请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 华见早安之声 美联储声明提到经济增长有所放缓，一度强化降息预期并提振美股和美债；但鲍威尔发布会未就9月降息给出明确指引，强调通胀风险，并称就业稳固，打 压年内降息预期，美元和美债收益率急升，美股盘中转跌。纳指尾盘因投资者抄底买盘而收涨。 美股盘后财报后，微软大涨7%，Meta大涨12%，高通跌6%，Arm一度跌8%。纳指期货亚太盘初涨1%。 美债收益率全线上涨，对利率敏感的2年期收益率涨超7基点。美元五连阳、周三大涨超1.1%，接近100关键位。 黄金重挫逾1.7%。特朗普政府将进口量最大的精炼铜排除在关税之外，纽铜暴跌20%，创史上最大单日跌幅。国内夜盘期货多数收跌，焦煤和玻璃跌超 4%，焦炭跌超1.6%。 亚洲时段，AH股午后跳水，创业板跌超1%，工业富联大涨超6%，恒科指跌超2%，科网股普跌，国债、商品上涨。 8月17日上海Alpha线下闭门课，Clocktower首席策略师王凯文带你洞察地缘政治里的市场机会，了解详情>> 要闻 中共中央政治局召开会议，决定召开二十届四中全会，分析研究当前经济形势和经济工作，中共中央总书记习近平主持会议 ...

Core Viewpoint - Dongyangguang Group is entering a new development stage with the upcoming IPO of Dongyangguang Pharmaceutical, marking a significant step in China's innovative pharmaceutical sector [1][5]. Group Overview - Established 28 years ago, Dongyangguang Group has grown from scratch to a private enterprise with over 30,000 employees and assets exceeding 80 billion yuan, becoming a leader in multiple industries including electronic new materials, biomedicine, and health care [1][2]. - The company has successfully cultivated two publicly listed companies with market capitalizations in the hundred billion range [1]. Industry Development - The group is actively expanding into the artificial intelligence and robotics sectors, recognizing the potential of AI as a new engine for high-quality development [2][3]. - Dongyangguang has established a complete fluorine and chlorine chemical industry chain, positioning itself as the only company in South China with such capabilities [4]. Pharmaceutical Sector - Dongyangguang Pharmaceutical has 150 globally approved drugs and over 100 in the pipeline, aiming to become a leading pharmaceutical enterprise in China and globally [5][6]. - The company has established a robust R&D system and has been recognized for its innovation, winning multiple awards and holding over 2,500 patents [6][11]. Health and Wellness Industry - The company has pioneered the ecological breeding of Cordyceps sinensis, achieving significant production milestones and aiming for an annual output of 100 tons with sales exceeding 10 billion yuan [7][8]. - Dongyangguang is developing a product matrix around Cordyceps, targeting the burgeoning health and wellness market [8]. Innovation and Internationalization - The group emphasizes innovation and internationalization as core strategies, having built a strong R&D platform and established a global sales network covering eight countries [9][12]. - Dongyangguang has made significant investments in R&D, including collaborations with international experts and institutions to enhance its competitive edge [11][12]. Social Responsibility - Dongyangguang Group has committed over 500 million yuan to public welfare and has created over 10,000 job opportunities, reflecting its dedication to social responsibility [14].

Group 1 - The stock price of Kewang Pharmaceutical closed at 16.51 yuan on July 30, 2025, down 1.14% from the previous trading day [1] - The trading volume on that day reached 287 million yuan, with a turnover rate of 2.96% [1] - Kewang Pharmaceutical is primarily engaged in the research, development, production, and sales of traditional Chinese medicine and chemical drugs, covering pediatric, gynecological, digestive, and respiratory fields [1] Group 2 - Kewang Pharmaceutical's wholly-owned subsidiary, Guangdong Kewang Pharmaceutical Co., Ltd., has completed a capital reduction process, decreasing its registered capital from 43 million yuan to 38 million yuan [1] - The company has obtained the latest business license following the capital reduction [1] - On July 30, the net outflow of main funds was 19.81 million yuan, accounting for 0.21% of the circulating market value [2]

Group 1 - The Chinese innovative drug industry is transitioning from "follow-up innovation" to "global leadership," with a record number of innovative drugs approved in the first half of the year [1][2] - In the first half of 2023, 43 innovative drugs were approved in China, representing a 59% year-on-year increase, compared to only 48 approvals for the entire year of 2024 [2][3] - China's innovative drug R&D pipeline accounts for about one-fourth of the global total, with approximately 3,000 clinical trials conducted annually, placing China at the forefront of global innovative drug development [2][3] Group 2 - Companies like Fosun Pharma and Hengrui Medicine have successfully launched multiple innovative drugs, with Hengrui having 23 first-class innovative drugs and 4 second-class innovative drugs approved domestically [3][4] - The commercialization of innovative drugs is leading to a recovery in performance for domestic pharmaceutical companies, with companies like Luoxin Pharma and MicuRx reporting significant profit increases [3][4] - The trend of Chinese pharmaceutical companies expanding internationally is accelerating, with a shift from license-in to explosive growth in license-out transactions, contributing nearly 50% of the total transaction value globally [4][5] Group 3 - Notable license-out deals include a partnership between 3SBio and Pfizer, with an upfront payment of $1.25 billion and a potential total deal value of $6.05 billion, setting a record for Chinese innovative drugs [5][6] - The rapid growth of license-out transactions is providing substantial cash flow for domestic innovative drug companies, supporting their core pipelines overseas and creating more collaboration opportunities with multinational pharmaceutical companies [6]

