Group 1 - The article highlights significant announcements in the stock market from Sunday to Thursday, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, earnings reports, unlocks, and high transfers" [1] - Important announcements are marked in red to assist investors in identifying investment hotspots and preventing various black swan events, providing ample time for analysis and selection of suitable listed companies [1] Group 2 - A company is developing a new generation of anti-tumor candidate drugs, focusing on innovative pharmaceuticals, synthetic biology, and the pet economy [1] - Another company is providing equipment for downstream optical module customers, with a focus on optical modules, advanced packaging, robotics, Huawei, and AI glasses [1] - A company is collaborating with Zhiyuan Robotics on business projects, emphasizing advanced packaging, storage chips, CPO, Huawei HiSilicon, and robotics [1]

【导读】回顾周末大事，汇总十大券商最新研判 中国基金报记者 泰勒 大家好啊，马上就要开盘了，这个周末，市场不平静！一起回顾下发生的大事，以及看看券商分析师们 的最新研判！ 周末大事 1.美国黑天鹅！7月非农就业人数增加7.3万人，不及市场预期 美国7月非农就业人数增加7.3万人，预估为增加10.4万人，前值为增加14.7万人。数据创9个月以来新 低。 更令人担忧的是5月和6月新增就业合计下修25.8万（相当于2个月新增就业近乎归0，当然不排除7月就 业继续下修的可能）。数据公布后，市场对美国经济下行的担忧演绎到了极致，美元立刻跳水，几乎消 化了7月底以来的一半涨幅，美股大跌，而9月降息概率也从此前的不降息飙升至70%以上。 2.消息人士称主要产油国计划9月继续增产 8月3日，据央视新闻报道，据路透社援引消息人士的话报道，沙特、俄罗斯、伊拉克和阿联酋等欧佩克 和非欧佩克产油国中的八个主要产油国，计划在8月3日举行的会议上批准9月再次大幅增产，日均增产 54.8万桶。 美国总统特朗普当地时间8月1日在社交媒体"真实社交"发文，指责劳工统计局局长埃丽卡·麦肯塔弗在 2024年美国大选前"人为夸大"就业数据，要求立即 ...

Group 1 - The core viewpoint is that market trends dictate the behavior of dominant funds, which in turn influences the structure and model of rising industries, with a historical tendency for concentrated leading industries rather than high-cut low-rotation [2] - Recent market performance has shown a gradual focus on trend-based sectors such as AI, innovative pharmaceuticals, resources, and technology innovation board [2] - The market is expected to experience a cooling period as incremental liquidity slows down, which is necessary for stable long-term growth [2] Group 2 - In July, market risk appetite continued to recover, but high-dividend sectors were dragged down by banks, leading to a mixed performance within major indices [3] - Some stable and potential high-dividend stocks have become attractive due to their current yield, indicating a gradual emergence of configuration value [3] - The focus for August is on cyclical high-dividend stocks that are expected to perform well due to improved supply-demand structures [3] Group 3 - The market is currently undergoing a short-term adjustment after a previous breakout, with a need to refocus on main lines as the market stabilizes [4] - The adjustment phase is expected to digest economic growth rate expectations and policy shifts aimed at structural adjustments [4] Group 4 - The market is anticipated to return to a volatile state in August, with potential upward movements before the September 3 military parade [5] - Key sectors to watch include AI, robotics, and advanced manufacturing, which are expected to lead the market back to a strong mid-term position [5] Group 5 - The core logic supporting the current market trend remains intact despite recent fluctuations, with several potential catalysts on the horizon [6] - Upcoming events such as the release of GPT-5 and the September 3 military parade are expected to positively influence market sentiment [6] Group 6 - The overall bullish logic driven by liquidity remains unbroken, with expectations for the market to maintain strength in August [7] - The recommended sector focus includes undervalued large-cap tech growth, innovative pharmaceuticals, and global pricing resources [7] Group 7 - The market is expected to exhibit a rotation and supplementary rise, with particular attention on machinery and electrical equipment sectors [8] - Long-term focus areas include consumption, technological independence, and high-quality dividend stocks [8] Group 8 - The likelihood of A-shares reaching new highs in August is considered high, with a potential upward trend resuming after mid-August [9][10] - The market is expected to benefit from improved free cash flow and continued inflow of external capital [10] Group 9 - The market is currently in a phase of adjustment but remains on an upward trend, with support from various technical indicators [13] - Recommended sector allocation includes a balanced approach focusing on financials and technology growth sectors [13]

