创业板股最新融资余额为3803.25亿元，环比增加14.05亿元，48只股融资余额环比增长超10%，融资余 额环比降幅超5%的有33只。 资金流向方面，融资余额环比增幅居前个股中，7月24日主力资金净流入的有30只，净流入资金居前的 有大族数控、中颖电子、每日互动等，净流入资金分别为1.70亿元、1.19亿元、6738.44万元，主力资金 净流出的有18只，净流出资金较多的有太辰光、锐捷网络、军信股份等，净流出资金分别为1.53亿元、 8066.85万元、7236.37万元。 证券时报·数据宝统计显示，7月24日创业板指上涨1.50%，创业板股两融余额合计3815.03亿元，较上一 交易日增加14.34亿元，已连续14个交易日增加。其中，融资余额合计3803.25亿元，环比上一日增加 14.05亿元；为连续14个交易日增加。融券余额11.78亿元，环比增加2894.73万元。 具体来看，融资余额增长的创业板股有514只，其中，48股融资余额增幅超过10%。增幅最大的是大族 数控，该股最新融资余额2.82亿元，环比上一交易日增幅为72.60%；股价表现上，该股当日上涨 17.84%，表现强于创业板指；融资余额增 ...

7月24日至26日，第十三届创业投资大会暨全国创投协会联盟走进光明科学城活动隆重举行。证券时报 社党委委员、社长助理朱丽在大会系列活动"光明科学城生物医药产融对接会"上致辞时表示，当前，中 国在研原研药数量已跃居全球第一，每三款临床阶段的创新药就有一款来自中国，这不仅是数量突破， 更标志着我国正从"医药大国"向"创新策源地"跨越。在国际化进程中，中国同样展现出强大的担当，这 不仅是中国创新的商业价值，更是中国药企为全球患者提供更多治疗选择的能力。这些突破正在重塑全 球产业格局。2025年上半年，跨国大药企(MNC)首付超过5000万美元的引进交易中，超过40%源自中 国；同期我国创新药海外授权交易超过50笔，总金额达484亿美元，接近2024年全年水平，彰显中国已 从全球医药市场的"参与者"升级为"规则共建者"。这一成就，是"创新驱动发展"战略的丰硕成果，也是 中国医药人以"全球视野、家国情怀"突破技术垄断的生动实践。(人民财讯) ...

暗盘资金正涌入这些股票，点击速看>>> 海南自贸区板块再度活跃，凯撒旅业（000796）涨停录得7天4板，康芝药业（300086）涨超10%，供销 大集（000564）、海南发展（002163）、海南高速（000886）、罗牛山（000735）、海航控股 （600221）等跟涨。 ...

今日（7月25日）上午9点30分，上海松江，备受关注的科创盛会——"2025中国科创领袖大 会暨科创板开市六周年"正式开幕。 在《并购：加快发展新质生产力》圆桌对话环节，嘉宾将围绕行业趋势、技术创新、投资机遇 等热点话题展开深入交流与碰撞，探讨日益加速和深入的产业并购如何为中国科创未来发展注 入新动力；在《出海：新市场的机遇与挑战》圆桌对话环节，嘉宾将聚焦于企业出海过程中的 机遇与挑战，以及如何谋求更为强劲的发展之路。 2大平行分论坛，将分别聚焦集成电路产业与产融对接。 在《2025中国科创领袖大会暨集成电路产业发展闭门会》论坛上，超10位集成电路领域企业 家、高管及科研机构专家汇聚一堂，围绕政策导向、技术创新、市场拓展、产业协同等关键议 题展开深入交流；在《2025中国科创领袖大会暨上市公司产融对接会（闭门）》论坛， 6-8 家科创企业集中亮相，这些企业都来自集成电路、生物医药等硬科技赛道，对接会让创新潜力 与上市公司精准对接。 1场"2025科创家之夜"（闭门），期间将发布1份《科创板ESG榜单》等。 本届大会由上海报业集团指导，财联社、《科创板日报》、上海长三角G60科创集团联合主 办，上海财经大学滴水 ...

