Core Viewpoint - The Hong Kong Stock Exchange's innovative drug ETF (520880) has experienced a significant price drop of 3.38%, despite strong buying interest indicated by a premium rate of 0.46% [1][2]. Group 1: ETF Performance - The innovative drug ETF (520880) has seen a net inflow of 673 million yuan over the past four days, bringing its total size to 974 million yuan, a 124% increase since its launch on July 7 [1][2]. - The ETF is the first to passively track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which focuses on the innovative drug industry chain with a high concentration of leading companies [4]. Group 2: Index Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Select Index has risen by 101.58% year-to-date as of July 31, significantly outperforming the Hang Seng Index (23.50%) and the Hang Seng Tech Index (22.05%) by 78.08 and 79.53 percentage points, respectively [6][7]. - The index has shown a historical performance of -22.72% in 2021, -16.48% in 2022, -19.76% in 2023, and -14.16% in 2024 [7]. Group 3: Market Outlook - Analysts believe that the innovative drug sector is poised for growth due to a shift in policy attitudes and improvements in procurement rules, alongside a maturation of research pipelines that are beginning to yield results [8]. - The Chinese innovative drug sector is expected to benefit from supportive measures aimed at high-quality development, with a focus on innovation, internationalization, and marketing reforms as key strategies for the second half of the year [8].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - On August 3, the four major stock index futures contracts showed mixed performance. IF fell 0.52%, IH fell 0.67%, IC fell 0.16%, and IM rose 0.21% [1]. - On this trading day, the total trading volume of stock index futures declined, indicating a cooling of investors' trading enthusiasm. The total trading volume of IF decreased by 56,758 lots, IH by 25,092 lots, IC by 30,117 lots, and IM by 54,792 lots. In terms of positions, the total positions of IF decreased by 9,118 lots, IH by 3,066 lots, IC by 6,919 lots, and IM by 10,044 lots [2]. 3. Summary by Relevant Catalogs 3.1 Index Futures Data - **Closing Prices and Fluctuations**: The closing prices and percentage changes of the four major stock indexes (CSI 300, SSE 50, CSI 500, and CSI 1000) and their corresponding futures contracts on August 3 are presented, with some rising and some falling [1]. - **Basis**: The basis of each futures contract is provided, showing the difference between the futures price and the spot price [1]. - **Trading Volume and Turnover**: The trading volume, turnover, and their changes of each futures contract are given, indicating the market activity [1]. - **Open Interest**: The open interest and its changes of each futures contract are shown, reflecting the market's holding situation [1]. 3.2 Index Futures Member Positions - The long - and short - position changes of the top 20 member institutions in each futures contract are presented, including the net changes in some contracts [5]. 3.3 Market Trends and Influencing Factors - **Trend Intensity**: The trend intensities of IF and IH are 1, and those of IC and IM are also 1, with the range of trend intensity being integers in the [-2, 2] interval [6]. - **Important Drivers**: The National Development and Reform Commission has completed the allocation of 69 billion yuan in the third batch of ultra - long - term special treasury bond funds for consumer goods trade - ins this year and will allocate the fourth batch of 69 billion yuan in October to reach the annual plan of 300 billion yuan. The NDRC will continue to promote measures to stabilize employment and the economy, and strengthen economic monitoring and policy reserve [6]. - **Other Policies**: The "Two - Key" construction project list of 800 billion yuan has been fully allocated, and the central budgetary investment of 735 billion yuan has been basically allocated. The NDRC is taking measures to address "involution - style competition" and promote the high - quality development of the private economy [7]. 3.4 Stock Market Performance - The Shanghai Composite Index fell 0.37%, the Shenzhen Component Index fell 0.17%, and the ChiNext Index fell 0.24%. The A - share trading volume was 1.62 trillion yuan, down from 1.96 trillion yuan the previous day. This week, the Shanghai Composite Index fell 0.94% and the ChiNext Index fell 0.74%. Some sectors such as innovative drugs, traditional Chinese medicine, photovoltaic industry chain, intelligent logistics, and AI agents showed strength, while AI hardware, military, stablecoin, and rare earth permanent magnet concepts declined [8].

