7月31日，受美联储降息预期影响，港股早盘低开，创新药窄幅震荡。近日以高人气爆火出圈的港股通创新药ETF（520880）早盘再度冲高，现维持红盘震 荡，场内价格现涨0.64%。 | 分时 多日 = | | F9 盘前盘后 叠加 九转 画线 工具 谷 ② » | | | | 港股通创新 | | --- | --- | --- | --- | --- | --- | --- | | 1.311 | 520880[港股通创新药ETF] 09:58 价 1.256 涨跌 0.008(0 ... 5.05% ¥ | | | 256 +0.008 +0.64% | | | | 1.290 | | 3.37% | | SSE CNY 9:58:06 交易中 | | | | | | | | 净值走势 华宝恒生港股通创新药 | | रेस 0.00% | | 1.269 | | 委比 1.68% | | -23.85% 委差 | -21173 | 5H 8.65% | | | | | | | | 0.00% | | | AN | 中国 1.256 | | 1.261 | 5122 | 20 2 | | 1.248 H | | ...

Core Viewpoint - The Hong Kong Stock Connect Innovative Drug ETF (159570) has seen significant inflows and growth, indicating strong investor interest in the innovative drug sector [1][5]. Group 1: ETF Performance - The Hong Kong Stock Connect Innovative Drug ETF (159570) opened with a surge, rising over 2% with a trading volume exceeding 900 million yuan, and net inflows surpassing 770 million yuan in the last two days [1]. - As of July 30, the ETF's latest scale exceeded 11.9 billion yuan, setting a new historical record and leading in scale and liquidity among its peers [1]. Group 2: Index Composition - The majority of the constituent stocks of the Hong Kong Stock Connect Innovative Drug ETF showed positive performance, with Lepu Biopharma rising over 5% and CSPC Pharmaceutical Group increasing over 3% [3]. - The index will be revised to exclude Contract Research Organizations (CROs), ensuring it reflects a 100% purity of innovative drugs, which are directly linked to drug commercialization success [5][6]. Group 3: Major Transactions - CSPC Pharmaceutical Group entered into a significant exclusive licensing agreement with Madrigal Pharmaceuticals, potentially worth up to 2.075 billion USD for the oral GLP-1 receptor agonist SYH2086 [6]. - China National Pharmaceutical Group's subsidiary is expected to receive a milestone payment of 300 million USD for a technology transfer related to a PD-1/VEGF dual antibody [7]. Group 4: Industry Drivers - The innovative drug sector is driven by three main factors: accelerated internationalization, supportive policies, and technological breakthroughs [8]. - Internationalization is highlighted by the increasing presence of domestic innovative drug data at international conferences and a rise in overseas business development transactions [8]. - Recent supportive policies for the innovative drug industry include measures to encourage investment and optimize procurement, indicating a new development cycle for the sector [8]. - Technological advancements in areas such as ADC, GLP-1, and immune-oncology are leading to significant innovations and market opportunities [8].