核心提示 从渤海之滨到天山北麓，跨越八千里路，山海深情在岁月中绵延。 产业项目孕育腾飞活力，惠民工程落地生根，先进技术为发展赋能……辽宁省与新疆塔城地区和新 疆生产建设兵团八师、九师，因对口援疆紧紧相连。 投入真金白银、派出精兵良将、倾注真情实意，辽宁深入贯彻落实习近平总书记关于新疆工作的重 要讲话和重要指示精神，完整准确全面贯彻新时代党的治疆方略，把做好对口援疆工作作为义不容辞的 政治任务和光荣使命，将"辽宁所能"与"受援地所需"有效结合，扎实推进对口援疆工作不断取得新成 效。 产业援疆激发活力 7月的塔城地区，处处涌动着发展的热潮。在乌苏市陆港多式联运有限公司的新丝路铁路专用线场 站，总经理高吾存一直忙碌着，查看发货准备情况。不久后，12个装满乌苏本地玉米的集装箱、10个装 满广州衣物的集装箱，将分别发往四川和俄罗斯。 这条新丝路铁路专用线，是辽宁援疆资金支持建设的重点项目。今年1月底，项目一期正式投入运 营，它如同一条钢铁纽带，串联起国内国际两个市场，为区域经济发展和"一带一路"物流网络建设注入 澎湃动能。 沿着"一带一路"，辽宁产业援疆的脚步在塔城巴克图口岸同样留下了浓墨重彩的一笔。一座现代化 的"丝 ...

晨会纪要（2025/07/25） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.07.25） 宏观及策略研究 宏观及策略研究 重大工程及基建项目获部署，权重板块带动指数上涨——A 股市场投资策略 周报 基金研究 权益仓位整体下降，增配银行、通信；减配食品饮料、汽车——公募权益类 基金 2025 年二季报持仓分析 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2025/07/25） 重大工程及基建项目获部署，权重板块带动指数上涨——A 股市场投资策略周报 严佩佩（证券分析师，SAC NO：S1150520110001） 宋亦威（证券分析师，SAC NO：S1150514080001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、市场回顾 近 5 个交易日（7 月 18 日-7 月 24 日），重要指数纷纷收涨；其中，上证综指收涨 2.53%，创业板指收涨 3.35%； 风格层面，沪深 300 收 ...

昨日，博鳌亚洲论坛全球健康论坛2025年北京会议在京拉开帷幕。大会主题为"创新驱动下的健康 产业新未来"。当天下午，"传统医学在守正创新中发展"分论坛举办，与会嘉宾热议传统医学如何与数 字技术融合发展。 此外，北京中医院、广安门医院等在京医院，基础设施建设不断增强，智慧医院的算力、算法不断 升级，为医教研产的协同发展奠定了基础。不仅如此，北京市还成立了中医药产业智能研究院，在发挥 中药原创优势的同时推动传统医学与数字技术融合发展。 她同时介绍，在深化应用场景驱动作用方面，北京市中医药管理局通过北京中医药交流中心广泛征 集场景案例，涵盖了智能诊疗、健康管理、中药精准研发等，并对重点的典型案例进行推广。广安门医 院的"岐智"智能中医辨证施治诊疗平台，入选了世界卫生大会数智主题边会的中国实践。 邓娟表示，截至目前,中医药已经传播至190多个国家和地区，中医药和针灸治疗方法已被广泛接 受。 中医药也有着巨大的市场潜力。市场调研显示，全球中医药市场规模预计在2028年达到1857亿美 元，传统医学有望在全球范围内实现科学性验证和价值提升，为推动构建更加包容、多元、可持续的全 球卫生系统提供了独特的支撑。 北京市中医药对 ...

1、隔夜，美股涨跌不一，道指跌0.7%，纳指涨0.18%，标普涨0.07%，特朗普造访了美联储总部，将他 与美联储主席鲍威尔之间的冲突摆在了明面上，并当面要求鲍威尔降息，随后特朗普称"这次谈话很有 成效"。据了解，这是近20年美国总统首次正式视察美联储。 2、美股领涨板块：核电，氢能源，金属铀，生物疫苗，生命科学工具，油气装备，安防，AI终端，阿 尔茨海默病等。领跌板块：医疗保险，卫星通信，人形机器人，无线充电，移动游戏，玩具及消闲用 品，3D打印，餐饮连锁，农产品等。 3、美东时间周四，名不见经传的医疗信息技术公司Healthcare Triangle(HCTI.US)股价成为美国股市焦 点，其股票以30.6亿股的成交量成为当日全美交易所交易最活跃的个股，这一数字占当日全美股票交易 总量的约15%。尽管公司基本面未出现明显变化，该股开盘即飙升138%，最终以115%的涨幅收于5.1美 分，单日交易总额达1.5亿美元，相当于其当前市值的近七倍。 来源：A股伪解释 2025年07月25日 08:28:44 4、环球银行金融电信协会（Swift）7月24日发布的人民币月度报告和数据统计显示，2025年6月，在基 ...

