Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Index, the CSI Innovative Drug Industry Index, and the CSI Biotechnology Theme Index all declined by 1.2%, while the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index fell by 1.3%, and the CSI 300 Medical and Health Index decreased by 2.1% [1] - As of yesterday, the Hang Seng Innovative Drug ETF (159316) has seen continuous inflows for 12 trading days, with its latest scale exceeding 900 million yuan, reaching a historical high [1] Group 2 - The Hang Seng Innovative Drug ETF tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Index, which focuses on leading innovative drug companies in the Hong Kong stock market, composed of no more than 40 stocks involved in innovative drug research, development, and production [2] - The index has experienced a decline of 1.2% with a rolling P/E ratio of 35.3 times as of July 10, 2023 [2] - The Hong Kong Stock Connect Medical ETF tracks the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index, which focuses on leading companies in the medical and health sector, composed of 50 stocks from medical devices, biopharmaceuticals, and chemical drugs [2] - This index has also declined by 1.3% with a rolling P/E ratio of 33.5 times, and it has a valuation percentile of 50.7% since its inception in 2017 [2]

Market Performance - On July 31, 2025, the Shanghai Composite Index fell by 1.18%, the Shenzhen Component Index decreased by 1.73%, and the ChiNext Index dropped by 1.66%[2] - The total market turnover reached 1,916.18 billion yuan, an increase of 88.29 billion yuan compared to the previous trading day[2] - Out of 5,152 stocks, 1,019 rose while 4,133 declined[2] Sector and Style Analysis - Among the 30 sectors, the Computer sector showed a slight increase of 0.73%, while the Steel sector saw the largest decline at -3.79%[19] - Growth stocks outperformed value stocks, with small-cap growth leading the performance[19] Capital Flow - On July 31, 2025, the net outflow of main funds was 56.93 billion yuan, with large orders contributing to a significant portion of the outflow[23] - Small orders continued to see a net inflow of 67.14 billion yuan, indicating retail investor interest[23] ETF Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw increases in trading volume, with changes of +3.17 billion yuan and +6.64 billion yuan respectively[27] - The net inflow into the ChiNext ETF was 1.56 billion yuan on July 30, 2025, indicating a shift in investor focus towards growth sectors[27] Global Market Trends - On July 31, 2025, the Hang Seng Index fell by 1.60%, while the Nikkei 225 Index rose by 1.02%[31] - The U.S. stock market showed mixed results, with the Dow Jones Industrial Average down by 0.38% and the Nasdaq Composite up by 0.15%[32]

Core Insights - In July, southbound funds recorded a cumulative net inflow of 135.65 billion HKD, returning to a scale exceeding 100 billion after a slowdown in May and June [1][2] - Year-to-date, southbound funds have accumulated a total inflow of 866.84 billion HKD, surpassing the total inflow for the entire previous year, equivalent to 107% of the expected inflow for 2024 [2] Industry Analysis - Significant inflows were observed in the financial and healthcare sectors, with net purchases of 49.78 billion HKD and 22.25 billion HKD respectively, while consumer stocks saw substantial sell-offs [2][4] - The non-essential consumer sector experienced a net outflow of 31.54 billion HKD, indicating a decline in the "new consumption" concept [4] Market Performance - The Hang Seng Index rose by 2.91% in July, reaching new highs for the year, with total trading volume of 57.8 trillion HKD, the highest since April [5] - Southbound funds accounted for approximately 55% of the trading volume during the same period [5] Stock-Specific Movements - Major net inflows were recorded for Meituan (89.82 billion HKD), China Construction Bank (75.13 billion HKD), and SMIC (62.28 billion HKD) [6] - Significant net outflows were noted for Tencent Holdings (41.45 billion HKD), Pop Mart (26.77 billion HKD), and Xiaomi Group (18.51 billion HKD) [7] Recent Trends - Meituan saw a cumulative decline of 2.95% in July, with short-term funds primarily flowing out [8] - China Construction Bank and SMIC experienced gains of 1.64% and 14.32% respectively, with continued inflows [9][10] - China Life Insurance surged by 24%, attracting accelerated inflows [10] ETF Activity - Southbound funds significantly increased their positions in three major ETFs: the Tracker Fund of Hong Kong (24.05 billion HKD), Hang Seng China Enterprises (17.81 billion HKD), and Southern Hang Seng Technology (9.73 billion HKD) [15]

Market Overview - In July, the A-share market saw significant gains, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 3.74%, 5.2%, and 8.14% respectively [1] - The total market capitalization of A-shares reached 104.48 trillion yuan, an increase of 4.43 trillion yuan in a single month [1] Sector Performance - The steel industry was the best-performing sector in July, with a rise of 16.76%, followed by the pharmaceutical and biological sector at 13.93%, and building materials at 13.36% [2][3] - A total of 31 sectors saw positive performance, with only banking, utilities, and transportation sectors experiencing declines of 1.95%, 0.77%, and 0.22% respectively [2] Top Stocks - The top-performing stock in July was Upwind New Material, which saw an increase of over 1080%, including 11 instances of a "20CM" limit-up [1][4] - A total of 3640 stocks had positive returns, with 449 stocks rising over 20% and 84 stocks rising over 50% [4] Notable Stock Movements - Upwind New Material's market capitalization grew from 3.138 billion yuan to 37.14 billion yuan during July, following an announcement of a significant share acquisition by Zhiyuan Robotics [4] - The stock was subject to multiple trading suspensions due to abnormal price fluctuations [4] Future Outlook - Analysts from Everbright Securities suggest that A-share valuations remain attractive compared to risk-free rates, indicating potential for continued upward movement [5] - Huashan Securities emphasizes the importance of focusing on sectors with strong fundamentals and potential for exceeding performance expectations in the upcoming reporting season [5]

