Group 1 - The company has invested over 346 billion yuan in strategic emerging industries as of the end of April [1] - The investment has focused on leading enterprises in sectors such as semiconductors, storage chips, new energy batteries, and biotechnology [1]

Core Viewpoint - The announcement details the lifting of trading restrictions on a total of 38,758 shares of Beijing Kang Le Wei Shi Biotechnology Co., Ltd., which represents 0.01% of the company's total share capital, effective from June 10, 2025 [1]. Summary by Sections Stock Release Details - The total number of shares released from trading restrictions is 38,758, accounting for 0.01% of the company's total share capital [1]. - The trading release is scheduled for June 10, 2025 [1]. Reasons for Stock Release - The reasons for the release of trading restrictions include annual releases for directors, supervisors, and senior management, as well as potential voluntary releases and other specific circumstances [2]. Post-Release Share Capital Situation - After the release, the total share capital of the company will be 280,940,000 shares, with 187,938,680 shares (66.90%) being unrestricted and 93,001,320 shares (33.10%) being restricted [2]. - There are no restricted shares from the company's shareholders that have not fulfilled their commitments [3]. Other Situations - There are no non-operational fund occupation issues related to the shareholders applying for the release of restrictions [2]. - The company has not engaged in any actions that would harm the interests of shareholders applying for the release of restrictions [2].

Group 1 - The latest progress of the GCC19CART therapy for colorectal cancer was presented at the 2025 ASCO annual meeting by Dr. Benjamin L. Schlechter from Dana-Farber Cancer Institute [1] - The therapy has shown a high objective response rate (ORR) of 80% in a Phase I clinical trial involving 10 patients with metastatic colorectal cancer (mCRC) who had relapsed after standard second-line treatment [2] - One patient achieved complete response (CR) after 10 months, demonstrating the sustained efficacy of GCC19CART in treating advanced colorectal cancer [3] Group 2 - In previous clinical trials conducted in China, GCC19CART also exhibited positive treatment effects, with an ORR of 50% and significant survival benefits, including over 30% of responding patients surviving beyond 4 years [4] - The clinical trial results have been published in the prestigious journal JAMA Oncology, receiving international recognition and praise for the potential of GCC19CART as a new generation cancer therapy [4] - The company, Standex Biotech, focuses on developing CAR-T cell therapies for solid tumors and has received FDA approval for clinical trials of GCC19CART, which is currently ongoing in the U.S. [5]

来源：环球时报 意想不到的事不断出现。DeepSeek发布的模型彻底打破硅谷在人工智能领域不可战胜的神话。尽管面 临美国严厉的芯片限制，中国仍具备推出接近前沿技术的模型的能力。值得注意的是，中国在人工智能 技术的其他方面也展现出更强竞争力，尤其在硬件和人才方面。在自我吹捧中膨胀的西方国家，如今面 临一个更精干的竞争者，一个在资源匮乏中茁壮成长且人才济济的对手。 中国在无人机制造领域的霸主地位也无可争议。作为中国无人机行业的骄傲，大疆长期占据全球70%的 市场份额。笔者曾与美国无人机初创公司的工程师交谈，他们对无法仿制大疆的一款无人机电机感到既 沮丧又惊叹。或许中国最强大的武器是依赖性——西方国家对中国无人机供应链的依赖。 在生物技术领域，中国对西方主导地位的挑战最为紧迫。数据展现出其迅猛崛起的轨迹。2023年中国占 全球临床试验启动量的28%，仅次于美国。如今，中国研发的新型疗法数量已超欧洲，近1/3大型制药 许可协议涉及中企。5年前中企在这方面还毫无建树。这是巨大的结构性变化。中国的生物技术体系并 非神秘莫测，更与偷窃或间谍无关——尽管西方喜欢找替罪羊。真相很简单：中国在西方薄弱的方面 ——速度、规模和务实 ...

