Core Viewpoint - After three years of underperforming the market, actively managed equity funds have finally experienced a significant rebound this year [1][4]. Performance Analysis - The "Wande Equity Mixed Fund Index," representing actively managed equity funds, showed a performance of -21.03% in 2022, -13.52% in 2023, and 3.45% in 2024, underperforming the Shanghai Composite Index by 5.9, 9.82, and 9.22 percentage points respectively [2]. - As of August 6, 2023, the Wande Equity Mixed Fund Index has increased by 16.67%, outperforming the Shanghai Composite Index, which rose by 8.42%, and the CSI 300 Index, which increased by 4.54% [3][4]. Star Fund Managers' Performance - Among 242 actively managed equity funds with over 10 billion in management scale, only 35% outperformed the Wande Equity Mixed Fund Index, while 68% outperformed the Shanghai Composite Index, and 85% outperformed the CSI 300 Index [4]. - Despite some star fund managers performing well, over 60% of their funds underperformed the average of actively managed equity funds this year [4]. Sector Performance - The underperformance of some star fund managers is attributed to significant declines in core stocks they heavily invested in, particularly in the food and beverage sector, which fell by 6.06%, and the liquor index, which dropped by 8.41% [5]. - The renewable energy sector, including photovoltaic equipment, also saw a decline of 4.86% [6]. Notable Fund Managers - Top-performing fund managers this year include those focusing on the pharmaceutical sector, such as Ge Lan and Zhao Bei, with returns of 68.97% and 89.92% respectively, largely due to heavy investments in innovative drugs and Hong Kong stocks [7][9]. - Other successful fund managers include those with a growth-oriented strategy, such as Xie Zhiyu and Fu Pengbo, whose funds achieved returns of 34.48% and 22.63% respectively [11]. Market Trends - The current market is characterized by structural trends, with sectors like AI, innovative drugs, and new consumption experiencing significant growth, while traditional sectors like consumer goods and finance lag behind [14]. - The ability of fund managers to adapt to these structural changes and adjust their portfolios accordingly has become crucial for performance [14].

Group 1: Rare Earth Sector Performance - The rare earth sector saw significant gains on August 7, with rare earth and rare metal-themed ETFs leading the market, and related stocks such as Zhenghai Magnetic Materials hitting the daily limit up of 20% [1][4] - The A-share index showed mixed performance, with the Shanghai Composite Index rising by 0.16% to 3639.67 points, while the rare earth sector surged, driven by concepts like lithography machines and automotive chips [4] - Several rare earth ETFs reported notable daily increases, with the E Fund Rare Earth ETF rising by 3.50%, and the Jiahua Rare Earth ETF increasing by 3.14% [5] Group 2: Fundraising and Investment Trends - E Fund announced that the fundraising deadline for its ChiNext 50 ETF would be moved up to August 8, 2023, halting subscription applications from August 9 [3][14] - On August 6, the market saw a net inflow of 6.346 billion yuan into ETFs, with the CSI 1000 ETF attracting over 1.205 billion yuan in funds [2][11] Group 3: Innovation Drug Sector Adjustments - The innovation drug sector experienced a downturn, with the top ten ETFs in this category showing declines, reflecting a broader market adjustment [6] - The Hang Seng Index Company announced revisions to the Hang Seng Innovation Drug Index, focusing solely on pharmaceutical and biotechnology sectors, which is expected to enhance liquidity and better reflect the industry's development [8] Group 4: ETF Trading Activity - Several ETFs recorded significant trading volumes, with the Short-term Bond ETF achieving a transaction volume of nearly 25 billion yuan, leading the market [9][10] - The market saw multiple ETFs surpassing 10 billion yuan in trading volume, indicating strong investor interest [10]

