Group 1 - The core viewpoint is that the innovative drug sector is experiencing a significant growth phase, with expectations for a "1-10" explosive stage as more innovative drugs are launched domestically and representative new drugs appear in overseas markets [1][3] - Innovative drug ETFs have shown strong performance, with several funds achieving over 100% returns this year, indicating a robust interest in this sector [1][2] - The investment landscape is shifting from defensive to offensive strategies, with innovative drugs being viewed as a growth line that can withstand market cycles [3][4] Group 2 - Fund managers express optimism about the potential for excess returns in the innovative drug sector, anticipating a long harvest period starting from 2025 [3][4] - The innovative drug sector is characterized by high investment, long cycles, and intense competition, which may lead to valuation bubbles if not carefully managed [5][6] - Evaluating innovative drug companies should focus on global competitiveness and domestic commercialization capabilities, with an emphasis on strategic partnerships and market positioning [7]

Core Viewpoint - The foreign trade performance of several provinces in China has shown significant improvement in the first half of the year, with a focus on stabilizing and enhancing foreign trade quality and quantity in the coming months [1][5]. Group 1: Performance of Major Foreign Trade Provinces - Shandong Province achieved a total import and export value of 1.73 trillion yuan, ranking fifth nationally, with a year-on-year growth of 6.8%, surpassing the national average of 3.9% [2]. - Guangdong, as the largest foreign trade province, contributed 28% to the national foreign trade growth, while Jiangsu's import and export growth rate exceeded the national average by 2.3 percentage points [2]. - The combined import and export value of Guangdong, Jiangsu, Zhejiang, Shanghai, and Shandong accounted for 64.1% of the national total, with a year-on-year growth of 4.8%, driving overall growth by 3 percentage points [2]. Group 2: Performance of Central and Western Provinces - The 18 provinces in Central and Western China reported a total import and export value of 3.95 trillion yuan, with a year-on-year growth of 11.2%, exceeding the national average by 8.3 percentage points [3]. - Shaanxi Province achieved an import and export total of 244.514 billion yuan, with a year-on-year growth of 7.5%, indicating a significant recovery in growth rate compared to the first quarter [4]. Group 3: Policy Outlook and Future Expectations - Experts anticipate that policies to stabilize foreign trade will be further strengthened in the second half of the year, with potential financing support for foreign trade enterprises facing challenges [6]. - The focus will be on promoting industrial upgrades, enhancing collaborative efficiency through infrastructure connectivity, and expanding into emerging markets to stabilize international market shares [6]. - The future foreign trade strategy will aim to build a framework based on domestic circulation, diversified markets, and technological innovation to seek greater development space [6].

在全球家电产业智能化、绿色化浪潮奔涌之际，海尔智家（600690）作为行业龙头如何以科技创新和产 业创新融合发展锻造新质生产力？其全球化布局与智能生态战略又将如何深化？公司董秘刘晓梅近日接 受中国证券报记者专访，解码了海尔智家以用户需求为核心锻造核心竞争力的实践路径。 ● 本报记者张鹏飞 她以市场数据为证：海尔智家旗下的"懒人多筒洗衣机""麦浪冰箱""麦浪小蓝瓶热水器"等产品品类销量 持续增长，这正是消费升级与理性化交织演进下的生动注脚。 "在竞争白热化的国内市场，植根于海尔基因的，始终是'以用户为中心'。"在刘晓梅看来，研发的精准 化至关重要。多年来，海尔智家持续加大研发投入，针对年轻人、银发族、女性用户等不同群体的细分 需求进行产品创新。 "例如，捕捉年轻用户对智能与'懒人友好'的诉求，同时响应'银发经济'崛起下60后用户对智能化场景解 决方案的更高期待，我们推出的相关产品深受市场追捧。"刘晓梅告诉记者。 在运营数字化方面，海尔智家全面推进数字化转型，贯通供应链、制造和营销环节，显著提升了运营效 率与市场响应速度，"数字化转型助力我们的销售费用率实现连续三年优化。" 值得一提的是，公司大胆变革营销方式，创 ...

