央视网消息：8月1日（星期五）上午，国家发展改革委召开国家发展改革委新闻发布会，解读当前经济 形势和经济工作。 国民经济综合司司长周陈介绍，今年以来，在以习近平同志为核心的党中央坚强领导下，我们积极应对 急剧变化的外部环境，打好政策"组合拳"，去年9月26日一揽子增量政策以及今年出台的稳就业稳经济 若干举措接续发力，上半年我国经济在顶住外部压力、消化累积风险的情况下，稳中有进、好于预期， 高质量发展取得新成效，发展的"含金量"不断提高。 关于下一步经济工作，7月30日召开的中央政治局会议已作出全面部署，国家发展改革委将坚决抓好贯 彻落实，努力完成全年经济社会发展预期目标和"十四五"规划各项任务，为"十五五"良好开局打下基 础。 一方面，持续发力、适时加力实施好已部署的各项政策举措，坚定不移实施扩大内需战略，坚定不移推 动高水平科技自立自强，深化改革开放，加力建设全国统一大市场，特别是继续推动稳就业稳经济若干 举措陆续出台实施，保持政策连续性、稳定性，增强灵活性、预见性，将外部压力转化为内生动力，稳 住经济大盘。 另一方面，加强经济监测预测预警，常态化开展政策预研储备，不断完善稳就业扩内需政策工具箱，根 据外部 ...

Group 1 - The Hong Kong stock market has been active since early 2025, even leading global markets at one point, with an average daily trading volume increasing by approximately 80% compared to the same period last year [1] - Despite a weakening overall Chinese economic outlook and ongoing external disturbances, a structural market rally has been observed, with sectors like AI, new consumption, and innovative pharmaceuticals significantly outperforming most broad-based indices in the A-share market [1] - The Hang Seng Technology Index's price-to-earnings ratio (PE TTM) remains at 21 times, indicating a value opportunity, particularly in the e-commerce and local living sectors, which are showing signs of bottoming out [1] Group 2 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which selects up to 50 high-quality companies from the technology sector listed under the Stock Connect program [1] - The index aims to reflect the overall performance of publicly traded companies in the technology sector that can be invested in through the Hong Kong Stock Connect, showcasing significant growth potential and market volatility characteristics [1]

科创创新药ETF国泰（589720）聚焦科创板创新药企业，跟踪汇聚30家代表性优质公司的上证科创 板创新药指数，以高成长biotech为主，这些企业管线潜力大、研发投入强，指数创新属性突出，有助于 更精准捕捉行业核心成长动能。指数表现弹性较强，产品20%涨跌幅限制使其更贴合板块波动，是成长 型投资者分享创新药红利的便捷选择。 消息面上，为鼓励药品研发创新，国家医保局制定了"新上市药品首发价格机制"。 相关机构表示，我国创新药产业近年来在全球舞台上绽放出蓬勃的发展活力，2025 年更是在多个 维度实现了突破性进展。从出海进程的加速推进，到在 ASCO 大会等国际学术舞台上的亮眼表现，再 到国内政策红利的持续释放，创新药行业正步入黄金发展阶段。当下市场活跃资金对创新药行业的关注 度也日益攀升，为行业的进一步发展注入了强劲动力。 展望后市，创新药行业在出海持续突破、政策红利不断释放以及中国创新药企业研发实力稳步提升 的多重驱动下，正迎来广阔的发展空间，具备较好的投资机会。想要把握创新药行业高成长潜力与国际 化浪潮机遇的小伙伴们，可以关注科创创新药 ETF 国泰（589720）。 注：如提及个股仅供参考，不代表投资建 ...

Group 1 - The core viewpoint of the article highlights the resurgence of the innovative drug sector, with significant stock price increases for companies like Weikang Pharmaceutical and Yuekang Pharmaceutical, indicating a positive market sentiment [1] - The pharmaceutical sector is experiencing a shift in policy attitudes, with optimization of centralized procurement rules, which is expected to benefit the industry [1] - After years of R&D investment, the pharmaceutical pipeline is entering a harvest phase, and there is an accelerating trend of overseas business development (BD) in the industry, showcasing the global competitiveness of China's innovative drugs [1] Group 2 - Zhongyin Securities suggests focusing on companies that are entering the realization or volume expansion phase, particularly those with overseas capabilities, such as Innovent Biologics, CanSino Biologics, and Eucure Biopharma [1] - The upcoming 2024 national medical insurance negotiations are anticipated to further impact the innovative drug field positively, creating opportunities for valuation reconstruction in the pharmaceutical sector [1]

