Core Viewpoint - The article highlights the increasing demand for financial management solutions among small and micro business owners in a low-interest-rate environment, with a focus on the innovative financial products offered by Wangshang Bank to meet their diverse needs [1][2]. Group 1: Financial Products Overview - Wangshang Bank has launched a series of financial products such as Yulibao, Wenlibao, Zenglibao, Zhoulibao, and Yuelibao to cater to the asset management needs of small and micro business owners [1][2]. - The average annualized return for Yulibao is 1.40%, outperforming the average of money market funds by 6.1% [13]. - Wenlibao offers a 2.32% average annualized return, with 100% positive returns for users holding it for over three months [17]. - Zenglibao employs a "fixed income plus" strategy, achieving an average annualized return of 3.00%, which is 47% higher than the market average for fixed-income products [20]. - Zhoulibao and Yuelibao are designed for flexible savings, with average annualized returns of 2.22% and 2.37% respectively, allowing users to manage cash flow effectively [29]. Group 2: User Engagement and Growth - Wangshang Bank's financial products have seen significant user growth, with 495 million users choosing Wenlibao, reflecting an 84% increase since the beginning of the year [16][17]. - The number of farmers using Wangshang Bank's financial services increased by 48.4% after the autumn harvest, while e-commerce merchants' financial balances grew by 102.5% post "Double 11" sales [6][9]. - Over 80% of small business owners prefer to use a combination of Zhoulibao/Yuelibao and Yulibao for managing their liquid funds, indicating a trend towards more sophisticated financial management [30]. Group 3: Risk Management and Product Performance - Wangshang Bank employs a strict selection process for its financial products, ensuring that small business owners can access safe and stable asset management services [4]. - The maximum drawdown for Zenglibao is significantly lower than that of comparable fund products, demonstrating its resilience in volatile markets [21]. - The bank's approach to asset allocation and risk control has allowed it to maintain a competitive edge in the financial services market for small and micro enterprises [5].

Group 1: Industry Overview - The global futures market is experiencing increased volatility, leading to a growing adoption of futures trading as a risk management tool by enterprises and investors [1] - By 2025, the average daily trading volume in the global futures market is expected to exceed 50 million contracts, with energy futures accounting for 38%, agricultural futures 22%, metal futures 15%, and financial futures 25% [1] - The core value of futures trading lies in price discovery and risk hedging through standardized contracts, with significant applications in various sectors such as cotton, coal, and crude oil [3] Group 2: Technical Requirements - Futures trading demands high system stability, response speed, and data analysis capabilities, particularly for high-frequency trading and arbitrage [4] - A significant portion (78%) of trading losses due to technical failures in 2025 is attributed to system delays or data errors, highlighting the importance of selecting a technologically robust futures company [4] Group 3: Company Profile - Dongwu Futures Co., Ltd. - Dongwu Futures Co., Ltd. is recognized for its comprehensive service capabilities and stable operational strategies, with a registered capital of 1.0318 billion yuan and total assets of 19.016 billion yuan as of August 2025 [5] - The company offers a full range of futures trading services, including cotton, coal, and crude oil futures, with a market share of 15% in cotton futures and a customer coverage rate of 42% in coal futures by 2025 [6] Group 4: Technical Advantages and Risk Control - Dongwu Futures has invested heavily in an intelligent trading platform with microsecond-level response speed, processing over 5 million orders daily [8] - The company has established a comprehensive risk control system, achieving a risk event occurrence rate of only 0.03% in 2025, significantly lower than the industry average of 0.15% [8] Group 5: Industry Recognition and Customer Satisfaction - Dongwu Futures has received multiple accolades, including being rated as an A-class company for five consecutive years and recognized as an "Excellent Member" by major exchanges [9] - The company serves a diverse client base, with over 100,000 individual clients and more than 5,000 institutional clients, achieving a customer satisfaction rate of 95% [9]

