宏观点评 20250801 证券研究报告·宏观报告·宏观点评 从"十五五"规划看产业趋势 2025 年 08 月 01 日 [Table_Summary] 中国的五年规划是国家宏观调控、引导经济社会发展的重要手段。进入"十 一五"之后，整体的规划目标从追求规模扩张向追求质量效益转型。从结 构上来看，由于发展目标从规模扩张转向高质量发展，五年规划的目标重 点已经由经济增长转型为公共事务治理规划。"十四五"期间关于人民生活 相关的目标占比明显增加，同时还增加了完全不同于之前五年规划的安全 保障的部分。 尽管针对经济总量目标的要求从定量向定性要求转变，但仍然需要保持适 度的经济增长，才能实现宏观稳定和经济结构的优化。为了实现 2035 年 经济总量或人均国内生产总值比 2020 年翻一番，"十五五"阶段所隐含的 我国经济总量或需至少保持年均 4.5%左右的经济增长水平，对于当期的 经济体量来说，经济增长的整体要求并不低。与之相对应的，设立各产业 的增长目标和碳排放目标，是下一阶段规划中需要落实的重点。 我们统计了 2024 年以来各部委关于"十五五"规划的相关课题，整体来 看，课题旨在破解制约高质量发展的关键瓶颈， ...

Market Overview - The A-share market showed mixed results with the Shanghai Composite Index down 0.02% and the Shenzhen Component Index up 0.45% as of the report [3][4] - The innovation drug concept stocks surged, while sectors like aerospace, oil and gas, and stablecoins experienced declines [5][12] Innovation Drug Sector - The innovation drug concept stocks saw significant gains, with companies like Shuyou Shen, Guanhao Biology, and Kexing Pharmaceutical leading the rise [10][11] - The sector's strong performance is attributed to the National Healthcare Security Administration's establishment of a new pricing mechanism for newly listed drugs, encouraging pharmaceutical innovation [14] Silicon Energy Sector - The silicon energy sector experienced a notable rally, with polysilicon futures rising sharply after previously dropping over 4% [16][20] - Companies such as Shuangliang Energy and Aotewei saw their stock prices increase significantly, with Shuangliang Energy hitting the daily limit [18][19] Hong Kong Market - The Hong Kong market showed a slight decline in the Hang Seng Index, although companies like NIO and Baidu saw gains of over 2% [7][8] Key Stock Performances - In the innovation drug sector, notable stock performances included: - Shuyou Shen at 56.30, up 8.29% - Guanhao Biology at 18.69, up 7.41% - Kexing Pharmaceutical at 56.88, up 6.82% [10][11] - In the silicon energy sector, key performers included: - Shuangliang Energy at 6.13, up 10.05% - Aotewei at 36.33, up 10.09% - Daqing Energy at 28.03, up 8.22% [18][19]

Core Viewpoint - Changjiang Life Science Technology (00775) issued a profit warning, expecting a shareholder loss of approximately HKD 150 million for the six months ending June 30, 2025, compared to a profit of HKD 1 million in the same period of 2024, primarily due to increased R&D investments [1]. Group 1 - The company's stock dropped over 5% following the profit warning, trading at HKD 0.95 with a transaction volume of HKD 5.7489 million at the time of reporting [1]. - The expected loss marks a significant shift from the previous year's profit, indicating a strategic decision to enhance research and development efforts [1]. - Overall, the company's operations have remained stable during the reporting period and up to the date of the announcement [1].

Group 1 - The core viewpoint of the article is that Changjiang Life Science Technology (00775) issued a profit warning, leading to a decline of over 5% in its stock price, currently trading at HKD 0.95 with a transaction volume of HKD 5.7489 million [1] - The company anticipates a shareholder loss of approximately HKD 150 million for the six months ending June 30, 2025, compared to a profit of HKD 1 million in the same period of 2024 [1] - The shift from profit to loss is attributed to the company's earlier decision to increase research and development investments [1] Group 2 - Overall, the company's operations have remained stable during the reporting period and up to the date of the announcement [1]

Group 1 - The Supreme People's Court released 12 typical cases to protect the legitimate rights and interests of private enterprises and entrepreneurs, emphasizing the commitment to fair and impartial justice [1] - The cases highlight the strict distinction between crime and non-crime, as well as between illegal gains and legitimate property, ensuring the protection of private enterprises [1] - The principle of equal protection under the law is fully implemented, with rulings that uphold the rights of private enterprises in contractual disputes [1] Group 2 - The court encourages innovation among researchers and supports private enterprises in international expansion by providing judicial guarantees [2] - The legal system aims to guide and regulate business operations, promoting healthy development and addressing corruption within private enterprises [2] - The exploration of integrated debt resolution for private enterprises aims to stimulate innovation and promote sustainable development [2]

