对于近期市场热议的中国创新药价值重估，黄一民认为，中国创新药领域的发展仍处于早期阶段，对外 授权的模式为这些企业打开了未来利润率的想象空间。同时，这种授权方式也为企业规避部分关税战所 带来的影响。不过他也强调，该领域投资具有较高的知识门槛，投资者可以采用ETF以把握投资机会。 21世纪经济报道记者 张伟泽 香港报道 7月8日，未来资产环球投资及Global X ETFs(香港)ETF研究分析师黄一民在媒体分享会上表示，中国高 端科技发展为投资者带来投资机会。未来资产看好中国创新科技股，尤其是能够在海外市场获利的中资 企业。 "我们看到的是中国高端科技和高端制造业的结构性崛起。在人才储备、完善产业链以及规模优势的支 撑下，中国正在实现制造业高端化转型。在此过程中，私企扮演越来越重要的角色，为投资者带来机 遇。"黄一民表示。 黄一民指出，过去两个季度，中国科技龙头企业的盈利状况持续改善。同时，相较于全球其他市场， MSCI中国指数11倍的前瞻市盈率也显现出估值优势。这些因素为中国科技企业股价反弹奠定了基础。 近期，在多重利好因素支撑下，中国资产表现坚挺。然而，鉴于宏观经济和全球贸易的不确定性犹存， 预计下半年市场 ...

Group 1: Market Overview - On July 8, the Hong Kong stock market saw a net inflow of 387 million HKD from Northbound trading, with a net sell of 238 million HKD from Shanghai Stock Connect and a net buy of 625 million HKD from Shenzhen Stock Connect [1] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Meituan-W (03690), and China Construction Bank (00939) [1] - The most sold stocks included the Tracker Fund of Hong Kong (02800), Tencent (00700), and Hang Seng China Enterprises (02828) [1] Group 2: Stock Performance - The net inflow for Guotai Junan International (01788) was 1.94 billion HKD, attributed to the upcoming implementation of the stablecoin regulations in Hong Kong [7] - Alibaba-W (09988) and Meituan-W (03690) received net buys of 14.1 billion HKD and 11.31 billion HKD respectively, driven by intense competition in the food delivery sector [6] - China Construction Bank (00939) saw a net buy of 3.94 billion HKD, supported by positive performance in the banking sector [6] - Kuaishou-W (01024) had a net buy of 1.61 billion HKD, with positive developments in its AI strategy [7] Group 3: Notable Sell-offs - Xiaomi Group-W (01810) faced a net sell of 4.29 billion HKD due to concerns over order authenticity and delivery issues [8] - The Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828) experienced net sells of 9.8 billion HKD and 5.44 billion HKD respectively, influenced by liquidity tightening in the market [8] - Tencent (00700) had a net sell of 6.21 billion HKD, reflecting broader market concerns [9]

中国上市公司网/文 近日，深圳西普尼精密科技股份有限公司(以下简称：西普尼或公司)向港交所提交上市申请书。公司拟 在港股上市，独家保荐人为平安证券(香港)，此举旨在拓展融资渠道并提升国际影响力。西普尼是一家 贵金属手表设计商、制造商和品牌公司。 核心技术：贵金属精密制造与智能化融合 西普尼的核心技术围绕贵金属材料改性、精密制造工艺及智能穿戴集成三大方向，具备显著创新壁垒。 超分子硬金技术 公司拥有强大的生产控制系统和垂直整合的业务模式。通过先进的ERP系统，西普尼能够实时监控从黄 金熔炼到手表组装的每一个生产步骤，确保生产效率和产品质量。这种全面的生产控制有助于降低生产 成本，提高运营效率。 智能穿戴集成能力 2023年推出全球首款搭载华为智能机芯的足金手表，融合传统工艺与健康监测(心率、睡眠分析)、运动 追踪等智能功能。2025年与华为、制药企业签订框架协议，开发定制化智能手表，拓展医疗健康场景。 行业前景：高端穿戴市场扩容与智能化升级 西普尼的核心技术之一是其专有的超分子硬金技术。传统足金(纯度为999‰的黄金)硬度较低(维氏硬度 约为34至40)，容易磨损和变形，难以用于复杂部件的组装和高精度制造。通过 ...

