当地时间8日，美国总统特朗普威胁对进口药品和铜征收高额关税，其中药品关税可能高达200%。 但将给药企至少一年的时间，在关税生效前将供应链转移回美国。这一举措背后，是美国决策圈面对全 球生物医药，尤其是创新药领域的竞争越来越激烈的危机感和不自信。 前段时间，美国国家新兴生物技术安全委员会（NSCEB）在提交美国国会的报告中指出："中国正 以系统性战略挑战美国生物技术霸权。"以抗体偶联药物（ADC）为例，这种被誉为"魔法子弹"的医药 技术主要用于癌症治疗，能充分反映生物医药产业的技术实力、研发深度和产业竞争力。而在2025年美 国临床肿瘤学会（ASCO）公布的全球184项ADC研究中，中国药企独占89项、占比近半。这份新历史 纪录成为中美博弈中最具象征意义的注脚——曾经由欧美主导的创新药赛道，正在经历"攻守易势"的深 刻变革。 2010年之前，中国药企在全球创新药版图中几乎"隐形"。彼时，美国药企凭借先发优势，牢牢占据 全球创新药市场的领头羊地位，而中国药企收入很大程度上依赖仿制药。到了2015年，中国启动药监改 革成为转折点。得益于吸引大量海外生物医药顶尖人才归国创业与创新积累，国内制药行业上游产业链 逐步形 ...

中信证券表示，6月以来市场最大的变化是逐步从存量市场转为增量市场，不过A股当中机构易于接受 的板块短期内涨幅较大，进入到高位震荡阶段。相对而言处于低位的是受价格因素主导的制造板块，当 下的反内卷是类比于共建"一带一路"的长期叙事，在增量资金流入环境下有助于撬动这些低位板块。 今日投资机会解析 新型光伏浆料产业化进程不断加速 光伏导电浆料主要用于光伏电池的金属化环节，并直接影响电池的性能。目前银浆是导电浆料的主流选 择，但受N型技术银浆单耗上升及白银价格中枢上移的影响，银浆降本需求迫切。 中银证券（601696）表示，以银包铜、电镀铜和高铜/纯铜浆料为代表的新型光伏浆料产业化进程不断 加速，预计到2030年新型浆料的市场空间有望超过150亿元，对应2025年—2030年CAGR约60%，铜浆 料有望于2025Q4实现量产导入，推荐技术和规模领先的龙头企业，建议关注有望转型的企业和高铜浆 料领跑者。 稀土价格有望稳中有进 上周五，沪指盘中在券商、保险等板块的带动下强势上扬，一度涨超1%，午后逐渐回落；科创50指数 盘中涨超2%。截至收盘，沪指微涨0.01%报3510.18点，深证成指涨0.61%报10696.1点 ...

| 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | TL | CFFEX30年期距 × | | 120.38 | -0.13 | -0.11% | | T | CFFEX10年期歴 \xf | | 108.725 | -0.090 | -0.08% | | TF | CFFEX5年期国 *~ r | | 105.905 | -0.070 | -0.07% | | । ਟੈ | CFFEX2年期国 ~~* | | 102.386 | -0.026 | -0.03% | | 511010 | 国债ETF | W. | 141.443 | -0.056 | -0.04% | 7月14日周一，A股早盘分化，沪指上涨，创业板走低，稀土永磁板块活跃，基本金属、电力、钢铁等 板块涨幅居前。港股早盘震荡盘整，恒指、恒科指均交投平盘附近，医药股再度走强，茶饮股调整，古 茗跌超3%。债市方面，国债期货集体走低。商品方面，国内商品期货涨跌不一，黑色系商品多上涨。 核心市场走势： | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨 ...

Core Viewpoint - The report from CICC suggests that the technology innovation sector remains a suitable allocation in the current environment, with a focus on artificial intelligence, high-end manufacturing, and innovative pharmaceuticals as key areas of interest for the second half of the year [1][2]. Group 1: Market Trends - The technology innovation sector has shown structural opportunities since the beginning of the year, with the Tech Innovation 50 Index rising approximately 18% from its early-year high, particularly in AI, robotics, and semiconductors [2]. - The AI sector has demonstrated a diffusion effect, positively impacting related fields such as innovative pharmaceuticals and defense industries [2]. - The Hong Kong stock market has outperformed the A-share market, with notable performance in technology, innovative pharmaceuticals, and new consumption sectors [2]. Group 2: Driving Factors - Continuous policy support for technology innovation includes financing support and capital market reforms, with a focus on new production capabilities and financial instruments for tech companies [3]. - The establishment of the National Entrepreneurship Guidance Fund aims to invest in cutting-edge fields like AI and quantum technology, enhancing financing for startups [3]. - The restructuring of the global monetary system and trade dynamics is expected to lead to a revaluation of Chinese assets, with potential benefits for the stock market [6]. Group 3: Industry Trends - The AI sector is transitioning from technological breakthroughs to practical applications, with significant advancements in AI models and increased demand from both consumer and business sectors [8]. - High-end manufacturing is experiencing improved supply-demand dynamics, with capital expenditures in sectors like batteries and consumer electronics showing signs of expansion [9]. - The innovative pharmaceuticals sector is benefiting from policy optimization and internationalization, with a notable increase in license-out transactions and recognition at global conferences [10][11]. Group 4: Market Dynamics - The technology narrative and geopolitical changes are expected to attract overseas capital back to the Chinese stock market, with a noticeable increase in attention towards tech companies since the beginning of the year [12]. - Valuations of tech companies have seen some recovery, but there is still differentiation across sectors, with certain sectors like computing and defense showing higher valuations compared to others [12].

