上证指数反复利用白酒、银行、地产的波动进行小区间的洗盘，大资金不想拉升却也不想砸盘，因为大家对接下来2个月的行情有预期，特别是利好。 这种情况下，要么收集筹码，要么量化做T降成本。上证指数不涨，大资金出不了货，因为上证才是大资金的重仓资产，市值近70万亿，占总市值的三分之 二…… 今日的上证指数没有多少表现，创业板表现很好，创新药全面上涨。银行、白酒也没有表现，上证指数涨不动了。 目前的位置是创业板等待补涨，市场开始轮动了。大资金依旧很活跃，只是轮动上涨了，大家想过没有，这种结构性牛市如果持续几年，也会有人挣不到利 润。 如果，大家2月、3月份没有追涨科技题材股，而是低吸医疗、银行、新消费等等，今年的命运就不同了。 又是洗盘了 最后总结 场外的资金也只是盯着上证指数，如果它要突破前高了，肯定成交量会大幅放量，大家跑步进场，唱多的声音也让会大家异常的亢奋。 大家会发现，一旦市场洗盘结束，连续拉升大阳线的情况下，几乎听不到唱空的声音了，因为谁也不想被嘲笑踏空了！ 只是洗盘，放量1000亿的情况下，上证指数是不情不愿的上涨0.37%，最后收盘的时候都想砸盘，说明指数还有空间。 A股迎来补涨了 大概率要补涨了，明日有 ...

Core Viewpoint - The article highlights the strong performance of the AI computing industry in the A-share market, driven by the resumption of H20 supply from Nvidia and the positive outlook for related sectors such as CPO and PCB [1][3][15]. Group 1: Market Performance - The A-share market has shown a bullish trend, with the Shanghai Composite Index rising by 0.37% and the ChiNext Index increasing by 1.75% [6]. - Key sectors leading the market include aerospace and military, communication equipment, electronic components, and biotechnology, while sectors like electricity and telecommunications have weakened [7][9]. Group 2: AI Computing Sector - The AI computing sector is experiencing high demand, with companies like Xinyiseng seeing a 40% increase in stock price over three days, reflecting strong market sentiment [3][16]. - The CPO sector is particularly favored, with significant capital inflow, amounting to over 320 billion yuan in the second half of 2024, representing 68% of total inflows in the optical module industry [34]. Group 3: Competitive Landscape - Chinese manufacturers hold a competitive edge in the global CPO market, with a market share of 38% compared to 29% for U.S. firms, and over 70% in the 800G segment [26]. - The gross profit margin for Chinese firms ranges from 30% to 35%, outperforming U.S. counterparts by 8-12 percentage points [27]. Group 4: Key Players and Supply Chain - Major Chinese companies like Zhongji Xuchuang and Xinyiseng are crucial suppliers for tech giants such as Nvidia, Meta, and Google, with significant market shares projected for 2025 [30]. - The article emphasizes the importance of technological breakthroughs and supply chain advantages that enable Chinese firms to maintain a competitive position in the AI computing landscape [29]. Group 5: Future Outlook - The resumption of H20 supply and the anticipated growth in AI-related sectors are expected to alleviate previous uncertainties, leading to clearer order visibility and shipment schedules for core suppliers [3][42]. - The overall positive macroeconomic environment, including expectations of interest rate cuts by the Federal Reserve, may shift investor focus towards AI technology as the next major investment opportunity [42].

1、行情 指数全天单边走强的一天。 题材方面，PCB板块大幅反弹，广合科技、满坤科技（20CM）、东山精密涨停，生益电子、本川智能、鹏鼎控股、胜宏科技、鼎泰高科等集 体大涨； 鸿蒙概念上午迎来走强，延华智能、常山北明涨停，润和软件一度涨超14%，软通动力、九联科技、拓维信息、东方中科、蜂助手、诚迈科 技、智度股份等盘中均集体大涨； 军工板块午后发力，北化股份、建设工业、应流股份、中航沈飞涨停，晨曦航空、国睿科技、国博电子、航天南湖、航发科技、中航西飞等集 体大涨； 创新药板块全天单边大涨，汉商集团、维康药业（20CM）、成都先导（20CM）、信立泰、迈威生物（20CM）等先后涨停，美迪西、首药控 股、神州细胞、悦康药业、复旦张江、海特生物、科兴制药、百奥泰等涨超10%； 此外，算力、CPO、海南、乳业等均有局部强势表现，电力、黄金、RWA等小幅回落。 截至收盘，沪指、深成指、创业板指分别收涨0.37%、1.43%、1.76%，市场超3500股上涨，1600余股下跌。 2、华为鸿蒙 今日上午，鸿蒙概念突然迎来集体走强。 延华智能、常山北明涨停，润和软件一度涨超14%； 软通动力、九联科技、拓维信息、东方中科、蜂 ...

