责任编辑：孙 涛 版式总监：毕莉雅 图片编辑：韩景丰 美 编：韩景丰 国内统一连续出版物号CN 11-0207 邮发代号:1-175 国外代号:D1228 各地邮局均可订阅 北京 上海 武汉 成都 福州 深圳 济南 杭州 无锡 同时印刷 地址:北京市宣武门西大街甲97号 邮编:100031 电子邮件：zzb@zzb.com.cn 发行部电话:63070324 传 真:63070321 本报监督电话:63072288 专用邮箱:ycjg@xinhua.cn ...

Group 1 - The "14th Five-Year Plan" is approaching its conclusion, with a focus on stabilizing employment, enterprises, markets, and expectations while promoting high-quality development [1] - The construction of major projects, such as the Yebatan Hydropower Station, is seen as a cornerstone for economic development, with efforts to complete 102 major projects by the end of the year [1] - The central government emphasizes the need for policy implementation to convert positive factors into tangible development results [1] Group 2 - Recent policies have been introduced to address insufficient demand, including 19 key measures to boost and expand consumption [2] - Local governments are actively supporting enterprises, with initiatives like the establishment of "enterprise service teams" and organizing overseas trade activities [2] - Employment stability is prioritized, especially for recent graduates, with various regions enhancing job support services [2] Group 3 - The National Development and Reform Commission (NDRC) is committed to maintaining policy continuity and stability while enhancing flexibility and foresight [3] - There is a focus on creating new advantages in development, particularly in the artificial intelligence sector, with significant investments and initiatives from various regions [3] - A Morgan Stanley report predicts that China could develop a domestic AI market valued at $140 billion by 2030, highlighting China's unique advantages in global high-tech competition [3] Group 4 - Technological innovation is driving industrial innovation, with significant projects underway in various sectors, including quantum computing and amphibious aircraft [4][5] - Financial support for technological innovation has been increased, with the People's Bank of China expanding the scale of re-loans for technology innovation from 500 billion to 800 billion [5] - Policies are being implemented to ensure seamless integration of innovation and industrial chains, which is expected to stimulate high-quality development [5] Group 5 - Recent reforms in the Sci-Tech Innovation Board aim to enhance inclusivity and adaptability for high-quality, unprofitable tech companies [6] - The government is advancing key reforms in various sectors, including electricity trading and market access, to stimulate business vitality [6] Group 6 - China is expanding its institutional openness, creating a market-oriented, law-based, and international business environment [7] - International interest in China remains strong, with companies like GE Healthcare increasing investments in the Chinese market [7] - Global economic outlooks for China are improving, with institutions like Goldman Sachs and Morgan Stanley raising their growth forecasts for 2025 [7] Group 7 - There is a strong consensus that China is capable of achieving the goals set in the "14th Five-Year Plan," laying a solid foundation for the "15th Five-Year Plan" [8]

Core Viewpoint - The Chinese government is accelerating the approval and establishment of new policy financial instruments to boost infrastructure investment and support economic stability, with a focus on both traditional and emerging sectors [1][2][3]. Group 1: New Policy Financial Instruments - New policy financial instruments are being introduced, with a scale of 500 billion yuan expected, aimed at enhancing infrastructure investment [1][5]. - Various local governments are actively preparing for these instruments, holding meetings to discuss their implementation and project readiness [1][2]. - The operational framework is likely to involve policy banks such as the China Development Bank, Agricultural Development Bank, and Export-Import Bank [1][2]. Group 2: Investment Areas - The investment focus of the new policy financial instruments includes traditional infrastructure as well as emerging sectors like digital economy and artificial intelligence [2][3]. - Local governments are identifying and preparing projects that align with these investment areas, ensuring they meet the necessary criteria for funding [2][4]. Group 3: Monetary Policy Support - The People's Bank of China (PBOC) is expected to provide monetary policy support through mechanisms like the Pledged Supplementary Lending (PSL), which has recently seen a rate cut from 2.25% to 2% [2][3]. - This support aims to address capital shortages in key projects and is seen as a crucial tool for stabilizing investment [2][3]. Group 4: Government Bond Issuance - The issuance of government bonds, including ultra-long-term special bonds and local government special bonds, is set to accelerate, with a total of 8 billion yuan in construction projects already allocated [3][4]. - The quota for ultra-long-term special bonds has increased by 300 billion yuan compared to last year, reflecting a more proactive fiscal policy [3][4]. Group 5: Expected Investment Growth - The new policy financial instruments are projected to leverage between 1.5 trillion to 2.5 trillion yuan in infrastructure investment, contributing to a potential increase in overall infrastructure investment growth to 6% for the year [5]. - The combination of special bonds and local government special bonds is expected to further support infrastructure investment, particularly in equipment manufacturing and high-tech sectors [5].

