政策春风：拆解创新药紧箍咒 本报（chinatimes.net.cn）记者杨燕 北京报道 政策松绑、产业沸腾、股价翻倍……沉寂四年的创新药赛道正以雷霆之势重回资本市场舞台中央。 截至7月17日收盘，港股创新药板块全线飘红，康方生物、信达生物等创新药龙头股价屡创新高，恒生 创新药指数今年以来涨幅已达到惊人的93.46%，创新药板块集体上演"王者归来"。 资本市场正以前所未有的热情拥抱创新药板块，而在产业一线，2025年上半年中国创新药BD出海交易 额已逼近500亿美元。曾经被"IPO收紧""开盘即破发"笼罩的行业，已然实现了惊天逆转。 回看过去三年，创新药板块一度跌至冰点，港股18A板块超80%的创新药企股价腰斩，甚至跌破发行 价，"从'至暗时刻'到'烈火烹油'，还是因为行业现在能比较清楚的算出投入和收益这笔账了。"一位资 深医药投资人对《华夏时报》记者感慨。 "资本市场服务能不能覆盖优质未盈利科技型企业，是制度包容性的关键标识。"证监会新闻发言人在陆 家嘴论坛上强调。对研发投入巨大、盈利周期漫长的生物医药企业来说，融资输入等同于生命线。 支付端的改革同样在大步迈进。近半年来，国家层面首次提出"制定创新药目录， ...

Market Overview - The A-share market continues to rise, with the Shanghai Composite Index closing at 3534.48 points, marking a new high for the year [1] - The overall performance of ETFs has been active, particularly in the Hong Kong innovative drug sector, which has led the gains [1][2] ETF Performance - Nearly 1100 ETF products saw gains this week, with a median weekly increase of approximately 1.29%, slightly up from the previous week [2] - The top-performing ETFs include several Hong Kong innovative drug-related ETFs, with weekly gains exceeding 13% [4][6] - Notable ETFs include: - 恒生创新药ETF: 13.686% weekly gain, 89.746% year-to-date gain - 港股通创新药ETF: 13.248% weekly gain, 15.631% year-to-date gain - 港股创新药ETF基金: 13.128% weekly gain, 89.775% year-to-date gain [4] Sector Highlights - The Hong Kong innovative drug sector saw significant individual stock performances, with 康方生物 rising nearly 24% and 三生制药 increasing by 23% [6] - The entrepreneurial board's artificial intelligence ETFs also experienced over 10% gains, driven by strong performances from companies like 新易盛 and 中际旭创 [6] Declining Sectors - The gaming ETF sector faced declines, with several products dropping over 3% this week [7][10] - Other underperforming sectors included financial technology, photovoltaic, and real estate ETFs, with the banking ETF also experiencing a decline after reaching historical highs [10]

Market Overview - The Hang Seng Index closed at 24,518, down 0.08% for the day but up 22.13% year-to-date[3] - The Hang Seng China Enterprises Index ended at 8,861, decreasing by 0.09% daily and up 21.44% year-to-date[3] - The Hang Seng Tech Index rose by 0.56% to 5,418, with a year-to-date increase of 21.95%[3] Sector Performance - Biopharmaceutical stocks surged, with Kanghua rising 14.5% and other companies like Kangfang Bio and Baiji Shenzhou increasing over 10%[9] - Major tech stocks showed mixed results, with Meituan up over 1% while Baidu fell over 3%[9] - Li Auto's stock increased by over 9% following the announcement of pre-orders for its new model priced between 350,000 to 400,000 RMB[9] U.S. Market Highlights - The Nasdaq Composite rose by 0.74%, the S&P 500 increased by 0.54%, and the Dow Jones Industrial Average gained 0.52%, all reaching new closing highs[9] - Nvidia's stock rose by 0.95%, while Microsoft increased by 1.20%, both achieving historical closing highs[9] - Netflix reported a net profit of $3.125 billion for Q2 2025, a 45.6% year-on-year increase, and raised its revenue and profit margin guidance for the year[9] Economic Indicators - U.S. retail sales rose by 0.6% in June, exceeding expectations, primarily driven by a rebound in auto sales[12] - The U.S. unemployment claims fell to 221,000, indicating a resilient job market despite a slowdown in hiring[12] - U.S. tariff revenues surged to $87.2 billion in the first half of the year, with June alone accounting for $26.6 billion, four times the usual level[12]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 创新药、稀土永磁等题材反复活跃，沪指创年内收盘新高。 截至18日收盘，上证指数收涨0.5%，深证成指涨0.37%，创业板指涨0.34%。A股市场成交1.59万亿元， 较昨日有所增加。 港股方面，创新药走势分化，算力板块继续走强，泡泡玛特等新经济股票延续调整走势。不过，在权重 股走高的带动下，恒生指数、恒生科技指数上涨超1%。 稀土永磁概念股再度走强 创新药反复活跃 消息面上，我国发现新稀土矿物。据中国地质大学官网消息，日前，国际矿物学协会-新矿物命名及分 类委员会（IMA-CNMNC）全票批准通过了由中国地质大学杨水源副研究员、赵来时研究员与内蒙古自 治区地质调查研究院联合科研团队发现并申报的新矿物"钕黄河矿"（Huanghoite-（Nd）），批准号为 IMA No.2025-014。 钕黄河矿发现于内蒙古白云鄂博矿床主矿矿段的矿体中部。白云鄂博矿是世界最大的稀土矿床，也是我 国矿物资源的宝库，此前已发现210余种矿物，且新矿物占比逐年攀升。钕黄河矿的获批，进一步彰显 了该矿床的复杂性与资源多样性。钕黄河矿的发现与获批，以及白云鄂博矿 ...