Core Viewpoint - The National Healthcare Security Administration (NHSA) is establishing a "first launch price mechanism" for new drugs to encourage innovation and ensure that high-quality innovative drugs can achieve returns that correspond to their high investment and risk levels [1][2][3]. Group 1: Policy Changes - The NHSA has developed a "first launch price mechanism" for new drugs, marking a shift from a cost-control approach to one that encourages high-quality innovation [1][2]. - The NHSA aims to streamline the approval process for innovative drugs through a "joint review and approval" model, facilitating faster clinical access [1][5]. - The upcoming policy will allow companies to self-assess their drugs based on a scoring system that considers pharmaceutical, clinical value, and evidence, impacting the pricing flexibility of new drugs [4][5]. Group 2: Market Impact - The lack of a clear first launch price mechanism has previously hindered innovative drugs from realizing their market potential, particularly affecting small biotech companies [2][3]. - The new pricing mechanism is expected to provide a reference for establishing "real market prices" for innovative drugs before entering negotiations with the NHSA [3][4]. - Companies are optimistic about the evolving policy environment, which is anticipated to enhance investment returns for new drug development and improve China's position in global pharmaceutical strategies [6]. Group 3: Industry Reactions - Industry experts believe that the new pricing policies will protect the innovation incentives for pharmaceutical companies and address previous negotiation challenges with the NHSA [3][6]. - The introduction of a five-year price stability period for high-scoring drugs is seen as a significant support measure for companies during the early stages of product life cycles [5]. - The NHSA's approach is viewed as a necessary step to balance commercial demands with the need for innovation value returns [6].

Group 1 - Overseas business development continues to exceed expectations, with CSPC Pharmaceutical Group licensing its oral GLP-1 small molecule to Madrigal for a record upfront payment of $120 million, highlighting the premium capability of Chinese technology platforms [1] - Breakthrough in treatment paradigms with Shuyou Shen's C5a antibody BDB-001, which outperformed hormone therapy in treating anti-neutrophil cytoplasmic antibody vasculitis, achieving a complete response rate that is ten times higher, laying the foundation for subcutaneous formulations to enter international markets [1] - The National Healthcare Security Administration supports high-level innovative drugs, indicating satisfaction with pricing levels that correspond to high investment and risk, and is implementing measures to expedite the clinical launch of new drugs [1] Group 2 - Huazhong Securities emphasizes that innovative hard technology will remain a key focus in the pharmaceutical sector, including innovative drugs, devices, AI healthcare, and emerging technologies like brain-computer interfaces and robotics [2] - The Hong Kong Medical ETF closely tracks the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index, which selects 50 liquid and large-cap healthcare companies to reflect the overall performance of the sector [2] Group 3 - As of July 31, 2025, the top ten weighted stocks in the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index account for 62.91% of the index, including companies like Innovent Biologics, WuXi Biologics, and CSPC Pharmaceutical Group [3]

Core Viewpoint - The performance-based agreement in the pharmaceutical capital market is facing significant challenges, particularly highlighted by the recent announcement from Luoxin Pharmaceutical regarding its subsidiary Shandong Luoxin and the equity transaction with Shanghai Pharmaceuticals [2][3]. Group 1: Performance Metrics and Financial Implications - The audited report indicates that Shanghai Luoxin's revenue for 2024 is projected at 1.832 billion yuan, with a net profit of 10.6856 million yuan, resulting in a performance completion rate of 31.74% [2][7]. - The payment for the third phase of the equity transfer, amounting to 26.3428 million yuan, has not been received by Shandong Luoxin, raising concerns about the future valuation of Shanghai Luoxin [2][7]. - The performance commitments for the three-year agreement require Shanghai Luoxin to achieve revenues of 3.146 billion yuan and 3.461 billion yuan for 2023 and 2024, respectively, with net profits of 55.18 million yuan and 60.69 million yuan [5][7]. Group 2: Market Context and Challenges - The decline in Shanghai Luoxin's performance is attributed to tightening industry policies, increased market competition, and high transformation costs [10][11]. - The normalization of volume-based procurement has significantly squeezed profits in the pharmaceutical distribution sector, particularly affecting companies reliant on traditional distribution methods [11]. - By the end of 2024, over 500 drug varieties are expected to be included in national procurement, with average price reductions of 74.5%, further pressuring profit margins [11]. Group 3: Future Outlook and Innovations - Despite current challenges, the pharmaceutical industry is anticipated to experience substantial recovery starting in 2025, driven by optimized drug review processes and accelerated market access for new drugs [10][12]. - Luoxin Pharmaceutical's recent half-year performance forecast for 2025 indicates a potential turnaround, with expected net profits of 15 to 20 million yuan, driven by the commercialization of its core innovative drug [12]. - The introduction of a tiered payment system for innovative drugs is expected to enhance market access and support the growth of new pharmaceutical products [12].

