Core Viewpoint - Shanghai Shanshi Capital is set to become a significant strategic shareholder of MicroPort Medical, following its recent acquisition of Kanghua Biotech [2][3]. Group 1: Shareholder Changes - MicroPort Medical announced on July 25 that it received notice from Otsuka Medical Devices Co., Ltd. regarding the conditional sale of approximately 291 million shares, which will involve several buyers including Shanghai Shanshi Capital [2]. - The transaction is expected to enhance MicroPort Medical's strategic positioning, leveraging Shanshi Capital's state-owned background and industry resources for business expansion and potential strategic acquisitions [3]. Group 2: Investment Strategy - Shanghai Shanshi Capital, fully owned by Shanghai State-owned Assets Supervision and Administration Commission, focuses on investment opportunities in strategic emerging industries such as biomedicine and green environmental protection [3]. - The Shanghai Biomedicine Fund, initiated by Shanshi Group in December 2020, aims for a total management scale of 50 billion yuan, creating an innovative investment platform in the biomedicine sector [3]. Group 3: Company Overview - MicroPort Medical, established in 1998 and headquartered in Zhangjiang, Shanghai, is a leading innovative high-end medical device group in China [4]. Group 4: Market Performance - On July 25, MicroPort Medical's stock closed at HKD 10.94 per share, with a 4.59% increase, marking a 34% rise over the past three trading days, bringing its latest market capitalization to HKD 20.2 billion [7].

Core Viewpoint - The healthy development of China-Europe economic and trade relations is crucial not only for the two major economies but also for global economic stability, emphasizing the importance of mutual benefits and dynamic balance in cooperation [1][4]. Group 1: Historical Development - Over the past 50 years, China-Europe bilateral trade and investment have rapidly developed, with trade volume increasing from $2.4 billion at the time of diplomatic relations to $785.8 billion in 2024, and bilateral investment stock growing to $260 billion [2]. - The China-Europe Railway Express has surpassed 100,000 trips, establishing a vital connection between Asia and Europe, reflecting strong market mechanisms and confidence in cooperation [2]. Group 2: Economic Structure and Cooperation - The vitality of China-Europe economic relations is rooted in the natural complementarity of their economic structures, with Europe excelling in high-end manufacturing and China offering a vast market and complete supply chains [2]. - The collaboration has created millions of jobs and allowed consumers in both regions to share in the development dividends [2]. Group 3: Opportunities for Growth - There is significant potential for further cooperation in areas such as service trade, technological innovation, green economy, and third-party cooperation, which can cultivate new growth points [2]. - China's large and growing middle-income group presents unprecedented market opportunities for European companies, with high demand for premium products [3]. Group 4: Regulatory Environment and Challenges - The China-EU Geographical Indications Agreement marks a milestone in intellectual property cooperation, enhancing market access for quality products from both sides [3]. - Despite existing differences and friction, it is essential to maintain cooperation through open communication and to resist protectionism and unilateralism [4]. Group 5: Future Directions - Both sides must recognize their complementary advantages and work together to counter global economic headwinds, thereby injecting more momentum into the world economy [4].

Core Viewpoint - The establishment of a 1 billion yuan investment fund by companies under China Resources, in collaboration with Shanghai Fosun Pharmaceutical and Chengdu state-owned enterprises, aims to focus on the pharmaceutical and health sectors, particularly in innovative drug development and strategic emerging industries [2][4]. Group 1: Fund Structure and Partners - The fund, named China Resources Pharmaceutical (Chengdu) Innovation Investment Fund, has a total capital of 100 million yuan, with various partners contributing different amounts [3]. - The general partner (GP) is China Resources Pharmaceutical (Chengdu) Enterprise Management Partnership (Limited Partnership), while limited partners (LPs) include several pharmaceutical companies and investment funds [2][3]. - The fund's lifespan is set for 7 years, with a 3-year investment period and a 4-year exit period, extendable by 1 year upon partner approval [3]. Group 2: Investment Focus - The fund will concentrate on the pharmaceutical health sector and strategic emerging industries, targeting areas such as chemical innovative drugs, biological drugs (including vaccines), high-end medical devices, and traditional Chinese medicine [4]. - The involvement of the Chengdu Bio-City Jingchuang Equity Investment Fund indicates a strong potential for project implementation within the Chengdu Tianfu International Bio-City [4]. Group 3: Historical Context - An earlier fund, the China Resources Pharmaceutical (Shantou) Industry Investment Fund, was established 8 years ago but did not perform as expected, failing to reach its initial target of 2.5 billion yuan [4][6]. - The Shantou fund entered a liquidation phase in December 2024, having not achieved the anticipated scale, which affected the contributions of its partners [5][6].

