财联社7月3 1日电，为支持药品和医疗器械创新发展，国家医保局制定新上市药品首发价 格 机 制 ， 新 增 了 100 多 项 与 医 疗 新 技 术 相 关 的 价 格 项 目 。 神 经 系 统 类 立 项 指 南 统 一 设 立"脑机接口置入费" "脑机接口适配费"等价格项目，脑机接口技术成熟获批进入临床后， 可快速进入临床应用并收费。 耳鼻喉类立项指南统一设立"人工耳蜗植入费" "发音装置安装费"等价格项目，鼓励医疗机 构帮助更多患者"听得见、说得出"。 放射治疗类立项指南统一设立"质子放疗""重离子放 疗"等价格项目，促进高端医疗设备的临床转化应用。 与此同时，为鼓励药品研发创新， 国家医保局还制定了新上市药品首发价格机制。 一、我国脑机接口综合产业规模有望突破千亿元级别 近年来，国内接连出台政策，加强脑机接口研发部署及产业布局。2023年8月，工业和信 息化部联合科技部、国家能源局、国家标准委印发了《新产业标准化领航工程实施方案 （2 0 23—2035年）》，支持脑机接口技术作为未来产业的研发和产业化；北京、上海等 地方也发布了脑机接口未来产业培育行动方案。 5月，国家医保局发布《神经系统类医疗 ...

Core Viewpoint - The article discusses the recent market trends and signals from a significant political meeting, indicating a structural bull market with increasing divergence among stocks and sectors, alongside government policies aimed at stimulating the economy and capital markets [1][5]. Group 1: Market Trends - Major indices have been rising since June 23, with the Shanghai Composite Index reaching new highs for the year, while the Shenzhen Component and ChiNext indices have shown signs of decline, indicating increasing market divergence [1]. - Over 3,500 stocks have declined, with major players selling off 80 billion, highlighting a structural bull market where being on the wrong side can lead to losses [2]. Group 2: Government Policy Signals - A key meeting of the Central Political Bureau on July 30 emphasized the need for sustained macroeconomic policies, including more proactive fiscal measures and moderately loose monetary policies to enhance the effectiveness of these policies [3]. - The meeting called for effective release of domestic demand potential, focusing on boosting consumption and expanding effective investment [4]. Group 3: Focus Areas from the Meeting - The meeting highlighted the importance of technological self-reliance and industrial upgrades, with support for sectors like semiconductors and AI, which has led to increased capital inflow into these areas [7][8]. - Consumer spending was identified as a priority for expanding domestic demand, with policies aimed at increasing household income and supporting service sectors like tourism and childcare [10]. - The meeting addressed real estate risk management, advocating for the acquisition of existing properties for affordable housing, which may alleviate inventory pressures for real estate companies [12][13]. Group 4: Market Implications - The anticipated policies are expected to boost market confidence in economic stabilization, particularly benefiting sectors linked to infrastructure investment and consumer spending [5]. - The emphasis on preventing excessive competition may lead to resource concentration in leading companies with core technologies, potentially enhancing industry concentration [9]. - The article warns of high-level risks in the market, suggesting a shift in investment focus as high-performing stocks may face corrections, especially with upcoming mid-year reports [14].

Group 1 - The core viewpoint is that the demand for computing power driven by AI applications is experiencing sustained high growth, marking a pivotal moment for the proliferation of AI applications both domestically and internationally, leading to a resonance in the computing power industry chain [2][4]. - AIDC is entering a new investment wave, with significant value attributed to power supply systems, as highlighted by the recent World Artificial Intelligence Conference (WAIC 2025) in Shanghai, showcasing over 800 participating companies and numerous AI models and products [3][4]. - The rise of the computing economy and the integration of AI technology are making AIDC a hotspot for new infrastructure, with projections indicating that investments in AIDC could drive core AI industry growth by approximately 2.9 to 3.4 times, and related industries by about 36 to 42 times [4]. Group 2 - In terms of capital expenditure, the top four cloud vendors in North America are projected to invest over $300 billion by 2025, reflecting a year-on-year growth of over 30%, while the three major internet companies in China are expected to invest 240.8 billion yuan, with a year-on-year increase of 53% [5]. - The capital expenditure in AIDC is primarily focused on non-IT aspects, with power supply systems accounting for 69% and cooling systems for 18%, indicating a strong emphasis on infrastructure related to power generation and cooling [6][7].