Core Viewpoint - The core of gold trading rules emphasizes "clear boundaries, risk control, and transparent operations," allowing beginners to avoid complex terms and focus on key points related to their capital, operations, and returns [1]. Group 1: Basic Trading Rules - Gold trading operates almost 24 hours internationally, with domestic varieties having specific trading hours, and the most volatile periods occur during overlapping hours of the US and Europe [3]. - Different trading varieties have different trading times, and individuals should choose long-term varieties to avoid high-frequency volatility if they have limited trading time [4]. - International gold is priced in ounces, while domestic varieties are priced in grams or lots, with the difference between buying and selling prices constituting the basic trading cost [5]. Group 2: Cost-Related Rules - Core costs include spreads, commissions, and fees, with overnight fees applicable for certain varieties; all fees should be transparent and disclosed by legitimate platforms [8]. - The spread is the fixed difference between the buying and selling price, while commissions are often charged as a percentage of the transaction amount or a fixed fee [9]. - Longer holding periods may incur more overnight fees, making short-term trading preferable to avoid these costs [10]. Group 3: Leverage and Margin Rules - Leverage allows control over large contracts with a small amount of capital, amplifying both potential profits and risks; beginners are advised to choose low or zero leverage [12]. - Margin must be deposited for leveraged trading, and if losses reduce the margin below a certain level, additional margin may be required to avoid forced liquidation [13]. Group 4: Order and Risk Control Rules - Common order types include market orders for immediate execution, limit orders to set target prices, and stop-loss/ take-profit orders to manage risk and lock in profits [14][15][16]. - Some platforms offer negative balance protection to ensure losses do not exceed the account balance, and there are position limits to prevent excessive concentration in a single variety [17]. Group 5: Fund Security Rules - Fund deposits should be made through legitimate channels, and withdrawal processes must be clear and timely, with accounts matching the identity of the account holder [19]. - Client funds must be strictly separated from the platform's operational funds and stored in reputable banks, allowing for real-time tracking of fund flows [20]. Group 6: Delivery and Settlement Rules - Certain gold varieties do not require physical delivery, focusing on profit from price differences, while futures have specific delivery months that require pre-closure to avoid forced delivery [21]. - Daily settlement occurs with a clear calculation of profits, losses, and fees, based on the weighted average price of transactions [22]. Group 7: Compliance Trading Rules - Trading must occur through licensed and compliant platforms with authoritative financial regulatory qualifications to avoid risks associated with illegal platforms [22]. - Insider trading and market manipulation are prohibited, with compliant platforms monitoring for abnormal trading activities to ensure market fairness [23]. - Each transaction on legitimate platforms has a unique code for traceability and verification [24]. Conclusion - The essence of gold trading rules is not in complex terms but in "clear boundaries, risk control, and transparent operations," with beginners advised to focus on four core rules: cost transparency, cautious use of leverage, mandatory stop-loss orders, and fund security [25].

Core Insights - The public fund industry in 2025 achieved a record high average return rate of 141.87% for the top 20 funds, with the leading product reaching an astonishing 233.29%, setting a new annual return record for the industry [1] - The industry is transitioning from a "betting" growth model to a more refined and systematic operation, marking a significant evolution in the active equity fund sector [1] Group 1: Performance and Trends - The top 20 active equity funds in 2025 displayed a notable shift in their investment research structure, moving towards a "platform-based, integrated, multi-strategy" research system [2] - The average tenure of fund managers for the top 20 funds was 4.66 years, the lowest in the past decade, indicating a trend towards younger managers [2] - 95% of the fund managers in the top 20 funds held master's degrees, with 5% holding doctoral degrees, showcasing a higher educational background compared to the industry average [3] Group 2: Investment Strategies - Fund managers with diverse professional backgrounds, particularly in science and engineering, are becoming increasingly important, allowing for better understanding of emerging sectors like technology and renewable energy [3] - The investment style has shifted from "high-frequency trading" to "steady and in-depth research," with the median turnover rate for the top 20 funds dropping to 309.49%, a decrease of over 30% from 2024 [3] - The top two sectors for the leading funds were electronics and communications, indicating a consensus on industry trends among fund companies [4] Group 3: Methodology Evolution - The methodology for achieving high returns has evolved from relying on short-term market speculation to focusing on long-term value creation, with the median excess return over benchmarks for the top 20 funds reaching 121.45%, a new high [5] - The information ratio for the top 20 funds improved to an average of 0.3, reflecting enhanced efficiency in generating excess returns while managing portfolio volatility [6] - The average Calmar ratio for the top 20 funds reached 5.3, indicating a significant improvement in risk-adjusted returns compared to previous years [7] Group 4: Strategic Adjustments - The public fund industry is moving towards a more refined and systematic operation, with a focus on multi-strategy investment approaches to enhance performance and stability [9] - The integration of research across different sectors is becoming standard practice, allowing for more precise investment decisions based on comprehensive industry insights [10] - The shift towards a diversified asset allocation strategy is seen as essential for mitigating market volatility and enhancing long-term performance stability [12]

