日本在谈判中的底线非常明确：农业是国家基础，不会在谈判中牺牲。内阁官房长官林芳正多次强调，日本政府在谈判中没有牺牲农业的打算。这一立场 得到国内农业行业的强烈支持，此前日本政府考虑扩大美国农产品进口的消息曾引发农产行业的激烈反对。与此同时，日本汽车产业也面临巨大压力。美 国对进口汽车加征25%关税的政策若持续，将严重冲击日本汽车出口，进而影响国内经济。日本首相石破茂明确表示，无法接受美国的高关税政策，将以 坚定不移的决心应对。 据中国新闻网援引路透社报道，美国总统特朗普在社交媒体上威胁对日本加征新关税，理由是日本拒绝接受美国大米出口。这一表态让持续数月的日美关 税谈判再次陷入僵局，也引发外界对美日同盟关系的重新审视。 日美贸易摩擦的核心矛盾集中在汽车关税和农产品市场准入上。日本汽车产业对美依赖度极高，2024年输美汽车约137万辆，包括零部件在内的出口额达 7.2万亿日元，占日本对美出口总额的34%。美国则要求日本开放农产品市场，尤其是大米进口。不过特朗普的指责与事实存在出入，数据显示日本去年 从美国购买了价值2.98亿美元的大米，今年前四个月又进口了1.14亿美元。但日本对大米进口实行严格配额管理，每年仅允 ...

[Table_main] 衍生品市场类模板 报告日期：2025 年 7 月 策_main] 衍生品市场类模板 略 报 告 2025 年 7 月中债市场月度展望及配置策略 ──债券策略月报 市 场 策 报告导读 略 研 究 — 中 债 策 略 月 报 5 月经济数据表现波澜不惊，中美关税谈判进展和以伊冲突成为影响股债市场 的主导因素。随着中美高层完成新一轮对话并解决了首轮谈判中的剩余问题， 以及以伊冲突超预期结束，市场风险偏好持续改善，带动上证综指和深证成指 分别录得 2.42%、3.27%的涨幅，月末收于 3457.8、10476.3。债市则受随着关 税博弈、存单到期、监管是否呵护跨季等潜在偏空变量被逐一消解，长久期利 率债与各期限信用债均受不同程度带动，短端的下行幅度整体大于长端。展望 后续，尽管债市难以存在方向性的机会，但随着 7 月保险、理财、银行等增量 资金的注入，利率或可逐步向前低迈进，并且伴随着部分结构性行情。因此， 提前布局增量资金的待配品种，或是占优策略。 | 分析师： | 曹潮 | | --- | --- | | 中央编号： | BVH841 | | 联系电话： | 852-9658 136 ...

Fund Allocation - The net proceeds from the 2020 subscription amounted to approximately HKD 177,000,000[3] - Approximately HKD 74,571,000 was allocated for settling the outstanding consideration from the acquisition of Baorunlai Property Holdings Group Limited[3] - The remaining balance of approximately HKD 102,429,000 was designated for general working capital[3] Utilization of Proceeds - As of December 31, 2020, approximately HKD 13,920,000 of the net proceeds was used for settling the outstanding consideration[4] - The remaining unutilized balance for settling the consideration is approximately HKD 60,651,000, which is still designated for that purpose[4] - The company expects to complete the settlement of the remaining consideration by 2026 or earlier[4]

自然资源部副部长许大纯会见白俄罗斯自然资源与环境保护部副部长 金十数据7月3日讯，7月2日，自然资源部副部长、中国地质调查局局长许大纯在京会见白俄罗斯自然资 源与环境保护部副部长维克托·加拉诺夫一行，就进一步推动中白两国地质矿业领域务实合作深入交 流。许大纯表示，近年来，中白两国政治互信日益巩固，共建"一带一路"合作扎实推进。去年8月，双 方签署了《中国—白俄罗斯地球科学联合研究中心共建协议》，为下一步合作奠定了坚实基础。许大纯 建议，两部尽快签署合作谅解备忘录，持续加强基础地学研究、地质填图、地质信息与数据库建设、水 工环地质及地质灾害防治等领域的合作；利用好中国国际矿业大会、中国—白俄罗斯地球科学联合研究 中心等平台，共同提升地球科学服务区域可持续发展的能力和水平；在矿产资源综合利用领域加强技术 交流和人才培养，合作开展选矿示范项目，推动两国矿业绿色低碳发展。 ...

