Core Viewpoint - The Hong Kong stock market is attracting global value investors due to its significant valuation advantages and unique sectors such as innovative drugs and international companies, presenting a potential opportunity for systematic discount recovery [1][4]. Group 1: Market Outlook - The upcoming issuance of the Huashang Hong Kong Stock Connect Value Return Mixed Fund (025024) on September 8 is expected to capitalize on the potential recovery in the Hong Kong market [1][5]. - The fund manager, Yu Yi, believes that multiple favorable factors may lead to a systematic discount recovery in the Hong Kong stock market [4][5]. - Over the next two to three years, sectors like real estate and consumption are expected to stabilize, while innovative industries such as semiconductors are entering a capacity expansion cycle, which may drive overall market recovery [4][5]. Group 2: Investment Strategy - Yu Yi emphasizes the unique investment value of the Hong Kong market, highlighting sectors such as AI chips, innovative drugs, and international companies as key areas for investment [5]. - The fund aims to select companies with distinctive characteristics and alpha potential to achieve long-term returns, while also considering potential adjustments in dividend tax policies that could benefit dividend stocks [5]. - The investment strategy will focus on strict risk control and value investment principles, selecting fundamentally sound and attractively valued stocks within the Hong Kong Stock Connect [5][6].

Core Viewpoint - The latest FOF (Fund of Funds) report reveals a strong preference for bond funds among FOF managers, with significant interest also in ETFs, actively managed equity funds, and QDII funds as the capital market recovers [1][2][8]. Summary by Category FOF Holdings Overview - In Q2, bond funds remained the primary focus for FOFs, with the highest market value held in Hai Fu Tong Zhong Zheng Short Bond ETF, exceeding 1.643 billion yuan [2][3]. - The top 30 actively managed equity funds held by FOFs saw 21 funds yielding over 20% returns, while two QDII funds achieved returns exceeding 100% [1][12]. Top Bond Funds Held by FOFs - The top bond funds held by FOFs include: - Hai Fu Tong Zhong Zheng Short Bond ETF: 1.643 billion yuan, 1.03% YTD return [3][9]. - Bo Shi Zhong Dai 0-3 Year National Development Bank ETF: 1.022 billion yuan, 0.47% YTD return [3][9]. - Bo Shi Credit Preferred E: 1.016 billion yuan, 1.07% YTD return [3][5]. Changes in Holdings - The most increased holdings in Q2 were primarily in bond funds, with Bo Shi Credit Preferred E seeing an increase of over 800 million shares [4][5]. - Other notable increases included South Fund Income Treasure B and Bo Shi Fu Rui Pure Bond A, both exceeding 400 million shares [4][5]. Performance of ETFs - The total scale of ETFs surpassed 4.31 trillion yuan, marking a 15.57% increase from the end of last year [8]. - The top five ETFs by market value held by FOFs include Hai Fu Tong Zhong Zheng Short Bond ETF and Bo Shi Zhong Dai 0-3 Year National Development Bank ETF, with significant interest in tech-focused ETFs showing strong performance [8][9]. Active Equity Funds - The highest valued actively managed equity fund held by FOFs was Yi Fang Da Ke Rong, with a market value of 384 million yuan, despite a reduction of over 380,000 shares [11][12]. - The top 30 actively managed equity funds had a positive performance, with two funds exceeding 80% returns [12][13]. QDII Funds Performance - The highest valued QDII fund held by FOFs was Hua Xia Hang Seng ETF, with a market value exceeding 800 million yuan [16]. - Two QDII funds, Huatai Fuhua Hong Kong Advantage Selection A and Guangfa Zhong Zheng Hong Kong Innovative Medicine ETF, achieved returns over 100% [16]. Market Outlook - FOF managers express optimism for future market performance, emphasizing the need for cautious investment strategies amid rapid industry rotations [17][18]. - The anticipated economic stabilization and potential dual easing of fiscal and monetary policies in developed economies could favor the Chinese capital market [17].