（文章来源：每日经济新闻） 据报道，7月共149家科创板公司获得机构调研，其中半导体、通信设备、计算机设备、电池、医疗器械 为获得机构调研最多的细分领域。中信证券研报称，近期增量流动性边际上有所放缓，行情需要降温才 能行稳致远，目前重点关注的依然聚焦在AI、创新药、资源、恒科以及科创板。 截至10:50，科创板50指数上涨0.7%，成份股中，芯原股份上涨6.6%，九号公司-WD上涨5.0%，海光信 息上涨3.7%，传音控股上涨3.3%，石头科技上涨3.1%。 ...

聚焦资本市场创新"赛道" 编者按 在资本市场中，行业板块的动态一直是投资者关注的焦点。近期，创新药、CPO概念（算力）与半导体、人工智能等板块热度居高不下，创新"赛道"备受 市场关注。创新药关乎人类健康与医疗进步，在政策扶持、技术突破下蓬勃发展，具备全球竞争力的企业将通过差异化创新和国际化布局打开成长天花 板；受益于全球AI算力需求爆发及技术迭代加速，CPO概念板块下半年将维持高景气度；人工智能行业进入快速发展期，技术的深度应用推动相关企业商 业化发展，盈利整体增加。本期《资本市场》聚焦创新行业，以期为市场提供有价值的参考。 | 数读市场 | | --- | | 8月1日,A股震荡走低,英伟达产业链调整,创新药、 | | 中药题材继续强势,AI硬件、应用概念股此消彼长。截 | | 至收盘,上证指数报3559.95点,深证成指报10991.32 | | 点。 | | 7月28日至8月1日,A股市场整体呈现回调态势,多数宽 | | 基指数下跌。Wind百大概念指数上涨比例43%。在板块 | | 方面,仅19%板块获得正收益,医药生物、通信、传媒 | | 相对表现良好,分别上涨2.95%、2.54%、1.13%。 ...

接受中国经济时报记者采访的业内人士表示，近年来，人工智能行业进入快速发展期，人工智能技术的深度应用推动相关企业的商业化发展，也带来算力 需求急剧增加，行业市场规模不断拓展、盈利整体增加。 编者按 在资本市场中，行业板块的动态一直是投资者关注的焦点。近期，创新药、CPO概念（算力）与半导体、人工智能等板块热度居高不下，创新"赛道"备受 市场关注。创新药关乎人类健康与医疗进步，在政策扶持、技术突破下蓬勃发展，具备全球竞争力的企业将通过差异化创新和国际化布局打开成长天花 板；受益于全球AI算力需求爆发及技术迭代加速，CPO概念板块下半年将维持高景气度；人工智能行业进入快速发展期，技术的深度应用推动相关企业商 业化发展，盈利整体增加。本期《资本市场》聚焦创新行业，以期为市场提供有价值的参考。 ■中国经济时报记者 孙兆 随着上市公司陆续披露业绩预告，A股半年报行情正式启幕。2025年上半年，A股人工智能板块表现出了强劲的发展态势。截至7月28日，A股人工智能板 块中有21家企业发布了2025年中报预报，其中17家预计上半年净利润同比实现正增长，占比近81%。而从净利润中值来看，上述21家公司2025年上半年整 体实现净 ...

Core Viewpoint - The A-share computing power industry chain, particularly the optical module sector, has experienced a decline, with the AI index on the ChiNext board dropping by 0.78% and key stocks like Tianfu Communication falling over 5% [1] Group 1: Market Performance - The ChiNext AI index, which has a high concentration of optical components, has seen a decline, indicating a cooling trend in the market [1] - The recent two-day pullback in the computing power industry chain reflects a broader market adjustment, with significant declines in several key stocks [1] Group 2: Investment Opportunities - The Huaxia ChiNext AI ETF (159381) has attracted over 33 million yuan in inflows over the past 10 trading days, indicating strong investor interest [1] - This ETF tracks the ChiNext AI index and focuses on AI-related companies listed on the ChiNext board, with over 33% of its weight in optical modules [1] Group 3: Key Holdings - The top three holdings in the ETF include leading optical module companies: Zhongji Xuchuang, Xinyisheng, and Tianfu Communication, alongside other industry leaders such as Beijing Junzheng and Allwinner Technology [1] - The ETF has the lowest comprehensive fee rate among comparable funds, with a management fee of 0.15% and a custody fee of 0.05% [1]

