7月21日，公募基金2025年二季报披露完毕。 公募基金最新前十大重仓股出炉 ，分别是腾讯控股、宁德 时代、贵州茅台、美的集团、紫金矿业、小米集团-W、立讯精密、阿里巴巴-W、新易盛、中芯国际。 腾讯控股仍位列第一大重仓股 根据天相投顾提供的数据， 继一季度末取代宁德时代，成为公募基金第一大重仓股后，二季度末，腾 讯控股仍位列公募基金第一大重仓股。 截至二季度末，公募基金持有腾讯控股市值达591.56亿元。公募 基金第二大重仓股是宁德时代，截至二季度末，公募基金持有宁德时代市值达520.51亿元。 位列公募基金第三到第十大重仓股的分别是贵州茅台、美的集团、紫金矿业、小米集团-W、立讯精 密、阿里巴巴-W、新易盛、中芯国际。截至二季度末，公募基金持有上述个股市值均超160亿元。 与2025年一季度末相比，小米集团-W、新易盛新晋前十大重仓股，比亚迪、五粮液退出前十大重仓 股。 从增持的情况来看，今年二季度，公募基金增持市值最多的是中际旭创和新易盛，分别增持139.72亿元 和128.88亿元。另外，公募基金增持沪电股份的市值超过80亿元；增持信达生物、泡泡玛特、胜宏科 技、三生制药的市值均超过60亿元。 从减持 ...

Core Viewpoint - The Chinese innovative drug industry is experiencing a significant moment in the first half of 2025, driven by policy benefits and international breakthroughs, with three companies expected to turn losses into profits [1]. Group 1: Company Performance - Tonghua Dongbao expects to achieve a net profit of approximately 217 million yuan for the first half of 2025, marking a turnaround from losses in the previous year [2]. - The main reason for Tonghua Dongbao's performance improvement is the significant growth in sales of insulin analog products, leading to a substantial increase in domestic sales revenue [4]. - The internationalization strategy has also shown significant results, with noticeable growth in export revenue [5]. Group 2: Other Companies' Performance - Zhaoyan New Drug anticipates a net profit of between 50.32 million and 75.49 million yuan for the first half of 2025, recovering from a loss of 169 million yuan in the same period last year [6]. - The decline in Zhaoyan New Drug's operating income is attributed to intensified competition, which has compressed order profits and exacerbated losses in laboratory services [8]. - The fair value changes of biological assets have offset some business losses, contributing to the overall turnaround [9]. Group 3: BoTeng Co. Performance - BoTeng Co. expects a net profit ranging from 0 to 30 million yuan for the first half of 2025, recovering from a loss of 170 million yuan in the previous year [10]. - The company anticipates achieving revenue of 1.55 billion yuan, representing a year-on-year growth of 15% to 20% [12]. - The improvement in BoTeng Co.'s performance is driven by robust revenue growth, enhanced gross margins, effective cost control, and a reduction in losses from new businesses, along with non-recurring investment income of approximately 18.21 million yuan [13][14]. Group 4: Overall Industry Insights - The performance turnaround of Tonghua Dongbao, Zhaoyan New Drug, and BoTeng Co. reflects the positive progress of different segments within the biopharmaceutical industry in overcoming challenges and seeking growth and profitability restoration [15]. - However, the specific paths and sustainability of these improvements depend on each company's business model and future operating environment [15].

