创新药概念股午后大涨，创新药ETF国泰（517110）、创业板医药ETF国泰（159377）涨超1.5%。 出海大单不断 创新成果加速兑现 近期，多个创新药出海项目官宣，大超市场预期。医药魔方数据显示,中国药企license-out交易数量已从2018年的17项增长至2024年的94项；license-out交易 首付款从2018年的约2亿美元增长至2024年的约41亿美元；2024年中国企业license-out总交易金额达519亿美元。而在2025年一季度,中国创新药企License-out 交易总额达369亿美元，同比增长222%。 国内医药产业经过十多年持续大幅资本投入后，步入创新成果兑现期，销售额持续新高，有望进一步打开国产医药创新的成长天花板，加速国产创新药与创 新器械企业的成长。 数据来源：wind、医药魔方、源达信息证券 展望未来趋势，欧美市场有望加速渗透，2025-2026年数款国产创新药有望在美欧获批，涵盖PD-1、ADC、细胞治疗等领域。此外，东南亚、中东等地区有 望成为新增长点。 7月1日，国家医保局、国家卫生健康委印发《支持创新药高质量发展的若干措施》，提及对创新药研发、准入、入院使 ...

《中国民航报》、中国民航网 记者陈虹莹 通讯员曹文启 报道：2025年暑运于7月1日正式开启，内蒙古 民航旅客运输将迎来高峰。为更好的满足广大旅客出行需求，内蒙古机场集团积极协调航空公司，优化 航线网络布局，加密热门航线航班，计划增开、加密航线70余条，日均增加航班量75班左右，助力暑期 旅客高效、便捷出行。 国际地区航线方面，呼和浩特机场将加密至蒙古国乌兰巴托航线，计划每日1～2班，达到历史峰值；二 连浩特机场将恢复至蒙古国乌兰巴托航线，计划每日1班；呼伦贝尔机场季节性开通至香港航线，暑运 将加密至每周3班。 内蒙古机场集团以"航线广、服务优、效率高、体验佳"的综合保障能力，统筹所属各机场为暑运旅客构 筑起"通达全国、畅游北疆"的空中通道。无论是打卡国内网红城市、还是探秘草原沙漠，旅客皆可依托 内蒙古机场集团的高效网络与贴心服务，开启一场无忧无虑的夏日之旅。（编辑：陈虹莹 校对：李佳 洹 审核：韩磊） 内蒙古机场集团积极协调成都航空、华夏航空增加暑运运力供给。两家航空公司将分别在呼和浩特机场 增投1架A320驻场运力，新增呼和浩特至青岛、济南、张家界、赣州、通辽、赤峰等航线航班。同时， 呼和浩特机场还将加密 ...

证券研究报告 | 2025年07月01日 6 月 PMI 数据解读 环比小幅改善，价格指数回升 经济研究·宏观快评 | 证券分析师： | 田地 | 0755-81982035 | tiandi2@guosen.com.cn | 执证编码：S0980524090003 | | --- | --- | --- | --- | --- | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | | 联系人： | 王奕群 | | wangyiqun1@guosen.com.cn | | 事项： 6 月份，制造业 PMI、非制造业 PMI 和综合 PMI 产出指数分别为 49.7%、50.5%和 50.7%，分别环比上升 0.2、 0.2 和 0.3 个百分点。 评论： 图1：中国 PMI 主要数据一览 | | | PMI | | 企业规模 | | 生产 | | 需求 | 库存 | | | 价格 | 配送 | 就业 | 预期 | | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Insights - Texas Instruments (NASDAQ: TXN) stock has increased by over 30% since its low in April, indicating a strong recovery from previous tariff-related concerns [1] - Despite this recent surge, TXN stock has remained flat over the past four years, with its all-time high slightly above current levels [1] - The focus on identifying undervalued stocks with a favorable risk-reward profile is emphasized, suggesting that simplicity in investment ideas can lead to better outcomes [1] Company Performance - The stock performance of Texas Instruments shows a significant rebound from a low point, highlighting its resilience in the market [1] - The long-term performance indicates that while there has been a recent uptick, the stock has not significantly appreciated over a four-year period [1] Investment Strategy - The article advocates for a contrarian investment approach, suggesting that the best opportunities often arise from simple ideas that are overlooked by the market [1]

Core Points - Apranga Group announces the replacement of Chief Financial Officer Gabrielius Morkūnas with Mykolas Navickas effective July 1, 2025 [1] - Mykolas Navickas will also take on responsibilities for investor relations and information disclosure [1] - Gabrielius Morkūnas has served as CFO since 2021 and is thanked for his professionalism and innovative approach by the General Director Rimantas Perveneckas [1] Background of Mykolas Navickas - Mykolas Navickas has been with Vanagas Group as Group CFO since 2023 [2] - He held various positions at Maxima Grupe Group from 2016 to 2023, including CFO and CEO of Maxima International Sourcing [2] - Navickas has a Bachelor's degree in Economics and a Master's degree in Finance [2]

Core Insights - The Capgemini Research Institute's report highlights the transformative impact of AI and generative AI on sports fan engagement, emphasizing the need for a balance between digital and physical experiences [2][3][4] AI and Fan Engagement - Over half (54%) of sports fans utilize AI or generative AI tools as their primary source of information, with 59% expressing trust in content generated by these technologies [3] - Fans desire a streamlined platform for sports content, with 67% wanting all information aggregated in one place [3][9] - Personalization is crucial, with 64% of fans wanting AI to provide customized updates, and 27% willing to pay for AI-driven interactive experiences [5][9] Live Sports Experience - The report indicates that 37% of fans have returned to live matches post-pandemic, and AI is enhancing their experience with tailored updates and statistics [4][6] - Nearly 70% of fans seek player metrics and live match data, primarily before matches and during breaks, to enrich their understanding of the game [7][9] Concerns and Challenges - Approximately 60% of fans worry that excessive technology could diminish the excitement of attending live events, highlighting the need for a balance between innovation and authenticity [8][9] - There are significant concerns regarding data privacy and misinformation, with two-thirds of fans worried about unverified content and 57% concerned about false information affecting perceptions of players and teams [10][11] Stadium Innovations - Stadium operators are investing in technology to enhance fan experiences, with over half of attendees appreciating improvements in ticketing, scheduling, and real-time apps [12]