Core Viewpoint - The Hong Kong pharmaceutical sector is experiencing a "valuation reversal," with H-shares transitioning from long-term discounts to premiums, particularly highlighted by the strong performance of leading innovative drug company Heng Rui Medicine, whose H-shares have shown a premium of over 20% compared to A-shares [1][4]. Group 1: Market Dynamics - The A+H pharmaceutical stocks have seen a significant shift in pricing logic, with the discount on Hong Kong stocks narrowing and some leading companies even turning to a premium [1][5]. - As of July 14, 2025, five companies, including Heng Rui Medicine, have reported positive premiums for their H-shares compared to A-shares, indicating a broader trend in the market [2][3]. - Heng Rui Medicine's H-shares have increased by over 29% since May 23, while A-shares have only risen by 10.19%, leading to a notable premium [4]. Group 2: Valuation Factors - The narrowing of discounts and the emergence of premiums in Hong Kong pharmaceutical stocks are attributed to the acceleration of innovation capabilities and the realization of value in the sector [7]. - The influx of southbound capital into Hong Kong stocks, particularly in leading companies like Heng Rui Medicine, has contributed to the narrowing of the long-standing price gap between A-shares and H-shares [7][8]. - The improvement of the Hong Kong Stock Connect mechanism has facilitated easier access for mainland institutional investors to invest in H-shares, enhancing liquidity and demand [8]. Group 3: Future Outlook - The trend indicates a potential long-term separation in the performance of H-shares, with companies that have strong internationalization and technological advantages likely to maintain premiums of 20%-30% [9][10]. - Companies that fail to innovate or adapt may face further valuation declines, leading to a market environment where stronger firms thrive while weaker ones are consolidated [9][10]. - The shift in valuation from liquidity-based pricing to value assessment based on global competitiveness is expected to reshape investor perceptions and enhance the attractiveness of Chinese pharmaceutical innovations [11].

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！ 7月17日，高股息资产延续回调走势，市场的天平再次倾向了创新药、算力、军工等赛道，赚钱效应出 现明显好转。 截至收盘，上证指数涨0.37%，报3516.83点；深证成指涨1.43%，报10873.62点；创业板指涨1.75%，报 2269.33点。 值得一提的是，在A股市场走高之际，外资看多的声音逐渐增多。景顺全球主权资产管理研究最新发布 显示，国际投资机构对中国市场的兴趣明显回升。韩国证券存托结算院（KSD）最新数据也显示，截至 7月15日，今年以来韩国投资者对中国内地与香港股市的累计交易额已超过54亿美元，中国市场成为韩 国股民的第二大海外投资目的地，仅次于美国市场。 赛道股全线爆发 创新药概念延续强势，维康药业（维权）、迈威生物实现20%涨停，首药控股、神州细胞、复旦张江等 多股上涨超10%。 | 股份 | 大事 | 资讯 | 公告 | 研究报告 | 贡献点数 | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 名称 | * ● | 最新 | 张唱歌下 | 金额 | | ...

