| 交易日 | 融资净买入 (元) | | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | --- | | 2025-08-25 | | 47.10万 | 2125.75万 | | | 2025-08-22 | | 363.60万 | 2078.65万 | | | 2025-08-21 | | 50.08万 | 1715.06万 | | | 2025-08-20 | | 302.89万 | 1664.98万 | | | 2025-08-19 | | 101.46万 | 1362.09万 | | 小知识 融券方面，当日无融券交易。 融资融券余额2125.75万元，较昨日上涨2.27%。 证券之星消息，8月25日，创新药ETF天弘（517380）融资买入640.8万元，融资偿还593.71万元，融资 净买入47.1万元，融资余额2125.75万元，近3个交易日已连续净买入累计460.77万元，近20个交易日中 有13个交易日出现融资净买入。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 202 ...

| 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-07-29 | 779.79万 | 473.82万 | 154.86% | | 2025-07-28 | 305.97万 | 117.34万 | 62.20% | | 2025-07-25 | 188.63万 | 20.56万 | 12.23% | | 2025-07-24 | 168.07万 | 30.30万 | 22.00% | | 2025-07-23 | 137.77万 | -135.32万 | -49.55% | 小知识 证券之星消息，7月29日，创新药ETF天弘（517380）融资买入561.9万元，融资偿还88.08万元，融资净 买入473.82万元，融资余额779.79万元，近3个交易日已连续净买入累计611.72万元。 | 交易日 | 融资净买入 (元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-07-29 | 473.82万 | 779.79万 | | | 2025-07-28 | 117. ...