● 本报记者 连润 Wind数据显示，截至8月3日，今年以来银行间市场熊猫债发行规模为1166.50亿元。截至目前，熊猫债 累计发行规模已突破1万亿元。专家表示，近年来，熊猫债发行主体不断丰富，发行人数量稳步攀升， 持续获得国际知名机构青睐，熊猫债市场深度广度不断拓展。 多重因素推动 7月以来，熊猫债市场呈密集发行态势。 人民币国际化进程的深化则为熊猫债需求端注入动力。中诚信国际研究院研究员郝云龙说，目前，人民 币跨境支付占比升至全球第四，人民币作为跨境支付及贸易结算货币的国际地位逐渐提升。新兴市场主 权机构发行熊猫债，既是对人民币储备属性的认可，也是规避美元汇率风险的战略选择。 有望继续扩容 熊猫债作为境外机构在华发行的人民币计价债券，既是中国资本市场双向开放的重要成果，也是人民币 国际化进程中的关键载体，其发展脉络与未来前景备受市场关注。 熊猫债发行始于2005年，2023年开始快速扩容，当年发行规模达1544.50亿元；2024年发行量创下 1948.00亿元的年度纪录。 从熊猫债注册情况看，这一增长态势有望在2025年延续。中国银行间市场交易商协会数据显示，2025年 上半年熊猫债注册规模达1535亿 ...

□本报记者王鹤静 从卖方研究员做到公募基金经理，华富基金的基金经理廖庆阳一路以来都在和创新药产业打交道。从医 保政策推动到大额BD(商务拓展)交易出海，廖庆阳见证了中国创新药产业"十年磨一剑"的跨越式发展。 在第一轮创新药贝塔行情迅速爆发后，廖庆阳敏锐地将目光转向那些具备高成长潜质的"黑马"创新药公 司。在他看来，很多"水下"的创新药企业近年来都在经历起死回生的巨大转折，大额BD交易的出现， 不仅意味着全球大型跨国制药公司对中国创新药产品的认可，更昭示着中国创新药资产估值重塑的道路 还将继续。 创新药迭代周期迎来爆发 回顾这一轮创新药板块的行情，廖庆阳将今年2月至5月划分为第一波主升浪，5月以来划分为第二波主 升浪。在他看来，当前第二波主升浪行情仍在持续。 "第一波行情主要源于医保政策的推动，创新药不仅可以由医保支付，商业保险也逐步覆盖。在此过程 中，一些医药企业逐步有大额的BD项目出现，创新药在AI及机器人之后承接了市场的热点切换。而支 撑起第二轮行情的因素，一是在以ASCO年会为代表的全球创新药学术会议上，中国大量优秀的创新药 产品凭借出色的临床验证成果，获得了全球投资者的高度关注；二是全球大型跨国制药企 ...

数据显示，截至8月3日，今年以来银行间市场熊猫债发行规模为1166.50亿元。截至目前，熊猫债累计 发行规模已突破1万亿元。专家表示，近年来，熊猫债发行主体不断丰富，发行人数量稳步攀升，持续 获得国际知名机构青睐，熊猫债市场深度广度不断拓展。 多重因素推动 7月以来，熊猫债市场呈密集发行态势。 据Wind统计，7月11家发行主体合计发行16只熊猫债，规模达219.50亿元。其中，多只熊猫债发行创纪 录。亚洲基础设施投资银行发行2年期20亿元熊猫债，票面利率1.64%，发行认购倍数创亚投行熊猫债 发行纪录，并吸引了超30家机构参与，创下亚投行熊猫债发行参与机构数量纪录。摩根士丹利发行20亿 元熊猫债，发行期限5年，发行利率1.98%，这是首单由总部位于美国的公司发行的熊猫债。 中诚信国际研究院研究报告认为，融资成本优势是熊猫债密集发行的重要因素之一。"当前熊猫债票面 利率显著低于同期美元债，国际发行人通过置换存量美元债务，可直接降低融资成本，这一'性价比'优 势提升了发行意愿。"报告分析称。 中国债券市场开放持续释放吸引力是另一因素。中国银行间市场交易商协会7月28日表示："今年以来， 外国政府类机构、国际开发 ...