Industry Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights that the demand for hepatitis B cure remains a blue ocean, with CpAMs and small nucleic acid drugs expected to lead the way in achieving functional cures. The large base of hepatitis B infections in China and the limitations of existing therapies create a pressing need for effective treatments [4][15] - The implementation of the "Childcare Subsidy System" is expected to enhance the willingness of families to have children, positively impacting related sectors such as pediatric medicine, medical equipment, and maternal health services [6][21][23] - The pharmaceutical sector saw an overall increase of 2.95% this week, outperforming the CSI 300 index by 4.70 percentage points, with the chemical preparation sector showing the highest growth at 5.48% [25][26] Summary by Sections 1. Hepatitis B Treatment Opportunities - The report emphasizes the significant unmet need for hepatitis B cures in China, with approximately 56 million chronic carriers and a high percentage at risk of severe liver disease [15] - Current approved treatments are limited, with nucleos(t)ide analogs (NAs) and pegylated interferon-α showing inadequate rates of functional cure [15][16] - New drug classes, including CpAMs and small nucleic acids, are in advanced clinical stages, with companies like GSK and AHB-137 leading the way [17][18] 2. Childcare Subsidy System - The newly announced childcare subsidy will provide annual financial support of 3,600 yuan per child under three years old, starting from January 1, 2025 [21][22] - This initiative is expected to boost sectors related to child healthcare and maternal services, enhancing market opportunities for companies in these fields [23][24] 3. Weekly Performance of Pharmaceutical Sector - The pharmaceutical sector's performance this week was marked by a 2.95% increase, with the chemical preparation sector leading at 5.48% [25][26] - The report notes a significant divergence in performance among sub-sectors, with medical devices experiencing a decline of 1.43% [26][32] 4. Beneficiary Stocks - The report identifies several beneficiary stocks across various segments, including innovative drugs (e.g., Innovent Biologics, BeiGene), traditional Chinese medicine (e.g., Jiuzhitang), and medical devices (e.g., Mindray Medical) [8][9][33][40] 5. Market Outlook - The report suggests a positive outlook for innovative drugs driven by overseas expansion and supportive policy developments, with a focus on companies with strong clinical data and market potential [31] - The medical device sector is expected to benefit from upcoming procurement policies and a recovery in demand, particularly for high-end equipment [32][33]

2025.08. 03 8月3日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 拓山重工：近期经营情况正常，内外部经营环境未发生重大变化 拓山重工晚公告，公司股票连续三个交易日收盘价格跌幅偏离值累计超过20%，属于股票交易异常 波动情况。公司近期经营情况正常，内外部经营环境未发生重大变化。 保利联合：目前经营正常，公司经营情况及内外部经营环境未发生重大变化 保利联合晚发布股票交易异常波动公告，股票交易价格连续三个交易日收盘价格跌幅偏离值累计超过 20%，属于股票交易异常波动情况。公司目前经营正常，近期公司经营情况及内外部经营环境未发 生重大变化。 芯导科技：拟购买吉瞬科技100%股权、瞬雷科技17.15%股权，实现对瞬雷科技100%控制 芯导科技发布发行可转换公司债券以及支付现金购买资产并募集配套资金预案，上市公司拟向盛锋、 李晖、黄松、王青松、瞬雷优才发行可转换公司债券以及支付现金形式购买吉瞬科技100%股权、瞬 雷科技17.15%的股权，从而直接及间接持有瞬雷科技100%股权，实现对瞬雷科技的100%控制。 本次交易价格暂定为4.03亿元。瞬雷科技主要 ...

证券研究报告 2025 年 8 月 3 日 湘财证券研究所 行业研究 创新药行业周报 国内医药龙头公司在研创新管线价值开启密集兑现 ——创新药行业周报（7.28-8.3） 相关研究： 注：相对收益与沪深 300 相比 分析师：张德燕 证书编号：S0500521120003 Tel：(8621) 50295326 Email：zhangdy @xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 市场分析与展望 ❑ 投资建议 2025 年国内创新药产业有望迎来拐点，产业运行趋势由资本驱动转向盈 利驱动，板块有望迎来业绩与估值双重修复投资机会。 基本面边际变化持续支撑二级市场回暖。 1、盈利元年：创新产品陆续商业化，头部创新药企业开启盈利周期。 | 1.《国内创新药资产持续得到国内 | | --- | | 外产业资本认可，产业拐点来临》 | | 2025.7.20 | | 2.《COPD落地重磅交易，关注呼吸 | | 赛道创新驱动机遇》 2025.7.12 | 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 10.2 17.0 34.1 绝对收益 1 ...