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The market is expected to evolve into a trend - upward market as anti - involution boosts listed companies' performance, and the inflow of funds is likely to accelerate in the future. Commodity prices are optimistic in the medium - term [2] Summary by Relevant Catalogs Market Review - On Tuesday, major indices first declined and then rose, closing slightly higher, with the science - innovation style leading the market. The trading volume of the two markets was 1.80 trillion yuan, showing a slight increase. The CSI 1000 index closed at 6773 points, up 43 points or 0.65%; the CSI 500 index closed at 6356 points, up 32 points or 0.52%; the SSE 50 index closed at 2808 points, up 5 points or 0.21%; the SSE 300 index closed at 4152 points, up 16 points or 0.39%. In the industry and theme ETFs, the top gainers were the Innovent Biologics ETF Tianhong, Communication Equipment ETF, ChiNext Artificial Intelligence ETF Huaxia, Biopharmaceutical ETF, and Communication ETF, while the top losers were the Bank ETF, Aquaculture ETF, and Film and Television ETF. Among the sector indices of the two markets, the top gainers were the medical service, communication equipment, CXO concept, sports, and general steel indices, and the top losers were the aquaculture, small and medium - sized banks, insurance, grain concept, and white goods indices. The CSI 1000, SSE 300, and CSI 500 index futures saw net outflows of 19, 9, and 7 billion yuan respectively [1] Important Information - The national parenting subsidy system implementation plan was announced. From January 1, 2025, families with one - child, two - child, or three - child can receive an annual subsidy of 3600 yuan until the child reaches 3 years old [1] - Recently, multiple departments held economic situation seminars, mid - year work meetings, or relevant press conferences, revealing future work priorities. The policy focus in the second half of the year is on expanding domestic demand, "anti - involution", and stabilizing the property and stock markets [1][2] - The National Industry and Information Technology Department held a symposium for responsible comrades, deploying key tasks for the next stage, including implementing a new round of ten key industries' stable - growth actions, formulating action plans to enhance the adaptability of consumer goods supply and demand to boost consumption, and promoting the in - depth integration of informatization and industrialization [1][2] - The "Artificial Intelligence + Manufacturing" action will be further promoted, with efforts to strengthen the research on the underlying technology and application in key scenarios. The application of the industrial Internet will be deepened in a hierarchical and classified manner to cultivate a number of industrial intelligent agents [1] - At the closing ceremony of the Shanghai Artificial Intelligence Conference, a number of major projects were signed, covering fields such as intelligent driving, embodied intelligence, and robots. A total of 31 projects were signed, with an investment of over 15 billion yuan [1] - The chief economist of the China Institute for the Development Strategy of New - Generation Artificial Intelligence believes that artificial intelligence is reshaping the underlying logic of economic growth. China's advantages in AI scenario application and technological innovation are gradually transforming into industrial competitiveness [1] - Goldman Sachs predicts that by 2030, the Chinese RoboTaxi market will reach 14 billion US dollars, with a fleet size of about 535,000 vehicles [2] - After the Asian Infrastructure Investment Bank, Morgan Stanley and the Hungarian government successfully issued panda bonds in the Chinese inter - bank market. As of July 28, 2025, the issuance scale of panda bonds in the inter - bank market this year was 111.2 billion yuan [2] - Oil traders expect OPEC+ to finalize a new round of significant production increases this weekend, further restoring the group's suspended production capacity. Most traders and analysts predict that Saudi Arabia and its partners will approve an additional production increase of 548,000 barrels per day in September at the video conference on August 3 [2] - EU officials clarified that since the 600 - billion - dollar investment in the US will come entirely from private - sector investment, the European Commission has no jurisdiction and cannot guarantee the achievement of the investment target [2] Market Logic - On Tuesday, major indices first declined and then rose, showing strong performance and closing slightly higher. The policy focus in the second half of the year is clear. The regulatory authorities have included index funds in personal pension products, and many index funds have recently added Y - shares. The continuous expansion of the personal pension product portfolio provides more choices for investors and injects long - term stable funds into the capital market [2] Future Outlook - On Tuesday, major indices first declined and then rose, showing strong performance and closing slightly higher. The symposium of the National Industry and Information Technology Department deployed key tasks for the next stage. The market has seen a widespread inflow of institutional funds, and with the accumulation of profit - making effects, the inflow of retail investors is accelerating. The market is gradually reaching a consensus that China has unique and attractive investment opportunities, especially those related to the developing technology ecosystem. The re - allocation of global financial assets away from the US is expected to accelerate the inflow of international funds into A - shares. The anti - involution will boost the performance of listed companies, and the market is expected to evolve into a trending upward market. The wealth effect of the stock market is emerging, and the inflow of funds is expected to accelerate. Commodity prices generally rebounded on Tuesday, and the sharp decline on Monday was a correction in the bull market, with an optimistic medium - term outlook [2] Trading Strategy - For futures trading, anti - involution boosts the performance of listed companies, and the market is evolving into a capital - driven upward trend. The wealth effect of the stock market is emerging, and growth - style stock index futures have stronger offensive capabilities [2] - For option trading, as the market evolves into a trending upward market, investors should buy out - of - the - money long - term index call options [2]

板块题材上，CRO、PET铜箔、半导体板块走高，草甘膦、保险板块调整。 ETF方面，截至今日午间收盘涨跌不一，创新药ETF天弘(517380)领涨4.56%，创新药ETF国泰(517110) 涨4.26%，港股通创新药ETF(520880)涨3.90%。 | 代码 | | 名称 | 涨幅%1 | 现价 | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 517380 | | 融 创新药ETF天弘 | +4.56% | 0.826 | 3670.19万 | | 2 517110 | | 创新药ETF国泰 | +4.26% | 0.808 | 776.91万 | | 3 520880 | | 港股通创新药ETF | +3.90% | 1.257 | 3.68亿 | | 4 159570 | | 融 港股通创新药ETF | +3.87% | 1.988 | 26.89亿 | | 5 517120 | | 创新药ETF华泰 ... | +3.85% | 0.755 | 2193.31万 | | 6 520700 | | 港股创新药ETF ... | +3.81% | 1 ...

