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]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 480-520 million yuan for the first half of 2025, with a non-recurring net profit of 290-330 million yuan, marking a turnaround from losses [2][4]. - The second quarter of 2025 is projected to yield a net profit of approximately 200 million yuan, with a non-recurring net profit of about 150 million yuan [2][4]. - The stable performance of existing games like "Zhu Xian World" and the growth trend in esports revenue are contributing to the company's profitability in Q2 [5]. - The second test of the new game "Yihuan" has progressed smoothly, and the overseas performance of "Persona: Nightshade" has been impressive, indicating positive developments in new game launches [5]. Summary by Sections Financial Performance - The company reported a net profit of approximately 210 million yuan and a non-recurring net profit of about 180 million yuan in Q2 2025, showing a quarter-on-quarter increase from 160 million yuan in Q1 [5]. - The esports business continues to grow, with revenue trends showing year-on-year increases [5]. Game Development - "Yihuan," an open-world RPG, has completed its second domestic test with significant improvements and positive market feedback, with expectations for further testing within the year [7]. - The new version of "Zhu Xian World" launched on July 9, 2025, is anticipated to drive revenue growth [7]. - The MMORPG sequel "Zhu Xian 2" is scheduled for public testing on August 7, 2025, reinforcing the company's position in this game genre [7]. Profit Forecast and Investment Suggestions - The company is projected to achieve net profits of 740 million yuan and 1.46 billion yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 37.9 times and 19.3 times [7].

Group 1 - Morgan Stanley is optimistic about Unity Software's advertising business prospects, citing significant improvements in product competitiveness due to strategic restructuring and technological investments over the past 18 months [1] - Recent feedback from Unity's advertising clients indicates a substantial increase in campaign effectiveness, with installation and purchase conversion rates rising by 15%-20%, aligning with management's statements in the Q2 earnings report [1] - The firm anticipates that as Unity continues to provide efficient technological solutions, advertising budgets will increasingly shift towards its platform, driven by a strong focus on return on advertising spend (ROAS) [1] Group 2 - Three key drivers supporting this trend are highlighted: the full launch of Unity's new Vector advertising model in May, which has shown technical strength within just two months, leveraging Unity's scale and leading position in the gaming engine market [2] - Unity's unique user behavior data, recently utilized for ad targeting, is expected to enhance the performance of the Vector model as more real-time gaming data is inputted [2] - The adoption rate of Unity 6 is rapidly increasing, nearing 50% in Q2, with 80% of clients planning to upgrade, which could lead to subscription revenue growth for the Create department and provide richer data sources for Unity Ads, thereby improving clients' ROAS [2] Group 3 - Morgan Stanley believes that Unity's recovery indicates a multi-win scenario in the market, suggesting that if the Vector model can provide differentiated insights, the overall advertising market size may expand rather than being a zero-sum game [2] - The firm maintains a positive outlook on Unity's investment in its high-margin advertising network and the utilization of its unique data assets, noting that market skepticism regarding Unity's competitiveness in advertising presents significant upside potential for its expectations and valuations [2] - Morgan Stanley retains an "overweight" rating on Unity with a target price of $25, suggesting that under bullish scenarios, valuations could reach $40, corresponding to a 10% annual growth rate in the advertising business [2]

Group 1 - The core viewpoint highlights the cyclical nature of market reactions to economic news, particularly the role of institutional investors in creating panic among retail investors during times of uncertainty, similar to past events like the 2018 trade war and the 2025 Iran-Israel conflict [1][3][13] - The article discusses the phenomenon of "institutional shakeout," where institutions manipulate market sentiment to acquire shares at lower prices while retail investors panic and sell [10][12][13] - It emphasizes the importance of quantitative data in understanding market behavior and avoiding common pitfalls associated with emotional trading [7][14] Group 2 - The article provides examples of specific stocks that experienced significant price movements in response to market fears, illustrating the disconnect between market sentiment and actual performance [3] - It notes that institutional trading patterns can be identified through data analysis, allowing for better predictions of market movements [9][10] - The piece concludes with advice for investors to focus on data-driven decision-making rather than being swayed by fragmented information and market emotions [15]

