Market Overview - The pharmaceutical sector experienced a significant rally, with multiple stocks hitting the daily limit up, including Nanjing New Pharmaceutical, which achieved a 20% increase [3][4] - The overall A-share market showed mixed results, with the Shanghai Composite Index up by 0.41%, while the Shenzhen Component and ChiNext Index fell by 0.24% and 1.06%, respectively [1] - In the Hong Kong market, major electric vehicle manufacturers like Li Auto and Xpeng Motors saw declines, with Li Auto dropping over 10% [1] Pharmaceutical Sector - The pharmaceutical sector saw a broad increase, with notable stocks such as Nanjing New Pharmaceutical (20% increase), Qizheng Pharmaceutical (10.02% increase), and Dongcheng Pharmaceutical (10% increase) reaching their daily limit up [3][4][5] - The market capitalization of Nanjing New Pharmaceutical reached 3.9 billion, while Qizheng Pharmaceutical's market cap was 15.2 billion [4] - The rise in the pharmaceutical sector is attributed to favorable policy adjustments in the healthcare sector, which are reshaping the industry landscape and allowing high-quality companies to be revalued [7] Stablecoin Sector - The stablecoin and digital currency sectors faced downward pressure, with several stocks, including Dongxin Peace and Hengbao, declining by over 5% [8][9] - The Hong Kong Monetary Authority announced a new regulatory framework for stablecoin issuers, which is set to take effect on August 1, with a limited number of licenses expected to be issued by the end of the year [10]

消息面上，7月25日，微创医疗发布公告，上实资本成为微创医疗的战略股东。这标志着并购基金作为 国资背景的专业化运作平台，正在发挥对本土生物医药"链主"企业精准赋能、稳定发展、价值重塑的积 极作用。本次战略入股微创医疗，是并购基金服务生物医药产业"链主"的又一重要举措。并购基金将坚 持价值投资理念，携手微创医疗各方股东和公司管理层，充分发挥国资平台的战略支撑和产业协同优 势，助力微创医疗巩固中国高端医疗器械创新引擎的地位，为生物医药产业发展升级做出贡献。 此外，近期国家医保局召开医保支持创新药械系列座谈会投资专场。来自全国社保基金理事会和中投公 司等单位的有关负责同志，部分金融机构专家以及部分新闻媒体记者，围绕如何更好支持创新药械进行 座谈交流，并提出意见建议。与会人士一致认为，中国创新药械拥有巨大的政策优势、科研智力优势、 产业制造优势和市场潜力。国家医保局会同有关部门出台《若干措施》，释放了国家坚定支持创新药械 发展的鲜明信号，对中国创新药械产业形成了强大助力，市场各界对中国创新药械产业未来发展充满信 心。 而在前不久，CXO龙头企业药明康德发布半年报，归母净利85.6亿元(同比+101.9%)，持续经营业 ...

Group 1 - The medical device sector is active, with the Medical Innovation ETF (516820.SH) rising by 0.51% and key stocks like Baillie Tianheng (688506) up by 3.01%, Mindray Medical (300760) up by 2.50%, and WuXi AppTec (603259) up by 2.41% [1] - The National Healthcare Security Administration held a seminar to support the high-quality development of innovative drugs and medical devices, indicating strong government backing for the sector [1] - The securities firm Guotai Junan noted that while the industry faces tightening internal environments and external uncertainties, growth rates are expected to rebound as external disturbances diminish [1] Group 2 - Market funds are shifting from high-valued sectors to reasonably valued tracks, with core assets in medical innovation gradually rebounding [2] - The Medical Innovation ETF (516820) is highlighted as a potential entry point for investors looking to capitalize on the recovery of the medical sector [2] - Many of the top ten component stocks are currently valued below the historical 20th percentile, indicating a significant margin of safety for investors [2]

Group 1 - The Hong Kong Innovative Drug ETF (513120) reached a record size of 16.12 billion yuan as of July 29, 2025, with a year-to-date growth of 111.29%, making it the top-performing pharmaceutical ETF in Hong Kong [1] - The CSI Hong Kong Innovative Drug Index (931787) surged by 3.85% on July 29, 2025, with notable increases in constituent stocks such as WuXi AppTec (02359) up 10.76% and Innovent Biologics (01801) up 8.77% [1] - The ETF's liquidity was strong, with a turnover rate of 74.62% and a total trading volume of 11.64 billion yuan on July 29, 2025, leading the market in pharmaceutical ETFs [1] Group 2 - The CSI Hong Kong Innovative Drug Index tracks up to 50 listed companies involved in innovative drug research and development, with a significant focus on biopharmaceuticals and chemical pharmaceuticals, which together account for 92.5% of the index [2] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 67.94%, including companies like Innovent Biologics (01801) and WuXi Biologics (02269) [2] Group 3 - In the first half of 2025, global pharmaceutical transactions reached 456, a 32% year-on-year increase, with total upfront payments soaring by 136% to 11.8 billion USD [3] - Chinese companies contributed nearly 50% of the total transaction value and over 30% of the transaction volume in the global innovative drug market [3] - On July 28, 2025, Heng Rui Medicine announced a deal with GSK for the global exclusive rights to the HRS-9821 project, with an upfront payment of 500 million USD and potential milestone payments totaling around 12 billion USD [3] Group 4 - On July 25, 2025, the National Healthcare Security Administration held a meeting to discuss new policies supporting innovative drugs and medical devices, aiming to accelerate the clinical application of high-level technological innovations [4] - China’s innovative drug assets are gaining global recognition, with increasing business development (BD) licensing amounts and numbers, indicating a growing global influence [4] - The Hong Kong Innovative Drug ETF (513120) supports T+0 trading, allowing investors to trade multiple times within a trading day, enhancing liquidity and capital efficiency [4]

