Market Overview - Pharmaceutical and biotechnology stocks showed strong performance, with Shenyuan Biological (688098) hitting a 20% limit up for the third consecutive day [1][6] - The North China 50 Index opened high and rose over 3%, reaching a historical high, while the Shanghai Composite Index and Shenzhen Component Index also saw slight increases [1][2] - The overall market experienced a slight contraction in trading volume [1] Pharmaceutical Sector - Multiple sub-sectors within pharmaceuticals, including innovative drugs, hepatitis concepts, weight-loss drugs, and AI medical concepts, reached historical highs [6] - Significant inflows into the pharmaceutical sector were noted, with over 76 billion yuan in net inflows on the day and a total of over 736 billion yuan in the last 20 trading days [9] - Recent policy support for innovative drugs is expected to drive further growth in the sector, with 534 drugs passing preliminary reviews for inclusion in the national medical insurance directory [8] Robotics Sector - The robotics concept saw a surge, with several stocks hitting their daily limit up, including Southern Precision and Guojiji Precision [3][5] - The Shanghai Municipal Economic and Information Commission announced a plan to accelerate the application of robots in key industries, which is expected to boost the sector [5] Alcohol Sector - The liquor sector experienced a significant rally, with all stocks in the sector rising and the index reaching a new high for the year [10] - Kweichow Moutai and other leading companies showed strong performance, with Moutai launching a series of cultural products aimed at enhancing brand visibility [12] - The sector is attracting attention from stable investors due to its high dividend yields, with the median dividend yield for liquor stocks around 3%, significantly higher than bond yields [12]

Strategy Overview - Hengtai Securities has developed an ETF strategy based on industry rotation and thematic investments, referencing previous reports from October 2024[2] - The strategy includes a combination of industry and thematic ETFs to optimize investment performance[2] ETF Holdings and Performance - The total value of the ETFs held is approximately 144.96 billion CNY, with significant allocations in sectors such as communication equipment (73.61%) and gaming (81.29%)[3] - The strategy achieved a cumulative net return of about 2.04% from August 11 to August 15, 2025, underperforming the CSI 300 ETF by 0.64%[3] - Since October 14, 2024, the strategy's cumulative return is approximately 9.26%, with an underperformance of 1.20% relative to the CSI 300 ETF[3] Weekly Recommendations - For the week of August 18 to August 22, 2025, the recommended sectors include communication equipment, precious metals, and gaming[12] - New positions will be added in communication equipment ETF, industrial metals ETF, and innovative pharmaceuticals ETF, while continuing to hold positions in gold stocks, gaming ETF, and satellite ETF[12] Risk Considerations - There is a risk of rapid style shifts within a week, which could impact ETF performance[7] - Some ETFs may experience abnormal increases in discount rates, posing additional risks to investors[7]

Core Insights - Fund managers have made clear adjustments in their portfolios during Q2, indicating strong signals in their investment directions [1][2] Group 1: Sector Focus - The technology sector continues to lead, with significant investments in AI and semiconductor industries, reflecting a strong demand for AI computing power [4][9] - The defense and military industry has seen a holding increase to 4.2%, driven by geopolitical tensions, making it a preferred choice for risk-averse and aggressive investors [6] - The financial sector is experiencing a valuation recovery, with bank holdings rising to 4.9%, supported by low valuations and high dividend yields [7] Group 2: Investment Trends - Passive funds, including ETFs, have seen substantial inflows, with the CSI 300 and CSI 1000 ETFs increasing by 241 million and 115 million shares, respectively, indicating a strong market interest [8] - The electronic industry maintains a high holding of 18.8%, but the high concentration in semiconductors may limit future aggressive investments due to potential adjustment risks [9] - The wine sector has seen a significant reduction in holdings, dropping to 2% after excluding certain funds, signaling a potential exit from this market [11] Group 3: Market Dynamics - Certain sectors like automotive, food and beverage, and power equipment have experienced notable reductions in holdings, with food and beverage seeing a 2.1 percentage point decline, influenced by regulatory pressures [13] - The cyclical and defensive sectors are rising, with agriculture and livestock holdings at 1.6%, indicating a positive shift in fundamentals for these segments [6]

徐刚，南开大学经济学博士，曾任中信证券执行委员会委员、中信期货董事、华夏基金董事、中信建投 （601066）证券董事、中信兴业投资总经理，现任明晟东诚执行事务合伙人委派代表。 杨辰，清华大学本硕博，核物理博士。11年证券从业经验，曾任中信建投证券军工行业分析师，期间曾 师从周金涛学习康波周期。擅长采用宏观自上而下和中观行业比较相结合的投资策略，具备扎实的学术 专业背景和丰富的权益研究经验。 中长期来看，杨辰明确看好港股市场，以及A股的科技、创新药、军工、金融等板块的结构性行情。全 球资产方面，其ETF轮动策略也会阶段性配置以纳指科技为代表的美国市场和欧洲、日本、拉美等市 场。此外，还叠加对稀土、黄金、铜等大宗商品的配置。 □本报记者 张舒琳 今年以来，股市持续走高，市场交投活跃。在上证指数站稳3600点之际，记者就市场热点采访了明晟东 诚基金创始人徐刚、基金经理杨辰。徐刚认为，始于2024年9月的本轮行情有望持续四年以上，港股将 成为关键突破口，并承担中国资产"价值锚"功能。杨辰表示，将聚焦军工、创新药、金融科技领域的投 资机会，并灵活运用ETF轮动策略进行择时和主线配置。 港股有望成为行情突破口 从2021 ...