在风电机组、高铁列车以及盾构机等众多高端装备精密运转的背后，润滑材料是其长期稳定运行的关键 保障，但如此重要的关键材料却长期被国际巨头垄断。中科润美董事长王晓波带领团队从实验室出发， 以正向研发打破技术壁垒，以十年磨一剑的精神，将实验室"克级样品"淬炼为生产线上"万吨级产能"， 让中国高端装备用上中国高端润滑材料，为国之重器穿上安全运行的"隐形铠甲"。 从科学家到企业家，从实验室到广阔市场，王晓波和中科润美的故事，映照出中国科技创业者以市场需 求为锚点、以创新为杠杆的成长轨迹。王晓波日前在接受中国证券报记者专访时表示："虽然我们的很 多高端制造业已经走在世界前列，但还有很多最基础的东西需要去研究、解决，这样才能对这些产业形 成强有力的支撑。" ● 本报记者杨洁 筑牢底层根基 王晓波博士研究生期间所在的实验室，是润滑材料全国重点实验室，具有国际领先的润滑材料技术研究 能力，长期支撑我国航天、航空等领域的发展。但这些领先技术在当时并未广泛应用到民用领域，很多 高端装备配套的关键润滑油脂材料，几乎被国外品牌垄断。 "目前我国大型风电机组、轨道交通车辆、盾构机等高端装备都已经走在世界前列，与其配套的关键材 料领域也要 ...

Core Insights - The "Three New" economy in China achieved a value-added of 242,908 billion yuan in 2024, reflecting a growth of 6.7% compared to the previous year, which is 2.5 percentage points higher than the GDP growth rate [1] - The "Three New" economy accounted for 18.01% of the GDP, an increase of 0.43 percentage points from the previous year [1] Industry Breakdown - In the primary industry, the value-added was 9,485 billion yuan, growing by 6.7%, representing 3.9% of the "Three New" economy [1] - The secondary industry had a value-added of 100,459 billion yuan, with a growth rate of 5.5%, making up 41.4% of the "Three New" economy [1] - The tertiary industry saw a value-added of 132,964 billion yuan, growing by 7.7%, and constituted 54.7% of the "Three New" economy [1] Definition and Scope - The "Three New" economy encompasses new industries, new business formats, and new business models, representing a collection of economic activities focused on innovation and modernization [1]

● 本报记者王宇露 中国证券投资基金业协会发布的最新数据显示，截至7月30日，7月以来备案的私募证券投资基金已达 1203只，创下今年以来单月新高。在市场逐步回暖的背景下，投资者热情逐步回升。整体来看，量化产 品依然是备案的主力军。在投资者对量化产品热情高涨之际，多家量化私募相继宣布对部分产品进行封 盘。 私募发行市场回暖 中国证券投资基金业协会网站显示，截至7月30日，7月以来共有1203只私募证券投资基金完成备案。此 前，6月共有1075只私募证券投资基金备案，4月有1138只完成备案，3月有1007只完成备案，其他月份 均未超过1000只。 7月私募证券投资基金备案数量再次突破1000只的同时，也创下今年以来单月备案数量的新高。业内人 士认为，在市场逐步回暖、指数不断走高的背景下，投资者热情逐步回升，这是私募发行市场回暖的主 要原因。 从备案的私募管理人来看，量化私募依然是备案新产品的主力军，九坤投资、明汯投资、蒙玺投资、世 纪前沿、宽德私募、量派投资等知名量化私募均有一些新产品完成备案。知名主观股票多头私募中，华 安合鑫、星石投资、重阳投资等也有新产品备案，但备案数量相对较少。 7月31日，广东宏锡基 ...

