Group 1 - The core viewpoint of the articles highlights the intensifying competition between China and the U.S. in the AI computing power sector, with a focus on domestic production as a key strategy to seize the global industrial chain's high ground [1][2][4] - U.S. Treasury Secretary's comments on NVIDIA's H20 chip export approval indicate that China has developed comparable chips, suggesting no issues with NVIDIA's sales [1] - President Trump's upcoming speech on July 23 aims to outline his vision for maintaining U.S. dominance in AI, supported by a $100 billion investment plan involving major players like SoftBank, OpenAI, and Oracle [1] Group 2 - The domestic AI industry is experiencing a shift from cloud-based solutions to edge computing, driven by both policy and market demand, with a focus on domestic alternatives in equipment, materials, and components [2] - The Huabao ETF, which focuses on the domestic AI industry chain, has shown significant performance, with a 2.17% intraday increase and notable gains in constituent stocks like Cambricon and others [2] - The Huabao ETF and its connected funds exhibit three key characteristics: integration of edge and cloud, innovation-driven growth, and impressive long-term returns, with the AI index rising 90.90% since September 24, outperforming other indices [4]

7月16日，中加基金发布公告，掌舵公司两年有余的董事长夏远洋因工作安排离任，原北京银行品牌管 理部总经理杨琳正式接棒，出任公司董事长及法定代表人，任职自2025年7月15日起生效。这家由北京 银行控股的公募老将，迎来了发展历程中的又一次关键舵手更迭。 杨琳女士，香港中文大学工商管理硕士、西北大学经济学硕士。曾先后在财务公司、信托公司、证券公 司任职。 北京银行工作期间，历任北京银行资产管理部总经理助理、副总经理，公司银行部副总经 理，党委宣传部部长、品 牌管理部（客户体验部）总经理。 夏远洋先生，对外经济贸易大学管理学硕士，经济师，自2023-03-10至2025年7月15日担任中加基金管 理有限公司董事长。夏先生于2002年7月加入北京银行，从事银行公司治理相关工作；2007年10月起， 历任朝外支行行长助理，总行资产托管部副总经理，国际业务部副总经理（主持工作）、资金交易部副 总经理（主持工作），分行纪委书记等职务。其中于2012年12月至2014年3月参与筹备中加基金并担任 公司首任督察长。 | 基金管理人名称 | 中加技金管理有限公司 | | --- | --- | | 公告依据 | 【公开整条证券投 ...

Group 1 - The core viewpoint of the news highlights the significant growth potential in the domestic AI industry chain, particularly through the performance of the Huabao AI ETF, which has seen a rise of 0.69% today, with key stocks like Cambricon increasing over 5% [1] - Nvidia's stock surged by 4%, reaching a historic high and stabilizing its market capitalization above $4 trillion, with the H20 chip's return to the Chinese market expected to accelerate revenue growth for Nvidia in the upcoming fiscal years [3] - The domestic AI industry is experiencing a "once-in-a-decade" expansion period, driven by the increasing demand for computing power from major tech companies like Baidu and Alibaba, as well as the ongoing development of domestic large models [3][4] Group 2 - The AI upstream sector is expected to continue benefiting from sustained spending, with a focus on Nvidia and its related supply chain, while the domestic AI applications are anticipated to see growth in downloads and revenue due to advancements in large models [3] - The AI downstream sector is witnessing progress in AI Agents and AI glasses, with the latter expected to see significant market growth starting in 2025, as evidenced by the launch of Xiaomi's AI glasses [4] - The establishment of a growth layer in the Sci-Tech Innovation Board aims to support technology companies that are not yet profitable but have significant breakthroughs and commercial potential, which could lead to more AI and aerospace companies receiving support for listing [4][5] Group 3 - The Huabao AI ETF is characterized by three main features: integration of edge and cloud computing, innovation-driven growth, and impressive returns, having increased by 90.90% since September 24, significantly outperforming other indices [5][6] - The domestic AI industry is marked by the emergence of competitive large models like DeepSeek, which have broken through overseas computing power barriers, positioning domestic companies favorably in the market [6]

