Group 1 - Penghua Fund recently conducted research on Yifang Biotechnology, discussing the latest progress of several investigational drugs [1] - D-2570 is planned for clinical exploration in multiple autoimmune diseases, with Phase II clinical trials for ulcerative colitis already initiated [1] - Gexuolei Tablets (brand name Anfangning) received approval from the National Medical Products Administration for market launch in November 2024, targeting adult patients with advanced non-small cell lung cancer (NSCLC) who have undergone at least one systemic treatment and have KRS G12C mutations [1] - D-0502 is undergoing Phase III clinical trials both domestically and internationally, showing promising safety and anti-tumor effects [1] - D-0120 has completed Phase IIb clinical trials, while YF087 and YF550 have made progress in preclinical studies [1] Group 2 - As of now, Penghua Fund has an asset management scale of 943.385 billion yuan, ranking 10th out of 210 [2] - The asset management scale for non-monetary public funds is 492.335 billion yuan, also ranking 10th out of 210 [2] - The fund manages 691 public funds, ranking 8th out of 210, with 83 public fund managers, ranking 11th out of 210 [2] - The best-performing public fund product in the past year is Penghua Carbon Neutrality Theme Mixed A, with a latest net value of 1.57 and a growth of 137.71% over the past year [2]

近期，上证指数突破3600点，水泥、钢铁、光伏等传统行业在"反内卷"催化下迎来爆发，也有算力、机 器人等新兴行业在技术突破下的轮动行情。伴随行情的回暖，多家外资公募也纷纷发声看好A股后续市 场表现。 桥水基金认为，未来中国股票宜适度增持，原因是政策支持和估值相对较低。贝莱德基金表示，今年以 来，中国股市、债市及外汇韧性都超预期，将继续看好中国股债双边行情。路博迈基金认为，股市上行 的条件已部分具备，市场等待更确定性的因素落地，三季度末到四季度更有望突破中枢。 投资快报记者从景顺全球最新发布的研究调查看到，国际投资机构对中国市场的兴趣明显回升。从国内 的外资公募持仓来看，公募排排网统计数据显示，二季度有6家进行了股票增持，其中路博迈基金、联 博基金在二季度的股票市值增长率分别高达491.66%、348.49%。 摩根大通基金持股超200亿，超5000万自购 数据显示，截至二季度末，摩根大通基金资产规模高达1989.01亿元，根据基金二季度报，旗下基金在 二季度持有186只标的，合计市值约为225.50亿元。 摩根大通基金二季度持股市值最多的20家公司，均在3亿以上。值得注意的是，自一季度末以来，仅4只 个股出现 ...

Summary of Key Points Core Viewpoint - Yifang Bio conducted five block trades on July 29, totaling 1 million shares and a transaction amount of 40.69 million yuan, with a trading price of 40.69 yuan, reflecting a discount of 13.43% compared to the closing price of the day [2]. Trading Activity - The total transaction amount for the five block trades was 40.69 million yuan, with a net buying amount of 40.69 million yuan from institutional special seats [2]. - Over the past three months, Yifang Bio has recorded 39 block trades, with a cumulative transaction amount of 223 million yuan [2]. Stock Performance - The closing price of Yifang Bio on the day was 47.00 yuan, marking an increase of 5.10%, with a turnover rate of 2.79% and a total transaction amount of 547 million yuan [2]. - The net inflow of main funds for the day was 46.59 million yuan, and over the past five days, the stock has increased by 5.36% with a total net inflow of 6.02 million yuan [2]. Margin Trading Data - The latest margin financing balance for Yifang Bio is 12.9 million yuan, which has decreased by 2.43 million yuan over the past five days, representing a decline of 15.91% [2].

