Group 1 - The core viewpoint is that the innovative drug-themed ETFs have shown remarkable performance, with six ETFs increasing over 100% this year, all belonging to the innovative drug sector [1][4]. - The top-performing ETFs on July 29 include various innovative drug-themed ETFs, with the Hong Kong Stock Connect Innovative Drug ETF rising by 5.06%, marking it as the largest gainer of the day [4][6]. - The innovative drug sector is expected to experience a "Davis Double Play" due to supportive policies, international breakthroughs, improved R&D efficiency, and continuous capital inflow, indicating a shift from defensive to offensive investment strategies [4][5]. Group 2 - On July 29, ten ETFs had transaction volumes exceeding 10 billion yuan, with the Hong Kong Stock Connect Innovative Drug ETF and the Hong Kong Securities ETF being particularly active [3][9]. - The Hong Kong Innovative Drug ETF has seen significant growth, with its scale reaching 10.31 billion yuan and a year-to-date increase of over 750% [5]. - The bond ETFs have also attracted substantial inflows, with the South China Science and Technology Bond ETF leading with a net inflow of 25.56 billion yuan on the previous trading day [11][12]. Group 3 - The largest drop in ETFs on July 29 was observed in the 180 Governance ETF, which fell by 2.71%, alongside several other cross-border and bank-themed ETFs [2][8]. - The trading activity indicates a strong market liquidity, with the average daily transaction volume for the Hong Kong Innovative Drug ETF exceeding 11 billion yuan in July [5]. - The overall market sentiment remains positive, with expectations for indices to continue reaching new highs in the second half of the year, supported by domestic policies and liquidity [13].

【导读】沪指再次收盘站上 3600 点，公募基金解读市场 7 月 29 日， A 股市场全天震荡走高，创业板指领涨，沪指收盘再度站上 3600 点。沪深两 市全天成交额 1.8 万亿元，较上个交易日放量超 600 亿元。 沪指年内第二次站上 3600 点，市场表现备受关注。记者盘后采访了多家公募，对市场表现 进行点评，并展望后续走势。业内普遍认为，短期市场转向风险或不需有过多担忧，下半年 指数或仍有续创新高的可能性，国内政策与产业催化相结合或为投资主线。 多重积极因素推动市场上行 对于周二沪深三大指数上涨，且沪指再次站上 3600 点的行情表现，公募认为是多方面利好 消息共振的结果。 信达澳亚基金称，市场呈现结构性行情，通信、钢铁、医药等板块上涨幅度较大。消息面 上，近期国家医保局召开医保支持创新药械系列座谈会，为创新药行业发展提供了政策保 障，推动了医药板块尤其是创新药板块的上涨；其次，上海正以空前力度加码人工智能产业 布局， 7 月 28 日，上海市经济信息化委印发《上海市进一步扩大人工智能应用的若干措 施》，加速培育人工智能自主生态。 外部来看，当地时间 7 月 27 日，美国总统特朗普表示，美国已与欧 ...

截至收盘，恒生港股通创新药指数上涨4.4%、今年以来涨幅超100%，中证港股通医药卫生综合指数上 涨4.0%，中证创新药产业指数上涨3.0%，中证生物科技主题指数上涨2.6%，沪深300医药卫生指数上涨 2.5%。据Wind数据，截至昨日，恒生创新药ETF（159316）连续10个交易日"吸金"，最新规模超8亿 元、创历史新高。 生物科技ETF 00 ( 159837 跟踪中证生物科技主题指数 ·· /////////// 该指数聚焦A股生物科技龙 �日 该指数自2015年 该指数 头,由不超过50只业务涉 发布以来估值分位 该指数涨跌 滚动市盈率 及基因诊断、生物制药、血 液制品及其它人体生物科技 59.8倍 2.6% 75.8% 的公司股票组成。 医药ETF ONLY 512010 跟踪沪深300医药卫生指数 ·· /////////// 该指数聚焦A股医药卫生行 该指数自2007年 �H 该清致 业龙头,由沪深300指数样 发布以来估值分位 该指数涨跌 &动市盈率 本中属于医药卫生行业的公 司股票组成,全面覆盖化学 制药、医疗服务、医疗器械 2.5% 31.4倍 50.1% 等未来健康产业细分环节。 注 ...

近年来，随着国内创新药行业的逐步回暖，以及公司创新成果的持续落地，先声药业的估 值也迎来了显著修复，但市值水平、市销率仍显著低于恒瑞医药、信达生物等同类企业。 究竟是市场对其长期竞争力仍存疑虑，还是公司当前的创新药管线只能支撑当下的市值水 平？ 先声药业的估值 吴楠 7月29日，先声药业（2096.HK）股价大涨超9%，创年内新高。这波强势表现背后，或许是公司 2025年以来创新药业务持续突破的集中反映： 1月13日，其抗肿瘤创新药子公司先声再明与艾伯维就三抗SIM0500达成海外权益许可选择权合 作，公司将收取首付款、以及最高 10.55亿美元 的选择性权益付款和里程碑付款； 6月16日，又与美国生物制药公司NextCure达成抗癌新药SIM0505的全球授权合作（大中华区除 外），协议潜在总金额达 7.45亿美元 ； 6月20日，与瑞士Idorsia合作的全球新一代抗失眠药科唯可® 获批上市 ； 7月3日， 新一代抗肿瘤血管生成药物恩泽舒 ®也 成功上市 ，成为中国首个铂耐药卵巢癌全人群 适用靶向药。 从最新的业绩数据来看， 先声药业 2024年 全年实现收入 66.35亿元，同比增长0.4%；归属公司权 ...

