来源：图虫创意 7月9日，诺安多策略混合发布一则限购公告。 其中提及，自2025年7月10日起，机构投资者通过所有销售渠道、个人投资者通过非直销渠道提交本基金A类基金份额、C类基金份额的申购（含定投）、转 换转入业务申请，单日单个基金账户关于每一类基金份额单笔或多笔申请的累计金额应等于或低于2万元。 过去一段时间，诺安多策略混合的净值走势堪称优秀。以该基金A类份额为参考，截至2025年7月9日，诺安多策略混合A年内净值增长44.72%，同类排名第 60；近一年累计回报112.07%，同类排名第14。 作为一款多策略量化产品，诺安多策略混合A的风格转变始于孔宪政上任之后。在孔宪政2023年2月担任该产品基金经理前，该基金重仓方向主要集中在医 药、银行、消费等行业。 孔宪政上任后，对产品进行大刀阔斧的调整，2023年上半年基金换手率达到10倍，持股方面各只股票持仓比例也基本相近。根据基金报告，2023年上半年， 该基金持有的172只股票仓位最多的华瑞股份占基金净值比仅为0.96%，最低的法狮龙则有0.28%，差值不足1%。 诺安多策略混合A是孔宪政在诺安基金接手的首只权益产品。截至2025年7月9日，其任期内累计 ...

金融文化论坛以"传统文化与现代金融"为主议题，探讨中国特色金融文化弘扬路径，以金融文化引 领金融实践创新发展。 围绕"诚实守信 以传统文化涵育现代金融价值体系""守正创新 塑造金融服务实体新优势""依法合规 构建现代金融发展新秩序"三项分议题，中泰国际首席经济学家李迅雷，新华保险党委书记、董事长杨 玉成，青岛大学党委书记胡金焱，招银国际首席执行官霍建军作主旨演讲，挖掘中华优秀传统文化中蕴 涵的金融思维，解析中华文化基因对金融行业的影响。 两河对话，让古老智慧焕发生机 黄河文明和尼罗河文明都是大河文明的杰出代表。中埃古代文明对话会上，来自各国的专家学者以 考古、科技、人文为经纬，进行了深入交流。 山东大学在章丘焦家遗址发现的"黄河下游最早史前城市"，为中华文明提供了黄河样本；卢克索文 物局局长阿卜杜勒加法尔·瓦格迪则展示了科技赋能的考古新范式：通过3D光影重现卡尔纳克神庙内部 结构，让沉睡的文物焕发时代生机。 北京语言大学一带一路研究院院长徐宝锋认为，文明互鉴需走向现实维度，为全球南方国家提供发 展方案，让古老智慧照亮前路，共同讲好人类故事。从北京语言大学设立"埃及汉学家理事会"，到山东 大学与开罗大学联合培养 ...

研究早观点 2025 年 7 月 11 日 星期五 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | | --- | --- | --- | --- | | 上证指数 | 3,509.68 | 0.48 | | | 深证成指 | 10,631.13 | 0.47 | | | 沪深 300 | 4,010.02 | 0.47 | | | 中小板指 | 6,634.33 | 0.40 | 格跟踪 | | 创业板指 | 2,189.58 | 0.22 | | | 科创 50 | 979.99 | -0.32 | | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 【今日要点】 【行业评论】银行：行业快报：稳定币新纪元，监管政策逐渐完善 【行业评论】通信：山西证券通信行业周跟踪：Coreweave 开启首批部 署 GB300，星网发展有望加速 【行业评论】生物医药Ⅱ：创新药动态更新：PD-1(L1)/VEGF 双抗： 多项 NSCLC III 期临床达到 PFS 终点，结直肠癌等肿瘤一线临床获益 明显 【公司评论】【山证 ...

Group 1 - The city of Suzhou launched two major funds, the Talent Fund and the Major Industry Development Fund, each with a total scale of 10 billion yuan, to accelerate the construction of a talent-friendly city and support talent growth and industrial upgrading [1][2] - The Suzhou Talent Fund, initiated by Suzhou Chuangtou Group, has a total scale of 10 billion yuan, with an initial phase of 2.5 billion yuan and a duration of 15 years, focusing on key areas such as artificial intelligence, low-altitude economy, biomedicine, cultural creativity, and youth entrepreneurship [1] - The fund aims to bridge the gap between technology, talent, and capital, adopting an innovative operation model of "mother fund + sub-fund + direct investment" to support key projects in Suzhou's talent strategy [1] Group 2 - The Major Industry Development Fund, led by Suzhou Guotou Group, also has a total scale of 10 billion yuan, focusing on "chain master" projects in major industrial sectors to assist in the upgrade of Suzhou's "1030" industrial system [2] - The fund primarily invests directly, with a minimum investment of 500 million yuan per project, targeting key enterprises that possess scarce resources and core technologies [2] - The fund aims to integrate market mechanisms with government strategies, ensuring a unified approach to project operations and promoting the transformation and industrialization of cutting-edge technology [2]