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 74, suggesting a positive outlook for the market [6][9]. - Recent policy support and improved market sentiment have led to a gradual upward trend in the market [9]. Market Themes Tracking - **Data Theme**: The National Data Bureau and the State Administration for Market Regulation have introduced measures to enhance data circulation efficiency, potentially increasing efficiency by 30% [7]. - **Cross-Border Payment Theme**: The People's Bank of China has simplified conditions for foreign institutions to participate in the Renminbi cross-border payment system, reflecting China's commitment to promote the global use of the Renminbi [7]. - **Innovative Drug Theme**: The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, emphasizing the use of healthcare data in drug development [7]. Market Capital Flow - The report lists the top ten stocks with the highest net inflow, with Dongfang Caifu (300059.SZ) leading at 159,736.05 million [10]. - The report also highlights the top ten stocks with the highest net outflow, with Tianfu Communication (300394.SZ) showing a net outflow of -61,119.45 million [12]. Industry Analysis - The non-bank financial sector has seen significant net buying, indicating investor optimism [19]. - Conversely, the food and beverage sector has experienced substantial net outflows, suggesting a bearish sentiment among investors [17].

01 市场回顾 | | | 全球大类资产本周表现 (2025/7/7-2025/7/11) | | | | | --- | --- | --- | --- | --- | --- | | 全球指数 | 涨跌幅 | A股领涨行业 | 涨跌幅 | 外汇 | 涨跌幅 | | 韩国综合指数 | 3.98% | 房地产 | 6.12% | 美元兑日元 | 2.04% | | 创业板指 | 2.36% | 钢铁 | 4.41% | 美元兑英镑 | 1.06% | | 徳国DAX | 1.97% | 非银金融 | 3.96% | 美元指数 | 0.91% | | 中证500 | 1.96% | 综合 | 3.78% | 美元兑加元 | 0.64% | | 富时新加坡海峡指数 | 1.85% | 建筑材料 | 3.34% | 美元兑新加坡元 | 0.53% | | 深证成指 | 1.78% | A股领跌行业 | 涨跌幅 | 澳元兑美元 | 0.35% | | 法国CAC40 | 1.73% | 煤炭 | -1.08% | 美元兑瑞郎 | D.30% | | 万得全A | 1.71% | 银行 | -1.00% | 美元兑离岸 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the Chinese innovative pharmaceutical industry, particularly focusing on PD-1 drugs and their market dynamics, as well as the medical device sector and CDMO companies [1][4][5]. Core Insights and Arguments PD-1 Drug Market - The core patent for PD-1 immunotherapy drugs is expected to expire in 2032, with a potential global market size reaching $100 billion, facing competition from biosimilars [4]. - Investment strategies include extending patents through ADC combinations (e.g., Bai Li Tian Heng) and identifying next-generation immunotherapies (e.g., Innovent Biologics' interleukin-2), which have significant potential in both cold and hot tumor markets [1][4]. Medical Device Sector - Companies in the medical device sector, such as United Imaging, may face pressure in Q2 but are expected to maintain growth [5]. - The IVD sector experienced a decline in the first half of the year due to centralized procurement but is anticipated to see a turnaround in Q3 and Q4 [5]. - The orthopedic sector is entering a performance release phase post-centralized procurement [5]. - Long-term focus on leading companies like Mindray and United Imaging, as well as the home medical device sector, which has shown strong performance due to government subsidies [5]. CDMO Companies - CDMO companies have seen a significant increase in overseas orders, with order value growth rates reaching 15%-20%, leading to a recovery in revenue and profit growth [10]. - Recommendations include companies with low valuations and strong fundamentals, such as those reporting nearly 20% revenue growth and a net profit margin of 33% in Q2 [10]. Traditional Chinese Medicine and Biopharmaceuticals - Investment recommendations focus on innovative drug layouts in traditional Chinese medicine, highlighting companies like Tasly and Kangyuan, which have underappreciated innovative drug assets [7]. - OTC products are recovering in retail pharmacies, with companies like Mayinglong and Lingrui showing stable performance [7]. Market Trends and Economic Impact - The service and pharmacy sectors are expected to face pressure in the first half of 2025, with growth slowing due to their close correlation with the economic cycle [6]. - The domestic innovation research and development investment is entering a new cycle, with BD upfront payments becoming a primary funding source [11]. Additional Important Insights - The "borrowing ship" and "building ship" models for Chinese innovative drugs are discussed, with the former involving patent licensing and the latter focusing on independent overseas market entry [15][16]. - Successful cases of the "building ship" model include BeiGene's BTK inhibitor and Legend Biotech's CAR-T therapy, indicating a shift towards independent innovation in the Chinese pharmaceutical sector [17][18]. - The cultivation medium business of Aopumai has shown strong growth, with over 50% revenue increase in Q2, benefiting from domestic substitution trends [12]. Conclusion - The Chinese innovative pharmaceutical industry is poised for significant growth, driven by patent expirations, innovative therapies, and expanding overseas markets. The medical device sector and CDMO companies also present promising investment opportunities amidst evolving market dynamics.