Core Viewpoint - The report from Founder Securities suggests that a balanced allocation of quality assets in both markets can help reduce the risk of volatility from a single market [1] Group 1: Market Outlook - The outlook for the Hong Kong stock market is promising due to its attractive valuation [1] - The recent dovish stance of the Federal Reserve and the easing of US-China relations are expected to improve foreign capital inflow into the Hong Kong stock market [1] - Continuous inflow of southbound capital is anticipated [1] Group 2: Sector Opportunities - The Hong Kong stock market features sectors such as artificial intelligence and innovative pharmaceuticals, which represent emerging industry trends and possess a degree of scarcity [1] - The quality of assets in the Hong Kong market is expected to improve further with the listing of high-quality domestic companies [1]

Group 1 - The actual controller and chairman of Yong'an Pharmaceutical, Chen Yong, has had his detention lifted, allowing him to resume his duties, which enhances investor confidence in the company's future development [1] - FTSE Russell announced the inclusion of BeiGene and WuXi AppTec in the FTSE China A50 Index, reflecting the increasing importance of A-share companies in the global capital market and foreign investment interest in China's innovative drug sector [2] - Otsuka Pharmaceutical's application for the targeted drug, Belimumab injection, for IgA nephropathy has been accepted, potentially filling a market gap in a field with limited treatment options and providing a new growth point for the company [3] Group 2 - Ruizhi Pharmaceutical announced a partnership to establish a fund focused on investing in innovative drugs and medical devices, which will enhance the company's resource reserves and align with current industry trends [4] - Menova's subsidiary has received approval for Mosapride Citrate Tablets in China, which is expected to generate new revenue growth for the company and strengthen its position in the pharmaceutical industry [5]

Market Performance - The major indices showed mixed performance, with the Shanghai Composite Index closing at 3813.56, down 1.16% [2] - The Shenzhen Component Index closed at 12472.00, down 0.65%, while the ChiNext Index rose by 0.95% to 2899.37 [2] - The total trading volume in the Shanghai and Shenzhen markets was 2.36 trillion, a decrease of 510.9 billion from the previous trading day [6] Sector Performance - The top-performing sectors included Comprehensive (+1.64%), Communication (+1.61%), and Electric Equipment (+1.44%) [3] - The sectors that underperformed were Defense Industry (-5.83%), Non-Bank Financials (-3.05%), and Computer (-2.71%) [3] - Concept indices such as Fentanyl (+0.65%) and BC Battery (+0.39%) performed well, while sectors like Military Restructuring (-7.44%) and Domestic Aircraft Carrier (-5.45%) lagged [3] Future Outlook - The market is expected to continue experiencing fluctuations, with a focus on the TMT sector, which is anticipated to maintain high growth due to the dual drivers of AI trends and domestic substitution [6] - The report highlights that the third batch of "national subsidies" has been issued, with the fourth batch expected in October, indicating a potential acceleration in economic recovery [6] - The report suggests that investors should pay attention to sectors benefiting from "anti-involution" trends, including dividend stocks, innovative pharmaceuticals, and consumer electronics [6] News and Developments - In August 2025, A-share new accounts reached 2.65 million, a year-on-year increase of 165%, significantly surpassing the previous year's levels [5] - The wholesale sales of new energy passenger vehicles in August reached 1.3 million units, a year-on-year increase of 24% and a month-on-month increase of 10% [5]

晨会纪要（R3） 晨会纪要 2025 年 09 月 04 日 请务必阅读正文之后的免责声明 证券研究报告 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3813.56 | -1.16 | | 深证成指 | 12472.00 | -0.65 | | 创业板指 | 2899.37 | 0.95 | | 科创 50 | 1306.48 | -1.64 | | 北证 50 | 1551.45 | -1.49 | | 沪深 300 | 4459.83 | -0.68 | 上证指数-沪深 300 走势图 -3% 17% 37% 57% 2024-09 2024-12 2025-03 2025-06 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 管诗睿 | 研究助理 | | guanshirui@hnchasing.com | | | 晨会聚焦 | | --- | 一、财信研究观点 【市场策 ...