政策动向 7月10日，中国国家药监局显示，亚盛医药自主研发的新型Bcl-2选择性抑制剂利生妥®（通用名：利沙 托克拉；研发代码：APG-2575）获中国国家药品监督管理局（NMPA）附条件批准上市，用于既往经 过至少包含布鲁顿酪氨酸激酶（BTK）抑制剂在内的一种系统治疗的成人慢性淋巴细胞白血病/小淋巴 细胞淋巴瘤（CLL/SLL）患者。 "两保"目录调整方案发布 药械审批 7月10日，国家医保局正式发布《2025年国家基本医疗保险、生育保险和工伤保险药品目录及商业健康 保险创新药品目录调整工作方案》《2025年国家基本医疗保险、生育保险和工伤保险药品目录及商业健 康保险创新药品目录调整申报指南》《谈判药品续约规则》以及《非独家药品竞价规则》。 诺和诺德7.2mg司美格鲁肽上市申请获EMA受理 全国药品经营监管工作会暨"清源"行动推进会召开 7月9日，诺和诺德宣布7.2mg司美格鲁肽的上市申请获得欧洲药品管理局(EMA)受理，用于体重管理。 此次上市申请是基于III期STEP UP研究和III期STEP UP T2D研究的积极结果。 近日，国家药监局在郑州召开全国药品经营监管工作会暨"清源"行动推进会。上半年， ...

Group 1 - The report highlights high-growth potential sectors for Q2 2025, including optical modules, diesel generators, innovative pharmaceuticals, and deep-sea technology, driven by increasing demand and supportive policies [2][22][23] - Key themes identified include anti-involution for high-quality industry development, deep-sea technology as a pillar of marine economic strategy, and the acceleration of global stablecoin regulatory frameworks [2][23] - The report notes that the central bank is enhancing financial support for the real economy and expanding the technical standard system for emerging industries [2][23] Group 2 - The report on interest rates indicates that the net issuance of government bonds will remain relatively high in the second half of the year, with a more uniform monthly issuance pattern expected [3][28] - It is anticipated that the central bank will continue to use various tools to stabilize the funding environment, with potential for a reserve requirement ratio cut in the third quarter [3][30] - The bond market is experiencing a shift from a bear to a bull market, with a notable correlation between stock and bond performance observed in the second quarter [5][31] Group 3 - The report on Chip Dynamics (688582) indicates that the company is a leader in MEMS sensors, with projected revenues of 4.05 billion yuan and a net profit of 2.22 billion yuan for 2024, maintaining a gross margin above 70% [9][35] - The company has achieved a 23.45% market share in MEMS gyroscopes, reflecting a 14 percentage point increase since 2019, and is positioned to benefit from the growth in smart driving and industrial automation [9][35][36] - The IMU segment is expected to grow rapidly, with a CAGR of 175.8% from 2021 to 2024, driven by demand in low-altitude economy, smart driving, and humanoid robots [9][36][37] Group 4 - The report on Kangnait Optical (02276) forecasts a net profit increase of no less than 30% for the first half of 2025, driven by global strategic expansion and product structure optimization [11] - The company is enhancing its supply chain resilience by establishing a new high-end lens production line in Japan, which will mitigate tariff risks and ensure stable supply to the U.S. market [11] - The report anticipates continued growth in the resin lens market, with a focus on functional and customized lenses, leading to improved profitability [11] Group 5 - The report on Jinhui Industrial (002597) highlights the approval of D-alloheptulose as a food ingredient, marking a significant step in aligning domestic applications with international standards [12][16] - The company is positioned as the second approved enzyme manufacturer for D-alloheptulose in China, showcasing its technological leadership in functional sweeteners [12][16] - The projected net profits for Jinhui Industrial are 1.171 billion yuan, 2.118 billion yuan, and 2.365 billion yuan for 2025-2027, maintaining a "buy" rating [12][16]

智通财经APP获悉，中共中央政治局委员、国务院副总理刘国中10日到北京大学医学部调研医药创新发 展工作。他强调，要深入学习贯彻习近平总书记关于科技创新和卫生健康工作的重要指示精神，按照党 中央、国务院部署，面向人民生命健康，强化协同攻关和政策落实，加强医药领域基础研究和科技创新 能力建设，积极支持创新药和医疗器械加快发展，为推进健康中国建设提供有力支撑。相关概念股：基 石药业-B(02616)、和誉-B(02256)、和铂医药(02142)、信达生物(01801)。 刘国中还强调，要全链条强化政策保障，落实创新药融资、审评审批、入院使用和多元支付等政策，支 持引导商业健康保险发挥更大作用。要扩大高水平对外开放，深化医药技术国际交流合作，更好增进人 民健康福祉。各有关部门要加强协调、密切配合，健全政企沟通机制，及时回应相关诉求，营造良好发 展环境。 东吴证券指出医药行业三大核心驱动因素：高额BD交易持续落地；头部企业预计2025年扭亏，行业盈 利拐点将至；国内政策环境持续优化。 从资本市场来看：医药板块经历了4年的调整期，2025年至今板块迎来复苏，截至2025年5月30日，医药 生物行业涨跌幅位居申万31个一 ...

