据央视新闻，朝鲜劳动党中央委员会副部长金与正7月28日发表谈话称，李在明政府上台后做出了一 厢情愿的努力，希望同朝鲜改善关系。近期，韩方还揣测邀请朝鲜出席几个月后在庆州召开的亚太 经合组织（APEC）领导人非正式会议的可能性，这简直是做白日梦。 谈话表示，过去韩国单方面宣布朝鲜为主敌，鼓吹极端对抗气氛，不可能以几句话就改变招致的所 有结果。 朝方认为，韩国现任政府对韩美同盟的盲目信从和与朝鲜对抗到底的意图是与前任毫无两样的。美 韩将会故伎重施，策划把自己制造的朝鲜半岛局势恶化的责任转嫁于朝方。因此，无论韩国作出怎 样的姿态，朝鲜对韩国的敌对认识不会改变。 金与正最后再次明确表态，无论韩国制定什么政策，提出什么建议，朝鲜都不感兴趣，而且，也没 有任何事情和问题与韩国坐在一起讨论。 ...

Core Viewpoint - The rapid growth of overseas licensing transactions by Chinese innovative pharmaceutical companies marks the beginning of a commercial explosion in the industry, with expectations for significant sales and revenue increases in the coming years [1][5][6]. Group 1: Market Growth and Trends - The total amount of overseas licensing transactions by Chinese pharmaceutical companies is projected to reach $51.9 billion in 2024, a 36% increase from the previous year, and exceed $60.8 billion in the first half of 2025 [6]. - The innovative drug sector in China is expected to experience a convergence of three pivotal turning points: explosive sales of previously approved drugs, substantial increases in overseas revenue, and an overall upgrade in the industry's profit model [1][8]. - The cumulative increase in the A-share Innovative Drug 50 ETF is 21%, while the Hong Kong Hang Seng Innovative Drug ETF has surged by 56% [4]. Group 2: Industry Evolution - Since the 2015 reform of drug and medical device review and approval systems, the Chinese innovative drug industry has transitioned from a focus on capability building to a phase of full-scale market realization [1][24]. - The number of approved innovative drugs in China has surged to over 40 in 2024, nearly a tenfold increase since 2015, with R&D investment rising from approximately 50 billion yuan to over 121 billion yuan [24][26]. Group 3: Licensing and Collaboration - Chinese innovative pharmaceutical companies are increasingly binding themselves to leading multinational firms through licensing agreements, which are seen as a means to share risks and enhance R&D capabilities [12][13]. - The trend of overseas licensing is expected to continue, driven by the strong demand from multinational companies for external innovative assets amid patent cliffs [8][12]. Group 4: Future Catalysts and Innovations - The period from 2023 to 2026 is anticipated to be critical for the industry, with a significant number of drugs expected to enter the market, leading to accelerated revenue growth [8][9]. - Emerging technologies such as AI and brain-computer interfaces (BCI) are reshaping drug innovation and treatment methodologies, with AI significantly reducing the time and cost of drug development [17][20]. Group 5: Challenges and Strategic Considerations - Concerns exist regarding the potential for Chinese companies to "sell seedlings," meaning they may be too eager to license early-stage assets for short-term gains, potentially missing out on larger future opportunities [11][12]. - The industry faces challenges related to the high-risk nature of innovative drug development, with many biotech firms having to downsize or exit the market during recent capital downturns [25][26].

小财注：长和3月4日在港交所公告称，该公司与BlackRock-TiL财团就出售和记港口在Panama Ports Company之90%权益达成原则性协议。 长和在港交所公告，公司确认，于2025年3月4日本公司发布之公告中所述，本集团与一财团之间的 独家磋商期已届满。尽管该期限已届满，本集团仍在与财团成员进行讨论，拟邀请来自中国内地之 主要策略投资者加入成为财团的重要成员。为使交易能够获得所有相关监管机构和部门的批准，财 团的成员以及交易架构将需要进行变更。本集团打算预留充分的时间进行相关讨论，以达成新安 排。本公司已多次声明，在未获得所有相关监管机构和部门批准前，本公司将不会进行任何交易。 ...

