今日（7月28日）A股三大指数集体收涨，创业板指涨近1%，沪深两市成交额达1.74万亿元，较上周五 缩量450亿元。 盘面上，创新药强势领涨！4100亿市值的恒瑞医药获得潜在金额高达125亿美元的出海大单，国内首只 药ETF（562050）场内价格劲涨2.48%，场内唯一跟踪恒生港股通创新药精选指数的港股通创新药ETF （520880）场内价格猛拉3.7%。 世界AI大会火热召开，"AI双子星"创业板人工智能ETF华宝（159363）、科创人工智能ETF华宝 （589520）场内频现溢价区间，或有资金进场布局！ 值得关注的是，超140亿主力资金涌入电子板块！PCB、CPO等算力硬件股午后持续走强，生益科技、 胜宏科技等多股创历史新高，汇聚电子板块核心龙头的电子ETF（515260）场内价格收涨0.94%。 | 序号 代码 | 名称 | 涨跌幅▼ | | --- | --- | --- | | 1 1000 | 520880 港股通创新药ETF T+0 | 3.70% | | 562050 药ETF 2 3 | | 2.48% | | 515000 科技ETF 3 11 | | 2.10% | | 4 11 | ...

7月22日，申万菱信基金发布多条基金经理变更公告，基金经理褚一凡因个人原因卸任申万菱信可转债债券基金和申万菱信双利混合基金，褚一凡名下无在 管基金。 | 离任基金经理姓名 | 褚一凡 | | --- | --- | | 离任原因 | 个人原因 | | 离任目期 | 2025-07-22 | | 转任本公司其他工作岗位的说 | | | ਸੀਰੇ | | | 是否已按规定在中国基金业协 | | | 会办理变更手续 | | | 是否已按规定在中国基金业协 | 是 | | 会办理注销手续 | | 截至二季度末，申万菱信双利混合基金A类份额成立以来跑输业绩比较基准9.17个百分点，过去6个月跑赢业绩比较基准1.66个百分点 截至二季度末，申万菱信双利混合基金持有股票占比为25.01%，持有债券占比为68.98%，前十大持仓个股分别为紫金矿业、景嘉微、泡泡玛特、东方财 富、金盘科技、中国人保、益方生物、歌尔股份、新华保险、新华保险（H股）、立讯精密。 申万菱信双利混合基金在二季报中指出，二季度中市场表现较好的板块仍是银行等金融板块；而其它各板块表现出明显的快速轮动特征，主题概念层出不 穷。季末A股市场基本回到了一季度的相 ...

