Core Viewpoint - The article highlights the performance of various sectors in the stock market, particularly focusing on the top-performing stocks in July and the anticipated trends for August, with a strong emphasis on the electronic, basic chemical, pharmaceutical, and mechanical equipment industries [1][4][9]. Summary by Sections July Performance - In July, the innovative drug sector showed remarkable performance, with Kangchen Pharmaceutical leading with a 107% monthly increase, followed by Borui Pharmaceutical at 82%, and Kangfang Biotech at 68% [2][3]. - The electronic and communication sectors also had notable performers, such as Dongshan Precision with a 55% increase and Tonglian Precision with a 50% increase [3]. - Over 30 brokerage firms reported a monthly return of over 5% from their recommended stocks, with six firms exceeding 10% [3]. August Outlook - As of August, the latest stock recommendations show a strong focus on electronic, basic chemical, pharmaceutical, and mechanical equipment sectors [4][9]. - Dongfang Caifu is highlighted as the most popular stock, recommended by six institutions, with expectations of significant price increases in the securities sector [4][9]. - Luoyang Molybdenum is also recommended, with projections of continued growth in copper production and high copper prices leading to increased revenue and profit [5]. Market Predictions - Analysts predict that the market may reach new highs in the second half of the year, driven by sustained capital inflows and opportunities in emerging industries [9][10]. - The focus for investment strategies includes sectors benefiting from "anti-involution" policies, such as coal, steel, and photovoltaic industries, as well as technology growth areas like AI and innovative pharmaceuticals [9][10].

Core Viewpoint - The company has signed a cooperation and research agreement with China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. for the development, registration, production, and commercialization of BGM0504 injection in mainland China, excluding Hong Kong, Macau, and Taiwan [1][2]. Group 1: Agreement Details - The agreement grants China Resources Sanjiu exclusive rights for cooperative development and commercialization of BGM0504 injection, which is a dual agonist of GLP-1 and GIP, currently in the research phase [1][3]. - The agreement has passed internal approval processes and does not require further board or shareholder review [1]. - The milestone payments outlined in the agreement are contingent upon certain conditions, and the total amount remains uncertain [2][10]. Group 2: Product Information - BGM0504 injection is an innovative drug that has shown potential for treating metabolic diseases, including type 2 diabetes and non-alcoholic fatty liver disease (NASH) [3]. - The product has achieved expected goals in phase II clinical trials for weight loss and type 2 diabetes treatment, with phase III trials currently ongoing [3]. Group 3: Financial Terms - The total maximum milestone payment for research and development from China Resources Sanjiu is set at 282 million RMB [10]. - The company will receive service fees based on net sales from the commercialization of the product, with different settlement methods depending on the sales model [11]. - Additional sales milestone payments will be based on the results of new clinical trials, with a cap of 28.5 million RMB for each trial [12]. Group 4: Impact on the Company - The agreement is expected to accelerate the commercialization process of BGM0504 injection in China, leveraging China Resources Sanjiu's established sales channels and market experience [16]. - The cooperation is anticipated to positively impact the company's future operating performance once the product is launched, although it will not affect current performance [2][16].

Group 1 - The Ministry of Finance and the State Taxation Administration announced the resumption of VAT on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8 [1] - The Hong Kong High Court ruled that Zong Fuli cannot withdraw or transfer any assets from the bank account of Jianhao Venture Capital Limited until the litigation results are finalized [1] - The U.S. non-farm payrolls increased by only 73,000 in July, the lowest in nine months, significantly below the expected 110,000, indicating a rapid slowdown in the labor market [1] Group 2 - The central bank emphasized the implementation of a moderately loose monetary policy and enhancing the effectiveness of monetary policy measures [2] - The National Development and Reform Commission plans to accelerate the establishment of new policy financial tools to support private enterprises in major national projects [2] - The Supreme Court issued judicial interpretations on labor disputes, clarifying that agreements not to participate in social insurance are invalid [2] Group 3 - The Ministry of Finance reported six typical cases of local government hidden debt, with Xiamen, Chengdu, and Wuhan East Lake New Technology Development Zone adding hidden debts of 68.396 billion, 61.408 billion, and 10.385 billion respectively [3] Group 4 - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.37% to 3559.95 points, and the total trading volume for the day was 1.62 trillion [4] - The Hong Kong Hang Seng Index closed down 1.07% at 24507.81 points, marking four consecutive days of decline [5] Group 5 - The Hong Kong Stock Exchange published a consultation summary on optimizing IPO pricing and public market regulations, allowing a reduction in the minimum allocation ratio for IPO book-building from 50% to 40% [5] - The Shanghai Stock Exchange clarified that pre-application consultation is not a mandatory procedure for project acceptance [5] Group 6 - In the electric vehicle sector, July delivery figures showed significant growth for several companies, with Leap Motor surpassing 50,000 deliveries for the first time [9] - The Ministry of Industry and Information Technology issued a digital transformation implementation plan for the machinery industry, aiming for 50% of enterprises to reach a maturity level of two or above by 2027 [10] Group 7 - The State Administration of Foreign Exchange outlined key tasks for foreign exchange management, emphasizing the need for macro-prudential management of cross-border capital flows [21] - The onshore RMB closed at 7.2106 against the USD, down 176 basis points from the previous trading day [21]