Core Insights - Temasek aims to build a resilient investment portfolio that can navigate through economic cycles, emphasizing long-term returns over short-term performance [1][2] - The company's net asset value reached SGD 434 billion, an increase of SGD 45 billion from the previous fiscal year, with a one-year total shareholder return of 11.8% [1] - Temasek's investment strategy has evolved alongside the Chinese market, focusing on sectors like energy transition and life sciences [1][2] Investment Strategy - Temasek's investment portfolio is divided into three main segments: Singapore-based assets (41%), global direct investments (36%), and cooperative investment projects (23%) [3][4] - The Singapore-based assets include well-known companies such as Singapore Airlines and DBS Bank, providing stable long-term returns [3] - Global direct investments align with structural trends like digitalization, sustainability, and new consumption, allowing Temasek to navigate different economic cycles [4] Early-Stage Investments - Temasek continues to invest in early-stage companies but maintains a limit, with early investments not exceeding 6% of the global portfolio [5][6] - The company focuses on supporting successful companies through multiple funding rounds, exemplified by its ongoing investment in Innovent Biologics [5][6] Focus on China - Temasek's exposure to Chinese assets is 18%, slightly down from 19% in the previous fiscal year, but the net asset value in China increased by approximately SGD 4 billion [6][7] - The company emphasizes innovation as a key investment theme, noting the shift in China's competitive advantages from manufacturing to engineering and R&D [6][7] New Consumption Trends - Temasek observes a significant shift in the perception of Chinese brands, moving from low-cost to premium branding, as seen with companies like Pop Mart and LABUBU [9][10] - The emergence of brands that offer emotional value and aesthetic appeal indicates a new era for Chinese consumer products, with potential for global market success [9][10] Stablecoin Insights - Temasek recognizes the early-stage development of stablecoins and their potential in enhancing payment efficiency and reducing cross-border transaction costs [11] - The company is monitoring the regulatory landscape surrounding stablecoins, emphasizing the importance of regulatory alignment for long-term viability [11]

创新药、稀土永磁等题材反复活跃，沪指创年内收盘新高。 截至18日收盘，上证指数收涨0.5%，深证成指涨0.37%，创业板指涨0.34%。A股市场成交1.59万亿元，较昨日有所增加。 稀土永磁概念股再度走强 7月18日，稀土永磁概念股再度走强，中色股份、久吾高科、华宏科技等多股涨停，北方稀土、包钢股份等大涨。 消息面上，我国发现新稀土矿物。据中国地质大学官网消息，日前，国际矿物学协会-新矿物命名及分类委员会（IMA-CNMNC）全票批准通过了由中国地质大学杨 水源副研究员、赵来时研究员与内蒙古自治区地质调查研究院联合科研团队发现并申报的新矿物"钕黄河矿"（Huanghoite-（Nd）），批准号为IMA No.2025- 014。 钕黄河矿发现于内蒙古白云鄂博矿床主矿矿段的矿体中部。白云鄂博矿是世界最大的稀土矿床，也是我国矿物资源的宝库，此前已发现210余种矿物，且新矿物占 比逐年攀升。钕黄河矿的获批，进一步彰显了该矿床的复杂性与资源多样性。钕黄河矿的发现与获批，以及白云鄂博矿床中富钕族稀土矿物的发现，是在矿床成因 模式建立之后，理论指导新矿物发现的成果。该研究成果不仅丰富了稀土矿物学理论体系，还为钕资源的独立 ...

