Market Overview - The A-share market experienced a volatile adjustment, with all three major indices declining over 1% on the last trading day of July [1] - The overall market trend for the month showed a fluctuating upward movement, with all three major indices closing higher for the month, particularly the ChiNext Index which rose over 8% [1] - The Shanghai Composite Index lost the 3600-point level, which it had regained earlier in the month [1] Trading Volume and Market Activity - The total trading volume for the Shanghai and Shenzhen markets reached 1.94 trillion yuan, an increase of 917 billion yuan compared to the previous trading day [4] - The market saw a significant number of stocks declining, with over 4200 stocks experiencing a drop [1] Sector Performance - The innovative drug concept sector showed strength, with stocks like Nanxin Pharmaceutical hitting the daily limit [1] - AI application stocks remained active against the market trend, with companies like Yidian Tianxia also hitting the daily limit [1] - AI hardware stocks exhibited mixed performance, with the liquid cooling server concept performing strongly, leading to stocks like Yingweike hitting the daily limit [1] - Conversely, cyclical sectors such as steel and non-ferrous metals weakened, with Anyang Steel dropping over 7% [1] - The financial sector was sluggish, with Zhongyin Securities declining over 5% [1] Closing Statistics - At the close, the Shanghai Composite Index fell by 1.18%, the Shenzhen Component Index decreased by 1.73%, and the ChiNext Index dropped by 1.66% [1]

Group 1: AI and Computing Industry - The AI sector is experiencing significant growth, with major companies like Industrial Fulian seeing an 8.64% increase in stock price, reaching a market capitalization of 704.2 billion yuan [2] - The computing power supply chain is leading the market, with stocks such as New Yisheng, Shenghong Technology, and Zhongji Xuchuang hitting historical highs [5] - Meta reported a revenue of $47.516 billion for Q2 FY2025, a 22% increase year-over-year, and raised its capital expenditure forecast for the year to between $66 billion and $72 billion [5] - Microsoft reported a revenue of $76.4 billion for Q4 FY2025, an 18% year-over-year increase, and plans to exceed $30 billion in capital expenditures for Q1 FY2026 due to strong demand for cloud and AI products [6] - CITIC Securities suggests that the computing power industry remains highly prosperous, with potential for valuation increases, recommending focus on core companies with sustained high growth and low historical valuations [6] Group 2: Pharmaceutical and Assisted Reproductive Technology - The innovative drug sector is leading the pharmaceutical market, with companies like Shutaishen and Tebao Bio achieving significant stock price increases [4] - The assisted reproductive technology sector is experiencing rapid growth, with the market expected to reach 85.43 billion yuan by 2025, driven by government support and reimbursement policies [8] - The Chinese government is implementing measures to support fertility, including reimbursement for assisted reproductive technologies, which is expected to benefit over 1 million people in 2024 [8] - The assisted reproductive industry is characterized by high regulatory barriers, with public hospitals dominating the market and facing strict licensing requirements [9]

Group 1: Market Overview - The market showed significant differentiation today, with AI and pharmaceutical stocks strengthening while cyclical, consumer, and financial sectors experienced pullbacks [1][3] - The Shanghai Composite Index fell by 0.68%, and the Shenzhen Component Index decreased by 0.45%, while the ChiNext Index rose by 0.43% [3] Group 2: AI Sector Performance - The computing power industry chain led the gains, with major stocks like Industrial Fulian (up 8.64%) reaching a market capitalization of 704.2 billion yuan [1][4] - Other notable stocks in the computing power sector, such as New Yisheng and Shenghong Technology, also hit historical highs [4] Group 3: Pharmaceutical Sector Performance - The innovative drug sector continued to lead, with stocks like Shutaishen and Te Bao Biotechnology achieving significant price increases and historical highs [3][8] - The assisted reproductive sector saw substantial gains, with companies like Gongtong Pharmaceutical and Lide Man experiencing notable stock price increases [8][10] Group 4: Assisted Reproductive Market Insights - The assisted reproductive market in China is in a rapid growth phase, with projections estimating the market size to reach 85.43 billion yuan by 2025 [11] - The government is implementing supportive measures, including insurance coverage for assisted reproductive technologies, which is expected to benefit over 1 million individuals by 2024 [11]