证券代码：688166 证券简称：博瑞医药 公告编号：2025-053 博瑞生物医药（苏州）股份有限公司 关于与华润三九医药股份有限公司签署合作研发协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 博瑞生物医药（苏州）股份有限公司（以下简称"公司"或"博瑞医药"）及全资子公司博瑞制药（苏 州）有限公司（以下简称"博瑞制药"）、博瑞新创生物医药科技（无锡）有限公司（该三家许可方统称 为"博瑞医药及关联公司"）与华润三九医药股份有限公司（以下简称"华润三九"）签署了《合作研发协 议》，就BGM0504注射液在中国大陆地区（不包含香港、澳门及台湾地区）的研发、注册、生产及商 业化达成合作，博瑞医药及关联公司授予华润三九一项仅与博瑞医药及关联公司合作的可分许可的排他 性合作开发实施许可及一项可分许可的独占性商业化实施许可。 ● 本协议的签署已履行了相应的内部审批程序，无需提交公司董事会及股东大会审议。 ● 协议中约定的里程碑付款需要满足一定的条件，最终里程碑付款金额尚存在不确定性。BGM0504注 射 ...

Market Overview - On the first trading day of August, the A-share market experienced overall weakness, with major sectors such as oil and petrochemicals, semiconductors, and non-bank financials adjusting, leading to declines in the three major stock indices [2] - The Shanghai Composite Index closed at 3559.95 points, down 0.37%; the Shenzhen Component Index closed at 10991.32 points, down 0.17%; and the ChiNext Index closed at 2322.63 points, down 0.24% [2] - The total trading volume in the Shanghai and Shenzhen markets was 15,983 billion yuan, a decrease of over 3,300 billion yuan compared to the previous trading day [2] Solar Equipment Sector - The solar equipment sector showed strong performance, with the Shenwan Solar Equipment Index closing up 2.60%, leading all secondary industries [3] - Companies such as Jiejia Weichuang and Shuangliang Energy reached the daily limit [3] - The Ministry of Industry and Information Technology recently issued a special energy-saving inspection task list for the polysilicon industry for 2025, requiring local authorities to implement and report results by September 30 [3] - According to China International Capital Corporation (CICC), this move is aimed at optimizing the supply side of the industry and may lead to the exit of backward production capacity, particularly affecting the upstream polysilicon segment [3] Express Delivery Sector - The express delivery sector also performed actively, with the Shenwan Logistics Index rising by 1.53% [3] - Companies such as YTO Express, Shentong Express, and Yunda Holdings saw increases of over 6%, while other stocks like Debang Logistics also followed suit [3] - On July 29, the State Post Bureau held a meeting with express delivery companies to address issues related to "involution" competition and promote high-quality industry development [4] Innovative Drug Sector - The innovative drug sector remained active, with stocks like Weikang Pharmaceutical hitting a 20% daily limit, and companies such as Anglikang and Guizhou Bailin recording consecutive gains [5] - Recent announcements from companies like Haizike and Huahai Pharmaceutical regarding new drug applications have contributed to the sector's momentum [5] - According to Dongfang Securities, the global innovative drug field is shifting from "Made in China" to "Created in China," with domestic pharmaceutical companies enhancing their international competitiveness [5] Dividend and Resource Sectors - Looking ahead to August, the strategy team at Industrial Securities suggests focusing on dividend sectors and resource industries for investment opportunities [6] - Historical data indicates that the first half of August typically sees fewer companies disclosing semi-annual results, leading to a higher success rate for small-cap stocks [6] - As the month progresses and companies begin to report earnings, larger-cap stocks with earnings certainty are expected to gain more attention, particularly in resource sectors like coal and petrochemicals [6]