Core Viewpoint - The innovative drug sector is experiencing significant growth, highlighted by a surge in stock prices and a notable partnership between Heng Rui Pharmaceutical and GlaxoSmithKline (GSK) for the development of up to 12 innovative drugs [1] Group 1: Market Performance - The innovative drug sector saw substantial gains, with Zai Lab rising over 16%, and Tigermed and Jiuzhou Pharmaceutical increasing by more than 8% [1] - The Tianhong Innovative Drug ETF (517380) rose approximately 5%, reaching a new high in this rebound, with a year-to-date increase of over 57%, making it the top-performing industry ETF [1] Group 2: Strategic Partnerships - Heng Rui Pharmaceutical and GSK have entered a collaboration agreement, with GSK paying a $500 million upfront fee and potential milestone payments totaling around $12 billion based on successful development, registration, and sales [1] - This partnership indicates a stronger trend of high-value external licensing for domestic innovative drugs and the gradual shift of global innovative drug R&D centers to China [1] Group 3: ETF Highlights - The Tianhong Innovative Drug ETF uniquely tracks the "Innovative Drug Industry Smart Beta Index," which includes opportunities from the Hong Kong, Shanghai, and Shenzhen markets [2] - The ETF focuses on the entire innovative drug industry chain, which helps mitigate uncertainties associated with investing in individual innovative drug companies, aiming for better risk-return characteristics and long-term investment returns [2] - The ETF includes both innovative drug companies and CXO enterprises, capturing growth opportunities in the innovative drug sector [3] - The ETF's quantitative indicators have been optimized for better performance, with a net value growth rate of 54.76% over the past year, outperforming the benchmark return of 50.36% by 4.4 percentage points [3]

Core Viewpoint - The ETF market showed mixed performance at midday, with certain ETFs experiencing significant gains while others faced notable declines [1] Group 1: ETF Performance - The Hong Kong Stock Connect Non-Bank ETF (513750) led the gains with an increase of 2.57% [1] - The Innovative Drug ETF Tianhong (517380) rose by 2.11% [1] - The Pharmaceutical ETF (562050) saw an increase of 2.10% [1] - Conversely, the Sci-Tech Innovation Index ETF Jiashi (589300) experienced a significant drop of 14.61% [1] - The Energy and Chemical ETF (159981) declined by 3.98% [1] - The Coal ETF (515220) fell by 2.96% [1]

Group 1 - The core viewpoint highlights the strong performance of the innovative drug ETFs, with Tianhong Innovative Drug ETF (517380) leading the industry with a 1.89% increase and a total trading volume of 4.6489 million yuan on July 23, 2025 [2] - The Tianhong Innovative Drug ETF has seen a cumulative increase of 3.93% over the past week, indicating positive momentum in the sector [2] - The Biopharmaceutical ETF (159859) also showed a 1.50% increase with a trading volume of 40.8703 million yuan, reflecting strong investor interest [2] Group 2 - The Biopharmaceutical ETF (159859) has achieved a 2.84% increase over the past week, ranking first among comparable funds, with an average daily trading volume of 110 million yuan [3] - The Biopharmaceutical ETF has experienced a significant growth of 543 million yuan in scale over the past year, indicating robust demand [3] - Guotai Junan Securities continues to recommend the innovative drug sector, citing improvements in both domestic and overseas markets, with new insurance directories supporting innovative drug development [3] Group 3 - The collaboration between stable operation of medical insurance funds and optimized centralized procurement policies is positively impacting the innovative drug industry, enhancing patient accessibility and market demand [4] - Recent trends show that multiple pharmaceutical companies are successfully launching innovative drugs overseas, validating China's R&D capabilities [4] - The Tianhong Innovative Drug ETF (517380) is noted as the only ETF tracking the Hang Seng-Hushen-Hong Kong Innovative Drug Select 50 Index, providing comprehensive coverage of A-shares and Hong Kong stocks [4]

