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Affected by the overnight plunge in European and American stock markets, Asian markets generally suffered a sharp drop on August 2.

As of the closing, the Nikkei 225 index opened low and plummeted 2216.63 points, a drop of 5.81%, the largest single-day drop in nearly four and a half years since March 2020. The number of points dropped was second only to the stock market crash in 1987 (a drop of 3836 points), the second highest in history.

South Korea's Composite Index plummeted 3.65%, while the MSCI Asia Emerging Markets Index, Hang Seng Index, Hang Seng Technology Index and others all fell by more than 2%.The Taiwan Weighted Index also plummeted by more than 1,000 points, a drop of 4.43%. The Taiwan 50 Index, which represents Taiwan's blue-chip stocks, plummeted by 5.14%, both of which were the largest declines in four and a half years.

In terms of A-shares, the Shanghai Composite Index tested the 2,900-point support, and important indices such as the ChiNext Index, Science and Technology Innovation 50, and CSI 300 fell by more than 1%. More than 4,000 stocks in the two markets fell, and trading volume shrank to 726.1 billion yuan.

In the European market, several major indexes opened lower.

However, on August 2, both the onshore and offshore RMB rose above the 7.2 mark against the US dollar, rising by about 450 basis points and 550 basis points respectively. The onshore RMB hit a high of 7.1986 against the US dollar on Friday.

The offshore renminbi hit a high of 7.1930 against the U.S. dollar on Friday.

On the A-share market today, pharmaceutical stocks bucked the trend and strengthened across the board, with CXO concepts, weight loss drugs, innovative drugs, generic drugs and other sub-sectors leading the gains, while communication equipment, Nvidia concepts, automotive chips, humanoid robots and other sectors leading the losses.

Wind's real-time monitoring data showed that the pharmaceutical and biological industry received a net inflow of nearly 3 billion yuan, machinery and equipment, and national defense and military industries received a net inflow of more than 1 billion yuan, and the construction and decoration, social services, agriculture, forestry, animal husbandry and fishery industries also received a net inflow of more than 100 million yuan. The main funds in the electronics industry had a net outflow of more than 2.5 billion yuan, and non-bank financial and computer industries had a net outflow of more than 1.6 billion yuan.

Looking ahead to the future market, CICC believes that the recent sharp fluctuations in asset prices such as US stocks, copper, and crude oil have also had a certain impact on the risk appetite of A-shares. However, the valuation of A-shares has become quite attractive, so there is no need to be overly pessimistic about the future performance. In August, it is recommended to pay attention to the implementation of my country's policies related to stabilizing growth and medium- and long-term reforms. The gradual interest rate cut by the Federal Reserve will also bring about changes in allocations. It is recommended to focus on dividend assets with support from fundamentals and high-prosperity industries that conform to the trend of industrial transformation.

Zhongyuan Securities believes that the negative feedback of maintaining high interest rates has not yet fully emerged, and the decline of some investment indicators, the decline of inflation data, and the weakening of employment data provide a basis for the Fed to cut interest rates in September. In the future, the overall stock index is expected to maintain a volatile pattern, and it is still necessary to pay close attention to changes in policies, funds, and external factors. It is recommended to pay attention to investment opportunities in industries such as automobiles, military industry, semiconductors, and electronic components in the short term.

In terms of hot spots, pharmaceutical stocks were undoubtedly the most eye-catching sector in the market on Friday. The top 10 concept sectors with the highest growth in the entire market were all related to pharmaceuticals. Among them, the CXO concept and weight loss drug sector indices both rose by more than 2% against the trend, and the innovative drug and generic drug sector indices also rose by more than 1%.

Hong Kong-listed pharmaceutical stocks followed suit, with the Innovative Drug Select 50 Index and the Shanghai-Shenzhen-Hong Kong Stock Connect Biopharmaceutical 50 Index both rising against the trend. Junshengtai Pharmaceutical-B surged by more than 20%, while Tailing Pharmaceutical, Immune Onco-B, and Tiger Pharmaceuticals all rose strongly.

Among the top 10 ETF funds with the highest growth rates, 8 are related to pharmaceuticals. The innovative pharmaceutical company ETF rose 2.05%, ranking first in the growth list. The leading medical ETF, the innovative pharmaceutical ETF E Fund, and the medical service ETF also rose by more than 1%.

On the news front, the website of the National Medical Products Administration disclosed that on August 2, the National Medical Products Administration agreed to carry out a pilot program to optimize the review and approval of clinical trials of innovative drugs in Beijing and Shanghai.

Previously, on July 31, the National Medical Products Administration formulated the "Pilot Work Plan for Optimizing the Review and Approval of Innovative Drug Clinical Trials" to strengthen the main responsibilities of drug clinical trial applicants, enhance the risk identification and management capabilities of drug clinical trial stakeholders for innovative drug clinical trials, and explore the establishment of a work system and mechanism to comprehensively improve the quality and efficiency of drug clinical trials, so as to complete the review and approval of innovative drug clinical trial applications within 30 working days and shorten the time to start drug clinical trials.

Industrial Securities believes that the harvest period of innovative drugs has arrived, and the overall scale is expected to expand further. Innovation is the origin of biopharmaceutical development. In the past decade, under the catalysis of a number of regulatory and support policies, and with the advancement of domestic biopharmaceutical technology, my country's innovative drug industry has entered a high-speed development track.

Editor: Peng Bo

Proofreader: Peng Qihua