Group 1 - Major industry ETFs showed mixed performance at the start of trading, with the internet stock index ETF rising over 2% [2] - The biotechnology index ETF increased nearly 1% [2] - The semiconductor ETF declined by more than 1% [2]

Market Overview - Major industry ETFs showed mixed performance, with the internet stock index ETF rising over 2% and the biotechnology index ETF increasing nearly 1%, while the semiconductor ETF fell over 1% [1] Industry Performance - Internet Stock Index ETF: Current price at 276.48, up by 5.69 (+2.10%), with a trading volume of 23,186 shares and a total market value of $18.358 billion, reflecting a year-to-date increase of 13.70% [2] - Biotechnology Index ETF: Current price at 134.70, up by 1.00 (+0.75%), with a trading volume of 119,700 shares and a total market value of $10.695 billion, showing a year-to-date increase of 1.97% [2] - Semiconductor ETF: Current price at 292.70, down by 3.56 (-1.20%), with a trading volume of 889,500 shares and a total market value of $3.460 billion, reflecting a year-to-date increase of 20.87% [2] - Financial Sector ETF: Current price at 52.83, up by 0.13 (+0.24%), with a trading volume of 6.0103 million shares and a total market value of $58.797 billion, showing a year-to-date increase of 10.07% [2] - Energy Sector ETF: Current price at 87.50, down by 0.18 (-0.21%), with a trading volume of 1.2367 million shares and a total market value of $21.912 billion, reflecting a year-to-date increase of 3.78% [2]

Core Viewpoint - Changjiang Life Science Technology (00775) expects to report a shareholder loss of approximately HKD 150 million for the six months ending June 30, 2025, compared to a profit of HKD 1 million in the same period of 2024, primarily due to the company's decision to increase R&D investment [1] Group 1 - The expected shareholder loss of HKD 150 million marks a significant shift from the previous year's profit of HKD 1 million [1] - The company's operational performance has remained stable during the reporting period and up to the date of this announcement [1]

7月31日的沙尾社区AI课堂里，不少中老年人用指尖触摸到了智能技术的温暖。年过六旬的王阿姨对着 手机说出"给女儿的生日祝福"，屏幕上随即生成带动画的电子贺卡，她笑着说："以前总怕被时代落 下，现在也能给孩子送'高科技礼物'了。" 7月31日，一场人工智能时代职场技能应用AI公益培训在深圳沙尾社区举行，为企业量身打造的"送教进 企"定制课程，为职工带来了实实在在的改变。这场持续AI技能普及行动，以"精准对接需求、深度融入 场景"为核心，不仅让AI技术从"实验室"走进"生产车间"，更探索出一套可复制的AI技能普及"深圳模 式"。 从企业车间到社区客厅的AI温度 作为年度收官阶段的"压轴戏"，7月三场特色培训精准覆盖不同群体，成为项目"分层赋能"理念的生动 注脚。7月27日的"全球关税战背景下AI赋能采购与供应链战略重构"课程上，学员们现场见证了"智能关 税计算工具"的实战价值，该技术将实实在在带来便利。 12个行业的AI渗透与50人次的特殊关怀 政企协同让AI红利普惠更多人 政府搭台、企业点题、机构研发、员工受益，深圳的"送AI进企业"模式，通过打破传统培训的壁垒，将 AI技能直接送到企业和员工身边，让更多人享受 ...

Group 1 - The Global X China Core Technology ETF has officially launched on the Hong Kong Stock Exchange, providing investors with a tool to diversify risks in technology stock investments, focusing on seven high-growth technology sectors and 30 leading Chinese technology companies [1] - The ETF tracks the Future Asset China Technology 30 Index, which includes the top 30 companies in China with potential global competitiveness, with an average market capitalization of $65 billion [1] - The top five sectors represented in the ETF are biotechnology (22%), semiconductors (17%), consumer electronics (17%), electric vehicles (15%), and batteries (9%) [1] Group 2 - China's manufacturing sector has rapidly expanded, now accounting for 30% of global manufacturing, ranking first in the world, with high-tech manufacturing growth outpacing traditional manufacturing [2] - In 2024, China's total R&D expenditure reached 3.6 trillion RMB, a year-on-year increase of 8.3%, maintaining its position as the second-largest globally [2] - Key industries such as semiconductors, renewable energy, and artificial intelligence are national strategic priorities, with domestic companies achieving technological independence and gaining a foothold in global markets [2] Group 3 - The rise of China's technology industry is expected to continue, with upgrades in high-end manufacturing, increased R&D investment, and deeper globalization [3] - The core technology sectors defined by the ETF are crucial for China's self-reliance in high-end technology, including biotechnology, semiconductors, electric vehicles, batteries, medical technology, robotics, consumer electronics, solar energy, and software [3] - The investment strategy of the Global X China Core Technology ETF focuses on 30 leading domestic companies, characterized by broad growth prospects, high R&D spending ratios, and attractive valuation advantages [3]