Group 1: ETF Performance - Communication ETFs (515880) and communication equipment ETFs led the market with weekly gains of 5.64% and 4.57% respectively [2] - Half of the top ten performing ETFs for the week were innovation drug-themed ETFs, with several exceeding 4% in weekly gains [2] - The largest decline was seen in the Science and Technology Innovation Index ETF, which dropped 14.16% [3] Group 2: Fund Flows - Multiple bond ETFs, including some science and technology bond ETFs, saw significant inflows, while several Hong Kong ETFs attracted substantial capital [4] - Among the top ten ETFs by net inflow, five were Hong Kong ETFs, with the Hong Kong Securities ETF and others seeing inflows exceeding 3 billion [4] - Conversely, broad index ETFs like the CSI 300 ETF experienced significant outflows [4] Group 3: Market Outlook - The market is expected to maintain a strong trend, supported by resilient fundamentals and ample micro liquidity [6] - Opportunities are identified in overseas computing power chains, non-bank financials, and independent industries [7] - The innovation drug sector is viewed as a promising area for growth, driven by policy and fundamental factors [7]

权益类基金发行大幅回暖 7月新发数量创今年新高 ...

Group 1 - In July, 657 private equity managers conducted intensive research on 358 A-share companies, with a total of 1,763 research instances, indicating a strong preference for technology growth sectors [1] - The technology sector emerged as the primary focus of research, with the computer industry leading with 260 research instances covering 36 companies [2] - Other notable sectors included power equipment (213 instances), pharmaceutical biology (206 instances), and electronics (205 instances), highlighting a significant interest in technology and healthcare [2] Group 2 - Among the 52 stocks with more than 10 research instances, technology growth stocks dominated, reflecting private equity's commitment to exploring innovation-driven opportunities [3] - Leading private equity firms maintain a positive outlook on market trends and structural opportunities, with a focus on sectors that align with China's economic transformation [4] - Investment opportunities are identified in innovative pharmaceuticals and consumer sectors, with a particular emphasis on structural opportunities in niche markets like sports apparel and toys [5]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has lowered the initial public offering (IPO) public holding threshold for "A+H" issuers to 10% or a market value of HKD 3 billion, signaling a supportive policy environment for more A-share companies to list in Hong Kong, potentially becoming a significant force in the 2025 Hong Kong IPO market [1][4]. Group 1: Market Trends - As of August 3, 2023, 10 A-share companies have listed in Hong Kong this year, including industry leaders like CATL, Hengrui Medicine, and Haitian Flavoring, indicating a trend of A-share companies seeking international market presence [2]. - The increase in "A+H" listings is attributed to a flexible and supportive policy environment, enhancing the international influence of these companies [2]. - The "A+H" listing group is expanding, with companies like Jinghe Integrated and Chipsea Technology planning to issue H-shares in Hong Kong to enhance their international competitiveness and brand image [2]. Group 2: Regulatory Improvements - The continuous improvement of regulatory collaboration mechanisms has contributed to the rising popularity of "A+H" listings, with expedited review processes for A-share companies seeking to list in Hong Kong [3]. - The Hong Kong Stock Exchange has committed to completing the review of A-share companies with a market value exceeding HKD 10 billion within 30 days, further facilitating the listing process [3]. - The introduction of the "Special Line for Science and Technology Companies" by the Hong Kong Securities and Futures Commission has improved the efficiency of listing applications for tech and biotech firms [3]. Group 3: Policy Support - There is an expectation of increased policy support for companies seeking to list overseas, with the recent adjustments to the IPO public holding threshold seen as a move to encourage more "A+H" cases [4][5]. - The People's Bank of China and the State Administration of Foreign Exchange have issued a draft notice to optimize the management of funds for domestic companies listing abroad, creating a more favorable environment for A-share companies [5]. - The China Securities Regulatory Commission has emphasized the importance of steadily advancing high-level institutional opening, signaling a commitment to enhancing the regulatory environment for overseas listings [5][6].