Core Insights - The article highlights the contrasting performance in global capital markets in 2025, with significant gains in AI hardware, precious metals, and geopolitical tensions driving asset prices up, while many retail investors faced losses due to market volatility [1][2] - Investor Achen achieved impressive returns across various asset classes, emphasizing a disciplined and structured asset allocation strategy rather than speculative trading [1][3] Investment Performance - Achen's stock account yielded a 45% return, driven by a focus on the AI hardware supply chain and a strict dynamic rebalancing strategy [3] - The performance of precious metals was influenced by geopolitical events, with silver rising 140% and gold 60%, the latter being a more planned investment based on macroeconomic trends [2][19] - The 15% return from the "Anzheng Changying" fund was viewed as a stabilizing force within Achen's overall portfolio, providing a buffer against market volatility [6][31] Risk Management - Achen's investment philosophy redefines risk, focusing on the ability to preserve wealth against inflation and market downturns rather than merely avoiding losses [6][39] - The structured account system divides roles among different asset classes, with equities as the offensive component, ETFs as a defensive measure, and precious metals providing protection during market turmoil [7][26] Future Strategy - Looking ahead to 2026, Achen plans to adopt a more conservative approach, reducing exposure to precious metals and reallocating profits into lower-volatility assets to enhance portfolio resilience [11][34] - Achen emphasizes the importance of a tiered asset allocation strategy that aligns with individual financial goals and risk tolerance, advocating for a balanced approach to avoid extreme risk exposure [12][40] Conclusion - The narrative underscores the value of stability and long-term survival in investing, contrasting with the prevalent pursuit of high returns in volatile markets [14][44] - Achen's experience serves as a reminder that true investment success lies in maintaining a sustainable strategy that prioritizes wealth preservation over short-term gains [14][46]

Core Viewpoint - The article discusses the growing interest in spot gold as a flexible investment option, highlighting its advantages such as 24-hour trading and the ability to go long or short on gold prices, while also emphasizing the importance of understanding the rules before entering the market [1][3]. Group 1: Characteristics of Spot Gold - Spot gold allows for online trading without physical delivery, focusing on price changes rather than specific gold bars [1]. - It offers 24-hour trading opportunities, particularly during the overlap of European and American markets, which tends to be more active [1]. - The ability to operate in both directions (going long or short) provides investors with greater flexibility [1]. Group 2: Market Context and Investor Behavior - The current global economic environment, characterized by geopolitical tensions and inflationary pressures, has led many investors to seek stable assets like gold for risk diversification [3]. - Platforms like Jinsheng Precious Metals are gaining attention for providing comprehensive trading support, including real-time pricing and risk control tools [3]. - Gold prices are influenced by factors such as the US dollar's performance, real interest rates, and market sentiment, making it essential to view gold as part of a broader asset allocation strategy [3]. Group 3: Recommendations for New Investors - New investors are advised to start by understanding the market and utilizing demo accounts offered by platforms to familiarize themselves with trading processes [4]. - Establishing risk control habits is crucial, including setting stop-loss and take-profit levels before entering trades [4]. - Awareness of market behavior during different trading sessions is important, as volatility can vary significantly between Asian and European/American market hours [4]. Group 4: Platform Selection Criteria - A reliable trading platform should have transparent qualifications, independent fund custody, and clear fee structures [5]. - User experience is vital; the trading software should be stable, and customer support should be effective in resolving issues [5]. - Investors are encouraged to rely on personal experience and user feedback rather than exaggerated promises from platforms [5]. Group 5: General Advice for Investors - Caution is advised against platforms that promise guaranteed profits or encourage excessive leverage, as high returns typically come with high risks [7]. - Investors should start with funds that do not impact their daily lives and can begin with minimal trading volumes to gain familiarity [7]. - Continuous learning and adaptation to market changes are essential for long-term success in trading [7].