药明康德7月29日晚间公告称，鉴于近期公司股票价格持续上涨，基于对公司未来持续稳定发展的信心和对公司价值的认可，同时为了保障回购股份方案的顺利实施， 公司拟将2025年第一次以集中竞价交易方式回购A股股份的回购股份价格上限，由不超过90.72元/股（含）调整为不超过114.15元/股（含），本次回购方案的其他内容 不变。 创新药巨头，释放积极信号！ 7月29日晚间，药明康德公告，拟将回购股份价格上限由不超过90.72元/股（含）调整为不超过114.15元/股（含）。截至当天收盘时，药明康德股价上涨7.72%报98.69 元/股，总市值超过2800亿元。 分析人士指出，二级市场上，近期A股创新药板块持续上涨，"龙头股"药明康德上调回购价格上限，表明公司对其自身价值的高度认可，同时也向市场传递了积极信 号。 有券商表示，创新药板块景气度仍可持续，"创新+国际化"创新药产业趋势不变，始终是医药板块的核心方向。 上调 创新药板块集体爆发 7月29日，受药明康德上述超预期业绩的带动，A股创新药板块大幅上涨。截至收盘，创新药板块整体涨幅接近3%，药明康德大涨近8%，泰格医药涨近9%，众生药 业、九洲药业、辰欣药业、亚太药 ...

Core Viewpoint - The ChiNext Index rose by 1.86% and the Sci-Tech Innovation Index increased by 1.78%, with the Double Innovation Leader ETF (588330) showing high elasticity, surging by 2.56% to reach a year-to-date high of 0.640 yuan, marking a nine-day consecutive gain [1] Group 1: Stock Performance - Major stocks in the optical module sector led the gains, with Tianfu Communication rising over 13%, Zhongji Xuchuang increasing by more than 9%, and Xinyi Sheng up over 8% [3] - In the biopharmaceutical sector, Tigermed rose over 8%, while Zhifei Biological and Kanglong Chemical both increased by more than 6% [3] - The photovoltaic sector also performed well, with Daqo New Energy up over 5% and Trina Solar rising by more than 4% [3] Group 2: Fund Inflows - Significant capital inflows were observed in the Double Innovation direction, with net inflows of 12.596 billion yuan in electronics, 8.284 billion yuan in biopharmaceuticals, 7.267 billion yuan in communications, and 3.748 billion yuan in electric power equipment [3][5] - The top four industries in the Double Innovation Leader ETF (588330) by weight as of the end of June were electronics (38.1%), electric power equipment (21.5%), communications (13.9%), and biopharmaceuticals (12.8%) [4] Group 3: Market Drivers - In the optical module sector, the Shanghai Municipal Economic and Information Commission issued measures to expand AI applications, which may have catalyzed the surge in optical module stocks [7] - In the biopharmaceutical sector, three major positive factors were identified: WuXi AppTec's soaring performance, major business development agreements, and favorable policies from the National Medical Insurance Administration [7] - In the electric power equipment sector, the photovoltaic industry is noted for its recovery in pricing amid efforts to eliminate below-cost sales [7] Group 4: Investment Insights - The Double Innovation Leader ETF (588330) is characterized by cross-market diversification, focusing on strategic emerging industries, and offers a low-threshold investment opportunity [8] - The ETF captures high elasticity in technology markets, allowing for efficient investment with a lower entry cost compared to direct investments in ChiNext and Sci-Tech Innovation stocks [8]

