022, with losses of 429 million yuan, 446 million yuan, 515 million yuan, and 177 million yuan in the same period [1] Group 2 - High Ling Chen Jun, a private equity fund manager, holds a 3.94% stake in Tainuo Maibo, having invested in the company before its IPO application [2] - Delijia Transmission Technology (Jiangsu) Co., Ltd. and Changjiang Sanxing Energy Technology Co., Ltd. also received IPO approvals, with the former's application taking seven months from acceptance to approval [2] - Ruisi Environmental's main revenue source, the denitration reducing agent preparation system, accounted for over 71% of its main business income in recent years, indicating potential market expansion risks [3]

2025年研究生推免资格高校扩容工作正式拉开帷幕，这是自2017年以来教育部时隔8年再次启动推免资 格高校增选工作。 "推免"是指推荐优秀应届本科毕业生免试攻读研究生，直接由学校推荐去读研，即"保研"。 近日，浙江省教育厅在官网公布了《关于2025年浙江省新增推免资格高校拟推荐名单的公示》，拟推荐 4所高校新增推免高校资格，包括浙江农林大学、浙江财经大学、西湖大学、宁波诺丁汉大学。 7月31日，河南省教育厅发布了关于2025年河南省新增推免资格高校拟推荐名单的公示，郑州轻工业大 学、河南医药大学进入拟推荐名单。 根据第一财经记者梳理发现，截至8月3日，已有28个省份的超60所高校获得了所在省份新增推免资格高 校拟推荐名单的公示。 按照教育部规定，开展推荐工作的高等学校应教学质量优秀、招生工作秩序良好、办学行为规范；同 时，要具有经国务院学位委员会批准的博士学位授予权，或具有经国务院学位委员会批准的硕士学位授 予权，且独立招收硕士研究生连续15年（体育、艺术院校连续6年）以上。 获得推免资格，对高校发展具有重要意义。这不仅是对高校办学水平的认可，更能提升学校吸引力、留 住优质生源，同时促进本科教育与研究生培养的 ...

"十五五"时期，医保既要促进共同富裕目标的实现，又要为新质生产力发展提供制度保障。 "十四五"时期，国家医保局力推医疗保障制度的公平可及，基本医疗保险参保率稳定在95%左右，四年 累计有近200亿人次享受就诊医保报销。在即将到来的"十五五"，覆盖13.27亿人的全民医保制度将迎来 新升级，实现更广覆盖、更低负担、更强赋能。 国家医疗保障局局长章轲近日在国新办发布会上表示，过去四年多，国家医保局既坚持管好用好医保基 金，奋力解除广大人民疾病医疗后顾之忧；也积极服务经济社会发展，持续为社会进步、人民健康和经 济发展注入新增量。 中国人民大学劳动人事学院教授仇雨临近日在中国政法大学第一届医疗保障与健康治理学术论坛上表 示，"十五五"时期，医保既要促进共同富裕目标的实现，又要为新质生产力发展提供制度保障。这一过 程要求医保事业的发展与改革要主动适应高质量发展需求，在公平性与效率性之间取得平衡，通过制度 创新推动经济发展与民生改善的良性互动。 "十四五"医保提质扩面广覆盖 仇雨临表示，"十四五"时期，我国健全世界最大的基本医疗保障网，财政每年对居民参保缴费人均补助 标准从2018年490元增长至2024年670元，农村 ...

