点击链接→《 天天基金放大招了！狂撒百万体验金，真金白银等你来拿！ 》，在文章评论区 参与互动，有机会赢888元！ 近期，A股市场表现强劲。沪指自7月9日成功突破3500点后，连续9个交易日稳守 这一 关 口，且不断刷新年内高点。 7 月2 3 日 ，沪指、上证50 指数 等盘中突破3600、2800点，续写新篇章。 本轮指数突破有何独特之处？后续走势将如何展开？ 在基金公司看来，当前市场或仍处于上涨趋势中，不能轻易言顶。与以往相比，此次行情基 础更为扎实，市 场赚钱效应有望逐步扩散。 多因素驱动 此次行情基础更为扎实 业内认为，近期市场的上涨是多重利好因素共同推动的结果。 对于近期的上涨，长城基金认为有几个驱动因素：一是 " 反内卷 " 政策不断深化。 从 去年7 月 中央 政治局会议首次提到 " 反内卷 " 到现在已有一年时间，范围不断扩大，从上游资源 品、"新三样"到快递、航空等，而不是像上一轮供给侧改革主要集中在传统行业的去产能。 " 反内卷 " 政策的推出及执行，有望上修PPI和A股盈利预期。 二是世界级超级工程—总投资达1.2万亿元的雅鲁藏布江下游水电项目宣布开工，对顺周期板 块的情绪拉动较大，一 ...

Group 1 - The pharmaceutical and biotechnology industry is entering a dual-driven phase of policy and technology, with innovative drug support policies advancing to phase 2. This will activate a new round of opportunities in the industry chain [1] - In the medical device sector, domestic substitution and technology export are becoming core trends. The market for cardiovascular precision diagnostic devices is expected to grow significantly, with the IVUS market size projected to increase from 1.76 billion yuan in 2024 to 5.11 billion yuan by 2030, and the coronary direct measurement FFR market expected to grow from 230 million yuan to 3.12 billion yuan [1] - The biopharmaceutical industry is experiencing intense competition and rapid technological iteration. State-owned capital entering the sector injects financial vitality, promoting R&D investment and industry chain integration, aiding companies in transitioning from scale expansion to innovation-driven growth [1] Group 2 - The reactivation of the dual financing channels of the Sci-Tech Innovation Board and Hong Kong stock market further enhances the full-cycle financing capabilities of pharmaceutical companies [1] - The 11th batch of centralized procurement demonstrates policy determination, highlighting the investment value of innovative drugs, with the industry overall rated for accumulation [1] - The Biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed companies involved in biotechnology, pharmaceuticals, and medical devices from the Shanghai and Shenzhen markets to reflect the overall performance of related securities [1]