Core Viewpoint - The A-share market experienced a high volatility session on August 14, with the Shanghai Composite Index reaching a new high since 2022 at 3704.77 points before closing at 3666.44 points, indicating a "one-day tour" above the 3700-point mark [3][4][5]. Market Performance - The market saw over 4600 stocks decline, yet the trading volume surged to 2.3 trillion yuan, marking a new high for daily trading volume this year, with an increase of approximately 130 billion yuan from the previous trading day [3][4]. - The non-bank financial sector showed resilience, with brokerage stocks leading the gains, while other sectors faced declines [4]. Investor Behavior - Retail investors have become a significant source of incremental capital, with new A-share accounts reaching 1.9636 million in July, a 71% increase year-on-year, and a total of 14.5614 million new accounts opened in the year, up 36.9% [5]. - Small order net inflows have risen, reflecting increased short-term speculative trading sentiment, with net inflows exceeding 489.3 billion yuan in July and nearly 224.5 billion yuan in August so far [5][6]. Fund Performance - The performance of equity funds has improved significantly, with 12 funds achieving over 100% net growth this year, including notable funds in the innovative pharmaceutical sector [7]. - New fund issuance has rebounded, with over 670 billion yuan in new fund shares issued this year, and active equity products seeing a 30% increase in issuance compared to the previous year [7][8]. Market Dynamics - The current market is characterized as a non-typical bull market, driven by low-risk yields and rising risk appetite, despite no significant improvement in corporate earnings [3][6]. - Analysts suggest that the market's upward momentum is supported by favorable policies and the influx of high-risk capital, creating a positive feedback loop for the market [6][9]. Future Outlook - The market is expected to continue its upward trajectory, with a focus on sectors like pharmaceuticals and technology, particularly in AI and advanced semiconductor processes, as government policies support these areas [8][9]. - The shift from a bear market mentality to a bull market perspective is noted, with a potential reduction in the trend of redeeming active equity funds as investor sentiment improves [7][8].

2025.08. 14 本文字数：2393，阅读时长大约4分钟 作者 | 第一财 经 曹璐 在气势如虹的"八连阳"后，A股市场再次上演冲高回落行情。 8月14日，上证指数盘中猛攻至3704.77点，创2022年以来新高，但午后空方反扑致指数回落，最终 失守3700点整数关口。尽管两市超4600只个股下跌，但市场却逆势放量，单日成交额达2.3万亿 元。其中小单净流入近来持续攀升，短线炒作情绪有所升温。 与此同时，权益基金也显现强劲赚钱效应：全市场12只基金年内收益翻倍，创新药ETF集体领涨。 新基发行同步回暖，主动权益产品的募资额同比增三成。值得注意的是，随着市场对于当前市场牛市 共识的逐步形成，主动权益产品的"赎回魔咒"似乎有所松动。 "本轮A股市场持续上行是在经济弱复苏下的非典型牛市，即无风险收益率维持低位、风险偏好持续 上升，而企业盈利尚无显著改善。"金鹰基金权益研究部金达莱对第一财经表示，此情形下，各类主 题活跃、轮动速度极快，建议可以通过均衡配置来应对。 3700点"一日游" 8月14日，A股市场冲高回落，上证指数盘中一度上冲至3704.77点，不仅越过去年"924"行情高点 （3674.4点），还刷 ...

Group 1 - The core viewpoint of the news is the removal of CXO companies from the Hang Seng Hong Kong Innovation Drug Index to enhance the precision of public ETF tracking of innovative drug stocks, focusing solely on core innovative drug companies [1][2] - The adjustment is driven by the increasing divergence in performance between CXO companies and the innovative drug industry, with the five removed companies underperforming the overall index and collectively accounting for a 20% weight [1][2] - As of the end of Q2 2025, the allocation of public funds to the CXO sector has dropped to a historical low, while the innovative drug ETF has nearly doubled in returns this year, indicating strong market expectations for profitability in the innovative drug sector [1][2] Group 2 - CXO companies, previously a significant part of the innovative drug industry chain, are primarily service providers and do not hold core intellectual property or share in the commercialization success of new drugs, leading to a shift in investment focus [2] - The demand for more refined and personalized investment strategies in innovative drug theme funds and ETFs has increased, highlighting a growing disparity in attractiveness between the innovative drug sector and the CXO sector [2] - The removal of CXO companies from the index allows for a more accurate representation of the current trends in the innovative drug industry, as these companies do not contribute to fund managers' returns [2]