Core Viewpoint - The banking wealth management sector is adjusting its asset allocation strategies in response to declining interest rates, shifting away from bonds and equity assets towards public funds, cash, bank deposits, and non-standardized debt assets [1][4]. Asset Allocation Changes - As of the end of June, the asset allocation of wealth management products remains predominantly in fixed-income assets, while the proportion of bonds and equity assets has decreased. Specifically, the balance of investments in bonds and equity assets was 13.78 trillion yuan and 0.78 trillion yuan, accounting for 41.8% and 2.38% of total investment assets, respectively [2][3]. - The allocation to public funds has significantly increased, with a balance of 1.38 trillion yuan, representing 4.2% of total investment assets, an increase of 0.45 trillion yuan compared to the end of the first quarter [3]. Challenges in Fixed-Income Asset Returns - The average annualized return of wealth management products has declined to 2.12% in the first half of the year, down from 2.65% in 2024, indicating a 0.53 percentage point decrease. The difficulty in obtaining returns from fixed-income assets has increased, with a notable differentiation between allocation and trading strategies [4][5]. - Credit bonds continue to dominate the allocation, comprising 90% of bond investments, with a total holding of 12.79 trillion yuan, which is 38.79% of total investment assets [4]. Market Trends and Future Outlook - The total scale of the banking wealth management market reached 30.67 trillion yuan by the end of June, reflecting a 2.4% increase from the beginning of the year and a 7.54% year-on-year growth. However, the growth rate may slow down in the medium to long term due to declining returns on wealth management products [5][6]. - The pressure on the expansion of wealth management product scales is expected to increase as the advantages of returns, particularly for cash management products, diminish compared to deposits [6].

● 本报记者 李静 在利率持续走低的背景下，银行理财正悄然调整资产配置策略。 银行业理财登记托管中心近日发布的《中国银行业理财市场半年报告（2025年上）》显示，上半年，理 财产品减配债券及权益类资产，转而增持公募基金、现金及银行存款、非标准化债权类资产。 业内人士表示，今年固收资产挖掘收益难度加大，随着底层资产收益率持续下行，上半年理财产品平均 年化收益率已跌至2.12%，未来直投获取较高收益率的难度将持续增大，理财公司与基金业的合作有望 加强。 减配债券和权益类资产 从资产配置结构来看，截至6月末，理财产品资产配置仍以固收类资产为主，同时理财产品在增配公募 基金、现金及银行存款、非标准化债权类资产及金融衍生品的同时，减少了对债券和权益类资产的配置 比例。 国盛证券首席宏观固收分析师杨业伟认为，随着底层资产债券收益率的下降，以及此前配置的相对高收 益率资产陆续到期，预计未来理财产品收益率将进一步下降。同时，高票息品种供给越来越少，理财公 司可能更加依靠利率债交易和委托公募基金投资来获取高收益率。 中金公司发布的研报也表达了类似观点："随着银行理财与信托合作走向规范化以及低票息状况持续， 具体来看，截至6月末 ...

数据来源/《中国银行业理财市场半年报告（2025年上）》 制表/李静 2025年6月末 2025年3月末 2025年初 余额（万亿元） 占总投资资产比例（%） 余额（万亿元） 占总投资资产比例（%） 余额（万亿元） 占 总投资资产比例（%） 债券 13.78 41.8 13.68 43.9 13.98 43.5 现金及银行存款 8.18 24.8 7.27 23.3 7.68 23.9 非标准化债权类资产 1.82 5.52 1.75 5.6 1.74 5.4 公募基金 1.38 4.2 0.93 3 0.93 2.9 权益类资产 0.78 2.38 0.81 2.6 0.83 2.58 ...

Group 1 - The number of private securities investment funds registered in July reached 1,203, setting a new monthly record for the year, indicating a recovery in the private placement market as investor enthusiasm rises [1] - Quantitative products remain the main force in the registration of new private funds, with notable firms like Nine Kun Investment and Ming Cong Investment launching new products [1] - The overall private fund issuance market shows a warming trend, with the number of registered funds in previous months being lower, such as 1,075 in June and 1,138 in April [1] Group 2 - Guangdong Hongxi Fund Management announced the suspension of fundraising for some of its traditional quantitative CTA products starting August 1, 2025, to focus on existing investors and enhance service quality [2] - The firm has managed assets between 5 billion and 10 billion yuan, emphasizing a cautious management principle regarding strategy capacity limits [2] - Other quantitative private funds have also announced similar suspensions, indicating a trend of selective fundraising in the market [3] Group 3 - The private fund issuance market is experiencing uneven performance, with quantitative funds attracting more capital compared to subjective funds, which struggle to achieve significant fundraising [3] - Some leading subjective private funds have also paused new client subscriptions, reflecting a cautious approach to managing growth and performance [3] - The macro environment is perceived as favorable for quantitative funds this year, leading to rapid sellouts of popular products, while many private institutions still face fundraising challenges [3]