Core Viewpoint - The stock market showed a collective rise on July 18, with the Shanghai Composite Index closing at 3534.48 points, up 0.5%, indicating a positive market sentiment despite mixed performances across sectors [1]. Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 1.57 trillion yuan, an increase of 31.7 billion yuan compared to the previous trading day [1]. - A total of 2600 stocks rose while over 2500 stocks fell, reflecting a divergence in stock performance [1]. Sector Analysis - The rare earth permanent magnet sector experienced significant gains, with notable stocks such as Jiuwu Gaoke hitting a 20% limit up, and Huaxin Environmental Protection rising over 15% [3][4]. - The lithium extraction sector also saw a rise of 3.30%, while the gaming sector faced declines, with stocks like Ice River Network dropping over 4% [4][6]. - The innovative pharmaceutical sector surged in the afternoon, with stocks like Borui Pharmaceutical increasing over 14% [5]. Capital Flow - Main capital flows showed a net inflow into sectors such as non-ferrous metals, basic chemicals, and computers, while there was a net outflow from electronics, biomedicine, and light manufacturing sectors [8]. - Specific stocks that attracted significant net inflows included Northern Rare Earth (20.63 billion yuan), China National Petroleum Capital (10.4 billion yuan), and Wanhua Chemical (6.89 billion yuan) [9]. - Conversely, stocks like Changshan Beiming, Shenghong Technology, and Hengbao shares faced substantial net outflows of 11.87 billion yuan, 11 billion yuan, and 8.08 billion yuan respectively [10]. Institutional Insights - Jianghai Securities noted that market hotspots are dispersed, potentially leading to a structural market trend, while the overall index uptrend remains intact despite significant individual stock performance variations [12]. - CITIC Securities expressed optimism regarding investment opportunities in the non-bank sector, citing macroeconomic stabilization and liquidity release as positive factors for market activity [12].

智通财经APP获悉，中金发布研报称，维持友谊时光(06820)归母净利润预测不变，当前股价对应 2025/2026年P/E分别为13/11倍。考虑到公司大DAU产品潜力及行业估值中枢上移，上调目标价71%至 1.06港元，对应目标P/E2025/2026年分别为15/12.5倍，上行空间13%，维持"跑赢行业"评级。公司预期 1H25实现收入6-6.5亿元，同比增长14%-24%;期内利润3800-4400万元，同比扭亏为盈。业绩预告符合该 行预期。 中金主要观点如下： 预告1H25收入双位数同增，环比基本持平，多产品实现流水增量 小游戏推动产品焕新力：公司抓住小游戏渠道挖掘新增用户，通过原APP端产品《杜拉拉升职记》《凌 云诺》等推出小程序版本实现流水新增量。其中，《杜拉拉》自2024年下半年月流水开始攀升，近半年 基本位居微信小游戏畅销榜百名以内(最高进入Top50)、抖音小游戏畅销榜80名以内(最高进入Top30)。 毛利率方面，公司表示1H25高毛利渠道收入占比提升，带动毛利率增长约5个百分点。费用端看，公司 表示1H25研发费用率和销售费用率均有所下降。该行判断主要系AI应用推动提效降本，实现更好的 ...

