Core Viewpoint - The article discusses the performance of subjective private equity funds in the A-share market, highlighting the advantages of subjective investment strategies over quantitative approaches in capturing structural opportunities and achieving superior returns [2][4]. Group 1: Performance of Subjective Private Equity Funds - As of July 25, 2023, the average return of subjective private equity funds was 5.74%, compared to 4.74% for quantitative funds [2]. - The average return for subjective long-only products in the top tier (over 5 billion) was 11.91%, with 96.30% of products showing positive returns [2][3]. - The top three fund managers in the over 50 billion category were Tong Xun from Tongben Investment, Lu Hang from Fusheng Asset, and Wang Yiping from Evolutionary Asset [2][3]. Group 2: Fund Manager Rankings by Size - In the 20-50 billion category, the average return was 15.32%, with 91.16% of products showing positive returns. The top managers were Xu Hongbing from Shenzhen Dream Factory Investment, Chen Yu from Shennong Investment, and He Xiao from Orange Capital [5][6]. - In the 10-20 billion category, the average return was 27.08%, with all products achieving positive returns. The leading managers were Sun Jie from Nengjing Investment, Zhai Jingyong from Rongshu Investment, and Ding Yushuang from Chenyao Private Fund [8][9]. - In the 5-10 billion category, the average return was 22.88%, with 91.99% of products showing positive returns. The top managers were Liu Xianglong from Fuyuan Capital, Chen Long from Youbo Capital, and Han Yongfeng from Jiu Private Fund [11][12]. - In the 0-5 billion category, the average return was 18.36%, with 90.24% of products showing positive returns. The top managers were Yao Yong from Qinxing Fund, Xian Lisheng from Weifang Fund, and Li Linkai from Xinjing Investment [15][16]. Group 3: Investment Strategies and Market Trends - Tong Xun and Lu Hang successfully captured the "new consumption" trend, leading to their top performance in the market [4]. - Chen Yu from Shennong Investment focused on innovative pharmaceuticals, benefiting from the sector's strong performance this year [7][8]. - Liu Xianglong from Fuyuan Capital emphasized high-growth new consumption companies, indicating a strategic focus on sectors poised for recovery [12][13].

编辑 杨娟娟 新京报贝壳财经讯 8月3日，昂利康发布股票交易异常波动公告称，公司关注到近期市场对创新药业务 关注度较高。公司目前在研的创新药项目仅有一个，系ALK-N001项目，该项目于2025年4月获得药物 临床试验批准通知书，截至公告披露日，该项目尚处于I期临床试验阶段。另外，公司关注到近期有投 资者关心公司ALK-N002项目，该项目系公司于2025年年初计划新引入的创新药管线项目，已列入年度 募集资金投资项目实施内容的调整计划中，截至公告披露日，该项目有多个候选药物在筛选和商榷中， 尚未确定具体管线，由于候选药物的相关适应症涉及商业秘密，公司将依据项目进展情况严格按照相关 规定及时履行信息披露义务。 ...

风险提示：股市有风险，投资需谨慎。 截至13时46分，联环药业涨停，最新价20.82元，封板资金达2.51亿元，成交额11.64亿元，换手率 21.12%。公司所属化学制药行业，总市值59.43亿元。8月1日创新药概念板块表现强势，联环药业与汉 商集团双双涨停，显示市场对该领域的关注度较高。 ...

翰宇药业午后20%涨停，公司与KuCoin达成战略合作，探索创新药RWA项目。创新药概念回暖，广生 堂涨超15%再创逾10年新高，药石科技、舒泰神等先后翻红。 ...

创新药概念震荡回升，翰宇药业午后20%涨停，圣诺生物、广生堂、亿帆生物等跟涨。 ...

翰宇药业午后直线拉升涨超10%，海辰药业、阳光诺和、广生堂涨超10%，福源医药、万泽股份涨停， 陇神戎发、京新药业、常山药业、舒泰神等跟涨。 ...

Core Viewpoint - Haichuang Pharmaceutical has shown significant financing activity, indicating potential investor interest and market confidence in the company [1] Financing Activity - Haichuang Pharmaceutical recorded a net financing inflow of 77.53 million RMB last week, ranking 115th in the market [1] - The total financing amount for the week was 210 million RMB, with repayments amounting to 132 million RMB [1] Capital Flow - Over the past 5 days, the main capital inflow into Haichuang Pharmaceutical was 47.83 million RMB, with a price increase of 3.91% [1] - In the last 10 days, the main capital inflow was 58.37 million RMB, with a price increase of 2.27% [1] Company Profile - Haichuang Pharmaceutical Co., Ltd. was established in 2013 and is located in Chengdu, primarily engaged in the pharmaceutical manufacturing industry [1] - The company has a registered capital of 990.16 million RMB and a paid-in capital of 690.11 million RMB [1] - The legal representative of the company is Yuanwei Chen [1] Investment and Intellectual Property - Haichuang Pharmaceutical has invested in 2 external companies and participated in 15 bidding projects [1] - The company holds 23 trademark registrations and 71 patents, along with 89 administrative licenses [1]

Core Viewpoint - The Hong Kong Stock Exchange's innovative drug ETF (520880) has experienced a significant price drop of 3.38%, despite strong buying interest indicated by a premium rate of 0.46% [1][2]. Group 1: ETF Performance - The innovative drug ETF (520880) has seen a net inflow of 673 million yuan over the past four days, bringing its total size to 974 million yuan, a 124% increase since its launch on July 7 [1][2]. - The ETF is the first to passively track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which focuses on the innovative drug industry chain with a high concentration of leading companies [4]. Group 2: Index Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Select Index has risen by 101.58% year-to-date as of July 31, significantly outperforming the Hang Seng Index (23.50%) and the Hang Seng Tech Index (22.05%) by 78.08 and 79.53 percentage points, respectively [6][7]. - The index has shown a historical performance of -22.72% in 2021, -16.48% in 2022, -19.76% in 2023, and -14.16% in 2024 [7]. Group 3: Market Outlook - Analysts believe that the innovative drug sector is poised for growth due to a shift in policy attitudes and improvements in procurement rules, alongside a maturation of research pipelines that are beginning to yield results [8]. - The Chinese innovative drug sector is expected to benefit from supportive measures aimed at high-quality development, with a focus on innovation, internationalization, and marketing reforms as key strategies for the second half of the year [8].

期指：静待走稳 2025 年 8 月 4 日 国 泰 君 安 期 货 研 究 所 金 融 期 货 研 究 | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | maolei@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 【期指期现数据跟踪】 | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | 沪深300 | 4054.93 | ↓0.51 | | 3596.9 | | | | | | IF2508 | 4042.8 | ↓0.52 | -12.13 | 341.1 | 28026 | ↓9717 | 44554 | ↓76 | | IF2509 | 4029.6 | ↓0.52 | -25.33 | 690.2 | 56881 | ↓34566 | 151416 | ↓6186 | | IF2512 | 3997.2 | ↓0.48 | -57.7 ...

（文章来源：每日经济新闻） 据报道，7月共149家科创板公司获得机构调研，其中半导体、通信设备、计算机设备、电池、医疗器械 为获得机构调研最多的细分领域。中信证券研报称，近期增量流动性边际上有所放缓，行情需要降温才 能行稳致远，目前重点关注的依然聚焦在AI、创新药、资源、恒科以及科创板。 截至10:50，科创板50指数上涨0.7%，成份股中，芯原股份上涨6.6%，九号公司-WD上涨5.0%，海光信 息上涨3.7%，传音控股上涨3.3%，石头科技上涨3.1%。 ...