ETF Industry News - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down by 0.22%, the Shenzhen Component Index down by 0.48%, and the ChiNext Index down by 0.66%. Several computer sector ETFs saw increases, including the Cloud 50 ETF (560660.SH) which rose by 1.64% and the Cloud Computing Hong Kong-Shenzhen ETF (517390.SH) which increased by 1.05%. Conversely, multiple pharmaceutical and biotechnology ETFs declined, with the Tianhong Innovative Drug ETF (517380.SH) down by 2.11% and the Hong Kong-Shenzhen Innovative Drug ETF (159622.SZ) down by 2.03% [1][2]. - The total scale of stock ETFs has returned to over 3 trillion yuan, with the number of stock ETFs reaching 975 and a total net asset value of approximately 3.05 trillion yuan, accounting for 70.76% of the entire ETF market [1][2]. Market Overview - On June 26, the three major indices collectively fell, with the Shanghai Composite Index closing at 3448.45 points, the Shenzhen Component Index at 10343.48 points, and the ChiNext Index at 2114.43 points. The highest intraday points were 3462.75, 10440.73, and 2142.21 respectively. The Nikkei 225, CSI 300, and CSI A500 ranked higher in performance, with daily changes of 1.65%, -0.35%, and -0.36% respectively [3]. Sector Performance - In the performance of various sectors, banking, telecommunications, and defense industries ranked higher with daily increases of 1.01%, 0.77%, and 0.55% respectively. In contrast, the automotive, non-bank financial, and pharmaceutical sectors lagged behind with declines of -1.37%, -1.2%, and -1.05% respectively. Over the past five trading days, non-bank financial, computer, and defense industries showed strong performance with increases of 7.69%, 6.15%, and 4.75% respectively [6]. ETF Market Performance - The overall performance of ETFs was analyzed based on their scale and daily changes. Commodity ETFs performed the best with an average increase of 0.11%, while cross-border ETFs had the worst performance with an average decrease of -0.72% [8]. - The top five performing ETFs today included the Communication Equipment ETF (159583.SZ), Cloud 50 ETF (560660.SH), and Gold Stock ETF (159322.SZ), with returns of 1.83%, 1.64%, and 1.44% respectively [10]. Trading Volume of Different ETF Categories - The trading volume of various ETF categories was reported, with the top three stock ETFs by trading volume being the CSI 300 ETF (510300.SH) at 3.746 billion yuan, A500 ETF (512050.SH) at 3.740 billion yuan, and A500 ETF by Harvest (159351.SZ) at 3.324 billion yuan [12].

Group 1 - The core viewpoint of the articles highlights the strong performance of innovative drug funds in the public fund rankings, driven by the pharmaceutical market, with a recommendation to seize investment opportunities in innovative drugs [1][2] - As of June 16, the average return of public funds is 3.16%, with stock and mixed funds yielding 3.64% and 4.5% respectively, while several pharmaceutical funds have significantly outperformed these averages [1] - Notable pharmaceutical funds include Changcheng Pharmaceutical Industry Selected Mixed Fund A with a return of 87.11% and Yongying Pharmaceutical Innovation Selected Mixed Fund A with 80.21% [1] Group 2 - The A-share pharmaceutical sector index has increased by 8.09% this year, while the innovative drug sector index has surged nearly 23%, indicating a robust market for innovative drugs [1] - Industry experts suggest that investors should focus on risk matching, valuation changes, and long-term planning when investing in innovative drugs [2] - Recent policy signals and a record number of innovative drug approvals in the first five months of the year indicate a favorable environment for the innovative drug sector, particularly in Hong Kong [2]

Group 1 - The ETF market showed mixed performance at midday, with gaming ETFs leading the gains [1] - Huatai-PineBridge Gaming ETF (516770) rose by 4.55%, while other gaming ETFs also saw significant increases [1] - The top decliner was the innovative drug ETF from Fuguo (159748), which fell by 3.34% [1] Group 2 - Medical device ETFs also experienced declines, with a drop of 3.03% for the medical device ETF fund (159797) [1] - The Tianhong innovative drug ETF (517380) decreased by 2.2% [1] - A-share accounts can now buy Hong Kong stocks on a T+0 basis without the need for a Hong Kong Stock Connect [1]