聚焦资本市场创新"赛道" 编者按 在资本市场中，行业板块的动态一直是投资者关注的焦点。近期，创新药、CPO概念（算力）与半导体、人工智能等板块热度居高不下，创新"赛道"备受 市场关注。创新药关乎人类健康与医疗进步，在政策扶持、技术突破下蓬勃发展，具备全球竞争力的企业将通过差异化创新和国际化布局打开成长天花 板；受益于全球AI算力需求爆发及技术迭代加速，CPO概念板块下半年将维持高景气度；人工智能行业进入快速发展期，技术的深度应用推动相关企业商 业化发展，盈利整体增加。本期《资本市场》聚焦创新行业，以期为市场提供有价值的参考。 | 数读市场 | | --- | | 8月1日,A股震荡走低,英伟达产业链调整,创新药、 | | 中药题材继续强势,AI硬件、应用概念股此消彼长。截 | | 至收盘,上证指数报3559.95点,深证成指报10991.32 | | 点。 | | 7月28日至8月1日,A股市场整体呈现回调态势,多数宽 | | 基指数下跌。Wind百大概念指数上涨比例43%。在板块 | | 方面,仅19%板块获得正收益,医药生物、通信、传媒 | | 相对表现良好,分别上涨2.95%、2.54%、1.13%。 ...

接受中国经济时报记者采访的业内人士表示，近年来，人工智能行业进入快速发展期，人工智能技术的深度应用推动相关企业的商业化发展，也带来算力 需求急剧增加，行业市场规模不断拓展、盈利整体增加。 编者按 在资本市场中，行业板块的动态一直是投资者关注的焦点。近期，创新药、CPO概念（算力）与半导体、人工智能等板块热度居高不下，创新"赛道"备受 市场关注。创新药关乎人类健康与医疗进步，在政策扶持、技术突破下蓬勃发展，具备全球竞争力的企业将通过差异化创新和国际化布局打开成长天花 板；受益于全球AI算力需求爆发及技术迭代加速，CPO概念板块下半年将维持高景气度；人工智能行业进入快速发展期，技术的深度应用推动相关企业商 业化发展，盈利整体增加。本期《资本市场》聚焦创新行业，以期为市场提供有价值的参考。 ■中国经济时报记者 孙兆 随着上市公司陆续披露业绩预告，A股半年报行情正式启幕。2025年上半年，A股人工智能板块表现出了强劲的发展态势。截至7月28日，A股人工智能板 块中有21家企业发布了2025年中报预报，其中17家预计上半年净利润同比实现正增长，占比近81%。而从净利润中值来看，上述21家公司2025年上半年整 体实现净 ...

Core Viewpoint - The A-share computing power industry chain, particularly the optical module sector, has experienced a decline, with the AI index on the ChiNext board dropping by 0.78% and key stocks like Tianfu Communication falling over 5% [1] Group 1: Market Performance - The ChiNext AI index, which has a high concentration of optical components, has seen a decline, indicating a cooling trend in the market [1] - The recent two-day pullback in the computing power industry chain reflects a broader market adjustment, with significant declines in several key stocks [1] Group 2: Investment Opportunities - The Huaxia ChiNext AI ETF (159381) has attracted over 33 million yuan in inflows over the past 10 trading days, indicating strong investor interest [1] - This ETF tracks the ChiNext AI index and focuses on AI-related companies listed on the ChiNext board, with over 33% of its weight in optical modules [1] Group 3: Key Holdings - The top three holdings in the ETF include leading optical module companies: Zhongji Xuchuang, Xinyisheng, and Tianfu Communication, alongside other industry leaders such as Beijing Junzheng and Allwinner Technology [1] - The ETF has the lowest comprehensive fee rate among comparable funds, with a management fee of 0.15% and a custody fee of 0.05% [1]