Group 1: Market Overview - On August 7, the Hong Kong stock market saw a net inflow of 661 million HKD from Northbound trading, with a net sell of 3.363 billion HKD from the Shanghai Stock Connect and a net buy of 4.024 billion HKD from the Shenzhen Stock Connect [1] - The most bought stocks included Xiaomi Group-W (01810), SMIC (00981), and Alibaba Group-W (09988), while the most sold stock was the Tracker Fund of Hong Kong (02800) [1] Group 2: Stock Performance - Xiaomi Group-W had a net inflow of 3.990 billion HKD, with total trading volume of 6.212 billion HKD, resulting in a net inflow of 1.767 billion HKD [2] - Alibaba Group-W recorded a net inflow of 4.92 billion HKD, driven by the launch of a new membership system that integrates various services [5] - SMIC received a net buy of 4.99 billion HKD, with analysts noting limited impact from U.S. tariffs due to its small revenue share from the U.S. market [5] Group 3: Sector Developments - The semiconductor sector, represented by SMIC and Hua Hong Semiconductor, is expected to benefit from China's push for domestic semiconductor production amid U.S. tariffs [5] - The biopharmaceutical sector, including companies like Kangfang Biologics and CSPC Pharmaceutical Group, is anticipated to gain from new measures promoting commercial health insurance to support innovation in the industry [6] Group 4: Market Sentiment - The Tracker Fund of Hong Kong experienced a significant net sell of 47.19 billion HKD, reflecting a cautious market sentiment amid weak fundamentals and a divided funding environment [6] - Tencent Holdings saw a net buy of 4.26 billion HKD, indicating continued interest in major tech stocks despite overall market caution [7]

截至8月7日收盘，创新药概念下跌1.41%，位居概念板块跌幅榜前列，板块内，千红制药跌停，华海药 业、亚太药业、康弘药业等跌幅居前，股价上涨的有36只，涨幅居前的有润都股份、海辰药业、粤万年 青等，分别上涨9.98%、7.22%、6.19%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 稀土永磁 | 3.24 | 减肥药 | -1.70 | | 脑机接口 | 2.69 | CRO概念 | -1.66 | | 高压氧舱 | 2.56 | 创新药 | -1.41 | | 太赫兹 | 1.65 | 仿制药一致性评价 | -1.34 | | 血氧仪 | 1.62 | 重组蛋白 | -1.29 | | 存储芯片 | 1.40 | 中船系 | -1.28 | | MCU芯片 | 1.18 | 阿尔茨海默概念 | -1.18 | | 无线耳机 | 1.08 | 特钢概念 | -1.02 | | 汽车芯片 | 1.02 | 细胞免疫治疗 | -1.02 | | DRG/DIP | 1.00 | PET铜箔 | -0.99 ...

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.69%, marking a four-day consecutive rise and returning above the 25,000-point level [1] - The Hang Seng China Enterprises Index and the Hang Seng Tech Index rose by 0.55% and 0.26% respectively, indicating a gradual recovery in market sentiment [1] Technology Sector - Major technology stocks served as market indicators, with Alibaba rising by 2.14%, and JD.com and Baidu increasing by 1.7% [1] - Xiaomi, however, saw a decline of nearly 4% as Daiwa projected that Q2 smartphone shipments may fall below expectations [1] Brain-Computer Interface Industry - The Ministry of Industry and Information Technology, along with six other departments, issued implementation opinions to promote innovation in the brain-computer interface industry, leading to significant gains in related stocks [1] - Nanjing Panda Electronics surged over 19%, showcasing strong performance in this sector [1] Gaming and Gambling Sector - The Macau gaming industry is experiencing a robust recovery, with institutional support boosting the performance of gaming stocks [1] - Following a 5% increase in Apple’s stock price in the overnight US market, related stocks in Hong Kong also saw collective strength, with GoerTek rising by 9.6% [1] Other Sectors - Various sectors including gold stocks, property stocks, restaurant stocks, banking stocks, shipping stocks, paper industry stocks, and gas stocks all experienced gains [1] - Conversely, the biopharmaceutical sector saw a collective pullback, with innovative drug stocks like CanSino Biologics, Innovent Biologics, and Junshi Biosciences experiencing notable declines [1] - Other sectors such as military, robotics, steel, and photovoltaic stocks generally faced downward pressure [1]

鉴于目前牛市市况，该行预料生物科技融资将有所改善，并相信泰格医药的投资收益将超过其核心业务 的临床服务费。此外，该行预料，泰格医药次季销售呈单位数同比正向增长，而去年首季至今年首季的 五个季度则录同比下跌;另料经营利润率按季有所改变。又预期由次季起，新订单持续按季改善。 智通财经APP获悉，里昂发布研报称，随着2025年上半年中国创新药市场情势好转，泰格医药(03347)股 价年初至今已上涨83%。该行维持对泰格医药2025至2027年的收入及经营溢利预测不变，料收入增长 7%至9%，净利润分别上调31%、30%及30%，目标价由34.2港元上调至62.6港元，维持"跑赢大市"评 级。 ...