Group 1 - China Resources Pharmaceutical (03320.HK) announced the establishment of a joint venture fund named China Resources Pharmaceutical (Chengdu) Innovation Investment Fund Partnership (Limited Partnership) with a proposed scale of RMB 1 billion and a total duration of seven years [1] - The group's proposed capital contribution will be approximately RMB 245 million, accounting for about 24.5% of the total fund capital [1] - The fund is expected to primarily engage in equity investment, venture capital, and investment management activities, focusing on the pharmaceutical and health industry as well as strategic emerging sectors [1] Group 2 - The fund will target investments in areas such as chemical innovative drugs, biological drugs (including vaccines), high-end medical devices (including IVD), traditional Chinese medicine supplements, and synthetic biology, among other strategic emerging fields [1] - The company believes it can leverage the fund's professional investment team resources to effectively control risks associated with mergers and acquisitions and innovation projects, ensuring the quality of target companies and accelerating strategic mergers and acquisitions in the pharmaceutical industry [2] - This strategy aims to enhance the company's long-term sustainable development capabilities within the pharmaceutical sector [2]

Core Viewpoint - The article emphasizes the Chinese government's commitment to enhancing pharmaceutical innovation and development, particularly in the areas of innovative drugs and medical devices, to support public health and the construction of a healthy China [1][2]. Group 1: Government Initiatives - Liu Guozhong, a member of the Political Bureau of the CPC Central Committee, highlighted the importance of strengthening collaborative efforts and policy implementation in the pharmaceutical sector to boost innovation and development [2]. - The government aims to enhance the integration of industry, academia, and research institutions to improve the level of pharmaceutical technology innovation and achieve breakthroughs in drug, vaccine, and medical device development [2][4]. - The State Drug Administration (NMPA) is working on optimizing the clinical trial review and approval process for innovative drugs, aiming to complete reviews within 30 working days for eligible applications [3]. Group 2: Regulatory Framework - The NMPA has proposed measures to support high-end medical device innovation, including optimizing special approval procedures and improving classification and naming principles [4]. - The upcoming measures will focus on enhancing the regulatory framework for high-end medical devices, which include medical robots, advanced imaging equipment, and AI medical devices [4][5]. - The government is committed to creating a favorable development environment by strengthening policy guarantees and promoting international cooperation in pharmaceutical technology [2][4]. Group 3: Industry Development - The article notes that China's pharmaceutical innovation has shown positive trends, with significant improvements in research and development capabilities, market competitiveness, and innovation vitality [2]. - The integration of new technologies such as artificial intelligence and big data is expected to accelerate the construction of health databases and improve the efficiency of pharmaceutical research and medical services [2][4]. - The measures introduced by the NMPA are seen as crucial for supporting major innovations in high-end medical devices and meeting the health needs of the population [4][5].