Group 1 - The innovative drug sector is experiencing structural differentiation, with leading companies like Kangfang Biotech and BaiLi Tianheng performing well, while emerging firms like Yahui Pharmaceutical are seeing a "value return" with stock prices reaching new highs [1][2] - The Hong Kong innovative drug market has become one of the best performers this year, but there are emerging market divergences, with some believing the sector has reached a peak and others optimistic about long-term growth supported by policy and pipeline developments [1][2] - The core question is whether the innovative drug sector is at the end of a valuation repair phase or at the beginning of a new value reassessment [1][2] Group 2 - Fund manager Yun Lei from Southern Fund expressed a cautious view on the innovative drug sector, emphasizing the need for rationality amidst market enthusiasm [1][2] - Yun Lei argues that the current innovative drug market is a "new cycle story" rather than a "new narrative," highlighting that the recovery is driven by both domestic efforts and changes in the global pharmaceutical research environment [2][3] - The lack of breakthroughs in basic science and the challenges faced by multinational pharmaceutical companies have amplified the advantages of Chinese innovative drug firms, particularly in the "me-better" optimization space [2][3] Group 3 - The valuation of innovative drug pipelines is highly volatile, influenced by factors such as clinical success rates and commercial policies, where any deviation can lead to significant valuation differences [3] - The current cycle differs from the previous one in that Chinese innovative drug companies are now directly serving as laboratories for overseas firms, indicating an industry upgrade but also a continued dependency on foreign demand [3][4] - Yun Lei emphasizes the importance of clinical data and commercialization in determining valuations, urging investors to distinguish between "true innovation" and "false progress" [3][4] Group 4 - The Chinese biopharmaceutical industry is at a crossroads, facing the choice between chasing short-term trends or focusing on building long-term competitive advantages [4][5] - Companies that pursue short-term gains may face risks of resource dispersion and lack of core competitiveness, while those that focus on addressing fundamental clinical needs can build sustainable growth [5][6] - Novo Nordisk is cited as a global example of "long-termism," achieving success through deep insights into metabolic diseases over nearly a century [5][6] Group 5 - Domestic companies like Hengrui Medicine and Innovent Biologics are exemplifying the strategy of deepening their focus on specific therapeutic areas while expanding their global reach [6][7] - Hengrui has transformed from a generic drug leader to an innovative drug pioneer by expanding the indications for its PD-1 drug, while Innovent has successfully entered the U.S. market with its PD-1 product [6][7] - Rongchang Biotech has also demonstrated the viability of long-term technical focus and differentiated innovation with its ADC product, achieving significant sales and international licensing [7][8] Group 6 - The key to navigating the current biopharmaceutical landscape lies in building an ecological moat through deep focus and understanding of disease mechanisms, rather than merely following market trends [8] - Companies that integrate technical, clinical, and commercial capabilities into a cohesive strategy are more likely to thrive in a rapidly changing environment [8]

Group 1 - The core viewpoint of the news highlights the positive market response and policy support for the innovative drug sector, particularly through the recent ETF performance and government procurement policies [1][2]. - The innovative drug ETF (560900) experienced a significant increase in trading volume and net inflow of funds, reaching a new high in both scale and shares [1]. - The National Medical Insurance Administration has initiated the 11th batch of centralized drug procurement, establishing clear guidelines that protect innovative drugs, thereby boosting confidence in R&D and commercialization for innovative drug companies [2]. Group 2 - The new procurement policy is expected to enhance the commercialization path for innovative drugs, facilitating market penetration and sales growth [2]. - The innovative drug ETF closely tracks the CSI Innovative Drug Industry Index, which includes a maximum of 50 representative listed companies involved in innovative drug R&D [2]. - Morgan Asset Management is integrating its global technology investment products to help investors capitalize on opportunities in quality tech companies amid the rise of AI-driven technological advancements [2].

每日市场观察 2025 年 7 月 24 日 【今日关注】 周三两市互有涨跌，幅度不大，成交额 1.9 万亿，比上一交易日小幅减 少约 300 亿。行业多数下跌，非银、家电、银行等行业小幅上涨，建材、 军工、机械、电力设备等行业跌幅居前。 盘面解读 大金融和权重半导体上涨，抵消了其他行业的下跌影响，使得指数虽有 震荡，但跌幅不大。全 A 指数和沪指仍保持强势特征，而成交量保持在 1.9 万亿的较高水平，表明市场仍然维持着较高的活跃度。从行业上看， 前两日快速上涨的建材建筑等品种下跌幅度稍大，而其他行业普遍跌幅 并不算大，即便跌幅最强的军工行业指数，其上行的技术形态并未遭到 明显破坏。总体看，周三的震荡是对前期市场上涨的消化，对此并不值 得过多忧虑。 机会挖掘 银行证券保险整体表现较为强势。对于正在加大布局力度的长线资金来 说，高股息性质的大金融板块仍具有相当吸引力，因而其进一步调整的 空间应该有限。在市场整体风险偏好提升情况下，前期滞涨的低位板块， 比如半导体可作为短线关注的重点方向。 【市场回顾】 市场概况：7 月 23 日，市场全天冲高回落，沪指 3600 点得而复失。截 至收盘，沪指涨 0.01%，深成 ...