胡塞武装警告所有航运公司在该声明发出后，应立即停止同以色列的航运合作，否则相关公司的所 有船只无论在什么地方航行，都有可能遭到胡塞武装的导弹或无人机袭击。 据央视新闻，也门胡塞武装军事发言人叶海亚·萨雷亚27日晚间发表声明称，胡塞武装将升级其海上 封锁行动，并展开第四阶段海上封锁。胡塞武装表示将对所有同以色列港口有合作的航运公司的所 有船只进行袭击，无论地点和该船国籍。 ...

Macro News - The State Council, led by Premier Li Qiang, has initiated measures to gradually implement free preschool education, emphasizing the need for local governments to refine work plans and ensure timely funding allocation [4] - The China Securities Regulatory Commission (CSRC) is soliciting public opinions on the revised Corporate Governance Code, which aims to enhance the supervision of directors and senior management, and improve incentive and restraint mechanisms [5][6] - The Ministry of Finance reported that in the first half of 2025, the national general public budget expenditure reached 14,127.1 billion yuan, a year-on-year increase of 3.4%, while revenue decreased by 0.3% to 11,556.6 billion yuan [6] - The National Bureau of Statistics indicated that in June, the profit decline of industrial enterprises above designated size narrowed compared to May, with rapid profit growth in new momentum industries like equipment manufacturing [6] Industry News - The Insurance Association announced that the current standard interest rate for ordinary life insurance products is 1.99%, leading major life insurance companies to adjust their rates downwards [9] - The Ministry of Agriculture and Rural Affairs, along with ten other departments, released a plan to promote agricultural product consumption, focusing on optimizing supply, innovating circulation, and activating market demand [9] - The China Pesticide Industry Association has launched a three-year campaign to address issues like hidden additives and illegal production in the pesticide industry, aiming to curb disorderly competition [9] - The Chinese government has proposed the establishment of a World Artificial Intelligence Cooperation Organization, with Shanghai as a potential headquarters [10] - The Shanghai land auction set a new record for residential land prices, with a floor price of 200,257 yuan per square meter [11] Company News - China Duty Free Group reported a total revenue of 28.151 billion yuan for the first half of 2025, a year-on-year decline of 9.96%, with net profit down 20.81% to 2.6 billion yuan [14] - Huayou Cobalt announced plans to acquire a 49% stake in Wuhan Junheng Technology through a combination of stock issuance and cash payment, marking a significant asset restructuring [14] - Several companies, including *ST Muban and Taiyuan Heavy Industry, received notices from the CSRC regarding investigations into alleged financial misconduct and information disclosure violations [16][17] - Shijiazhuang Railway announced a cooperation agreement with the Guangzhou Municipal Government for the Guangzhou East Station renovation project, with a total investment of approximately 16.66 billion yuan [12]

据央视新闻，美国总统特朗普27日表示，美国已与欧盟达成15%税率的关税协议。特朗普表 示，欧盟将比此前增加对美国投资6000亿美元，欧盟将购买美国军事装备，并将购买1500亿 美元的美国能源产品。 欧盟委员会主席冯德莱恩表示，欧盟与美国双方同意实行统一的15%关税税率，包括汽车在 内的各类商品将适用该关税标准。冯德莱恩称，这些与美国的贸易协议将为市场带来稳定性。 ...

柬、泰都是东盟重要成员。连日来，东盟方面积极推动柬泰停火，中方对此表示赞赏，欢迎一 切有利于缓局降温的努力。中方将秉持公道公允立场，继续同柬、泰保持密切沟通，积极劝和 促谈，为推动停火止战发挥建设性作用。 问：在国际社会调停下，柬埔寨和泰国近日均表达了停火止战的积极意愿，但现地交火目前仍 在持续。中方对此有何立场？ 答：柬埔寨和泰国是搬不走的邻居，也都是中国的友好邻邦。坚持睦邻互信、妥善管控分歧， 符合柬泰双方根本和长远利益，有利于地区和平与稳定。中方对冲突造成柬、泰两国民众伤亡 深感痛心，并表示诚挚慰问。希望双方从两国人民的共同利益出发，秉持以和为贵、与邻为善 的精神，保持冷静克制，尽快停火止战，通过对话协商和平解决分歧，早日恢复边境地区和平 稳定。 外交部发言人就柬泰边境冲突答记者问。 ...

