中证网讯截至7月11日，港股通创新药指数近一年累计上涨108.21%；港股创新药ETF(159567)连续5周实 现份额增长，累计增加8.89亿份。强劲涨幅叠加资金流入，反映出市场对创新药板块的高度关注与信心 修复。对于我国创新药市场持续升温，机构认为，其背后或是政策支持、资本加码与产业成熟三大动能 形成共振，推动创新药价值持续释放。 首先，2015年至今的10年，国家出台了一系列医改政策，比如药品审评审批改革、药品许可持有人制 度、医保目录谈判、带量采购等等，推动中国制药行业从仿制向创新的深刻转型。今年以来，为进一步 完善全链条支持创新药发展举措，推动创新药高质量发展，创新药扶持政策连续加码。 其次，医药产业创新具有高投入(平均超10亿美元)、长周期(超10年)、高风险(成功率约10%)的显著特 征，构建可持续的投融资体系对其至关重要。除了政策端，目前融资市场对创新药全链条的支持力度也 在进一步加强。首先，创新药BD浪潮及港股二级市场回暖，有助于国内创新药融资环境改善。2025年 1-5月中国创新药BD交易金额达5.98亿美元，合计已超2024年BD交易总额。另一方面，2025年上半年港 股融资达884亿港 ...

"大模型需要操作系统，如同个人电脑需要Windows。"每日互动CEO方毅在现场表示，"它必须同步解 决双重命题：一是显著降低复杂技术的使用门槛，让不同行业的用户能便捷调用AI能力；二是安全高 效地释放数据要素的核心价值，解决'不敢用、不会用'的难题。" 方毅透露，公司目前正联合信通院研发属于中国开发者的MCP协议，在保障App数据主权的前提下，打 造一个知识平权的、各类App聚合的立体生态——GAI Store。他认为，未来大模型或者智能体会变成最 大的流量入口，并通过大模型调用不同的App接口将信息充分学习后形成搜索结果。 中证报中证网讯（记者 罗京）7月16日，每日互动（300766）在"GAI·每日互动AI新品发布会"上发布全 新操作系统GAI OS，以及面向垂直行业的AI办公套件GAI Office。 方毅表示，公司战略布局GAI的三层产品架构——GAI OS提升垂直模型可用性，GAI Office强化AI的实 用性，GAI Store实现AI生态的可扩展性，构建起安全可控、场景深耕、生态共赢的AI基础设施。 据介绍，GAI OS在原有DiOS数据智能操作系统的基础上，实现了三大突破：首先是深度嵌入 ...

中证报中证网讯（王珞）日前，为帮助投资者更好地理解当前市场环境和相关行业的发展动向，本期华 夏基金"DeepTalk月月谈"系列节目以"空天强国是怎样炼成的"为主题，邀请到教育部长江学者特聘教 授、中国人民大学国家关系学院教授金灿荣深入解析我国在空天领域的布局逻辑与内外部利好因素。这 也是"DeepTalk月月谈"系列节目的第五期。 综合以上，几位嘉宾建议关注行业产品长生命周期的特点，考虑借助华夏航空航天ETF（基金代码： 159227）这类便捷投资工具，利用核心+卫星的投资策略，将相关高成长性资产与宽基指数相结合，用 定投的方式来进行相对稳健且长期的布局，以把握中长期视角下可能存在的机会。 华夏基金"DeepTalk月月谈"系列节目，是由华夏基金匠心打造月度投资策略会，通过连接产业核心与投 资前沿，帮助投资者穿透市场噪音，捕捉价值赛道。节目每月推出一期，锚定一个产业或赛道，邀请相 关领域知名专家学者、券商研究员和基金经理开展深度对话，洞察投资先机，旨在为投资者提供更具前 瞻性和实操性的投资参考。 华夏基金军工研究员何亮以及东方财富证券军工领域首席分析师张凯也参与了本期节目，三位嘉宾共同 围绕航空航天与军工行 ...

