Market Overview - A-shares continued to rise, with the Shanghai Composite Index surpassing 3600 points and both the Shenzhen Component Index and the ChiNext Index reaching new highs for the year [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.8 trillion yuan, an increase of 609 billion yuan from the previous day [1] Sector Performance - WuXi AppTec reported strong earnings, leading to a surge in the CXO sector, with the largest medical ETF (512170) rising by 2.45%, achieving a record 10 consecutive days of gains [1] - The Hong Kong Stock Connect Innovation Drug ETF (520880) saw a significant increase of 5.06%, marking the highest gain among all ETFs in the market [1][5] Innovation Drug Sector - The Hang Seng Hong Kong Stock Connect Innovation Drug Index has risen by 107.56% year-to-date, outperforming other innovation drug indices [1] - Fund manager Feng Chen emphasized that the theme of Hong Kong stocks and innovative drugs is a long-term trend rather than a short-term speculative play, supported by a clear upward industry cycle [1][5] Policy and Economic Factors - Shanghai plans to issue 600 million yuan in computing power vouchers to reduce costs and support AI applications [2] - The Ministry of Industry and Information Technology held a meeting to discuss enhancing consumer goods supply and demand adaptability, promoting new industrial development, and improving standards in industries like photovoltaics [3] Investment Insights - Analysts suggest that the current bull market is being reinforced by increased capital inflows and improving fundamentals, with a focus on sectors like aviation equipment, wind power, and digital economy [3] - The CXO sector is expected to benefit from increased domestic demand for new drug research and development, as well as a favorable external environment for contract development and manufacturing organizations (CDMO) [12] AI and Computing Power Sector - The AI-focused ChiNext Artificial Intelligence ETF (159363) rose by 3.82%, reaching a new high, driven by strong performance in the optical module sector [1][14] - The optical module market is projected to grow significantly, with sales expected to reach 19.9 million units in 2025 and 33.5 million units in 2026, reflecting a robust growth trajectory [19] Company Highlights - WuXi AppTec reported a revenue of 20.799 billion yuan for the first half of the year, a year-on-year increase of 20.64%, with a net profit of 8.287 billion yuan, up 95.5% [10][12] - The company announced a mid-year dividend of 1 billion yuan and raised its full-year revenue growth forecast to 13%-17% [10][12]

Group 1 - The article emphasizes three main investment themes: new productive forces led by hard technology, consumption driven by a large aging population, and asset revaluation opportunities in a transforming economy [1][4][5] - Hard technology is identified as a core focus, with specific ETFs such as the Huabao AI ETF (159363) and the Huabao Sci-Tech AI ETF (589520) highlighted for their potential in the manufacturing sector [1][6] - The aging population trend is noted as a significant driver for consumption, with the Medical ETF (512170) being a key investment vehicle in this area [1][9][10] Group 2 - The article discusses the impact of "anti-involution" policies and large infrastructure projects on market dynamics, suggesting these will stimulate a new economic growth cycle [4][5] - The financial technology sector is highlighted as a high-growth area, with the Financial Technology ETF (159851) being the largest in terms of market size and liquidity [8][10] - The article points out that the banking sector, represented by the Bank ETF (512800), offers a safety net with a dividend yield of approximately 5.1% and a price-to-earnings ratio of 7.2, making it an attractive investment during economic transitions [13][14] Group 3 - The article mentions the importance of identifying core assets and emerging sectors within the A-share market, particularly through the Zhongzheng A500 ETF (563500) [1][13] - The Hong Kong Internet ETF is noted for its exposure to major players like Tencent and Alibaba, which are significant in the AI landscape [11][12] - The article suggests a strategic approach to investment, focusing on domestic demand and rigid consumption needs as key drivers for growth [16]

