Group 1: ETF Performance - The liquidity of the Kexin Pharmaceutical ETF (嘉实) showed an intraday turnover of 18.19%, with a transaction volume of 40.9491 million yuan, indicating active market trading [3] - Over the past week, the Kexin Pharmaceutical ETF (嘉实) experienced a scale increase of 16.9597 million yuan, ranking first among comparable funds [3] - The Kexin Pharmaceutical ETF (嘉实) saw a share increase of 7.5 million shares over the past week, also ranking first among comparable funds [3] - As of July 21, the Kexin Pharmaceutical ETF (嘉实) has achieved a net value increase of 43.45% over the past year, placing it in the top 16.56% among 2,929 index equity funds [3] Group 2: Stock Performance - The top ten weighted stocks in the Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index account for 50.3% of the index, with leading stocks including 联影医疗 (9.73%), 百济神州 (6.04%), and 惠泰医疗 (5.69%) [5][3] - The highest monthly return since inception for the Kexin Pharmaceutical ETF (嘉实) was 23.29%, with the longest consecutive monthly increase being 5 months and an average monthly return of 7.43% [3] Group 3: Market Trends - Huazhong Securities maintains a bottom-up view of the pharmaceutical sector, emphasizing the importance of hard technology innovations, particularly in innovative drugs and devices, which are becoming market hotspots [6] - The recent announcement from the Shanghai Sunshine Pharmaceutical Procurement Network regarding the 11th batch of national centralized procurement includes 55 drug varieties, with key principles focusing on stability, quality assurance, and anti-competitive practices [5]

Core Viewpoint - The recent A-share market resembles a "roller coaster," with the Shanghai Composite Index fluctuating around 3500 points, driven by a surge in bank stocks and a follow-up rally in the technology sector, leading to discussions about a potential bull market [1][2] Market Performance - The Shanghai Composite Index has closed above 3500 points for eight consecutive trading days since July 10, indicating a stable market performance [2] - The current market rally is characterized by a balanced approach, combining heavyweight stocks and growth sectors, rather than relying on a single sector's explosive growth [2] Sector Analysis - Financial stocks have stabilized the market, with banks and insurance benefiting from a low-interest-rate environment, acting as a "ballast" for the index [4] - Technology stocks have shown resilience, with sectors like AI computing, robotics, and semiconductors experiencing rotation and the ChiNext 50 Index rising over 20% year-to-date [4] - Cyclical stocks, including rare earths and non-ferrous metals, have gained traction due to a rebound in commodity prices, emerging as new market hotspots [4] Influencing Factors - Policy support includes rising expectations for interest rate cuts and measures to combat "involution," which aim to boost industries like photovoltaics and lithium batteries while increasing infrastructure investment to support economic growth [5] - External risks include potential shifts in U.S. monetary policy and ongoing U.S.-China trade negotiations, which could impact market confidence and supply chains, particularly in technology and automotive sectors [5] Investment Strategy - A "barbell strategy" is recommended for ordinary investors, balancing defensive and offensive positions: - **Defensive Assets**: High-dividend stocks in a low-interest-rate environment, such as banks and utilities, are suggested as stable core holdings [5] - **Growth Assets**: Investments in AI, robotics, and semiconductors are encouraged due to their long-term growth potential driven by domestic substitution and technological breakthroughs [5] - Suggested allocation includes 50% in defensive assets, 30% in growth assets, and 20% in cash, with dynamic adjustments based on market fluctuations [5] Cautionary Notes - Investors should be aware of the "double-edged sword" effect of bank stocks, as their recent rise is driven by an "asset shortage" narrative, but valuation recovery may be nearing its limit [6] - It is advised to avoid "herd mentality" by not chasing high-flying thematic stocks, switching sectors without clear catalysts, or overly focusing on the notion of a bull market [7]

2025 年 7 月 22 日星期二 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 研 究 报 告 美国会预算办公室：大而美法案将使美国赤字增加 3.4 万亿 美元 惠誉下调美国 25%行业前景评级至"恶化" 伊朗外长称伊朗不能放弃核浓缩 韩国政府正在考虑提高股票交易税，并恢复放宽的资本利得 税起征点 国家能源局：6 月份全社会用电量同比增长 5.4% 《海南自由贸易港跨境资产管理试点业务实施细则》发布 成都出台房产新政：分批取消住房限售政策 京东一天连投 3 家机器人公司 Neuralink 首次一天内完成两台手术 微软服务器软件近日曝出严重安全漏洞 2 年期美债收益率跌 1.05 个基点报 3.8523% 5 年期美债收益率跌 2.63 个基点报 3.9132% 10 年期美债收益率跌 3.38 个基点报 4.3757% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- | --- | --- ...

