Highlights of the brokerage morning meeting | The development direction of the innovative drug industry chain is clear, and the trend of pharmaceutical supply chain orders is positive.

Yesterday, the three major indexes fluctuated, with the Growth Enterprise Index and the ChiNext 50 Index experiencing corrections. The Huangbai Line showed a clear differentiation, with the trend of blue chip stocks relatively weak. The trading volume in Shanghai and Shenzhen totaled 3.66 trillion yuan. In terms of sectors, concepts such as big finance, breeding, medicine, electronics special gas, and Siasun Robot & Automation were active. On the downside, concepts like energy storage and computing chips saw a decline. By the close of trading, the Shanghai Composite Index rose by 0.44%, the Shenzhen Component Index fell by 0.53%, and the Growth Enterprise Index dropped by 1.89%. At a morning meeting of securities firms today, CICC stated that the development of the innovative drug industry chain is clear, and the pharmaceutical supply chain orders are trending well; China Securities Co.,Ltd. suggested focusing on the "Six Networks" incremental opportunities; Huaxin Securities advocated sticking to the barbell strategy in July. CICC: The development of the innovative drug industry chain is clear, and the pharmaceutical supply chain orders are trending well Although factors such as macroeconomic environment, disturbances in international relations, and rotation of liquidity have affected the innovative drug sector entering a phase of short-term valuation adjustment. However, from the trend of the industry, the development trend of China's innovative drugs in BD and clinical data reading remains positive, and forms such as license out and new co prove the internationalization of China's innovative drugs. Good pharmaceutical industry investment and financing at home and abroad bring a new round of research and development investment to the industry, as well as potential orders for upstream CXO and other industries, providing strong growth certainty in pharmaceutical supply. China Securities Co.,Ltd.: Focus on "Six Networks" incremental opportunities The "Six Networks" is the top-level planning framework for infrastructure investment in China during the "Fifteen Five-Year Plan" period, signaling a paradigm shift in infrastructure investment from traditional "iron-public-basic" models to a modern system that covers all elements, is networked, and emphasizes safety and resilience. The estimated cumulative investment scale of the core areas of the "Six Networks" during the "Fifteen Five-Year Plan" period is approximately between 24.1 trillion yuan and 29.2 trillion yuan, with the baseline scenario around 26.4 trillion yuan, averaging 5.3 trillion yuan per year; the overall structure exhibits the features of "significant rise in underground pipeline networks, steady rise in digital and power infrastructure, absolute growth in traditional livelihood sectors but a decline in their proportion", and the rhythm of "high before stabilizing, structural differentiation". The funding side forms a three-tier architecture of "core traction by finance + solid support by central enterprises + important complement by social capital". The industry chain gradually transmits up, middle, and downstream, and engineering construction, core equipment, and other sectors are the first to benefit, with cross-network synergy giving rise to incremental opportunities. Huaxin Securities: Stick to the barbell strategy in July In July, the global macro focus will be on the tug-of-war between performance and policies. Overseas, there is a confrontation between the entityification of AI capital expenditures and the stickiness of the U.S. Federal Reserve's interest rates, with the yen carry trade "dam against the lake" (breakthrough at 162) and the switch to the selection of the tariff law being the core amplifiers of volatility. The clear differentiation in the domestic supply and demand and the industry's triple "K-shaped differentiation", with the electronic communications and non-ferrous mining sectors leading in prosperity. A-shares are in the period of high correlation with interim performance, and although large IPOs may bring short-term liquidity disturbances, they do not change the foundation of the medium-to-long term bull market. Overseas, the U.S. stock market implements a barbell strategy, with a low layout of leading AI hardware stocks (TSM, ASML) on the growth side, and allocation of gold and electric power on the defensive side; buying short-term U.S. Treasury bonds, and buying gold in batches on dips. The consolidation and turbulence in A-shares provide good opportunities for buying on dips, and the core positioning in July focuses on sectors with high prosperity: adhering to the correction and full realization of AI computing power (optical modules, semiconductor materials), considering rotation in non-ferrous and chemical industries, and using big finance to grasp style balance. This article is reprinted from "Caishang Society." Editor: Liu Jiayin.