Group 1 - FTSE Russell announced quarterly adjustments to several indices, including the FTSE China A50 Index, which will take effect after the market closes on September 19, 2025 [2] - The FTSE China A50 Index will include new stocks: BeiGene, NewEase, WuXi AppTec, and Zhongji Innolight, while excluding China National Nuclear Power, China United Network Communications, NARI Technology Development, and Wanhua Chemical Group [2][3] - The adjustments reflect market trends, with the newly included companies aligning with recent hot sectors, particularly in innovative pharmaceuticals and AI optical modules [4] Group 2 - BeiGene and WuXi AppTec are leaders in the innovative drug sector, with BeiGene's stock reaching a historical high of 346 CNY per share on September 2, 2023, and a year-to-date increase of 102.51% [4] - The AI optical module companies, NewEase and Zhongji Innolight, have seen significant stock performance, with Zhongji Innolight's stock price at 426.19 CNY per share and a year-to-date increase of 246.45% [4] - Financial results for the first half of the year show substantial growth for both AI leaders, with Zhongji Innolight reporting revenue of 14.789 billion CNY (up 36.95%) and net profit of 3.995 billion CNY (up 69.4%), while NewEase reported revenue of 10.437 billion CNY (up 282.64%) and net profit of 3.942 billion CNY (up 355.68%) [5]

Group 1 - The China-Shanghai Cooperation Organization Digital Economy Cooperation Platform was officially launched in Tianjin, aiming to enhance digital infrastructure and international cooperation among member countries [1] - The platform will focus on data infrastructure connectivity, mutual recognition of data standards, digital talent cultivation, and technological research and development [1] Group 2 - Zhongji Xuchuang's market capitalization surged to 473.55 billion yuan, surpassing Dongfang Caifu for the first time, with a year-to-date increase of 335.1 billion yuan [2] - Other companies like Xinyi Technology, Ningde Times, and Tianfu Communication also saw significant market capitalization growth exceeding 100 billion yuan this year [2] Group 3 - Foreign investment giants like Barclays and UBS have increased their holdings in ETFs, reflecting growing confidence in the A-share market due to the internationalization of the yuan and improving corporate earnings [3] - There is ample room for overseas funds to continue increasing their positions in A-shares [3] Group 4 - The global smart home cleaning robot market saw a shipment of 15.35 million units in the first half of the year, marking a 33% year-on-year increase [4] - The shipment of lawn mowers reached 2.34 million units, with a remarkable growth of 327.2% [4] - Chinese manufacturers are intensifying competition in mainstream markets in Europe and the US, leveraging technology and distribution advantages [4] Group 5 - EVE Energy's "Longquan No. 2" all-solid-state battery has been successfully produced, targeting applications in robotics and low-altitude aircraft [5] - The production base in Chengdu aims for an annual capacity of nearly 500,000 cells, with the first phase expected to be completed by December 2025 [5] - The "Longquan No. 2" battery features a high energy density of 300 Wh/kg and a volume energy density of 700 Wh/L [5] Group 6 - Analyst Ming-Chi Kuo predicts that Apple's first foldable iPhone will have a shipment volume of 8 to 10 million units in 2026, with potential growth to 25 million units in 2027 [6] - The foldable iPad is expected to be launched in 2028, featuring a larger display area of 18 to 20 inches [6] Group 7 - Private equity firms have increased their research focus on "hard technology" and "big health" sectors, with over 6,000 A-share company investigations conducted in August [8] - The pharmaceutical and biotechnology sectors have become the most favored areas for private equity, surpassing previous interests in the computer industry [8] Group 8 - CITIC Securities reports that A-share earnings have reached a turning point, entering a mild recovery phase, with a notable shift from old to new growth drivers [9] - The technology manufacturing sector, driven by the AI cycle, is becoming a core engine for performance growth [9] Group 9 - According to TrendForce, global AR glasses shipments are expected to reach 32.1 million units by 2030, with an initial shipment of 600,000 units anticipated in 2025 [10] Group 10 - The Shanghai Gold Exchange has announced adjustments to margin levels and price limits for certain contracts, effective September 5, 2025 [11] - The margin for gold and silver contracts will see an increase, reflecting changes in risk management protocols [11]