尾盘，再现异动！ 7月31日，A股三大指数集体调整，截至今日收盘，沪指下跌1.18%，深证成指跌1.73%，创业板指跌1.66%。从盘面上看，钢铁、煤 炭、有色等前期过热的板块集体大跌，AI、创新药概念股则逆市上涨。 值得关注的是，临近收盘时，创新医疗、爱朋医疗、三博脑科等多只脑机接口概念股直线拉升，创新医疗一度逼近涨停。从消息面来 看，当天下午，脑机接口板块迎来一则利好消息。据报道，国家医保局支持脑机接口等新技术进入临床并收费。 脑机接口概念股尾盘拉升 7月31日，临近A股尾盘时分，多只脑机接口概念股突然直线拉升，创新医疗涨幅一度达到9.62%，爱朋医疗一度涨超9%，三博脑科、 倍益康、熵基科技、南京熊猫等相关概念股均有拉升动作。 | 壳价 叠加 重播 统计 | | 分时 1分钟 5分钟 15分钟 30分钟 60分钟 日线 更多 > | | 画线 F10 | 标记 -自选 返回 | | 创新医疗 002173 | | | | 医疗保健 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 创新医疗 分时 ...

美联储9月能否降息主要取决于7-8月经济数据 华泰证券研报表示，鲍威尔讲话未能提供9月降息的指引，发言偏鹰派。基本面方面，鲍威尔强调就业 市场较为稳健（solid），但承认存在下行风险。利率指引方面，鲍威尔未对9月降息给出明确指引，强 调降息决策取决于后续数据。 往前看，美联储9月能否降息主要取决于7-8月经济数据。维持美联储仍 有可能在9-12月降息两次的判断。 但是，如果就业和通胀数据强于预期，美联储年内降息预期或进一 步回撤。近期关注周五（8月1日）将公布的新增非农就业数据。 免责声明 以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性和完整性做任何保证。 收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成投资建议。转引的相关 观点均来自相关机构或公开媒体渠道 不代表天天基金的观点 天天基金不对观点的准确性 GUIDE 摘要 中原证券：短期面临技术性调整压力，但中期上行趋势未改； 中信证券：A股增量市场确立，资金共识将聚焦两大方向 ； 华泰证券：美联储9月能否降息主要取决于7- 8月经济数据。 中原证券 短期面临技术性调整压力，但中期上行趋势未改 中原证券认为， 当前，A股市场已进入 ...

Group 1 - The stock price of Junshi Biosciences-U closed at 38.46 yuan on July 31, down 1.69% from the previous trading day [1] - The trading volume on that day reached 782 million yuan, with a turnover rate of 2.60% [1] - Junshi Biosciences-U is focused on the research, production, and commercialization of innovative drugs, with key products including Toripalimab, targeting oncology and autoimmune diseases [1] Group 2 - In 2025, the National Medical Products Administration has approved over 20 Class 1 innovative drugs for market launch, setting a record for the past five years [1] - There have been more than 50 licensing cooperation events for domestic innovative drugs going abroad, with a total disclosed cooperation amount exceeding 48.4 billion USD [1] - On July 31, the net outflow of main funds for Junshi Biosciences-U was 49.655 million yuan, accounting for 0.17% of the circulating market value [1]

Core Viewpoint - After four years of adjustment, the innovative drug fund is expected to make a strong comeback in 2025, with significant excess returns observed in the first half of this year [1][3]. Group 1: Performance of Innovative Drug Funds - In the first half of the year, the Hang Seng Innovative Drug Index rose by 60.27%, while the Wind Innovative Drug Index increased by 23.93% [1][5]. - Among the funds that achieved over 40% returns in the first half, more than 70% were heavily invested in innovative drugs, and over 50% of funds with returns exceeding 20% in the second quarter also focused on innovative drugs [3][4]. - The iShares Hong Kong Innovative Drug ETF saw a net subscription of nearly 2.5 billion units in the second quarter, with its scale reaching 4.647 billion yuan by June 30 [5]. Group 2: Fund Manager Insights - Fund managers remain optimistic about the structural market for innovative drugs, citing potential significant business development transactions and favorable domestic policies supporting innovation [2][9]. - The innovative drug market in China is estimated to be around 200 billion yuan, indicating substantial future growth potential [10]. - Fund managers believe that the current rise in innovative drug prices is supported by strong fundamentals, and the market is not yet in a bubble [10]. Group 3: Specific Fund Performance - The 工银健康产业 fund, managed by 谭冬寒 and 丁洋, achieved over 43% returns in the first half, significantly outperforming its benchmark [6][12]. - The 工银新经济人民币 fund, which shifted focus to innovative drugs in 2023, reported a 52.92% return in the first half, with nearly 60% of its investments in innovative drugs [8][12]. - Both funds have seen significant growth in scale, with 工银健康产业 increasing by 22.45% despite a general decline in the active equity fund market [6][8]. Group 4: Future Outlook - Fund managers are focusing on four investment strategies: identifying leading companies in the innovative drug sector, looking for companies with significant single product sales, finding emerging innovative drug leaders, and monitoring traditional pharmaceutical companies transitioning to innovative drugs [11]. - The innovative drug sector is expected to continue benefiting from structural reforms and increased recognition of Chinese companies in the global market [10].