Group 1 - The market showed positive performance last week, with the China Securities Xinhua National Brand Index rising by 1.78% to 1679.33 points [1] - Key stocks such as Sungrow Power, Tigermed, and Kangtai Biological performed strongly, with Sungrow Power leading with a 12.50% increase [1] - Year-to-date, notable performers include Xinlitai with a 47.42% increase, WuXi AppTec with a 43.21% rise, and Anji Technology up by 38.52% [2] Group 2 - The market sentiment is shifting towards a bullish outlook, with institutions optimistic about future performance due to a lack of systemic risks and positive reactions to favorable information [2] - Key sectors of interest include computing power chains, new consumption, and innovative pharmaceuticals, with high-dividend assets expected to attract institutional investment [2] - The ongoing revaluation of Chinese assets is supported by continuous breakthroughs in domestic technology innovation and favorable policies, which are expected to enhance supply-demand dynamics in the domestic market [3]

Core Insights - Multiple equity funds have increased their stock positions in Q2 2025, with a focus on sectors such as robotics, fintech, and pharmaceuticals [1][4][5] Fund Performance and Strategy - As of the end of Q2, several funds reported stock positions exceeding 80%, with notable increases in positions for funds like Tongtai Yuanjian Mixed, which rose from 78.65% to 85.74%, and Tongtai Industrial Upgrade Mixed, which jumped from 1.62% to 90.16% [2][3] - Longcheng Fund's pharmaceutical-themed funds achieved significant net value growth, with Longcheng Pharmaceutical Industry Selected Mixed A and C shares recording growth rates of 35.86% and 35.72% respectively [3] Sector Focus - The investment focus varies among funds, with some shifting their portfolios. For instance, Tongtai Industrial Upgrade Mixed transitioned from banking stocks to robotics, while Tongtai Financial Selected Stock maintained a focus on long-term investments in the financial sector [3] - The investment strategy of Debang New Return Flexible Configuration Mixed involves a mix of fixed income and equity assets, with a focus on banks, white goods, public environmental protection, and gold [3] Future Investment Opportunities - Fund managers are optimistic about investment opportunities in robotics, pharmaceuticals, and fintech. The robotics sector is expected to see significant growth driven by increased orders from leading manufacturers and advancements in large model technology [4] - In the pharmaceutical sector, there is anticipation for the growth of innovative drugs, particularly in overseas licensing and domestic sales, with expectations tied to quarterly reports and negotiations with medical insurance [5][6] - The financial sector is viewed as having potential for performance elasticity, especially if the A-share market rebounds, which could benefit brokerage, asset management, and proprietary trading businesses [6]

明日主题前瞻 1、RISC-V | 据央广网，第五届RISC-V中国峰会将于2025年7月16至19日在上海张江科学会堂隆重举办，本届峰会设置1场主论坛、9场垂直领域分论坛、5场 研习会、11项同期活动，以及4,500平方米未来科技展览区。预计将吸引近2.000名国内外专业观众线下参与(80%来自产业界)，线上直播及回放覆盖超过50万 人次行业人群，汇聚数百家企业、研究机构及开源技术社区参会。 点评：天风证券表示，RISC-V架构作为全球三大指令集架构之一，以其开源免费、设计灵活、低功耗等优势，正在迅速崛起。据预测，到2030年，RISC-V 架构产品出货量的年复合增长率将达到40%以上。华泰证券表示，中国RISC-V发展体现在软件、应用及开发者生态三个方面，RISC-V架构由于具备开源开 放的特殊属性，被认为是国产芯片弯道超车的机遇。 2、创新药 | 据智通财经，国家医保局公布《2025年国家基本医疗保险、生育保险和工伤保险药品目录及商业健康保险创新药品目录调整工作方案》，明确 2025年基本医保药品目录调整和商业健康保险创新药品目录制定将同步进行。另外，2000亿市值CXO龙头药明康德披露业绩预告，公司预 ...