Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) reported significant growth in the capital market, with a notable increase in fundraising activities and the development of the digital asset ecosystem [2][4]. Group 1: Capital Market Performance - In the first seven months of the year, Hong Kong's fundraising amount surged over 610% year-on-year to HKD 128 billion [2]. - In Q2, there were 27 IPOs raising a total of HKD 88 billion, marking an increase of over 900% compared to the previous year [4]. - The average daily trading volume increased by 85% year-on-year to HKD 243.7 billion [6]. Group 2: IPO Applications and Approvals - As of the end of July, there were over 220 IPO applications under review [2][4]. - The SFC processed 121 new listing applications in Q2, including 11 from unprofitable biotech companies and 11 from specialized technology companies [4]. - The SFC completed the review of 53 accepted listing applications within 40 business days [4]. Group 3: Asset and Wealth Management - The asset and wealth management sector in Hong Kong saw a robust growth, with assets under management for registered funds increasing by 39% year-on-year [6]. - The number of open-end fund companies rose by 56% year-on-year, and the average daily trading volume of ETFs surged by 135.5% [6]. Group 4: Digital Asset Ecosystem - The number of licensed virtual asset trading platforms in Hong Kong increased to 11, with 57 licensed entities allowed to provide virtual asset trading services [8]. - The first six Hong Kong SFC-approved virtual asset spot ETFs saw their market value and average daily trading volume rise by 73% and 13%, respectively [8]. - The SFC issued regulatory guidelines for licensed virtual asset trading platforms regarding collateral services and approved two platforms to offer such services [9].

Core Viewpoint - The integration of digital technology, biotechnology, and intelligent equipment is rapidly enhancing the development of the under-forest economy in China, transforming it into a key driver for high-quality growth in this green industry [1][2]. Group 1: Development of Under-Forest Economy - The under-forest economy is expanding in scale and becoming a crucial pillar for increasing income among mountain farmers, with various models such as ginseng, medicinal herbs, and edible fungi flourishing across different regions [1][2]. - The application of new technologies like remote sensing, intelligent environmental control, and blockchain traceability is increasing the added value of the under-forest economy, shifting it from scattered and extensive practices to intensive and efficient operations [1][2]. Group 2: Role of Technology - Technological advancements are significantly improving production efficiency and product quality, with modern breeding techniques and smart greenhouse technologies leading to substantial increases in yield and stability [2][3]. - Technology is facilitating the realization of multi-layered and composite operations, maximizing the utilization of forest resources while minimizing ecological disturbances [2][3]. Group 3: Challenges and Solutions - The under-forest economy faces challenges such as insufficient R&D investment, low efficiency in technology transfer, and a shortage of skilled professionals, which hinder the application of scientific advancements in practical production [2][3]. - Recommendations include increasing R&D funding, establishing mechanisms for technology transfer, and enhancing talent cultivation through training and incentives to attract professionals to the under-forest economy [3][4]. Group 4: Importance of High-Tech Integration - Enhancing the technological content of the under-forest economy is essential for achieving high-quality development, enabling the realization of both ecological and economic benefits, and contributing to rural revitalization and ecological civilization [4].

Fund Overview - The fund is named "Zhaoshang Zhongzheng Biotechnology Theme ETF" and was established on February 8, 2021, with a total fund share of 145,372,396.00 shares as of the report date [2][3]. - The fund aims to closely track the performance of the underlying index, minimizing tracking deviation and error through a full replication strategy [2][3]. Financial Performance - The fund reported a realized loss of approximately 8.98 million RMB and a profit of 5.37 million RMB for the reporting period from January 1 to June 30, 2025 [3][4]. - The weighted average net value profit rate was 7.21%, with a net asset value of approximately 71.41 million RMB at the end of the reporting period [3][4]. - The fund's net asset value per share was 0.4913 RMB, with a cumulative net value growth rate of -50.87% since inception [3][4]. Market Context - The underlying index, the Zhongzheng Biotechnology Theme Index, increased by 6.46% during the reporting period, while the fund's net value growth rate was 6.87% [7][8]. - The market showed active trading sentiment, supported by fiscal and monetary policies aimed at stabilizing growth and promoting high-quality development [7][8]. Investment Strategy - The fund employs a strategy that includes risk management through hedging with liquid and actively traded index futures, as well as participation in government bond futures to control systemic risks in the bond market [2][3]. - The fund's investment decisions are based on thorough analysis of macroeconomic conditions and the impact of domestic fiscal and monetary policies on the bond market [2][3]. Regulatory Compliance - The fund management strictly adheres to relevant laws and regulations, ensuring that all transactions are conducted in compliance with the fund contract and regulatory requirements [6][8]. - The fund has not experienced any significant abnormal trading behavior that could harm the interests of fund shareholders during the reporting period [6][8].