证券代码：688166 证券简称：博瑞医药 公告编号：2025-053 博瑞生物医药（苏州）股份有限公司 关于与华润三九医药股份有限公司签署合作研发协 议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 博瑞生物医药（苏州）股份有限公司（以下简称"公司"或"博瑞医药" ） 及全资子公司博瑞制药（苏州）有限公司（以下简称"博瑞制药"） 、博瑞新创生 物医药科技（无锡）有限公司（该三家许可方统称为"博瑞医药及关联公司"） 与华润三九医药股份有限公司（以下简称"华润三九" ）签署了《合作研发协议》 ， 就 BGM0504 注射液在中国大陆地区（不包含香港、澳门及台湾地区）的研发、 注册、生产及商业化达成合作，博瑞医药及关联公司授予华润三九一项仅与博瑞 医药及关联公司合作的可分许可的排他性合作开发实施许可及一项可分许可的 独占性商业化实施许可。 ? 本协议的签署已履行了相应的内部审批程序，无需提交公司董事会及股 东大会审议。 ? 协议中约定的里程碑付款需要满足一定的条件，最终里程碑付款金额尚 存在不确定性 ...

Key Points - The article highlights significant corporate announcements from August 1, including stock reductions, project investments, contract wins, operational data, equity acquisitions, share buybacks, and performance results [1] Group 1: Stock Reductions - Beijiajie reduced holdings by 1.025 million shares and 0.575 million shares from July 23 to July 28 [1] - Yongxin Zhicheng plans to reduce no more than 4% of its shares [1] Group 2: Project Investments - Xiamen Tungsten's subsidiary intends to establish a wholly-owned subsidiary to undertake the construction of a cutting tool production base in Chengdu [1] - Aorijin plans to invest in the construction of an overseas production line project [1] Group 3: Contract Wins - China National Petroleum Engineering's subsidiary won a contract for the Iraq seawater pipeline project [1] - Nanfeng Co. secured a project worth 61.57 million yuan [1] Group 4: Operational Data - BYD reported total new energy vehicle sales of 344,300 units in July [1] - Qianli Technology achieved total vehicle sales of 10,222 units in July, representing a year-on-year increase of 142.34% [1] Group 5: Equity Acquisitions - Zhaosheng Technology plans to acquire 49% of Maikelong for 231 million yuan [1] - *ST Yazhen intends to acquire 51% of Guangxi Zirconium for 55.449 million yuan [1] Group 6: Share Buybacks - Nova Star Cloud plans to repurchase shares worth between 75 million and 150 million yuan [1] - Baiyun Electric intends to repurchase shares worth between 10 million and 20 million yuan [1] Group 7: Performance Results - Hikvision reported a net profit of 5.657 billion yuan for the first half of the year, a year-on-year increase of 11.71% [1] - Ninebot Company achieved a net profit of 1.242 billion yuan in the first half of the year, a year-on-year increase of 108.45% [1] Group 8: Other Announcements - Jingyan Technology plans to issue convertible bonds to raise no more than 578 million yuan for new consumer electronics and data server components production projects [1] - Borui Pharmaceutical signed a cooperation and research agreement with China Resources Sanjiu [1]