Core Viewpoint - The AI Fund Zhongyin Growth Mixed A (163803) reported a profit of 14.38 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0032 yuan, and a net asset value growth rate of 1.21% during the same period [2]. Fund Performance - As of September 2, the fund's unit net value was 0.363 yuan, with a fund size of 1.306 billion yuan [2][32]. - The fund's performance over different time frames includes a three-month net value growth rate of 33.62%, a six-month growth rate of 26.14%, a one-year growth rate of 48.49%, and a three-year growth rate of -7.14% [6][28]. Market Outlook - The fund manager anticipates that U.S. economic policies under Trump will stabilize, leading to a weakening economy but avoiding recession, with monetary easing expected to continue [2]. - Domestically, the fund expects to meet annual growth targets, with a focus on improving the quality of growth through structural adjustments and risk prevention [2]. Investment Strategy - The fund remains optimistic about market conditions, driven by factors such as lower risk-free rates and increased equity asset allocation by residents and non-bank institutions [3]. - Key sectors of interest include AI and innovative pharmaceuticals, as well as liquidity-driven sectors like non-bank financials and small-cap stocks [3]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 16.32, significantly lower than the industry average of 29.05 [12]. - The weighted average price-to-book (P/B) ratio was about 1.81, compared to the industry average of 2.22 [12]. Shareholder Composition - As of June 30, 2025, the fund had 75,000 shareholders holding a total of 4.447 billion shares, with individual investors comprising 100% of the ownership [35].

Summary of the Conference Call for Sanofi Pharmaceutical Company Overview - Sanofi Pharmaceutical has over 30 years of history, initially founded by General Lou Dan. The company has deep expertise in hematological oncology, nephrology, and consumer healthcare, demonstrating strong resource advantages and sales channel capabilities [3][4]. Core Business Insights - The traditional business remains robust, with the leading product, Teva, expected to exceed 5 billion RMB in sales by 2025 due to expanded indications. The EPO product maintains a leading brand advantage, and the company has developed long-acting second-generation products to mitigate procurement risks [2][9]. - Emerging products like Remage (an anti-itch agent for liver and kidney departments) have entered the medical insurance system and are beginning to scale up, alongside new products like oral paclitaxel contributing to traditional business growth [2][9]. Innovation and Drug Development - Sanofi is actively transforming into an innovative drug company through both internal research and external partnerships. The innovative drug pipeline has made significant progress, particularly with the PDUV bispecific antibody, which has attracted a $6 billion business development agreement with Pfizer, validating its potential [2][4][5][6]. - The PDUV bispecific antibody has shown promising results in early clinical trials for non-small cell lung cancer and colorectal cancer, performing slightly better than comparable products [6]. - The company is also developing PD-1/PD-L1 and PD-1/HER2 bispecific antibodies, which have the potential to become major products in the future [7]. Consumer Healthcare Sector - The consumer healthcare segment is a distinctive growth driver for Sanofi, providing a third growth momentum. The company has made comprehensive and tiered layouts in this area, covering treatments for hair loss, obesity, and skin diseases [10][11]. - The brand "Mandi," which treats hair loss, has established a leading market position, with sales expected to reach several billion RMB in 2024. The introduction of the acne treatment "Velaiva" and the collaboration on the oral weight loss drug "Simei" further enhance the company's consumer healthcare portfolio [11]. Autoimmune Therapy Developments - In the autoimmune field, Sanofi is leveraging its subsidiary Sanjiang Guojian to develop new therapies, including BD ed c two targeting systemic lupus erythematosus and TRY one monoclonal antibody targeting ulcerative colitis, both of which have significant commercialization potential [8][12]. Market Position and Future Outlook - Sanofi's main business has shown steady growth, with a projected growth rate of over 10% in 2024, reflecting its ability to deepen market penetration and build competitive advantages [4][13]. - The company is positioned as a leading player in the domestic innovative pharmaceutical industry, with significant development potential and market value, making it a noteworthy focus for investors [14][15].