Core Viewpoint - The article highlights the accelerated rebound of A-shares in Q2, emphasizing the critical role of foreign public funds' portfolio adjustments in this context [1] Group 1: Foreign Fund Adjustments - Major foreign public funds such as JPMorgan, BlackRock, and Morgan Stanley have revealed their portfolio adjustments for Q2 2025, indicating a shift in their market expectations [1] - Notably, the significant increase in stock market value for funds like LGM and LGT, with growth rates of 491.66% and over 340% respectively, showcases a more aggressive adjustment strategy compared to traditional players [2] - The focus of these funds has shifted towards "core assets" in the technology sector, with companies like Xinyiseng and Shenghong Technology becoming key targets for investment [2][3] Group 2: Investment Strategies - The current round of foreign investment is characterized by a focus on "industrial hubs" rather than just technology, with companies spanning multiple segments of the hardware supply chain being prioritized [3] - Leading institutions like JPMorgan and Morgan Stanley have adopted a more stable investment approach, maintaining significant positions in high-profit assets while balancing short-term themes with mid-term fundamentals [4][5] - The strategy of Morgan Stanley emphasizes "performance first," focusing on sectors like AI chips and pharmaceuticals, which are expected to deliver consistent profits [5] Group 3: Core Assets and Defensive Positions - Despite a trend of reducing positions in the pharmaceutical sector, Morgan Stanley continues to hold substantial stakes in innovative pharmaceutical companies, indicating a belief in their long-term potential [5][6] - Foreign funds are maintaining or increasing their holdings in core financial and consumer assets such as Kweichow Moutai and China Ping An, which serve as stable anchors in their portfolios [6] Group 4: Localization of Investment Strategies - The article notes a shift in foreign funds from a mechanical strategy of "low valuation + large blue chips" to a more localized approach that adapts to the high volatility and rotation of the Chinese market [7] - Funds like BlackRock are demonstrating a dual-driven strategy of thematic flexibility and fundamental stability, indicating a more nuanced approach to portfolio construction [7][8] - New entrants like Fidelity and Allianz are exploring innovative small-cap technology stocks, reflecting a strategy aimed at identifying future consensus assets [8]

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, focusing on significant stock market events such as suspensions, investments, acquisitions, and performance reports [1] - Key announcements are marked in red to assist investors in identifying potential investment hotspots and avoiding black swan events, providing ample time for analysis and selection of suitable companies [1] Group 2 - The article mentions a company that provides lens system MEMS components related services for a major lithography machine manufacturer, indicating its role in the semiconductor industry [1] - Another company is noted for its products applicable in humanoid robot component manufacturing, showcasing its involvement in advanced robotics and industrial machinery [1] - A third company is identified as a collaborative partner in Huawei's machine vision business, emphasizing its contribution to the digital economy and big data applications [1]

Core Viewpoint - The U.S. will not extend the tariff deadline of August 1, and negotiations with the EU are ongoing to reach a satisfactory trade agreement [1] Group 1: U.S. Tariff Policy - U.S. Secretary of Commerce Ross stated that the goal of negotiations with the EU is to open European markets for U.S. exports [1] - The critical issue is whether the agreement proposed by the EU is sufficient to persuade President Trump to abandon the 30% tariff threat [1] Group 2: EU Response - European leaders have indicated that if a satisfactory trade agreement is not reached before the August 1 deadline, the EU will implement countermeasures against U.S. tariffs [1] - The EU Commission spokesperson stated that countermeasures would take effect on August 7 if negotiations fail [1]