Fund Issuance and Performance - The issuance of new funds has reached record levels this year, with the Dachen Insight Advantage Mixed Fund raising 2.46 billion yuan, setting a new high for active equity fund launches in 2023. This follows the Huashang Zhi Yuan Return Mixed Fund, which raised 2.082 billion yuan just a day earlier. The total issuance of active equity funds has increased by 28.01% year-on-year [1][2] - A total of 50 active equity funds have been liquidated this year, with 6 funds entering liquidation procedures in July alone [3] ETF Market Dynamics - The first batch of Sci-Tech Bond ETFs has seen significant inflows, with the Huaxia Sci-Tech Bond ETF surpassing 14.2 billion yuan in size, reflecting a daily increase of over 378%. Additionally, the Penghua Sci-Tech Bond ETF has also exceeded 10.9 billion yuan [2] - The overall market showed mixed performance, with the Shanghai Composite Index rising by 0.5%, the Shenzhen Component Index by 0.37%, and the ChiNext Index by 0.34%. The total trading volume in the two markets reached 1.57 trillion yuan, an increase of 31.7 billion yuan from the previous trading day [5] Notable Fund Manager Activities - Gao Nan, Chief Equity Investment Officer at Yongying Fund, has concentrated his portfolio in TMT and innovative pharmaceutical sectors. His flagship fund, Yongying Ruixin, includes top holdings such as Pop Mart, Zhongji Xuchuang, and Kangfang Biotech, with several stocks being newly added or increased in weight [4] Sector Performance Insights - The rare earth permanent magnet sector has shown strong performance, with stocks like Huahong Technology hitting the daily limit. The rare metal ETFs led the market with a gain of 4.12% [5][7] - The gaming market is in an upward cycle, with expectations for long-term growth in revenue and player numbers. The introduction of advanced generative capabilities in game development is anticipated to enhance efficiency and user engagement [8]

7月18日，三大股指集体收涨，上证指数报收3534.48点，涨0.5%；深成指报收10913.84点，涨0.37%； 创业板指报收2277.15点，涨0.34%。沪深两市全天成交额1.57万亿，较上个交易日放量317亿。全市场 共2600只个股上涨，超2500只个股下跌。 游戏板块走弱，冰川网络跌超4%，恺英网络、巨人网络跌超3%。 沪深两市全天成交额1.57万亿，较上个交易日放量317亿。盘面上，稀土永磁板块集体大涨，锂矿、创 新药概念活跃，光伏板块调整。 | 全A | 涨 2600 | 平 248 | 跌 2567 | | | --- | --- | --- | --- | --- | | | | A股重要指数 | | | | 名称 | | 最新 | 涨跌 | 涨幅 | | 上证指数 | | 3534.48 | +17.65 | +0.50% | | 深证成指 | | 0913.84 | +40.22 | +0.37% | | 北证50 | | 1418.61 | -9.50 | -0.67% | | 创业板指 | | 2277.15 | +7.82 | +0.34% | | 第二阶经 | | | | | ...

A股收评：沪指收盘涨0.5% 再创年内收盘新高 金十数据7月18日讯，A股三大股指全日震荡上升，沪指创年内收盘新高，创业板指创年内新高后回 落。截至收盘，沪指涨0.5%，深成指涨0.37%，创业板指涨0.34%，沪深两市全天成交额1.57万亿，较上 个交易日放量317亿。盘面上，市场热点分化，个股上涨和下跌家数基本相当。军工装备板块午盘后走 强，航天动力涨停封板。电力板块探底回升，闽东电力涨停封板。游戏板块全天走势疲软，ST华通封 跌停板。光伏板块冲高回落，亚玛顿封跌停板。 ...

A股三大指数震荡走高，截至收盘，沪指涨0.50%，深成指涨0.37%，创业板指涨0.34%，北证50指数跌0.67%，沪深京三市成交额 15933亿元，较上日放量330亿元。两市超2600只个股上涨。 板块题材上，稀土、锂矿走高、大飞机、电力板块午盘后走强。游戏、 光伏板块全天低位震荡。 盘面上，稀土板块走高， 久吾高科（300631）20CM涨停，东方锆业（002167）、华宏科技（002645）等涨 停封板。锂矿板块走高，富淼科技20CM涨停，盛新锂能（002240）、金圆股份（000546）涨停封板。大飞机板块午盘后走强，航天 动力（600343）涨停封板。电力板块探底回升，闽东电力（000993）涨停封板。游戏板块全天低位震荡，ST华通（002602）封跌停 板。光伏板块冲高回落，亚玛顿（002623）封跌停板。 涨停天梯榜： 最强风口榜： NO.1 【专精特新】 板块内10家涨停，2只连板股，最高连板数为3天3板，涨停股代表：海星股份、北化股份。 NO.2 【机器人概念】 板块内9家涨停，4只连板股，最高连板数为8天8板，涨停股代表：上纬新材、延华智能。 【8连板】 上纬新材。 NO.3 【节能环保 ...