1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints The report presents a comprehensive overview of the overnight market trends, macro - economic news, and performance across various sectors including commodities, finance, and industries. It shows that domestic commodity futures generally declined, while the global economic situation is complex with factors like Fed's interest - rate decisions, trade policy adjustments, and regional economic data influencing market movements. 3. Summary by Relevant Catalogs Overnight Night - Market Trends - Domestic commodity futures closed mostly lower, with the main contract of coking coal futures hitting the daily limit down, glass down over 8%, and polysilicon down nearly 8% [2][52]. - International precious metal futures generally fell, with COMEX gold futures down 0.31% and COMEX silver futures down 2.51%. However, they had cumulative increases in July [2][52]. - Oil prices dropped due to a large increase in US inventories. WTI crude futures fell 0.91% and Brent crude futures fell 0.86%, but both had significant cumulative increases in July [2][53]. - London base metals closed lower across the board, affected by the Fed's hawkish stance and trade policy disruptions [3][55]. Important Information Macro - Information - The State Council emphasized enhancing macro - policy effectiveness and promoting economic reform. The NDRC focused on building a unified national market and promoting the healthy development of the private economy [6]. - China's July PMI dropped to 49.3%, and non - manufacturing and composite PMI also declined slightly but remained above the critical point, indicating overall economic expansion [7]. - US June inflation data slightly exceeded expectations, adding uncertainty to the Fed's interest - rate cut schedule [7]. Energy and Chemical Futures - As of July 31, the total inventory of float glass samples in China decreased for six consecutive weeks, and the total inventory of soda ash manufacturers decreased for the third consecutive week but remained at a high level [10]. - Anhui's new photovoltaic glass furnace production cut is expected to lead to a decline in domestic glass supply and inventory in August [11]. - The ANRPC expects a 0.5% increase in global natural rubber production and a 1.3% increase in demand in 2025 [11]. - Singapore's fuel oil and middle distillate inventories increased, while light distillate inventories decreased [11]. Metal Futures - In July 2025, China's industrial silicon production increased month - on - month but decreased year - on - year, and the social inventory increased slightly [13]. - In Q2, China's gold ETF inflow reached 464 billion yuan, a record - high quarterly performance, driven by global trade risks and soaring gold prices [13]. - In H1 2025, China's exports of new - energy commercial vehicles increased by 230% year - on - year, and the overseas market is also expected to double [15]. - The GZFE solicited opinions on platinum and palladium futures and options contracts and related rules [15][16]. Black - Series Futures - In July 2025, the steel industry PMI returned to the expansion range, and in August, steel demand may continue to recover weakly, with prices fluctuating [18]. - The coking coal long - term agreement floating value in July increased by 3.8% compared to June [19]. - Some coal mines in Changzhi suspended production or reduced output, leading to a decrease in daily coal production [21]. - As of July 31, rebar production and apparent demand decreased, factory inventory decreased, and social inventory increased [21]. - Some coking coal mines' production was restricted, and coal inventories decreased to low levels [22]. - The average profit per ton of coke for independent coking plants was - 45 yuan/ton, with significant regional differences [22]. Agricultural Product Futures - Indonesia raised the reference price of crude palm oil in August, increasing the export tax [24]. - Malaysia's palm oil exports in July decreased compared to the previous month according to different survey agencies [25][27]. - The number of ships waiting to load sugar in Brazilian ports and the quantity of sugar to be loaded increased [27]. - Brazil's soybean, corn, and other agricultural product exports showed different trends in the specified period [27]. - The prices of live pigs in China decreased, and the proportion of pig - to - grain decreased slightly [28]. - The drought - affected areas of US soybeans, corn, and cotton showed different changes [28]. - US soybean exports and sales showed an upward trend [28]. - Canada's rapeseed and wheat exports decreased [30]. Financial Market Finance - A - shares closed lower, with cyclical sectors falling and some technology - related sectors performing well. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all declined on the day but had cumulative increases in July [32]. - The Hong Kong stock market closed lower, but southbound funds had a large net inflow, and Meituan received significant additional investment [32]. - The SSE accepted the IPO application of Taimed Biopharmaceuticals, the first company under the restarted fifth listing standard of the STAR Market [33]. - *ST Guangdao on the BSE had a "ground - to - sky" board on July 31 [33]. Industry - The NHSA formulated a new drug pricing mechanism and added price items related to medical new technologies [34][35]. - The NEA is formulating policies for high - power charging facilities and promoting their construction [35]. - In H1, China's renewable energy and new - energy storage installed capacity increased significantly [35]. - The National Financial Regulatory Administration required urban commercial medical insurance to avoid "involution" competition [36]. - From January to July, the sales of TOP100 real - estate enterprises decreased year - on - year, and the decline in July was more significant [36]. - The MIIT solicited opinions on three mandatory national standards for electric vehicles [37]. - In July, China's auto dealer inventory warning index decreased year - on - year but increased month - on - month [38]. Overseas - Brazil and India will not yield to US trade pressure [39]. - Trump criticized the Fed, and the US inflation data exceeded expectations, adding uncertainty to the Fed's interest - rate cut schedule [40][41]. - Trump urged pharmaceutical companies to reduce drug prices in the US [41]. - US corporate layoffs in July increased significantly year - on - year [42]. - US initial jobless claims increased slightly, and continuing jobless claims remained unchanged [43]. - The BOJ maintained interest rates and raised the inflation forecast [43]. - Inflation in Germany, France, and Italy showed different trends [43]. International Stock Markets - US and European major stock indexes closed lower, affected by inflation and trade concerns, and the market's expectation of a Fed rate cut in September decreased [44][45]. - Apple and Amazon's Q2 financial reports showed different performance, with Apple's stock rising after - hours and Amazon's falling [46]. - Wenyuanzhixing's Q2 revenue increased significantly, especially in the Robotaxi business [47]. - Samsung's Q2 operating profit decreased significantly, mainly due to the chip business [48]. - BMW's Q2 sales and profit decreased, but vehicle deliveries increased slightly [49]. - Shell's Q2 revenue and profit exceeded expectations, and the company announced a stock - buyback plan [50]. - Unilever's Q2 sales and profit growth slightly exceeded expectations [51]. Commodities - Domestic commodity futures closed mostly lower, with significant declines in some varieties [52]. - In Q2, global gold demand increased year - on - year, but central bank gold purchases slowed down [52]. - International precious metal futures closed lower, with cumulative increases in July [52]. - Oil prices dropped due to a large increase in US inventories [53]. - London base metals closed lower, affected by the Fed's stance and trade policies [55]. Bonds - The domestic bond market continued to be strong, with treasury futures rising and bond yields falling [56]. - In June, China's bond market issued a large amount of various bonds, and overseas institutions' bond custody balance reached 4.3 trillion yuan [56]. - US Treasury yields showed different trends, with short - term yields rising due to inflation data [56]. Foreign Exchange - The on - shore RMB against the US dollar depreciated on Thursday, and the central parity rate was also adjusted downwards [57]. - The Indonesian rupiah fell to a one - month low, and the central bank intervened in the exchange rate [58]. - The US dollar index fell slightly, and most non - US currencies rose [60].