Group 1 - AMD plans to resume exports of MI308 chips to China following substantial progress in US-China negotiations, marking a shift in high-end chip export controls [1] - Nvidia's CEO announced approval to sell A20 chips to China and introduced RX Pro GPU tailored for the Chinese market, with many Chinese companies queuing for orders [1] - The US stock market saw a significant surge in the semiconductor sector, with Nvidia's market value increasing by $161.8 billion to $4.17 trillion on July 15 [1] Group 2 - The US Treasury Secretary indicated flexibility regarding the suspension of tariffs on China, suggesting a possible extension of the 90-day tariff truce [1] - China's GDP grew by 5.3% year-on-year in the first half of the year, with industrial output increasing by 6.4% and high-tech manufacturing growing by 8.7% [2] - The real estate investment in China declined by 11.2%, while manufacturing investment rose by 9.5% [2] Group 3 - The upcoming political bureau meeting is expected to enhance the "proactive fiscal + stable monetary" policy combination, with potential acceleration in special bond issuance [3] - The humanoid robot sector has seen significant growth, with stocks like Estun and Huichuan Technology rising over 15% in a week, indicating a potential new pillar industry [3] - Three main investment themes are suggested: beneficiaries of eased US-China tech tensions, accelerated domestic semiconductor equipment, and policy-driven humanoid robot core components [3]

风险提示：基金有风险，投资需谨慎。 恒生科技ETF（513130）紧密跟踪的恒生科技指数作为港股科技领域的重要投资标的，涵盖AI产业链的 算力基建、大模型开发、商业应用及终端生态等多个环节，有望充分受益于本轮"缺芯"压力缓解带来的 发展机遇。前五大成份股为小米集团-W、网易-S、腾讯控股、阿里巴巴-W、比亚迪股份，均为在Al领 域具有深厚研究和投入的行业龙头企业。 H20芯片出口管制的放松或将满足国内积压的部分算力需求，有望加速垂类模型训练和推理的进程，叠 加近期多款大模型更新迭代推出，Al产业链的升级和纵深推进有望迎来新的发展机遇，可关注支持T+0 交易的恒生科技ETF（513130）及其联接基金（A类015311/C类015310） 7月15日，Al产业链迎来重要利好催化。Al芯片龙头英伟达创始人兼首席执行官表示美国政府已经批准 了英伟达的出口许可，英伟达将开始向中国市场恢复H20芯片的销售，并同步推出专为中国市场设计的 新型GPU。这一重要变化有望缓解国内Al产业链算力短缺的问题，刺激行业资本开支的推进从而带动整 个Al产业链的进一步发展。 MACD金叉信号形成，这些股涨势不错！ 受此利好提振，市场Al ...

Group 1 - The core viewpoint of the articles highlights the significant increase in profit expectations for rare earth-related listed companies in the A-share market, indicating a collective recovery in the rare earth industry [1] - The rare earth ETF (516780) has seen a net inflow of 221 million yuan over five consecutive trading days, making it the only product in the A-share rare earth theme ETF to exceed a cumulative net inflow of 200 million yuan [1] - As of July 15, 2025, the rare earth ETF (516780) reached a new high with 1.129 billion shares and a scale of 1.372 billion yuan, reflecting heightened trading enthusiasm and improved liquidity [1][2] Group 2 - The recent strength in the rare earth sector is attributed to a combination of policy support and supply-demand dynamics, with China increasing strategic protection for the rare earth industry and implementing export controls on certain heavy rare earth items [1] - Domestic neodymium-iron-boron enterprises are accelerating consolidation, leading to the elimination of outdated production capacity, which is expected to drive continued growth in rare earth demand amid the expansion of applications in new energy and new materials [1] - The rare earth ETF (516780) tracks the CSI Rare Earth Industry Index, selecting listed companies involved in rare earth mining, processing, trading, and applications, reflecting the overall performance of the rare earth industry [2]

Group 1 - The core viewpoint of the news highlights the strong inflow of funds into the dividend low-volatility ETF (512890), which has surpassed 20 billion yuan in scale, indicating a growing preference for high-dividend assets among long-term investors [1][2] - The dividend low-volatility ETF (512890) has seen a net inflow of 4.14 billion yuan on July 15, marking the seventh consecutive trading day of net inflows, with a total exceeding 14 billion yuan since July 7 [1] - As of July 15, the fund's shares and scale have reached historical highs, with 174.87 million shares and 21.235 billion yuan, reflecting increases of 42.61% and 54.44% respectively since the beginning of 2025 [1] Group 2 - The recent regulatory changes from the Ministry of Finance aim to encourage insurance funds to invest in high-quality assets with stable cash flow, which is expected to further enhance the attractiveness of high-dividend sectors [1] - The dividend low-volatility ETF (512890) has consistently delivered positive returns since its inception in late 2018, making it a strong candidate for equity base allocation among investors [2] - The linked funds associated with the dividend low-volatility ETF have over 829,800 holders, making it one of the few dividend-themed index funds with such a high number of investors [2] Group 3 - Huatai-PineBridge Fund, a pioneer in ETF management in China, has over 18 years of experience in dividend index investment and manages a total of 42.773 billion yuan across its dividend-themed ETFs [3] - The company has developed a diverse range of dividend-themed ETFs, including the first dividend ETF and the first QDII mode high-dividend ETF for Hong Kong stocks [3]