Market Overview - The A-share pharmaceutical and biotechnology index rose by 3.64%, outperforming the CSI 300 index by 2.10 percentage points and the ChiNext index by 2.75 percentage points, ranking 4th among 31 sub-industries [3] - The Hong Kong Hang Seng Healthcare Index increased by 5%, surpassing the Hang Seng Index by 6.75 percentage points [3] Key Insights - The National Medical Products Administration (NMPA) has released measures to support the innovation and development of high-end medical devices, including medical robots, advanced imaging equipment, AI medical devices, and new biological materials [4] - The policy is expected to accelerate the commercialization of innovative medical device products, with a comprehensive standard system gradually being established for design, production, and post-market regulation [4] - The policy also encourages high-end medical device companies to expand internationally, which is anticipated to promote standardization and internationalization within the industry [4] - Companies with strong R&D capabilities, leading product scales, and advanced international strategies are expected to benefit from these developments [4] Investment Strategy - The investment strategy for 2025 emphasizes structural selection of investment opportunities based on the payment perspective, considering the complex trends in population structure, policy framework, and economic environment [5] - The focus is on three payment channels within the pharmaceutical industry: hospital payments, out-of-pocket payments, and overseas payments, with particular attention to policy support for innovative drugs and devices, expanding public demand, and rising overseas cycles [6]

机械ETF跟踪的是细分机械指数，该指数由中证指数有限公司编制，主要从沪深市场中选取涉及工程机 械、工业自动化等领域的上市公司证券作为指数样本，以反映高端装备制造和智能制造相关上市公司证 券的整体表现。指数成分股聚焦具有行业代表性的机械制造企业，全面展现我国机械装备行业的市场走 势。 消息面上，7月3日，比亚迪储能与国网湖南综合能源服务有限公司签署合作框架协议，双方将聚焦集散 式储能电力领域展开合作。7月4日，安徽安瓦新能源全球首条GWh级新型固态电池生产线首批工程样 件成功下线，其第一代产品能量密度超300Wh/kg，并通过新国标安全测试。此外，7月7日工信部等六 部门发布绿色数据中心建设通知，要求数据中心采用高效节能设备，并积极利用储能技术，推动行业绿 色化发展。 （文章来源：每日经济新闻） 华龙证券指出，固态电池作为兼具高能量密度、高安全性的下一代电池技术，产业化进程加速。2025年 以来行业呈现三大特点：（1）政策驱动转向产业落地，宁德时代硫化物全固态电池中试线于5月投产， 能量密度达450Wh/kg；（2）设备与材料体系收敛，硫化物电解质和干法工艺成为共识，清研电子建成 国内首条0.1GWh干法电极产 ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home [2] Core Viewpoints - Haier Smart Home is positioned as a leading player in the home appliance sector, focusing on "accelerated transformation and efficiency improvement" and "globalization with meticulous cultivation" as its growth strategies [2] - The company adopts a localized research, production, and sales model, differentiating itself from traditional "China manufacturing + overseas distribution" approaches, which enhances its global market expansion [2][63] - The South Asian market is identified as a high-potential area, with projected revenue growth of 21.05% in 2024, particularly driven by strong performance in India [2] Company Analysis - Haier has established a comprehensive global research, production, and sales network, with over 1.6 billion units of production capacity and 163 manufacturing centers worldwide, including 61 overseas [2][75] - The company has a multi-brand strategy, leveraging brands like AQUA, GEA, and Fisher & Paykel to penetrate various international markets [63] - The report highlights the company's strong performance in the high-end market, with the Casarte brand leading in premium segments, achieving significant revenue growth [19][15] Financial Analysis - In 2024, Haier's total revenue reached 2859.81 billion yuan, marking a year-on-year increase of 4.29%, with Q1 2025 revenue at 791.18 billion yuan, up 10.06% [23][24] - The company's net profit attributable to shareholders for 2024 was 187.41 billion yuan, reflecting a growth of 12.92% [34] - The report indicates a continuous improvement in profit margins, with a net profit margin of 7.13% and a gross profit margin of 25.40% in Q1 2025 [34][33] Market Analysis - The global home appliance market is projected to grow steadily, with emerging markets like South Asia and Southeast Asia becoming key growth drivers [47][53] - In 2024, Haier's overseas revenue accounted for 49.97% of total revenue, with significant contributions from North America and Europe [29] - The report notes that the company is well-positioned to navigate external economic fluctuations due to its robust global operations and localized production capabilities [2][43]