Core Points - HUTCHMED will announce its interim results for the six months ended June 30, 2025, on August 7, 2025, at 7:00 am EDT [1] - The company will host two webcast presentations for analysts and investors to discuss the interim results, with the English session at 8:00 am EDT and the Chinese session at 8:30 am HKT on August 8, 2025 [2] - Both webcasts will be available live on the company website, with a replay accessible shortly after the events [3] Company Overview - HUTCHMED is an innovative, commercial-stage biopharmaceutical company focused on the discovery, global development, and commercialization of targeted therapies and immunotherapies for cancer and immunological diseases [4] - The company has successfully marketed its first three medicines in China, with the first also approved globally, including in the US, Europe, and Japan [4]

Group 1 - The core viewpoint of the articles highlights the increasing recognition of gold as a valuable investment, attracting a new generation of investors, particularly those born after 1995 [1][2] - The data from JD Finance indicates that investors from the post-90s generation now account for over 50% of gold investors, with Generation Z emerging as a key demographic in gold investment [1] - Investment characteristics of this demographic show a preference for "light entry and flexible operation," with over 60% of transactions involving accumulation gold products, primarily occurring during evening hours [1] Group 2 - JD Finance has established a comprehensive gold trading platform that includes physical gold, accumulation gold, gold ETFs, and gold recycling, emphasizing gold as an important asset allocation dimension [2] - The company plans to upgrade its platform in three main areas: enhancing investor education, improving the product system by collaborating with banks and fund companies, and refining professional service systems for gold investment [2] - The geographical distribution of gold consumption shows Guangdong, Jiangsu, and Zhejiang as the top three regions, with cultural factors influencing their positions [1]

Pipeline and Approvals - Ultragenyx expects Phase 3 data readout for UX143 for Osteogenesis Imperfecta (OI) in 2025[21, 32] - Ultragenyx anticipates completing Phase 3 enrollment for GTX-102 for Angelman Syndrome (AS) in the second half of 2025[46, 49] - The company has a PDUFA date of August 18, 2025, for UX111 for Sanfilippo syndrome (MPS IIIA), with a potential commercial launch in the second half of 2025[63, 67] - Ultragenyx expects to submit a BLA for DTX401 for Glycogen Storage Disease Type Ia (GSDIa) in mid-2025, with a potential launch in 2026[78, 80] Financial Performance and Projections - Ultragenyx projects total revenue to grow by 14-20% in 2025, reaching $640-670 million[93, 95] - The company anticipates Crysvita revenue to be $460-480 million in 2025, representing a 12-17% increase[95] - Dojolvi revenue is projected to be $90-100 million in 2025, a 2-13% increase[95] - Ultragenyx aims to achieve full-year GAAP profitability in 2027, driven by revenue growth, new product launches, and expense management[2, 96, 99] Clinical Trial Results - Phase 2 data for UX143 in OI showed a 67% reduction in annualized fracture rate (AFR) [33] - Phase 3 data for DTX401 in GSDIa demonstrated a statistically significant 41% reduction in daily cornstarch intake at Week 48 (p < 0.0001)[83] - UX111 for MPS IIIA showed >80% of participants reduced CSF HS by 50% in efficacy set[71]

