Core Viewpoint - The article discusses the shifting dynamics in the bond market, highlighting a significant outflow from bond funds and a rising interest in "fixed income +" products amid a volatile equity market [2][3][4]. Group 1: Bond Market Dynamics - Recent data indicates that over 200 billion yuan worth of various bonds were sold by fund products in just four trading days, with nearly 100 billion yuan sold on a single day, marking the largest single-day redemption since September 2022 [3]. - The total scale of public bond funds reached a historical high of 10.93 trillion yuan by the end of Q2, up from 10.07 trillion yuan at the end of Q1, reflecting an increase of 860 billion yuan [3]. - The bond market has experienced increased volatility, with the 10-year government bond yield rising over 5 basis points and the 30-year yield exceeding 1.9%, indicating a shift from a previous stable environment [4]. Group 2: Investment Strategies and Outlook - Fund managers express cautious optimism regarding the bond market, suggesting that while the market remains in a bull phase, there are concerns about the fragility of high leverage and long duration in a low volatility and low interest rate environment [5]. - Strategies such as a "barbell" approach, which balances coupon income and capital gains, are recommended to navigate uncertainties in the current market [5]. - The outlook for the third quarter suggests a likelihood of narrow fluctuations in interest rates, with credit bonds expected to perform better than interest rate bonds [5]. Group 3: Convertible Bonds Performance - In the context of rising equity markets, convertible bonds have gained traction, with the China Convertible Bond Index reaching a nearly ten-year high, reflecting a 12.83% increase since April 7 [7]. - Factors contributing to the rise in convertible bonds include strong performance in small-cap stocks, low bond yields enhancing the value of convertible bonds, and a tight supply due to refinancing regulations [7]. - The investment in convertible bonds is seen as a combination of fixed income and equity options, providing opportunities for both capital appreciation and downside protection [7][8]. Group 4: Sector-Specific Opportunities - Investment managers highlight structural opportunities in sectors such as technology, innovative pharmaceuticals, and consumer goods, suggesting that these areas may continue to perform well despite potential market corrections [8]. - The focus on small-cap themes is expected to remain active in a liquidity-rich environment, leveraging the unique characteristics of convertible bonds to capitalize on market movements [8].

Market Overview - The Hang Seng Index (HSI) closed up 0.40% at 25,490.45 points, while the Tech Index (KSI) fell 0.59% to 5,644.52 points [1] - The total market turnover reached HKD 149.725 billion [1] Sector Performance - Major financial sectors, including Chinese brokerage firms and insurance, saw significant gains, while coal and non-ferrous metals sectors experienced declines [1] Notable Stocks - China Tobacco Hong Kong rose by 13.78% after reaching an agreement with China National Tobacco on maintaining its duty-free cigarette business in mainland China [1] - Ping An Insurance (601318) increased by 3.21% [1] - Hengrui Medicine (600276) surged by 15.43% [1] - China Shenhua Energy (601088) decreased by 1.85% [1]

Core Viewpoint - The article discusses the trend of private equity firms in China seeking overseas assets, particularly through obtaining the Hong Kong 9 license, which allows them to establish asset management subsidiaries in Hong Kong and manage USD funds directly, reflecting a strategic internationalization effort [2][3]. Group 1: Overview of Licensed Private Equity Firms - As of July 21, 2025, there are 88 private equity firms that have obtained the Hong Kong 9 license and are in good standing [2]. - Among these licensed firms, 58 are subjective private equity firms, 21 are quantitative firms, and 9 are hybrid firms [2]. - In terms of scale, 38 licensed firms manage over 5 billion RMB, accounting for approximately 10% of the total, while 50 firms managing below this threshold represent only 0.66% [3]. Group 2: Geographic Distribution - The majority of licensed private equity firms are located in major coastal cities, with Shanghai having 30 firms, Shenzhen 21, and Beijing 14 [3]. Group 3: Recent License Acquisitions - In 2025, three leading quantitative private equity firms, namely Pansong Asset, Blackwing Asset, and Qianhai Bopu Asset, obtained the Hong Kong 9 license [4]. - Blackwing Asset, which received its license on March 24, 2025, is noted for its strong performance across various time frames [4][5]. Group 4: Performance Rankings - For the first half of 2025, the top-performing private equity firms include Jinhua Asset, Tianyan Capital, Longqi Technology, Ningbo Huansong Quantitative, and Jinge Liangrui, all of which are quantitative firms [6][10]. - Tianyan Capital achieved the highest returns over the past year, followed by Longqi Technology and Blackwing Asset [10][11]. - In the last three years, the top firms include Shenhui Investment, Tianyan Capital, and Baizhi Capital, with Shenhui Investment leading the rankings [14][15]. Group 5: Investment Strategies and Focus - Blackwing Asset, established in 2014, has developed a comprehensive AI-driven quantitative investment strategy, covering various approaches such as quantitative stock selection and market-neutral strategies [5]. - Tianyan Capital, founded in 2014, focuses on a pure quantitative and objective investment philosophy, managing approximately 26 billion RMB [11][12]. - The article highlights the shift in investment strategies among firms like Dongfang Gangwan, which has begun to focus on global markets and AI-related sectors [17][18].

