Core Viewpoint - The Chinese innovative drug market is experiencing significant growth, driven by policy support, increased capital investment, and industry maturation, leading to a sustained release of innovative drug value [1][4][7] Group 1: Policy Support - Since 2015, a series of medical reform policies have been implemented, facilitating a profound transition from generic to innovative drugs in China [3] - In 2025, several supportive policies for innovative drugs were introduced, including optimization of clinical trial reviews and adjustments to insurance drug lists [3][4] - The establishment of a comprehensive support system for innovative drug development has been noted, aiding China's transformation into a strong player in the innovative drug sector [4] Group 2: Capital Investment - The financing environment for innovative drugs is improving, with significant increases in BD (business development) transactions and IPOs in the Hong Kong market [4][6] - In the first five months of 2025, BD transaction amounts reached $598 million, surpassing the total for 2024 [4] - The reintroduction of the fifth set of listing standards on the Sci-Tech Innovation Board is expected to stimulate investment in innovative drug companies [6] Group 3: Industry Development - The number of approved innovative drugs in China has significantly increased, with 48 new approvals in 2024, five times that of 2018 [6] - China has become a major player in the global innovative drug field, with a substantial pipeline of research and development [7] - The combination of strong national support and the maturation of innovative drug companies indicates that the industry is entering a phase of substantial returns [7]

Wind数据显示，截至7月17日，全市场共有197位基金经理离任，涉及104家公募机构，离任人数较去年 同期增加18位；同期新聘基金经理308位，较去年同期减少13位。尽管人员更替总量上升，基金经理总 数仍较年初增加111位至4056人，折射出行业在人才流动中持续扩容的态势。 而华夏基金与中欧基金以新聘11人并列行业首位，南方、招商各增10人，兴证全球基金新聘9人，富国 基金、工银瑞信基金、易方达基金、中金基金、银华基金均新聘8位，加速填补空缺。 值得注意的是，共有34家基金公司年内暂无基金经理离职或新聘变动，其中包括前海开源基金、银河基 金、海富通基金、国联安基金、东方基金等公司，凸显部分中小机构的团队韧性。 具体来看，嘉实基金以13位基金经理离任高居行业榜首，远超其去年全年的6位，创下历史峰值。 | 序号 | 基金公司 | 离任基金经理数 | 新聘基金经理数 | 基金经理数 | 基金经理变动率(%) | | --- | --- | --- | --- | --- | --- | | 1 | 眾求重等 | 13 | 5 | 104 | 11.61 | | 2 | 作夏ま金 | 5 | 11 | 131 | ...

Group 1 - The core viewpoint of the articles emphasizes that the innovative drug sector in China is experiencing a transformation driven by international recognition, policy support, and market dynamics, leading to a potential revaluation cycle [1][5][9] - The total value of license-out transactions for Chinese innovative drugs exceeded $50 billion in 2023, with multiple drugs receiving FDA approval, indicating growing global market acceptance [1][5] - The Hong Kong stock market has become a preferred listing venue for Chinese innovative drug companies due to its international financing environment and flexible listing regulations, hosting numerous leading firms in cutting-edge fields such as oncology and gene therapy [1][5] Group 2 - The newly launched Hong Kong Stock Connect Innovative Drug ETF by Harvest Fund aims to provide investors with a one-click solution to invest in core assets of innovative drugs, tracking the CSI Hong Kong Stock Connect Innovative Drug Index [2][9] - The CSI Hong Kong Stock Connect Innovative Drug Index includes 50 companies involved in innovative drug research and development, with the top ten companies accounting for over 60% of the index's weight, showcasing significant representativeness [2][3] - As of July 15, 2025, the index has shown impressive performance, with a one-year increase of 109.13% and a year-to-date increase of 66.23%, outperforming similar indices and the broader market [4][5] Group 3 - The A-share Sci-Tech Innovation Board complements the Hong Kong market by attracting innovative drug companies with independent intellectual property, providing a financing channel for high-growth biotech firms [6][9] - The newly established Sci-Tech Medicine ETF by Harvest Fund tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index, covering various segments including innovative drugs and vaccines [6][9] - The combination of the Hong Kong and A-share markets creates a comprehensive investment strategy for Chinese innovative drugs, allowing investors to capture opportunities across the entire industry chain [9][10] Group 4 - The dual-market strategy of investing in both Hong Kong and A-share markets allows for a diversified approach, with the Hong Kong ETF focusing on mature innovative drug companies and the A-share ETF targeting early-stage firms with high growth potential [10][11] - This strategy aims to mitigate risks associated with market volatility while maximizing long-term investment value in the innovative drug sector [10][11] - Harvest Fund has developed a comprehensive ETF product line in the biopharmaceutical sector, including various thematic products to capture key industry opportunities [11]

