Core Viewpoint - The importance of establishing an internal control and risk management system for futures derivatives business in enterprises is emphasized, highlighting that internal control is essential for effective risk management [1][2]. Group 1: Internal Control and Risk Management - Internal control consists of policies, systems, and processes designed to ensure normal operations, reduce errors, and prevent asset loss [1]. - Risk management is a systematic approach to identify, assess, monitor, and control various risks faced by enterprises, aiming for sustainable development under different risk conditions [1]. - The risk management framework is built upon the internal control framework, making internal control a crucial part of risk management [1]. Group 2: Hedging and Operational Guidelines - The centralized operation and management of futures and derivatives trading should be conducted by the enterprise headquarters, ensuring separation of key roles such as decision-making, order placement, risk control, compliance supervision, and market research [1]. - The primary goal of engaging in futures market hedging is to mitigate market operational risks, necessitating the establishment of a supervision system and checks and balances for operational procedures [1]. - It is essential to standardize operations in decision-making, authorization, and trading processes to enhance the enterprise's risk resistance capabilities in the futures market [1]. Group 3: Trading Motivation and Behavior - The understanding of concepts influences trading motivations, which in turn determines trading behavior; poor trading motivations can amplify trading risks [2]. - Enterprises must adhere to the original intention of risk hedging, focusing on the physical market and avoiding speculation, while accepting imperfect hedging [2]. - Fine management of basis is necessary to optimize the hedging effect [2].

Group 1 - The core point of the article is that Zhejiang Zhongtuo Group Co., Ltd. has successfully completed the first batch of warehouse receipts delivery for "Guiwan Steel" hot-rolled coils in collaboration with Guangxi Shenglong Metallurgy Co., Ltd. [1] Group 2 - The delivery was carried out by Ningbo Zhongtuo Supply Chain Management Co., Ltd., a subsidiary of Zhejiang Zhongtuo Group [1] - The successful collaboration indicates a strengthening partnership between the two companies in the steel supply chain [1]

Core Viewpoint - Zhejiang Zhongtuo (000906) announced the resignation of independent director Xu Yongbin, effective from August 19, 2025, due to the six-year tenure limit for independent directors as per regulations [1] Group 1 - The company’s board received a written resignation report from independent director Xu Yongbin [1] - Xu Yongbin has served as an independent director since August 20, 2019, and will resign from all positions within the company and its subsidiaries after his resignation [1] - Along with his resignation as an independent director, Xu will also step down from his roles as chairman of the audit committee, member of the nomination committee, and member of the remuneration and assessment committee [1]

证券代码：000906 证券简称：浙商中拓 公告编号：2025-54 浙商中拓集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特此公告。 浙商中拓集团股份有限公司董事会 根据《公司法》《上市公司独立董事管理办法》和《公司章程》 等相关规定，许永斌先生的辞职将导致公司独立董事人数少于董事 会成员人数的三分之一、相关董事会专门委员会中独立董事未过半 数，辞职报告将自公司股东大会选举产生新任独立董事之日起生效。 在此之前，许永斌先生将按照有关法律法规和《公司章程》的规定 继续履行职责。 公司董事会对许永斌先生在任期间的勤勉工作及对公司发展所 做出的贡献表示衷心的感谢！ 公司董事会将按照相关法律法规要求，尽快完成独立董事及相 关董事会专门委员会职务的补选工作。 浙商中拓集团股份有限公司（以下简称"公司"）董事会于近 日收到公司独立董事许永斌先生的书面辞职报告。根据《上市公司 独立董事管理办法》规定，独立董事连续任职不得超过六年，许永 斌先生自2019年8月20日起担任公司独立董事，现申请自2025年8月 审计委员会主任委员、提名委员会委员、薪酬与考核 ...

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum emphasizes the importance of establishing a robust internal control and risk management system for enterprises engaging in futures and derivatives trading [2] Group 1: Risk Management Framework - Enterprises should centralize the operation and management of futures and derivatives trading at the headquarters level, ensuring separation of key roles such as trading decision-making, order placement, risk control, compliance supervision, and market research [2] - A supervisory system for operational risks and a power balance mechanism should be established specifically for hedging activities, ensuring standardized operations in decision-making, authorization, and trading processes [2] - Enhancing the subjective initiative of operators at all levels is crucial for improving the enterprise's risk resistance in the futures market [2] Group 2: Trading Motivation and Behavior - The understanding of risk management influences trading motivation, which in turn determines trading behavior; poor trading motivation can amplify trading risks [2] - Enterprises must adhere to the original intention of risk hedging, focusing on the physical commodity market and avoiding speculative practices [2] - Accepting imperfect hedging and optimizing the hedging effect through refined management of basis is essential for effective risk management [2]

