Group 1 - The Federal Reserve maintained interest rates, with Powell downplaying the likelihood of a rate cut in September, indicating that current rates can address ongoing uncertainties related to tariffs and inflation [8][12][11] - The U.S. and South Korea reached a trade agreement, with the U.S. imposing a 15% tariff on South Korean imports, while South Korea commits to investing $350 billion in the U.S. [8][12][11] - China's top leadership has prioritized "anti-involution" measures, committing to address overcapacity and disorderly competition, and to regulate local investment attraction behaviors [12][11] Group 2 - Zhonghui Biotechnology plans to raise funds through an IPO, with a focus on developing core products and conducting clinical trials for vaccines, having reported a significant increase in revenue [10][12] - Binhua Co., a leading chemical enterprise in China, is planning to issue H-shares for listing in Hong Kong, with a notable increase in revenue driven by production ramp-up [10][12] - The pharmaceutical company Stone Pharmaceutical has entered into an exclusive licensing agreement for a drug, with potential milestone payments totaling up to $2.075 billion [14]

Market Performance - A-shares experienced fluctuations, with the Shanghai Composite Index rising by 0.12% to 3597.94 points, the Shenzhen Component increasing by 0.44%, and the ChiNext Index up by 0.96%[1] - The Hong Kong Hang Seng Index rose by 0.68% to 25562.13 points, while the Hang Seng Tech Index fell by 0.24%[1] Economic Developments - The U.S.-China trade talks focused on extending the tariff truce and issues like fentanyl, with reports indicating the U.S. has frozen technology export restrictions to China[1] - China announced a nationwide childcare subsidy program, providing 3600 yuan (approximately $502) per child per year for families with children under three years old, expected to benefit over 20 million families annually[1][12] Industry Insights - The pharmaceutical sector saw significant gains, particularly in innovative drugs, contributing to market momentum[1] - China’s budget deficit reached a record high in the first half of the year, with increased fiscal spending aimed at mitigating the impact of tariffs[12]

2025年7月25日星期五 ➢ 欧央行按兵不动；中欧峰会成果寥 寥 。 A 股 放 量 大涨 。上 证 指 数涨 0.65% 报 3605.73 点 ， 深 证 成 指 涨 1.21%，创业板指涨1.5%。多行业个 股全涨，证券、能源金属、煤炭行 业涨幅居前。港股再创新高，日内 抛压小。香港恒生指数收盘涨0.51% 报 25667.18 点 ， 恒 生 科 技 指 数 跌 0.05%，恒生中国企业指数涨0.18%。 锂业股强势上涨，半导体行业拉升， 贵金属回落。大盘成交额2948.109亿 港元。外盘方面，欧洲三大股指收 盘涨跌不一。美国三大股指收盘涨 跌不一，道指跌0.7%，标普500指数 涨0.07%，纳指涨0.18%。欧洲央行按 兵不动并转入观望模式，交易员下 调年内降息押注。中欧领导人峰会 成果甚微，欧盟呼吁中国开放市场。 资料来源：彭博 | 25667.18 | 0.51 | 27.95 | | --- | --- | --- | | 9257.62 | 0.18 | 26.99 | | 5743.00 | -0.05 | 28.53 | | 123.71 | -0.42 | -13.49 | | ...