7月21日，多家上市公司通过互动平台、披露投资者关系活动记录表等渠道披露公司在大基建、机器人 等方面最新情况： 【AI】 【其他】 中国稀土：圣功寨稀土矿探矿权和肥田稀土矿探矿权办理探转采的相关工作正在推动中 霍莱沃：公司正在开展AI+CAE的研发 飞荣达：已通过英伟达供应商资格认证 尚未批量交货 字节跳动旗下火山引擎将推出全新数字人平台？字节跳动对此暂无回应 中钢天源：已参与雅鲁藏布江水电站施工所用原材料检测业务 冰轮环境：公司在大型水电工程大坝混凝土冷却领域拥有成熟且广泛应用的技术和丰富的工程经验 西宁特钢：自2020年起在西藏设立全资公司开展销售业务 中材国际：多年来公司与西藏水泥建材企业保持良好合作 华菱钢铁：后续钢铁行业供给端或将持续收缩，有望有效化解钢铁行业的长期结构性矛盾 乔锋智能：公司数控机床产品可以应用于机器人零部件制造 豪鹏科技：已进入多家服务型机器人、陪伴机器人、四足机器狗、人形机器人客户供应链 【数字货币】 中国平安：积极研究香港市场稳定币相关行业监管变化 瑞达期货：未进行稳定币交易清算系统的研发 三维天地：公司的AI应用平台SunwayLink目前已有订单落地 【大基建】 【机器人】 ...

联系人： 李智 电话： 0371-65585629 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 证券基建行业领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：煤炭有色行业领涨 A 股小幅上 行》 2025-07-18 《市场分析：成长行业走强 A 股震荡上行》 2025-07-17 《市场分析：汽车电力行业领涨 A 股震荡整 固》 2025-07-16 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 07 月 21 日 投资要点： ◼ A 股市场综述 周一（07 月 21 日）A 股市场高开高走、小幅震荡上行，早盘股指高 开后震荡上行，盘中沪指在 3555 点附近遭遇阻力，午后股指维持震 荡，尾盘再度上扬，盘中工程建设、水泥建材、电网设备以及证券 等行业表现较好；银行、保险、教育以及互联网服务等行业表现较 弱，沪指全天基本呈现小幅震荡上行的运行特征。创业板市场周一 小幅上扬，创业板成分指数全天表现与主板市场基本同步。 ◼ ...

受益的行业非常多，这个要分短期和中长期，因为时间跨度很长，预期是10-15年，但按照中国的速 度，只要资金到位，10年内就完工并非不可能。 短期来看，最开始就是水泥建材这些先行一步，考虑到水泥有个运输半径问题，因此最大龙头是本地水 泥厂的西藏天路(600326.SH)，被巨量封住一字，再是离基地项目400公里的港股华新水泥(06655)，大涨 超85%。本地产能肯定是不够的，需要从其它地区引进，其它有华润建材科技(01313)、中国建材 (03323)、金隅集团(02009)、中国建材(03323)、海螺水泥(00914)均涨超10%。 【解剖大盘】 周末没啥利空，市场主要担心的无非是日本的参议院选举，最新情况是由自民党和公明党组成的执政联 盟丧失参议院过半数议席。但靴子落地后日元并未出现明显波动，市场预期石破茂依旧可以继续履行职 责，从而稳定局面。因此港股继续跳空上行，今天涨0.68%。 扰动市场的巨头内卷也开始收敛，7月18日，根据央视新闻，市场监管总局约谈饿了么、美团、京东三 家平台企业，号召理性参与竞争。美团-W(03690)、京东集团(09618)、阿里巴巴(09988)均涨幅超2%。 而爆炸性题材 ...

港股市场惊现"乌龙指"交易 东方电气盘中一度飙涨逾700% 东方电气在上午9时30分22秒出现一笔异常成交，以119.9港元/股的价格成交400股，较上一笔交易19.32 港元/股暴涨520%。该笔交易后，东方电气股价迅速回落至20.85港元/股附近。市场分析认为，这很可 能是交易员原本想以19.9港元买入，却误输入为119.9港元。受此影响，东方电气盘中一度飙涨 703.62%，创下历史最大单日波动。截至午间收盘，该股涨幅收窄至77.28%，报26.45港元/股。（上证 报） 年内已诞生3只主动权益"翻倍基" 全部来自创新药 今年以来，创新药板块逐步积累投资热度，主动权益基金中诞生出来的3只翻倍基，全部出自创新药板 块。其中，长城医药产业精选以119.66%的回报领跑今年以来的主动权益基金；永赢医药创新智选、中 银港股通医药净值亦同步狂飙，年内回报分别达106.37%、105.43%。（智通财经） 易方达基金张坤最新持仓曝光 郭良金任中国稀土董事长 天眼查App信息显示，7月18日，中国稀土发生工商变更，杨国安卸任法定代表人、董事长，由郭良金 接任，同时多位高管发生变更。中国稀土集团资源科技股份有限公司成立 ...