Core Viewpoint - The A-share market is experiencing a rally, with increasing foreign investment interest in Chinese stocks, particularly from South Korean investors, who have significantly increased their trading volume in the Chinese market [1][16][19]. Group 1: Market Performance - The Shanghai Composite Index rose by 0.37% to 3516.83 points, the Shenzhen Component Index increased by 1.43% to 10873.62 points, and the ChiNext Index gained 1.75% to 2269.33 points [1]. - Foreign investment in the Chinese market is on the rise, with South Korean investors' trading volume exceeding $5.4 billion this year, making China the second-largest overseas investment destination for them after the U.S. [1][19]. Group 2: Sector Performance - Multiple sectors, including computing power, innovative pharmaceuticals, and military industry, saw significant gains, with computing power and innovative pharmaceuticals showing particularly strong performance [3][9]. - In the computing power sector, companies like Benkawa Intelligent, Shijia Photon, and Dekeli saw stock prices rise over 10%, with Cambridge Technology and Changfei Optical Fiber hitting the daily limit [4][6]. - The PCB sector experienced a surge, with companies like Mankun Technology achieving a 20% limit up, and others like Shengyi Technology and Tongguan Copper Foil rising over 10% [6][7]. Group 3: Innovative Pharmaceuticals - The innovative pharmaceutical sector continued its strong performance, with companies like Weikang Pharmaceutical and Maiwei Bio achieving a 20% limit up, while others like Shouya Holdings and Shenzhou Cell rose over 10% [9][12]. - A new policy from the National Medical Insurance Administration aims to establish a dual-track system for innovative drugs, which is expected to alleviate pressure on basic medical insurance funds while meeting diverse healthcare needs [12]. Group 4: Military Industry - The military sector has attracted significant capital, with companies like AVIC Shenfei hitting the daily limit, and others like Aero Engine Corporation of China and AVIC Xi'an also seeing gains [13][15]. - Analysts predict that the military components sector will see an improvement in orders and performance in the second half of the year, driven by increased demand and upcoming industry catalysts [15].

今天，A股有"一变"和"三不变"。 "一变"是指风险偏好明显提升。 具体表现在：在个股成交额榜前30个股中，仅有C华新（华电新能）、阳光电源下跌，其余个股均上涨，其中，新易盛、 胜宏科技、润和软件、中航沈飞等个股大涨；今天，上涨的个股数量超3500只，为7月9日以来新高。此外，今天仅有1只非ST股跌停。 "三不变"是指沪指继续围绕3500点一线蓄势；结构行情的主角依旧是算力、创新药、多元金融等板块；市场继续聚焦龙头股。 截至收盘，上证指数上涨0.37%，深证成指上涨1.43%，创业板指上涨1.76%。 市场呈现三个特征 最近一段时间，市场运行有三个较为明显的特点： 一是指数运行中枢稳步抬高。 5月至6月，沪指围绕3300点一线震荡盘整。6月底以来，沪指运行中旬抬升至3500点一线，且成交额放大。 二是最近板块轮动加快，但与以往不同，市场的结构行情脉络较为清晰，主要聚焦在算力、创新药、多元金融、光伏、军工、人形机器人等板块上面。 这些板块能够持续活跃，驱动逻辑有相似之处，背后都有宏大的叙事逻辑支撑，且不乏事件催化。 今天，上述几个板块集体走强，其中， 算力产业链和创新药两大板块领涨。具体看，算力产业链中，光模块 ...

随着2024年底以来创新药板块逐步回暖，A股和港股市场均出现估值修复迹象。受益于监管优化、医保 支付政策稳定以及国际临床试验成果利好频出，细胞治疗、高端医疗器械等细分领域重新获得市场关 注。 三、高端医疗器械崛起，国产替代加速释放机会 在高端医疗器械方面，图湃医疗作为国产眼科设备平台型企业，依托清华工研院技术孵化，已实现眼科 OCT产品国内市占率第一，并在2024年8月完成眼科手术显微镜产品注册，步入销售加速期。图湃以 OCT为核心技术路径，正从眼科诊断设备向治疗设备拓展，并延伸至神经外科、五官科等临床场景，在 国产高端医疗器械进口替代趋势中占据稀缺优势。其在研产品如飞秒激光机器人、超乳玻切设备，以及 孵化的眼底注射机器人企业"瞳沐"，共同构成了眼科智能化手术平台的雏形。 此外，首程亦与药明康德等具备全球服务能力的CRO/CDMO平台保持合作。药明康德作为全球领先的 制药及医疗器械研发服务企业，其覆盖小分子药物发现至商业化、细胞与基因治疗全流程开发、医疗器 械测试等板块，为上游创新型药械企业提供关键研发基础设施支撑，进一步完善了首程产业投资逻辑中 的"技术—制造—应用"闭环。 四、政策与周期共振，产业型资本正 ...