Core Viewpoint - The positioning of the market determines the behavior of dominant funds, which in turn influences the structure and pattern of rising industries. Historically, in liquidity-driven markets, leading industries tend to be concentrated rather than rotating between high and low positions. This reflects a pursuit of efficiency by funds, favoring high-consensus varieties over low-position varieties [1][4]. Group 1: Market Behavior and Trends - The market in July confirmed that industries are gradually focusing on trend-driven varieties, while the high-cut low model is less efficient [6][7]. - A review of the past 15 years shows that once a sector gains consensus, its strong performance tends to last until the end of the market cycle. Strong sectors often end later than mid-range sectors, and the excess returns of leading sectors over mid-range sectors tend to expand throughout the market cycle [3][4]. Group 2: Investment Focus Areas - Current focus areas include AI, innovative pharmaceuticals, resources, advanced technology, and the Sci-Tech Innovation Board [11]. - In the AI sector, there is uncertainty regarding the transition from North American supply chains to domestic ones. The demand for North American computing power is being reassessed, but the domestic supply chain lacks commercial closure [12]. - The innovative pharmaceutical sector is supported by potential business development expectations, with large pharmaceutical companies still having room for valuation growth compared to 2020-2021 [13]. - Resource stocks are currently well-matched in terms of fundamentals and valuations, with price increases reflecting earnings elasticity due to supply constraints and demand growth [13][14]. - The advanced technology sector is suitable for long-term investment despite some short-term fluctuations, driven by the potential of AI applications and semiconductor developments [14]. - The Sci-Tech Innovation Board presents opportunities for rebound, particularly in the semiconductor sector, which may receive a boost from optimistic guidance from key players [14]. Group 3: Market Liquidity and Fund Flows - Recent trends indicate a marginal slowdown in incremental liquidity, suggesting that the market needs to cool down for stability [9]. - In July, public mutual funds experienced a net outflow of approximately 25.1 billion, following a rare net inflow in June. This reflects a potential exhaustion of sales channels due to the previous issuance of floating rate products [10]. - Despite some outflows, industry and thematic ETFs saw significant net inflows, driven mainly by individual investors [10].

Domestic Finance - The People's Bank of China continues to implement a moderately loose monetary policy, aiming to support economic growth by lowering reserve requirements and interest rates [1] - The Ministry of Finance and the State Taxation Administration will resume VAT collection on interest income from newly issued government bonds starting August 8, 2025, while previously issued bonds will remain exempt until maturity [1] Industry Development - Eight departments, including the Ministry of Industry and Information Technology, have issued a plan for the digital transformation of the machinery industry, targeting the establishment of at least 200 exemplary smart factories by 2027 [2] - By 2030, the plan aims for significant digital upgrades across major enterprises in the machinery sector, with a target of 60% of companies achieving a maturity level of two or above in intelligent manufacturing [2] Capital Market - CITIC Securities emphasizes a focus on AI, innovative pharmaceuticals, resources, and the STAR Market, indicating a trend towards concentrated investment in high-consensus sectors rather than low-positioned stocks [5] Energy Sector - Leshan Electric announced a price adjustment for residential gas sales, effective September 1, 2025, with increases ranging from 0.10 to 0.15 yuan per cubic meter across different pricing tiers, expected to boost the company's gas business revenue by approximately 2.7 million yuan in 2025 [6] Technology Development - Zhejiang University has made a breakthrough in neuromorphic computing with the launch of the Darwin Monkey, a brain-like computer with over 2 billion neurons, marking a significant advancement in the field [7] Legal and Regulatory - A Shanghai court sentenced 14 individuals for infringing on Huawei's trade secrets, with penalties including prison terms and fines totaling 13.5 million yuan [8] International Finance - President Trump has demanded that 17 major pharmaceutical companies reduce drug prices within 60 days, threatening regulatory action if they fail to comply [10]

Group 1: Monetary Policy and Financial Support - The People's Bank of China emphasizes the continuation of an appropriately loose monetary policy to support economic growth, including lowering the reserve requirement ratio and using various monetary policy tools to maintain liquidity [1] - The average interest rate for newly issued inclusive loans to small and micro enterprises decreased by 0.46 percentage points compared to last year, indicating enhanced financial support for these businesses [2] Group 2: Taxation and Regulatory Changes - Starting from August 8, 2025, the Ministry of Finance and the State Taxation Administration will resume the collection of value-added tax on interest income from newly issued government bonds and financial bonds [3] - The State Administration for Market Regulation has released a compliance guide to regulate the fees charged by online trading platforms, aiming to reduce the burden on platform operators [6] Group 3: Industry Developments - The 2025 World Robot Conference will showcase over 1,500 exhibits from more than 200 domestic and international robot companies, with a notable increase in humanoid robot manufacturers [4] - In July, the new energy vehicle sector showed a significant performance divergence, with Leap Motor and Xpeng achieving record deliveries, while Li Auto and NIO faced challenges [11] Group 4: Corporate Actions - China Shenhua announced plans to issue shares and pay cash to acquire assets from its controlling shareholder, leading to a temporary suspension of its A-shares starting August 4, 2025 [9] - Berkshire Hathaway reported a 59% year-on-year decline in net profit for Q2, despite exceeding market expectations, and has continued to sell stocks for the 11th consecutive quarter [13]

人民财讯8月3日电，招商策略认为，行业选择层面，展望8月份，月底会迎来上市公司中报业绩披露高 峰，超预期和悲观业绩预期落地都是下一个阶段A股的重点布局方向。参考工业企业盈利、库存阶段、 行业景气度等多个维度判断业绩修复的领域。结合中观景气、盈利能力、筹码分布、估值、交易、周期 阶段和赛道价值等多个维度，推荐关注非银(证券)、医药生物(化学制药)、电力设备、机械(自动化设 备、工程机械)、国防军工、计算机等。赛道选择层面，8月重点关注五大具备边际改善的赛道：AI应 用、AI硬件、非银金融、国防军工、创新药。 ...