Market Performance - On the last trading day of July, all three major A-share indices fell by over 1%, with the Shanghai Composite Index closing below 3600 points at 3573.21, down 1.18% [1] - The Shenzhen Component Index dropped 1.73% to 11009.77, while the ChiNext Index decreased by 1.66% to 2328.31 [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.96 trillion yuan [1] Sector Performance - The sectors that saw gains included liquid cooling IDC, assisted reproduction, Google, biopharmaceuticals, chemical pharmaceuticals, and computers [1] - Conversely, sectors that experienced declines included aquaculture, PTA, iron ore, energy metals, steel, and minor metals [1] Notable Stocks - The AI sector showed strong fluctuations, with Yidian Tianxia (301171) hitting the 20% daily limit up [1] - The liquid cooling server sector performed well, with Sihua New Materials (301489) also reaching the 20% limit up, alongside Yingweike (002837) and Chunz中科技 (603516) [1] - The assisted reproduction sector continued to strengthen, with Gongtong Pharmaceutical (300966) and Anke Biotechnology (300009) both hitting the 20% limit up, while Hanshang Group (600774) also reached the limit [1] - The steel sector faced adjustments, with Baogang Co. (600010) dropping over 8% [1] - The coal sector declined across the board, with Antai Group (600408) falling over 7% [1] Market Outlook - According to Jifeng Investment Advisory, the A-share market is expected to continue a structural trend in August, supported by the intensive disclosure of mid-term performance and ongoing policy efforts, favoring industries with high earnings certainty [1] - Dongfang Securities noted that the current A-share market is in a sustained upward trend with ample trading volume, attracting new capital, and maintaining a cautiously optimistic sentiment without immediate risk of reversal [2]

Group 1 - The A-share pharmaceutical sector showed strong performance in the morning session, with notable gains in CRO, biopharmaceuticals, and innovative drugs [1] - Kangchen Pharmaceutical reached the daily limit increase, while Anke Bio surged over 6% [1] - Other stocks such as Kangtai Biological, Zhifei Biological, and Ganli Pharmaceutical also experienced upward movement [1]

Group 1 - The A-share pharmaceutical sector has collectively rebounded, with concepts such as recombinant proteins, CRO, biopharmaceuticals, and innovative drugs showing reduced declines [1] - Jinbo Bio has seen an increase of over 3%, with stocks like Shanghai Laishi, Wantai Bio, and Bid Pharma also experiencing gains [1] - Trump previously announced that drug tariffs could reach as high as 200% [1]

金十数据7月7日讯，今日，A股三大指数早盘走低，午盘维持低位震荡。截至收盘，上证指数收涨 0.02%，深证成指收跌0.7%，创业板指收跌1.21%。受用电预期与午盘政策的共同催化，电力板块全天 强势，华银电力5天4板，韶能股份、豫能控股等多股涨停；跨境支付概念涨幅居前，中亦科技20cm涨 停；多元金融板块走强，永安期货涨停；除此以外，IP经济、冰雪经济等新消费概念今日走高，房地 产、数字货币、新能源、跨境支付等概念收涨。大医药板块集体低迷，生物制品、创新药等概念收跌； 英伟达、苹果概念连日走低。资金面上，今日沪深两市成交额达1.2万亿，较昨日缩量约2200亿，主力 资金净流出超170亿元。 A股收评：沪指收涨0.02%，电力板块午后再冲高 ...

Market Overview - The three major A-share indices experienced declines, with the Shanghai Composite Index down by 0.21%, the Shenzhen Component down by 0.7%, and the ChiNext Index down by 1.25% [1] Sector Performance - The electricity sector showed resilience, with stocks such as Shaanxi Energy, Huayin Electric, and Shimao Energy hitting the daily limit up [1] - The real estate sector rebounded, with stocks like Chongqing Development and Shahe Shares also reaching the daily limit up [1] - The digital currency concept saw initial gains, with Beijing North achieving two consecutive limit ups [1] - New consumption concepts, including IP economy and ice and snow economy, experienced upward movement, with sectors like lottery, sports, cross-border e-commerce, and cultural media showing early gains [1] - The large pharmaceutical sector faced collective weakness, with concepts such as CRO, recombinant proteins, and biological products declining in early trading [1] - Stocks related to Nvidia and Apple continued to decline for several consecutive days [1]