7月31日，A股走势分化。截至09:38，沪指跌0.41%，深成指涨0.10%，创业板指涨0.83%。 盘面上，AI硬件股集体走强，中际旭创、新易盛再创历史新高，联特科技、天孚通信、太辰光等跟涨; 液冷服务器概念拉升，英维克涨停，冰轮环境、川环科技等跟涨。下跌方面，军工、有色金属等板块指 数跌幅居前跌幅居前。 展望后市，东方证券认为，当前A股市场呈现持续震荡攀升态势，量能配合较为充沛，市场赚钱效应吸 引增量资金入场，谨慎乐观情绪持续积聚，市场暂时没有转向风险，沪综指3600点附近震荡整固后仍有 潜力拓展上升空间。。 热门板块 1、广发证券：从轮动的角度目前最值得关注的是科创板 广发证券认为，从行业轮动经验来看，周期与金融往往是启动的引擎，而"低位策略+催化"是行业轮动 的重要因素。从7月以来，在指数向上突破的过程中，确实也遵循了这一规律。比如，最近三个月涨幅 靠后的周期风格率先启动，钢铁、建材、建筑、地产、煤炭等前期表现较差的方向在近期反内卷、水电 站建设、城市更新等主题提振下，表现出较强的超额收益。 2、国金证券：仍有"低位资产"值得挖掘 国金证券认为，市场整体接近前高，但当前估值扩张相对于基本面修复的"超 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report In Q2 2025, the Hong Kong stock market showed a V-shaped trend of sharp decline followed by recovery. The returns of various types of Hong Kong stock funds were positive, and the scale and share of Hong Kong stock funds increased. The stock positions and Hong Kong stock positions of Hong Kong stock funds increased slightly. In terms of heavy - position sectors, there were increases in medicine, finance, and technology, and a decrease in consumption. Among heavy - position stocks, pharmaceutical stocks showed obvious increases, while some Internet platform leaders declined. The scale of some fund companies increased significantly [3]. 3. Summary According to the Table of Contents 3.1 Hong Kong Stock Fund Performance and Scale Development - **Performance**: In Q2 2025, among the main indices tracked by Hong Kong stock funds, the Hang Seng Index and Hang Seng China Enterprises Index rose by 4.42% and 1.9% respectively, outperforming the CSI 300. The Hang Seng Technology Index fell by - 1.70%. The leading indices in terms of gains were the China Securities Hong Kong Stock Connect Innovative Drug Index (25.6%) and the China Securities Hong Kong Stock Connect Non - Banking Financial Index (21.8%). The average returns of various types of Hong Kong stock funds were positive, with "Hong Kong QDII - Active" leading with an average increase of 10.22% [3]. - **Scale and Share**: As of the end of Q2, the total scale of Hong Kong stock funds was 619.134 billion yuan, a quarter - on - quarter increase of 13.54 pct; the total share was 623.83 billion shares, a quarter - on - quarter increase of 7.45 pct. In Q2, the number of newly issued funds was 28, an increase from the previous quarter, but the newly issued scale was 7.517 billion yuan, lower than the previous quarter [3]. 3.2 Hong Kong Stock Fund Positioning Characteristics - **Stock and Hong Kong Stock Positions**: In Q2, the average stock position was 92%, a slight increase from the previous quarter. The stock position of index funds was higher than that of actively managed funds. The average Hong Kong stock position was 85%, an increase from the previous quarter, and the gap between index funds and actively managed funds narrowed in Q2 [3]. - **Heavy - Position Sector Allocation**: Technology (39%) and consumption (25%) ranked first and second in terms of proportion. The sectors with more increases were medicine (+2.27 pct), finance (+2.25 pct), and technology (+1.67 pct), while consumption (-5.97 pct) was significantly reduced [3]. - **Heavy - Position Stock Industry Distribution**: Media ranked first for four consecutive quarters, with a quarter - on - quarter increase of 0.66 pct in Q2; Commerce and Retail ranked second for four consecutive quarters, with a quarter - on - quarter decrease of 3.5 pct; Electronics became the third for two consecutive quarters, with a quarter - on - quarter increase of 0.88 pct. The sector with the highest quarter - on - quarter increase was Medicine and Biology, accounting for 12.42% and a quarter - on - quarter increase of 2.27 pct [3]. - **Individual Stock Level**: The "herding effect" of funds on leading stocks decreased. In terms of the number of funds holding heavy - position stocks, Xiaomi rose one place to become the third, and Sino Biopharmaceutical and Pop Mart entered the top 10 for the first time in four quarters. The concentration of heavy - position stocks decreased, and the proportion of large - cap stocks with a market value of over 80 billion yuan rose to 90% [3]. 3.3 Hong Kong Stock Fund Company Analysis - **Scale Ranking**: In Q2, the top 5 fund companies in terms of scale were Huaxia, E Fund, Fullgoal, GF, and ICBC Credit Suisse, and their total scales increased to varying degrees compared with the previous quarter. Huaxia's Hong Kong stock product scale exceeded 10 billion yuan, and ICBC Credit Suisse's scale increased by 35.45 pct quarter - on - quarter. Among the top 20, the most obvious expansion was by Huatai - PineBridge, with a quarter - on - quarter increase of 91.13 pct, rising four places to the seventh [3]. 3.4 Performance - Oriented Hong Kong Stock Fund Positioning Display and Quarterly Report Views - **Positioning Display**: Some actively managed Hong Kong stock funds in Q2 2025 held stocks that were among the top 50 in terms of gains, such as Rongchang Biologics, Sino Biopharmaceutical, and Innovent Biologics [54]. - **Quarterly Report Views**: Fund managers generally expressed optimism about the development prospects of sectors such as innovative drugs, new consumption, and technology Internet, and adjusted their investment strategies according to market conditions [57][58].