Group 1 - The core point of the news is that Yunding Xinyao's EVM14 injection, a universal therapeutic vaccine for tumors, has received formal acceptance for clinical trial application from the National Medical Products Administration (NMPA) in China, marking a significant step in the company's global innovation strategy [1] - EVM14 is based on Yunding Xinyao's proprietary mRNA technology platform and targets five tumor-related antigens, intended for the treatment of squamous non-small cell lung cancer and head and neck squamous cell carcinoma [1] - The company has prepared thoroughly for the clinical trials of EVM14, with the first batch of GMP clinical trial samples released from its Jiaxing factory on June 9, 2025, to support trials in both the US and China [1] Group 2 - In the mRNA treatment field, the company has proactively developed multiple mRNA therapeutic drugs, aiming to create a fully integrated and clinically validated AI+mRNA platform [2] - The company has established a comprehensive end-to-end industrial chain platform that enhances efficiency from antigen design, mRNA sequence optimization, LNP delivery technology to large-scale production [2] - During the "mRNA Innovation Technology Platform R&D Day" held at the end of June, the company revealed that it has engaged with multiple top 20 global pharmaceutical companies, attracting interest for collaboration from several multinational pharmaceutical firms [2]

Core Viewpoint - The Hong Kong stock market is experiencing a significant rise, particularly in the innovative drug sector, with the largest innovative drug ETF (513120) reaching a historical high and attracting substantial capital inflow [1][2] Group 1: Market Performance - The Hong Kong innovative drug ETF (513120) saw an intraday increase of over 3%, achieving a new historical price high [1] - The ETF's trading volume exceeded 9 billion yuan, making it the most actively traded pharmaceutical ETF in the market [1] - Over the past month, the ETF has attracted a net capital inflow of over 1.1 billion yuan, with an average daily trading volume of 6.8 billion yuan [1] - The ETF's total size has surpassed 13.6 billion yuan, ranking it as the largest and most liquid innovative drug product in the market [1] - The ETF has delivered a one-year return of 101.62%, making it the top-performing international equity fund in the market [1] Group 2: Investment Advantages - The innovative drug ETF (513120) is favored by investors due to its scale, liquidity, and performance advantages, as well as the purity of its underlying index, the China Hong Kong Innovative Drug Index (CNY) [2] - The annualized return of the Hong Kong innovative drug index has significantly outperformed other pharmaceutical indices since 2019, with lower volatility, resulting in a superior Sharpe ratio [1][2] - The top ten samples in the Hong Kong innovative drug ETF represent a high degree of relevance for innovative drug investments [2] - Chinese pharmaceutical companies have made significant strides in overseas License-out transactions, showcasing the global competitiveness of Chinese innovative drug research and development [2] - With supportive policies and advancements in AI, the innovative drug sector is expected to enter a harvest period around 2025-2026 [2]

冶金工业经济发展研究中心党委书记、主任李拥军表示，判断产业周期的关键不是产量，而是需求量。 我国钢铁下游产业对全球产业链的支撑作用显著。2025年1-5月，我国机电产品出口同比增长9.3%，汽 车出口达285万辆，发动机出口228万台。此外，通用设备(如阀门、轴承)、零部件(如轮胎、散热器)出 口量较大。 中国钢铁工业协会副会长王颖生则表示，今年1-5月钢铁供给仍大于需求，社会库存和企业库存水平均 处于近年来的同期低位，钢材出口继续保持高位，原材料价格有所下降，钢材综合价格指数呈现波动下 降态势，但钢铁行业利润保持稳定。自律控产是钢铁行业利润改善的核心原因。 王颖生提到，我国钢铁行业正在走一条高质量发展之路。当前我国钢铁总产量已达峰值，未来国内粗钢 消费量预计保持在8亿吨-9亿吨上下，行业减量发展趋势明显，但产业集中度提升。品种结构逐步优 化，钢筋减产、热轧板卷增产；出口品种结构持续优化，热轧板卷、电工钢占比不断增加，国外用户对 中国钢材认可度稳步提升。行业整体纳入碳交易市场，坚持走绿色发展、数字化转型之路。 中证报中证网讯(记者董添)7月11日至12日，2025"我的钢铁"年中大会暨钢铁产业链协同创新高质量 ...

Group 1 - The photovoltaic industry is experiencing a recovery in sentiment driven by favorable policies and industry self-discipline expectations, leading to a rapid rebound in the prices of polysilicon and industrial silicon [1] - Leading companies in the photovoltaic sector, such as Daqo New Energy, Tongwei Co., Trina Solar, and Hoshine Silicon Industry, have seen significant stock price increases, contributing to the rapid rise of the Shanghai 180 Index [1] - After the resolution of tariff issues, the impact of overseas risks on the Chinese market is expected to diminish, with a relatively stable period anticipated for the A-share market in the third quarter, driven by domestic factors and corporate performance [1] Group 2 - The Shanghai 180 Index is characterized by a lower valuation level and higher dividend yield compared to other mainstream indices like the CSI 300 and the CSI A500, making it an attractive option for investors [2] - The index has a higher weight in technology sectors, particularly represented by the STAR Market, reflecting a clear "barbell" market feature where both dividend and growth styles are performing well [2] - Investors are encouraged to focus on the allocation value of the Shanghai 180 Index through the Xingye Shanghai 180 ETF and its linked funds, aiming for medium to long-term investment opportunities in the A-share market [2]

