Group 1 - The Hong Kong Innovative Drug ETF (513120) reached a record size of 16.12 billion yuan as of July 29, 2025, with a year-to-date growth of 111.29%, making it the top-performing pharmaceutical ETF in Hong Kong [1] - The CSI Hong Kong Innovative Drug Index (931787) surged by 3.85% on July 29, 2025, with notable increases in constituent stocks such as WuXi AppTec (02359) up 10.76% and Innovent Biologics (01801) up 8.77% [1] - The ETF's liquidity was strong, with a turnover rate of 74.62% and a total trading volume of 11.64 billion yuan on July 29, 2025, leading the market in pharmaceutical ETFs [1] Group 2 - The CSI Hong Kong Innovative Drug Index tracks up to 50 listed companies involved in innovative drug research and development, with a significant focus on biopharmaceuticals and chemical pharmaceuticals, which together account for 92.5% of the index [2] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 67.94%, including companies like Innovent Biologics (01801) and WuXi Biologics (02269) [2] Group 3 - In the first half of 2025, global pharmaceutical transactions reached 456, a 32% year-on-year increase, with total upfront payments soaring by 136% to 11.8 billion USD [3] - Chinese companies contributed nearly 50% of the total transaction value and over 30% of the transaction volume in the global innovative drug market [3] - On July 28, 2025, Heng Rui Medicine announced a deal with GSK for the global exclusive rights to the HRS-9821 project, with an upfront payment of 500 million USD and potential milestone payments totaling around 12 billion USD [3] Group 4 - On July 25, 2025, the National Healthcare Security Administration held a meeting to discuss new policies supporting innovative drugs and medical devices, aiming to accelerate the clinical application of high-level technological innovations [4] - China’s innovative drug assets are gaining global recognition, with increasing business development (BD) licensing amounts and numbers, indicating a growing global influence [4] - The Hong Kong Innovative Drug ETF (513120) supports T+0 trading, allowing investors to trade multiple times within a trading day, enhancing liquidity and capital efficiency [4]

Market Overview - A-shares have seen a significant increase in activity, with the Shanghai Composite Index surpassing 3600 points and reaching a new high, while the ChiNext Index broke through 2400 points, entering a technical bull market [1] Hot Stocks - The top ten hot stocks in A-shares include Xizang Tianlu, Shanhe Intelligent, Hengsheng Electronics, WuXi AppTec, Baogang Co., Asia-Pacific Pharmaceutical, China Power Construction, Xining Special Steel, Zhongyin Securities, and Northern Rare Earth [2] Industry Trends - The Yarlung Tsangpo River downstream hydropower project concept has resurfaced, with Xizang Tianlu, Shanhe Intelligent, and China Power Construction being the leading stocks. Xizang Tianlu holds over 60% market share in the cement sector, benefiting from geographical advantages [3] - The national-level strategic project, with a total investment of 1.2 trillion yuan, is expected to require over 40 million tons of cement and an annual infrastructure investment of 80 billion yuan, stimulating demand across the construction materials, engineering machinery, and hydropower sectors [3] Company Performance - Northern Rare Earth and Baogang Co. confirmed their successful bids for the Yarlung Tsangpo hydropower project's rare earth alloy steel project, with Northern Rare Earth's net profit surging 18 to 20 times year-on-year, driven by rising prices and volumes of rare earth products [3] - Baogang Co. raised its third-quarter rare earth concentrate transaction prices by 14.14%, enhancing performance growth expectations [3] - Hengsheng Electronics saw a surge in interest following Hong Kong's implementation of a regulatory framework for stablecoin issuers, alongside news of Ant Group applying for a stablecoin license, leading to strong market expectations for potential collaboration [3] Financial Results - WuXi AppTec reported a record high revenue of 20.8 billion yuan and a net profit of 8.56 billion yuan for the first half of the year. The easing of geopolitical risks and supportive policies for innovative drugs have contributed to this performance [4] - Asia-Pacific Pharmaceutical's mid-year performance is expected to increase over 17 times, primarily due to non-recurring income from the sale of a subsidiary, along with advantages from its product line [4] - WuXi AppTec plans to raise its share repurchase price limit from 90.72 yuan to 114.15 yuan, which has positively impacted market sentiment [4]

Market Overview - The A-share market showed a strong upward trend with the ChiNext Index leading the gains, closing at 2406.59, up by 1.86% [2][3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.8 trillion, marking an increase of 609 billion compared to the previous trading day, indicating active trading sentiment [5] Sector Performance - The top-performing sectors included Communication (up 3.29%), Steel (up 2.59%), and Pharmaceutical & Biological (up 2.06%), while Agriculture, Forestry, Animal Husbandry, and Fishery saw a decline of 1.36% [2][3] - Notable concept indices that performed well included CRO Concept, Recombined Protein, and Innovative Drugs, while sectors like Pork and Chicken experienced declines [3] Policy Impact - The implementation of the childcare subsidy policy, effective from January 1, 2025, is expected to boost consumer retail sales, providing marginal growth momentum for social consumption [4][5] Technical Analysis - The Shanghai Composite Index is showing strong support around the 3600-point mark, with a potential breakthrough expected to enhance overall market confidence [5] - The market is entering a phase of policy dividend release and maintaining reasonable liquidity, indicating a gradual structural bull market [5] Investment Focus - Recommended sectors for investment include TMT (Technology, Media, and Telecommunications), Public Utilities, Pharmaceuticals, and Financials, as they are expected to perform well in the current market environment [5]