一、行情回顾 市场全天震荡反弹，创业板指领涨。算力硬件股再度大涨，PCB等方向领涨，中京电子、博敏电子、金安国纪等涨停。创新药概念延续强势，塞力医疗、未 名医药、神州细胞等十余股封板。固态电池板块午后拉升，大东南、洪田股份、中一科技涨停。下跌方面，海洋经济概念股展开调整，克莱特跌超10%。个 股涨多跌少，沪深京三市近3300股飘红，今日成交1.33万亿。 二、当日热点 1.PCB板 PCB板今日大涨，中京电子再度涨停，博敏电子、金安国纪等多股涨停。胜宏科技大涨6%，再创历史新高。 | 股票名称 | | 最新价 ◆ | 涨跌幅 = | 涨停时间 ◆ | 换手率 = | 流通市值⇒ | | | --- | --- | --- | --- | --- | --- | --- | --- | | 中京电子 | 12天7板 | 15.60 | +10.01% | 13:53:33 | 38.49% | 90.72亿 | 公司主 | | 002579.SZ | | | | | | | 形机器 | | | | | | | | | 1、公 开拓国 | | 博敏电子 | 3天2板 | 10.41 | +10.04% | 09: ...

Core Perspective - The article discusses the "Shenzhen Urban Circle Ecological Environment Protection Plan (2025-2030)", aiming to achieve an ecological win-win vision of "1+1+1>3" through collaborative environmental governance among Shenzhen, Dongguan, and Huizhou [1][2]. Group 1: Strategic Goals - The plan outlines three strategic positions: to create a model for collaborative governance in the Pearl River Basin, a demonstration of beautiful urban circle construction, and a benchmark for green development in global city clusters [1]. - It emphasizes the need for coordinated cooperation among the three cities due to their geographical and hydrological connections [1]. Group 2: Institutional Framework - The plan establishes a unified cross-regional ecological environment planning management system, breaking traditional administrative barriers and promoting integrated institutional innovation [2]. - It aims to enhance systemic, holistic, and collaborative improvements in ecological environment governance within the urban circle [2]. Group 3: Key Initiatives and Targets - The plan includes 30 key tasks across seven important areas, with 42 key projects proposed to support high-quality development and green low-carbon initiatives [3]. - It sets 18 indicators with specific target values for 2025 and 2030, focusing on collaborative ecological safety and health [2][3]. Group 4: Implementation and Future Plans - Shenzhen will lead the development of supporting implementation plans and establish a dynamic tracking mechanism to ensure the successful execution of the plan [4]. - The plan is expected to serve as a roadmap for ecological cooperation and governance in the Guangdong-Hong Kong-Macao Greater Bay Area, with a comprehensive action plan set for 2024 [4].

南方报业传媒集团（南方日报社）全面启动系统性变革。围绕社会热点、产经重点、国际爆点、文旅视 点和民生关注点，南方报业将重点打造20个新媒体IP，"南都即时"位列其中。 "南都即时"系荣获广东新闻奖一等奖的新媒体品牌栏目，并曾有作品荣获中国新闻奖等多个省部级奖 项，由南方都市报深度调查部运营。"南都即时"以"快"为特色，围绕各类突发事件、社会热点，持续推 出动态、视频、特稿、专题、调查、快评等融媒体产品。 变革不止，创新不停！"南都即时"正通过升级原创新闻产品矩阵，力争通过提供事实增量、强化价值输 出、塑造南都议题，追求舆论场上的独家快讯"首发"、新闻延展"首追"、深度调查"首推"、对外传 播"首见"。 独家快讯"首发" 强化独家新闻采写，持续提供事实增量。南都即时以"快"为核心竞争力，多年来持续从报道热点事件出 发，赢得海内外舆论场首发先机，目前已发稿超46700篇，全渠道分发流量已突破145亿。例如，今年5 月，哈佛大学被禁止招收国际学生持续引发全球关注，南都即时快速跟进，独家采访获得哈佛大学回 应："美国国土安全部相关行为堪称任意武断的行为典范"，抨击美国政府政策混乱，发出独特声音。 建构南都特色话题，理 ...