一、行情回顾 沪指全天震荡走强，创年内收盘新高，创业板指冲高回落。稀土永磁板块集体大涨，中色股份、东方锆业等涨停。锂矿股震荡走高，金圆股份、盛新锂能等 封板。创新药概念继续活跃，昂利康涨停，博瑞医药涨超10%，均创历史新高。下跌方面，光伏板块调整，亚玛顿跌停。个股涨跌互现，今日成交1.59万 亿。 二、当日热点 1.稀土磁材 稀土磁材板块今日反弹大涨，东方锆业、中色股份等涨停，北方稀土一度涨停，华宏科技反包。 据央视新闻报道，从中国地质大学(武汉)获悉，该校联合内蒙古自治区地质调查研究院，在内蒙古白云鄂博矿床主矿矿段的矿体中部，发现一种新稀土矿 物，命名为"钕黄河矿"。 | 股票名称 | 最新价 ◆ | 涨跌幅 = | 涨停时间 ◆ | 换手率 = | 流通市值 ◆ | | | --- | --- | --- | --- | --- | --- | --- | | 东方错业 | 11.86 | +10.02% | 09:45:06 | 11.64% | 89.87亿 | 公司涉 | | 002167.SZ | | | | | | 独居石 | | | | | | | | 稀土元 | | 中色股份 | 6.08 ...

Core Viewpoint - The A-share market continues to rotate, with cyclical stocks taking the lead today, particularly in sectors such as rare earths, chemicals, coal, and steel [1][2]. Group 1: Market Performance - The rare earth permanent magnet sector showed the strongest performance, with multiple stocks hitting the daily limit, including leading companies Northern Rare Earth and Baotou Steel Rare Earth [2]. - Previously adjusted sectors like banks, liquor, insurance, and solid-state batteries experienced a rebound today [3]. - The Shanghai Composite Index closed up 0.5%, the Shenzhen Component Index rose 0.37%, and the ChiNext Index increased by 0.34% [5]. Group 2: Significant Events - The Shanghai Composite Index reached a new high, closing at 3534.48 points, marking the highest closing point since January 2022 [9]. - Wavelength New Materials (688585) hit its eighth consecutive "20CM" limit-up, with a cumulative increase of over 330%, matching a record set earlier this year [10][12]. Group 3: AI Sector Developments - The AI agent sector was active today, with stocks like Century Tianhong, Yanhua Intelligent, and Zhizhen Technology experiencing significant gains [15]. - OpenAI recently demonstrated its ChatGPT agent, showcasing its capabilities in performing multiple tasks simultaneously, which may influence the AI application market [18]. - The AI agent industry is expected to mature by 2025, with a complete commercial cycle anticipated, indicating a significant growth opportunity in various sectors [19].

Market Performance - The A-share market has been experiencing a continuous upward trend, with the Shanghai Composite Index reaching a new closing high for the year on July 18, increasing by 0.5% [1] - A total of 2,603 stocks rose, while 2,567 stocks fell, indicating a generally positive market sentiment [2] Stock Movement - The total trading volume reached 15,933.19 billion, with a total of 5,418 stocks listed [3] - The rare earth permanent magnet sector saw significant gains, with companies like China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. and Dongfang Zirconium Industry hitting the daily limit [4] Notable Stocks - In the innovative drug sector, companies such as Anglikang and Borui Pharmaceutical saw their stocks hit the daily limit and rise over 10%, respectively, both reaching historical highs [6] - Lithium mining stocks also showed strong performance, with Jin Yuan Co. and Shengxin Lithium Energy hitting the daily limit [7] Declining Stocks - The photovoltaic sector faced adjustments, with Yamaton hitting the daily limit down by 9.99% [9] - Other notable declines included ST Lifang and Huangshi Group, which fell by 8.00% and 7.42%, respectively [10] Sector Highlights - The photolithography machine concept sector strengthened towards the end of the trading day, with Hai Li Co. hitting the daily limit and companies like Zhongrun Optical and Kai Mei Teqi showing significant gains [11]

Market Overview - The A-share market has been experiencing a continuous upward trend, with the Shanghai Composite Index reaching a new closing high for the year on July 18, rising by 0.5% [1] - A total of 2,603 stocks rose, while 2,567 stocks fell, indicating a generally positive market sentiment [2] Stock Performance - The total trading volume reached 15,933.19 billion, with a total of 5,418 stocks traded [3] - The rare earth permanent magnet sector saw significant gains, with companies like China Northern Rare Earth Group and Dongfang Zirconium hitting the daily limit [4] - The innovative drug concept sector remained active, with Anglikang hitting the daily limit and Borui Pharmaceutical rising over 10%, both reaching historical highs [6] Sector Highlights - Lithium mining stocks also showed strong performance, with companies like Jinyuan Co. and Shengxin Lithium Energy hitting the daily limit [7] - The photovoltaic sector faced adjustments, with Yamaton hitting the daily limit down [9] - The photolithography machine concept sector strengthened towards the end of the trading day, with Haili Co. hitting the daily limit and Zhongrun Optics showing significant gains [11] Federal Reserve Developments - Federal Reserve Chairman Jerome Powell defended a $2.5 billion renovation project against criticism from White House officials, emphasizing the responsible use of public resources [13] - The renovation project has faced scrutiny due to rising costs attributed to inflation, as noted by Federal Reserve Governor Christopher Waller [14]