Group 1: Market Overview - The North Exchange 50 Index has increased by 38.72% year-to-date, leading broad-based indices, with public funds increasing their holdings in 59 companies on the North Exchange, totaling nearly 10 billion yuan [1] - As of July 30, the total scale of ETFs in the market reached 4.66 trillion yuan, an increase of nearly 25% since the beginning of the year, indicating strong capital inflow [1] - The top three industries with significant gains last week were pharmaceuticals, communications, and electronics, with increases of 3.52%, 3.26%, and 1.63% respectively [2] Group 2: Fund Performance - The best-performing fund last week was the E Fund Rui Xiang Flexible Allocation Mixed Fund I, with a weekly increase of 12.6135% [2] - The top stock fund was the Hongtu Innovation Healthcare Stock Fund, which rose by 8.2104% [2] - The top-performing ETF was the Guotai Zhongzheng All-Index Communication Equipment ETF, with a weekly increase of 5.8365% [3] Group 3: New Fund Launches - A total of 62 new funds were launched last week, with the largest fundraising target being the Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 200 ETF Link A, aiming for 8 billion yuan [1][5] - The majority of the new funds were mixed funds, with significant targets set for various ETFs and bond funds [5] Group 4: Sector Performance - The chemical pharmaceutical sector showed a weekly average return of 5.64%, while the communication equipment sector had a return of 5.09% [4] - The average return for the healthcare sector was 8.41% over the past week, indicating strong investor interest [4]

Industry Insights - The Ministry of Industry and Information Technology and seven other departments have issued the "Implementation Plan for the Digital Transformation of the Machinery Industry," aiming to establish at least 200 intelligent factories by 2027, with 50% of enterprises achieving a maturity level of two or above in intelligent manufacturing capabilities [1] - The total box office for the 2025 summer movie season has surpassed 7 billion, with a single-day box office record of 380 million on August 3, indicating a strong recovery in the film market, driven by the success of "Nanjing Photo Studio" [2] - The People's Bank of China has announced an increase in financial support for the economy, continuing to implement a moderately loose monetary policy, including lowering the reserve requirement ratio and interest rates to promote liquidity [3] - The Ministry of Finance and the State Taxation Administration have announced the resumption of value-added tax on interest income from newly issued government bonds, local government bonds, and financial bonds starting August 8 [4] Market Trends - The 2025 World Robot Conference is set to open this week, featuring over 200 participating companies and the launch of numerous new products, indicating a growing interest in robotics [8] - The price of photovoltaic silicon wafers continues to rise, driven by energy-saving policies and demand, suggesting opportunities for sustained investment in the solar sector [10] - OpenAI's CEO has showcased the testing of GPT-5, which is expected to accelerate the commercialization of AI technologies, supported by increasing policy backing for the AI industry [11] Company Announcements - Watson Bio has had its clinical research application for a respiratory syncytial virus mRNA vaccine accepted [12] - SAIC Motor reported a 34.2% year-on-year increase in vehicle sales for July [12] - Chip导科技 plans to acquire 100% of Jishun Technology and 17.15% of Shunlei Technology [12] - Longqing Technology announced that shareholders plan to reduce their holdings by up to 5.98% [12] - Zhongqi New Materials and its concerted parties plan to reduce their holdings by up to 3% [12] - Ligong Navigation's shareholders plan to reduce their holdings by no more than 3% [12]

重要的消息有哪些 央行：继续实施好适度宽松的货币政策 中国人民银行8月1日召开2025年下半年工作会议暨常态长效推动中央巡视整改工作推进会，总结2025年 以来工作，分析当前金融形势，部署下一阶段工作。会议提出，继续实施好适度宽松的货币政策。综合 运用多种货币政策工具，保持流动性充裕，引导金融机构保持信贷合理增长。突出服务实体经济重点方 向。支持化解重点产业结构性矛盾，加强应收账款电子凭证业务监管与风险防范。稳慎扎实推进人民币 国际化，加快拓展贸易项下人民币使用。 国债利息将征税 8月1日晚间，财政部、税务总局公告，自2025年8月8日起，对在该日期之后（含当日）新发行的国债、 地方政府债券、金融债券的利息收入，恢复征收增值税。对在该日期之前已发行的国债、地方政府债 券、金融债券（包含在2025年8月8日之后续发行的部分）的利息收入，继续免征增值税直至债券到期。 《网络交易平台收费行为合规指南》发布 市场监管总局7月31日发布并施行《网络交易平台收费行为合规指南》，进一步规范网络交易平台向平 台内经营者收取佣金、抽成、会员费、技术服务费、信息服务费、营销推广费等收费行为。 7月新基金募资再超千亿 7月，受浮动 ...