Core Viewpoint - The recent revision of the Hang Seng Hong Kong Stock Connect Innovative Drug Index has removed five CXO companies to enhance the index's focus on core innovative drug companies, achieving a "purity" of 100% [1][3][4]. Group 1: Index Revision and Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index has excluded five CXO companies, which previously accounted for approximately 20% of the index's weight and underperformed compared to the overall index [2][4]. - The revised index has shown improved performance since its announcement, with an annualized return exceeding 47% and a higher Sharpe ratio compared to the previous index [4][5]. - The removal of CXO companies allows the index to more accurately reflect the development trends of the innovative drug industry, as CXO companies operate under a different business model and do not directly engage in the core intellectual property of innovative drugs [3][5]. Group 2: Market Trends and Fund Manager Sentiment - Public funds have reduced their allocation to the CXO sector, with the proportion of CXO holdings in pharmaceutical theme funds at a historical low as of Q2 2025 [2][5]. - The innovative drug sector has gained significant attention, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index experiencing a year-to-date increase of approximately 100% [5][6]. - Fund managers are increasingly optimistic about the long-term returns of innovative drugs, citing improved research and commercialization capabilities, as well as a favorable market environment for growth-oriented sectors [6][5].

Core Insights - The article highlights the investment strategies of fund managers in Q2, indicating a clear trend in their portfolio adjustments and signaling strong directional moves in certain sectors [1][2]. Group 1: Sector Focus - The technology sector continues to lead, with significant investments in areas such as 5G infrastructure and AI computing power, reflecting a robust demand and growth potential [3][4]. - The media sector shows a holding of 1.9%, with gaming and advertising segments attracting capital due to accelerated AI application deployment, leading to a performance explosion in the industry [4]. - The agricultural sector has a holding ratio of 1.6%, with a configuration coefficient of 1.36 times, indicating a positive outlook on the fundamentals of livestock and grain sectors [6]. Group 2: Defensive and Cyclical Sectors - The defense and military sector holds a 4.2% share, with geopolitical tensions enhancing the long-term investment logic in areas like aviation and ground equipment [6]. - The financial sector is experiencing a valuation recovery, with bank holdings increasing to 4.9%, driven by low valuations and high dividend yields, making it a leading performer in the market [7]. Group 3: ETF Trends - Passive funds, particularly ETFs, have seen significant inflows, with the CSI 300 and CSI 1000 ETFs increasing by 24.1 billion and 11.5 billion shares respectively, indicating a strong appetite for broad market exposure [8]. Group 4: Cautionary Signals - The electronics sector maintains a high holding of 18.8%, with over half in semiconductors, suggesting a crowded investment space that may face short-term adjustment risks [9]. - The wine sector shows a declining configuration coefficient of 0.54 times, indicating a potential exit signal from investors, necessitating caution against blind bottom-fishing [11]. - Significant reductions in holdings have been observed in the automotive, food and beverage, and power equipment sectors, with food and beverage holdings decreasing by 2.1 percentage points, highlighting fundamental pressures [13].

Group 1 - The core viewpoint emphasizes that the investment value in innovative drugs is not a short-term pulse but a long-term industrial dividend, driven by technological breakthroughs, policy support, and capital recognition [1] - The National Index for Hong Kong Innovative Drugs and the China Securities Innovative Drug Industry Index have achieved significant year-to-date gains of 106.7% and 32.3% respectively as of July 31 [1] - The innovative drug industry in China has transformed from a "follower" to a "leader" over the past decade, with domestic innovations like IO dual antibodies and ADC drugs leading international trends [1][9] Group 2 - The recent adjustment of the Hong Kong Innovative Drug ETF (159567) to exclude CXO companies and increase sample adjustment frequency to quarterly aims to enhance the index's focus on core innovative drug enterprises [4] - The index now primarily includes biotech companies that directly lead drug development and hold core patents, reflecting their competitive products and advancements [4] - The adjustment is expected to improve the index's sensitivity to emerging growth forces within the innovative drug sector [4] Group 3 - The innovative drug industry is currently experiencing a "golden development period" supported by favorable policies, including a strategic goal to create a globally competitive innovation ecosystem [6][5] - Multiple government agencies have introduced supportive measures to optimize approval processes and facilitate financing for biotech companies, enhancing the overall industry environment [6][7] - By 2024, the expenditure on innovative drugs from the medical insurance fund is projected to be 3.9 times that of 2020, with an annual growth rate of 40% [7] Group 4 - The innovative drug sector is expected to see significant growth due to an aging population, with projections indicating that by the end of 2024, 15.6% of the population will be over 65 years old, leading to increased demand for innovative treatments [9] - The supply side is characterized by high technical barriers and a long development cycle, making quality innovative drugs relatively scarce and valuable [9][10] - China's innovative drugs currently account for less than 10% of the pharmaceutical market, indicating substantial room for growth compared to other G20 countries [10] Group 5 - The Hong Kong Innovative Drug ETF has achieved a year-to-date increase of 106.7%, leading the Hong Kong pharmaceutical sector [11] - The ETF focuses on biotech and pharmaceutical companies that are core to innovative drug development, ensuring high purity and precision in capturing industry growth [11] - The upcoming split of the Hong Kong Innovative Drug ETF on August 11 signifies the beginning of a long-term investment opportunity in the innovative drug sector [12]