Market Performance - The ChiNext Index rose by 1.86% and the Sci-Tech Innovation Index increased by 1.78%, with the Double Innovation Leader ETF (588330) showing high elasticity, surging by 2.56% to reach a year-to-date high of 0.640 yuan, marking a nine-day consecutive gain [1] Sector Performance - Major stocks in the optical module sector led the gains, with Tianfu Communication rising over 13%, Zhongji Xuchuang increasing by more than 9%, and Xinyi Sheng up over 8% [3] - The pharmaceutical and biological sector also saw significant increases, with Tigermed up over 8%, and Zhifei Biological and Kanglong Chemical both rising by over 6% [3] - The photovoltaic sector performed well, with Daqo New Energy increasing by over 5% and Trina Solar rising by more than 4% [3] Fund Flow - Significant capital inflow was observed in the Double Innovation direction, with net inflows of 12.596 billion yuan in electronics, 8.284 billion yuan in pharmaceuticals, 7.267 billion yuan in communications, and 3.748 billion yuan in power equipment, ranking as the top four among 31 first-level industries [4][6] Industry Highlights - In the optical module sector, the Shanghai Municipal Economic and Information Commission issued measures to expand AI applications, which may have catalyzed the surge in major optical module stocks [7] - In the pharmaceutical sector, three major positive factors were noted: WuXi AppTec's strong performance boosting the CXO sector, a major business development deal by Hengrui Medicine, and favorable policies from the National Medical Insurance Administration [7] - In the power equipment sector, the photovoltaic industry is becoming a representative sector against "involution," with initial success in price adjustments across the supply chain [7] Investment Outlook - Future market trends suggest a focus on "rotation and rebound," with growth sectors expected to follow cyclical sectors. The technology (AI, chips) and new energy sectors are anticipated to regain cost-effectiveness [8] - The Double Innovation Leader ETF (588330) is highlighted for its characteristics: diversified cross-market allocation, a focus on strategic emerging industries, and high elasticity for capturing technology market trends [8]

创新药巨头，释放积极信号！ 另外，7月28日晚间，药明康德披露了2025年半年度报告。报告显示，公司上半年实现营业收入207.99亿元，同比增长20.64%；实现归母净利润85.61亿 元，同比增长101.92%。公司同时发布2025年中期利润分配方案，拟向全体股东每10股派发现金红利3.5元（含税）。 7月29日晚间，药明康德（603259）公告，拟将回购股份价格上限由不超过90.72元/股（含）调整为不超过114.15元/股（含）。截至当天收盘时，药明康 德股价上涨7.72%报98.69元/股，总市值超过2800亿元。 | | 药明康德 | | | | --- | --- | --- | --- | | | 603259 融 | | | | 98.69 | 高 99.76 换手 3.78% | | 量 94.01万 | | 低 90.70 | | 市值 2834.59亿 | 金额 90.14亿 | | 7.07 7.72% | 开 93.45 | 流通 2452.59亿 | 市盈™ 20.58 | | 日线 M5:90.05 M10:85.82 M20:79.29 M30:75.11 | | | ◎ 设置 ...

国家医保局召开医保支持创新药械系列座谈会第四场 7月29日，据国家医保局消息，为落实《支持创新药高质量发展的若干措施》，推动创新药高质量发 展，更好满足人民群众多元化就医用药需求。近日，国家医保局召开医保支持创新药械系列座谈会第四 场，10余位专家学者、企业代表结合自身专业、行业特点，聚焦创新药研发现状、难点、发展方向等深 入交流，并提出意见建议。 药械审批 长春高新：创新药苯磺酸氨氯地平口服溶液用冻干粉获美国FDA批准上市 政策动向 7月29日，长春高新(000661.SZ)公告称，公司控股子公司倍利年申报的苯磺酸氨氯地平口服溶液用冻干 粉已获美国食品药品监督管理局（FDA）批准上市。苯磺酸氨氯地平口服溶液用冻干粉是倍利年研发的 专门针对6岁以上儿童和存在吞咽困难的成人高血压患者的505B2改良型创新药，能够降低6岁以上儿童 和成人的血压，可以减少致命和非致命心血管事件的风险。该产品获批有利于丰富倍利年的美国产品布 局，增强公司在医药市场的竞争力。 尖峰集团恩格列净化学原料药获批上市 7月29日，尖峰集团(600668.SH)公告称，全资子公司尖峰药业收到国家药品监督管理局关于化学原料药 恩格列净的《化学原 ...

7月29日，受"CXO一哥"药明康德业绩回暖的提振，整个CXO板块沸腾。其中，港股泰格医药盘中大涨 超10%，拉长时间线来看，自4月9日的股价低点以来，公司股价累计大涨136%。泰格医药A股盘中也涨 超13%，股价最高达71.71元/股，创2025年以来新高。 值得一提的是，身为CRO龙头的泰格医药酷爱投资，从参投基金做LP、一级市场直投到二级市场"炒 股"，公司均有涉猎。 而随着创新药牛市的到来，泰格医药在一二级市场投资的创新药公司有望迎来估值提升，公司也能"分 一杯羹"。7月17日，泰格医药刚公告公司持有的礼新医药股份被中国生物制药收购。今年4月刚登陆港 股的映恩生物背后，也有泰格医药的身影。 回溯以往，泰格医药的投资收益一度占公司归母净利润的一半以上，成功"反哺"公司的CRO业务。但需 要注意的是，这种业务模式受行业景气度影响较大，"常在河边走，哪有不湿鞋"，2024年，公司归母净 利润暴跌近80%，其中就有投资收益下滑的影响。 泰格医药4个月涨136% 7月29日，A股CRO板块大涨4%，其中泰格医药盘中涨超13%，股价最高达71.71元/股，创2025年以来新 高。截至收盘，涨幅回落至8.8%，报6 ...