RISC-V - The fifth RISC-V China Summit will be held from July 16 to 19, 2025, in Shanghai, featuring a main forum, nine vertical sub-forums, five workshops, and a 4,500 square meter technology exhibition area, expecting nearly 2,000 attendees [1] - RISC-V architecture is rapidly rising due to its open-source, flexible design, and low power consumption, with a projected compound annual growth rate of over 40% in product shipments by 2030 [1] Innovative Drugs - The National Healthcare Security Administration announced a plan for the adjustment of the 2025 National Basic Medical Insurance drug list and the commercial health insurance innovative drug list, which will be synchronized [2] - WuXi AppTec, a leading CXO company with a market value of 200 billion, expects a revenue of approximately 20.64% growth year-on-year for the first half of 2025 [2] - The innovative drug sector is experiencing a surge in outbound transactions, with optimistic expectations for pipeline value, leading to increased domestic new drug R&D demand [2] Industrial Intelligence - The Ministry of Industry and Information Technology released work points for the integration of information technology and industrialization in 2025, emphasizing the development of industrial intelligent systems and support for pilot projects [3] - The AI industry is at a critical turning point, with predictions that AI smartphones and PCs will capture over 50% and 80% market share in China by 2027, respectively [3] Environmental Protection - The world's first 200,000 tons/year mixed waste plastic deep cracking industrialization project has successfully begun trial production in Guangdong, utilizing innovative chemical recycling technology [4] - The waste plastic resource utilization market in China is expected to reach 120 billion by 2025 and exceed 400 billion by 2030, with a compound annual growth rate of over 10% [4] Hydrogen Energy - The Alcohol-Hydrogen Electric Ecosystem Alliance was established at the 2025 China Automotive Forum, aiming to enhance collaboration across the industry chain [5] - Alcohol-hydrogen technology is viewed as an optimal path for commercial vehicle electrification, addressing the limitations of pure electric and hydrogen fuel technologies [5] Insurance - The Ministry of Finance issued a notice to guide insurance funds towards long-term stable investments, enhancing the performance evaluation of state-owned commercial insurance companies [6] - The proportion of equity investments by insurance companies is expected to significantly increase, contributing to the long-term stability and health of the capital market [6] Macro and Industry News - The Shanghai Stock Exchange has implemented further reforms to the Sci-Tech Innovation Board, including new self-regulatory guidelines [7] - The China Securities Association released 28 measures to promote high-quality development in the securities industry [8]

Investment Rating - The report indicates a positive investment outlook for the hereditary angioedema (HAE) treatment sector, particularly following the approval of the first oral on-demand treatment, sebetralstat [14][21]. Core Insights - The report highlights the urgent need for effective HAE treatments due to the high risk of life-threatening episodes, with nearly half of HAE patients facing potential asphyxiation [10][16]. - Sebetralstat, approved by the FDA, is noted for its rapid onset of action, achieving near-complete inhibition of plasma kallikrein within 15 minutes of administration [21]. - The KONFIDENT trial results demonstrate that sebetralstat significantly reduces symptom relief time compared to placebo, with median relief times of 1.61 hours for the 300 mg dose and 1.79 hours for the 600 mg dose [20][21]. Summary by Sections Section 1: HAE Overview - HAE is characterized by recurrent episodes of angioedema without urticaria, with a prevalence of approximately 1.5 per 100,000 individuals [7]. - The disease can lead to severe complications, including laryngeal edema, which has a mortality rate of up to 40% among patients [7][10]. Section 2: Current Treatment Landscape - Existing treatments include long-term preventive therapies (LTP) and on-demand treatments for acute episodes [10][11]. - The global HAE drug market reached $2.9 billion in 2022, with $2 billion attributed to long-term prevention and $900 million to acute on-demand treatments [13]. Section 3: Sebetralstat Approval and Efficacy - Sebetralstat is the first oral on-demand treatment for HAE, approved on July 7, 2025, and is expected to address unmet needs in the treatment landscape [21]. - The KONFIDENT trial, involving 136 patients across 20 countries, confirmed the efficacy and safety of sebetralstat, showing significant improvements in symptom relief and severity reduction compared to placebo [21]. Section 4: Future Developments - Pharvaris is developing deucrictibant, a competitive oral antagonist for HAE, with promising Phase II trial results indicating effective management of HAE attacks [26]. - The report anticipates further advancements in HAE treatments, with ongoing clinical trials expected to yield additional data in the coming years [26].

