Group 1 - Several innovative pharmaceutical companies received positive news regarding product launches in July, including Betta Pharmaceuticals' approval of Tazemetostat capsules for breast cancer, classified as a category 1 innovative drug [1] - Ascentage Pharma's self-developed Bcl-2 selective inhibitor, Lisenglitazone, received conditional approval, becoming the first Bcl-2 inhibitor approved in China for the treatment of adult chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) [1] - The support for innovative drug policies remains strong, with the National Healthcare Security Administration's Director Wang Xiaoning stating that high-level innovative drugs will be supported to achieve returns that correspond to high investment and risk during the initial market phase [1] Group 2 - The government is implementing measures to facilitate the rapid clinical introduction of new drugs, including a streamlined approval process where one province can handle applications from multiple regions [1]

盘面热点 新华财经北京7月31日电 A股7月收官，今日市场全天震荡调整，三大指数均跌超1%。本月A股三大指 数月线均收涨，其中创业板指本月累计涨超8%，但沪指3600点整数关得而复失。截至收盘，沪指报 3573.21点，跌1.18%，成交8459亿元；深证成指报11009.77点，跌1.73%，成交10901亿元；创业板指报 2328.31点，跌1.66%，成交5444亿元。 板块方面，辅助生殖、液冷IDC、信创、华为昇腾等板块涨幅居前，钢铁、煤炭、有色、影视等板块跌 幅居前。 盘面上，创新药概念反复走强，南新制药等多股涨停；AI应用端全天逆势活跃，易点天下等涨停；AI 硬件股表现分化，液冷服务器概念全天强势，英维克等涨停；下跌方面，钢铁、有色等顺周期方向集体 走弱，安阳钢铁跌超7%。 个股跌多涨少，全市场近4300只股票下跌。 机构观点 巨丰投顾：周四市场震荡运行，软件开发板块涨幅居前。8月A股市场有望延续结构性行情，中报业绩 密集披露与政策持续发力构成主要支撑，业绩确定性高的行业将受青睐。投资者可围绕三大主线展开： 一是消费复苏主线，关注暑期旺季及政策利好驱动的旅游、家电、医疗保健等领域；二是科技创新主 ...

Core Viewpoint - The article discusses the performance and business operations of Haiprui, a leading multinational pharmaceutical company, highlighting its revenue structure and market dynamics, particularly in relation to the depreciation of the Chinese yuan and its impact on overseas revenue [2][3]. Company Overview - Haiprui was established in 1998 in Shenzhen and operates with A+H dual financing platforms, focusing on the heparin industry chain, biopharmaceutical CDMO, and innovative drug development [2]. - The company’s main business revenue composition includes: formulations (56.55%), heparin sodium and low molecular weight heparin raw materials (20.25%), CDMO (19.58%), and others (3.63%) [7]. - As of March 31, 2025, Haiprui reported a revenue of 1.394 billion yuan, a year-on-year increase of 1.53%, and a net profit attributable to shareholders of 157 million yuan, up 1.00% year-on-year [7]. Financial Performance - Haiprui's overseas revenue accounts for 93.04% of its total revenue, benefiting from the depreciation of the yuan [3]. - The company has distributed a total of 4.21 billion yuan in dividends since its A-share listing, with 514 million yuan distributed over the past three years [8]. Market Dynamics - The stock experienced a decline of 1.40% on July 31, with a trading volume of 152 million yuan and a turnover rate of 0.91%, resulting in a total market capitalization of 19.647 billion yuan [1]. - The stock's average trading cost is 11.28 yuan, with recent buying activity observed, although the buying pressure is not strong [6]. - The stock is currently trading between resistance at 13.88 yuan and support at 12.41 yuan, indicating potential for range trading [6]. Institutional Holdings - As of March 31, 2025, Haiprui's top ten circulating shareholders include Hong Kong Central Clearing Limited and Innovation Drug, with increases in their holdings compared to the previous period [8].