Group 1 - The core viewpoint of the report indicates that the Beijing office market remained relatively stable in Q2 2025, with technology companies leading in leasing activities, enhancing market liquidity and boosting confidence in the commercial real estate sector [1] - Domestic buyers continue to show strong interest in retail and office assets in Beijing, driven by the value gap effect of quality assets in core business districts and the ongoing release of self-use demand from enterprises, which is expected to optimize the supply-demand structure in the long term [1] - The high-end residential market saw significant growth in both supply and sales volume in the first half of the year, with approximately 3,300 new luxury apartments supplied in Q2, surpassing the total supply for the entire year of 2024, and Q2 sales reached about 2,100 units, marking the highest quarterly sales in the past two years [1] Group 2 - The monetary policy, including interest rate cuts in May, has created a relatively loose credit environment for the residential market, with expectations of a significant increase in new home transaction volumes compared to the previous year due to favorable market conditions and price advantages for buyers [2]

Core Viewpoint - Zhaoli Pharmaceutical (300181) is expected to achieve significant growth in net profit for the first half of 2025, with a year-on-year increase of 24.30%-31.06%, driven by strong sales of its core products and strategic partnerships [1][2][3]. Financial Performance - The company anticipates a net profit of 36.8 million to 38.8 million yuan for the first half of 2025, marking a year-on-year growth of 24.30%-31.06% [2]. - The expected net profit excluding the impact of share-based payment expenses is projected to increase by 28.94%-35.70% [2]. - Revenue is expected to grow approximately 12% year-on-year, with strong sales from core products such as Wuling Capsules and Lingze Tablets [2][3]. - The net cash flow from operating activities is projected to be between 27 million and 29 million yuan, showing significant improvement compared to the first quarter [2]. Strategic Initiatives - Zhaoli Pharmaceutical has signed a cooperation agreement with Zhejiang University to establish a joint research and development center, focusing on the health consumption sector under the "一路向C" (One Road to C) strategy [4][5]. - The company plans to invest a total of 20 million yuan in this collaboration, leveraging advanced technologies in computer science and biomedicine to enhance product development [4]. - The strategic upgrade will focus on optimizing OTC business and developing innovative health products, particularly utilizing Wuling fungus [5]. Market Position and Growth Strategy - The company has experienced rapid growth in revenue and net profit from 911 million yuan and 26 million yuan in 2019 to 2.578 billion yuan and 508 million yuan in 2024, respectively [3]. - Zhaoli Pharmaceutical aims to maintain its leading position in the tranquilizer market with Wuling Capsules while expanding its product line to include ten varieties under the Wuling series [5]. - The company is committed to achieving a 30% growth target in net profit as part of its equity incentive plan for 2025 [3].

Group 1 - The core viewpoint of the articles highlights the strong performance of the brokerage sector, particularly as the Shanghai Composite Index surpassed 3500 points, marking a new high for the year [1] - The brokerage sector is characterized as a "high beta asset," with its main business closely tied to the performance of the capital market. The sector has seen comprehensive improvement across five major business areas since the recovery of the A-share market in 2025 [1] - In the first quarter of this year, the brokerage sector reported a robust year-on-year revenue growth of 20.93% and a net profit attributable to shareholders growth of 79.56%. Key drivers include proprietary investment (up 45% year-on-year) and brokerage business (up 49% year-on-year) [1] - Current market conditions indicate a dual approach of stabilizing and entering the market, with ongoing measures to stabilize the stock market expected to attract long-term capital, potentially smoothing out equity asset volatility and enhancing returns [1] - The increase in household savings, coupled with declining interest rates, is making equity assets more attractive, suggesting that personal savings may shift towards the market, creating significant incremental space for capital inflow [1] - Overall, the enhanced inherent stability of the capital market is expected to provide room for incremental capital inflow, driving growth in brokerage, margin financing, and stock derivatives businesses, thereby expanding the performance and valuation space of the brokerage sector [1] Group 2 - Investors are encouraged to consider the brokerage ETF (159842), which tracks the CSI All Share Securities Companies Index (399975.SZ) and covers 49 brokerage stocks, facilitating easy access to investment opportunities in the sector [2] - The brokerage ETF currently has a management fee rate of only 0.15% and a custody fee rate of 0.05%, making it one of the lowest fee ETFs tracking the CSI All Share Securities Companies Index, with a combined fee structure of "0.15% + 0.05%" being among the industry's lowest [2]