Summary of Denali Therapeutics Conference Call Company Overview - **Company**: Denali Therapeutics - **Industry**: Biotechnology, specifically focusing on rare diseases and blood-brain barrier technology Key Points and Arguments 1. **FDA Approval Process**: Denali is currently on file with the FDA for a potential first approval, indicating a significant milestone for the company and its transition to a commercial entity [1][2] 2. **Transport Vehicle Technology**: The company has developed a novel technology to facilitate the crossing of large molecules through the blood-brain barrier, which has shown promise in treating diseases like Hunter syndrome [4][5] 3. **Clinical Trials**: Denali completed a Phase 1/2 study with 47 patients, all of whom reached at least six months of treatment. The data from this study has matured and is being presented to the FDA [6][7] 4. **Regulatory Engagement**: The company has had consistent and timely interactions with the FDA, even during periods of uncertainty within the agency, which has been beneficial for their accelerated approval path [7][9] 5. **Competing Therapies**: There is increasing competition in the field, particularly with other companies developing transferrin receptor-enabled therapies for similar conditions [5][20] 6. **Gene Therapy Considerations**: Denali is aware of competing gene therapy products targeting Hunter syndrome, which are under different FDA divisions. The company believes its data package is robust and differentiates its product from competitors [20][29] 7. **Accelerated Approval Path**: Denali expects to receive accelerated approval based on its data package, with a confirmatory study (COMPASS) planned for the future [37][41] 8. **Sanfilippo Program**: The company is also advancing a program for Sanfilippo syndrome, with plans to utilize natural history data for regulatory approval due to the lack of standard care options [50][52] 9. **Future Pipeline**: Denali is preparing to enter multiple new programs targeting Alzheimer's disease, with a focus on leveraging its blood-brain barrier technology for broader applications beyond rare diseases [74][86] 10. **Market Potential**: The company sees significant potential in the Alzheimer's market, especially with the development of therapies that can reduce safety concerns associated with existing treatments [86][90] Additional Important Content - **Breakthrough Therapy Designation**: Denali's product for Hunter syndrome has received breakthrough therapy designation, which may facilitate a faster review process [40][41] - **Patient Access**: The company is expanding its studies to allow more patients access to the drug while under accelerated approval [37][49] - **Data Strategy**: Denali is cautious about releasing data too early and is focused on ensuring a robust data package before making announcements [56][57] - **Investment in Technology**: The company has heavily invested in proving its transport vehicle technology, which is expected to benefit future programs across various diseases [61][63] This summary encapsulates the key discussions and insights from the conference call, highlighting Denali Therapeutics' strategic direction, regulatory interactions, and competitive landscape in the biotechnology sector.

Group 1: Core Insights - The "mysterious 899 clause" in U.S. tax law may escalate trade tensions into a capital war, imposing punitive tax burdens of up to 20% on foreign investors, particularly targeting countries like the EU that do not comply with U.S. trade demands [1][3] - Major Wall Street institutions warn that this clause could fundamentally alter the tax treatment of foreign capital in the U.S., being described as a "nuclear option" by the Trump administration [1][3] Group 2: Details of the 899 Clause - The 899 clause, officially known as "Enforcement Measures Against Unfair Foreign Taxes," is part of the recently passed "One Big Beautiful Bill Act" [2] - It aims to impose retaliatory taxes on non-U.S. individuals, companies, and governments from countries deemed to impose "unfair/discriminatory" taxes on U.S. entities [3] Group 3: Definition of "Discriminatory" Taxes - "Discriminatory" taxes include Digital Services Taxes (DST), Digital Profit Taxes (DPT), and low-tax profit rules under the OECD's global minimum tax framework [4] - The U.S. opposes the OECD framework, arguing it disproportionately affects American companies with significant global influence [4] Group 4: Tax Implications - The 899 clause could raise the statutory tax rate on U.S.-sourced income from interest, dividends, rents, and royalties by up to 20 percentage points for countries considered "discriminatory," increasing by 5 percentage points annually [5] - Investment portfolio interest may be exempt, but non-U.S. financial institutions relying on treaty-based exemptions could still be affected [6] Group 5: Revenue Projections - The 899 clause is expected to generate approximately $120 billion in tax revenue over ten years, equating to an annual increase of $12 billion, which is relatively minor compared to the overall U.S. tax landscape [7] Group 6: Impact on U.S. Deficit - The clause may influence foreign demand for U.S. assets, potentially helping to reduce the current account deficit, although rising yields could offset some revenue gains [8] Group 7: Legislative Uncertainty - There is uncertainty regarding the passage of the 899 clause in the Senate due to potential jurisdictional issues and the delegation of tax powers to the executive branch [9] Group 8: Affected Companies - Goldman Sachs has begun assessing the risk exposure of EU companies to the 899 clause, creating a "GS EU 899 Clause Basket" that includes firms with significant U.S. sales [10] - The basket consists of companies with an average U.S. sales exposure of about 48%, while excluding those with high U.S. ownership [10] Group 9: Market Performance and Valuation - Despite better earnings expectations for the GS EU 899 Clause Basket compared to the GS Domestic Quality Basket, its performance has weakened since early May, with current valuations still above historical ranges [12] - High trading congestion and negative earnings momentum for the GS EU 899 Basket suggest continued pressure on performance [14]