7月29日早盘，A股"吃药"行情再爆发，制药、医疗联袂拉涨。 市场分析人士指出，药明康德作为CXO行业龙头，此次漂亮的半年报和调高的指引印证，医药行业创 新合作需求具备刚性，尽管行业发展有起伏，但需求只增不减。 机构认为，当前医药板块或正经历三重逻辑转换： 一是从"政策压制"到"政策赋能"，医保支付改革、审评审批提速、数据开放等政策组合拳，构建创新药 发展新生态； 二是从"成本优势"到"技术输出"，恒瑞、百济等企业通过全球合作，将中国研发能力嵌入全球价值链高 端； 三是从"单一产品"到"平台化竞争"，以药明康德为代表的CXO企业通过 "CRO+CDMO" 一体化布局， 实现从服务提供商向技术合作伙伴的升级。 国内首只跟踪制药指数的药ETF（562050）盘中上探2%！百亿美元出海大单加持，核心权重股恒瑞医 药继昨日涨停后续涨超4%，股价续创4年新高，市值站上4300亿元。 | | | 分时 多日 1分 5分 15分 30分 60分 F | | | | F9 我前最后 空部 九秋 图纹 工具 @ 0 | | 药ETF 1 | | 562050 | | --- | --- | --- | --- | --- | ...

Core Viewpoint - The current market is in a bull phase, with significant losses reported among short sellers in commodity and stock index futures. The article suggests that the most certain investment opportunities in a bull market are either in leading sectors or in severely undervalued stocks [2]. Group 1: Investment Opportunities - The article emphasizes that low-priced stocks tend to be driven up to reasonable levels during a bull market, indicating that underperforming sectors may see substantial gains due to ongoing liquidity and policy support [2]. - The upcoming major meetings are expected to enhance expectations for "stabilizing growth," which may provide considerable policy space for undervalued industries [2]. Group 2: ETF Analysis - The article utilizes the net value percentile calculation method to assess which sectors are currently in a state of severe undervaluation [3]. - A table is provided showing various ETFs, their net value percentiles since 2023 and 2024, and their performance in 2025, highlighting sectors like photovoltaic, alcohol, and real estate [7]. Group 3: Sector-Specific Insights - The photovoltaic sector is identified as particularly undervalued, with ETFs like the photovoltaic ETF (515790.SH) and new energy ETF (516160.SH) showing significant declines. The sector's performance is closely tied to government policies aimed at stabilizing growth [9][10]. - The alcohol sector, particularly the alcohol ETF (512690.SH), is also noted for being in a state of decline, with a lack of clear catalysts for recovery until consumer data improves [20][21]. - The real estate sector shows signs of divergence, with the real estate ETF (159707.SZ) experiencing intermittent policy-driven rallies but ultimately returning to lower levels [25][26]. Group 4: Medical and Pharmaceutical Sector - The medical and pharmaceutical sectors are highlighted as being collectively undervalued, with various ETFs like the biopharmaceutical ETF (159859.SZ) showing potential for recovery due to recent policy shifts regarding procurement practices [33][35]. - The medical ETF (512170.SH) is also mentioned as being in a relatively low valuation position, with a modest performance outlook [39]. Group 5: Commodity and Chemical Sectors - The coal sector has seen a significant price drop but is experiencing a rebound due to rising prices in coking coal and coke futures, with the coal ETF (515220.SH) reflecting this trend [43][45]. - The chemical sector is noted for its broad product range and recent price increases in lithium carbonate, with the chemical ETF (159870.SZ) positioned as relatively undervalued [49][54]. Conclusion - The article concludes that sectors such as chemicals, biopharmaceuticals, medical, alcohol, and photovoltaic are currently in a state of severe undervaluation, presenting potential investment opportunities for discerning investors [56].

这件事已经过去很久，差不多3个多月了。可是午夜梦回，依然让我深深的感受到挫败，一个 大写的loser在大脑里不停的循环播放。 这个锅要背的话，我看只能甩给特朗普了。 有人要说拿不住是因为你对标的认知不够，当然了，我对所有标的的认知都不敢说很够，所 以这不就5%的仓位吗？唉，其实已经是重仓了。 真的超级不开心！ lance77 事情是这样的：我在4月7日，清仓了持有2年多的创新药，具体标的513280，513120. 这占据我5%+的仓位，要知道我总仓位也就50%。然后，截止到7月18日，距离我清仓，他 们又涨了50%。 这波操作基本上损伤了约1%的净值。（清仓后换了一些高息，挽回一点损失）。别说1%很 少，对我来说真的很多。。。毕竟收益才个位数。 更重要的是，在这个创新药上真的还耗费了不少的精力和精神，装模作样研究了不少时间， 又被毒打了好几年，吃肉的时候搞丢了仓位。要说内心没有一点波澜是不可能的。 标的选对了。时间也熬出来了。被川普吓得一哆嗦。真的生气！ 你这点收益算啥，谁还没有不开心的事啊！ 我今年4月看好多肽，圣诺、诺泰是一起研究，一起买入的。诺泰成本价49，圣诺成本价 26。买入后圣诺涨了40%，诺泰 ...

