Group 1: Industrial Production and Economic Indicators - In July, industrial production above designated size maintained stable growth, with enterprise profit levels continuing to recover. The operating income of industrial enterprises increased by 0.9% year-on-year in July, and by 2.3% from January to July, creating favorable conditions for profit recovery [1][1][1] - The profit of industrial enterprises in July decreased by 1.5% year-on-year, a reduction of 2.8 percentage points compared to June, indicating a continued improvement in enterprise profitability [1][1][1] Group 2: Investment and Trade Developments - China's investment cooperation with Shanghai Cooperation Organization member countries is deepening, with an expected investment stock exceeding $84 billion by July 2025, expanding from traditional sectors to emerging fields like digital economy and green development [1][1] - The Ministry of Commerce and Jiangsu Provincial Government issued a plan for the open innovation development of the biopharmaceutical industry in the Jiangsu Free Trade Zone, aiming for rapid growth and modernization of the industry by 2030 [1][1] Group 3: Corporate Earnings Reports - China National Offshore Oil Corporation reported a net profit of RMB 695 billion for the first half of 2025, with a dividend of HKD 0.73 per share [1][1] - Wuliangye announced a revenue of RMB 52.771 billion for the first half of 2025, a year-on-year increase of 4.19%, with a net profit of RMB 19.492 billion, up 2.28% [1][1] - Meituan reported a revenue of RMB 91.8 billion for the second quarter of 2025, reflecting a year-on-year growth of 11.7% [1][1] Group 4: Regulatory Changes and Market Impact - The Shanghai Stock Exchange revised its listing company announcement format, significantly simplifying the documentation process, which is expected to reduce the number of documents by over 50% [1][1] - The Ministry of Industry and Information Technology issued guidelines to promote the satellite communication industry, aiming for over 10 million satellite communication users by 2030 [1][1]

Group 1 - A-share market liquidity is expected to improve further [1][11] - The U.S. stock market saw an overall increase, with the S&P 500 index reaching a new historical high [4] - International oil prices rose, with WTI crude oil closing at $64.15 per barrel, up 1.42% [4] Group 2 - China General Nuclear Power Corporation plans to acquire stakes in four nuclear power companies for a total of 9.375 billion yuan [7] - Wuliangye reported a net profit of 19.492 billion yuan for the first half of the year, a year-on-year increase of 2.28% [8] - BOE Technology Group announced a net profit of 3.247 billion yuan for the first half of the year, a year-on-year increase of 42.15% [9] - Huaxi Securities reported a net profit of 512 million yuan for the first half of the year, a significant year-on-year increase of 1195% [10]

Group 1 - The core viewpoint of the news is the release of the "Development Plan for Open Innovation of the Biopharmaceutical Industry Chain in the China (Jiangsu) Pilot Free Trade Zone," which aims to enhance R&D innovation capabilities and improve service levels in the biopharmaceutical sector [2][3] - The plan outlines 18 key tasks across seven areas, focusing on integrated innovation throughout the entire industry chain [2] - By 2030, the plan aims for rapid growth in the biopharmaceutical industry scale, optimization of the innovation ecosystem, and significant improvements in modernization and safety capabilities [2] Group 2 - In terms of R&D innovation, the plan emphasizes the application of big data and artificial intelligence in drug target screening and medical device design, and supports clinical research in cell and gene therapy [3] - The plan proposes pilot projects for segmented production of chemical raw materials and biological products, and reforms in the supervision of imported experimental animals [3] - Financial support for biopharmaceutical innovation companies is highlighted, including listing on various stock exchanges and establishing investment funds [4] Group 3 - The plan also addresses cross-border data flow issues, proposing the establishment of a negative list for data export in the biopharmaceutical field [4] - The plan aims to create a public service platform for data export security, which is expected to facilitate more efficient data management for enterprises [4] Group 4 - The news also covers the performance of Meituan, which reported a revenue of 91.84 billion yuan for Q2, a year-on-year increase of 11.7%, but a significant drop in net profit by 89% [6] - Meituan's core local business segment saw a revenue increase of 7.7% to 65.3 billion yuan, but operating profit decreased by 75.6% due to irrational competition [6] - The company plans to eliminate overtime penalties for delivery riders by the end of 2025, improving rider experience [6] Group 5 - The report indicates that Wuliangye's revenue for the first half of the year was 52.771 billion yuan, with a net profit of 19.492 billion yuan, reflecting a year-on-year growth of 4.19% and 2.28% respectively [7] - Huaxi Securities reported a significant increase in net profit by 1195% for the first half of the year, with total revenue of 2.073 billion yuan [8] Group 6 - The Hong Kong Stock Exchange reported a dramatic increase in IPO fundraising, with a total of 128 billion HKD raised in the first seven months of the year, a year-on-year increase of over 610% [18] - The Shanghai Stock Exchange is set to launch nine new bond indices to provide diverse benchmarks and investment targets for the market [19]