Core Viewpoint - The Chinese pharmaceutical industry is experiencing positive changes driven by policy optimization and innovation, with a focus on internationalization and high-quality development [2][3]. Group 1: Industry Development - China's pharmaceutical industry has become a global leader in the production of active pharmaceutical ingredients (APIs) and small to medium-sized medical devices, playing an increasingly important role in the global pharmaceutical landscape [1][2]. - The industry is transitioning from exporting intermediates and APIs to a comprehensive export of innovative products, marking a significant shift in the internationalization of Chinese pharmaceuticals [2][3]. Group 2: Policy and Regulatory Environment - Recent reforms in drug and medical device regulation have enhanced the safety and effectiveness of products while stimulating innovation within the industry [4][5]. - The acceleration of drug review and approval processes, along with China's membership in the International Council for Harmonisation (ICH), has created a "fast track" for innovative drugs to enter international markets [2][3]. Group 3: Market Strategies and Internationalization - Companies are encouraged to adopt differentiated and refined market entry strategies by analyzing regional market characteristics, disease profiles, payment capabilities, and competitive landscapes [3][4]. - Successful case studies highlight the importance of collaboration, local production, and building partnerships to penetrate target markets effectively [5]. Group 4: Challenges and Future Directions - Despite the progress, the industry faces various internal and external challenges that require modernization of the regulatory system and governance capabilities to ensure high-quality development [3][5]. - The industry must maintain confidence and focus on enhancing innovation capabilities and quality control to navigate complex international environments and competition [5].

每经记者｜林姿辰 每经编辑｜文多 丨 2025年7月11日 星期五 丨 NO.1 国家医保局公布2025年医保目录调整工作方案 7月10日，国家医保局正式发布《2025年国家基本医疗保险、生育保险和工伤保险药品目录及商业健康 保险创新药品目录调整工作方案》《2025年国家基本医疗保险、生育保险和工伤保险药品目录及商业健 康保险创新药品目录调整申报指南》等文件。此前，今年将新增商保创新药目录一事曾备受关注。 点评：主营业务与非经常性损益共同推动业绩提升，表明公司在全球医药市场竞争力持续增强，业务拓 展与运营效率显著提升。这一业绩将增强投资者信心，提升估值预期，为股价上涨提供有力支撑，进一 步巩固其在行业内的龙头地位，吸引更多长期资金关注。 NO.3 亚盛医药拿下全球第二个Bcl-2抑制剂 7月10日，亚盛医药披露，公司自主研发的新型"B淋巴细胞瘤-2基因"（Bcl-2）选择性抑制剂"利生妥"获 附条件批准上市，用于既往经过至少包含布鲁顿氏酪氨酸激酶（BTK）抑制剂在内的一种系统治疗的成 人慢性淋巴细胞白血病/小淋巴细胞淋巴瘤（CLL/SLL）患者。它成为中国首个上市用于治疗CLL/SLL 的Bcl-2抑制剂，也 ...

【环球时报报道 记者 杨沙沙】编者的话：据美国《华尔街日报》等外媒报道，中国生物科技正迎 来"DeepSeek时刻"。今年以来，中国创新药企巨额"出海"BD（Business Development，商务拓展）交易 频现，其中沈阳三生制药5月宣布向辉瑞授予公司自主研发的突破性PD-1/VEGF双特异性抗体SSGJ-707 在全球（不包括中国内地）的开发、生产、商业化权利，其12.5亿美元首付款创下最高纪录。以前，中 国药企被认为"内卷"严重且缺乏创新性，但从去年年底至今，中国创新药企业出海BD形成了一个高 潮。从引进海外知识产权，到现在反向输出，中国创新药企引起全世界关注。中国从何时开始在制药领 域发力？目前处于哪个梯队？未来中国药企还有哪些增长点？ " 有点像国产手机或是电动汽车 " 《华尔街日报》援引生物医药行业研究机构DealForma的数据说，2020年中国在5000万美元以上的医药 交易中占比不足5%，而到2024年这一比例已上升至近30%。 "这个比例非常可观。"位于硅谷的全球医药创新资本（H7 BioCapital）创始人及首席执行官李梦遥告诉 记者，包括信达、百济神州等中国药企，在海外布局成绩 ...