Core Viewpoint - The performance of certain equity funds has been outstanding in the context of a rising market, particularly in the pharmaceutical sector, with a significant number of funds achieving over 100% returns year-to-date and over the past year [1][3][4]. Fund Performance - As of July 29, 23 funds have achieved a year-to-date return of over 100%, with 70% of these being related to the pharmaceutical sector [3][4]. - The leading fund, Huatai-PineBridge Hong Kong Advantage Selected Mixed Fund (QDII) C, has a year-to-date return of 139.12%, followed closely by other funds with returns of 138.9% and 129.35% [3][4]. - Over the past year, a total of 134 funds have doubled their returns, with the top-performing fund, CITIC Securities North Exchange Two-Year Open Mixed A, achieving a remarkable 207.48% return [4][5]. Sector Focus - The majority of the "doubling funds" are focused on innovative drugs and related products, with over 60 funds containing terms like "pharmaceutical," "innovative drugs," and "biotechnology" in their names [4][5]. - The top-performing funds in the innovative drug sector include those managed by well-known fund managers, with returns nearing 100% for some [5][6]. Market Outlook - Industry experts remain optimistic about the innovative drug sector, citing strong performance in the first half of the year and potential for continued growth in the second half [6][7]. - There is an expectation of structural opportunities in the consumer healthcare sector, particularly in areas like medical aesthetics and home medical devices, driven by increasing health awareness among consumers [7][8]. - The outlook for innovative drugs is bolstered by government support measures and anticipated developments in overseas licensing and domestic sales [8].

Group 1: Investor Relations Activity - The investor relations activity involved a meeting with representatives from Taikang Asset and China Post Securities, held on July 30, 2025 [2] - The meeting was led by the Deputy General Manager and Board Secretary, Zeng Lei, along with the Securities Affairs Representative, Gan Rong [2] Group 2: Product Development and Market Strategy - The company is currently in the information reporting stage for the collection of the eleventh batch of the drug Loxoprofen Sodium Gel Patch, with no specific price reduction estimates available yet [2] - The company has six external preparations already on the market and expects to gain approval for additional products, including Indomethacin Gel Patch and Flurbiprofen Gel Patch in 2025, and Ketoprofen Patch and others in 2026 [2][3] - The company has made progress in export development, with 46 clients engaged, including successful exports of Nitazoxanide Tablets to Ecuador and preparations for the registration of Ketoprofen Gel in Costa Rica [4] Group 3: Sales Expectations and Brand Strategy - The Ketoprofen Gel Patch was approved for market entry in 2023 and is included in the national medical insurance directory, with optimistic market prospects and a new sales strategy focusing on outpatient markets [5] - The company aims to strengthen its internal sales team assessments to enhance the "Jiu Yue" brand of patches [5] Group 4: Innovation and R&D Investment - The company is developing a Class 1 innovative drug, Pepper Seven Pain Relief Gel Patch, and has entered into a technology transfer agreement for antibacterial and anti-inflammatory peptides [6] - In 2024, the company plans to invest CNY 261 million in R&D, representing 8.91% of its revenue, with a commitment to maintain this investment ratio for sustained innovation and market competitiveness [7]

