7月28日晚间，药明康德发布2025半年报显示，上半年营收207.99亿元，较去年同期增长20.64%； 归母净利润85.61亿元，同比增加101.92%。同时，该公司还上调了全年业绩预期：2025年预期营收从 415-430亿元调整至425-435亿元，持续经营业务增长率则上调至13%-17%。 这份"喜报"就像给行业打了一针强心剂，让原本担心生物安全法案、贸易摩擦、美国处方药降价等 利空消息的投资者们信心大增。7月29日，药明康德A股、H股分别涨7%、11%，同日，CRO板块全线 爆发，涨幅达5.7%，成为市场最强风口之一，其中，泰格医药、翰宇药业、诺思格、昭衍新药等跟 涨。而今年以来，CRO板块个股涨幅巨大，其中，圣诺生物、美迪西、睿智医药等涨幅均超过100%。 2025年已经过去了一大半，在创新药利好消息频传的背景下，医药行业的投资其实并未复苏。东方 财富Choice数据显示，截至7月30日，A股共107家医药企业发布半年度业绩预告，其中，61家公司预告 净利润盈利，而46家预告净利润亏损，超过10家企业净利润亏损超亿元。 龙头业绩超预期 近日，医药研发外包服务（CRO）医药外包上市公司相继发布半年度 ...

点击链接→《 百万体验金狂送！本周，再抽888元！ 》，在文章评论区参与互动，有机会赢888元红 包！ 时代变革在诸多行业上的重大叙事，让不少基金经理突破选股偏好、扩展能力圈。 随着中国股票市场定价逻辑的巨大变化，以及新老赛道行情之间的强弱对比，越来越多的基金经理告别过去的 偏好与风格，认知的变化一方面带来公募产品的风格微调与选股口味的迭代，另一方面，也成为许多基金经理 在选股策略上自洽的关键。 明星基金产品突破固有风格 新市场新时代的背景下，几乎每个基金经理都在深度学习和自我进化。 当来自中国的玩偶拉布布在全球各国成为现象级的热门顶流，小米电动车今年在海外互联网社交媒体的持续出 圈，这种新现象映射到基金经理的投资逻辑上，则是成为中国新消费、新科技、新品牌崛起的契机。在今年二 季度末，减持白酒股拥抱小米与泡泡玛特，成为当下公募换仓的主要动作。 华南地区一位重仓港股的基金经理认为，认知的更新影响到2025年股票市场的重大选择，包括对中国技术力 量、中国能力圈的认知刷新，认知的重大变化显著抬升了资金做多的信心，并最终反映到中国股票的资产定价 和市场逻辑。 在新能源行业持仓上十分坚定、策略几乎雷打不动的刘格菘，开始 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) due to expected performance release from the recent BD transaction [5]. Core Views - The report highlights that the company has entered into a collaboration agreement with GlaxoSmithKline (GSK) for the innovative drug HRS-9821, which is expected to enhance the company's revenue potential significantly [7]. - The company is undergoing a transformation towards innovation, with projected revenue and net profit growth rates of 22.63% and 47.28% respectively for 2024, indicating a strong upward trend in performance [7]. - The collaboration with GSK is expected to maximize the overseas value of the PDE3/4 inhibitor and opens up potential for further projects, enhancing the company's research and development capabilities [7]. Financial Forecasts and Valuation - Revenue projections for the company are as follows: - 2023: 22,820 million RMB - 2024: 27,985 million RMB (22.63% YoY growth) - 2025E: 34,074 million RMB (21.76% YoY growth) - 2026E: 40,899 million RMB (20.03% YoY growth) - 2027E: 49,373 million RMB (20.72% YoY growth) [6] - Net profit forecasts are: - 2023: 4,302 million RMB - 2024: 6,337 million RMB (47.28% YoY growth) - 2025E: 9,431 million RMB (48.84% YoY growth) - 2026E: 11,331 million RMB (20.14% YoY growth) - 2027E: 13,693 million RMB (20.85% YoY growth) [6] - The projected earnings per share (EPS) for the upcoming years are: - 2024: 0.95 RMB - 2025E: 1.42 RMB - 2026E: 1.71 RMB - 2027E: 2.06 RMB [6]. Summary of Financial Data - The company's total market capitalization is approximately 411,771.88 million RMB, with a total share capital of 6,637.20 million shares [3]. - The asset-liability ratio stands at 7.30%, indicating a strong financial position [3]. - The net asset value per share is 7.37 RMB, reflecting solid equity backing [3].