Market Overview - The market experienced fluctuations with the Shanghai Composite Index adjusting while the ChiNext Index saw a pullback after a rise. The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion yuan, an increase of 56.2 billion yuan compared to the previous trading day. Over 3,400 stocks declined, indicating a mixed performance across the market [1] - AI hardware stocks surged again, with companies like Zhongji Xuchuang reaching new historical highs. AI application stocks also strengthened, with Yidian Tianxia hitting the daily limit. Innovative drug concept stocks remained active, with companies like Kangyuan Pharmaceutical also hitting the daily limit [1] AI Industry - The AI industry chain saw a comprehensive breakout, particularly in computing power hardware, with companies such as Zhongji Xuchuang, Xinyisheng, and Dongshan Precision reaching new historical highs [1] - The number of personal users registered for large model applications exceeded 3.1 billion, with API call users totaling over 159 million, indicating significant growth in AI application usage [25] Innovative Pharmaceuticals - Innovative drug stocks continued to be active, with notable gains from companies like Kangyuan Pharmaceutical, Gongtong Pharmaceutical, and Dexuan Health, among others [13] - A significant licensing agreement was announced between Shiyao Group and Madrigal Pharmaceuticals, with a total transaction value potentially reaching 2.075 billion USD, highlighting the growing cash flow for domestic innovative pharmaceutical companies [15] Assisted Reproductive Technology - The assisted reproductive sector saw strong performance, with stocks like Gongtong Pharmaceutical and Hancheng Group hitting the daily limit. The Beijing government has introduced measures to enhance reproductive health services, which may further support this sector [4][35] - The Beijing Municipal Government's new policies aim to improve housing support for families with multiple children, which may indirectly benefit the assisted reproductive technology market [42] Market Sentiment - The overall market sentiment remains structurally differentiated, with the three major indices showing mixed results. The focus should remain on core hotspots, particularly in AI and innovative pharmaceuticals, while seeking opportunities for supplementary gains [15]

今天上午，市场显著分化。AI、医药股走强，周期、消费、金融等板块回调。 医药股方面，创新药板块继续领涨，舒泰神、特宝生物、福元医药等个股大涨，盘中股价创历史新高。 截至上午收盘，上证指数下跌0.68%，深证成指下跌0.45%，创业板指上涨0.43%。 算力产业链上涨 今天上午，算力产业链上涨，液冷服务器、光模块、铜缆高速连接等板块上涨。新易盛、胜宏科技、中 际旭创、工业富联、鼎通科技、沪电股份、东山精密、生益电子、天孚通信等个股盘中股价创历史新 高。 AI方面，算力产业链领涨，新易盛、胜宏科技、中际旭创、工业富联等多只大市值龙头股上涨，盘中 股价均创历史新高。其中，工业富联（601138）上涨8.64%，盘中一度涨停，总市值突破7000亿元，为 7042.2亿元。 当地时间7月30日，微软发布截至2025年6月30日的2025财年第四财季业绩。微软第四财季营收为764亿 美元，同比增长18%；净利润为272亿美元，同比增长24%。 微软表示，考虑到对云和人工智能产品的强劲需求以及大量合同积压，公司将继续在资本支出和运营费 用方面进行投资，预计2026财年第一财季的资本支出将超过300亿美元。 中信建投表示，算 ...

今天上午，市场显著分化。AI、医药股走强，周期、消费、金融等板块回调。 AI方面，算力产业链领涨，新易盛、胜宏科技、中际旭创、工业富联等多只大市值龙头股上涨，盘中股价均创历史新高。其中，工业富联（601138）上 涨8.64%，盘中一度涨停，总市值突破7000亿元，为7042.2亿元。 医药股方面，创新药板块继续领涨，舒泰神、特宝生物、福元医药等个股大涨，盘中股价创历史新高。 截至上午收盘，上证指数下跌0.68%，深证成指下跌0.45%，创业板指上涨0.43%。 算力产业链上涨 当地时间7月30日，微软发布截至2025年6月30日的2025财年第四财季业绩。微软第四财季营收为764亿美元，同比增长18%；净利润为272亿美元，同比增 长24%。 微软表示，考虑到对云和人工智能产品的强劲需求以及大量合同积压，公司将继续在资本支出和运营费用方面进行投资，预计2026财年第一财季的资本支 出将超过300亿美元。 今天上午，算力产业链上涨，液冷服务器、光模块、铜缆高速连接等板块上涨。新易盛、胜宏科技、中际旭创、工业富联、鼎通科技、沪电股份、东山精 密、生益电子、天孚通信等个股盘中股价创历史新高。 受益于公司业绩超预期 ...