Group 1: Core Insights - The core focus of policy design and regulatory practice in relevant fields should be on building a next-generation financial infrastructure based on blockchain to enhance the quality and efficiency of financial services for the real economy and international competitiveness [1][2] Group 2: Digital Asset Market Expansion - The total market capitalization of crypto assets reached approximately $3.92 trillion as of July 19, 2023, a 42% increase from $2.76 trillion at the end of Q1 2025 [3] - Bitcoin's market capitalization is 59.85%, with a closing price of $117,900 on July 19, 2023, up 42.89% from $82,500 at the end of Q1 2025 [3] Group 3: Stablecoin Market Growth - The total market capitalization of stablecoins reached $267.7 billion as of July 20, 2023, a 14% increase from the end of Q1 2025 [6] - USD stablecoins account for $263.4 billion, representing 98.4% of the market, while the market for RMB stablecoins is only $2.65 million [6] Group 4: Real World Assets (RWA) Market Growth - The RWA market reached a total market capitalization of $25.56 billion as of July 18, 2023, a 26.85% increase from $20.15 billion at the end of Q1 2025 [7] Group 5: Regulatory Framework Developments - The U.S. House of Representatives passed three key bills related to digital assets during the week of July 14-18, 2023, including the "GENIUS Act" for stablecoin regulation and the "CLARITY Act" for other crypto assets [11] - The "GENIUS Act" has been signed into law, clarifying the regulatory framework for digital assets in the U.S. [11] Group 6: International Regulatory Comparisons - The regulatory approaches to stablecoins in the U.S., EU, and Hong Kong show similarities, focusing on full reserve backing and issuer qualifications [12] - The U.S. "GENIUS Act" aims to strengthen the dominance of the U.S. dollar, while the EU and Hong Kong regulations prioritize monetary sovereignty and systemic risk prevention [13] Group 7: Risk and Volatility Characteristics of Crypto Assets - Bitcoin exhibits significant correlation with U.S. stock markets, maintaining a correlation coefficient between 40% and 60%, indicating its risk asset characteristics [22] - The relationship between Bitcoin and Ethereum shows low correlation with traditional commodities, suggesting unique volatility traits in the crypto market [24][28]

鉴于不确定不稳定因素依然较多，会议在强调宏观政策"不退坡"的同时也指出要增强灵活性预见性，适 时加力。相关部门要继续加强对国内经济金融形势的动态跟踪，不断充实政策工具箱，以备不急之需。 日前，中共中央政治局召开会议，分析研究当前经济形势，部署下半年经济工作。会议在肯定上半年主 要经济指标表现良好、经济展现强大活力和韧性的同时，指出我国经济运行依然面临不少风险挑战，要 正确把握形势，增强忧患意识，坚持底线思维，用好发展机遇、潜力和优势，巩固拓展经济回升向好势 头。 本次政治局会议基调更偏乐观 历年7月底的政治局会议均是分析研究上半年经济形势，部署下半年经济工作。今年7月底的政治局会议 在政策上没有比2023和2024年同期的会议更偏积极，但会议基调较前两年却更偏乐观。 2023年7月底政治局会议在肯定经济总体回升向好、为实现全年经济社会发展目标打下了良好基础的同 时，指出当前经济运行面临国内需求不足、一些企业经营困难、重点领域风险隐患较多、外部环境复杂 严峻等困难和挑战。会议强调要加大宏观调控力度，推动经济实现质的有效提升和量的合理增长。精准 有力实施宏观调控，加强逆周期调节和政策储备。要继续实施积极的财政政策 ...

二十国集团在过去十年间日益迷失方向，事实表明它过于庞大、过于臃肿，太容易受到政治压力和争议 的影响，无论这些压力和争议来自哪里。 人们很容易在美国总统特朗普的议程中挑出毛病，尤其是他那个充斥着自相矛盾、更有可能让美国变得 更穷而不是"再次伟大"的经济战略。然而当他最近建议七国集团应当涵盖俄罗斯，或许还有中国时，我 却对此赞同不已。 法国、德国和意大利三国在欧元诞生后承诺采用共同货币、集中制定货币政策并使用共同财政政策规 则，因此让它们在这么一个全球精英决策集团中各自保留一个席位已不再有多大意义。倘若将目光从宏 观经济转向外交、安全、公共卫生、气候变化等领域，那这样做的理由就更少了。 这正是我在2001年发表的论文中提出的核心论点之一，我在文中用巴西、俄罗斯、印度和中国的英语名 称首字母创设了"金砖四国"的概念。当时大家都明显认识到欧元区在全球GDP中的份额将会随着上述国 家的崛起而下降。我的目的是提高人们对那些未来状况的认识，并促使七国集团变得更具全球性和前瞻 性。为了紧跟形势发展，它不能仅仅代表老化、衰落的"工业化"大国。事实上我比特朗普更进一步，建 议将巴西和印度以及中国和俄罗斯纳入其中。由此产生的九国集 ...