Group 1 - The innovative drug sector in Hong Kong and A-shares continues to strengthen, with notable gains in stocks such as MicroPort Medical, China Biologic Products, and Innovent Biologics [1] - On July 28, 2025, Hengrui Medicine announced an agreement with GSK, granting GSK exclusive global rights to the HRS-9821 project and up to 11 other projects, with an upfront payment of $500 million and potential milestone payments totaling approximately $12 billion [1] - Haitong International highlights the sustained high prosperity in the innovative drug sector, with Pharma companies expected to undergo a revaluation, while Biopharma/Biotech companies show strong growth potential as their innovative pipelines begin to yield results [1] Group 2 - The Hang Seng Biotechnology ETF (159615) closely tracks the Hang Seng Biotechnology Index, which reflects the overall performance of the largest 50 biotechnology companies listed in Hong Kong [2] - The top ten weighted stocks in the Hang Seng Biotechnology Index include Innovent Biologics, WuXi Biologics, BeiGene, and others [2] - The Southern Innovative Drug ETF (159858) tracks the CSI Innovative Drug Industry Index, which selects up to 50 representative listed companies involved in innovative drug research and development [2]

截至7月25日，恒生科技指数ETF（513180）标的指数的最新估值（PETTM）仅21.51倍，处于指数2020 年7月27日发布以来约19.63%的估值分位点，即当前估值低于指数发布以来80%以上的时间。当前指数 仍处于历史相对低估区间，而高弹性、高成长等特性使其具备更大的向上动能。没有港股通账户的投资 者或可通过恒生科技指数ETF（513180）一键布局港股科技龙头。（场外联接A/C：013402/013403） 7月28日，港股三大指数高开高走。盘面上，创新药、稳定币概念股等盘中活跃。A股同赛道规模最大 的恒生科技指数ETF（513180）跟随指数上扬，涨超0.5%，持仓股中，阿里巴巴、腾讯音乐、京东集 团、蔚来、海尔智家（600690）、腾讯控股等涨幅居前。 消息面上，香港《稳定币条例》8月1日生效在即。香港金融管理局计划于本周（7月28日起）公布"稳定 币发行人发牌制度"的摘要说明，申请者将获得更详细的指引，明确稳定币发行人在反洗钱、储备、信 息披露等方面的具体要求。目前，已有三组测试者在稳定币沙盒中，分别是圆币创新科技有限公司；京 东币链科技（香港）有限公司；渣打银行（香港）、安拟集团（Anim ...

7月28日早盘，制药板块走强，化学药、生物药、中药等三大纯制药领域龙头股齐涨，国内首只的药 ETF（562050）盘初冲击2%。成份股海思科涨停，巨头恒瑞医药涨超6%；太极集团、以岭药业等中药 龙头涨超2%。 把握中国龙头药企价值重估机遇，配置工具关注国内首只药ETF（562050）。聚焦A股50大龙头药企， 重仓创新药，兼顾中药，且完全不含医疗和CXO。 同时看好医疗器械、CXO，可以关注A股最大医疗ETF（512170）。聚焦"医疗器械+医疗服务"，与AI 医疗高相关，覆盖6只CXO龙头股。场外联接基金（A类 162412 / C类 012323）。 风险提示：医疗ETF及其联接基金被动跟踪中证医疗指数，该指数基日为2004.12.31，发布于 2014.10.31。药ETF被动跟踪中证制药指数，该指数基日为2011.12.30，发布日期为2013.7.15，2020- 2024年分年度历史收益分别为：41.61%、-9.10%、-21.09%、-3.70%、-6.53% ，指数成份股构成根据该 指数编制规则适时调整，其回测历史业绩不预示指数未来表现。文中指数成份股仅作展示，个股描述不 作为任何形式的投资 ...