Industry Insights - The central bank plans to revise the business rules for the Renminbi Cross-Border Payment System (CIPS) to meet its development needs, detailing account management, funding settlement, and liquidity management for participants [1] - The Ministry of Finance has announced measures to restrict the import of medical devices from the EU, particularly affecting high-end medical equipment categories such as artificial organs and certain high-value consumables [3] - The implementation of new regulations for quantitative trading aims to enhance monitoring and control of algorithmic trading, which is expected to reduce market volatility and boost investor confidence [2] Company Developments - China Shipbuilding has received approval from the Shanghai Stock Exchange for its major asset restructuring plan to absorb China State Shipbuilding Corporation, marking the largest absorption merger in A-share history [4] - Nanjing Tourism Group plans to undergo a reform and restructuring process, indicating potential changes in its operational strategy [12]

Group 1: Agricultural Innovation - The emphasis is on accelerating agricultural and medical technology innovation to enhance productivity and quality in the agricultural sector [1] - Focus areas include seed industry, agricultural machinery, feed, and planting and breeding technologies, promoting collaborative innovation in agriculture [1] - The promotion of smart agriculture through new equipment like agricultural drones is highlighted to improve production efficiency [1] Group 2: Medical Device and Pharmaceutical Development - There is a call for increased policy support and optimization of the innovation ecosystem to encourage enterprises, hospitals, and research institutions to focus on cutting-edge technologies in pharmaceuticals and medical devices [2] - The importance of integrating production, education, and research is stressed to tackle key technological challenges in the medical field [2] - Encouragement for enterprises to increase R&D investment and utilize new technologies such as big data and artificial intelligence to address gaps in innovative drug and high-end medical device development [2]

Group 1 - The core viewpoint emphasizes the need for effective promotion of agricultural technology innovation and accelerated development and application of advanced medical devices [1][2] - The focus is on enhancing agricultural productivity through technology, particularly in key areas such as seed industry, agricultural machinery, feed, and cultivation techniques [1] - There is a strong emphasis on the integration and promotion of agricultural technology achievements to improve service for farmers and enhance agricultural efficiency [1] Group 2 - The government aims to increase policy support and optimize the innovation ecosystem for medical device research and development [2] - Encouragement for enterprises, hospitals, and research institutions to focus on cutting-edge technologies and critical "bottleneck" technologies in pharmaceuticals and medical devices [2] - The goal is to establish a unified national market for pharmaceuticals and medical devices, supporting companies in international competition and expanding the development space for the medical industry [2]

Macro & Industry - The "involution" competition in industries such as automotive, photovoltaic, and lithium batteries has intensified, leading to a dilution of profits and a disruption of the industrial ecosystem [1] - The Central Financial Committee emphasized the need to promote a unified national market, focusing on legal governance of low-price competition and encouraging companies to enhance product quality [1] - The Ministry of Industry and Information Technology held a meeting to address low-price competition in the photovoltaic industry and promote the orderly exit of outdated production capacity [1] Company - iPhone sales in China grew by 8% year-on-year in Q2, marking Apple's first sales increase in the region since Q2 2023, driven by promotional activities and improved trade-in values [4][5] - Huawei's sales in Q2 increased by 12%, maintaining its position as the largest company in the Chinese market, followed by Vivo and Apple [5] - Industrial and Commercial Bank of China and other bank stocks reached historical highs, with a sector index increase of nearly 1.7% on July 4, supported by favorable fiscal policies and stable credit growth [5] - Xintai Life Insurance increased its stake in Hualing Steel to 5%, expressing confidence in the company's future and indicating potential for further acquisitions [6] Fund - As of June 30, 136 companies saw stock price increases exceeding 100% this year, with some like United Chemical and Shutai Shen exceeding 400% [7] - Many public funds have invested in high-performing stocks, with notable holdings in companies like Shenghong Technology and Yipin Hong [8] - Fund managers are focusing on sectors such as AI, military industry, industrial metals, and banking for potential investment opportunities in the second half of the year [10]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views The report presents a comprehensive overview of the global financial market, including overnight futures market trends, important macro - economic news, and developments in various industries. It also provides insights into the performance of different asset classes such as stocks, bonds, commodities, and foreign exchange. Key events like policy decisions, trade negotiations, and corporate actions are also covered, which can potentially impact investment decisions [2][6][27]. 