Group 1: Public Fund Industry - The total net asset value of public funds in China reached a historical high of 34.39 trillion yuan as of June 30, 2025, with a month-on-month increase of 651.9 billion yuan, representing a growth rate of 1.93% [1] Group 2: Technology and Security - The National Internet Information Office of China held discussions with NVIDIA regarding security risks associated with the H20 computing chip, following concerns about vulnerabilities and backdoor issues [2] - IDC predicts that the global robotics market will exceed $400 billion by 2029, with China accounting for nearly half of this market and leading with a compound annual growth rate of nearly 15% [2] Group 3: Gaming Industry - The domestic gaming market in China achieved a sales revenue of 168 billion yuan in the first half of 2025, marking a year-on-year growth of 14.08% and setting a new record [2] Group 4: Corporate Developments - Moutai's official authorized stores have begun to enter the Meituan flash purchase platform, indicating a strategic move to enhance distribution channels [3] - Huashan Fund experienced a significant personnel change, with Xu Yong appointed as the Party Secretary, potentially leading to a future role as Chairman [3] - Zhejiang Rural Commercial Bank's total asset scale surpassed 7 trillion yuan as of June 30, 2025, with a non-performing loan ratio of 0.94% [3] Group 5: Market Reactions - Three major steel companies announced a suspension of molybdenum iron procurement to combat irrational market speculation [3] Group 6: IPO and Financing - The China Securities Regulatory Commission approved the IPO registration of Yunhan Chip City on the Growth Enterprise Market [4] - Lege Co., Ltd. plans to register and issue medium-term notes not exceeding 800 million yuan to repay debts and supplement working capital [5][6] - Tianhe Magnetic Materials obtained a project filing notice for a 12,000-ton deep processing project with a total investment of 250 million yuan [7] Group 7: Financial Performance - Daodaquan reported a net profit of 181 million yuan for the first half of 2025, a year-on-year increase of 563.15% [9] - Jiejia Weichuang expects a net profit increase of 38.65% to 59.85% for the first half of 2025, projecting a profit between 1.7 billion and 1.96 billion yuan [10] - Sinopec anticipates a net profit decline of 39.5% to 43.7% for the first half of 2025, estimating profits between 20.1 billion and 21.6 billion yuan [11] Group 8: Market Overview - The A-share market experienced fluctuations, with the ChiNext index rising over 8% in July, while the Shanghai Composite Index lost the 3600-point mark [12]

Market Overview - The A-share market experienced a collective decline today, with the Shanghai Composite Index falling by 1.18% to close at 3573.21 points, the Shenzhen Component Index down by 1.73% to 11009.77 points, and the ChiNext Index decreasing by 1.66% to 2328.31 points [2][3][4] - This marks the largest single-day decline since April 7, with a total trading volume of 19.36 trillion yuan, an increase of 91.8 billion yuan compared to the previous day [4][12] Index Performance - The CSI 300 Index, which represents major stocks in the Shanghai and Shenzhen markets, saw a larger drop of 1.82%, indicating significant contributions from heavyweight stocks to the overall market decline [5] - Out of 4274 stocks in the two markets, only 1060 stocks rose, highlighting a broad-based sell-off [5] Sector Analysis - Only six sectors showed positive performance, primarily driven by pharmaceutical stocks due to ongoing speculation in innovative drugs, and sectors related to information technology [6] - The sectors with the largest declines included coal and non-ferrous metals, with steel and photovoltaic equipment also experiencing drops of over 2.63% [6] Individual Stock Impact - Major negative contributors to the Shanghai Composite Index included China Life, Ping An Insurance, Kweichow Moutai, Yangtze Power, and China Mobile [7] - For the Shenzhen Component Index, CATL, BYD, Midea Group, Wuliangye, and Dongfang Caifu had the most significant negative impacts, with CATL experiencing a 4.45% drop following disappointing revenue expectations [7][8] Market Sentiment and Future Outlook - The market's sudden downturn occurred shortly after a political bureau meeting emphasized stabilizing the capital market, leading to concerns about irrational panic selling [9][10] - Despite the overall market decline, major banks showed resilience, with Agricultural Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Bank of China all posting slight gains [11] - The recent speculative trading behavior, particularly in stocks like Weiwei New Materials, which surged 1200% in a month, has raised concerns about regulatory scrutiny and potential repercussions for the broader market [11][12]