Group 1 - The National Development and Reform Commission is seeking public opinion on guidelines for government investment funds, aiming to enhance planning and prevent competition and crowding out of social capital [1] - The A-share market experienced fluctuations with the Shanghai Composite Index reaching a new high for the year, while the ChiNext Index fell over 1%, indicating mixed performance among major indices [1] - A total of 1,701 stocks in the A-share market rose, with over 50 stocks hitting the daily limit, while the market turnover reached 1.87 trillion yuan, showing a slight increase from the previous trading day [1] Group 2 - The life insurance industry is set to lower the guaranteed interest rates for various insurance products, with ordinary and participating insurance rates dropping to 2.0% and 1.75% respectively, effective by August 31 [2] - The mid-year dividend distribution trend in the Shanghai Stock Exchange remains strong, with 12 companies already proposing mid-year dividends totaling over 4.3 billion yuan [3] - The gaming industry is experiencing increased user activity and revenue, with several companies expected to report significant profit growth in their half-year results [3] Group 3 - The Chinese innovative pharmaceutical industry is transitioning from "follow-up innovation" to "global leadership," with a record number of new drug approvals and significant valuation improvements for domestic companies [4] - A trend of A-share companies listing in Hong Kong is emerging, with over 40 companies having submitted applications, and potential new minimum market capitalization requirements being discussed [5] - The A-share market's financing balance reached 1.968 trillion yuan, the highest since July 2015, with significant net buying concentrated in technology sectors [6] Group 4 - A surge in multi-crystalline silicon futures prices was observed due to acquisition rumors in the photovoltaic industry, prompting regulatory adjustments to trading limits [7] - The tourism market is seeing a rise in demand for summer vacation trips, with a 47% increase in searches for "cooling trips" since July [8] - CATL reported a 33.3% increase in net profit for the first half of 2025, with total revenue of 178.89 billion yuan and a cash dividend plan of 10.07 yuan per share [9]

珠江潮涌，岭南风劲。盛夏时节的粤港澳大湾区江山如画、万物蓬勃，处处迸发着生机和活力。 今年8月，深圳东阳光集团旗下东阳光药（06887.HK）将登陆港股。此前，集团已有两家上市公司东阳 光（600673.SH）和东阳光长江药业（01558.HK），此次东阳光药吸收合并东阳光长江药业上市，标志 着中国创新药迎来新锐力量，也意味着东阳光集团迈入全新发展阶段，向着更高目标迈进。 成立28年来，东阳光集团从零起步，一路披荆斩棘，凭借自主创新、追求国际一流的精神，推出多个全 球市占率第一的重磅产品；产业版图横跨电子新材料、生物医药、健康养生三大产业；在资本市场成功 培育出两家百亿级上市公司…… 回首来路，这家拥有3万多名员工、800余亿元资产的民营企业，翻过千重山，踏过万道河。发展中既有 风平浪静，也有惊涛骇浪；既有大江奔流，也有乱云飞渡。但它始终与中国制造的脉搏共同跳动，创造 出众多奇迹。 守正革新：从打破垄断到跨界拓局 擘画三大产业宏伟蓝图 走进东阳光集团东莞基地，典雅的欧式建筑与现代化AI研发平台相互辉映，科研人员在静谧的园区忙 碌。这家由浙江人张中能1997年在深圳创办的企业，累计纳税超230亿元，跻身民营企业 ...

长江商报消息 ●长江商报记者 沈右荣 大输液行业知名企业辰欣药业（603367.SH）的股价迎来了久违的大涨。 7月30日，辰欣药业股价再度涨停，股价达28.52元/股。 7月29日晚，辰欣药业发布股票交易异常波动公告，过去三个交易日，公司股价累计涨幅超过20%。此 前的7月22日，辰欣药业也曾发布类似公告。 长江商报记者发现，股票异常波动，对于辰欣药业而言较为罕见。此前，其股价处于震荡下跌态势。此 番股票波动，有机构出没。 辰欣药业的基本面稳定，经营业绩也较稳定，但也缺乏成长性。2019年至2024年，公司营业收入在40亿 元左右、归母净利润在5亿元左右波动，陷入了增长瓶颈。 2017年上市以来，辰欣药业没有进行过股权再融资，也没进行过一定规模的资产收购。唯一的资本运作 是，分拆子公司山东辰欣佛都药业股份有限公司（以下简称"佛都药业"）上市，目前佛都药业正在冲击 北交所。 辰欣药业何时能突破增长瓶颈？ 股价3连板机构买入过亿 辰欣药业股价大涨，引发市场高度关注。 在二级市场上，辰欣药业一度表现不佳。 2017年9月29日，辰欣药业通过闯关IPO登陆A股市场，发行价11.66元/股。上市初期，新股效应，其股 ...