3. Summary by Directory Overnight Futures Market Trends - International precious metal futures closed mixed, with COMEX gold futures down 0.71% at $3336.00 per ounce and COMEX silver futures up 0.85% at $37.04 per ounce [2]. - International oil prices dipped slightly, with WTI crude down 0.40% at $67.18 per barrel and Brent crude down 0.32% at $68.89 per barrel [3]. - London base metals closed mixed, with LME nickel up 0.35% at $15355.00 per ton, LME tin up 0.27% at $33805.00 per ton, LME aluminum down 0.55% at $2605.50 per ton, and LME copper down 0.61% at $9951.50 per ton [3]. - CBOT agricultural futures mostly rose, with soybeans up 0.02% at 1048.25 cents per bushel, corn up 0.72% at 421.00 cents per bushel, and wheat down 1.29% at 556.75 cents per bushel [3]. - Most domestic futures contracts advanced, with styrene and iron ore up over 1%, coking coal and caustic soda up nearly 1%. Glass declined nearly 1%, and SC crude rose 0.66% to 507.0 yuan per barrel. Shanghai gold fell 0.40% to 775.68 yuan per gram, and Shanghai silver rose 0.67% to 8926 yuan per kilogram [3]. Important Macroeconomic News - From June 1 - 30, the national passenger car market retail volume was 2.032 million units, up 15% year - on - year and 5% month - on - month. Cumulative retail sales this year reached 10.849 million units, up 10% year - on - year [6][34]. - The US initial jobless claims in the week ending June 28 dropped 4000 to 233,000, a six - week low. However, the continued jobless claims in the week ending June 21 remained at a high of 1.964 million [6]. - The US added 147,000 non - farm jobs in June, higher than May and market expectations, which may ease the Fed's pressure to cut interest rates [7]. - The US Treasury Secretary warned trade partners that tariffs might rise if no progress was made in trade negotiations [7]. - The US Middle East envoy plans to meet the Iranian foreign minister next week to restart nuclear negotiations [7][41]. - The Fed's Bostic suggested patience before cutting interest rates as inflation may persist and the labor market remains healthy [9]. - Trump may send letters to trade partners on Friday to unilaterally set tariff rates, with July 9 as the negotiation deadline [10]. - The US House of Representatives passed Trump's "big and beautiful" tax and spending bill [10]. Energy and Chemical Futures - As of July 3, the total inventory of float glass sample enterprises in China was 69.085 million heavy boxes, down 0.19% week - on - week. The total inventory of domestic soda ash manufacturers was 1.8095 million tons, up 2.30% from Monday [12]. - As of June 27, US natural gas inventories were 2953 billion cubic feet, up 55 billion cubic feet from the previous week, down 5.6% year - on - year, and 6.2% higher than the five - year average [12]. - OPEC+ is discussing an 8 - month production increase of 411,000 barrels per day, to be further discussed in an online meeting this weekend [12]. Metal Futures - On July 3, the total social inventory of industrial silicon in major regions was 552,000 tons, down 10,000 tons week - on - week. Social ordinary warehouses had 126,000 tons, down 2000 tons, and social delivery warehouses had 426,000 tons, up 12,000 tons [15]. - Four new lithium mines in Argentina will be put into production in the coming weeks to months, increasing annual production capacity by 79% to 202,000 metric tons equivalent [15]. - A lithium salt plant in Jiangxi plans to shut down for maintenance for two months, while a plant in Sichuan is operating normally [15]. Black - Series Futures - As of July 3, rebar production increased for the third consecutive week, factory inventory decreased, and social inventory increased, ending a 16 - week decline. Apparent demand increased for two consecutive weeks. Rebar production was 2210800 tons, up 1.49%; factory inventory was 1804700 tons, down 2.76%; social inventory was 3647400 tons, up 0.37%; apparent demand was 2248700 tons, up 2.26% [17]. - The average profit per ton of coke for 30 independent coking plants in China was - 52 yuan/ton this week. Profits varied by region [17]. Agricultural Futures - In the 2024/2025 sugar - crushing season, Yunnan Province crushed 18.063 million tons of sugarcane, up 16.91% from the previous season, and produced 2.4188 million tons of sugar, up 19% [19]. - The ICAC predicts that global cotton production will exceed consumption in 2025/26. Production is expected to be 25.9 million tons, consumption 25.6 million tons, and trade volume to increase from 9.3 million to 9.7 million tons [21]. - As of July 2, the amount of sugar waiting to be shipped at Brazilian ports was 3.2059 million tons, up from the previous week [21]. - Malaysia's palm oil inventory in June 2025 is expected to be 1.99 million tons, down 0.24% from May; production is expected to be 1.7 million tons, down 4.04% from May; and exports are expected to be 1.45 million tons, up 4.16% from