Market Overview - The A-share market continued to fluctuate with all three major indices slightly rising, showing significant divergence in individual stock performance. The total trading volume was 1.74 trillion yuan, a decrease of 45 billion yuan compared to the previous day, indicating cautious capital chasing higher prices [1] - Over 2,700 stocks rose, with 55 stocks hitting the daily limit, while the number of stocks on consecutive limit-ups decreased to 5, suggesting a shift in market sentiment from speculative trading to trend-driven stocks. The ChiNext index, driven by the explosive growth in sectors like optical modules and PCB, emerged as the strongest index of the day [2] Capital Flow - The net outflow of main funds from the two markets was 30.984 billion yuan, but there was a clear reallocation trend. Technology sectors such as semiconductors and AI computing chips saw continued accumulation, while traditional cyclical sectors like cement, infrastructure, and high-dividend sectors such as banks, electricity, and oil experienced significant withdrawals [3] Policy Impact - The implementation of a national childcare subsidy system was announced, effective from January 1, 2025, providing annual subsidies of 3,600 yuan per child for infants under three years old. This policy is expected to positively impact stocks related to the three-child policy, such as Aiyingshi, Haiziwang, and Beiyinmei [4][5][8] AI Market Trends - The AI boom is resurging in the market, with significant gains in computing power sectors and a strong performance in PCB concepts. Shenghong Technology's stock rose over 17%, surpassing a market capitalization of 150 billion yuan. Additionally, the stock of Shangwei New Materials hit a daily limit, becoming the first tenfold stock in A-shares since 2025 [9] - The World Artificial Intelligence Conference (WAIC 2025) held in Shanghai showcased over 3,000 cutting-edge exhibits and more than 800 tech companies, marking a record for the event. Huawei's offline exhibition of the Ascend 384 super node was highlighted as a significant breakthrough in domestic computing power [10] - There is a consensus in the market regarding the sustained growth of the AI industry chain, particularly following the emergence of DeepSeek, which offers innovative models and open-source business models, driving demand for computing power [11] Domestic Chip Development - The acceleration of domestic substitution capabilities is evident as local AI chip manufacturers like Cambricon and Huawei Ascend continue to iterate their technologies. Companies such as Alibaba's Pingtouge, Tencent's Zixiao, and Baidu's Kunlun are also speeding up ASIC chip development, potentially reducing reliance on NVIDIA and compressing its market share in China [16] Investment Opportunities - Three major investment opportunities are suggested: 1. IDC and related support: Companies like Aofei Data, Capital Online, and Data Port 2. H20 industry chain: Companies such as Inspur Information and Oulu Tong 3. Computing power leasing: Companies like Qihua Data and Yitian Intelligent 4. AI agents: Companies including Wanxing Technology, Meitu, and Kuaishou [18]

Market Overview - The market experienced a strong upward trend throughout the day, with all three major indices reaching new closing highs for the year, and the Shanghai Composite Index closing above 3600 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.84 trillion, a decrease of 19.9 billion compared to the previous trading day [1] - Over 4300 stocks in the market rose, indicating a broad-based rally [1] Sector Performance - The Hainan Free Trade Zone concept stocks saw a collective surge, with over 20 stocks, including Hainan Airport, hitting the daily limit [1] - Rare earth permanent magnet stocks experienced a significant increase, with Guangsheng Nonferrous Metals hitting the daily limit [1] - Super water power concept stocks rebounded from their lows, with multiple stocks, including China Power Construction, also hitting the daily limit [1] - The leading sectors in terms of gains included Hainan Free Trade Zone, rare earth permanent magnets, lithium mining, and super water power, while sectors such as precious metals, banking, and CPO saw declines [1] Institutional Activity - Institutional participation increased compared to the previous day, with 28 stocks having a net buy/sell amount exceeding 10 million [2] - There were 16 stocks with net buying, including Lu'an Environmental Energy at 397 million, Boyun New Materials at 153 million, and Deepwater Planning Institute at 121 million [2] - The net selling stocks included Huaxin Cement at 248 million, Flantak at 133 million, and Runben Co., Ltd. at 12 million [2]

