（文章来源：每日经济新闻） 浙江震元（SZ 000705，收盘价：9.57元）8月4日晚间发布公告称，公司第十一届2025年第三次董事会 临时会议于2025年8月4日以通讯形式召开。会议审议了《关于增补第十一届董事会董事的议案》等文 件。 2024年1至12月份，浙江震元的营业收入构成为：商业占比82.04%，工业-医药制造占比17.96%。 ...

证券之星消息，8月4日医药商业板块较上一交易日下跌0.23%，塞力医疗领跌。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。医药商业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301015 | 目洋医药 | 22.39 | 1.91% | 12.41万 | 2.71亿 | | 603939 | 益丰药房 | 24.60 | 1.61% | 6.75万 | 1.65亿 | | 603233 | 大参林 | 17.58 | 0.92% | 4.67万 | 8141.04万 | | 600511 | 国药股份 | 30.04 | 0.74% | 5.65万 | 1.69亿 | | 603122 | 合富中国 | 7.28 | 0.55% | 6.14万 | 4434.06万 | | 301017 | 漱玉平民 | 13.35 | 0.45% | 6.99万 | 9203.55万 | | 605266 | 健之佳 | 22.0 ...

（文章来源：每日经济新闻） 柳药集团（SH 603368，收盘价：18.54元）8月4日晚间发布公告称，截至2025年7月31日，公司尚未通 过集中竞价交易方式回购公司股份。 2024年1至12月份，柳药集团的营业收入构成为：批发占比78.89%，零售占比15.15%，工业占比 5.49%，其他业务占比0.4%，其他行业占比0.08%。 ...

Group 1 - The core point of the article is that Nanjing Pharmaceutical has repurchased approximately 16.30 million shares, accounting for 1.25% of the total share capital as of July 31, 2025 [2] - The company's revenue composition for the year 2024 is as follows: wholesale accounts for 94.72%, retail for 4.53%, e-commerce for 0.48%, other businesses for 0.24%, and third-party logistics for 0.03% [2]

每经头条（nbdtoutiao）——"我们也深陷残酷价格战"！德资巨头中国区高管警告：智驾绝不能免费， 否则会给全行业带来灾难 每经AI快讯，国药股份（SH 600511，最新价：29.71元）7月31日晚间发布公告称，公司第八届第二十 七次董事会会议于2025年7月31日在北京召开。会议审议了《国药股份关于修订 <董事会审计委员会实 施细则> 等部分公司治理制度的议案》等文件。 2024年1至12月份，国药股份的营业收入构成为：医药商业占比104.55%，医药工业占比0.93%，仓储物 流占比0.78%，其他业务占比0.19%，内部抵销占比-6.45%。 （记者 王瀚黎） ...

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.20% to 3567.02 points, while the Shenzhen Component Index fell by 0.28% to 10960.75 points, and the ChiNext Index decreased by 0.49% to 2311.27 points [1] Sector Performance Top Performing Sectors - The military equipment sector led the gains with an increase of 3.57%, achieving a total trading volume of 1,709.77 million hands and a total transaction value of 405.32 billion [2] - The military electronics sector followed closely with a rise of 3.46%, with a trading volume of 871.19 million hands and a transaction value of 187.84 billion [2] - Precious metals also saw a gain of 3.46%, with a trading volume of 503.66 million hands and a transaction value of 91.12 billion [2] Underperforming Sectors - The pharmaceutical retail sector experienced the largest decline at -1.64%, with a trading volume of 331.83 million hands and a transaction value of 43.42 billion [2] - The medical services sector fell by 1.54%, with a trading volume of 741.96 million hands and a transaction value of 172.63 billion [2] - The chemical pharmaceuticals sector decreased by 1.46%, with a trading volume of 3,203.93 million hands and a transaction value of 475.94 billion [2]