中证网讯 近期国内多家头部CXO（医药外包服务）公司发布二季度业绩预增公告，均呈现较为强劲的 增长态势，医药相关ETF受关注。数据显示，截至2025年7月29日收盘，科创医药ETF（588860）交投 活跃，7月以来日均成交额为2246万元；费率方面，科创医药ETF管理费率为0.45%，托管费率为 0.07%，费率在同为跟踪上证科创板生物医药指数的ETF中最低。 科创医药ETF（588860）紧密跟踪上证科创板生物医药指数，该指数从科创板市场中选取50只市值较大 的生物医药、生物医学工程及其他生物业等领域上市公司证券作为指数样本，反映科创板市场代表性生 物医药产业上市公司证券的整体表现。数据显示，截至7月29日，根据申万二级行业划分，科创板生物 医药指数覆盖化学制药、医疗器械两大行业的比例达到74.6%。 科创板推出的"市值+研发"的第五套上市标准极大助力创新性医药企业突破资金瓶颈、加快研发成果转 化，积累了众多优质创新药标的，如关注境内创新药机会，或可考虑同指数综合费率最低的科创医药 ETF（588860）。 消息面上，海外多家CXO龙头近期也公布了2025年二季报，多数公司均表示海外研发景气度稳健，并 小 ...

创新药概念继续活跃，上海谊众20%涨停，南新制药涨逾16%，东诚药业涨停，辰欣药业三连板，华润 双鹤、亚太药业等大涨。 ...

创新药概念反复活跃，辰欣药业走出8天5板，上海谊众20cm涨停，南新制药、睿智医药涨超10%，亚 太药业、金石亚药、华润双鹤、奥锐特等涨幅靠前。 ...

报告类型 股指日评 日期 2025 年 7 月 30 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ | 表1:股指期货、现货行情数据 | | --- | 资料来源：Wind，建信期货研究发展部 1.2 后市展望： 外围市场方面，中美第三轮磋商将在瑞典斯德哥尔摩举行，中方在记者会上 表示，坚决反对任何一方以牺牲中方的利益为代价达成交易，关注最终谈判结果。 国内方面，7 月 28 日，上海市经济信息化委印发 《上海市进一步扩大人工智能 应用的若干措施》，其中提到，降低智能算力使用成本，发放 6 亿元算力券，加 强算力调度平台建设，体系化支持企业研发和应用大模型，加快 ...

药明康德7月29日晚间公告称，鉴于近期公司股票价格持续上涨，基于对公司未来持续稳定发展的信心和对公司价值的认可，同时为了保障回购股份方案的顺利实施， 公司拟将2025年第一次以集中竞价交易方式回购A股股份的回购股份价格上限，由不超过90.72元/股（含）调整为不超过114.15元/股（含），本次回购方案的其他内容 不变。 创新药巨头，释放积极信号！ 7月29日晚间，药明康德公告，拟将回购股份价格上限由不超过90.72元/股（含）调整为不超过114.15元/股（含）。截至当天收盘时，药明康德股价上涨7.72%报98.69 元/股，总市值超过2800亿元。 分析人士指出，二级市场上，近期A股创新药板块持续上涨，"龙头股"药明康德上调回购价格上限，表明公司对其自身价值的高度认可，同时也向市场传递了积极信 号。 有券商表示，创新药板块景气度仍可持续，"创新+国际化"创新药产业趋势不变，始终是医药板块的核心方向。 上调 创新药板块集体爆发 7月29日，受药明康德上述超预期业绩的带动，A股创新药板块大幅上涨。截至收盘，创新药板块整体涨幅接近3%，药明康德大涨近8%，泰格医药涨近9%，众生药 业、九洲药业、辰欣药业、亚太药 ...

③北京时间7月31日凌晨，备受瞩目的美联储7月利率决议将公布。当前市场普遍押注，美联储将继续维 持现有利率水平不变，但会议声明和美联储主席鲍威尔在会后记者会上是否会释放"鸽派"信号从而为9 月可能的降息奠定基础，更加受到重视。 ②股债"跷跷板"效应再现。一方面，权益市场近期回暖明显，市场风险偏好不断提升。另一方面，资金 正在从震荡的债市中抽离。公开数据显示，7月以来，超40只债基因大额赎回而调整基金份额净值精 度。 中证网讯①7月29日，创新药主题ETF表现亮眼。今年以来，有6只ETF涨幅超100%，均为创新药主题 ETF。 ...

③北京时间7月31日凌晨，备受瞩目的美联储7月利率决议将公布。当前市场普遍押注，美联储将继续维 持现有利率水平不变，但会议声明和美联储主席鲍威尔在会后记者会上是否会释放"鸽派"信号从而为9 月可能的降息奠定基础，更加受到重视。 中证网讯 ①7月29日，创新药主题ETF表现亮眼。今年以来，有6只ETF涨幅超100%，均为创新药主题 ETF。 ②股债"跷跷板"效应再现。一方面，权益市场近期回暖明显，市场风险偏好不断提升。另一方面，资金 正在从震荡的债市中抽离。公开数据显示，7月以来，超40只债基因大额赎回而调整基金份额净值精 度。 ...