Group 1 - The explosive growth in global computing power demand is reshaping international capital flows, with Nvidia's stock price reaching new highs and the A-share computing power sector experiencing significant activity since June [1] - The launch of ChatGPT in November 2022 sparked a global enthusiasm for generative AI, leading to a surge in investments in artificial intelligence [1][3] - The 2024 Hurun Global Rich List indicates that over half of the new wealth generated globally comes from AI, with Nvidia's CEO Huang Renxun's net worth rising to $82.8 billion, ranking him 17th globally [1] Group 2 - The Sci-Tech Chip ETF (588200) has seen its scale grow from 367 million yuan to 30.158 billion yuan, an increase of over 80 times since its launch in October 2022, making it the largest thematic ETF in its category [1] - In the first quarter of 2023, global semiconductor manufacturing equipment sales reached $32 billion, a 21% year-on-year increase, highlighting the industry's high prosperity [14] - The Chinese market has maintained its position as the largest global semiconductor market for eight consecutive quarters, becoming a key driver of the industry's recovery [14] Group 3 - The release of DeepSeek-R1 in January 2024 marked a significant milestone for Chinese AI, indicating that domestic open-source models are nearly on par with the world's leading models [3] - The performance of various indices from January 21 to February 27, 2024, showed significant gains, with the Sci-Tech Machinery Index rising by 19.38% and the Sci-Tech Chip Index increasing by 18.47% [5] - The AI sector has experienced a rebound since June 2024, with the Sci-Tech Chip ETF attracting 6.524 billion yuan in inflows over the past 60 days [7] Group 4 - Seven Sci-Tech chip companies have released mid-year profit forecasts, all indicating profit growth, with notable increases from companies like Lanqi Technology and Hengxuan Technology [9][11] - The establishment of the Sci-Tech Growth Layer on the Sci-Tech Board aims to support technology innovation and provide a smoother IPO pathway for companies in emerging fields like AI and commercial aerospace [20] - The ongoing support for technology enterprises from the government, including financing initiatives and policy reforms, is expected to bolster the development of the AI and semiconductor sectors [19][27]

Group 1: Overview of Grid Trading Strategy - The essence of "grid trading" is a high buy low sell strategy, which is based on price fluctuations rather than predicting market trends, making it suitable for markets with frequent price movements [3][12] - Characteristics of suitable grid trading targets include: selecting on-market targets, stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being relatively suitable for grid trading [3][12] Group 2: Focused ETF Grid Strategy Targets - **Asia-Pacific Selected ETF (159687.SZ)**: This ETF tracks the FTSE Russell Asia-Pacific Low Carbon Selected Index, covering major companies in sectors like semiconductors, internet, automotive, and consumer goods across the Asia-Pacific region. In the first half of 2025, Japan's M&A activity surged with a transaction volume of $232 billion, more than doubling year-on-year, enhancing foreign investment enthusiasm [3][13] - **Photovoltaic ETF (515790.SH)**: The "anti-involution" policy is expected to alleviate overcapacity in the photovoltaic industry, leading to a bottom reversal. Recent government initiatives have aimed at addressing low-price competition and promoting high-quality development in the industry [4][16] - **Coal ETF (515220.SH)**: Extreme summer temperatures are driving up rigid demand for coal, with national electricity load reaching a historical high of 1.465 billion kilowatts on July 4, 2025, an increase of approximately 200 million kilowatts from the end of June [5][17] - **Medical ETF (512170.SH)**: Long-term global aging is driving continuous growth in medical demand. In 2025, several policies supporting the innovative drug industry have been introduced, enhancing the structural investment value of innovative drugs [6][21] Group 3: Additional ETF Grid Strategy Targets - A diverse combination of ETFs with low correlation is recommended for grid trading, such as pairing broad-based and sector-specific ETFs or combining A-shares and Hong Kong stocks to enhance capital utilization and risk diversification [24]