Market Overview - The Shanghai Composite Index has strongly broken through the 3600-point mark, reaching a new high for the year with a trading volume of 1.9 trillion [1] - There is a significant divergence in individual stock performance, with 1271 stocks rising and 4000 stocks falling, indicating that investors are "earning the index but not making money" [1] Market Dynamics - The current market ecology is characterized by "institutional dominance and passive retail investors" [2] - The market is experiencing a "high-low switch" capital game, with high-tech stocks retreating while the construction and materials sectors are ignited by a 1.2 trillion water conservancy project [10][11] Key Investment Directions 1. **Civil Explosives and Detonators** - This sector is showing the strongest performance, with many stocks hitting the daily limit [4] - The demand is driven by numerous tunnel and mountain construction projects [5] 2. **Construction Machinery** - The civil engineering sector is seeing significant investment, particularly in concrete mixing and aggregate processing equipment [6] - Companies like NanFang Road J are leading the market with consecutive limit-ups [6] 3. **Tunnel Equipment** - The water conservancy projects are primarily focused on tunnel drilling, making this sector a key area of expectation [7] - The market has identified strong opportunities in shield machines and tunnel fans, which are essential for ongoing projects [7] Stock Recommendations - **Cement and Additives**: Xizang Tianlu, Huaxin Cement, Anhui Conch Cement, China Communications Construction, Subote [8] - **Civil Explosives**: Gaozheng Civil Explosives, Guangdong Hongda, Poly United, Yipuli, Huhua Co. [8] - **Construction Machinery**: Flantech, XCMG, Sany Heavy Industry, Zoomlion, Iron Construction Heavy Industry [8] - **Tunnel Equipment**: China Railway Industry, Shanhe Intelligent, Wuxin Tunnel Equipment, Iron Construction Heavy Industry [8] - **Hydropower Main Equipment**: Dongfang Electric, Harbin Electric, Zhejiang Fu Holdings [8] - **Design and Construction**: China Power Construction, China Energy Construction, China Railway, China Communications Construction, Zhuzhou Design, Zhengping Co., Shenzhen Water Planning Institute [8] Trading Strategies - In a bull market, it is crucial to avoid short selling and to hold onto stocks rather than panic selling [12] - Investors should focus on familiar companies and maintain a calm approach, especially during market surges [13]

Group 1 - The core value of rare earth permanent magnet materials lies in their excellent magnetic performance and stability, making them crucial in multiple high-tech industries [2] - The demand for neodymium-iron-boron permanent magnet materials is rapidly increasing in emerging applications such as new energy vehicles, energy-saving air conditioners, wind power generation, energy-saving elevators, and robotics [2] - The humanoid robot market is particularly promising, with a projected production of 500,000 units by 2027, leading to a compound annual growth rate (CAGR) of 150% for high-performance neodymium-iron-boron permanent magnet materials [2] - Global demand for high-performance neodymium-iron-boron is expected to reach 231,400 tons by 2027, with a CAGR of 20.2%, indicating a broad market outlook [2] - The supply-demand gap for praseodymium-neodymium oxide is projected to widen from 0.5% in 2025 to -4.9% by 2027, suggesting increasing supply constraints in the future [2] Group 2 - The article highlights the key role of rare earth materials in driving the efficient operation of core components in the context of electrification and intelligence [1]

Group 1 - Foreign investment is increasingly favoring A-shares, with Citigroup upgrading the ratings for Chinese and South Korean markets to "overweight" and predicting a 7% return for the MSCI Asia (excluding Japan) index by mid-2026 [1][2] - As of mid-July, South Korean investors have traded over $540 million in Hong Kong and A-shares, making China the second-largest overseas investment destination for them after the US [2] - Northbound capital has increased its holdings in A-shares, with a total of 123.066 billion shares held by the end of Q2 2024, reflecting an increase of 6.75 billion shares [2] Group 2 - The AI computing power sector is experiencing significant growth, with companies like Mankun Technology, Dongshan Precision, and others seeing stock price surges [3] - NVIDIA's resumption of sales to China and the introduction of new compliant GPUs are expected to boost domestic data center construction and related demand [4] - The global 800G optical module market is projected to exceed $12 billion by 2025, with a compound annual growth rate of 67% [5] Group 3 - The industry is currently in a three-phase climb: demand explosion, technological breakthroughs, and performance realization, with companies that possess technological synergy and capacity advantages set to benefit first [7] - CITIC Securities forecasts that the PE valuation levels for first-tier and second-tier PCB companies are expected to rise to 25-35x and 15-25x, respectively, supporting current valuation levels [8] Group 4 - The hardware sector for computing power is benefiting from government policies promoting the construction of "computing power network national hubs," which favor local companies with high-density servers and liquid cooling technology [9] - Major players in the server and integration segment, such as Inspur Information and Zhongke Shuguang, are capitalizing on the surge in AI server demand, with Inspur's H20 order volume increasing by 300% in Q1 2025 [10][11] Group 5 - The data center and infrastructure sector is evolving towards "high power, low energy consumption" due to the explosive demand for AI computing power, with policies driving the adoption of liquid cooling technologies [17] - Companies like Shuguang Shuchuang and Yingweike are leading in liquid cooling solutions, with significant growth in their business expected by 2025 [19][20]