重要的消息有哪些 央行：继续实施好适度宽松的货币政策 中国人民银行8月1日召开2025年下半年工作会议暨常态长效推动中央巡视整改工作推进会，总结2025年以来工作，分析当前金融形势，部署下一阶段工作。会议提 出，继续实施好适度宽松的货币政策。综合运用多种货币政策工具，保持流动性充裕，引导金融机构保持信贷合理增长。突出服务实体经济重点方向。支持化解重 点产业结构性矛盾，加强应收账款电子凭证业务监管与风险防范。稳慎扎实推进人民币国际化，加快拓展贸易项下人民币使用。 OPEC+同意9月将原油日产量提高54.8万桶 OPEC+消息人士在会议期间表示，OPEC+的八个成员国在周日的会议上同意将9月份的石油日产量提高54.8万桶。OPEC+将于9月7日举行下一次会议。OPEC+计划 在12月底之前评估每日166万桶的增产计划。 美国7月非农就业数据"爆冷" 国债利息将征税 8月1日晚间，财政部、税务总局公告，自2025年8月8日起，对在该日期之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税。对 在该日期之前已发行的国债、地方政府债券、金融债券（包含在2025年8月8日之后续发行的部分）的利息收 ...

Market Overview - The A-share market experienced a slight decline last Friday, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component Index down by 0.17%, and the ChiNext Index down by 0.24% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.60 trillion yuan, a decrease of 337.7 billion yuan compared to the previous trading day [1] Analyst Insights - CITIC Securities predicts a phase of market consolidation due to profit-taking pressures and changes in expectations following recent political meetings and PMI data [2] - The firm notes that global monetary easing and a favorable funding environment for A-shares remain unchanged, maintaining bullish market expectations [2] - Key sectors to watch include semiconductors, AI applications, humanoid robots, innovative pharmaceuticals, non-ferrous metals, defense and military industry, transportation, and non-bank financials [2] Growth Opportunities - CICC highlights the potential for strong comprehensive leaders and high-growth niche leaders in the context of the service consumption sector, especially as the market anticipates policy support [3] - The firm observes that companies with inherent growth momentum are outperforming in stock price, leading to relatively higher valuation levels [3] - Looking ahead to the second half of 2025, CICC remains optimistic about growth opportunities for companies with strong internal capabilities and those in high-growth segments [3]

智通财经APP获悉，中信建投发布研报称，受耗材集采、医疗合规要求提升等政策因素影响，A股申万 医疗器械指数过去4年持续下跌，25年初至今指数有所反弹。随着政策缓和、集采出清、企业战略转型 和国际业务拓展，多家公司业绩和估值将迎来修复，预计25年下半年和26年多家公司迎来高增长，部分 低估值个股迎来长线投资机会。未来医疗器械板块中越来越多的投资机会来自国际化，多家企业25年国 际业务有望实现高增长、业务收入占比持续提升，国际业务长期空间大的公司也有望迎来估值重塑。今 年以来港股医疗器械涨幅表现较好，亦有望对A股产生映射，预计A股和港股医疗器械板块的投资机会 均将持续凸显。 中信建投主要观点如下： 25年下半年投资展望：继续寻找新增量及行业整合机会。展望2025年下半年，该行继续看好： 创新主线：全球流动性有望继续改善，对创新类资产的定价较为有利；国家政策鼓励行业创新；同时建 议积极关注前沿技术的发展。创新药及制药企业（双抗及多抗、TCE、核药等）、器械（AI、脑机接口 等）。 出海主线：中国医药产业逐步具备全球竞争力，长期看医药行业有望走出全球性大公司，但投资人也需 对出海带来的挑战有充分预期，这必定是一个长期 ...

中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 证券分析师：郭晓希 (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 证券分析师：徐亚 (8621)20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 证券分析师：高天然 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 策略研究 | 证券研究报告 — 总量周报 2025 年 8 月 4 日 策略周报 进二退一，回归科技主线 8 月市场轻指数，重结构，关注科技成长的结构性机会。 8 月市场轻指数，重结构。政策预期落地，以稳为主，关注政策落实和 节 ...

8月4日，沪深两融数据显示，君实生物上周累计获融资净买入额3475.36万元，居两市第274位，上周融 资买入额3.85亿元，偿还额3.50亿元。 君实生物所属概念板块包括：生物制品、上海板块、富时罗素、MSCI中国、沪股通、中证500、融资融 券、预盈预增、AH股、创新药、痘病毒防治、精准医疗、单抗概念、独家药品。 本文源自：金融界 作者：智投君 天眼查商业履历信息显示，上海君实生物医药科技股份有限公司，成立于2012年，位于上海市，是一家 以从事医药制造业为主的企业。企业注册资本98568.9871万人民币，实缴资本1470万人民币。公司法定 代表人为熊俊。 通过天眼查大数据分析，上海君实生物医药科技股份有限公司共对外投资了41家企业，参与招投标项目 39次，知识产权方面有商标信息151条，专利信息116条，此外企业还拥有行政许可140个。 资金流方面，君实生物近5日主力资金流出6385.88万元，区间跌幅1.76%；近10日主力资金流出1.72亿 元，区间跌幅2.66%。 ...