Company Overview - Shenzhen ZR Investment Co., Ltd. was established in 2015, focusing on subjective long-only equity strategies with a registered capital of 10 million [6][7] - The founder and core fund manager, Wang Zhongyuan, has 32 years of experience, including 9 years in public funds and 10 years in private equity, with a cautious and flexible investment style [6][9] Development History - The company launched its first product "ZR Investment No. 1" in November 2015 and became an observer member of the Asset Management Association of China in May 2018 [7] - By February 2024, the management scale exceeded 500 million [7] Investment Philosophy & Strategies - The investment philosophy emphasizes risk control, aiming for absolute returns while maintaining a low drawdown [10][9] - The strategy includes top-down macro position timing and style rotation, alongside bottom-up selection of growth and value stocks [10][14] Core Advantages - The company boasts a long public performance record of nearly 20 years, with a historical maximum drawdown of only 18% [16][17] - It has achieved positive returns in 9 out of the last 10 years, with an annualized return rate of nearly 17% [18] - The investment approach is diversified, avoiding heavy bets on single industries or stocks, thus capturing sectoral benefits [20] Market Outlook - The company is optimistic about the Hong Kong stock market, which has seen nearly a 20% increase in major indices, driven by new core assets such as high dividend and high repurchase stocks [21] - The macroeconomic environment remains challenging, but the easing monetary policy and demand for asset allocation are expected to support bank-like assets [21][22] Value Creation for Clients - The company assists clients in timing positions to avoid systemic risks, optimizing industry allocations, and controlling drawdowns through diversified investment strategies [22]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The current convertible bond valuation is at a high level, but compared to the previous high in 2022, the current pure bond yield is lower, and the rigid demand for fixed - income + allocation gives some upward space for convertible bond valuation. In August, the equity market still has an environment for further upward movement, supported by domestic policies and international factors [1][13] - Specific investment directions to focus on include anti - involution (Jingneng Convertible Bond, Muyuan Convertible Bond, Wens Convertible Bond), innovative drugs (Huahai Convertible Bond, Chutian Convertible Bond), and humanoid robots (Keli Convertible Bond, Zhenghai Convertible Bond) [2][18] Summary by Directory 1. August Convertible Bond Outlook: Still Promising at High Levels - In July, the equity market rose, with the Wind All - A Index rising 4.7% monthly. The convertible bond market had a double - wheel drive of underlying stocks and valuation, with the CSI Convertible Bond Index rising 2.9%. By the end of July, the convertible bond price and valuation were still at high levels [9] - Although the Politburo meeting in late July was slightly below market expectations, anti - involution policies are ongoing, and supportive policies are being implemented. The less - than - expected US non - farm data increases the expectation of a Fed rate cut in September, which is beneficial for the equity market [13] 2. Market Review in July 2.1 Equity Market - The A - share market rose in July, with the Wind All - A Index rising 4.7% again. The market traded around three main lines: anti - involution, AI, and innovative drugs. The anti - involution policy, the start of the Yajiang Hydropower Project, and continuous positive news in AI and innovative drugs drove the market [19] - In terms of structure, small - cap stocks outperformed large - cap stocks, and growth stocks outperformed value stocks. Most industries in the equity market rose, with steel, building materials, medicine, and TMT sectors leading the gains, while defensive sectors such as banks, utilities, and transportation declined [24] 2.2 Convertible Bond Market - In July, the convertible bond market had a positive sentiment, with the CSI Convertible Bond Index rising 2.9%, relatively underperforming the equity market. The trading volume increased, with an average daily turnover of 728.9 billion yuan [30] - Among industries, 28 out of 29 convertible bond industry indices rose. Public utilities, electronics, medicine, building materials, and power equipment sectors performed well. Individual bonds such as Tianlu Convertible Bond, Saili Convertible Bond, and Borui Convertible Bond led the gains [34] 3. Convertible Bond Valuation - The convertible bond valuation continued to rise to a historical high in July. The end - of - month 100 - yuan parity premium rate was 29.3%, up 1.6pp from the end of June, at the 96.5% and 94.1% quantile levels since 2018 and 2021 respectively [35] - The median convertible bond price and parity also increased, while the median conversion premium rate decreased slightly, and the median pure bond premium rate increased [40] 4. Convertible Bond Supply and Demand 4.1 Convertible Bond Supply - In July 2025, 3 new convertible bonds were issued, with a total scale of 8.452 billion yuan. Three convertible bonds obtained CSRC registration approval, with a to - be - issued scale of 2.62 billion yuan, and 2 public convertible bond board plans were added, with a to - be - issued scale of 2.496 billion yuan [48][51][53] 4.2 Convertible Bond Demand - The share of the Convertible Bond ETF increased rapidly in July, with the share increasing by 572 million to 3.549 billion and the circulation scale increasing by 8.259 billion yuan to 45.183 billion yuan [54] 5. Clause Tracking 5.1 Redemption - As of July 31, 20 convertible bonds confirmed forced redemption, 10 might be subject to forced redemption, and 19 would not be forced to redeem [55] 5.2 Downward Revision - As of July 31, 8 convertible bonds confirmed downward revision, 6 proposed downward revision, and 43 temporarily did not revise downward [58]