| 指数 | 最新 | 涨跌幅 | | --- | --- | --- | | 上证指数 | 3567.02 | 0.2% | | 深证成指 | 10960.75 | -0.28% | | 创业板指 | 2311.27 | -0.49% | | 沪深300 | 4054.75 | 0.0% | 每经AI快讯：北京时间8月4日11:30，上证指数早盘上涨7.07点，涨幅为0.2%，报收3567.02点，成交额3984.28亿元；深证成指下 跌30.57点，跌幅为0.28%，报收10960.75点，成交额5223.76亿元；创业板指下跌11.36点，跌幅为0.49%，报收2311.27点，成交 额2631.66亿元；沪深300下跌0.18点，跌幅为0.0%，报收4054.75点，成交额1819.64亿元。 涨幅前五的行业分别是航天航空3.71%、贵金属3.46%、珠宝首饰2.08%、游戏1.74%、船舶制造1.64%。 跌幅前五的行业分别是医药商业-1.44%、医疗服务-1.45%、生物制品-1.4%、化学制药-1.37%、光伏设备-1.23%。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Last week, the A-share market and domestic stock index futures market both experienced a collective correction. This week, stock index futures are expected to show a volatile and relatively stable trend, with upward movement limited by weak economic data and downward movement supported by policies [2][5][25]. 3. Summary by Directory Market Performance - On August 1st, the three major A-share indexes slightly declined. The Shanghai Composite Index fell 0.37% to 3559.95 points, the Shenzhen Component Index dropped 0.17% to 10991.32 points, and the ChiNext Index decreased 0.24% to 2322.63 points. The trading volume of the two markets was 15984 billion yuan, a significant reduction of 3377 billion yuan from the previous day [2]. - Last week, the main contracts of domestic stock index futures all declined. The weekly decline rates of CSI 300 futures, SSE 50 futures, CSI 500 futures, and CSI 1000 futures were -2.10%, -1.52%, -1.80%, and -0.95% respectively [5]. - Last week, 30-year and 10-year treasury bond futures rose, while 5-year and 2-year treasury bond futures fell [6]. Fundamental Analysis - The National Development and Reform Commission has established a regular communication and exchange mechanism with private enterprises, held 17 symposiums, and communicated face-to-face with nearly 80 private enterprises. It has also conducted more than 500 discussions with private enterprises through various means, and provincial, municipal, and county development and reform departments have held more than 20,000 private enterprise symposiums. The comprehensive service platform for private economic development has received more than 2400 problem requests since its launch more than half a year ago [7]. - The People's Bank of China held a work meeting for the second half of 2025, stating that since 2025, it has strengthened situation analysis, prepared policy reserves, introduced a package of monetary policy measures, and effectively promoted various tasks [8]. - The Ministry of Finance conducted the first reissuance of the 2025 ultra-long-term special treasury bonds (Phase III). The reissued bonds are 50-year fixed-rate interest-bearing bonds with a competitive tender face value of 35 billion yuan and a coupon rate of 2.10%. As of August 1st, 796 billion yuan of ultra-long-term special treasury bonds have been issued, reaching 61% of the annual issuance plan [8]. - Last week, the central bank conducted 1663.2 billion yuan of reverse repurchase operations in the open market, with 1656.3 billion yuan of reverse repurchases maturing, resulting in a net investment of 6.9 billion yuan. This week, 1663.2 billion yuan of reverse repurchases will mature [9]. Valuation Analysis - As of August 1st, the PE, PB, and their respective percentile points of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes are provided [12]. - The concept and calculation formulas of the stock-bond yield spread are introduced [22]. China - Buffett Indicator - On July 31st, 2025, the ratio of total market capitalization to GDP was 80.03%. The percentile of the current "total market capitalization/GDP" in historical data was 75.10%, and in the past 10 years' data, it was 73.51% [24]. Comprehensive Analysis - The A-share market is expected to maintain a volatile pattern this week. The macro environment presents a game between "policy support" and "weak economic recovery." The extension of the 24% reciprocal tariff suspension period between China and the US has alleviated market concerns, but structural contradictions remain [25]. - In July, the manufacturing PMI dropped to 49.3%, indicating continued pressure on corporate profits. However, policy support continues, and consumer and manufacturing sectors may receive support [25]. - In terms of market style, funds may continue to rotate between defensive sectors and policy-driven sectors. The convergence of stock index futures discounts reflects a weakening of short-selling pressure, but the high proportion of net short positions in the IM contract means that the volatility risk of small and medium-cap stocks needs to be watched out for [25].

Core Insights - The market experienced its smoothest main upward phase since the beginning of the year in July, with a 3.74% increase and a maximum drawdown of 1.18% [3][6] - The "anti-involution" policies and the emphasis on stabilizing growth in key industries contributed to market acceleration and improved profit-making effects [3][6] - Small-cap, growth, and loss-making stocks outperformed in July, with sectors like steel, pharmaceuticals, building materials, and communications leading the gains [3][10] Market Performance Summary - In July, the market saw a significant increase, with the main index rising 3.74% and achieving the highest monthly Sharpe and Calmar ratios of the year [6][8] - The average number of stocks hitting the daily limit dropped from over 70 to around 50 by the end of July, indicating a slight easing in profit-making effects [3][43] - The small-cap index outperformed the large-cap index, with small-cap stocks rising 5.54% compared to 3.48% for large-cap stocks [10] Industry Analysis - The report highlights the importance of identifying companies that only incur losses in profits but maintain positive cash flow, particularly in the cement and chemical sectors [3][98] - The "anti-involution" theme is expected to drive excess returns, with a projected initial pulse of around 20 percentage points, particularly benefiting small-cap stocks [3][91] - Industries experiencing supply contraction and rising demand include upstream coking coal, midstream engineering machinery, and downstream white goods and pharmaceuticals [3][115] Thematic Investment Focus - The report emphasizes the significance of the "14th Five-Year Plan" and the industries benefiting from childbirth subsidies, including maternal and infant products, children's healthcare, and early education services [3][118] - Key areas of focus include digital transformation in industries and consumption services, particularly in regions like the Beijing-Tianjin-Hebei area and the Yangtze River Delta [3][120]

Core Viewpoint - Nanjing Pharmaceutical Co., Ltd. has announced the use of temporarily idle raised funds for cash management and the progress of its share repurchase plan, indicating a strategic approach to optimize financial resources and enhance shareholder value [1][3]. Group 1: Cash Management - The company and its subsidiaries have been authorized to use up to 700 million yuan of temporarily idle raised funds for cash management, investing in low-risk, high-liquidity principal-protected financial products [1]. - On July 3, 2025, the subsidiary Fujian Tongchun Pharmaceutical Co., Ltd. invested 40 million yuan in a structured deposit product from China Merchants Bank, which matured on July 31, 2025, yielding a return of 46,000 yuan [2]. - The principal and earnings from the structured deposit have been returned to the dedicated raised funds account, aligning with the company's cash management strategy [2]. Group 2: Share Repurchase - On March 14, 2025, the company approved a share repurchase plan with a total funding range of 70 million to 131.58 million yuan, with a maximum repurchase price of 7.31 yuan per share, to support the 2025 restricted stock incentive plan [3]. - As of July 31, 2025, the company has repurchased a total of approximately 16.30 million shares, representing 1.25% of the total share capital, with a total expenditure of approximately 80.26 million yuan [4]. - The repurchase activities are in compliance with relevant regulations and the company's established repurchase plan, with ongoing disclosures to keep investors informed [5].