核 心 观 点 在特朗普上任伊始，就签署了《美国优先投资政策》总统备忘录，旨在进一步限制中美之间的投资往来，并鼓励盟友投资。那么，《美国优先投资政策》到底 该如何理解？又会带来怎样的影响？ 美国对华投资限制，在哪些方面？ 与现行规则相比，《美国优先投资政策》备忘录强化了 三项重要措施。一是扩大限制美对中投资范围与类型 ，将对外投 资审查范围扩大，从半导体、量子和人工智能三个行业， 扩大至生物技术、高超音速、航空航天、先进制造、定向能源以及中国国家军民融合战略涉及的领 域 。同时，考虑将公开交易证券纳入限制。 二是扩大外国投资委员会（CFIUS）的审查权限，加强审查中对美投资。三是考虑终止1984《中美所得税协 定》。 在限制投资政策的落实中， 美国财政部既负责制定规则，也是执行制裁的主导者 。其下属部门中， OFAC和CFIUS负责审查外国对美投资 ，CFIUS负 责审查外国投资美国战略部门的交易。投资限制发端于特朗普第一任期，并在拜登任期内强化。从落地程序来看， 限制中美投资往来的细则待财政部制定， 具体规则最快或在一个季度内出台，最晚可能在年底前 ；中概股最早可能在2026年年中面临退市风险；终止中美所得 ...

BioNTech美股盘前一度涨近12%，该公司前一交易日收涨超18%。跨国医药巨头百时美施贵宝宣布，与 德国生物技术公司BioNTech就新一代抗癌药物BNT327达成授权协议，协议的里程碑付款最高可达111 亿美元。 ...

以下文章来源于东不压桥研究院 ，作者南极土著 东不压桥研究院 . 关注地缘政治竞争中的科技政策与数字治理，仅代表个人观点，与作者所在的组织无关。 今天彭博社发布报道，透露美国政府计划借鉴财政部外国资产控制办公室（OFAC）针对SDN清单主体子公司 的"50%规则"，规定： 上了商务部实体清单的公司持股50%及以上的子公司，也受到和实体清单企业等同的出 口管制。 DeepSeek 通过马来西亚和新加坡这些第三国绕过美国严格的出口管制，获取了先进的英伟达芯片，你打算怎么 解决这个问题。 OFAC的"50%规则"是判断下属公司是否受到制裁的重要标准。具体而言：如果某一被列入SDN（特别指定国 民）清单的实体，直接或间接持有另一家公司50%或以上的股份或权益（包括投票权），那么该下属公司即使 没有被单独列名，也会被视为SDN实体，同样受到制裁。 此外，如果多家SDN清单上的实体共同直接或间接持有某公司50%以上的股份或权益，那么该公司同样被视作 SDN。这种情形在实际操作中常常涉及交叉持股、多层级持股等复杂股权结构，是"50%规则"实务适用中的难 点。 根据彭博社的这个报道，"知情人士"透露：美国官员正在起草一项规定 ...

Core Insights - Summit Therapeutics announced that its main asset ivonescimab, developed in collaboration with Chinese partner Kangfang Biopharma, achieved its primary endpoint in a clinical trial for lung cancer treatment [1][2] - The phase 3 HARMONi trial demonstrated statistically significant and clinically meaningful improvement in progression-free survival (PFS) when ivonescimab was combined with chemotherapy, although the overall survival (OS) did not show statistically significant differences [1] - The trial focused on patients with locally advanced or metastatic non-squamous non-small cell lung cancer harboring epidermal growth factor receptor (EGFR) mutations, who are resistant to third-generation EGFR tyrosine kinase inhibitors [1] Trial Results - The HARMONi trial showed that approximately 57% of patients receiving ivonescimab plus chemotherapy experienced grade 3 or higher treatment-related adverse events, compared to about 50% in the control group [1] - The results align with the HARMONi-A trial conducted in China, which led to the approval of ivonescimab combined with chemotherapy for lung cancer treatment by Chinese regulatory authorities [2] Regulatory Plans - Summit plans to utilize the HARMONi trial data to submit a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) for approval of ivonescimab in combination with chemotherapy for the specified lung cancer patient population [2] Market Reaction - Following the announcement, Summit's stock experienced volatility, initially rising over 16% before dropping more than 12% in pre-market trading [3]