May [21]. - Brazil's soybean, soybean meal, and corn exports from June 29 to July 5 are expected to increase compared to the previous week [22]. - As of July 1, the percentage of US soybean and corn planting areas affected by drought decreased compared to the previous week [22]. - US private exporters reported sales of 150,000 tons of corn, 226,000 tons of soybeans, and 195,000 tons of soybean meal [22]. - As of June 26, US soybean export net sales in the 2024/2025 season were 462,000 tons, in line with market expectations [23]. - Canada's rapeseed exports in the week ending June 29 increased 47.16% to 173,500 tons, and the commercial inventory was 1.2112 million tons [25]. Financial Markets Financial - A - shares rose on Thursday, with consumer electronics and innovative drugs leading the gain. The Shanghai Composite Index rose 0.18% to 3461.15, the Shenzhen Component Index rose 1.17%, and the ChiNext Index rose 1.9%. Market turnover was 1.33 trillion yuan [27]. - The Hong Kong Hang Seng Index fell 0.63% to 24069.94, recording five consecutive losses. Southbound funds sold a net 3.048 billion Hong Kong dollars [27]. - Insurance funds have accelerated their pace of stock - market placards. In 2025, the number of placards has reached 18, approaching the 2024 total [27]. - Seven securities firms repurchased 191 million shares worth 2.031 billion yuan in the first half of this year. Analysts expect the valuation of the securities sector to recover [27]. - The China Securities Association announced the list of 12 IPO on - site inspection enterprises in the second batch of 2025 [28]. - The bank convertible bond market is facing a "redemption wave," and about 100 billion yuan of bank convertible bonds may complete conversion this year [30]. Industry - The Ministry of Industry and Information Technology will address the low - price and disorderly competition in the photovoltaic industry [31]. - The Ministry of Commerce will promote the healthy development of second - hand car exports and will make a final ruling on the anti - dumping investigation of EU brandy [31]. - The National Medical Products Administration proposed ten key measures to support the innovation of high - end medical devices [31]. - The Ministry of Industry and Information Technology launched a pilot project for number protection services to prevent telecom fraud [31]. - In June, China's warehousing index was 51%, up 0.5 percentage points from May, indicating expansion [32]. - In June, the national passenger car market retail volume was 2.032 million units, with new - energy vehicle sales at 1.071 million units, showing significant growth [34]. - Hubei Jingmen introduced 19 real - estate policies, including promoting spot - housing sales from 2026 [35]. - Beijing plans to regulate "second - hand landlords" by requiring registration for those sub - leasing 10 or more units [35]. Overseas - Biden criticized Trump's "big and beautiful" tax and spending bill, saying it would harm the public [36]. - Indonesia will sign a $34 billion agreement with the US next week to increase purchases [42]. - Japan's central bank may restart the interest - rate hike cycle as companies agreed to significant pay raises [42]. - The European Central Bank may cut interest rates once this year as inflation risks are more on the downside [43]. - The US technology industry group urges the EU to postpone the implementation of the AI Act [43]. - The UK Prime Minister supports the Finance Minister and reaffirms the fiscal rule of balancing revenue and expenditure by 2029 - 30 [43]. International Stock Markets - US stocks rose across the board, with the Dow up 0.77%, the S&P 500 up 0.83%, and the Nasdaq up 1.02%. Chinese concept stocks had mixed performance [45]. - European stocks also closed higher, with the German DAX up 0.61%, the French CAC40 up 0.21%, and the UK FTSE 100 up 0.55% [45]. - BlackRock believes that US stocks are the best allocation in the current "risk - on" environment [45]. Commodities - International precious metal futures closed mixed, with gold down and silver up. Geopolitical tensions and Fed policy expectations affect gold prices [46]. - International oil prices dipped slightly due to increased US crude inventories and geopolitical easing. OPEC+ is discussing production increases [46]. - London base metals closed mixed, with aluminum under pressure and a weak supply - demand situation [46]. - Central banks are increasing gold reserves due to the "weaponization" of foreign exchange [48]. Bonds - Domestic bank - bond yields were stable with a slight decline, and the money market was more liquid. The central bank conducted reverse repurchase operations [49]. - Since May, the issuance of science and technology innovation bonds has been booming, with over 419 bonds issued worth over 620 billion yuan [49]. - US bond yields rose due to strong labor - market data, and market expectations for Fed rate cuts decreased [49]. - Japan successfully issued 30 - year bonds, providing some relief to the bond market [50]. Foreign Exchange - The on - shore RMB against the US dollar rose on Thursday, and the RMB central parity rate was adjusted up [51]. - The US dollar strengthened as US bond yields rose, and most non - US currencies declined [53].