Report Overview - Report Date: July 28, 2025 - Analyst: Zhang Hesheng - Contact Information: Tel: 021 - 53686158; E - mail: zhanghesheng@shzq.com; SAC No.: S0870523100004 [1] Industry Investment Rating - The report continues to be bullish on the bond market and A - share structural opportunities, but no specific industry investment rating is provided [12] Core Viewpoints - Continue to be optimistic about the bond market and A - share structural opportunities. The rapid price increase of commodities such as coal, steel, and building materials is due to the dual positive catalysts of the increasing expectation of supply - side reform and the incremental demand from the Yarlung Zangbo River Hydropower Project. The bond market is not substantially affected by the commodity price increase, and the short - term adjustment provides an opportunity to go long on the bond market. In the stock market, the Politburo meeting at the end of July may introduce some growth - stabilizing policies, and the upcoming Sino - US economic and trade talks in Sweden are expected to keep investors' risk appetite at a high level. There are still investment opportunities in structural sectors such as rare earths, artificial intelligence, innovative drugs, and commodities [12] Market Performance Summary Stock Market - **US Stocks**: In the past week (July 21 - 27, 2025), the Nasdaq, S&P 500, and Dow Jones Industrial Average changed by 1.02%, 1.46%, and 1.26% respectively, and the Nasdaq China Technology Index changed by 1.91% [2] - **Hong Kong Stocks**: The Hang Seng Index changed by 2.27% in the same period [2] - **A - Shares**: The Wind All - A Index rose 2.21%. Among them, the CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and Wind Micro - cap stocks changed by 2.29%, 1.69%, 3.28%, 2.36%, 1.81%, and 3.63% respectively. In terms of sector styles, both blue - chip and growth stocks in the Shanghai and Shenzhen markets rose, and the North Securities 50 Index changed by 2.85% [3] - **Industry Performance**: Among the 30 CITIC industries, 4 industries declined and 26 industries rose. The leading industries were coal, steel, non - ferrous metals, building materials, and construction, with weekly gains of more than 6%. In terms of ETF performance, rare metals, coal, building materials, non - ferrous metals, and Hong Kong securities performed well, with weekly gains of more than 7% [4] Bond Market - **Domestic Interest - Rate Bonds**: In the past week (July 21 - 27, 2025), the 10 - year Treasury bond futures main contract fell 0.56% compared to July 18, 2025. The yield of the 10 - year Treasury bond active bond increased by 6.72 BP to 1.7324% compared to July 18, 2025. The yield curve became steeper [5] - **Funding Price**: As of July 25, 2025, R007 was 1.6937%, up 18.65 BP from July 18, 2025; DR007 was 1.6523%, up 14.56 BP, and the spread between the two increased. The central bank's open - market operations had a net withdrawal of 70.5 billion yuan in the past week [6] - **Bond Market Leverage**: The bond market leverage level increased. The 5 - day average of the inter - bank pledged repurchase volume increased from 7.24 trillion yuan on July 18, 2025, to 7.70 trillion yuan on July 25, 2025 [7] - **US Treasury Bonds**: In the past week (July 21 - 27, 2025), the long - term US Treasury bond yields decreased while the short - term yields increased. As of July 25, 2025, the 10 - year US Treasury bond yield decreased by 4 BP to 4.40%. The yield curve became flatter [8][9] Foreign Exchange and Commodities - **US Dollar**: The US dollar index fell 0.80% in the past week (July 21 - 27, 2025). The US dollar exchange rates against the euro, pound, and yen changed by - 1.00%, - 0.19%, and - 0.76% respectively. The US dollar exchange rates against the offshore and onshore RMB decreased by 0.18% and 0.12% respectively [10] - **Gold**: The international gold price fell, with the London gold spot price falling 0.35% to $3343.5 per ounce and the COMEX gold futures price falling 0.61% to $3329.1 per ounce. The domestic gold price rose, with the Shanghai gold spot price rising 0.09% to 774.21 yuan per gram and the futures price rising 0.01% to 774.70 yuan per gram [10] Trade Negotiation Progress - The US has reached trade agreements with the Philippines, Japan, and the EU. Sino - US trade talks will be held in Sweden from July 27 - 30, 2025, and the follow - up progress is worthy of attention [11]

Core Viewpoint - The pharmaceutical sector is experiencing a positive shift from innovative drugs to the upstream and downstream of the industry chain, with significant growth in the CXO (Contract Research and Manufacturing Organization) segment driven by increased clinical research funding and supportive policies [1][2][3]. Group 1: Company Performance - WuXi AppTec (药明康德) reported a revenue of 20.799 billion yuan for the first half of the year, a year-on-year increase of 20.64%, and a net profit of 8.561 billion yuan, up 101.92% [1]. - The company expects its revenue from ongoing operations to return to double-digit growth by 2025, with an adjusted growth rate of 13-17% [1]. - WuXi AppTec has raised its full-year revenue forecast to between 42.5 billion and 43.5 billion yuan [1]. Group 2: Market Dynamics - The CXO sector is witnessing a recovery in valuation, with the Hong Kong Stock Connect pharmaceutical ETF rising by 2.01% and trading volume reaching 1.18 billion yuan [1]. - The increase in BD (Business Development) funding from innovative drug companies is accelerating investments in clinical research, with over 60% of these funds directed towards clinical trials [3][4]. - The optimization of centralized procurement rules has provided a stable expectation for pricing, encouraging companies to invest BD funds in clinical research [4][5]. Group 3: Industry Trends - The demand for CXO services is increasing as leading innovative pharmaceutical companies undertake more complex and larger-scale clinical projects [5][6]. - The CXO sector is experiencing a demand growth across the entire chain, driven by increased clinical research investments [7]. - The overall PE ratio of the CXO sector is approximately 33 times, lower than the average for the pharmaceutical and biotechnology industry, indicating potential for valuation recovery [7][8]. Group 4: Future Outlook - The positive cycle of BD funding, clinical research investment, and CXO demand growth is expected to be sustainable in the long term [9]. - The push for global collaboration in innovative drugs by the National Healthcare Security Administration is likely to attract more BD funding [9]. - Leading CXO companies with technological barriers and global capabilities are positioned to benefit significantly from this recovery trend [9].