Market Overview - The U.S. stock market experienced a significant decline, with the Dow Jones Industrial Average falling by 542.40 points, or 1.23%, closing at 43,588.58 points. The Nasdaq Composite dropped 2.24% to 20,650.13 points, while the S&P 500 decreased by 1.60% to 6,238.01 points. This downturn was influenced by new tariffs imposed by Trump on several trade partners and a disappointing employment report, which showed a non-farm payroll increase of only 73,000, below the expected 104,000 [2][3]. Individual Stock Performance - Amazon's stock fell by 8.3% due to lower-than-expected revenue guidance for the third quarter. Other major tech stocks also saw declines, with Apple down 2.5%, Nvidia down 2.3%, and Tesla and Microsoft both down 1.8%. The Nasdaq China Golden Dragon Index decreased by 1.8%, with Alibaba down 2.9%, NetEase down 2.2%, Baidu down 2.0%, and JD down 1.8% [3]. Commodity Prices - Oil prices were pressured by economic uncertainty and expectations of increased production from OPEC+. WTI crude oil for the nearest month fell by 2.79% to $67.33 per barrel, while Brent crude oil dropped by 2.83% to $69.67 per barrel [3]. Gold Prices - Increased risk aversion led to a rise in gold prices, with October contracts on the New York Mercantile Exchange surpassing $3,400, marking a 2.02% increase [4]. Economic Policies - The People's Bank of China announced plans for a moderately loose monetary policy, including a reduction in the reserve requirement ratio and support for local government financing platforms. Additionally, a new tax policy on interest income from government bonds will take effect on August 8, 2025 [4][5]. Automotive Industry Performance - In July, several electric vehicle manufacturers reported their delivery figures: Li Auto delivered 30,731 vehicles, XPeng delivered 36,717 vehicles (up 229% year-on-year), NIO delivered 21,017 vehicles (up 25.2% year-to-date), and Leap Motor delivered 50,129 vehicles (up over 126% year-on-year). BYD reported July sales of 344,300 new energy vehicles, a slight increase from 342,400 vehicles in the same month last year [6][7][9]. Corporate Actions - China Shenhua announced plans to issue shares and pay cash to acquire assets from its controlling shareholder, with trading of its A-shares suspended starting August 4, 2025, for up to 10 trading days [8]. - Lianyi Intelligent Manufacturing is set to undergo a restructuring process, with a review by the Shenzhen Stock Exchange scheduled for August 8, 2025 [10].

Group 1 - President Trump has demanded major pharmaceutical companies to take measures to lower drug prices in the U.S. within 60 days, threatening to use "all means" if they refuse [1] - The announcement has led to a significant drop in stock prices of several pharmaceutical companies, indicating increased uncertainty regarding their future profitability [1] - This action reflects the U.S. government's strong intervention in drug pricing, which may pressure pharmaceutical companies to optimize costs and innovate in the long term [1] Group 2 - Genscript Biotech announced a strategic increase in its stake in I-Mab, investing $30.9 million, making it the largest shareholder with approximately 16.1% ownership [2] - This investment is expected to enhance Genscript's competitiveness in the innovative drug sector and provide I-Mab with financial support to accelerate the development of its clinical pipeline [2] - The partnership is anticipated to positively impact the stock prices of both companies [2] Group 3 - Anhui Province has initiated a centralized procurement process for monoclonal antibodies, with 8 monoclonal antibodies included in the information collection, and the highest competition seen in Bevacizumab with 13 manufacturers [3] - The centralized procurement is likely to compress profit margins for pharmaceutical companies but may also accelerate market consolidation and encourage companies to improve R&D efficiency and cost control [3] - Short-term stock prices of related pharmaceutical companies may face pressure, but long-term benefits could arise from increased industry concentration and the development of innovative drugs [3] Group 4 - Borui Pharmaceutical has signed a cooperation and research agreement with China Resources Sanjiu for the development, registration, production, and commercialization of BGM0504 injection in mainland China [4] - The agreement includes milestone payments from China Resources Sanjiu to Borui Pharmaceutical, totaling up to 282 million yuan [4] - This collaboration is expected to expedite the commercialization process of BGM0504 in China, positively impacting Borui Pharmaceutical's future operating performance [4]