Core Viewpoint - The innovative drug concept has shown strong performance recently, with several companies experiencing significant stock price increases, indicating a positive market sentiment towards the sector [1] Group 1: Stock Performance - Companies such as Zhongsheng Pharmaceutical, Lianhuan Pharmaceutical, Xintian Pharmaceutical, and Fuyuan Pharmaceutical have reached their daily price limits [1] - Other companies like Anglikang, Rejing Bio, Kexing Pharmaceutical, and Yuekang Pharmaceutical have seen stock price increases exceeding 5% [1] Group 2: Regulatory Approvals - On July 31, Haizhi Pharmaceutical announced that its innovative drug HSK3486 (环泊酚注射液) has received acceptance for its FDA listing application [1] - On the same day, Huahai Pharmaceutical reported that its subsidiaries Huao Tai and Huabo Bio's dual-target drug HB0043, aimed at IL-17A and IL-36R, has received clinical trial approval from the National Medical Products Administration [1]

Group 1 - The core viewpoint of the articles highlights a significant increase in the number of funds achieving over 100% net value growth in 2023, with 12 funds identified as "doubling funds" [1][2] - The "doubling funds" are primarily focused on the innovative pharmaceutical sector, particularly Hong Kong-listed pharmaceutical stocks, which have driven the substantial growth in fund values [1][3] - Compared to previous years, the current number of "doubling funds" has surpassed the total from 2019 and 2021 combined, although it remains below the peak of over 80 funds in 2020 [2][4] Group 2 - Specific funds with notable performance include Huatai-PineBridge Hong Kong Advantage Selection A, which has a year-to-date net value increase of 143.23%, and several others with growth rates exceeding 100% [3] - The common characteristic among these "doubling funds" is their heavy investment in the innovative pharmaceutical sector, with a significant portion of their top holdings concentrated in Hong Kong pharmaceutical stocks [3][6] - There are also nearly 20 equity funds with net value growth exceeding 90% this year, indicating a broader trend of strong performance in the equity market [4] Group 3 - Analysts suggest that the current focus on the innovative pharmaceutical sector is driven by various factors, including the entry of China's pharmaceutical industry into a new cycle of innovative products and favorable policies [6][7] - While there are concerns about potential bubbles in the innovative pharmaceutical sector, experts believe that the overall industry is supported by policy backing and improved original innovation capabilities [7] - The market dynamics indicate that the Hong Kong pharmaceutical sector has become a safe haven for funds amid volatility in other markets, attracting significant capital inflows [6][7]