Market Overview - The Shanghai Composite Index briefly surpassed 3600 points, reaching a new high for the year, but closed slightly up by 0.01% at 3582.3 points, while the Shenzhen Component Index fell by 0.37% to 11059.04 points, and the ChiNext Index was down by 0.01% to 2310.67 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 189.87 billion yuan, a decrease of approximately 30 billion yuan from the previous day [1] - Various sectors showed mixed performance, with military, electricity, construction, and liquor sectors declining, while insurance, brokerage, and banking sectors saw gains [1] Hainan Free Trade Port Development - The Hainan Free Trade Port will officially start its full island closure on December 18, 2025, marking a significant milestone in its development [2] - The policy will promote high-quality development by implementing "open on one line, controlled on another line, and free within the island" [2] - The tourism industry in Hainan is expected to benefit significantly, with related businesses such as scenic spots, hotels, and travel retailers poised for long-term gains [2] Tungsten Market Dynamics - Tungsten concentrate prices have reached a historical high of 182,500 yuan per ton as of July 21, with a continuous upward trend since May 13 [3] - The supply-demand balance for tungsten is expected to remain tight, and despite potential price corrections, tungsten prices are projected to stay high over the next three years [3] Nuclear Fusion Industry Developments - The establishment of China Fusion Energy Co., a subsidiary of the China National Nuclear Corporation, aims to advance fusion engineering and commercialization [4] - Global investment in the fusion industry has reached $7.1 billion, with China's significant funding expected to drive growth in core areas such as superconducting materials and magnet systems by 2027 [4] - The technology spillover effects from fusion research are anticipated to open new markets in medical devices and new materials [4] Agricultural Sector Initiatives - The Ministry of Agriculture and Rural Affairs is focusing on promoting high-quality development in the pig industry, emphasizing market guidance and policy support [6] Industrial Robotics Market Growth - China remains the largest market for industrial robots globally, with a notable increase in demand from the 3C industry due to national subsidy policies [9] - A specific industrial robot manufacturer in Shenzhen reported that orders are already booked until November, reflecting strong market demand [9] - In the first half of 2025, China's cumulative production of industrial robots reached 369,300 units, marking a year-on-year increase of 35.6% [9]

Group 1 - The TCE technology sector is experiencing a significant breakthrough, particularly in the treatment of autoimmune diseases, with CD3T cell connectors showing notable therapeutic potential [1][2] - TCE drugs offer advantages such as precise targeting of pathological cells, reduced toxicity through controlled CD3 co-stimulation signals, and engineered adjustments to prolong efficacy [1] - The global interest in TCE technology has surged in 2024, with total transaction amounts reaching approximately $4.3 billion, indicating a rising trend in high-value TCE deals among biotech companies [2] Group 2 - Notable transactions include Merck's acquisition of Tongrun Biotech's CD3/CD19 bispecific antibody product for $1.3 billion, and AbbVie’s agreement with IGITherapeutics for exclusive rights to ISB2001, involving a $700 million upfront payment [2] - The vaccine ETF (code: 159643) tracks the vaccine biotech index (code: 980015), reflecting the overall performance of listed companies involved in vaccine research and production [2] - Investors without stock accounts can consider the linked ETFs, such as Guotai Guozheng Vaccine and Biotechnology ETF [2]