Group 1 - Hong Kong pharmaceutical and medical concept stocks declined, with Kangfang Biotech and MicroPort Medical dropping over 4%, Ping An Good Doctor down over 3%, and WuXi Biologics, WuXi AppTec, and CSPC Pharmaceutical falling over 2% [1] - Multiple Hong Kong medical and innovative drug-related ETFs fell by more than 2% due to market influences [1] Group 2 - Analysis indicates that multinational pharmaceutical companies have significantly increased their procurement of innovative drug patents in China this year, with procurement amounts from January to May nearing the total for the entire year of 2024, demonstrating the competitiveness of China's innovative drugs in the international market [2] - The trend of large multinational pharmaceutical companies accelerating the procurement of innovative drug patents from China is expected to continue in the medium to long term [2]

Group 1 - The core viewpoint of the news is that the Hong Kong Stock Connect Innovative Drug ETF (520880) has experienced a significant price drop of 3.38%, despite a strong buying interest indicated by a premium rate of 0.46% [1] - The ETF has seen a net inflow of 673 million yuan over the past four days, bringing its total size to 974 million yuan, which is a 124% increase since its launch on July 7 [1][3] - The ETF passively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, focusing on the innovative drug industry chain with a high concentration of leading companies [4] Group 2 - 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 other indices such as the Hang Seng Index (23.50%) and the Hang Seng Technology Index (22.05%) by 78.08 and 79.53 percentage points, respectively [7] - The index has shown a strong performance since its inception, with a base date of December 31, 2020, and has been adjusted according to its compilation rules [7] - Institutions believe that the innovative drug sector is entering a recovery phase, supported by improving policies and the maturation of research pipelines, indicating a potential for valuation re-rating in the pharmaceutical sector [8]

Core Viewpoint - The Hong Kong Stock Exchange's innovative drug ETF (520880) has experienced significant inflows and price increases, indicating strong market interest and potential growth in the innovative drug sector [1][4]. Group 1: ETF Performance - The innovative drug ETF (520880) has seen a price increase of 3.38% recently, with a premium rate of 0.46%, reflecting strong buying interest [1]. - Over the past four days, the ETF has attracted a net inflow of 673 million yuan, bringing its total size to 97.4 billion yuan, a 124% increase since its launch on July 7 [1][4]. - The ETF passively tracks 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, outperforming the Hang Seng Index (23.50%) and the Hang Seng Technology Index (22.05%) by 78.08 and 79.53 percentage points, respectively [5][6]. - The index has shown significant volatility in previous years, with annual returns of -22.72% in 2021, -16.48% in 2022, -19.76% in 2023, and -14.16% in 2024 [6]. Group 3: Market Outlook - Analysts believe that the innovative drug sector is poised for growth due to improving policies and the maturation of research pipelines, which are expected to enhance the competitiveness of Chinese innovative drugs globally [7]. - The recent measures to support high-quality development in innovative drugs are anticipated to further bolster the sector, with a focus on innovation, internationalization, and marketing reforms [7].

受美国非农数据不及预期冲击，港股关键指数集体调整，恒指、恒科、恒生国企集体下挫。但就业增长 放缓也强化了市场对美联储宽松政策的预期，美联储9月降息概率或将大幅上升。 1.创新药出海：海内外创新药重磅BD和并购交易持续推进，大额BD连续兑现，有望进一步催化创新药 行情。 2.上游CXO景气度复苏：当前正处于半年度业绩披露窗口期，CXO龙头发布强劲业绩表现，随着全球创 新药景气度逐步回暖，CXO或持续受益。 恒生医药ETF联接（A类：016970，C类：016971） 创新药相关概念今日领跌，恒生医药ETF（159892）一度跌超3%，康方生物、博安生物、泰格医药等 跌幅靠前；截至上周五收盘，恒生医药ETF跟踪的恒生生物科技指数近一年涨幅仍超100%。 展望后市，可关注两个方向： ...