和讯投顾徐梦婧表示，首先我们来看一下盘面，在今天早盘15分钟市场还是缩量的，然后临近10一波跳 水放了一下量，最终成就全天成交量比昨天还放了大几百个亿，在这个位置只要成交量不大幅萎缩，那 接下来应该还是继续震荡。行业方面，今天我们看到机构在PCB光模块和部分创新药上面形成了新的抱 团，同时这些抱团的方向里面有不少都是权重，总市值百亿以上的公司有44只，最近PCB概念里恰恰是 市值越大涨得越好。我们看到下午基建和证券成为带动指数的主要力量，但是这两者也有区别，证券是 因为银行里面的资金出局，进入到了证券，核心逻辑是业绩还合理，而且位置比较低，但是基建板块就 是以水电为轴5的这些前期的拉升，现在处于调整途中的一波中继反弹，那反弹我们觉得是为了吸引更 多的跟风盘向内需方向，昨天有一些消息刺激之后，今天出现了一波高开，但随后就是往下落的走势， 同时在育儿三胎这里，因此我认为现在这个市场可以分为4个部分，首先第一个就是资源和基建的炒作 以及资源建材的对立面，也就是银行保险等高股息红利，还有我们持续网上跟踪最近持续向上拉升的科 技，以及目前为止还在低位的一些内需线，那我们要做的呢就是选择低位板块中受资金关注度比较高的 标 ...

智通财经7月29日讯，今日43股涨停，22股炸板，封板率为66%，西藏旅游7连板，山河智能、西藏天路、南方路机、西宁特钢7天6板，深水规院20cm7天5 板，亚太药业10天5板，辰欣药业7天4板。市场全天震荡走高，创业板指领涨。沪深两市全天成交额1.8万亿，较上个交易日放量609亿。盘面上，市场热点 较为杂乱，个股跌多涨少，全市场超3000只个股下跌。板块方面，CRO、钢铁、CPO、先进封装等板块涨幅居前，保险、猪肉、银行、农业等板块跌幅居 前。截至收盘，沪指涨0.33%，深成指涨0.64%，创业板指涨1.86%。 | 2025/07/29 | | 星期二 17:22:51 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 3612.69 | 铜箔/覆铜板 | | CRO/CMO | | | | | | +0.41% | | CPO | | 创新药 | | | | | | 11-25 | | | 拓山重 | | 芯片产业链 | | | | | 超级水电√ | | | | 车工 | | | 数字货币 | ...

Market Overview - A-shares experienced a significant afternoon rally, with the Shanghai Composite Index regaining above 3600 points, closing up 0.33% at 3609.71 points, while the ChiNext Index rose nearly 2% to 2406.59 points, marking a new high for the year [1] - The total trading volume in the Shanghai and Shenzhen markets reached 182.96 billion yuan, an increase of approximately 63 billion yuan compared to the previous day [1] Sector Performance - The insurance and banking sectors saw declines, while the semiconductor sector surged, with Dongxin Co. hitting a 20% limit up and Fudan Microelectronics rising nearly 10% [1] - The steel sector also showed strong performance, with Xining Special Steel and Bayi Steel reaching their daily limit up [1] - The innovative drug concept experienced a resurgence, with Sanmiao Gene rising over 20% and several other pharmaceutical stocks hitting their daily limit up [1][3] Notable Stocks - WuXi AppTec reported a 96.20% year-on-year increase in total profit and a 101.92% increase in net profit attributable to shareholders for the first half of the year, with a backlog of orders amounting to 56.69 billion yuan, a 37.2% increase year-on-year [4][5] - The stock of Weiwai New Materials surged over 10 times since July, reaching a new high of 90 yuan per share, although the company cautioned that its stock price has significantly deviated from its fundamental situation [10] Future Outlook - WuXi AppTec expects its revenue from ongoing operations to return to double-digit growth, with an upward adjustment of its overall revenue forecast to between 42.5 billion and 43.5 billion yuan [5] - The innovative drug industry is anticipated to enter a new phase, with significant opportunities expected in 2025, driven by upcoming international conferences and ongoing licensing transactions [6] Semiconductor Sector Insights - The semiconductor sector saw strong gains, with Dongxin Co. and Fudan Microelectronics leading the charge [7] - The U.S. government's recent AI Action Plan aims to bolster domestic semiconductor manufacturing while imposing restrictions on exports, which may accelerate the domestic industry's self-sufficiency [9]