| 交易日期 | 证券高核 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 图书能用品 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-07-29 | 益方生物 | 688382 | 40.69 | 1180.01 | 29 | 机构专用 | 中国国际金融股份 | 播 | | | | | | | | | 有限公司上海分公 | | | | | | | | | | 日 | | | 2025-07-29 | 益方生物 | 688382 | 40.69 | 1180.01 | 29 | 机构专用 | 中国国际金融股份 有限公司上海分公 | Ka | | | | | | | | | E | | | 2025-07-29 | 益方生物 | 688382 | 40.69 | 813.8 | 20 | 机构专用 | 中国国际金融股份 有限公司上海分公 | る | | | | | | | | | 司 | | | 2025-07-29 | 益方生物 | 688382 | 40.69 | 4 ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) increased by 0.73% as of July 28, 2025, with notable gains from companies such as Junshi Biosciences (688180) up 3.74% and Zai Lab (688266) up 3.30% [1] - The recent outbreak of Chikungunya fever in Guangdong Province has led to nearly 3,000 new local cases, primarily concentrated in Foshan and Guangzhou, with a cumulative total exceeding 4,800 confirmed cases [1] - The Sci-Tech Biopharmaceutical ETF (588250) rose by 0.82%, with the latest price reported at 1.23 yuan [1] Group 2 - Short-term focus on beneficiaries of the Chikungunya fever outbreak includes the vaccine sector, which may see valuation recovery due to market sentiment stabilizing despite anticipated performance pressure in 2024 [2] - The pharmacy sector is adapting to changes in medical insurance and regulatory environments, with companies like Yao Yi Tang exploring new business models, such as health and beauty products, to enhance profitability [2] - The diagnostics sector may experience renewed demand due to the Chikungunya fever, following the normalization of COVID-19 related demand [2] Group 3 - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare (688271) and BeiGene (688235) [3]

Core Viewpoint - The article highlights the strong performance and liquidity of the Science and Technology Innovation (Sci-Tech) Pharmaceutical ETF managed by Harvest, indicating significant growth in both trading volume and fund shares over the past year [2][4]. Group 1: Liquidity and Trading Performance - The Sci-Tech Pharmaceutical ETF by Harvest recorded a turnover rate of 15.19% during trading, with a transaction volume of 30.598 million yuan, reflecting active market participation [2]. - As of July 25, the average daily trading volume over the past week was 46.0799 million yuan, ranking first among comparable funds [2]. - The fund's shares increased by 67.5 million over the past year, also ranking first among comparable funds [2]. Group 2: Fund Performance and Returns - The net value of the Sci-Tech Pharmaceutical ETF increased by 52.17% over the past year, placing it in the top 16.41% among 2,938 index equity funds [2]. - Since its inception, the fund achieved a maximum monthly return of 23.29%, with the longest consecutive monthly gains lasting 5 months and a maximum cumulative increase of 23.50% [2]. - The average return during the months of increase was 7.43% [2]. Group 3: Key Holdings and Market Outlook - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 50.3% of the index, with leading companies including United Imaging Healthcare, BeiGene, and Huatai Medical [2][4]. - Based on the current fundamentals of the pharmaceutical sector, which has undergone four years of adjustment, the market outlook suggests a positive trend for innovative drugs and the overall pharmaceutical sector [4][5]. - The recommendation is to focus on innovative drugs as the primary investment theme, while also considering sectors like CRO&CDMO and specialty raw materials that are expected to perform well [5].

Investment Rating - The report recommends a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualan Biological Engineering-B, and others [3]. Core Insights - The pharmaceutical sector has shown a 1.90% increase this week, outperforming the CSI 300 index by 0.21 percentage points. Sub-sectors such as pharmaceutical outsourcing, vaccines, and medical consumables performed well, while innovative drugs lagged behind [6][42]. - The report emphasizes the potential of the 4-1BB target in cancer treatment, particularly the PD-L1/4-1BB bispecific antibodies, which may address the limitations of PD-1/PD-L1 monotherapy [5][16][17]. Summary by Sections Industry Viewpoints and Investment Recommendations - 4-1BB is recognized as a promising target for tumor therapy, enhancing T cell activation and survival, which is crucial for effective immune responses against cancer [16]. - Investment strategies focus on the innovative drug sector, driven by increased liquidity and risk appetite, with a recommendation to pay attention to companies with strong pipelines in bispecific antibodies and ADCs [6][38]. Pharmaceutical Industry Market Performance - The pharmaceutical sector's overall P/E ratio is reported at 30.67 times, with a premium of 40.37% compared to the overall A-share market excluding financials [42]. Company Dynamics - Notable company developments include: - LIZHU Group's successful Phase III trial for a monoclonal antibody for psoriasis [43]. - Baiyang Pharmaceutical's planned share reduction by its major shareholder [43]. - Mylab's new medical device approval, enhancing market competitiveness [44]. Industry Dynamics - The report highlights the increasing focus on innovative drug development and the potential for significant market opportunities in the context of upcoming patent expirations for key small molecule drugs [38].