截至7月18日，东方红ESG可持续投资混合A近三个月复权单位净值增长率为13.65%，位于同类可比基金205/607；近半年复权单位净值增长率为11.90%，位 于同类可比基金271/607；近一年复权单位净值增长率为28.89%，位于同类可比基金173/601；近三年复权单位净值增长率为-15.66%，位于同类可比基金 277/468。 AI基金东方红ESG可持续投资混合A（015102）披露2025年二季报，第二季度基金利润2218.9万元，加权平均基金份额本期利润0.0654元。报告期内，基金 净值增长率为8.14%，截至二季度末，基金规模为3.05亿元。 该基金属于偏股混合型基金。截至7月18日，单位净值为0.886元。基金经理是李竞，目前管理6只基金。其中，截至7月18日，东方红ESG可持续投资混合A 近一年复权单位净值增长率最高，达28.89%；东方红启恒三年持有混合A最低，为4.81%。 基金管理人在二季报中表示，宏观背景趋于反复之后，产业线索慢慢浮现，市场关注的着眼点逐步从宏观叙事向中观产业叙事转变，如新消费、AI、创新 药变成越来越清晰的核心主线，而不断涌现的智能驾驶、机器人等技术也在确认工 ...

Core Viewpoint - The article emphasizes the importance of proactive engagement in research and the utilization of available resources to enhance academic and career prospects for students, particularly in the context of job hunting and academic publishing [1]. Group 1: Research Guidance and Support - The company offers a comprehensive research guidance program aimed at helping students produce high-quality academic papers, particularly in AI-related fields [3][12]. - A case study is presented where a second-year graduate student successfully completed an SCI paper in three months with the company's assistance [2]. - The program includes personalized mentoring from over 300 qualified instructors, with a high acceptance rate of 96% for students who have received guidance [3]. Group 2: Structured Research Process - The research process is broken down into a 12-week timeline, covering topic selection, literature review, experimental design, drafting, and submission [5]. - The program addresses common issues faced by students, such as lack of guidance from supervisors and fragmented knowledge, by providing a clear framework for research [6]. Group 3: Target Audience and Benefits - The service is tailored for graduate students in computer science and related fields who seek to enhance their research capabilities, accumulate experience, and improve their academic profiles [11]. - Participants can expect to gain skills in research methodology, paper writing, and coding, as well as insights into cutting-edge technologies and trends in their fields [11]. Group 4: Additional Opportunities - Outstanding students may receive recommendations to prestigious institutions and direct referrals to leading tech companies, indicating that publishing a paper is just the beginning of their academic journey [15]. - The program also offers free trial sessions and a satisfaction guarantee for consultations, ensuring that students find the right mentor for their needs [15].

7月21日，大盘延续此前涨势。截至收盘，上证指数涨0.72%报3559.79，创年内新高，深成指涨0.86%报11007.49，创业板指涨0.87%报2296.88，北证50指数 涨2.38%报1443.89. 沪深京三市成交额17271亿元，较上日放量1339亿元。全市场超4000只个股上涨，超110只个股涨停。 板块方面，受消息面影响，西藏、水利板块全线爆发，中国能建、中国电建、保利联合、西藏天路、高争民爆等多股一字涨停。水泥、基建等方向也发力补 涨，青松建化、中交设计、上峰水泥、天山股份、狮头股份、中铁工业、成都路桥等逾30股涨停。 特高压概念午后跟上大部队涨势，安靠智电收获20%，国电南自、许继电气、中国西电相继封板，平高电气、保变电气冲击涨停。 稀土板块强势不改，盛和资源涨停，华宏科技7天6板，北方稀土再度近150亿大成交下涨超6%。国资央企与西藏自治区签署75个产业项目投资协议，总投资 额达3175亿元，重点投向绿色矿产等西藏急需领域。工信部表示将实施有色金属等行业稳增长工作方案，完善支持新型工业化的金融政策。 宇树机器人开启上市辅导，产业链进一步加速，长盛轴承触及20cm，景兴纸业、金发科技、卧 ...