Investment Rating - The report maintains an investment rating of "Leading the Market - A" [9] Core Insights - The report highlights that several newly included innovative drugs in the medical insurance directory are rapidly entering hospitals, with significant growth in the number of drugs entering hospitals by the end of May 2025 compared to April 2025 [2][22] - The report notes that the new drug sector has shown a strong performance, with notable increases in stock prices for companies such as Beihai Kangcheng (114.5%), Frontier Biotech (41.4%), and Junsheng Tai (29.4%) during the week of July 7 to July 13, 2025 [1][18] Summary by Sections Weekly New Drug Market Review - From July 7 to July 13, 2025, the top five companies in the new drug sector by stock price increase were Beihai Kangcheng (114.5%), Frontier Biotech (41.4%), Junsheng Tai (29.4%), Kaituo Pharmaceutical (20.7%), and Yongtai Biotech (20.1%) [1][18] - The top five companies by stock price decrease were Yiming Anke (-19.4%), Shenzhou Cell (-13.4%), Ascentage Pharma (-10.0%), Lepu Biotech (-8.9%), and Rongchang Biotech (-8.8%) [1][18] Key Analysis of the New Drug Industry - The National Medical Insurance Administration updated the hospital admission data for innovative drugs included in the medical insurance directory as of the end of May 2025, indicating rapid hospital admissions for several newly included domestic innovative drugs [2][22] - Notable drugs with fast admission growth included Kangfang Biotech's Cardunilumab and Ivorisumab, Shanghai Yizhong's Paclitaxel Micelle, and Zecjin Pharmaceutical's Recombinant Human Thrombin [2][22] New Drug Approval and Acceptance Status - Four new drug or new indication applications were approved this week, including Ascentage Pharma's Lisatoclax tablets and Zhejiang Tianyuan's quadrivalent influenza virus split vaccine [26][27] - Ten new drug applications were accepted, including Dali Yingjie’s Docetaxel Injection and Zhaoke Pharmaceutical's Atropine Sulfate Eye Drops [26][28] Clinical Application Approval and Acceptance Status - This week, 43 new drug clinical applications were approved, and 20 new drug clinical applications were accepted [4][28]

Investment Rating - The report rates the pharmaceutical industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][30]. Core Insights - The pharmaceutical sector saw a weekly increase of 1.8%, outperforming the Shanghai Composite Index, which rose by 1.1% [3][4]. - The National Healthcare Security Administration officially launched the 2025 medical insurance catalog adjustment, introducing a commercial health insurance innovative drug catalog for the first time, focusing on high-innovation and clinically valuable drugs [10]. - China has imposed restrictions on the procurement of medical devices from the EU, affecting government purchases exceeding 45 million RMB [10]. - Merck announced a $10 billion acquisition of Verona Pharma, focusing on a new COPD drug, marking a significant transaction in the pharmaceutical sector [11]. Market Performance - The pharmaceutical and biotechnology index increased by 1.8%, ranking 16th among 31 sub-industries [3][4]. - The overall valuation of the pharmaceutical sector stands at 30.2 times PE for 2025E, ranking 6th among 31 primary industries [4][9]. Key Events - The adjustment of the medical insurance catalog officially commenced on July 10, 2025, with a submission period for eligible entities from July 11 to 20 [10]. - The Chinese government has taken measures to restrict the procurement of certain medical devices from the EU, impacting the competitive landscape [10]. - Merck's acquisition of Verona Pharma is a notable event, emphasizing the trend of large-scale business development transactions in the innovative drug sector [11]. Investment Analysis - The innovative drug sector has shown rapid growth in product revenue and licensing deals over the past three years, with significant business development transactions occurring this year [11]. - Companies to watch include Heng Rui Medicine, Bei Da Medicine, and WuXi AppTec, which are expected to benefit from the upcoming changes in the medical insurance catalog and the overall growth in the innovative drug market [11].

Group 1 - The index is expected to consolidate and gather strength before reaching new highs, with the recent tariff delay being fully priced in by the market, leading to a rise in major indices, including the Shanghai Composite Index reaching a high of 3555.22 points [3][14] - The market's optimistic sentiment is currently prevailing, but there is insufficient risk pricing for potential negative surprises regarding tariffs, which may hinder further declines in risk evaluation [3][14] - The market's recent rise is primarily driven by an increase in risk appetite, with the ChiNext Index, CSI 1000 Index, and All A Index outperforming the Shanghai Composite Index [4][15] Group 2 - Short-term themes are expected to rotate between policy expectations and industrial trends, with a focus on the "anti-involution" sector and real estate, which has seen a 6.1% increase this week due to anticipated policy developments [6][16] - The "anti-involution" sector, particularly in steel, pork, and certain segments of new energy, is highlighted as a potential area of focus due to high policy expectations following recent government meetings [6][16] - The trading of industrial trends is expected to continue, with short-term attention on sectors such as stablecoins, rare earths, nuclear fusion, military industry, deep-sea economy, artificial intelligence, and innovative pharmaceuticals [7][17]

