今日投资参考：政策支持创新药发展 暖通设备景气上行

Market Overview - On the first trading day of July, the Shanghai Composite Index rose by 0.39% to 3457.75 points, while the Shenzhen Component Index increased by 0.11% to 10476.29 points. The ChiNext Index fell by 0.24% to 2147.92 points, and the Northbound 50 Index rose by 0.68%. The total trading volume across the Shanghai, Shenzhen, and Northbound markets was 149.68 billion yuan, a decrease of approximately 20 billion yuan from the previous day [1]. Policy Support for Innovative Drugs - On June 30, the National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs. The measures include 16 initiatives across five areas, such as enhancing support for R&D, encouraging clinical application, and improving multi-payment capabilities [2][7]. - CITIC Securities noted that the measures will further enhance the support for innovative drug development, suggesting that the second half of the year will see a more certain investment direction focusing on innovation-driven and internationalization strategies [2]. HVAC Equipment Market Growth - The global computing power market is entering a new high prosperity cycle, leading to rapid expansion in the HVAC and cooling markets. CITIC Securities highlighted that major players like Johnson Controls, Carrier, Daikin, and Trane dominate the overseas market, with supply and demand gradually reaching a balance [3]. Telecommunications Sector Performance - The telecommunications sector is expected to see differentiated performance in Q2 2025, with overall improvement compared to Q1. The demand for AI in North America is driving rapid growth in leading optical module companies, while domestic optical module and switch leaders are also expected to perform well [4]. Nuclear Fusion Commercialization - On June 30, Commonwealth Fusion Systems announced a record agreement with Google to supply 200MW of power from its first commercial fusion power plant, marking a significant step towards the commercialization of nuclear fusion energy [5]. - The global controllable nuclear fusion market is projected to grow from $331.49 billion in 2024 to $351.11 billion in 2025, with an expected compound annual growth rate of 8.1% reaching $479.5 billion by 2029 [6]. Tourism Sector Growth - According to a report by Fliggy, there has been a significant year-on-year increase in bookings for travel services such as flights, hotels, and tickets for the summer of 2025. Family travel is a major driver, accounting for 60% of the bookings, with university students showing the fastest growth in travel participation [8]. Solar Glass Industry Update - In response to market rumors, Yamaton confirmed that leading domestic photovoltaic glass companies plan to collectively reduce production by 30% starting in July, which is expected to promote sustainable development in the industry [9]. IPO Developments - On July 1, the Shanghai Stock Exchange's listing review committee approved the IPO application of Wuhan Heyuan Biotechnology Co., marking the first successful approval under the newly restarted fifth set of listing standards for the Sci-Tech Innovation Board [10].