"牛市"相关研报增多 随着近日沪指在时隔9个月后首次突破3600点，"牛市氛围"逐渐成为A股市场的主流叙事，市场预测的 目标点位不断抬升。那么，作为行情风向标，券商研究所最近发布报告、路演、电话会、调研的频次是 不是也"水涨船高"呢? 据慧博智能终端数据，最近一周内，券商总共发布了各类投资策略研报近224份，研报数量较此前没有 明显增多。 时值中报披露静默期，最近券商对上市公司的调研也有所减少。据Choice数据统计，近一个月，券商调 研次数达到3080次，比近6个月的平均值下降较多。 不过值得关注的是，近期券商对于"牛市"的呼声较此前明显增多。据慧博智能终端数据，最近一个月 内，标题出现"牛市"的券商策略报告多达13篇。相比之下，最近三个月内，标题出现"牛市"的券商策略 报告是23篇。也就是说，其中有57%的"牛市"研报发布时间是近一个月内。而一些研报即使标题里没有 出现"牛市"，但看多的情绪溢于言表，比如某头部券商策略团队最新的观点明确"3600不是终点"。 与此同时，近期，各券商举办的路演，"牛市"也成为关键词。据进门财经，7月以来（截至7月28日）， 券商举办的各类以"牛市"（也包括商品牛市）为关键词 ...

Core Viewpoint - The article highlights the significant rise of the humanoid robot sector, particularly driven by the recent World Artificial Intelligence Conference (WAIC2025), which showcased numerous innovative products and applications, indicating a strong potential for commercialization and investment opportunities in this field [9][26]. Group 1: Market Performance - On Monday, the A-share market showed slight fluctuations, with the Shanghai Composite Index rising by 0.12%, the Shenzhen Component Index by 0.44%, and the ChiNext Index by 0.96% [1]. - The stock of Upwind New Materials surged again, marking a cumulative increase of over 10 times this year, making it the first stock in A-shares to achieve a tenfold increase since 2025 [1][19]. Group 2: Humanoid Robot Sector - The humanoid robot sector has gained traction due to various catalysts, including the recent showcase of humanoid robots at WAIC2025, which featured over 60 models demonstrating practical applications [9][12]. - The event attracted significant attention, with over 800 companies participating and showcasing a wide range of AI-related products, indicating a robust ecosystem developing around humanoid robots [9][29]. - The commercialization of humanoid robots is expected to accelerate, with companies like Zhiyuan and Yushun preparing for IPOs, which could further drive investment interest in the sector [17][18]. Group 3: Investment Opportunities - The article suggests that the humanoid robot sector presents substantial investment opportunities, particularly as the industry moves towards commercialization and mass production [25][26]. - The demand for core components of humanoid robots is expected to increase, benefiting domestic companies that achieve technological breakthroughs [30]. - The China Europe Index Fund for robots has shown strong performance, with a year-to-date increase of over 15% and a one-year cumulative increase of over 55%, outperforming the CSI 300 Index by more than 30 percentage points [33][34].

港股三大指数收盘涨跌不一，恒生指数早盘一度冲高超1%，最终收涨0.68%，国企指数涨0.29%，恒生科技指数跌0.24%，市场情绪总体表现平稳。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | ○ 25562.13 | +173.78 | 0.68% | | 800100 | 国企指数 | 9177.15 | +26.66 | 0.29% | | 800700 | 恒生科技指数 | 5664.02 | -13.88 | -0.24% | 盘面上，大型科技股走势分化，大金融股部分表现活跃，内险股涨幅较为明显，中资券商股涨跌不一，其中友邦保险涨近5%，中国太保涨近4%；药品类股 持续上涨行情，创新药概念股方面涨幅亮眼，与GSK达成潜在125亿美元组合授权协议，恒瑞医药大涨24.5%且创上市新高；教育股、濠赌股、电信股、建 材水泥股、手游股多数表现活跃。另一方面，航空股跌幅居前，三大航空股均跌超3%，"反内卷"部分板块下跌明显，光伏股、煤炭股、钢铁股走低，石油 股、汽车股、餐饮股普遍表现弱势。 | Cor ...

