7月17日，创新药概念股强势爆发。当日，A股创新药板块指数涨幅超过3%，近20只相关概念股涨停或涨幅超过10%；港股创新药多股创 新高。 【导读】又有两只基金业绩翻倍，年内"翻倍基"增至4只 中国基金报记者 张燕北 "翻倍基"又增加两只！ 创新药板块爆发，相关基金业绩上涨。截至7月17日， 中银港股通医药A、永赢医药创新智选A 年内单位净值涨幅超100%，分别为年内第 三只和第四只"翻倍基"。 受访基金经理表示，中期看好创新药板块的景气度。对于绝大部分中国创新药企业而言，能否进入新药市场空间最大的欧美医药工业体系 或是决定未来胜负的关键。 年内再添两只"翻倍基" 受此带动，一批医药主题基金当日净值大涨，助推年内业绩走高。截至7月17日收盘， 中银港股通医药A年内单位净值增长率达 103.61%，永赢医药创新智选A涨幅达102.12%，成功跻身"翻倍基"阵营。 除了上述四只"翻倍基"之外，截至7月17日，共计20只基金（仅统计主代码）年内单位净值涨幅超过80%，绝大多数为聚焦创新药行业的 主动或被动产品。 主动产品中，有四只基金年内单位净值涨幅超90%，年内业绩也有望翻倍，分别为华安医药生物（96.52%），中 ...

Core Views - The report indicates that the A-share market is experiencing a structural rally, with a focus on sectors with solid earnings support, particularly in innovative pharmaceuticals and technology sectors like robotics and CPO [2][11] - The upcoming important meeting is expected to emphasize macroeconomic policy adjustments, with potential increases in funding for infrastructure and support for strategic emerging industries such as AI and semiconductors [3][12] Market Overview - On Thursday, the three major indices in the A-share market collectively rose, with the Shenzhen Composite Index and the ChiNext Index showing stronger performance, while financial stocks weighed on the Shanghai Composite Index [5][11] - The market sentiment remains active, with a total trading volume of 15,394 billion, and the Shanghai Composite Index closing at 3,516.83 points, up 0.37% [6] Sector Analysis - The pharmaceutical sector saw significant gains, driven by supportive policies for innovative drugs and a favorable environment for commercialization, with expectations for continued growth in the second half of 2025 [7][11] - The optical communication module and CPO sectors are also highlighted as having strong growth potential, supported by advancements in AI computing and data center upgrades [8][11] - The aerospace and defense sector is expected to remain attractive, with government support for modernization and increased defense budgets, alongside geopolitical tensions that may act as catalysts for growth [9][10] Investment Opportunities - Investors are advised to focus on several key areas for potential investment: 1. Technology innovation sectors such as robotics, AI, and digital economy [4][13] 2. Industries benefiting from de-involution, including renewable energy and new energy vehicles [4][13] 3. Areas related to consumption upgrades and policy benefits, such as innovative pharmaceuticals and smart home devices [4][13] 4. Stocks with expected strong mid-year performance, although the intensity of speculation may decrease as earnings forecasts conclude [4][13]

【导读】狂买这些股， 又一批绩优基金经理二季报披露！ 中国基金报记者 曹雯璟 伴随基金二季报密集披露，绩优基金经理的最新持股变动、投资策略，以及对下半年的布局思路浮出水面。 根据二季报，该基金重点布局制造业、新能源、新技术等。具体来看，与一季度相比，五洲新春、汉威科技分别遭减仓93.11万股、21万 股，肇民科技、隆盛科技、北特科技、祥鑫科技、浙江荣泰、斯菱股份等新晋十大重仓股。 | 排名 | 证券代码 | 证券名称 | 持仓数量 | 持仓变动 | 持仓变动幅度 | 持仓市值 | 持仓占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 300953.SZ | 震裕科技 | 547.01万股 | 216.8万股 | 65.65% | 5.54亿元 | 5.10% | | 2 | 002779.SZ | 中坚科技 | 611.26万股 | 195.1万股 | 46.88% | 4.6 乙元 | 4.24% | | 3 | 300007.SZ | 汉威科技 | 1125.03万股 | -21万股 | -1.83% | 4.57亿元 | 4.20% ...

Core Viewpoint - The innovative drug industry continues to strengthen in Q2, significantly outperforming similar risk assets like AI and robotics sectors, attracting high market attention [1][2]. Policy Factors - The National Medical Insurance Administration (NMI) encourages innovation, leading to favorable policies for innovative drugs and a notable acceleration in domestic approvals [2]. - The introduction of a multi-layered insurance payment system is expected to enhance the market for innovative drugs, transitioning from a reliance on basic medical insurance to a dual-driven model of commercial and basic insurance [4]. Performance Factors - Many large innovative drug companies reported profits or are on the verge of profitability in their Q1 reports, boosting market confidence in the sector [2]. - The innovative drug sector has seen a significant increase in the number and value of outbound deals, with Chinese innovative drugs accounting for over half of global transactions [2]. Market Outlook - The period from 2025 to 2028 is anticipated to be crucial for Chinese innovative drug companies as they collectively enter a profitability phase, marking a potential turning point for the sector [3]. - 2025 is projected to be a pivotal year for revenue growth, with around 80% of A-share and Hong Kong-listed innovative drug companies expected to see a surge in product revenues [3]. Investment Strategy - The investment strategy focuses on identifying high-quality companies with favorable valuation through a multi-dimensional comparison of business models, competitiveness, and performance [2]. - The management of the Ping An Medical Health Mixed Securities Investment Fund has achieved a remarkable performance of 57.41% in the first half of the year, with the net value recently surpassing its previous peak in 2021 [1][5].