Group 1 - The pharmaceutical sector experienced a positive trend on July 28, with the Medical Innovation ETF (516820) rising by 0.79%, and key stocks such as Hengrui Medicine (600276) increasing by 6.21% [1] - Hengrui Medicine announced a deal with GSK, granting exclusive global rights to the HRS-9821 project and up to 11 additional projects, with GSK paying a $500 million upfront fee [1] - If all projects are exercised and milestones achieved, Hengrui could receive potential milestone payments totaling approximately $12 billion, enhancing its innovation brand and overseas performance [1] Group 2 - According to Industrial Securities, the upcoming mid-year report season is expected to show performance similar to Q1, with sustainable growth in sub-sectors like innovative drugs and the innovative drug supply chain [2] - The overall performance in other segments is anticipated to remain stable, with some companies in the medical device sector showing promising results based on their operational trends [2] - The total healthcare expenditure in China is projected to continue stable and sustainable growth, with a focus on identifying sub-sectors that can outperform the industry average, emphasizing innovation, consumption upgrades, and high-end manufacturing as key themes [2]

Group 1 - The core viewpoint is that the Chinese innovative drug sector is gaining global recognition, with increasing clinical data presence at international academic conferences and rising BD authorization amounts and numbers, indicating enhanced global market acceptance of Chinese innovative drugs [2] - The innovative drug ETF (560900) has shown a strong performance, with a 1.57% increase as of July 28, 2025, and a 7.04% increase over the past two weeks, reflecting positive market sentiment [1] - The latest scale of the innovative drug ETF reached 55.51 million yuan, marking a six-month high, with a significant increase in shares by 3 million, leading the comparable funds [1] Group 2 - The support from medical insurance policies for innovative drugs is characterized by a "full chain, high intensity" approach, which includes accelerated inclusion of new drugs into the medical insurance catalog and optimized payment methods, further promoting rapid clinical application [2] - The innovative drug ETF closely tracks the CSI Innovative Drug Industry Index, which selects up to 50 representative listed companies involved in innovative drug research and development to reflect the overall performance of the innovative drug industry [2] - The rise of AI-driven technology waves has prompted Morgan Asset Management to integrate its "Global Vision Investment Technology" product line, aiding investors in seizing investment opportunities in quality technology enterprises globally [2]

Summary of Conference Call Records Industry Overview - The Chinese innovative pharmaceutical industry is experiencing accelerated development, driven by internationalization, policy support, and technological breakthroughs [3][4] - The recognition of Chinese innovative drugs in international markets is increasing, with a notable rise in BD (business development) transactions and large upfront payments [1][3] Key Companies Innovent Biologics (信达生物) - Sales revenue from tumor products has rapidly increased, surpassing 8 billion RMB in 2024 and expected to reach 11 billion RMB in 2025 [1] - IBI363 shows significant efficacy in lung cancer and colorectal cancer, with a 12-month overall survival (OS) rate of 70.9% in lung cancer patients [7][8] - The company has a strong competitive advantage in the tumor field, with multiple potential products and a robust pipeline [9] - Non-tumor products like Masudutai and others are also entering the sales phase, with peak sales expected to exceed 8 billion RMB [10] Kangfang Biopharma (康方生物) - Revenue growth is projected to exceed 70% in 2025 and around 40% in 2026, driven by continuous product approvals and market expansion [1][13] - AK112, a core product targeting PD-1 and VEGF, shows rapid clinical advancement and high safety, particularly in squamous cell carcinoma [14][15] - The company is actively pursuing early treatment research for PD-1 resistant patients, differentiating itself from competitors [2][17] Technological Breakthroughs - Innovations in ADC (Antibody-Drug Conjugates), IO (Immuno-Oncology) bispecific antibodies, GLP-1, and T-cell engagers are leading industry advancements [1][3] - Kangfang's dual antibody technology platform has significantly improved R&D success rates, with rapid approval timelines for key products [13] Investment Insights - Recommended investment targets include companies like Heng Rui Medicine, BeiGene, and others in both A-share and H-share markets [5] - Key investment considerations include overseas sales potential and anticipated business development activities [4] Future Catalysts - For Innovent, upcoming catalysts include the initiation of clinical trials for various products and expected data readouts in 2026 [11] - Kangfang is expected to continue rapid progress in overseas clinical research and expand its market presence [18][24] Market Valuation - Kangfang's current reasonable market value is estimated at 200.098 billion RMB, with a target price of 222.93 RMB based on DCF model calculations [25]