Core Viewpoint - The stock price of Asia-Pacific Pharmaceutical has significantly increased due to the rise in the innovative drug sector, with a year-to-date increase of 135% as of July 30, closing at 7.17 yuan per share [2][5]. Company Performance - Asia-Pacific Pharmaceutical expects to achieve a net profit attributable to shareholders of 100 million to 110 million yuan in the first half of 2025, representing a year-on-year growth of 1726.42% to 1909.06% [2][4]. - The company has faced financial challenges in recent years, with revenues of 515 million yuan in 2020, 315 million yuan in 2021, 373 million yuan in 2022, and 421 million yuan in 2023, alongside net profits of 27.27 million yuan, -228 million yuan, -133 million yuan, and -11.87 million yuan respectively [3]. - In 2024, the company reported revenues of 405 million yuan, a decrease of 3.68% year-on-year, but turned a profit with a net profit of 34.24 million yuan, primarily due to non-recurring gains [3][4]. Business Operations - Asia-Pacific Pharmaceutical specializes in the research, production, and sales of chemical preparations, with a portfolio of 111 approved formulations and five raw material drug approvals [3]. - The company has been actively restructuring, including the sale of its subsidiary, which contributed approximately 149 million yuan to its profit total for the first half of 2025 [4]. Industry Context - The innovative drug index has surged nearly 50% since the beginning of 2025, reflecting a broader trend in the industry driven by policy benefits, technological breakthroughs, and increased capital inflow [7]. - The Chinese innovative drug sector is transitioning from "generic" to "global innovation," with a significant increase in licensing transactions and contributions to international conferences [8].

【钛媒体综合】据新华社报道，中共中央政治局7月30日召开会议，研究当前经济形势，部署下半年经 济工作。 会议表示，今年以来，我国经济运行稳中有进，高质量发展取得新成效。主要经济指标表现良好，新质 生产力积极发展，改革开放不断深化，重点领域风险有力有效防范化解，民生兜底保障进一步加强，我 国经济展现强大活力和韧性。同时会议指出，当前我国经济运行依然面临不少风险挑战。因此会议强 调，做好下半年经济工作，要保持政策连续性稳定性，增强灵活性预见性，着力稳就业、稳企业、稳市 场、稳预期。 会议指出，宏观政策要持续发力、适时加力。要落实落细更加积极的财政政策和适度宽松的货币政策， 充分释放政策效应。加快政府债券发行使用，提高资金使用效率。兜牢基层"三保"底线。货币政策要保 持流动性充裕，促进社会综合融资成本下行。用好各项结构性货币政策工具，加力支持科技创新、提振 消费、小微企业、稳定外贸等。支持经济大省发挥挑大梁作用。强化宏观政策取向一致性。 会议强调，要扩大高水平对外开放，稳住外贸外资基本盘。帮助受冲击较大的外贸企业，强化融资支 持，促进内外贸一体化发展。优化出口退税政策，高水平建设自贸试验区等开放平台。 会议指出，要 ...

请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 华见早安之声 美联储声明提到经济增长有所放缓，一度强化降息预期并提振美股和美债；但鲍威尔发布会未就9月降息给出明确指引，强调通胀风险，并称就业稳固，打 压年内降息预期，美元和美债收益率急升，美股盘中转跌。纳指尾盘因投资者抄底买盘而收涨。 美股盘后财报后，微软大涨7%，Meta大涨12%，高通跌6%，Arm一度跌8%。纳指期货亚太盘初涨1%。 美债收益率全线上涨，对利率敏感的2年期收益率涨超7基点。美元五连阳、周三大涨超1.1%，接近100关键位。 黄金重挫逾1.7%。特朗普政府将进口量最大的精炼铜排除在关税之外，纽铜暴跌20%，创史上最大单日跌幅。国内夜盘期货多数收跌，焦煤和玻璃跌超 4%，焦炭跌超1.6%。 亚洲时段，AH股午后跳水，创业板跌超1%，工业富联大涨超6%，恒科指跌超2%，科网股普跌，国债、商品上涨。 8月17日上海Alpha线下闭门课，Clocktower首席策略师王凯文带你洞察地缘政治里的市场机会，了解详情>> 要闻 中共中央政治局召开会议，决定召开二十届四中全会，分析研究当前经济形势和经济工作，中共中央总书记习近平主持会议 ...