Core Viewpoint - Anker Innovations is exploring equity financing in the Hong Kong capital market, reflecting a growing trend of A-share companies listing in Hong Kong, with 10 companies having done so by July 17 this year [1] Group 1: A-share Companies Listing in Hong Kong - There has been a surge in A-share companies listing in Hong Kong, with 41 companies currently processing their listing applications as of mid-July [4] - The increase in A-share companies seeking to list in Hong Kong is attributed to policy support and the need for companies to expand their financing channels and international presence [4][6] - The Hong Kong IPO market has seen significant activity, with the total fundraising amount leading globally in the first half of the year [4] Group 2: Characteristics of Newly Listed A+H Companies - The newly listed A+H companies in Hong Kong this year are characterized by high market capitalization, with 9 out of 10 having a market value exceeding 10 billion yuan, and 5 exceeding 100 billion yuan [7] - These companies have demonstrated strong dividend capabilities and a focus on technology, enhancing their influence on the Hong Kong market [7] - A significant portion of the A+H companies are state-owned enterprises, with 68.13% of the 160 A+H companies being state-owned as of July 17 [7] Group 3: AH Share Premium Trends - The AH share premium has been on a downward trend, with 96.88% of A+H companies showing a premium of A-shares over H-shares as of July 17 [8] - The Hang Seng Shanghai-Shenzhen-Hong Kong Stock Connect AH share premium index was reported at 127.65, indicating that A-shares are, on average, 27% higher than H-shares [8] - The decline in AH share premium is attributed to differences in investor structure and trading mechanisms between A-shares and H-shares [8][9] Group 4: Future Outlook - It is anticipated that the trend of A-share companies listing in Hong Kong will continue over the next 2 to 3 years, supported by ongoing regulatory optimizations and market synergies [5][6] - The AH share premium is expected to continue narrowing, with factors such as increased southbound capital inflow and improved market conditions contributing to this trend [9]

Group 1 - The market shows a structural opportunity with indices rising due to strong performance in select sectors, while over 3000 stocks are experiencing adjustments [1][4] - The rare earth sector is notably strong, with companies like Jiu Wu Gao Ke hitting the daily limit up, supported by supply-demand dynamics and policy focus, alongside increasing demand from the new energy and military sectors [3][4] - The lithium mining sector is also gaining traction, with companies like Fu Miao Technology reaching the daily limit up, driven by a recovery in the new energy supply chain and stable lithium prices [3][4] Group 2 - The military industry is active, with Tian Qin Equipment rising over 12%, reflecting its connection to geopolitical and policy factors, although it may experience volatility [3][4] - Some sectors, such as innovative pharmaceuticals and photovoltaics, are facing declines, indicating a normal market rotation as funds shift focus [3][4] - The overall market dynamics suggest that while some sectors are performing well, others are consolidating, and investors should assess the fundamental support of their holdings [4]

Market Overview - The three major A-share indices experienced fluctuations, with the Shanghai Composite Index rising by 0.34%, the Shenzhen Component Index increasing by 0.30%, and the ChiNext Index up by 0.26%. The North China 50 Index fell by 0.48%. The total trading volume in the Shanghai and Shenzhen markets reached 1,029.3 billion yuan, an increase of 118.3 billion yuan compared to the previous day. Over 3,000 stocks in the market declined [1]. Sector Performance - The rare earth, lithium mining, and military industry sectors saw gains, while the innovative drug and photovoltaic sectors underwent adjustments. The rare earth sector experienced a significant rise, with stocks like Jiuwu High-Tech (300631) hitting the daily limit, and North Rare Earth (600111) reaching a three-year high. The lithium mining sector remained strong, with stocks such as Fumiao Technology and Shengxin Lithium Energy (002240) also hitting the daily limit. The military sector saw Tianqin Equipment (300922) rise over 12%. In contrast, the innovative drug sector faced fluctuations, with stocks like Guangsheng Tang (300436) and Zhijiang Biology dropping over 5%. The photovoltaic sector adjusted, with stocks like Yamaton (002623) falling over 8% [2]. Hot Stocks - The strongest stocks included Upwind New Materials, which achieved an 8-day consecutive limit-up streak [3]. - Other notable stocks with consecutive limit-ups included Haixing Co., Ltd. (603115) with a 3-day streak, and several others with 2-day streaks [4]. Sector Trends - The energy-saving and environmental protection sector led with 8 stocks hitting the daily limit, including Upwind New Materials and Beihua Co., Ltd. [5]. - The robotics concept sector also had 8 stocks hitting the daily limit, with Upwind New Materials and Construction Industry leading [6]. - The "specialized, refined, and innovative" sector saw 8 stocks hitting the daily limit, with Haixing Co., Ltd. and Beihua Co., Ltd. being notable mentions [7]. Emerging Technologies - In the brain-computer interface sector, companies like Yuke Technology and Entropy Technology are involved, following a breakthrough in clinical trials that could benefit patients with speech impairments [10]. - The AI agent sector is gaining attention with companies like Century Tianhong and Yanhua Intelligent, following the release of OpenAI's ChatGPT Agent, which can perform complex tasks [11]. - The silicon energy sector is experiencing significant changes, with the main contract for polysilicon futures rising by 7.49% to 45,700 yuan/ton, marking a new high. The price increase is driven by rising upstream silicon material prices and changes in the profit distribution within the photovoltaic industry [12][13].