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector's potential for a reversal in 2025, highlighting innovative drugs and left-side sector recovery as the main investment opportunities [4][44]. Core Insights - The innovative drug sector remains in a high prosperity state, with significant collaborations continuing to emerge. The upcoming 85th American Diabetes Association (ADA) Scientific Sessions in June 2025 is expected to provide important clinical and research updates from endocrine and metabolic drug companies, suggesting investment opportunities in this area [11][44]. - The report emphasizes the increasing approval and quality of new drugs in China, indicating a recovery in the innovative drug sector that has been undervalued for several years. The global recognition of China's technological capabilities is also drawing renewed attention from capital markets towards domestic pharmaceutical companies [27][44]. - The report suggests focusing on leading companies with international expansion and innovation progress, such as Heng Rui Medicine, BeiGene, Innovent Biologics, and others, as well as ADC leaders like Keren Pharmaceutical and Bai Li Tianheng [27][44]. Summary by Sections Pharmaceutical Sector - UroGen Pharma's FDA approval of Zusduri, the first and only drug for treating recurrent low-grade intermediate-risk non-muscle invasive bladder cancer, marks a significant breakthrough in drug delivery systems [20][21]. - The report highlights the progress in chronic disease metabolism, with Eli Lilly's oral Lp(a) lowering drug being considered for breakthrough therapy designation, indicating a growing pipeline of innovative treatments [23][27]. - Merck's oral PCSK9 inhibitor Enlicitide has shown positive results in Phase III trials, representing a significant advancement in cholesterol management therapies [28][29]. Medical Devices - The launch of the MAGLUMI X10, a high-speed automated chemiluminescence immunoassay analyzer, reflects the increasing demand for innovative medical devices in China [33][35]. - The investment by Xianjian Technology in Jianhu Medical to develop electrophysiology products indicates a strategic move to enhance capabilities in high-end medical devices [36][38]. Medical Services - The successful initiation of China's first invasive brain-computer interface clinical trial signifies a major advancement in medical technology, with potential applications for improving the quality of life for patients with spinal cord injuries and amputations [39][40]. - The report anticipates rapid growth in related industries, including high-end imaging equipment and surgical robots, driven by technological advancements and policy support [40]. Traditional Chinese Medicine - The approval of Fangsheng Pharmaceutical's innovative traditional Chinese medicine product marks a significant step in the development of new drugs in this sector, with an expected increase in new drug applications in the coming years [41][43].

Market Performance - The pharmaceutical sector rose by 0.42% on May 23, 2025, outperforming the CSI 300 index by 1.23 percentage points, ranking second among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, medical devices (+1.43%), medical research outsourcing (+0.98%), and offline pharmacies (+0.74%) performed well, while vaccines (-0.68%), blood products (-0.43%), and hospitals (-0.27%) lagged [1] - Top three gainers in individual stocks were Xintiandi (+20.02%), Haichen Pharmaceutical (+20.00%), and Duori Pharmaceutical (+20.00%), while the top three losers were Yahong Pharmaceutical (-5.86%), BeiGene (-4.15%), and Runduo Co., Ltd. (-3.94%) [1] Industry News - GSK announced that the FDA approved its first-in-class antibody therapy Nucala (Mepolizumab) for use as an adjunct maintenance treatment in adults with eosinophilic phenotype, poorly controlled chronic obstructive pulmonary disease (COPD) [2] - Nucala is a monoclonal antibody targeting IL-5, developed for a range of IL-5 mediated diseases, and is the first biologic approved for this specific COPD patient population characterized by blood eosinophil count (BEC) ≥150 cells/μL [2] Company News - Kelun Pharmaceutical (002422) announced that its subsidiary Kelun Botai received an upfront payment from Windward Bio as part of an exclusive licensing agreement for SKB378/HBM9378/WIN3781, including cash received in February 2025 and equity from Windward Bio's parent company, which will be delivered upon regulatory approval in China [3] - Jiuzhou Pharmaceutical (603456) reported that its subsidiary Drug Technology passed an FDA cGMP inspection conducted from March 17 to 21, 2025, and received the FDA's Establishment Inspection Report (EIR) confirming compliance [3] - Huate Dain (000915) announced that its subsidiary Dain Pharmaceutical received a drug registration certificate for sodium valproate oral solution from the National Medical Products Administration, confirming that the product meets registration requirements [3] - Dizh Pharmaceutical (688192) announced that it will present three latest research advancements on its two self-developed innovative drugs DZD8586 and DZD6008 at the 2025 American Society of Clinical Oncology (ASCO) annual meeting, focusing on B-cell non-Hodgkin lymphoma (B-NHL) and non-small cell lung cancer (NSCLC) [4]