Group 1 - A total of 229 ETF funds experienced net buying through financing, while 35 funds saw net selling through securities lending on June 24, 2025 [1] - The amount of net buying exceeding 5 million yuan was observed in 44 funds, with significant inflows into Hong Kong Securities ETF (2.32 billion yuan), CSI 300 ETF (1.70 billion yuan), 30-Year Treasury Bond ETF (1.41 billion yuan), Hong Kong Innovative Drug ETF (1.13 billion yuan), and ChiNext ETF (810.83 million yuan) [1][3] - In the recent period, 110 ETF funds have seen continuous net buying through leveraged financing, with the leading funds being Medical Innovation ETF (8 days), Education ETF (6 days), and Sci-Tech Innovation Index ETF (6 days) [3] Group 2 - A total of 14 ETF funds experienced continuous net selling through securities lending, with the most significant outflows from CSI 500 ETF (282.12 million yuan), SSE 50 ETF (161.52 million yuan), and Bank ETF (252.25 million yuan) [4][6] - Over the past 5 days, 60 ETF funds have seen net buying through leveraged financing exceeding 5 million yuan, with the highest inflows into Hong Kong Securities ETF (2.41 billion yuan) and Hong Kong Innovative Drug ETF (2.11 billion yuan) [6][8] - The top three funds with net selling through leveraged securities lending over the past 5 days include CSI A500 ETF (5.588 million yuan), CSI A500 ETF (1.505 million yuan), and SSE 50 ETF (877.15 million yuan) [8][10]

Market Overview - The stock indices collectively adjusted this week, with the Shanghai and Shenzhen stock markets seeing a net inflow of approximately 20 billion yuan into stock ETFs and cross-border ETFs [1][6]. - The total trading volume in the Shanghai and Shenzhen markets reached 59.3 trillion yuan, with the Shanghai market accounting for 22.6 trillion yuan and the Shenzhen market for 36.7 trillion yuan [2]. ETF Performance - Major ETFs such as the CSI 500, CSI 1000, STAR 50, and ChiNext related ETFs fell over 1% this week, while the STAR 50 ETF saw a net inflow of 2.019 billion yuan [5][6]. - Among the large-scale ETFs, the CSI 500 ETF had a weekly net inflow of 10.83 billion yuan, despite a price drop of 1.68% [3][8]. Sector Analysis - The brokerage, medical, and military industry ETFs were favored by investors, with net inflows of 9.96 billion yuan, 7 billion yuan, and 6.96 billion yuan respectively [7][8]. - Conversely, the information technology innovation (信创) related ETFs experienced significant outflows, with the 信创 ETF seeing a net outflow of 1.76 billion yuan [8][9]. Future Outlook - Analysts remain optimistic about the mid-term upward potential of the equity market, particularly in sectors supported by policy, including domestic technology innovation and industrial development [6][16]. - The military sector is expected to see a turning point in orders by 2025, driven by new technologies and military trade opportunities [13]. New ETF Listings - One new ETF tracking the CSI A100 index is set to be listed next week, with four additional ETFs focused on artificial intelligence, STAR board value, securities, and aviation industries expected to be issued soon [17][19].

Group 1 - On June 18, the total net inflow of industry-themed ETFs reached 1.042 billion yuan, with the total market size of 3.52 trillion yuan across 1,119 stock ETFs [1] - Notably, 14 stock ETFs had net inflows exceeding 100 million yuan, with the top performers being the Hang Seng Technology ETF and the Dividend Low Volatility ETF, each attracting over 300 million yuan [1] - The net inflow for ETFs tracking the Hong Kong Technology Index was 520 million yuan, while those tracking the Dividend and Non-Bank Financial Indexes saw inflows of 440 million yuan and 410 million yuan, respectively [1] Group 2 - Over the past five days, net inflows into the Sci-Tech 50 Index products exceeded 3.8 billion yuan, and the Hang Seng Technology Index products saw inflows over 2.7 billion yuan [2] - On June 18, the Huaxia Fund's Credit Bond ETF and Sci-Tech 50 ETF had net inflows of 2.923 billion yuan and 274 million yuan, respectively, with their latest sizes being 17.165 billion yuan and 81.987 billion yuan [2] Group 3 - On June 18, broad-based ETFs experienced slight outflows, indicating a potential shift in investor sentiment [3] - The low interest rate environment and weak economic recovery are seen as favorable for dividend strategies, with strong dividend capabilities from state-owned enterprises [3] - The performance of sectors such as precious metals and innovative pharmaceuticals is expected to remain relatively strong, despite potential inflationary pressures from increased tariffs [3]