Market Overview - The market experienced a day of volatility with all three major indices falling over 1% [1][2] - Overall, the market showed a trend of fluctuating upward this month, with all three indices closing higher on a monthly basis; the ChiNext Index rose over 8% this month, while the Shanghai Composite Index fluctuated around 3600 points [1] Trading Volume and Market Sentiment - The total trading volume in the Shanghai and Shenzhen markets reached 1.94 trillion yuan, an increase of 91.7 billion yuan compared to the previous trading day [1] - Market sentiment was mixed, with more than 4200 stocks declining, indicating a lack of strong bullish momentum [1] Sector Performance - The innovative drug concept sector showed strength, with stocks like Nanxin Pharmaceutical hitting the daily limit [1] - AI application stocks remained active against the trend, with companies like Yidian Tianxia also hitting the daily limit [1] - AI hardware stocks exhibited mixed performance; the liquid cooling server concept was strong, with stocks like Yingweike hitting the daily limit [1] - Conversely, cyclical sectors such as steel and non-ferrous metals collectively weakened, with Anyang Steel dropping over 7% [1] - The financial sector was sluggish, with Zhongyin Securities falling over 5% [1] - Sectors with notable gains included assisted reproduction, liquid cooling IDC, Xinchuang, and Huawei Ascend, while sectors with significant declines included steel, coal, non-ferrous metals, and film [1]

本周A股市场有涨有落，医药板块却已连涨数天。7月29日当天，港股通创新药ETF（520880）大涨 5.06%，领涨全市场所有ETF产品。在此气势如虹的背景下，华宝基金"医药版图"珠玉耀眼，优质医药 基金竞相浮现，向市场充分展示了医药投资的魅力。 目前，华宝基金旗下已拥有港股通创新药ETF（520880）、药ETF（562050）及医疗ETF（512170）3只 医药/医疗专业领域内的ETF投资工具，其中港股通创新药ETF（520880）是迄今已上市的唯一被动跟踪 恒生港股通创新药精选指数的ETF产品，药ETF（562050）是国内唯一跟踪中证制药指数的ETF，医疗 ETF（512170）则已成为同主题竞品中规模最大的头部ETF，备受关注，此外，医疗ETF联接基金（A 类：162412；C类：012323）也为场外投资者把握我国医疗产业发展机遇提供了便利。在主动权益投资 领域，华宝大健康（A类：006881；C类：018529）、华宝医药生物（A类：240020；C类：019029）分 别跨越港股、A股，或聚焦A股，正通过深入研判、大力掘金创新药机遇的方式，将投资者引入至医药 发展蓝海、分享投资果实。 坚定把 ...

Group 1 - The current market structure is transitioning from a "barbell strategy" to "mid-assets," with the technology and innovation sectors experiencing cyclical turning points [1] - New growth drivers such as AI, Hong Kong internet, innovative pharmaceuticals, new consumption, semiconductors, and new energy vehicles are entering their respective cyclical turning points, providing conditions for undervalued large-cap growth and the return of "mid-assets" to excess effectiveness [1] - The ChiNext Index is expected to benefit significantly due to its valuation being below the historical 30th percentile and its performance growth trend being advantageous compared to broad-based indices [1] Group 2 - The Science and Technology Innovation Index ETF from Guotai (589630) tracks the Science and Technology Innovation Index (000680), with a daily fluctuation limit of 20% [1] - The index reflects the overall market performance of the Science and Technology Innovation Board, with a balanced industry distribution, particularly emphasizing semiconductors, which account for 38% of the index's weight [1] - Investors without stock accounts can consider Guotai's linked ETFs, including the Guotai SSE Science and Technology Innovation Board Comprehensive ETF Initiated Link A (023733) and Link C (023734) [1]

Core Insights - The Shanghai Stock Exchange Science and Technology Innovation Board (STAR Market) indices showed positive performance, with the STAR Growth Index up by 1.8%, the STAR 100 Index up by 1.1%, the STAR Comprehensive Index up by 0.7%, and the STAR 50 Component Index up by 0.1% as of midday close [1]. Index Performance Summary - The STAR 50 ETF tracks the STAR 50 Component Index, which consists of 50 stocks with large market capitalization and good liquidity, primarily in the "hard technology" sector, with over 60% in semiconductors and more than 75% in total for semiconductors, medical devices, software development, and photovoltaic equipment. The index's valuation percentile is at 146.1 times, with a 0.1% increase noted [2]. - The STAR 100 ETF tracks the STAR 100 Index, which includes 100 stocks with medium market capitalization and good liquidity, focusing on small and medium-sized innovative enterprises. The electronics, pharmaceutical biology, and electrical equipment sectors account for over 80% of the index, with a notable increase of 1.1% and a valuation percentile of 244.1 times [2]. - The STAR Comprehensive Index ETF covers all securities in the STAR Market, focusing on core frontier industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals. The index saw a 0.7% increase, with a valuation percentile of 234.5 times [2]. - The STAR Growth 50 ETF tracks the STAR Growth Index, which consists of 50 stocks with high growth rates in revenue and net profit. The electronics and pharmaceutical biology sectors account for nearly 75% of the index, with a significant increase of 1.8% and a valuation percentile of 234.9 times [2].