Market Overview - On July 23, the Shanghai Composite Index rose by 0.01%, while the Shenzhen Component Index fell by 0.37%, and the ChiNext Index remained unchanged [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.86 trillion yuan, with over 4,000 stocks declining [1] - Sectors such as hydropower, beauty care, securities insurance, CRO, banking, and small metals saw significant gains, while sectors like Hainan, military industry, ultra-high voltage, and cement experienced declines [1] Focus Stocks - Xue Ren Group experienced a trading halt, with the market's consecutive board height reduced to four for Nanmin Group [3] - Zhibo Design and Shen Shui Planning Institute both achieved a 20% increase for three consecutive boards in the hydropower station concept stocks [3] - Hengli Drilling Tools reached a 30% increase for three consecutive boards in the shield machine concept stocks, while China Railway Construction reached a 20% increase for three consecutive boards [3] Top Net Buy and Sell on Dragon and Tiger List - The top three net buying stocks were Xue Ren Group (244 million yuan), Kailong Co., Ltd. (134 million yuan), and Qingyun Technology (97.91 million yuan) [4] - The top three net selling stocks were Tianshan Co., Ltd. (295 million yuan), China Power Construction (220 million yuan), and Lansheng Co., Ltd. (150 million yuan) [5] - Xue Ren Group's stock surged, with a turnover rate of 32.19% and a trading volume of 2.372 billion yuan, with net buying from the Shenzhen Stock Connect of 164 million yuan [5] Company Developments - Xue Ren Group has developed a comprehensive technical plan for large-scale concrete temperature control needs in its projects and has participated in multiple hydropower projects in the Yarlung Tsangpo River basin [8] - The company’s helium compressor is used in a major national scientific research project, achieving international leading technology in the controlled nuclear fusion field [8] - Xue Ren Group is investing 280 million yuan to build a hydrogen fuel cell system production base, expected to be operational by July 2028, aligning with national hydrogen energy policies [8] Other Notable Stocks - Nanjing New Hundred, involved in innovative drugs and cell immunotherapy, reported a revenue increase of 1.98% to 6.7 billion yuan in 2024 [11] - Zhendong Pharmaceutical, focusing on anti-tumor traditional Chinese medicine, has a leading product in the market and has resolved a significant arbitration issue [15] - Tianshan Co., Ltd. saw a decline of 6.27% with a trading volume of 1.371 billion yuan, while Shangfeng Cement fell by 9.27% with a trading volume of 675 million yuan [12][18]

Group 1 - The core viewpoint of the article highlights the active performance of the innovative drug sector, with companies like JianKai Technology seeing a rise of over 10% [1] - Abivax, a French gastrointestinal drug developer, experienced a significant surge of 586% in its stock price after announcing positive results from its Phase III trials for its core drug obefazimod targeting moderate to severe active ulcerative colitis [1] - Other companies in the sector, including Nanjing Xinbai, Lianhuan Pharmaceutical, Weichip Bio, Dize Pharmaceutical, Shutaishen, and Kailaiying, also showed upward movement in their stock prices [1]

Market Overview - The A-share market is experiencing a divergence around the 3600-point level, with a significant trading volume exceeding 1.8 trillion yuan, indicating a potential for short-term volatility due to profit-taking and historical resistance levels [1][10][12] - The market is characterized by a "slow bull" trend in the medium term, driven by favorable tariff negotiations, continuous policy support, and an overall improvement in liquidity conditions [1][10][12] Sector Analysis - Traditional sectors are recovering due to low valuations and supportive policies, with a focus on segments benefiting from large-scale infrastructure projects [4][10] - The Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan, is a key driver for the hydropower sector, suggesting potential for further gains despite recent price increases [6] - The medical services sector is gaining traction, particularly in innovative pharmaceuticals, which are expected to see improved fundamentals in the latter half of 2025 due to a favorable commercialization environment and demographic trends [7] - The securities sector shows potential for recovery, with expected increases in trading volume and supportive monetary policies, making it a focus for medium-term investments [8][9] Investment Strategy - Short-term strategies should avoid chasing high-flying stocks and consider profit-taking on sectors that have seen significant gains, such as hydropower [2][11] - Medium-term investments should target growth sectors with strong policy and technological drivers, including AI infrastructure, innovative pharmaceuticals, and humanoid robotics [2][11]