Core Insights - INVL Asset Management has successfully raised EUR 35.43 million for investments in funds managed by 17Capital, reinforcing its leading position in the Baltic private debt market [1] - The private debt market is rapidly growing globally, with the Baltic region also experiencing significant interest from both retail and institutional investors [2][4] - The INVL Partner Strategic Lending funds, launched this year, target an expected net average annual investment return of over 10% with a duration of 7 years [6] Company Overview - INVL Asset Management is the leading alternative asset manager in the Baltics, managing or supervising over EUR 1.9 billion across various asset classes, including private equity and private debt [7][8] - The company has a track record of over 30 years and aims to deliver superior risk-adjusted returns while positively impacting the region's economic development [8] Investment Strategy - The INVL Partner Strategic Lending funds invest in funds managed by 17Capital, which specializes in lending to top private equity funds and management companies [5] - The minimum investment for informed investors in these funds is EUR 125,000 or USD 145,000 [6]

Group 1 - The robot concept saw a rebound in the afternoon on July 1, with the Robot ETF (159770) down 0.57% at the time of reporting, having once dropped over 1.1%, with a trading volume exceeding 130 million yuan, ranking first among similar products in the Shenzhen market [1] - Among the component stocks, Kuaike Intelligent hit the daily limit, while Jingpin Special Equipment rose over 5%. However, major weighted stocks like Stone Technology, Shuanghuan Transmission, and Robot all fell over 1% [1] - The Robot ETF (159770) has seen a net inflow of funds for five consecutive trading days, accumulating nearly 230 million yuan, leading the net inflow among similar products in the Shenzhen market [1] - As of June 30, the latest scale of the Robot ETF (159770) is 5.834 billion yuan, with a circulating share of 6.617 billion shares, marking a historical high [1] - Year-to-date, the circulating share of the Robot ETF (159770) has increased by 275.74%, ranking first among similar products and seventh among all Wind theme ETFs in the market [1] - The Robot ETF (159770) closely tracks the CSI Robot Index, with industry allocations including manufacturing and information transmission, software, and IT services, holding major stocks like Huichuan Technology and iFlytek [1] Group 2 - Amazon has deployed 1 million robots across its global operations, including both fixed-position robots and autonomous navigation handling robots, which are beginning to possess AI capabilities [2] - Amazon is the first company to announce the completion of deploying 1 million robots [2] - Pacific Securities noted that several companies in the robot industry chain have disclosed plans for listing in Hong Kong this year, indicating a wave of IPOs in the robot sector, which is expected to drive technological advancements in the industry [2]

太平洋证券表示，2025年是"十四五"规划收官之年，军工行业有望摆脱近两年的低迷期，迎来全面复苏 的景气拐点。随着订单恢复正常并陆续释放，军工板块或将进入业绩改善与估值提升的"戴维斯双击"阶 段。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） （文章来源：21世纪经济报道） 7月1日，连续多日上涨的军工板块迎来回调，截至14:02，聚焦空天国防的航空航天ETF（159227）跌 0.44%，成交额达8352万元，暂居同标的第一，持仓股中船应急20CM涨停，长城军工涨停，中国海 防、中兵红箭、海兰信、亚光科技、航材股份、中航西飞等股跟涨。 航空航天ETF（159227） 跟踪国证航天指数，该指数军工属性极强，申万一级军工行业占比98.2%，是 全市场军工含量最高的指数，更聚焦的是，其航空航天装备权重占比高达66%，远超中证军工和中证国 防指数。值得一提的是，Wind金融终端数据显示，截至6月30日，航空航天ETF（159227）最新规模 3.22亿元，为跟踪该指数的最大规模ETF。 消息面上，据央视新闻报道，记者当地时间6月29日获悉，俄罗斯于夜间对乌克兰全 ...

2、技术路线的"高度相似性"引发知识产权隐患 据天眼查APP显示，近日宁德时代新能源科技股份有限公司（下称"宁德时代"）以"不正当竞争纠纷"为 由起诉厦门海辰储能科技股份有限公司（下称"海辰储能"），福建省宁德市中级人民法院已于6月25日 立案，将于8月12日开庭审理。 除海辰储能外，被告方还包括厦门稀土材料研究所、珠海市海辰新能源技术有限公司、天津安洁环保科 技有限公司、厦门诚博旺咨询管理有限公司、福建省宏桐建设工程有限公司。 案件背景与核心矛盾：技术、人才与市场的三重博弈 1、竞业协议违约的历史遗留问题 海辰储能创始人吴祖钰及多名高管（3名执行董事）均来自宁德时代，2023年宁德时代曾以违反竞业协 议为由起诉吴祖钰，仲裁判决其支付违约金100万元。 本次诉讼或指向持续性挖角行为：宁德时代指控海辰储能系统性挖走核心技术人员，加速技术泄露与市 场争夺。 海辰储能主打产品（如587Ah储能电芯）与宁德时代技术参数高度重叠（如尺寸、能量密度设计），且 双方均聚焦第三代大容量电芯技术路线。 宁德时代通过专利诉讼打击竞争对手已成常态（如诉蜂巢能源、中创新航），此次诉讼或旨在阻截海辰 储能技术商业化进程。 3、市场白热 ...