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index down 0.08% to 24,498.95 points and a total turnover of HKD 236.41 billion [1] - The Hang Seng Tech Index rose by 0.56% to 5,448.85 points, indicating a positive trend in technology stocks [1] - Analysts from Dongwu Overseas Strategy Team maintain a cautiously optimistic view on Hong Kong stocks, suggesting potential inflows of new capital and a focus on dividend stocks and undervalued stocks [1] Blue Chip Performance - Li Auto-W (02015) led blue-chip stocks with a 9.73% increase, closing at HKD 124.1, contributing 24.08 points to the Hang Seng Index [2] - Other notable performers included China Biologic Products (01177) up 5.9% and Hansoh Pharmaceutical (03692) up 4.39% [2] - Conversely, Chow Tai Fook (01929) and New Oriental-S (09901) saw declines of 3.55% and 2.47%, respectively, negatively impacting the index [2] Sector Highlights - The biotechnology sector was notably strong, with innovative drug stocks leading the gains, such as Lepu Biopharma-B (02157) up 24.66% and CanSino Biologics (09926) up 10.71% [3][4] - The robotics sector also showed significant activity, with companies like Delta Electronics (00179) rising 14.54% [4] - Lithium stocks experienced gains, with Ganfeng Lithium (01772) up 5% and Tianqi Lithium (09696) up 4.38% [5] Gold Market Dynamics - The gold market faced pressure as spot gold prices fell below USD 3,330, influenced by a stronger dollar and reduced safe-haven demand [7] - Gold stocks collectively declined, with Lingbao Gold (03330) down 5.2% and Shandong Gold (01787) down 3.75% [6][7] Notable Stock Movements - Changfei Optical Fiber (06869) surged 19.61% to HKD 24.4, driven by positive developments in the optical module sector [8] - Fenbi (02469) rose 18.79% following the launch of its AI-based exam preparation system [9] - Dechang Electric (00179) reached a new high with a 14.54% increase, attributed to new joint ventures aimed at enhancing its engineering capabilities [10] - China Software International (00354) increased by 12.75%, benefiting from government support for the HarmonyOS application ecosystem [11]

Market Overview - The market opened low but rose throughout the day, with the ChiNext Index leading the gains. AI hardware stocks surged again, with companies like Mankun Technology and Cambridge Technology hitting the daily limit. Innovative drug concepts continued to strengthen, with Chengdu XianDao and Seli Medical also reaching the limit. The robotics sector was active, with companies like Aowei New Materials and Nanjing Julong hitting the limit. The military industry saw a midday rally, with companies like AVIC Shenfei and Construction Industry also reaching the limit. Overall, more than 3,500 stocks in the Shanghai and Shenzhen markets were in the green, with a total transaction volume of 1.56 trillion yuan [1]. Hotspots of the Day PCB Sector - The PCB sector experienced a significant rise, with stocks like Guanghe Technology, Mankun Technology, and Dongshan Precision hitting the daily limit. Shenghong Technology surged by 9%, reaching a new historical high. The market structure is improving due to demand driven by AI servers, high-speed networks, and satellite communications, with high-layer boards (18 layers) and HDI markets expected to grow rapidly [3][4]. Pharmaceutical Sector - The pharmaceutical sector continued to perform well, with Lisheng Pharmaceutical achieving three consecutive limits, and Asia-Pacific Pharmaceutical and Weikang Pharmaceutical also hitting the limit. The initiation of the national drug procurement work has been completed, which is expected to impact the market positively [5][6][7]. Artificial Intelligence - The AI application sector showed strong performance, with stocks like Zhiwei Intelligent hitting the limit and Jinxi Modern rising by 20%. Huang Renxun mentioned that the next wave of AI will be Physical AI, indicating a shift towards robots with perception, reasoning, and physical interaction capabilities, which will drive the next industrial wave [8][10]. Key Stock Performances - Notable stock performances included: - Mankun Technology: 20.01% increase, market cap of 1.835 billion yuan [4] - Chengdu XianDao: 20.02% increase, market cap of 8.599 billion yuan [6] - Guanghe Technology: 10.00% increase, market cap of 9.969 billion yuan [4] - Dongshan Precision: 10.00% increase, market cap of 76.677 billion yuan [4] Future Outlook - The PCB market is expected to see structural improvements driven by AI and related technologies, with growth rates projected at 40.3% for high-layer boards and 18.8% for HDI by 2025. The innovative drug sector is also entering a structural revaluation phase, with Chinese biotech companies currently valued at only 14%-15% of their US counterparts, despite contributing nearly 33% to global innovation [4][7].