Summary of Key Points Core Viewpoint - On July 25, 2025, a total of 8 stocks in the A-share market will face the lifting of restrictions on share sales, with a total of 1.872 billion shares being unlocked, amounting to a market value of 50.111 billion yuan based on the previous trading day's closing price [1]. Group 1: Stock Unlocking Details - The top three stocks by the number of shares unlocked are: - Daqian Energy (688303) with 1.593 billion shares [1][2] - Jintuo Co., Ltd. (603211) with 204 million shares [1][2] - Wanlang Magnetic Plastic (603150) with 31.966 million shares [1][2] Group 2: Market Value of Unlocked Shares - The top three stocks by market value of unlocked shares are: - Daqian Energy (688303) with a market value of 43.921 billion yuan [1][2] - Jintuo Co., Ltd. (603211) with a market value of 3.692 billion yuan [1][2] - Wanlang Magnetic Plastic (603150) with a market value of 1.066 billion yuan [1][2]

Core Viewpoint - The innovative drug sector is expected to thrive in 2025, with significant capital inflow and a focus on products with overseas potential, leading to substantial stock price increases in this segment [1][3]. Group 1: Market Performance - From early 2025 to date, the innovative drug sector has seen an average increase of over 50%, with nearly 50 stocks rising more than 30% [1]. - The Hongtu Innovation Healthcare Fund has achieved a cumulative increase of nearly 64% since early 2025, outperforming the industry [1][5]. - Historical performance of the Hongtu Innovation Healthcare Fund shows a year-to-date return of 63.66%, ranking 92 out of 594 funds [2]. Group 2: Industry Trends - The long-term development trend of China's innovative drug sector remains strong, supported by national strategies and favorable capital market policies [3]. - The market for innovative drugs in China is projected to exceed 250 billion RMB in 2024, with expectations to grow to approximately 450 billion RMB by 2030 [3]. - The overall market size, including all aspects of the drug development chain, is expected to approach 5.5 trillion RMB by 2024 and surpass 20 trillion RMB by 2030 [3]. Group 3: Investment Strategy - The investment strategy of the Hongtu Innovation Healthcare Fund focuses on high-elasticity innovative drug companies, particularly those with significant clinical breakthroughs and potential for international market entry [7][11]. - Key investment targets include companies with promising clinical data and those that are expected to achieve commercial success through domestic market integration and overseas licensing [7][10]. - The fund manager has successfully captured structural opportunities in the pharmaceutical sector, leading to superior long-term performance compared to peers [12]. Group 4: Notable Stocks - Major holdings in the Hongtu Innovation Healthcare Fund include companies like Xinlitai, Shutaishen, and Yifang Biotechnology, which have shown significant price increases and promising clinical data [8][9]. - The fund emphasizes investments in companies with first-in-class (FIC) and best-in-class (BIC) potential, focusing on those that can disrupt current clinical supply [11][12]. Group 5: Future Outlook - The innovative drug sector is expected to continue its upward trajectory, driven by overseas licensing opportunities and supportive domestic policies [12]. - The ongoing global business development (BD) transactions and key clinical data releases are anticipated to catalyze further growth in high-value innovative drug companies [12].

Core Viewpoint - The equity change involves the expiration of the concerted action agreement among the controlling shareholders and actual controllers of Yifang Biotechnology (Shanghai) Co., Ltd., leading to a passive dilution of their shareholding due to stock incentive vesting. This change will not affect the company's controlling shareholders or actual controllers, nor its governance structure and ongoing operations [1][8]. Summary by Sections 1. Background of the Concerted Action Agreement - In October 2020, a concerted action agreement was signed by key stakeholders, confirming the actual controllers of the company and establishing that certain parties would act in concert with them on major operational decisions [2]. - A supplementary agreement was signed in June 2021, allowing YAOLIN WANG LLC to join the original agreement without altering the rights and obligations of the other parties [3]. 2. Details of the Termination of Concerted Action - LING ZHANG LLC and LING ZHANG intend to terminate their concerted action relationship due to personal reasons, with LING ZHANG LLC holding 0.54% of the company's shares as of the announcement date [4]. - YAOLIN WANG LLC is changing its manager and will also terminate its concerted action relationship. The new manager, HONG MEI, will not affect the shareholding of YAOLIN WANG LLC, which holds 0.61% of the shares [6][7]. 3. Impact of the Equity Change - Before the equity change, the controlling shareholders and their concerted action parties held a total of 164,263,228 shares, representing 28.58% of the company. Following the vesting of stock incentives, their shareholding was diluted to 28.40%, resulting in a new total of 157,605,902 shares, or 27.26% [9][10]. - The termination of the concerted action relationship will not lead to a change in the controlling shareholders or actual controllers, as the combined shareholding of LING ZHANG LLC and YAOLIN WANG LLC is only 1.15%, which is relatively low and will not significantly impact control [11][12]. 4. Compliance and Future Commitments - The parties involved in the termination of the concerted action relationship will continue to comply with relevant regulations regarding share reduction and commitments made during the initial public offering [13].