Core Viewpoint - The launch of the Hong Kong Stock Connect Innovative Drug ETF by Harvest on August 7 has seen significant trading activity and premium, indicating strong investor interest in the innovative drug sector [1]. Group 1: Market Performance - The trading volume of the Hong Kong Stock Connect Innovative Drug ETF reached 166 million yuan on its first day, with a premium rate of 0.68% [1]. Group 2: Industry Analysis - Analysts suggest that the favorable fundamentals in the innovative drug sector, along with ongoing policy support, are driving investor interest in related assets [1]. - Dongwu Securities anticipates that with policy backing, the pharmaceutical industry is likely to achieve a win-win situation among medical services, insurance, and pharmaceuticals, enhancing the accessibility and affordability of innovative drugs and medical devices [1]. Group 3: Product Expansion - Harvest has been expanding its ETF offerings to help investors capture opportunities in the pharmaceutical sector, with the recent launch of the Hong Kong Stock Connect Innovative Drug ETF joining existing products like the Sci-Tech Pharmaceutical ETF and the Biopharmaceutical ETF [1].

Group 1 - Dongyangguang Pharmaceutical Co., Ltd. (东阳光药) successfully listed on the Hong Kong Stock Exchange on August 7, marking a milestone in its 20-year history and a significant step for Chinese innovative pharmaceutical companies in asset securitization and internationalization [1] - The company achieved overall listing through the absorption merger of its Hong Kong subsidiary, Yichang Dongyangguang Changjiang Pharmaceutical Co., Ltd., breaking traditional capital operation time barriers and reducing funding friction costs [1] - Chairman Zhang Yingjun stated that the successful integration will accelerate the consolidation of quality resources and promote the commercialization and globalization of innovative drug pipelines, enhancing the company's core competitiveness in the global pharmaceutical market [1] Group 2 - Dongyangguang Pharmaceutical is a comprehensive pharmaceutical company engaged in drug research, production, and commercialization, focusing on three major areas: infections, chronic diseases, and tumors [2] - The company has a research and development team of over 1,100 people, with a strong R&D capability, holding more than 150 approved drugs globally and nearly 50 innovative drugs in development [2] - In the first half of this year, the Hong Kong pharmaceutical IPO market saw breakthroughs in both quantity and total fundraising, with companies like Dongyangguang Pharmaceutical expected to gain a more significant position in the global market as policies continue to deepen [2]