Summary of Pro Pharmaceutical Conference Call Company Overview - Pro Pharmaceutical is a leading pharmaceutical integration platform under the Hongdian Group, established in 1989 and headquartered in Dongyang, Zhejiang [4][5][16] - The company has developed a significant business scale over 30 years, focusing on CDMO, APIs, and formulations, with global competitiveness [4][5] Strategic Focus - The company has launched a 2030 strategy focusing on four key areas: raw materials, CDMO, pharmaceuticals, and medical aesthetics, with CDMO identified as the core growth driver [2][4] - CDMO business is currently in an explosive growth phase, benefiting from years of accumulation and expanding into cutting-edge technologies like ADC and peptides [2][6] Financial Performance - In 2024, the revenue from the three main segments is projected to be: raw materials and intermediates at 8.651 billion yuan, CDMO at 1.884 billion yuan, and formulations at 1.256 billion yuan [4] - Gross profit margins for these segments are expected to be 45.17%, 26.98%, and 26.63% respectively, indicating a strong performance in raw materials [4] CDMO Business Development - Pro Pharmaceutical has established itself as a core player in the global innovative drug CDMO market, with over 600 R&D personnel and a significant increase in project numbers [5][6] - The number of API projects in the R&D phase has grown from 28 in 2021 to 79 in 2024, with commercialized human drug projects increasing from 74 to 262 [6] Domestic Innovation Drug Industry - The domestic innovative drug industry is experiencing rapid growth, with significant revenue increases reported by leading biotech companies [7] - Pro Pharmaceutical has established partnerships with 572 domestic and international innovative drug companies, with over 300 agreements signed with leading domestic firms [7] International Market Performance - The overseas market remains a major revenue source, with expectations of achieving over 10 commercialized projects annually through strategic partnerships with international pharmaceutical companies [8] - The company has a long-standing presence in the CDMO sector, contributing to stable revenue growth [8] API Commercialization - Key products entering the API commercialization phase include Donafenib tosylate, Paltomide mesylate, and Fuzuloparib, with expected demand reaching ton-level [9] - These products are crucial growth drivers for the company, supported by their inclusion in national insurance directories and treatment guidelines [9] Collaborations with Multinational Companies - Pro Pharmaceutical has established close collaborations with major multinational pharmaceutical companies, including Pfizer and Merck, focusing on early-stage development orders [10][11] - The company has also built strong relationships in the veterinary medicine sector, with consistent growth in commercialized projects [11] Formulation Business Outlook - The formulation business is expected to enter a rapid growth phase starting in 2026, driven by increased approvals and a focus on market demand [13][14] - The company anticipates approval for approximately 10 formulations in 2025, with a target of over 15 by 2026 [13] Raw Materials and Intermediates Business - The raw materials and intermediates segment is the core revenue and profit contributor, with projected revenue of 8.651 billion yuan in 2024 [15] - The company is diversifying its raw material offerings across antibiotics, veterinary drugs, chronic disease medications, and medical aesthetics [15] Future Growth Expectations - Pro Pharmaceutical is expected to enter a new growth cycle starting in 2025, with a projected compound profit growth rate of over 20% [16] - The company is considered to have a favorable valuation, encouraging investors to pay attention to related assets [16]