Group 1 - The core viewpoint of the article highlights the recent initiatives by the National Healthcare Security Administration (NHSA) to support innovation in pharmaceuticals and medical devices through new pricing policies and mechanisms aimed at fostering genuine and differentiated innovation [1] - NHSA has held two meetings to discuss these new measures, which include the establishment of unified pricing for new medical services and the exploration of a pricing mechanism for newly launched drugs [1] - Since the approval of measures to support high-end medical device innovation by the National Medical Products Administration in June 2025, there has been a clear trend in top-level design favoring innovation in medical devices, with expectations for more supportive policies in the future [1] Group 2 - The Guotai Innovation Drug ETF (517110) tracks the SHS Innovation Drug Index (931409), which selects listed companies involved in the research and production of innovative drugs from the A-share market, covering various fields such as chemical pharmaceuticals, traditional Chinese medicine, and biological products [1] - The index focuses on companies with high research and development investment and innovation capabilities, aiming to reflect the overall performance of China's innovative drug industry, with an emphasis on growth and industry representation [1] - Investors without stock accounts can consider the Guotai CSI Hong Kong-Shenzhen Innovation Drug Industry ETF Initiated Link C (014118) and Guotai CSI Hong Kong-Shenzhen Innovation Drug Industry ETF Initiated Link A (014117) [1]

Market Performance - A-shares showed mixed performance on July 31, with the Shanghai Composite Index down 0.68% and the ChiNext Index slightly up by 0.43, indicating a volatile trading day [1] - AI concept stocks performed strongly, with several hardware stocks like Cambridge Technology and Invech hitting the daily limit, while innovative drug stocks like Kangyuan Pharmaceutical also saw significant gains [1] Sector Analysis - Chemical pharmaceuticals, software development, IT services, and AI-related sectors showed the highest gains, while steel, coal mining, precious metals, and real estate sectors faced the largest declines [2] Institutional Insights - Huatai Securities identified four key trends in the AI large model industry chain, including a shift to token-driven growth, increasing demand for server computing power, a lead of B-end commercialization over C-end consumer products, and healthy competition among domestic and international firms [3] - CITIC Securities noted a clear signal for policy shifts supporting the innovative drug and medical device industries, suggesting potential recovery in valuations and performance for the medical device sector [3] Economic Indicators - The National Bureau of Statistics reported that the manufacturing PMI for July was 49.3, indicating a slight decline of 0.4 percentage points from the previous month, attributed to seasonal production slowdowns and adverse weather conditions [5] - The National Energy Administration announced that the cumulative photovoltaic power generation in the first half of the year reached 559.1 billion kWh, a year-on-year increase of 42.9%, with significant growth in both centralized and distributed photovoltaic installations [6]

另外，钢铁、煤炭、油气、有色金属等周期性板块全线下跌，安阳钢铁(600569)、包钢股份(600010)、 安泰集团跌超5%。(格隆汇) (责任编辑：宋政 HN002) 格隆汇7月31日｜A股三大指数涨跌不一，截至午盘收盘，沪指跌0.68%报3591.26点，深成指跌0.45%， 创业板指涨0.43%，北证50指数涨0.12%。沪深京三市成交额11578亿元，较上日放量556亿元，两市超 3400只个股下跌。 盘面上，辅助生殖概念涨幅居前，共同药业、利德曼(300289)20cm涨停，我国31省将辅助生殖技术纳入 医保；液冷服务器概念全线走强，思泉新材20CM涨停，英维克(002837)、淳中科技等涨停封板；CPO 概念股大涨，汇绿生态、剑桥科技(603083)涨停，中际旭创(300308)、新易盛(300502)均创历史新高；创 新药板块再度活跃，奥翔药业(603229)、康缘药业(600557)等涨停；AI智能体概念集体走强，易点天 下、用友网络(600588)、南兴股份(002757)涨停，百度搜索首页测试开放智能体应用入口。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判 ...