2025年7月11日，中共中央政治局委员、外交部长王毅在吉隆坡会见美国国务卿鲁比奥。双方就中美关系以及共同关心的问题交换了意见。王毅全面阐述了中方对 发展中美关系的原则立场，强调双方应将两国元首重要共识转化为具体政策和行动。希望美方以客观、理性、务实态度看待中国，以和平共处、合作共赢为目标制 定对华政策，以平等、尊重、互惠方式同中方打交道，共同找到一条新时期中美正确相处之道。 双方一致认为会晤是积极、务实、建设性的，同意加强外交渠道及各领域各层级沟通对话，发挥外交部门在推动两国关系中的作用，在管控分歧的同时，探索扩大 合作领域。 02 重磅改革落地，科创成长层来了 科创板"1+6"政策配套业务规则来了！7月13日，上交所正式发布实施进一步深化科创板改革配套业务规则，包括《科创板上市公司自律监管指引第5号——科创成 长层》《发行上市审核规则适用指引第7号——预先审阅》《发行上市审核规则适用指引第8号——资深专业机构投资者》3项业务指引，以及修订的《会员管理业 务指南第2号——风险揭示书必备条款》和《证券交易业务指南第6号——证券特殊标识》2项业务指南。 根据配套业务规则，科创板存量32家未盈利企业将自《科创成长 ...

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, particularly for 2025, suggesting a potential for diverse investment opportunities as the sector recovers from low valuations and public fund allocations [10]. Core Insights - The pharmaceutical sector is currently experiencing low valuations, with public funds under-allocating to this area. The report anticipates a recovery driven by macroeconomic factors and significant product launches [10]. - The report emphasizes a shift in the innovative drug sector from quantity to quality, highlighting the importance of differentiated products and international expansion for profitability [10]. - The medical device sector is seeing a rebound in bidding volumes, particularly in imaging equipment, and is expected to benefit from domestic product upgrades and international market expansion [10]. - The report identifies a growing trend in the CXO and life sciences services sector, with expectations for increased investment and a recovery in demand [10]. - The traditional Chinese medicine sector is projected to benefit from policy changes and market dynamics, with specific companies recommended for investment based on their unique product offerings and market positions [12]. Summary by Sections Market Review - The report notes a 1.80% increase in the CITIC Pharmaceutical Index, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 sectors [7]. - The top-performing stocks include Frontline Bio-U, MediWest, and Lianhuan Pharmaceutical, while the worst performers include ST Weiming and Innovent Biologics [7]. Overall Perspective and Investment Themes - The report suggests that the pharmaceutical industry is poised for growth, with a focus on innovative drugs, medical devices, and traditional Chinese medicine. Specific companies are highlighted for their potential in these areas [10][12]. - The report also discusses the implications of policy changes and market trends for the pharmaceutical and medical device sectors, indicating a favorable environment for investment [10][12]. Company-Specific Insights - Companies like Baiyi, Xinda, and Kangfang are highlighted for their innovative drug pipelines and potential for growth in the coming years [10][12]. - The report provides detailed insights into the clinical progress of various drugs across different companies, indicating a robust pipeline that could drive future revenue [13][20][24][30][35][38].

Group 1 - The Shanghai Composite Index successfully surpassed 3500 points, reaching a new high for the year, with a weekly increase of 1.09% [1] - The financial sector, particularly the banking and brokerage stocks, played a significant role in driving the index higher, with major banks hitting historical price records [1] - The trading volume increased notably, with a peak of 1.71 trillion yuan on July 11, marking the highest level since March 15 [1] Group 2 - Several companies released their mid-year performance forecasts for 2025, leading to a rise in related sectors, particularly in rare earths, where North Rare Earth reported significant year-on-year increases in revenue and net profit [3] - The pharmaceutical sector also saw a collective rise in AH shares, while sectors like photovoltaic, steel, coal, and construction experienced upward momentum due to favorable news [3] - The upcoming implementation of the stablecoin regulations in Hong Kong has kept the blockchain and digital currency concepts active, with Shanghai's government exploring blockchain applications in cross-border trade and supply chain finance [3] Group 3 - The consumer sector showed volatility, with an initial boost from increased restaurant sales due to price wars among delivery platforms, but later saw declines in new consumption stocks [4] - The "new consumption trio" stocks, including Lao Pu Gold, Pop Mart, and Mixue Ice City, experienced significant drops, raising concerns about the sustainability of the new consumption trend [4]