Core Viewpoint - The innovative pharmaceutical sector in A-shares has shown significant strength, with Heng Rui Pharmaceutical leading the surge, indicating a positive market sentiment towards the industry [1][5]. Group 1: Heng Rui Pharmaceutical Developments - Heng Rui Pharmaceutical announced a deal with GSK, granting exclusive global rights to the HRS-9821 project and up to 11 additional projects, with an upfront payment of $500 million and potential milestone payments totaling approximately $12 billion [4][5]. - The company has accelerated its internationalization process, with expectations of 2-3 innovative drug authorizations annually, enhancing profit margins through upfront payments and substantial overseas sales revenue [6]. - Since 2018, Heng Rui has engaged in 13 licensing transactions with global partners, involving 16 molecular entities, with a total potential transaction value of around $14 billion and upfront payments totaling approximately $600 million [6]. Group 2: Market Reactions and Trends - The entire innovative pharmaceutical sector has been buoyed by Heng Rui's performance, with significant gains in various pharmaceutical stocks, including a notable increase in the domestic first drug ETF [9]. - Citigroup has raised target prices for several Chinese pharmaceutical companies, highlighting optimism for next-generation immuno-oncology therapies, which are expected to reshape treatment paradigms [4][10]. - The total addressable market for next-generation immunotherapy drugs is projected to exceed $62 billion, with specific companies like Kangfang Biotech and Innovent Biologics showing promising data [10].

Group 1 - A-shares have experienced wide fluctuations since 2025, with the overall trend showing mixed performance across major indices [1] - As of June 23, 2025, the cumulative performance of key A-share indices includes: Shanghai Composite Index up 0.89%, Shenzhen Component down 3.52%, ChiNext down 5.79%, CSI 300 down 1.96%, STAR 50 down 2.78%, and Wind All A Index up 2.17% [1] - The STAR 50 index has seen a continuous decline from March to June, erasing the 12.95% gain from February [1] Group 2 - The new narrative logic of the Chinese market is becoming clearer, with small-cap stocks outperforming large-cap stocks, as evidenced by the CSI 1000 index rising over 10% [3] - New industry sectors such as stablecoins, DeepSeek, pet economy, innovative drugs, and robotics have shown significant activity, with gains exceeding 20% [3] - Financial policies are being strengthened, with structural tools being enhanced, leading to a positive accumulation of fundamental factors for banks [3] Group 3 - Global capital is increasingly focused on the Chinese market, with significant investments from overseas long-term funds, including a $50 million investment by a German pension fund [5] - Over 30 billion yuan has been added to Hong Kong-themed ETFs in the past month, indicating strong interest in the Hong Kong market [5] - Public funds are intensifying their focus on Hong Kong stocks, with many companies launching QDII products targeting this market [5] Group 4 - The short-term trend of the market is strong, with noticeable inflows of incremental capital, although the overall market profitability remains weak [7] - The A-share market has maintained stable trading activity under the management's policy to keep the capital market active [11] - The recent rebound in the Shanghai Composite Index has been primarily driven by financial stocks and resource anti-involution concepts [11]

Group 1 - Allianz Fund announced a change in leadership, with Wu Jiayao resigning as chairman and General Manager Shen Liang taking over the role [1] - Over 100 public funds have added new sales institutions in July, with more than 156 announcements made by over 20 fund management companies [2] - The number of applications for ChiNext-related index funds has surged 3.7 times year-on-year, with 42 funds submitted for registration this year [3] Group 2 - Fund manager Zheng Ning focuses on innovative drug investments, highlighting a fundamental-driven market with significant growth in R&D and favorable policies [4] - Zheng Ning identifies two main types of players in the innovative drug sector: new entrants and traditional pharmaceutical companies undergoing transformation [4] - The innovative drug sector remains strong, with stocks like Heng Rui Pharmaceutical hitting the limit up, and related ETFs showing gains of up to 4.10% [5][6] Group 3 - The market experienced a rebound, with the Shanghai Composite Index rising by 0.12% and the ChiNext Index increasing by 0.96%, while total trading volume decreased by 450 billion yuan [4] - Innovative drug ETFs showed strong performance, with several funds reporting gains around 4% [6][8] - Conversely, the STAR 50 ETF led declines with a drop of 14.01%, while energy and coal ETFs also fell by over 2.5% [7]