Core Insights - The A-share market is experiencing a surge in high-priced and doubling stocks, with the number of stocks priced over 100 yuan nearly doubling since the beginning of the year, reaching 132 as of August 22 [1][4] - Sichuan stocks are showing a dual nature, with notable short-term movements in stocks like Leshan Electric Power and significant price increases in companies like Xinyi Technology [1][2] Sichuan Stocks - The number of Sichuan stocks priced over 100 yuan has increased from 6 to 7, with the addition of stocks in the hard technology sector, indicating a significant enhancement in their value [2] - Xinyi Technology has emerged as the "king of growth" among Sichuan stocks, with its share price soaring from 115.58 yuan to 273.81 yuan, benefiting from its early mass production of 800G optical modules [2][3] - Traditional high-priced stocks like Wuliangye and Luzhou Laojiao have shown stability, with price fluctuations remaining within 10% amid a generally subdued demand in the liquor industry [2] Doubling Stocks - Only two Sichuan stocks have seen price increases exceeding 200% this year: Xinyi Technology and vaccine developer Olin Bio, highlighting a clustering characteristic among Sichuan doubling stocks [3] - Doubling stocks are primarily concentrated in three core sectors: healthcare, information technology, and public utilities, with companies exhibiting both technological barriers and performance support [3] Market Dynamics - The rapid expansion of high-priced and doubling stocks in the A-share market is driven by macroeconomic recovery, supportive policies, and increased institutional and foreign investment [4][5] - The current market trend aligns with national strategic directions, focusing on sectors like technology (5G, AI) and healthcare, which are experiencing significant innovation and growth [5] Investment Considerations - There is a cautionary note regarding "pseudo-growth" stocks that lack substantial performance support, with a significant portion of low-priced doubling stocks showing negative net profits [6] - Identifying genuine growth stocks requires attention to high R&D conversion rates, clear commercialization paths, and operating in high-growth industries [6]

Group 1 - The "2025 Guizhou Business Launch Conference" will be held on September 7 in Guangzhou, aiming to create a high-end platform for deep collaboration in real estate, capital, talent, and technology between Guizhou and Guangdong [1] - The conference will focus on strategic emerging industries such as artificial intelligence, new energy, high-end equipment, next-generation communication technology, biotechnology, and new business models [1] - The "TOP20 Launch Roadshow Projects" will showcase breakthroughs in technological innovation, industrial transformation, and business models by Guizhou businesses in the Greater Bay Area, featuring globally launched projects like "Embodied Intelligent Robot Dexterous Hand" and "Drone Intelligent Applications" [1]

8月21日，"'一带一路'软件博览馆(香港)2025"在香港开幕，香港特区政府财政司司长陈茂波出席并致 辞。(香港特区政府新闻处供图) 当天，"'一带一路'软件博览馆(香港)2025"在香港开幕。陈茂波出席并致辞指出，香港依托"一国两 制"独特优势，一方面作为自由开放经济体，持续扮演"超级联系人"角色；另一方面，香港正联合粤港 澳大湾区其他城市加速建设全球领先的创科中心。香港作为内地与国际数据交汇点的区位条件，更为香 港发展人工智能、生物科技等产业提供显著优势。 中新网香港8月22日电 香港特区政府财政司司长陈茂波21日在香港的一个创科活动上表示，截至去年香 港初创企业约4700家，较2020年增长40%，其中近三成由非本地创业者创立，印证香港创科生态的全球 吸引力。 ...