Group 1 - In July, profits of medium and small enterprises in the industrial sector improved, with medium-sized enterprises' profits growing by 1.8% and small enterprises' profits growing by 0.5%, reversing declines of 7.8% and 9.7% in June respectively [2] - Private enterprises saw a profit increase of 2.6% in July, outperforming the average profit growth of all large-scale industrial enterprises by 4.1 percentage points [2] - High-tech manufacturing profits experienced rapid growth in July, indicating a significant leading role in the industrial sector [2] Group 2 - The Ministry of Commerce announced upcoming policies to promote service exports and expand service consumption [2] - The Ministry of Industry and Information Technology issued guidelines to optimize business access and promote the development of the satellite communication industry, aiming for over 10 million satellite communication users by 2030 [2] - Jilin Province will implement a tax refund policy for overseas travelers starting September 1, 2025 [2] Group 3 - The Jiangsu Provincial Government and the Ministry of Commerce released a plan to support the biopharmaceutical industry, emphasizing financial support for innovative enterprises through various financing methods [3] - The plan encourages the establishment of investment funds for the biopharmaceutical sector and supports the issuance of real estate investment trusts (REITs) for qualifying projects [3] - Shanghai's government issued opinions to accelerate the renovation of urban villages, prioritizing areas with urgent community needs and safety concerns [3] Group 4 - Meituan reported a revenue of 91.8 billion yuan for the second quarter, reflecting a year-on-year growth of 11.7% [5] - Cambridge Technology's major shareholder reduced their stake by 1.8 million shares through block trading [5] - Jack Shares plans to change its stock name to "Jack Technology" and is expected to release a high-end AI sewing machine in the second half of the year [5] - Debang Lighting intends to acquire at least 51% of Jiali Shares, which is expected to constitute a major asset restructuring [5] - Honghe Technology reported a net profit of 87.3751 million yuan for the first half of the year, marking a year-on-year increase of 10,587.74% [5] - Wens Foodstuff Group achieved a net profit of 3.475 billion yuan in the first half of the year, a year-on-year increase of 159.12% [5] - Five Grains Liquid reported a net profit of 19.492 billion yuan for the first half of the year, reflecting a year-on-year growth of 2.28% [5]

招商国证生物医药指数证券投资基金 基金管理人：招商基金管理有限公司 基金托管人：中国银行股份有限公司 送出日期：2025 年 8 月 28 日 招商国证生物医药指数证券投资基金 2025 年中期报告 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。本中期报告已经三分之二 以上独立董事签字同意，并由董事长签发。 基金托管人中国银行股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核了本 报告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证 复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 第 1 页 共 58 页 招商国证生物医药指数证券投资基金 2025 年中期报告 第 2 页 共 58 页 ...

Core Insights - Lu Kang Pharmaceutical reported a revenue of 3.154 billion yuan for the first half of 2025, a year-on-year decrease of 3.83% [1] - The net profit attributable to shareholders was 107 million yuan, down 64.38% year-on-year, while the net profit excluding non-recurring items was 100 million yuan, an increase of 9.16% [1] - The basic earnings per share stood at 0.12 yuan [1] Financial Performance - The gross profit margin for the first half of 2025 was 22.49%, an increase of 0.04 percentage points year-on-year, while the net profit margin was 3.51%, a decrease of 5.84 percentage points compared to the same period last year [1] - In Q2 2025, the gross profit margin was 24.50%, up 3.92 percentage points year-on-year and 3.80 percentage points quarter-on-quarter; the net profit margin was 1.91%, down 14.01 percentage points year-on-year and 3.01 percentage points quarter-on-quarter [1] Expense Management - Total operating expenses for the first half of 2025 were 501 million yuan, a decrease of 103 million yuan year-on-year, with an expense ratio of 15.87%, down 2.55 percentage points year-on-year [2] - Sales expenses decreased by 29.72% year-on-year, while management expenses increased by 9.50%; R&D expenses decreased by 13.03%, and financial expenses decreased by 8.60% [2] Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 124,100, a decrease of 3,516 or 2.75% from the end of the previous quarter; the average market value per shareholder increased from 71,200 yuan to 72,500 yuan, an increase of 1.71% [2] Company Overview - Shandong Lukang Pharmaceutical Co., Ltd. is located at 88 Deyuan Road, Jining High-tech Zone, Shandong Province, established on February 15, 1993, and listed on February 26, 1997 [2] - The company's main business includes the research, production, and sales of pharmaceutical products, with revenue composition as follows: veterinary drugs 39.72%, formulated drugs 39.07%, raw materials 15.22%, and others 4.89% [2] - The company belongs to the pharmaceutical and biological industry, specifically in chemical pharmaceuticals and formulations, and is involved in concepts such as innovative drugs, avian influenza drugs, biopharmaceuticals, synthetic biology, and anti-influenza [2]