Core Insights - The first batch of 10 Sci-Tech Innovation Bond ETFs was launched on July 17, showing a stable overall performance on the first trading day, but with significant differences in trading activity among the products [1][6] - All 10 ETFs achieved positive returns, with the highest increase being 0.17% for both E Fund and GF Fund ETFs, while the lowest was 0.07% for Penghua ETF [3][6] - The total trading volume for the first day exceeded 800 billion RMB, indicating strong market interest and participation [5][6] Trading Activity - The trading turnover rates varied significantly, with Penghua ETF leading at an astonishing 612.17%, while GF ETF had the lowest at 98.75% [4][6] - High turnover rates for ETFs such as Jiashi (530.92%) and Fuguo (395.28%) reflect strong market attention and trading willingness [4][6] Market Performance - The overall price levels of the ETFs remained close to the 100 RMB face value, with minor fluctuations between 100.105 RMB and 100.211 RMB, typical for newly listed bond ETFs [3][6] - The trading volume for Penghua ETF was notably high at 183.61 billion RMB, significantly surpassing other products, indicating a strong preference among investors [5][6] Investor Interest - The high trading activity and turnover rates suggest a robust interest in this new category of financial products, with certain fund companies demonstrating superior channel capabilities and marketing strategies [6][7] - Continuous monitoring of these ETFs' scale changes, liquidity maintenance, and tracking errors is essential for assessing their long-term performance [7]

今日（7月17日）光模块三剑客"易中天"继续狂飙，新易盛涨超8%，中际旭创涨逾4%，天孚通信涨超 3%，热门ETF方面，硬科技宽基——双创龙头ETF（588330）场内价格盘中涨超1．5%，现涨1． 36%。 消息面上，首先英伟达于7月16日宣布获得许可向中国交付H20 GPU；其次AMD在同日宣布获准恢复向 中国销售AI芯片；此外有头部AI服务器企业人士透露，正在急迫下单抢购H20芯片。 上述消息对CPO板块构成实质性利好。英伟达和AMD恢复对华AI芯片供应将直接拉动国内数据中心建 设需求，而CPO作为光模块先进封装技术，是800G/1.6T高速光模块的核心环节。订单急迫性反映出AI 算力基础设施的旺盛需求，产业链相关企业的业绩增长确定性显著提升。 业内人士指出，"光模块"是英伟达H20芯片的核心模块之一，随着H20芯片供应恢复，直接利好光模块 三剑客"易中天"： 1、新易盛：英伟达 800G LPO光模块供应商，H20芯片的推理算力需求将带动低功耗光模块的采购。 2、中际旭创：英伟达1.6T/800G光模块核心供应商，H20芯片的恢复供应将带动国内AI服务器需求增 长，进而提升高速光模块（尤其是800G/ ...

Core Viewpoint - The photovoltaic industry is regaining market focus due to the "anti-involution" policy, leading to increased expectations for supply-side reforms and a gradual recovery in the industry [1] Group 1: Market Activity - The photovoltaic ETF (515790) has seen significant capital inflow since July, accumulating over 2.053 billion yuan by July 16, making it a leader among similar products [1] - The ETF's shares and scale have expanded, reaching a historical high of 17.767 billion shares and a scale of 12.738 billion yuan [1] - The average daily trading volume of the photovoltaic ETF has maintained a high level, averaging 807 million yuan since July [1] Group 2: Industry Fundamentals - The photovoltaic industry's fundamentals are showing signs of recovery, with price increases across multiple segments of the supply chain in response to policy guidance [1] - The price of polysilicon has risen to a range of 45,000 to 50,000 yuan per ton as of the second week of July [1] - Prices for silicon wafers and battery cells have also increased significantly, providing strong support for downstream prices [1] Group 3: ETF Characteristics - The photovoltaic ETF (515790) tracks an index covering upstream, midstream, and downstream sectors of the photovoltaic industry, selecting up to 50 representative companies [2] - The top five constituent stocks include leading companies such as Sungrow Power Supply, LONGi Green Energy, TCL Technology, TBEA, and Tongwei Co., which are expected to benefit from the overall price recovery in the industry [2] - The ETF is the only product in the A-share market with a scale exceeding 10 billion yuan, boasting over 220,000 investors [2]

热门ETF方面，国防军工ETF（512810）直线冲涨逾2%，成交额8810万元。 数据来源于沪深交易所。风险提示：国防军工ETF被动跟踪中证军工指数，该指数基日为2004.12.31， 发布于2013.12.26。以上个股均为标的指数成份股，仅作展示，个股描述不作为任何形式的投资建议， 也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估的该基金的风险等级为R3-中风 险，适宜平衡型（C3）及以上投资者，适当性匹配意见请以销售机构为准。任何在本文出现的信息 （包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须 对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投资 建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业绩 并不代表其未来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资需谨 慎。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 7月17日午后，国防军工板块快速走强，建设工业、应流股份、中航沈飞等多股涨停，其中中航沈飞股 价创历史新高！ 国新证券表 ...