证券代码：000906 证券简称：浙商中拓 公告编号：2025-54 公司董事会对许永斌先生在任期间的勤勉工作及对公司发展所 做出的贡献表示衷心的感谢！ 公司董事会将按照相关法律法规要求，尽快完成独立董事及相 关董事会专门委员会职务的补选工作。 1 浙商中拓集团股份有限公司 关于公司独立董事任期届满辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 浙商中拓集团股份有限公司（以下简称"公司"）董事会于近 日收到公司独立董事许永斌先生的书面辞职报告。根据《上市公司 独立董事管理办法》规定，独立董事连续任职不得超过六年，许永 斌先生自2019年8月20日起担任公司独立董事，现申请自2025年8月 19日起辞去公司第八届董事会独立董事职务，同时一并辞去董事会 审计委员会主任委员、提名委员会委员、薪酬与考核委员会委员职 务，辞职后不再担任公司及控股子公司任何职务。截至本公告披露 日，许永斌先生未持有公司股份，不存在未履行完毕的公开承诺。 根据《公司法》《上市公司独立董事管理办法》和《公司章程》 等相关规定，许永斌先生的辞职将导致公司独立董事人数少于董事 会成员 ...

Market Performance - The ERP concept index declined by 3.00%, ranking among the top declines in the concept sector as of the market close on August 8 [1] - Within the ERP sector, major decliners included Dingjie Zhizhi, Saiyi Information, and Yonyou Network, while only five stocks saw price increases, with Jingda Co., Changrong Co., and Jian Design leading the gains at 0.78%, 0.50%, and 0.48% respectively [1] Capital Flow - The ERP concept sector experienced a net outflow of 2.465 billion yuan, with 25 stocks facing net outflows, and six stocks seeing outflows exceeding 100 million yuan [2] - The stock with the highest net outflow was Hand Information, with a net outflow of 479 million yuan, followed by Dingjie Zhizhi, Yonyou Network, and Runhe Software with net outflows of 471 million yuan, 343 million yuan, and 338 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows included Jingda Co., Yingtang Zhikong, and Aerospace Information, with net inflows of 38.63 million yuan, 16.47 million yuan, and 5.59 million yuan respectively [2][3]

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - A total of 1,144 company secretaries earned over 1 million yuan, accounting for more than 21% of the total [1] - The transportation industry had 299 listed companies, with a total secretary salary of 93.75 million yuan, an average salary of approximately 837,000 yuan, and a median salary of about 720,000 yuan [1] Salary Increases - The top ten companies with the highest salary increases for secretaries include Shanghai Port Group, COSCO Shipping Development, and Jianfa Co., with increases ranging from 20,000 to 840,000 yuan [2] - The highest salary increase was recorded at Shanghai Port Group, with a new salary of 2.759 million yuan, reflecting an increase of 840,000 yuan [2] - Zhejiang Zhongtuo's secretary, Lei Bangjing, received a salary increase of 613,000 yuan, ranking fourth in the industry despite the company's significant performance decline [4] Company Performance - Zhejiang Zhongtuo experienced a revenue decline of 0.57% year-on-year and a net profit drop of 45.99% in 2024, with a significant loss in net profit after deducting non-recurring items [4] - The company faced multiple regulatory penalties due to various compliance issues, including inadequate auditing of prepayment amounts and credit impairment provisions [4]

关于发行 2025 年度第三期中期票据的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 证券代码：000906 证券简称：浙商中拓 公告编号：2025-53 浙商中拓集团股份有限公司 近日，公司完成 2025 年度第三期中期票据的发行，现将发 行结果公告如下： | | 发行要素 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 浙商中拓集团股份有 | | | | | | | | 名称 | 限公司 | 2025 | 年度第三 | 简称 | 25 | 中拓 | MTN003 | | | 期中期票据 | | | | | | | | 债券代码 | 102583046 | | | 期限 | | 3 年 | | 1 特此公告。 浙商中拓集团股份有限公司董事会 2025 年 7 月 26 日 浙商中拓集团股份有限公司（以下简称"公司"）于 2024 年 8 月 21 日、2024 年 9 月 9 日分别召开的第八届董事会第六 次会议、2024 年第五次临时股东大会审议通过了《关于公司 ...

Group 1 - The "anti-involution" policy is becoming a new focus in the market, with expectations for a three-stage development: policy anticipation, price increases, and demand expansion [2] - The photovoltaic industry is expected to see a supply-demand turning point due to capacity clearance, particularly in the polysilicon and photovoltaic glass segments, with companies like Tongwei Co., Ltd., LONGi Green Energy, Daqo New Energy, and GCL-Poly Energy being highlighted [3] - High-dividend coal companies and turnaround coking companies such as China Coal Energy and Yanzhou Coal Mining Company are noted for their potential [4] Group 2 - The stabilization and recovery of bulk commodity prices driven by the "anti-involution" trend will benefit the profitability of bulk supply chain companies like Xiamen Xiangyu, Xiamen International Trade, and Zheshang Zhongtuo [5]