Core Viewpoint - The report highlights the performance and investment strategy of the Great Wall Healthcare Mixed Securities Investment Fund for the second quarter of 2025, emphasizing its focus on the healthcare industry and the fund's net value growth during the period [1][10]. Fund Overview - Fund Name: Great Wall Healthcare Mixed Fund - Fund Code: 000339 - Fund Type: Contractual open-end fund - Total Fund Shares at Period End: 117,458,484.44 shares - Investment Objective: Focus on listed companies in the healthcare industry, aiming for performance that exceeds the benchmark while controlling risks [1][2]. Investment Strategy - The fund employs a mixed investment strategy, adjusting asset allocation based on market conditions. It combines top-down and bottom-up approaches to analyze macroeconomic factors and the fundamentals of investable stocks [2][3]. - The healthcare sector includes various sub-industries such as pharmaceuticals, traditional Chinese medicine, biological products, medical services, and medical devices. The fund selects outstanding companies from these sub-industries for its stock portfolio [2][3]. Performance Benchmark - The performance benchmark is composed of 90% of the CSI Pharmaceutical and Health Index return and 10% of the China Bond Composite Wealth Index return [3]. Risk and Return Characteristics - The fund is characterized by a long-term average risk and expected return that is lower than equity funds but higher than bond and money market funds, categorizing it as a high-risk, high-return product [3]. Financial Performance - The net value growth rate of the Great Wall Healthcare Mixed Fund A for the past three months was 17.49%, while the benchmark return was 1.41% [10]. - Over the past six months, the fund's growth rate was 2.23%, compared to a benchmark return of 32.19% [10]. - The fund's performance over the past year showed a net value growth rate of 35.19%, with a benchmark return of 10.13% [10]. Investment Composition - As of the report period, the fund's total assets included approximately 265,126,026.09 yuan in stocks, accounting for 71.42% of the total fund assets [11]. - The fund's investment strategy mandates that at least 80% of its non-cash assets be invested in stocks of listed companies in the healthcare sector [6]. Fund Management - The fund manager, Great Wall Fund Management Co., Ltd., has adhered to relevant laws and regulations, ensuring the fair treatment of different investors and maintaining a disciplined investment approach [7][9].

Core Viewpoint - The report outlines the performance and investment strategy of the Dongfang Alpha Health Industry Mixed Initiation Fund for the second quarter of 2025, emphasizing its focus on the health industry and innovative pharmaceuticals, while detailing its financial metrics and investment allocations [1][3][5]. Fund Overview - The fund is managed by Dongfang Alpha Fund Management Co., Ltd. and is designed as a mixed-type open-end fund with a total share of 10,671,548.05 at the end of the reporting period [1][6]. - The fund employs a combination of top-down and bottom-up investment strategies, focusing on fundamental analysis to select securities related to the health industry [2][3]. Investment Strategy - The fund's investment strategy includes 11 key aspects, such as qualitative and quantitative analysis of economic trends, risk assessment, and asset allocation among stocks, bonds, and cash [1][2]. - It aims to capture sub-industry rotation opportunities within the health sector, particularly focusing on innovative pharmaceuticals and related stocks [2][10]. Financial Performance - As of June 30, 2025, the net asset value (NAV) for the Dongfang Alpha Health Industry Mixed Initiation A class was 0.9499, with a net value growth rate of -5.01%, while the C class had an NAV of 0.9496 and a growth rate of -5.04% [10][11]. - The performance benchmark for the fund is composed of various indices, including the CSI Medical and Health Index and the Hang Seng Index, with a target return that reflects a diversified approach [4][11]. Investment Composition - The fund's asset allocation at the end of the reporting period included 89.58% in stocks and 5.86% in bonds, with a significant portion of investments made through the Hong Kong stock market [13][14]. - The fund's top holdings are primarily in the manufacturing sector, particularly in healthcare, which accounted for 44.24% of the fund's net asset value [13][14]. Market Trends - The report highlights a strong performance in the pharmaceutical sector, particularly in innovative drugs, which have seen significant growth due to overseas business development (BD) collaborations [9][10]. - The Chinese innovative drug market is projected to exceed 150 billion yuan in total revenue for 2025, with a year-on-year growth rate of over 30% [10][11]. Regulatory Compliance - The fund management adheres to the Securities Investment Fund Law of the People's Republic of China and maintains compliance with all relevant regulations, ensuring the protection of investors' interests [8][9].