2025年上半年，在A+H股及新经济企业密集赴港上市推动下，港交所锣声迭起。 智通财经APP了解到，今年上半年，港股市场共完成了42宗首次公开招股发行，合计募集资金1071亿元 （港元，下同），募资金额同比增长约700%，较2024年全年增幅约22%，募资规模暂列全球第一。值 得一提的是，2025年上半年，全球10大IPO中，有4宗IPO来自香港。 在这一盛况的背后，很大程度源于基石投资者的深度参与。作为港股IPO市场的关键参与主体，其在市 场中的布局与动向，不仅是衡量市场热度的重要指标，更在很大程度上反映了资本对企业价值的深度判 断，同时对新股发行的成功与否以及后续市场表现起着至关重要的作用，因此对其进行分析具有重要的 市场意义。 智通财经APP梳理发现，2025年上半年港股IPO基石投资呈现三大显著特点。 一是基石投资者"扎堆"现象突出。数据显示，42家港股IPO企业中，有36家引入共计189家基石投资者， 占比高达85.71%，这一数字远超往年水平。452.02亿港元的基石投资总额，占全市场超过42%的募资规 模，展现出资本对港股市场的强烈信心。其中，引入5家及以上基石投资者的公司达到16家。宁德时代 ...

Core Viewpoint - The A-share market is expected to maintain a slow upward trend despite short-term fluctuations, with technology stocks playing a significant role in the rebound [1][2]. Market Outlook - The market is likely in a phase of consolidation before a breakout, with two potential paths: continuing the upward trend or consolidating before challenging previous highs [2]. - Three conditions are necessary for a direct challenge to the previous high of 3674 points: implementation of fiscal stimulus policies, continued global environment easing, and sustained increase in trading volume [2]. Sector Highlights - The A-share market in July is anticipated to be driven by event-based themes, with a high likelihood of sector rotation [3]. - Key sectors to watch include: 1. Consumer expansion and domestic demand, with a focus on dairy products, IP consumption, leisure tourism, and medical aesthetics [3]. 2. Robotics, with a shift from humanoid to quadruped and functional robots, presenting opportunities in sensors and controllers [3]. 3. Semiconductor localization, focusing on semiconductor equipment, wafer manufacturing, materials, and IC design [3]. 4. Military industry, with expectations of order recovery and signs of bottoming out in Q1 reports [3]. 5. Innovative pharmaceuticals, which are expected to see a fundamental turning point in 2025 after a period of adjustment [3]. Market Review - The A-share market showed signs of stabilization and resumed an upward trend, with the ChiNext index rising over 1.7% [4]. - More than 3500 stocks rose, indicating a positive earning effect, with leading sectors including defense, telecommunications, electronics, and pharmaceuticals [4].

今年以来，生物医药B类股强势非常，是港股市场备受青睐的概念之一，板块内多达26只概念股录得翻倍上涨，科伦博泰生物-B（06990.HK）、乐普生 物-B（02157.HK）、和铂医药-B（02142.HK）等多股迎来飙升。 而在IPO市场，还有更多创新药企正赶赴港股市场，其中就包括于近期递表的BlissBio Inc.（以下简称"百力司康"），高盛、华泰国际、建银国际是此次 IPO的联席保荐人。 已获多轮融资，高瓴参与投资 说起百力司康就不得不提及其创始人魏紫萍博士和周宇虹博士，这两位创始人均拥有亮眼的学术背景与丰富的业界经验。 根据招股书，魏紫萍博士先后获中国科学技术大学化学学士、新泽西州立罗格斯大学的化学博士学位，曾在阿斯利康（AZN.US）、百时美施贵宝等药企 从事研发和管理相关的工作，在制药业拥有逾25年的药品研发经验。 周宇虹博士先后获得复旦大学生物化学学士学位及遗传学硕士学位、新泽西州立罗格斯大学微生物学及分子遗传学博士学位，曾在Morphotek,Inc.担任抗 体开发高级总监，拥有逾25年的靶向治疗及免疫治疗研发经验。 2017年，魏紫萍博士和周宇虹博士创办了百力司康，总部位于杭州。百力司康是 ...