Core Viewpoint - The pharmaceutical sector remains active, with a focus on leading pharmaceutical companies and the performance of the drug ETF (562050), which tracks the CSI Pharmaceutical Index and has shown significant gains recently [1][3]. Group 1: Pharmaceutical Sector Performance - The drug ETF (562050) opened significantly higher, rising nearly 1% and achieving over 14 million yuan in real-time transactions [1]. - Innovation drug stocks are leading the market, with Lijun Group rising over 6% and Huahai Pharmaceutical increasing over 4% [3]. - The first dynamic adjustment of the medical insurance and commercial insurance innovative drug catalog is set to launch, addressing the high-cost payment challenges for innovative drugs [3]. Group 2: Policy and Market Drivers - The policy emphasizes commercial health insurance as a key payer for innovative drugs, with the first catalog expected to be implemented in October [3]. - The total transaction value of innovative drug License-out deals in China surpassed 66 billion USD in the first half of 2025, with cutting-edge technologies like ADC and bispecific antibodies accounting for over 60% [3]. - The pharmaceutical sector is experiencing a "golden triangle" of drivers: relaxed payment policies, technology export, and rigid demand [3]. Group 3: Earnings Forecasts - All eight constituent stocks of the drug ETF that have released mid-year earnings forecasts are expected to report profits, with expected net profit growth rates exceeding 200% for companies like Buchang Pharmaceutical and Darentang [3][4]. - Specific forecasts include Buchang Pharmaceutical with a lower net profit estimate of 488 million yuan and a growth rate of 110.88%, while Darentang is expected to have a lower estimate of 1.84 billion yuan with a growth rate of 180% [4].

| 居 를 | 证券代码 | 证券商称 | 区间涨跌幅 | | | --- | --- | --- | --- | --- | | | | | 【区间首目】本年初 【区间屋目】2025-6-30 [中位] %] | | | | HSSCPB.HI | 恒生港股通创新的演讲 | | 58.9541 | | 2 | 931409.CSI | SHS制新驱 | | 24.8354 | | 3 | 931440.CSI | 创新型30 | | 20.0153 | | 4 HSLHI | | 恒生指数 | | 20.0017 | | તે | HSTECH.HI | 恒生科技 | | 18.6815 | | 6 | 931152.CSI | CS创新药 | | 13.2131 | 7月16日，港股创新药延续活跃，高纯度标的港股通创新药ETF（520880）场内价格现涨1．59%，冲击 日线4连阳。 | 序号 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 1513 | 丽珠医药 | | 36.300 | ...

市场回顾与分析 一级市场回顾 6月CPI同比0.1%、PPI同比-3.6%，CPI符合预期，PPI明显低于预期。 海外市场 美国公布新一轮关税函，对欧盟加墨巴西关税税率提升至30%-50%不等，对等关税谈判截止日延期至8 月1日。全周标普下跌0.3%，10年美债上行8BP。 权益市场 受房地产政策预期、反内卷等影响，上周万得全A延续前两周上涨趋势，地产、建材等板块领涨，银行 受短线筹码影响，周五大幅度冲高后回落，后续银行板块或转为震荡行情。具体而言，万得全A涨 1.71%，创业板指收涨2.36%，沪深300上涨0.82%。A股周度日均成交量小幅放量至接近1.5万亿水平， 较上周增长547.48亿元。截至2025年7月10日，全A融资余额18604.95 亿，较7月3日增加141.13亿，融资 余额连续4个交易日净增长。 上周一级市场国债、地方债和政策性金融债发行规模分别为2932亿、2318亿和1650亿，净融资额为1931 亿、1102亿和1590亿。非金信用债共计发行规模2775亿，净融资额958亿。可转债新券发行1只，预计融 资规模49亿元。 二级市场回顾 上周利率有所上行。主要影响因素包括：资金边际收 ...