Group 1 - The core phenomenon observed in the market is that active equity funds have outperformed ETFs in terms of performance, but ETFs have significantly outpaced active funds in terms of scale growth [1][2][3] - The innovation drug sector has seen a remarkable surge, with a total of 17 funds doubling their performance this year, of which 10 are active equity funds and 7 are innovation drug-themed ETFs [2][3] - Despite the strong performance of active equity funds, their scale growth is lagging behind that of ETFs, indicating a preference among investors for ETFs to capture the benefits of policy and industry breakthroughs [3][4] Group 2 - The rapid growth of ETFs has led to a significant increase in their number, scale, and coverage, which has put pressure on active equity funds [6] - ETFs attract investors due to their transparent holdings, flexible trading features, and lower management fees compared to active equity funds, making them a more appealing option for many [6][7] - The market trend shows that while ETFs are gaining popularity, active equity funds still hold value in terms of identifying undervalued stocks and smoothing out volatility [6][7] Group 3 - The recent performance of ETFs, particularly in sectors like human robotics and brokerage, has outstripped that of active equity funds, highlighting a shift in investor preference towards passive investment strategies [4][6] - The influx of funds into ETFs has been particularly pronounced during high-growth periods, such as the recent boom in the innovation drug sector, which has provided a prime opportunity for ETF expansion [3][4] - The competitive landscape is evolving, with fund companies increasingly focusing on passive investment strategies, further constraining the space for active equity funds [6][7]

但亦有券商也提示需应对可能存在波动，中信证券表示，行业逐步向趋势性品种聚焦，而高切低模式效率偏低；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。 总体来看，对于后市配置，机构建议聚焦产业趋势确定以及受外部扰动较少的板块，风格上继续偏好科技成长；8月为中报集中披露期，市场 或处于局部热点轮动行情之中，因此建议把握业绩确定性较强的机会。 另据最新数据，在近期A股市场震荡行情中，股票私募仓位略有回升，其中百亿级股票私募加仓明显。截至7月25日，所有股票私募机构平均 仓位为75.85%，较前一周上升0.76个百分点。其中，百亿级股票私募的平均仓位为78.47%，较前一周大幅提升5.69个百分点。 【环球网财经综合报道】上周A股市场在创下今年以来新高后，三大股指均出现一定幅度的回调。但这并未影响到7月份以来投资者情绪的明 显回暖，并推动A股市场交投活跃、量价齐升。 面对市场波动，业内机构认为，支撑市场上涨的核心逻辑未出现变化，短期扰动带来震荡休整，建议坚定多头思维。包括国泰基金、长城基 金、金鹰基金等在内的多家公募机构发布最新市场展望，普遍认为在国 ...

上周A股 周五外盘 纽约股市三大股指8月1日下跌。截至8月1日收盘，道琼斯工业平均指数比前一交易日下跌542.40点，收于43588.58点，跌幅为 1.23%；标准普尔500种股票指数下跌101.38点，收于6238.01点，跌幅为1.60%；纳斯达克综合指数下跌472.32点，收于20650.13 点，跌幅为2.24%。 欧洲三大股指8月1日全线下跌。截至8月1日收盘，英国富时100种股票平均价格指数1日报收于9068.58点，较前一交易日下跌 64.23点，跌幅为0.70%。法国巴黎股市CAC40指数报收于7546.16点，较前一交易日下跌225.81点，跌幅为2.91%；德国法兰克福 股市DAX指数报收于23425.97点，较前一交易日下跌639.50点，跌幅为2.66%。 国际油价8月1日下跌。截至8月1日收盘，纽约商品交易所9月交货的轻质原油期货价格下跌1.93美元，收于每桶67.33美元，跌幅 为2.79%；10月交货的伦敦布伦特原油期货价格下跌2.03美元，收于每桶69.67美元，跌幅为2.83%。 | 名标 | 版价 | 涨跌幅 | | --- | --- | --- | | 道琼斯 | 4 ...