华润三九董事长邱华伟表示，"此次合作是双方优势的深度融合。华润三九的产业资源、商业化能力与 博瑞医药的研发优势、创新实力形成互补，既有利于加速BGM0504注射液的研发进程，也有利于推动 创新药管线的商业化落地，实现创新成果向临床价值的高效转化，达成创新驱动与商业拓展的协同发 展。双方将聚焦减重和降糖这两大核心功效构建品牌优势，同时积极拓展其他适应症市场，让这款创新 药的价值得到更充分的释放。" 博瑞医药董事长袁建栋表示，"'持续创新，护佑健康'是博瑞医药的核心使命，我们始终聚焦于解决未 被满足的临床需求。BGM0504注射液是一项重大创新成果，我们期待借助华润三九强大的注册申报、 市场覆盖和商业化能力，高效转化创新成果，让BGM0504注射液早日惠及中国患者。同时，双方还将 在临床研究策略上进行紧密协作，共同设计探索前沿的临床试验方案，为未来的学术推广奠定坚实基 础。这种优势互补、资源共享的合作模式，将有望推动实现双方共赢，并最终造福患者。" 中证报中证网讯(王珞)博瑞医药官网消息，华润三九（000999）与博瑞医药(688166)8月1日在苏州举行 BGM0504注射液项目合作签约仪式，宣布达成合作研发协 ...

- The report introduces a quantitative model named "250-Day New High Distance" to track market trends and identify leading stocks. The model calculates the distance between the latest closing price and the highest closing price over the past 250 trading days using the formula: $ 250\text{-Day New High Distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ where $\text{Close}_{t}$ represents the latest closing price, and $\text{ts\_max(Close, 250)}$ is the maximum closing price in the past 250 trading days. If the latest closing price reaches a new high, the distance equals 0; otherwise, it indicates the percentage drop from the peak[10][11][12] - The report evaluates the model positively, citing its ability to capture momentum and trend-following strategies effectively. It references prior research, such as [George@2004] and insights from investment books like "Stock Market Wizard," which emphasize the importance of tracking stocks near their 52-week highs[10][18][21] - The report applies the model to major indices, showing their respective 250-Day New High Distances as of August 1, 2025: - Shanghai Composite Index: 1.54% - Shenzhen Component Index: 4.38% - CSI 300: 4.73% - CSI 500: 2.25% - CSI 1000: 1.53% - CSI 2000: 1.08% - ChiNext Index: 8.93% - STAR 50 Index: 7.99%[11][12][33] - The report identifies industries and concept indices close to their 250-Day New Highs, such as Media, Communication, Pharmaceuticals, Defense, and Steel. Concept indices like Wind Microcap Equal Weight, Electronic Equipment, CRO, and Innovative Drugs also show proximity to their 250-Day New Highs[12][14][33] - The report tracks stocks that have reached 250-Day New Highs in the past 20 trading days. A total of 1,239 stocks are identified, with the highest counts in industries like Pharmaceuticals (192 stocks), Machinery (169 stocks), and Basic Chemicals (132 stocks). The highest proportions are found in Banking (64.29%), Steel (56.60%), and Nonferrous Metals (41.94%)[19][20][34] - The report introduces a factor named "Stable New High Stocks," which selects stocks based on criteria such as analyst attention, relative price strength, price path smoothness, and sustained new highs. Specific metrics include: - Analyst attention: At least five buy or overweight ratings in the past three months - Relative price strength: Top 20% in 250-day returns - Price path smoothness: Evaluated using metrics like cumulative absolute daily returns over 120 days - Sustained new highs: Average 250-Day New High Distance over the past 120 days - Trend continuation: Average 250-Day New High Distance over the past five days[24][27][28] - The report lists 50 stocks selected as "Stable New High Stocks," with the highest counts in Manufacturing (15 stocks) and Technology (14 stocks). Examples include Shenghong Technology, Borui Pharmaceuticals, and Feilihua[28][32][34]

Group 1 - The core point of the article is that Borui Pharmaceutical has signed a cooperation research and development agreement with China Resources Sanjiu to jointly develop and commercialize the BGM0504 injection in mainland China [1][2] - BGM0504 injection is a dual agonist of GLP-1 and GIP, classified as a first-class innovative drug that has not yet been launched in domestic and international markets [1] - The agreement allows Borui Pharmaceutical to receive milestone payments from China Resources Sanjiu, with a total potential payment of up to 282 million yuan based on the clinical progress and approval of the product [1] Group 2 - The signing of the agreement is expected to accelerate the commercialization process of BGM0504 injection in China, as China Resources Sanjiu will share the clinical trial costs and leverage its established sales channels and marketing experience [2] - This collaboration aligns with the strategic development needs of Borui Pharmaceutical, aiming to expand the patient coverage for BGM0504 injection [2]