Summary of Key Points from the Conference Call Industry Overview - The pharmaceutical sector benefits from robust domestic consumption and healthcare spending, showing relative strength during macroeconomic downturns, with potential for valuation increases [1][2] - Historical data indicates that the pharmaceutical sector typically outperforms during periods of accelerated income growth or economic weakness, correlating with enhanced domestic demand [2] Core Insights and Arguments - The National Healthcare Security Administration (NHSA) has effectively reduced drug and consumable prices through centralized procurement, negotiations for innovative drugs, and price adjustments [1][10] - The implementation of Diagnosis-Related Groups (DRG) and Diagnosis-Intervention Packages (DIP) has curbed excessive medical treatments, leading to more rational use of funds [1][10] - The innovation in drugs and medical devices is characterized by strong technological attributes, with investment logic similar to that of tech stocks, implying a market expectation for discounted cash flow (DCF) valuations of their R&D pipelines [1][21][22] - The CXO sector is experiencing a global capacity shift and engineer dividend, but faces overcapacity issues from 2023 to 2024, with a cyclical turning point expected in 2025 [1][36] Healthcare Financing and Insurance - The healthcare expenditure comprises government health spending, social health spending, and personal cash health spending, with government spending closely tied to public healthcare infrastructure [4] - The steady growth of the medical insurance fund, despite a decline in surplus rate from 25%-35% to 15%-20%, indicates a stable financial status that supports future domestic growth [5] - The commercial insurance system is expected to develop further, alleviating personal cash payment pressures and enhancing the overall healthcare financing system [6] Market Dynamics and Trends - The overseas market presents significant opportunities for the Chinese pharmaceutical industry, particularly in innovative drugs and medical devices, which have shown double-digit growth abroad [9] - The blood products industry is characterized by strong policy barriers and a trend towards supply-side concentration, with leading companies enhancing competitiveness through mergers and acquisitions [3][31] - The medical device sector is marked by a blend of manufacturing and technology attributes, with emerging fields like surgical robots and brain-machine interfaces gaining attention [35] Structural Opportunities and Challenges - The pharmaceutical sector has various structural opportunities, particularly in the context of consumption upgrades and the impact of centralized procurement on different segments [14] - The healthcare system faces challenges in balancing income and expenditure, with increasing medical demands due to an aging population [8] - The commercial insurance system's development is crucial for reducing personal expenditure and improving the healthcare financing landscape [6] Regulatory and Policy Changes - The NHSA has implemented significant reforms since its establishment in 2018, focusing on managing healthcare funds and pricing, which have led to lower drug prices and more efficient fund usage [10][11] - The National Medical Products Administration (NMPA) has enhanced the quality of generic drugs and encouraged innovation through stricter evaluation standards and expedited approvals for clinically valuable products [11] Investment Valuation and Market Potential - Different types of pharmaceutical companies are evaluated using various methods, such as PE for profitable companies and DCF for innovative drug pipelines [24][26] - Factors influencing the market potential of innovative drugs include disease prevalence, population base, and annual treatment costs, with a focus on clinical efficacy and safety [25] Conclusion - The pharmaceutical and healthcare sectors are poised for growth driven by domestic demand, regulatory support, and international market opportunities, despite facing challenges related to capacity and expenditure management [1][9][36]

Economic Overview - Ningbo achieved a GDP of 886.1 billion yuan in the first half of the year, with a year-on-year growth of 5.1% [1] - The contribution rates to GDP growth from the primary, secondary, and tertiary industries were 1.6%, 39.3%, and 59.1% respectively [1] Sector Performance - Agricultural production value increased by 3.7% to 20.47 billion yuan [1] - Industrial output value rose by 5.7% [1] - Service sector value grew by 5.6%, accelerating by 0.3 percentage points compared to the first quarter [1] Investment and Consumption - Fixed asset investment, excluding real estate, grew by 7.9%, with infrastructure investment surging by 24.0% [2] - Social retail sales totaled 269.77 billion yuan, marking a 2.2% increase, up 1.5 percentage points from the first quarter [1] Trade and Export - Total import and export value reached 721.8 billion yuan, a 6.1% increase, with exports at 490.44 billion yuan, growing by 10.1% [2] - Private enterprises accounted for 77.5% of total imports and exports, amounting to 559.24 billion yuan, with an 8.8% growth [4] Emerging Industries - 25 out of 36 industrial sectors reported growth, with key sectors like instrumentation and petroleum processing growing by 23.4% and 13.8% respectively [3] - High-tech industries saw a value increase of 13.1%, while digital economy and equipment manufacturing grew by 7.7% and 6.5% respectively [3] Port Activity - Ningbo port handled 353 million tons of cargo, a 1.0% increase, and container throughput reached 18.889 million TEUs, growing by 7.9% [4]