Group 1 - Hong Kong pharmaceutical and medical concept stocks declined, with Kangfang Biotech and MicroPort Medical dropping over 4%, Ping An Good Doctor down over 3%, and WuXi Biologics, WuXi AppTec, and CSPC Pharmaceutical falling over 2% [1] - Multiple Hong Kong medical and innovative drug-related ETFs fell by more than 2% due to market influences [1] Group 2 - Analysis indicates that multinational pharmaceutical companies have significantly increased their procurement of innovative drug patents in China this year, with procurement amounts from January to May nearing the total for the entire year of 2024, demonstrating the competitiveness of China's innovative drugs in the international market [2] - The trend of large multinational pharmaceutical companies accelerating the procurement of innovative drug patents from China is expected to continue in the medium to long term [2]

Group 1 - The core viewpoint of the news is that the Hong Kong Stock Connect Innovative Drug ETF (520880) has experienced a significant price drop of 3.38%, despite a strong buying interest indicated by a premium rate of 0.46% [1] - The ETF has seen a net inflow of 673 million yuan over the past four days, bringing its total size to 974 million yuan, which is a 124% increase since its launch on July 7 [1][3] - The ETF passively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, focusing on the innovative drug industry chain with a high concentration of leading companies [4] Group 2 - The Hang Seng Hong Kong Stock Connect Innovative Drug Select Index has risen by 101.58% year-to-date as of July 31, significantly outperforming other indices such as the Hang Seng Index (23.50%) and the Hang Seng Technology Index (22.05%) by 78.08 and 79.53 percentage points, respectively [7] - The index has shown a strong performance since its inception, with a base date of December 31, 2020, and has been adjusted according to its compilation rules [7] - Institutions believe that the innovative drug sector is entering a recovery phase, supported by improving policies and the maturation of research pipelines, indicating a potential for valuation re-rating in the pharmaceutical sector [8]

Core Viewpoint - The Hong Kong Stock Exchange's innovative drug ETF (520880) has experienced significant inflows and price increases, indicating strong market interest and potential growth in the innovative drug sector [1][4]. Group 1: ETF Performance - The innovative drug ETF (520880) has seen a price increase of 3.38% recently, with a premium rate of 0.46%, reflecting strong buying interest [1]. - Over the past four days, the ETF has attracted a net inflow of 673 million yuan, bringing its total size to 97.4 billion yuan, a 124% increase since its launch on July 7 [1][4]. - The ETF passively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which focuses on the innovative drug industry chain with a high concentration of leading companies [4]. Group 2: Index Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Select Index has risen by 101.58% year-to-date as of July 31, outperforming the Hang Seng Index (23.50%) and the Hang Seng Technology Index (22.05%) by 78.08 and 79.53 percentage points, respectively [5][6]. - The index has shown significant volatility in previous years, with annual returns of -22.72% in 2021, -16.48% in 2022, -19.76% in 2023, and -14.16% in 2024 [6]. Group 3: Market Outlook - Analysts believe that the innovative drug sector is poised for growth due to improving policies and the maturation of research pipelines, which are expected to enhance the competitiveness of Chinese innovative drugs globally [7]. - The recent measures to support high-quality development in innovative drugs are anticipated to further bolster the sector, with a focus on innovation, internationalization, and marketing reforms [7].

Group 1 - The core viewpoint of the articles indicates that the Hong Kong stock market, particularly key indices like the Hang Seng Index, experienced a collective adjustment due to disappointing U.S. non-farm payroll data, which has heightened expectations for a more accommodative monetary policy from the Federal Reserve [1] - The innovative drug sector faced significant declines, with the Hang Seng Pharmaceutical ETF (159892) dropping over 3%, while companies like Kangfang Biotech, Boan Biotech, and Tigermed saw notable losses; however, the Hang Seng Biotechnology Index tracked by the ETF still recorded a remarkable increase of over 100% in the past year as of last Friday's close [1] - Looking ahead, two potential directions for investment are highlighted: 1. The overseas expansion of innovative drugs, with ongoing significant business development (BD) and merger and acquisition transactions expected to further catalyze the innovative drug market [1] 2. The recovery of upstream CXO (Contract Research Organization) sector, as leading CXO companies are reporting strong performance during the semi-annual earnings disclosure period, suggesting that they may continue to benefit from the gradual recovery of global innovative drug demand [1] Group 2 - The articles mention the existence of the Hang Seng Pharmaceutical ETF Connect (Class A: 016970, Class C: 016971) [2]