A股上市公司2025年半年报正在陆续披露中，社保基金与公募基金作为资本市场重要力量，其持仓布局引人关注。据《证 券日报》记者梳理，截至8月21日发稿时，二者连续两个季度共同持有的个股为98只，集中分布于医药生物、化工等高成长领 域。上述98只个股截至二季度末的流通A股市值较一季度末整体增长3.64%。 本报记者 方凌晨 彭衍菘 在受访业内人士看来，社保基金与公募基金虽然投资思路并不完全相同，但都有价值投资倾向，二者连续两个季度同框个 股的市值实现增长，充分展现其独到的选股眼光与投资智慧。例如，在医药生物行业，生物科技的突破、健康生活需求的提高 等正成为机构一致看多的底层逻辑。 社保组合新进28只重仓股 近年来，政策持续鼓励中长期资金入市，推动资本市场高质量发展。Wind资讯数据显示，截至8月21日记者发稿，在已披 露2025年半年报的A股上市公司中，有129只个股的前十大流通股股东名单中出现了社保基金组合的身影。 按6月30日收盘价计算，社保基金合计持股市值达332.06亿元。常熟银行、鹏鼎控股、海大集团和万华化学等4只个股获社 保基金持股市值均超10亿元，分别为20.47亿元、13.78亿元、12.32亿元 ...

Group 1 - The index focuses on leading innovative drug companies in the A-share market, consisting of no more than 50 stocks primarily involved in innovative drug research and development [3] - As of the midday close, the index has increased by 0.5% with a rolling price-to-earnings ratio of 53.0 times, reflecting an 80.5% increase in valuation since its launch [4] Group 2 - The biotechnology ETF tracks the China Securities Biotechnology Theme Index, focusing on leading biotechnology companies in the A-share market, including those involved in gene diagnosis, biopharmaceuticals, and blood products [5] - As of the midday close, the biotechnology index has remained unchanged at 0.0% with a rolling price-to-earnings ratio of 55.6 times, indicating a 67.4% increase in valuation since its inception [5] Group 3 - The pharmaceutical ETF tracks the CSI 300 Healthcare Index, concentrating on leading companies in the A-share healthcare sector, covering segments such as chemical pharmaceuticals, medical services, and medical devices [6] - As of the midday close, the pharmaceutical index has increased by 0.2% with a rolling price-to-earnings ratio of 31.0 times, showing a 47.9% increase in valuation since its launch [7]

Group 1 - Kangfang Biotech (09926) shares rose over 4%, reaching a new high of 173.8 HKD, with a trading volume of 1.212 billion HKD [1] - The 2025 World Lung Cancer Conference (WCLC) will take place from September 6 to 9 in Barcelona, Spain, where Kangfang's partner Summit Therapeutics will present the results of the HARMONi study, a pivotal Phase III clinical trial for the PD-1/VEGF bispecific antibody drug, Ivoris [1] Group 2 - UBS has added Kangfang Biotech to its list of major recommended stocks in the Asia-Pacific region, citing the overseas potential of its main asset, Ivoris, which is not fully reflected in the stock price [2] - The firm believes that reports of potential collaborations with multinational companies and the upcoming HARMONi study results will act as positive catalysts for the stock price [2] - UBS raised its peak sales forecast for Ivoris from 14.6 billion USD to 16.3 billion USD and for another key asset, Kantan, from 2.2 billion USD to 3.4 billion USD, increasing the target price from 197.5 HKD to 224.3 HKD with a "Buy" rating [2]

Market Performance - The China Securities Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 1.5% [1] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 1.3% [1] - The China Securities Biotechnology Theme Index and the China Securities Innovative Drug Industry Index both saw an increase of 0.7% and 0.5% respectively [1] - The CSI 300 Pharmaceutical and Health Index grew by 0.6% [1] - The Hang Seng Innovative Drug ETF (159316) experienced a net subscription of 18 million units, reaching a record high of 1.26 billion yuan [1] Index Details - The Biotechnology ETF tracks the China Securities Biotechnology Theme Index, which focuses on leading A-share biotechnology companies involved in gene diagnosis, biopharmaceuticals, blood products, and other human biotechnology [4] - The rolling price-to-earnings (P/E) ratio for the Biotechnology Theme Index is 55.3 times, with a valuation percentile of 0.7% [5] - The Pharmaceutical ETF tracks the CSI 300 Pharmaceutical and Health Index, covering major companies in the pharmaceutical and health sector, including chemical pharmaceuticals, medical services, and medical devices [6][7] - The rolling P/E ratio for the CSI 300 Pharmaceutical and Health Index is 30.7 times, with a valuation percentile of 45.7% [7] ETF Characteristics - The Hang Seng Innovative Drug ETF is the only ETF tracking the innovative drug index, with a low management fee of 0.15% per year and a custody fee of 0.05% per year [9]