Core Viewpoint - The announcement by Tongyuan Kang Pharmaceutical regarding the inclusion of three innovative drugs in the upcoming ESMO conference highlights the early clinical value recognized by the international academic community [1] Group 1: Drug Highlights - The CDK2/4 inhibitor TY-00540 shows broad anti-tumor potential, demonstrating strong inhibitory effects on key targets such as CDK2/CycA2 and CDK4/CycD1, with significant efficacy in breast and ovarian cancers [2] - The CDK7 inhibitor TY-2699a exhibits high selectivity for CDK7, with preclinical studies confirming its ability to inhibit cancer cell growth at non-toxic doses to normal cells, showing promising safety and efficacy in early clinical data [3] - The differentiated CDK4/6 inhibitor TY-302 presents a better treatment experience with lower gastrointestinal side effects and manageable hematological toxicity, demonstrating significant efficacy and safety in combination therapy for HR+/HER2- advanced breast cancer [4]

Core Viewpoint - The article highlights the strong performance of public equity funds managed by various asset management firms in the first half of the year, particularly in sectors like AI, robotics, and innovative pharmaceuticals, with several fund managers achieving record net asset values [2][4]. Group 1: Fund Performance - In the first half of the year, the A-share market was active, with significant performances in sectors such as AI, robotics, and innovative pharmaceuticals [2]. - The net asset value of the "Oriental Red Medical Upgrade Stock Initiation A" fund managed by Jiang Qi increased by 44.55%, reaching a new high since its inception [2][4]. - Jiang Qi's fund maintained a high stock position of 90.37% as of June 30, with top holdings including Bai Li Tianheng and Kanghong Pharmaceutical [4]. Group 2: Manager Insights - Jiang Qi believes that the innovative pharmaceutical sector is entering a harvest phase, with expectations for a prolonged period of growth [5]. - Jiang Qi emphasizes the importance of technological advancements and clinical resources in accelerating the development of innovative pharmaceutical companies [5][6]. - Zhou Yun from Oriental Red Asset Management notes that the low interest rate environment and the "anti-involution" trend support a long-term bullish outlook for Chinese assets [7]. Group 3: Market Outlook - Jiang Cheng from Zhongtai Asset Management expresses a cautious optimism regarding macroeconomic conditions while advising caution at the micro level [8]. - Tian Yu from Zhongtai Asset Management remains optimistic about high-end liquor, citing business demand as a key driver despite recent market concerns [9].

新华财经北京7月22日电 （王媛媛）市场早盘探底回升，三大指数小幅上涨，创业板指领涨。截至午间 收盘，沪指报3568.78点，涨0.25%，成交4901亿元；深证成指报11069.57点，涨0.56%，成交6470亿 元；创业板指报2312.74点，涨0.69%，成交3026亿元。 板块方面，超级水电、钢铁、光伏设备、电池等板块涨幅居前，智谱AI、银行、游戏、软件开发等板 块跌幅居前。 盘面热点 盘面上，超级水电概念股维持强势，中国电建等多股涨停。光伏概念股再度反弹，亿晶光电涨停。固态 电池概念股表现活跃，德新科技涨停。下跌方面，银行股展开调整，厦门银行跌超3%。 个股跌多涨少，全市场超2700只个股下跌。 机构观点 富荣基金：权益市场情绪依旧高涨，上证指数一举站稳3500点。短期随着外部不确定性的逐步缓解，建 议重点关注高成长产业，如AI、机器人、创新药等。同时国内 "反内卷"政策正密集进入落地期，工信 部总工程师在国新办新闻发布会上表示，钢铁、有色金属、石化、建材等十大重点行业的稳增长工作方 案即将出台，核心重点是"调结构、优供给、淘汰落后产能"。随着细分行业供给端政策的持续发 布，"反内卷"相关的周期板 ...