Market Overview - The market experienced a strong upward trend throughout the day, with the ChiNext Index leading the gains. The total trading volume in the Shanghai and Shenzhen markets reached 1.8 trillion yuan, an increase of 609 billion yuan compared to the previous trading day. The Shanghai Composite Index rose by 0.33%, the Shenzhen Component Index by 0.64%, and the ChiNext Index by 1.86% [1]. Sector Performance - The innovative drug and CRO sectors continued their strong performance, with multiple stocks such as Ruizhi Pharmaceutical, Zhongsheng Pharmaceutical, and Chenshin Pharmaceutical hitting the daily limit. WuXi AppTec reported a revenue of 20.799 billion yuan for the first half of 2025, a year-on-year increase of 20.64%, and a net profit of 8.561 billion yuan, up 101.92%. The company raised its full-year revenue forecast to between 42.5 billion and 43.5 billion yuan, indicating strong confidence in the industry's prospects [2][8]. - The CPO and computing hardware sectors also showed strength, with stocks like Dekoli and Tianfu Communication rising over 10%. Companies such as Zhongji Xuchuang and Xin Yisheng reached new historical highs [2][3]. Investment Opportunities - The innovative drug sector remains a clear trend with significant growth potential. The valuation of this sector is still attractive, and foreign investment in Hong Kong's innovative drugs is expected to increase. The focus on performance recovery in specific sub-sectors or stocks is recommended [2][8]. - The CPO technology is projected to penetrate 30% of the market by 2027, addressing high computing transmission bottlenecks. The sector may expand into data centers and other related areas, presenting additional investment opportunities [3]. Individual Stock Highlights - The stability coin concept was active, with stocks like Hengsheng Electronics hitting the daily limit and Guotou Intelligent rising over 18%. The upcoming implementation of the "Stablecoin Regulations" in August 2025 is expected to benefit major companies like Ant Group and JD.com, which may be among the first to obtain stablecoin licenses [4][12]. - The market saw a slight increase in the number of stocks with consecutive gains, with Xizang Tourism being the only stock with more than two consecutive gains, reaching seven [6]. Future Market Analysis - The overall market is expected to continue its upward trend, supported by the computing hardware and innovative drug sectors. The trading volume has increased, indicating a healthy market rotation. Investors are advised to look for low-entry opportunities in core stocks within previously popular sectors [8].

Core Viewpoint - The innovative drug sector has become a "star track" in the market, with an ETF increase of over 40% since May, indicating strong growth potential and investment opportunities [1]. Group 1: Reasons for the Surge in Innovative Drugs - Continuous favorable policies have shifted from "price control" to "encouraging innovation," as evidenced by the issuance of measures to support high-quality development of innovative drugs [2]. - China's biopharmaceutical innovation capabilities have significantly improved, with over 1,250 new drugs in the R&D phase in 2023, surpassing the EU and nearing the US [4]. - Internationalization is entering a harvest period, with the amount of overseas licensing agreements skyrocketing from $38 billion in 2023 to $60.8 billion in the first half of 2024, nearly doubling [7]. - The valuation of the pharmaceutical sector is at historical lows, providing significant room for recovery, with companies like WuXi AppTec showing strong revenue and profit growth [10]. Group 2: Investment Strategies - For conservative investors, focusing on industry leaders with strong fundamentals and clear profit models is recommended [12]. - For aggressive traders, high-volatility stocks in niche areas such as ADC development or companies with strong overseas clinical data should be prioritized [14]. - For low-risk strategies, investing in innovative drug ETFs or healthcare ETFs can provide diversified exposure to the sector [16]. - The current market is seen as a prime opportunity to invest in innovative drugs, as the sector is transitioning from imitation to innovation and from domestic to global markets [18].

值此关键拐点，我们诚邀您，于8月7日齐聚贵阳 ，在 观山厅 共赴一场洞察港股医药未来的思想盛 会，共探创新药的周期逻辑与成长机遇。 沙龙主题：风卷医药海，潮起香江湾 沙龙时间：2025年8月7日13:30-16:00 沙龙地址：贵阳东景希尔顿酒店（二楼 观山厅） 【有料有益】——深度干货分享 香江水暖，医药澎湃正劲。 一度被低估的医药板块，如今正悄然破局。沉寂数年之后，新风正在香江涌动。2025年上半年，创新 药板块强势崛起，资金穿梭、生机再现，成为"逆风成长"的鲜活样本。 【有趣有礼】——丰富礼品等你拿 在沙龙过程中，我们将设置充满趣味的打卡活动，现场还将提供精美的最新款顾小二社区周边礼品， 诚意满满，欢迎大家前来领取体验。此外，还有专属社群红包雨及有奖互动游戏，让您在轻松愉快的 氛围中收获满满。 聂丽逻 国联证券医药高级分析师，带来主题分享—— 《创新药热潮复盘及未来发展趋势剖析》 ，深入梳理这轮创新药热潮的成因与持续性； 唐屹兵 博时基金指数与量化投资部基金经理，分享主题—— 《破茧成蝶——港股创新药的投资 机遇》 ，共探估值修复背后的港股ETF配置逻辑与布局机会； 肖鹏 国泰海通证券贵阳长岭南路营业部 ...