FILSPARI (sparsentan) for IgAN - FILSPARI is positioned as a foundational treatment for IgAN, targeting kidney injury by blocking ET-1 and ANG-II, with >70,000 addressable patients in the U S [9, 10, 22, 32, 64] - Clinical trials showed FILSPARI resulted in ~40% reduction in proteinuria after 110 weeks compared to irbesartan [43] - SPARTAN study showed ~70% reduction in proteinuria from baseline at week 24 in newly diagnosed patients [56] - U S commercial launch of FILSPARI outperformed benchmark launches, with ~$132 million in net sales in FY24, a ~78% growth over 2023 [61, 110] Sparsentan for FSGS - Travere plans to submit an sNDA for sparsentan in FSGS around the end of 1Q25 [11, 14] - DUPLEX study showed sparsentan resulted in a ~50% reduction in proteinuria [79] - DUPLEX study showed ~2 5x greater complete remission with sparsentan compared to irbesartan [84] - There are 15,000-30,000 potential addressable patients with FSGS in the U S [10, 70] Pegtibatinase for HCU - Pegtibatinase is a potential disease-modifying therapy for classical HCU, targeting the underlying genetic cause [14, 88, 95] - Phase 1/2 COMPOSE study showed a ~67% mean relative reduction in total homocysteine (tHcy) from baseline in the highest dose cohort [99, 106] - The company is on track to restart enrollment in the Phase 3 HARMONY Study in 2026 [14, 108]

中新网圣保罗7月3日电 (记者 林春茵)"我们借助中国制造网解决了巴西石蜡供应短缺，如今正通过它寻 找废品铜供应商，并探索与中国企业合作开发锂矿项目。"巴西Comex贸易公司负责人卡塔琳娜2日在巴 西圣保罗举行的中巴经贸论坛上，回顾其公司依托中国平台拓展业务的成功经验。 当天，中国制造网(Made-in-China.com)与巴中经贸交流中心(CIECBC)联合主办的经贸论坛，吸引了超 过50位巴西工商界精英，传递出巴西市场对中国供应链的高度信任与深度合作意愿。 据介绍，作为B2B电子商务平台，中国制造网利用互联网将中国供应商的产品介绍给国内外采购商。 当天活动中，多位与会业界人士受访表示，中国成熟的"平台经济"亦令巴西客商受益，平台技术为两国 产业对接赋能。 7月2日，巴西圣保罗，巴中经贸交流中心会长方激在中巴经贸论坛上作介绍。记者林春茵摄 7月2日，巴西圣保罗，中巴经贸论坛现场。记者林春茵摄 REDES公司代表多次赴华考察，目前正通过CCBC(巴中企业家委员会)推进建筑技术及机械进口合作， 期待促成建筑领域新突破。该位代表表示，当下巴中专业对接需求旺盛，"凸显巴西产业升级对中国制 造的技术合作空间广阔。" ...

phone of the company of the late l 一向能够制造热点的特斯拉，近日迎来高层管理人员重大调整。 据外媒报道，特斯拉负责北美和欧洲业务的运营副总裁奥米德・阿夫沙尔（Omead Afshar）从公司离职后，马斯克亲自接手其业务，并任命特斯拉高级 副总裁朱晓彤负责特斯拉全球制造业务、以及朱晓彤之前负责的亚太地区的销售运营。 这次的高管人事变动，能否挽救特斯拉下滑的销量，成为热议的话题。 高管变动为哪般 拯救销量，无疑也是特斯拉的目标。 而此次升职的朱晓彤，堪称特斯拉的"救火队长"，其在中国市场业绩突出：早期积极拓展充电网络，并主导了上海超级工厂的快速建设，成功解决了当 时的产能瓶颈。 而离职的阿夫沙尔曾是马斯克的亲密战友。他在2017年加入特斯拉，当时公司正准备全面量产Model 3。阿夫沙尔曾在社交平台发文称："在Model 3的 地狱时刻，我几乎每天都和马斯克一起工作。这包括感恩节、圣诞节、新年前夜、他的生日等……" 去年10月份，阿夫沙尔晋升为特斯拉北美和欧洲销售及制造运营的负责人。当时，因电动汽车需求下滑，马斯克对欧美业务进行调整，任命阿夫沙尔负 责该业务。短短8个月后，阿夫 ...

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]