Core Viewpoint - Yushu Technology has experienced significant growth in robot shipments this year compared to last year, indicating a positive trend in the industry [1]. Group 1: Company Performance - Yushu Technology has achieved profitability for five consecutive years, with annual revenue surpassing 1 billion yuan [2][3]. - The company initially focused on quadruped robots, launching its first model, Laikago, in 2017, and has since expanded into humanoid robots [2]. - Notable humanoid robots include the H1, which gained fame for its performance on the Spring Festival Gala, and the G1 aimed at the consumer market [2]. Group 2: Market Demand and Orders - There is a surge in orders for humanoid robots, marking the beginning of commercialization in the industry [4]. - In the first five months of 2025, Yushu Technology's project wins approached the total amount for the entire year of 2024, indicating strong demand [4]. - Other companies in the sector, such as Songyan Power and Leju Robotics, have also reported significant order increases, with Leju's first-quarter orders up 200% year-on-year [4]. Group 3: Industry Trends - The commercialization of humanoid robots is accelerating, with a focus on expanding production capacity and enhancing delivery capabilities [5]. - The entry of robots into real-world applications is driving the evolution of intelligence, highlighting the importance of supply chains as a critical bottleneck for production capacity [5]. - The industry is witnessing a rapid increase in the mass production of humanoid robots, creating opportunities for key technologies with competitive advantages [5].

Core Viewpoint - The A-share market is experiencing fluctuations with mixed performance across major indices, and there is potential for increased capital inflow as trading volume has decreased significantly from last week [1][2]. Group 1: Market Performance - The A-share market showed a divergence today, with major indices exhibiting varied performance [1]. - Trading volume has shrunk to below 1.5 trillion, indicating a substantial decrease from last week's 1.7 trillion, suggesting room for increased capital entry [1]. Group 2: Sector Performance - Robotics stocks surged collectively, with Zhongdali gaining the daily limit [2]. - Power and grid stocks also strengthened, with Jingyuntong hitting the daily limit [2]. - Precious metals stocks were active, with Hunan Silver reaching the daily limit [2]. - Conversely, major financial stocks faced collective adjustments, with Nanhua Futures hitting the daily limit down [2]. Group 3: Monetary Policy Insights - The People's Bank of China (PBOC) plans to continue implementing a moderately loose monetary policy, focusing on enhancing domestic demand and stabilizing market expectations [5]. - The PBOC emphasizes financial services for the real economy, particularly in technology innovation and support for small and micro enterprises [5]. - There is a focus on improving the execution and supervision of interest rate policies to enhance the efficiency of fund utilization and prevent fund idling [5]. Group 4: Anti-Competition Measures - The upcoming political bureau meeting will shift macroeconomic focus, with an emphasis on addressing "involution" in competition [6][7]. - The government aims to establish rules to eliminate local protectionism and market segmentation, facilitating smoother economic circulation [7]. - The concept of "anti-involution" is expected to permeate various industries, with significant implications for future policy [9]. Group 5: Industry Trends - The future of anti-involution will focus on two core areas: supporting new technologies and hard tech, and eliminating outdated production capacity [10][12]. - The solar energy sector, despite facing challenges, is still expected to grow due to increasing demand [15]. - Recent price increases in polysilicon and other components within the solar industry indicate a potential recovery and valuation correction in the sector [17]. - Institutional holdings in the solar sector have decreased significantly, suggesting a potential for reallocation as market conditions improve [18].