Core Viewpoint - The stock of Shuyou Shen has experienced significant volatility, with a year-to-date increase of 649.80%, despite recent declines in both revenue and net profit [1][2]. Group 1: Stock Performance - On August 27, Shuyou Shen's stock price fell by 2.01% to 55.56 CNY per share, with a trading volume of 655 million CNY and a turnover rate of 2.56%, resulting in a total market capitalization of 26.545 billion CNY [1]. - The stock has seen a net outflow of 79.63 million CNY from major funds, with large orders accounting for 19.62% of purchases and 29.85% of sales [1]. - Year-to-date, the stock has risen 649.80%, with a 0.73% increase over the last five trading days, an 18.14% increase over the last 20 days, and an 80.45% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Shuyou Shen reported a revenue of 126 million CNY, a year-on-year decrease of 31.14%, and a net profit attributable to shareholders of -24.6356 million CNY, a decline of 619.70% [2]. - The company has not distributed any dividends in the last three years, with a total payout of 771 million CNY since its A-share listing [3]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 29.20% to 31,700, while the average circulating shares per person decreased by 22.60% to 14,327 shares [2]. - New institutional shareholders include several funds, with notable holdings such as 15.721 million shares by Xingquan Helun Mixed A and 8.8053 million shares by Xingquan Commercial Model Mixed A [3].

Group 1 - The core viewpoint of the news is that while the number of private fund managers and funds decreased in July compared to June, the total fund size increased by 0.42 trillion yuan, reaching 20.68 trillion yuan by the end of July [1][4] - As of the end of July, there were 19,700 active private fund managers managing 139,430 funds, with a total fund size of 20.68 trillion yuan [2][4] - The number of newly registered private equity and venture capital (PE/VC) fund managers increased, indicating a stable market environment for fund establishment [2][5] Group 2 - In July, the number of newly registered private funds was 1,689, with a total new registration scale of 107.43 billion yuan [3][4] - The private equity investment funds saw a slight decrease in the number of funds but an increase in total size, while venture capital funds experienced growth in both number and size [4][5] - The investment market showed significant activity in July, with 823 investment cases reported, a 1% increase month-on-month and a 44% increase year-on-year, with total investment scale reaching 90.88 billion yuan [6]

Core Insights - The report from the China Securities Investment Fund Industry Association indicates a decrease in the number of private fund managers and funds in July, while the total fund size increased by 0.42 trillion yuan [1][2]. Group 1: Private Fund Management - As of the end of July, there were 19,700 active private fund managers managing 139,430 funds, with a total fund size of 20.68 trillion yuan [2][4]. - In July, 22 new private fund managers were registered, with 6 being private securities investment fund managers and 16 being PE/VC fund managers, showing a continued growth trend [2]. - The number of registered private fund managers is concentrated in major regions, with Shanghai, Beijing, and Shenzhen leading, accounting for 72.20% of the total [2][3]. Group 2: Fund Size and New Registrations - The total number of private equity and venture capital funds increased, with 1,689 new private fund registrations in July, totaling 1,074.27 billion yuan [3][4]. - The private equity investment funds accounted for 131 new registrations with a scale of 113.57 billion yuan, while venture capital funds had 245 new registrations with a scale of 167.89 billion yuan [3][4]. Group 3: Investment Market Trends - The PE/VC market showed significant activity in July, with 823 investment cases recorded, a 1% increase month-on-month and a 44% increase year-on-year [5][6]. - Investment scale reached 90.88 billion yuan in July, reflecting a 16% year-on-year growth [6]. - The most active investment sectors included electronic information, semiconductors, artificial intelligence, and biomedicine, with a notable focus on small and medium-sized enterprises [6].

Core Viewpoint - The Chinese government emphasizes the importance of promoting service trade innovation and development to enhance foreign trade and support the construction of a strong trade nation [1][2]. Group 1: Service Trade Development - The Chinese service trade has grown rapidly in recent years, ranking among the top globally, but still lags behind advanced international standards in several areas [1][2]. - The government aims to actively expand high-quality service imports and promote high-level openness to facilitate the high-quality development of the service industry [2]. Group 2: Market Access and Regulations - There is a focus on advancing institutional openness in service trade, reducing the negative list for cross-border service trade, and gradually relaxing market access in service sectors [2]. - Efforts will be made to create a favorable environment for service imports, optimize cross-border capital management, and promote orderly data flow across borders [2]. Group 3: Service Export Enhancement - The government plans to leverage China's comparative advantages to enhance the international competitiveness of service exports, particularly in productive services related to manufacturing [3]. - There is an emphasis on expanding service exports in emerging fields such as artificial intelligence, biomedicine, and digital economy, while also fostering new business models like "AI + service trade" [3]. - The strategy includes attracting more foreign visitors through visa-free policies to boost travel consumption and promote high-quality service exports [3].