Group 1 - BYD Energy signed a cooperation framework agreement with State Grid Hunan Comprehensive Energy Service Co., Ltd. to collaborate in the distributed energy storage sector [1] - Anhui Anwa New Energy successfully launched the first batch of engineering samples from its GWh-level new solid-state battery production line, achieving an energy density exceeding 300Wh/kg, with plans for mass production in the second half of the year [1] - The Ministry of Industry and Information Technology and five other departments issued a notification for the 2025 National Green Data Center recommendation, mandating the use of efficient energy-saving equipment and encouraging the application of energy storage technologies [1] Group 2 - The photovoltaic industry is undergoing supply-side reform, with significant price declines due to homogenization in the main material segment, necessitating technological iterations to restructure supply [2] - High-efficiency components like BC batteries command a premium of over 15% compared to conventional products, with an expected production capacity of 100GW by 2025 [2] - From January to May 2025, China's newly installed photovoltaic capacity reached 197.85GW, a year-on-year increase of 150%, with an annual demand forecast of 300GW, although growth may slow in the second half of the year [2] - Global demand for photovoltaic products is expected to reach 600GW, with Europe and the Middle East contributing to the incremental growth [2] - Solid-state batteries are gaining traction with sulfide electrolytes and dry processing becoming the consensus, offering high energy density and safety advantages, with vehicle applications expected by 2026 [2] - Solid-state battery production capacity has exceeded 15GWh, with planned capacity exceeding 400GWh, and semi-solid batteries expected to ship 10GWh in 2024 [2] - The mechanical ETF tracks a segmented mechanical index that includes listed companies in engineering machinery and industrial robotics, reflecting the overall market performance of China's mechanical industry with high industry concentration and technological content [2]

在当前的市场环境下，科技创新领域仍备受机构关注。"担心错过中国科技发展的情绪再次出现。"摩根 士丹利中国首席股票策略师王滢认为，自从DeepSeek横空出世，中国再次证明自己在新一轮以人工智 能为代表的全球高科技竞争中拥有独特优势，有望引领未来全球科技变革。 国内的金融机构同样关注科技机会，在平安基金基金经理张荫先看来，"机器人+"的投资时代已经来 临，在技术不断迭代突破、市场需求增长、政策扶持加码等多因素综合作用下，人形机器人很可能是未 来数年甚至数十年的大机遇。 调高中国经济增长预期 多家外资机构认为，中国股市的反弹来自于更好的基本面支撑，并调高了对2025年中国经济的预期。 在年中展望报告中，摩根士丹利研究部上调对2025年中国经济增速预期，分别将今明两年的经济增速上 调0.3个百分点和0.2个百分点。摩根士丹利认为，现行的政策框架旨在为经济托底，重视科技创新，稳 健推进经济再平衡。 2025年上半年，全球主要市场呈现出复杂多变的态势，不同国家和地区的股市表现差异显著。 总的来看，中国资产在外部扰动中展现较强韧性，特别是港股市场表现亮眼，恒生指数年内涨幅达 20%，恒生国企指数上涨19.05%，恒生科技 ...

Group 1 - Hubei Xingfa Group and Wanhua Chemical have established Hubei Xinghua Silicon Materials Co., marking a strategic move into the high-end organic silicon industry [1] - The joint venture is owned 51% by Xingfa and 49% by Wanhua, indicating a comprehensive integration of resources, capacity, technology, and market [1] - Xingfa's integrated industry chain from phosphate mining to chemical products generates significant by-products like chloromethane, essential for organic silicon monomer synthesis [1] Group 2 - Wanhua Chemical has developed a complete process for battery materials, including silicon-carbon anodes, which are crucial for next-generation lithium batteries [2] - High-quality organic silicon materials are vital for the performance of silicon-carbon anodes, and Xingfa's expertise in organic silicon will support Wanhua's R&D and production [2] - Wanhua's recent expansion of PDMS capacity aligns with the joint venture's goals, ensuring stable supply chains for raw materials like chloromethane and metallic silicon [2]

Group 1 - The company expects a significant increase in net profit for the first half of 2025, projecting a range of 1.06-1.14 billion yuan, representing a year-on-year growth of 40%-50% [1] - The company anticipates a non-recurring net profit of 930-1,000 million yuan for the same period, reflecting a year-on-year increase of 25%-35% [1] - For Q2 2025, the expected net profit is projected to be between 900-970 million yuan, with a year-on-year growth of approximately 37%-48% [1] Group 2 - The U8 product line continues to show strong growth, with sales of 696,000 tons in 2024, marking a year-on-year increase of 31.4% [2] - In the first five months of 2025, total sales of the Yanjing U8 series have surpassed 400,000 tons, increasing its share of total sales by 5.5 percentage points to 23% [2] - The company aims to enhance efficiency in strong markets while increasing efforts in weaker markets, focusing on high-capacity and high-growth cities [2] Group 3 - The company has shown consistent performance improvements, with revenue projected to grow from 11.96 billion yuan in 2021 to 14.67 billion yuan in 2024, reflecting a CAGR of 7.0% [3] - The U8 product line's sales are expected to increase from 260,000 tons in 2021 to 696,000 tons in 2024, with a CAGR of 38.8% [3] - The net profit is projected to rise from 230 million yuan in 2021 to 1.06 billion yuan in 2024, indicating a CAGR of 66.7% [3]