Core Insights - The successful launch of the drug Lisatoclax (also known as Lishengtuo) by Ascentage Pharma marks a significant milestone in the development of Bcl-2 inhibitors, breaking a nine-year monopoly held by AbbVie in this field [3][10] - The research on the Bcl-2 target has spanned over three decades, highlighting the challenges and complexities involved in drug development [3][5] - Ascentage Pharma aims to differentiate its products from existing therapies, focusing on innovative solutions to address unmet clinical needs [4][6] Company Overview - Ascentage Pharma's Lisatoclax is the first domestically developed Bcl-2 inhibitor in China and the second globally, showcasing the company's commitment to innovation [3][10] - The company has also developed another product, Olverembatinib (brand name: Nairike), which took 13 years to develop, further emphasizing its long-term investment in research [3] - The CEO of Ascentage Pharma, Yang Dajun, emphasizes the importance of targeting difficult drug targets and conducting rigorous clinical designs to achieve superior drug efficacy [4][6] Clinical Development - The Bcl-2 target is likened to PD-1 in blood cancer treatment, with the potential to treat various B-cell tumors effectively [5][6] - Lisatoclax has a unique dosing regimen that allows for a rapid escalation to the target dose, which is crucial for minimizing severe side effects like Tumor Lysis Syndrome (TLS) [6][7] - Clinical data suggest that Lisatoclax has a lower incidence of TLS compared to its competitors, enhancing its safety profile and making it a more convenient treatment option [6][7] Market Position and Strategy - Ascentage Pharma's stock has seen significant growth, with a year-to-date increase of over 70% in Hong Kong and more than 120% in the US market, indicating strong investor confidence [12] - The company aims to navigate the competitive landscape of innovative drugs by focusing on unique therapeutic targets rather than following trends in the market [12][13] - Yang Dajun believes that the current wave of innovation in the pharmaceutical industry is a result of accumulated experience, technological breakthroughs, and supportive policies [10][11] Future Outlook - Ascentage Pharma is optimistic about achieving profitability by 2027, reflecting its strategic focus on developing proprietary products that can generate revenue [13] - The company is positioned to capitalize on the evolving landscape of the biopharmaceutical industry, where the distinction between biotech and large pharmaceutical companies is increasingly defined by the ability to generate profits from self-developed products [13]

Core Viewpoint - The latest FOF (Fund of Funds) report indicates that bond funds remain the primary focus for FOF managers, accounting for over half of their holdings, with a notable increase in ETF products being favored for investment [2][4]. Group 1: FOF Holdings Overview - As of the end of Q2 2025, the top five funds held by FOFs include Hai Fu Tong Zhong Zheng Short Bond ETF, Bosera Zhong Dai 0-3 Year National Development Bank ETF, Bosera Credit Selection E, Hua An Gold ETF, and Hua Xia Hang Seng ETF [2][4]. - The total number of bond funds in the top 50 held by FOFs reached 30, representing over 50% of the total [4]. - Hai Fu Tong Zhong Zheng Short Bond ETF had a market value held by FOFs exceeding 1.643 billion yuan, making it the highest valued fund among FOF holdings [4][5]. Group 2: Active Equity Fund Holdings - The top active equity fund held by FOFs is Yi Fang Da Ke Rong, with a total holding value of 384 million yuan, followed closely by Yi Fang Da Information Industry Selection C at 371 million yuan [8][9]. - Other notable active equity funds include Xing Quan Business Model Selection A and Yi Fang Da Supply Side Reform, both exceeding 300 million yuan in holdings [8][9]. Group 3: Fund Increases - The fund with the highest increase in holdings during Q2 was Bosera Credit Selection E, which saw an increase of 936 million yuan, bringing its total holding value to 1.016 billion yuan [10]. - Other funds with significant increases include Bosera An Yue Short Bond A and Bosera Credit Bond Pure Bond B, with increases of 760 million yuan and 711 million yuan, respectively [10]. Group 4: Market Outlook and Strategy - FOF managers express confidence in the A-share market, aiming for diversified and multi-strategy asset allocation [12][14]. - The focus is on sectors such as new materials, resource industries, and innovative pharmaceuticals, with a keen eye on the potential recovery of the A-share market [13][14].

