Core Insights - Baird Chautauqua International and Global Growth Fund's second quarter 2025 investor letter highlights a significant recovery in global equity markets after initial losses due to tariff announcements, with markets closing near all-time highs [1] - The fund underperformed its benchmark during the quarter, despite the overall market recovery [1] Company Summary: BeOne Medicines AG - BeOne Medicines AG (NASDAQ:ONC) is an oncology company focused on developing cancer treatments, with a one-month return of 7.99% and a 52-week gain of 47.21%, closing at $326.06 per share on September 26, 2025, with a market capitalization of $38.54 billion [2] - The company experienced an 11% decline in Q2 2025 after a 47% appreciation in Q1 2025, attributed to profit-taking and tariff concerns, while achieving first-time GAAP and non-GAAP net profits in Q1 2025 and maintaining its full-year guidance [3] - BeOne Medicines AG was held by 28 hedge fund portfolios at the end of Q2 2025, a decrease from 37 in the previous quarter, with the potential for greater upside seen in certain AI stocks [4]

Group 1: Recent IPOs on Hong Kong Stock Exchange - Two companies listed on the Hong Kong Stock Exchange from August 25 to August 31 [2] - Shuangdeng Group Co., Ltd. (6960.HK) listed on August 26, focusing on energy storage batteries, with a first-day increase of 31.29% and a market cap of approximately HKD 73 billion [3] - Jiaxin International Resources Investment Co., Ltd. (3858.HK) listed on August 28, specializing in tungsten mining, with a first-day increase of 177.84% and a market cap of approximately HKD 148 billion [3] Group 2: New Stock Offerings - One company completed its new stock offering during the week of August 25 to August 31 [4] - Aux Electric, a global provider of high-quality air conditioning solutions, went through the listing hearing [5] Group 3: Companies Submitting Listing Applications - A total of 22 companies submitted main board listing applications and one company submitted a GEM listing application from August 25 to August 31 [7] - Notable companies include: - Nazhen Technology, a global provider of optical communication solutions, submitted its application on August 25 [8] - Chengdu Guoxing Aerospace Technology Co., Ltd., a participant in China's commercial aerospace industry, submitted its application on August 25 [9] - InxMed Limited-B, a biotech company focused on cancer treatment, submitted its application on August 25 [9] Group 4: Financial Performance and Projections - Nazhen Technology projected revenues of CNY 5.043 billion, CNY 4.239 billion, and CNY 5.087 billion from 2022 to 2024, with profits of CNY 429 million, CNY 216 million, and CNY 89 million respectively [18] - Guoxing Aerospace projected revenues of CNY 177 million, CNY 508 million, and CNY 553 million from 2022 to 2024, with losses of CNY 91 million, CNY 139 million, and CNY 177 million respectively [20] - InxMed Limited-B reported no commercial sales revenue for 2023 and 2024, with losses of CNY 209 million and CNY 185 million respectively [23] Group 5: Industry Insights - The energy storage battery market is growing, with Shuangdeng Group focusing on applications in communication base stations and data centers [3] - The tungsten mining sector is highlighted by Jiaxin International, which is developing the Bakuta tungsten mine in Kazakhstan [3] - The optical communication sector is represented by Nazhen Technology, which ranks fifth globally in optical module revenue [18]

编译丨王聪 编辑丨王多鱼 排版丨水成文 癌细胞中固有免疫传感器，例如 Toll 样受体 （TLR） 其异常的表达和亚细胞定位与促肿瘤炎症和癌症进展相关，但其机制仍很大程度上未知。破译肿瘤微环境中 的促炎介质将有助于癌症治疗药物的研发。 2025 年 7 月 18 日， 曹雪涛 院士团队在 Signal Transduction and Targeted Therapy 期 刊发表了题为： Phosphorylated Toll-like receptor 3 nuclear translocation in cancer cell promotes metastasis and chemoresistance 的研究论文。 该研究表明，癌细胞中磷酸化的 Toll 样受体-3 （TLR3） 的核转位， 促进癌症转移和化疗耐药 ，这一发现揭示了 固有免疫传感器在癌症中的非经典功能，其介 导的 JAK1/TLR3/PRMT5/c-Myc 信号轴或可作为克服化疗耐药的潜在预后标志物和治疗新靶点。 从机制上来说，磷酸激酶 JAK1 通过协同核转运因子 importin α5，介导了 TLR3 第 155 位丝氨酸 （S ...

Group 1: US-Japan Tariff Negotiations - The US-Japan tariff negotiations have reached a deadlock, with both sides unable to find common ground [2] - Japan's Prime Minister Shigeru Ishiba stated that there are significant gaps in positions between the two countries, and Japan will continue to strongly request the removal of tariffs on automobiles and steel [2] - Japan holds over $1 trillion in US Treasury bonds, making it a significant player in negotiations, although officials have denied using this as leverage [2] Group 2: Impact on the Film Industry - The Trump administration is considering imposing a 100% tariff on foreign-made films, claiming it is necessary to protect the US film industry [3] - Critics argue that such tariffs could harm the US film industry's global market presence, potentially leading to a loss of export surplus [3] - The media has raised concerns about the future of Hollywood, suggesting it could become a "shell" of its former self due to these policies [3] Group 3: Pharmaceutical Industry Concerns - The US government is investigating the potential national security implications of drug imports, which may lead to increased tariffs on pharmaceuticals [6] - There are warnings that tariffs could result in drug shortages, particularly for critical medications like cancer treatments, and could raise costs for consumers, especially those without insurance [6] - Experts believe that the attempt to bring pharmaceutical manufacturing back to the US through tariffs is unrealistic due to high costs and time required for establishing new facilities [6] Group 4: General Economic Sentiment - The imposition of tariffs has led to widespread discontent among the American public, with significant impacts on daily life [7] - Despite the turmoil, President Trump expressed confidence that the economy will not enter a recession during his term, although he acknowledged the possibility [7]