Group 1 - The Hong Kong Innovation Drug ETF (513120) has seen a strong increase of 3.37%, marking a four-day consecutive rise, with significant gains in constituent stocks such as Green Leaf Pharmaceutical (02186) up 8.50% and WuXi AppTec (02359) up 7.97% [1] - The ETF's trading volume was active, with a turnover of 31.99% and a total transaction value of 4.947 billion [1] - The ETF's latest scale reached 15.136 billion, a new high in nearly a year, ranking first among Hong Kong pharmaceutical ETFs [1] Group 2 - The CSI Hong Kong Innovation Drug Index (931787) closely tracks the performance of up to 50 listed companies involved in innovative drug research and development, with a significant weight of 92.5% in biopharmaceuticals and chemical pharmaceuticals [2] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 67.94%, including companies like Innovent Biologics (01801) and WuXi Biologics (02269) [2] - WuXi AppTec reported a revenue of 20.799 billion, a year-on-year increase of 20.64%, with net profit rising by 101.92% to 8.56 billion [2] Group 3 - Heng Rui Medicine announced a licensing agreement with GSK for the global exclusive rights to the HRS-9821 project, receiving an upfront payment of 500 million and potential total payments of approximately 12 billion [3] - The total amount of overseas licensing transactions for innovative drugs in China increased by 26% in 2024, with over 2.5 billion in upfront payments in the first half of 2025 [3] - The Hong Kong Innovation Drug ETF supports T+0 trading, enhancing liquidity and capital efficiency for investors [3]

Core Viewpoint - The pharmaceutical sector has experienced significant growth, with major companies like Hengrui Medicine achieving record highs and forming strategic partnerships to enhance their innovation capabilities [1][3]. Group 1: Market Performance - On July 29, the pharmaceutical sector saw a substantial increase, with companies such as Asia-Pacific Pharmaceutical, Chenxin Pharmaceutical, and Zhongsheng Pharmaceutical reaching their daily price limits, while Hengrui Medicine rose by 5%, marking a new high for the year [1]. - According to data from Yao Medicine Magic Cube, the number of global pharmaceutical transactions reached 456 in the first half of 2025, a 32% year-on-year increase, with total upfront payments amounting to $11.8 billion, a 136% increase compared to the previous year [4]. Group 2: Strategic Partnerships - On July 28, Hengrui Medicine announced a collaboration with GlaxoSmithKline (GSK) to co-develop up to 12 innovative drugs, with GSK paying an upfront fee of $500 million and potential milestone payments totaling approximately $12 billion based on successful development and sales [3]. - Several Chinese pharmaceutical companies, including Hengrui Medicine, Heber Pharmaceuticals, and Shiyao Group, have recently engaged in overseas licensing collaborations, covering popular drug categories such as monoclonal antibodies, bispecific antibodies, GLP-1, and ADCs [3]. Group 3: Industry Trends - In the first half of the year, the total amount of license-out deals for Chinese innovative drugs approached $66 billion, surpassing the total BD transaction amount for the entire year of 2024, indicating sustained interest from multinational pharmaceutical companies in Chinese innovative drug assets [5]. - The current trend in the innovative drug industry is shifting from "follower" to "leader," with 2025 expected to be a breakout year for Chinese innovative drugs in overseas markets, as many products are projected to exceed $3-5 billion in sales [5].