Group 1 - The military aviation sector experienced a sudden surge on July 17, with companies like Yingliu Co. hitting the daily limit, and Morningstar Aviation rising by 11% [1] - The General Aviation ETF Huabao (159231) saw a price increase of 2.42%, strongly surpassing the 5-day, 10-day, and 20-day moving averages [1] - The China Civil Aviation Administration established a leadership group for general aviation and low-altitude economy on July 4, along with six special working groups [2] Group 2 - Local governments are actively promoting low-altitude economy initiatives, with Heilongjiang Province introducing 17 policy measures and Guangzhou holding a development meeting [3] - The low-altitude industry fund in Henan was established with a scale of 2 billion yuan, and a total of 40 projects have been signed since 2024, with a planned total investment of 8.33 billion yuan [3] - Pacific Securities predicts a recovery in the military industry, suggesting a "Davis Double-Click" phase for the sector, with a focus on advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology [3] Group 3 - The General Aviation ETF Huabao (159231) covers a broad index of 50 constituent stocks, with over 46% from state-owned enterprises and more than 20% from the top ten military groups [4] - The ETF focuses on key areas such as low-altitude economy (52.12%), large aircraft (34.60%), military aircraft (31.51%), commercial aerospace (26.18%), satellite navigation (25.76%), and drones (18.52%) [4]

Group 1 - The overall A-share market has experienced fluctuations, leading to a slight adjustment in the rare earth sector, but investor confidence remains strong as funds continue to flow into leading products [1] - The rare earth ETF (516780) has seen a net inflow of 252 million yuan over six consecutive trading days (from July 9 to July 16, 2025), leading all A-share rare earth theme ETFs [1] - As of July 16, 2025, the rare earth ETF (516780) has reached a new high with 1.155 billion shares and a total scale of 1.4 billion yuan, marking the highest levels in three years [1] Group 2 - Recent actions by the U.S. in the rare earth sector aim to enhance supply chain security and stability, accelerating domestic industry chain construction and promoting diversification of critical mineral supply chains [1] - According to a recent report by CICC, limited marginal supply increases alongside improved domestic demand expectations may drive a rebound in domestic rare earth prices [2] - The rare earth ETF (516780) tracks the CSI Rare Earth Industry Index, which includes companies involved in rare earth mining, processing, trading, and applications, reflecting the overall performance of rare earth industry listed companies [2] Group 3 - The management of the rare earth ETF (516780) by Huatai-PB Fund, which has over 18 years of ETF operation experience, positions it among the top tier in the industry with a total ETF scale exceeding 500 billion yuan as of July 16, 2025 [2] - The investment value of the rare earth sector is expected to further highlight as the strategic value of the rare earth industry increases [3] - Investors can consider the rare earth ETF (516780) for its larger scale and better liquidity, with options to invest through its linked funds [3]

Group 1 - The high dividend sector has seen a strong performance followed by a consolidation phase, attracting accelerated inflow of incremental funds, with daily average trading volume reaching 735 million CNY from July 15 to July 16, and a total of 1.704 billion CNY in net inflow over eight consecutive trading days from July 7 to July 16 [1] - The Ministry of Finance issued a notice on July 11 to encourage long-term stable investments by insurance funds, which is expected to create a favorable environment for long-term investments, aligning with the demand for enhancing long-term returns through high dividend, low volatility assets [1] - The dividend low volatility ETF (512890) has reached a historical high in fund size for 12 consecutive trading days, surpassing 20 billion CNY for the first time on July 9, and further increasing to 21.399 billion CNY by July 16, marking a growth of 7.65 billion CNY since the beginning of the year [1] Group 2 - The dividend low volatility ETF (512890) is the first ETF tracking the dividend low volatility index in the market, achieving positive returns every complete year since its inception, and ranking first among similar funds in terms of five-year returns as of June 30 [2] - The linked funds of the ETF have a total of 829,800 holders, making it the only dividend theme index fund with over 800,000 holders in the market [2] - The fund manager, Huatai-PB Fund, has over 18 years of experience in managing dividend index investments, with a total management scale of 42.654 billion CNY across its dividend-themed ETFs as of July 16 [3]