Group 1 - The overall market has seen significant growth in 2023, with 23 funds achieving over 100% returns year-to-date, predominantly in the pharmaceutical sector [1][3] - Among these, 17 funds are focused on innovative drugs, making up over 70% of the "doubling funds," with the top performers including 汇添富香港优势精选混合 (QDII) C at 139.12% [4][6] - Over the past year, a total of 134 funds have doubled their returns, with the top fund, 中信建投北交所两年定开混合 A, achieving a remarkable 207.48% return [4][5] Group 2 - The pharmaceutical sector remains a focal point for investment, with analysts optimistic about the innovative drug market and its potential for continued growth [6][7] - Key stocks in high-performing funds include 三生制药 and 科伦博泰生物-B, which have seen substantial price increases of 428.9% and 138% respectively [6][7] - The outlook for the third quarter suggests ongoing opportunities in the innovative drug space, driven by global collaborations and significant clinical data releases [6][7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report No explicit core viewpoints are presented in the given text. The report mainly focuses on analyzing the performance, scale,持仓 characteristics, and fund companies of Hong Kong stock funds. 3. Summaries Based on Related Catalogs 3.1 Hong Kong Stock Fund Performance and Scale Development - **Risk - Return Indicators**: Different types of Hong Kong stock funds, including Hong Kong Stock Connect - ETF & Passive Index, Hong Kong QDII - ETF & Passive Index, Hong Kong Stock Connect - Active, and Hong Kong QDII - Active, have varying returns, maximum drawdowns, and annualized Sharpe ratios over different time periods (1 quarter, 1 year, 3 years, and 5 years). For example, the Hong Kong QDII - Active fund had a 10.22% return in the recent quarter [13]. - **Scale and Share Changes**: There are data on the scale development and share changes of different types of Hong Kong stock funds, as well as the new issuance situation of Hong Kong stock funds in each quarter [17][22]. 3.2 Hong Kong Stock Fund Holding Characteristics - **Stock and Hong Kong Stock Positions**: Information on the stock positions and Hong Kong stock positions of different types of Hong Kong stock funds over the past five years is provided, along with the distribution of stock and Hong Kong stock positions [24][27]. - **Sector Allocation**: The sector allocation of Hong Kong stock funds shows that industries such as media, commerce and retail, and electronics are among the top - allocated sectors. There are also changes in the proportion of different sectors over time [31][35]. - **Heavy - Holding Stocks**: The heavy - holding stocks of Hong Kong stock funds include companies like Tencent Holdings, Xiaomi Group - W, and Alibaba - W. There are also data on the top 10 stocks by market value ratio, the top 10 stocks with increased or decreased allocation, and the top 10 stocks by the number of heavy - holding funds [37][39]. 3.3 Hong Kong Stock Fund Company Analysis - **Fund Company Scale**: The top 20 fund companies in terms of Hong Kong stock fund scale in 2025Q2 are listed, along with their scale in 2025Q1, scale changes, and ranking changes. For example, China Asset Management had a scale of 1009.3 billion yuan in 2025Q2, with a 9.61% increase from 2025Q1 [47]. - **Heavy - Holding Industries and Stocks**: The heavy - holding industries (at the Shenwan primary level) and heavy - holding stocks of the top 20 fund companies in terms of Hong Kong stock fund scale are presented, along with the proportion of heavy - holding stocks and their changes [50][51]. 3.4 Performance - Outstanding Hong Kong Stock Fund Holding Display and Quarterly Report Views - **Funds Holding "Top 50 Rising Stocks"**: Some actively managed Hong Kong stock funds that held "top 50 rising stocks" in 2025Q2 are listed, including their fund codes, names, types, 2025Q2 returns, fund managers, total scale, and the stocks they held, along with the stocks' 2025Q2 rising percentages and the proportion of the stocks' market value in the fund's net value [54][55]. - **Quarterly Report Excerpts**: Excerpts from the 2025 second - quarter reports of some performance - outstanding actively managed Hong Kong stock funds are provided, including their performance, fund managers, total scale, and investment strategies. For example, the Huatai - PineBridge Hong Kong Stock Connect Advantage Select A fund plans to invest in innovative drug companies and excellent equipment and consumable leading companies with high barriers [57][58].

注3:基金有风险,投资须谨慎,详阅基金法律文件及交易所、结算公司等相关业务规则, | 人类ARE MA | -0.3% | 58.4倍 | 90.1% | | --- | --- | --- | --- | | 生物科技ETF(No3) | | | 159837 | | 跟踪中证生物科技主题指数 | | | | | | | | ··· | | 该指数聚焦A股生物科技龙 | 令日 | 该指数 | 该指数自2015年 | | 头,由不超过50只业务涉 | 该指数涨跌 | 突动市常率 | 发布以来估值分位 | | 及基因诊断、生物制药、血 | | | | | 液制品及其它人体生物科技 | -0.3% | 61.2倍 | 79.7% | | 的公司股票组成。 | | | | | 矢约日 ONLY | | | 512010 | | 跟踪沪深300医药卫生指数 | | | | | | | | ··· ////////// | | 该指数聚焦A股医药卫生行 | | | | | 业龙头,由沪深300指数样 | �日 | 该指数 | 该指数自2007年 | | 本中属于医药卫生行业的公 | 该指数涨跌 | 发动市常奖 | 发布 ...

Market Performance - The CSI Artificial Intelligence Theme Index and the CSI Cloud Computing and Big Data Theme Index both fell by 1.2% [1] - The National Robot Industry Index and the CSI New Energy Index decreased by 1.7% [1] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index dropped by 1.9% [1] Company Collaboration - Sinopharm Group and Huawei are set to deepen their collaboration, focusing on the integration of pharmaceuticals and artificial intelligence [1] - High-level discussions have confirmed joint efforts in digital top-level planning and the development and application of pharmaceutical large models [1] - Since 2020, both companies have partnered in various fields including digital transformation and pharmaceutical distribution, leveraging AI to enhance drug development efficiency and optimize clinical diagnosis [1]