Core Viewpoint - The article discusses the significant changes in investment strategies among fund managers in response to the evolving Chinese stock market dynamics and the contrasting performances between new and traditional sectors [2][7]. Group 1: Changes in Fund Managers' Strategies - Fund managers are increasingly abandoning their previous preferences and styles, adapting to the new market conditions [2][7]. - Notable fund managers, such as Liu Gesong and Jiao Wei, have shifted their investment focus towards Hong Kong stocks and new economy sectors, indicating a departure from their traditional investment styles [3][4]. - Liu Gesong's fund now heavily invests in Hong Kong companies like Xiaomi and Pop Mart, while Jiao Wei's fund has increased its Hong Kong stock allocation from 15% to 47% within a quarter [3][4]. Group 2: Impact of Market Dynamics - The rapid increase in the attractiveness of the Chinese stock market and the global popularity of new economic sectors have prompted fund managers to reassess their traditional investment beliefs [7][9]. - The innovation in the pharmaceutical sector, particularly in Chinese innovative drugs, has led to a significant shift in investment strategies, with many managers completely exiting U.S. stocks in favor of Hong Kong and A-share markets [7][9]. - The article highlights that the recognition of China's technological capabilities and the evolving narrative around Chinese consumption are creating new investment opportunities [9]. Group 3: Future Outlook - The changes in fund managers' investment preferences are expected to influence major stock market selections in 2025, reflecting a renewed confidence in Chinese assets [8]. - The article emphasizes that the ongoing transformation in the investment landscape is driven by a strong narrative of change, particularly in consumer behavior and technological advancements in China [9].

二、当日热点 一、行情回顾 沪指全天窄幅震荡，创业板指涨近1%。PCB、CPO等算力硬件股集体爆发，大族数控、芯碁微装等多股涨停，生益科技、胜宏科技等创历史新高。影视股 全天强势，幸福蓝海、中国电影涨停。创新药概念反复活跃，恒瑞医药、联环药业、海思科等涨停。下跌方面，煤炭、钢铁等资源股调整，柳钢股份、山西 焦煤等跌超5%。个股涨多跌少，沪深京三市超2700股飘红，今日成交1.76万亿。 1.PCB板 PCB板今日大涨，铜冠铜箔、骏亚科技、兴森科技、方邦股份等涨停。权重股胜宏科技大涨超17%，股价再创新高。 今日市场有传，CoWoP技术将pcb载板化/封装化，使得芯片和其他器件可以直接贴装在pcb板上，即跳过封装基板直连PCB的创新方案。 此前猫眼预测其内地总票房约16.24亿，最新预测最终票房有望超32亿。 中邮证券认为，随着7月学生陆续进入假期，重磅影片于7-8月上映后数据将有所修复。由于2024年暑期档票房较上年表现欠佳，低基数效应为2025年暑期档 票房的增长奠定了良好基础。从前期市场表现及后续影片储备来看，6月进口片及部分国产影片已成功吸引观众，伴随7-8月国产重磅影片的密集上映，票房 有望迎来爆发式 ...

7月1日，国家医保局、国家卫生健康委印发的《支持创新药高质量发展的若干措施》(以下简称《若干 措施》)对外发布。文件明确提出，促进创新药全球市场发展。 一是搭建平台，助力拓展海外市场。今年以来，国家医保局指导广西依托中国—东盟医药区域集采平 台，积极促进国产药品、医用耗材进入东盟国家，同时创新建立跨境购药便捷服务通道。这标志着医药 集采领域跨境交流合作迈出实质性一步。下一步，国家医保局将支持更多有条件的地区发挥区位优势， 搭建创新药交易平台，加强国际推广。 从具体举措看，《若干措施》明确，要发挥我国巨大产能、超大市场和丰富经验的优势，在国际交流合 作中主动宣传推介中国创新药发展成果。鼓励引导有条件的地区探索面向东南亚、中亚和其他共建"一 带一路"国家搭建全球创新药交易平台，加强国际推广。支持创新药企业借助香港、澳门相关优势，促 进中国创新药走向世界。鼓励更多创新药进入中国市场，更好满足群众用药需求。 国家医保局价采中心副主任王小宁在1日举行的政策解读发布会上介绍，2024年，中国药企完成了超过 90笔海外授权的交易，总金额超过了500亿美元。 王小宁还表示，《若干措施》中专门强调要促进创新药全球市场发展。基本 ...