Group 1: Key Recommendations - Nvidia has resumed sales of its H20 chips to China, which is expected to alleviate the domestic market's computing power shortage in the short term. AMD has also resumed sales of its MI308 chips to China. The long-term trend indicates a push towards self-sufficiency in AI chip development in China [6][7] - TSMC reported Q2 2025 revenue exceeding $30 billion, with a year-on-year growth of 44.4% and a net profit increase of 60.7%. The revenue from 7nm and below process nodes accounted for 74% of total revenue, with high-performance computing revenue growing by 14% quarter-on-quarter [8] - Global smartphone shipments grew by 1% year-on-year in Q2 2025, while shipments in China declined by 4%. The overall demand in the electronics sector is in a phase of mild recovery, with a focus on AIOT, AI-driven technologies, and consumer electronics [10][11] Group 2: Industry Insights - The Ministry of Industry and Information Technology is set to introduce a growth stabilization plan for key industries such as steel, non-ferrous metals, and petrochemicals, which may positively impact the chemical industry [13] - A fire at Covestro's plant in Germany has disrupted TDI supply, leading to price increases. The TDI price is expected to rise due to supply constraints from Covestro, maintenance in Asia, and increased overseas demand [14][15] - The pharmaceutical and biotechnology sector saw a 4% increase last week, outperforming the broader market. The 11th batch of national drug procurement has been initiated, focusing on mature drugs, which may enhance the industry's growth prospects [20][21]

AI基金上银医疗健康混合A（011288）披露2025年二季报，第二季度基金利润1359.41万元，加权平均基金份额本期利润0.0897元。报告期内，基金净值增长 率为14.18%，截至二季度末，基金规模为1.07亿元。 该基金属于偏股混合型基金，长期投资于医药医疗股票。截至7月21日，单位净值为0.834元。基金经理是杨建楠。 基金管理人在二季报中表示，报告期内，医药板块在所有板块中涨幅位列约前 1/3。在这样的背景下，我们坚持用合理价格买入优质公司，择优挑选契合产 业趋势、业绩增速和估值较为匹配的企业。二季度我们保持了对创新药、部分高值耗材、医疗服务（科学服务上游和 AI）等子板块的配置。在四月初，医 药板块在创新药的带动下，走出了较为不错的行情，主要原因是中国创新药"DEEPSEEK"时刻已至，正在从国内走向全球，开启新周期。 截至6月30日，基金近三年夏普比率为0.1767，位于同类可比基金35/105。 截至7月21日，上银医疗健康混合A近三个月复权单位净值增长率为28.23%，位于同类可比基金53/138；近半年复权单位净值增长率为49.20%，位于同类可 比基金52/138；近一年复权单位净值增 ...

Group 1: ETF Performance - The liquidity of the Kexin Pharmaceutical ETF (嘉实) showed an intraday turnover of 18.19%, with a transaction volume of 40.9491 million yuan, indicating active market trading [3] - Over the past week, the Kexin Pharmaceutical ETF (嘉实) experienced a scale increase of 16.9597 million yuan, ranking first among comparable funds [3] - The Kexin Pharmaceutical ETF (嘉实) saw a share increase of 7.5 million shares over the past week, also ranking first among comparable funds [3] - As of July 21, the Kexin Pharmaceutical ETF (嘉实) has achieved a net value increase of 43.45% over the past year, placing it in the top 16.56% among 2,929 index equity funds [3] Group 2: Stock Performance - The top ten weighted stocks in the Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index account for 50.3% of the index, with leading stocks including 联影医疗 (9.73%), 百济神州 (6.04%), and 惠泰医疗 (5.69%) [5][3] - The highest monthly return since inception for the Kexin Pharmaceutical ETF (嘉实) was 23.29%, with the longest consecutive monthly increase being 5 months and an average monthly return of 7.43% [3] Group 3: Market Trends - Huazhong Securities maintains a bottom-up view of the pharmaceutical sector, emphasizing the importance of hard technology innovations, particularly in innovative drugs and devices, which are becoming market hotspots [6] - The recent announcement from the Shanghai Sunshine Pharmaceutical Procurement Network regarding the 11th batch of national centralized procurement includes 55 drug varieties, with key principles focusing on stability, quality assurance, and anti-competitive practices [5]