Market Overview - The market showed mixed performance with the Shanghai Composite Index and Shenzhen Component Index both declining, while the ChiNext Index saw a slight increase [2] - As of the midday close, the Shanghai Composite Index was at 3591.26 points, down 0.68%, the Shenzhen Component Index at 11152.77 points, down 0.45%, and the ChiNext Index at 2377.84 points, up 0.43% [2] - Overall, there were more declining stocks than advancing ones, with over 3400 stocks falling [2] Sector Performance - The assisted reproduction sector saw significant gains, with stocks like Gongtong Pharmaceutical and Lide Man hitting the daily limit [2][4] - AI computing-related stocks performed strongly, particularly in the liquid cooling server segment, with multiple stocks reaching the daily limit [2][3] - The innovative drug sector also experienced a rise, with Nanjing New Pharmaceutical hitting the daily limit [2] - Conversely, the steel sector faced a downturn, with notable declines in several stocks [2] - Coal stocks were down, led by Antai Group, while the oil and gas extraction sector also weakened [2] AI Applications - AI applications are expanding through various platforms, with over 3.1 billion registered personal users and 159 million API call users [3] Assisted Reproduction - The Chinese government is implementing a nationwide reimbursement policy for assisted reproductive technologies, expected to benefit over 1 million people in 2024 [4] - Additional measures include the inclusion of pain relief during childbirth in reimbursement policies, aimed at reducing the financial burden on pregnant women [4] Game Market - The domestic gaming market achieved record sales of 168 billion yuan in the first half of the year, marking a 14.08% year-on-year increase, with user numbers reaching 679 million [7] Housing Support Policies - Beijing is enhancing support for families with multiple children in housing, including increased loan limits for housing provident funds and priority in public rental housing allocation [8] Institutional Insights - Financial institutions note a recovery in the A-share market, driven by effective policy measures and an increase in new individual investor accounts, indicating growing market confidence [9]

三大指数涨跌不一，截至午盘收盘，沪指跌0.68%，深成指跌0.45%，创业板指涨0.43%，北证50指数涨0.12%，沪深京三 市成交额11578亿元，较上日放量556亿元。两市超3400只个股下跌。 板块题材上，智谱AI、液冷服务器、辅助生殖板块走高，钢铁、煤炭板块调整。 盘面上，智谱AI板块震荡走强，易点天下20CM涨停。液冷服务器板块全线走强，思泉新材20CM涨停，英维克、淳中科技 等涨停封板。辅助生殖板块持续走强，共同药业20CM涨停，汉商集团涨停封板。钢铁板块调整，重庆钢铁跌超5%。煤炭板块 全线走低，板块内全线飘绿，安泰集团跌超5%。 ...

Core Viewpoint - The stock price of Jinxin Fertility (01951) has increased by over 8% during trading, reflecting positive market sentiment following government announcements regarding reproductive support measures and subsidies [1] Company Summary - Jinxin Fertility's stock is currently trading at 3.47 HKD, with a trading volume of 641 million HKD [1] - The company is positioned as a leading private player in the assisted reproductive technology sector, benefiting from policy changes and increasing demand for its services [1] Industry Summary - The Chinese government has announced that assisted reproductive technology will be included in medical insurance reimbursement across all 31 provinces and regions, with over 1 million people expected to benefit from this policy in 2024 [1] - The average age of childbirth in China is approaching 30, leading to a significant increase in demand for assisted reproductive technologies, particularly among older mothers [1] - From 2023 to 2025, the inclusion of assisted reproduction in medical insurance is expected to expand from regional trials to nationwide implementation, indicating a potential surge in demand [1] - The supply-side landscape of the industry is stabilizing, with tighter regulations on license issuance, which may favor established companies like Jinxin Fertility that have accumulated technical advantages and case studies [1]

Core Viewpoint - The market showed mixed performance on July 31, with the Shanghai Composite Index declining by 0.68% and the Shenzhen Component Index down by 0.45%, while the ChiNext Index increased by 0.43. [1] Market Performance - The overall market saw a trading volume exceeding 1.1 trillion yuan, with over 3,400 stocks declining. [1] - The assisted reproductive concept stocks surged, with companies like Gongtong Pharmaceutical and Lide Man hitting the daily limit. [1] - The pharmaceutical sector strengthened, with stocks such as Aoxiang Pharmaceutical and Kangyuan Pharmaceutical also reaching the daily limit. [1] - The liquid cooling server concept gained traction, with Yingweike achieving consecutive gains. [1] Sector Analysis - Innovative drug concepts, CPO concepts, and software service sectors showed significant gains. [1] - Conversely, cyclical stocks weakened, with coal, steel, oil, and non-ferrous metals sectors experiencing the largest declines. [1] - Other sectors such as aquatic products, real estate, electricity, and insurance also faced downturns. [1]