Group 1 - The article discusses the recent fluctuations in gold and silver prices, highlighting a significant drop followed by a rebound, with gold reaching a high of $4404 after a low of $4300 [1][3] - The situation in Yemen has escalated, with Saudi Arabia conducting airstrikes, leading to a 90-day state of emergency declared by Yemen's leadership [1] - The Federal Reserve's meeting minutes reveal significant internal disagreements among officials regarding interest rate adjustments, indicating a challenging decision-making environment [1] Group 2 - The recent collective drop in precious metals is attributed to market manipulation, particularly by major players using margin increases as a trigger to pressure speculative funds [3] - Gold's rebound after the drop is seen as a self-rescue attempt by bulls, but the failure to break above $4400 suggests that the downtrend may continue [3][5] - Silver experienced a dramatic rebound, reaching $78 after a significant drop, but its volatility is noted as a risk for traders [6][8] Group 3 - The article emphasizes the importance of risk control in trading, warning that without it, traders may face significant losses despite potential gains [3] - Short-term trading strategies are suggested, with specific price levels for support and resistance in both gold and silver, indicating a cautious approach moving forward [5][9] - Platinum and palladium are also mentioned, with recommendations for long positions at specific price points following recent declines [9][11]

Core Viewpoint - The company has decided to revoke the authorization for its subsidiaries to engage in securities investments and derivatives due to significant market volatility, aiming to better control investment risks and focus resources on its core business [1] Group 1 - The company held the 11th meeting of the 10th board of directors on December 30, 2025, where the decision was made [1] - The decision reflects the company's strategy to concentrate on its main business and strengthen existing operations [1] - The move is intended to empower the company's development strategy by reallocating resources away from non-core activities [1]

Core Insights - The article emphasizes the importance of discipline, knowledge, and emotional control in stock market investing, highlighting that many retail investors fail due to poor habits and lack of a structured approach [1][3]. Stock Selection Strategies - Stock selection should not occur during bullish markets, as it obscures the true quality of stocks; instead, investors should identify strong stocks before a bull market begins [3][4]. - The future prospects of a company, rather than its current market price, should guide stock selection; companies with substantial long-term benefits are more likely to see their stock prices rise [3][4]. - Investors should avoid being misled by past stock price increases, as future performance is not guaranteed by historical gains [3][4]. - It is crucial to invest within one's area of expertise; unfamiliar stocks can lead to anxiety and poor decision-making [4][5]. - During market downturns, investors should focus on sectors with strong potential and select stocks that have declined the least, as these often have strong backing from major investors [5][6]. - Stock selection should begin with an analysis of industry and policy outlooks, followed by a focus on active leading stocks within promising sectors [5][6]. Buying Methods - The principle of buying low and selling high is fundamental; investors should purchase stocks during price declines rather than during rallies [6][7]. - Buying at support levels is essential, as stocks need a solid foundation to reverse downward trends; significant support levels increase the likelihood of successful upward movements [6][7]. - Volume and price relationships should inform buying decisions; stocks that stabilize at lower prices and then show increased volume are often good entry points [6][7]. - A strategy of staggered buying can mitigate risks associated with missing out on good stocks while avoiding the pressure of high entry prices [6][7]. - Right-side trading involves buying during confirmed upward trends, particularly after stocks break out of long consolidation phases [6][7]. Risk Management and Trading Discipline - Effective risk management is critical; traders should avoid overtrading and ensure they have a clear plan for entry and exit points [12][13]. - Setting stop-loss orders is vital to protect against significant losses, and these should only be adjusted upwards [12][13]. - Traders should be patient and wait for favorable conditions rather than forcing trades during uncertain times [12][13]. - Maintaining a disciplined approach to trading can lead to a more enjoyable experience in the market, as emotional control is essential for long-term success [16].

| 投资者关系活动 ☑ | 特定对象调研 分析师会议 □ | | --- | --- | | 类别 □ | 媒体采访 □业绩说明会 | | □ | 新闻发布会 □ 路演活动 | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 国信证券 王剑 富国基金 徐健荣 | | 人员姓名 | | | 时间 | 年 月 日 上午 2025 12 24 (周三) 10:00-11:00 | | 地点 | 江阴市澄江中路 1 号银信大厦 11 楼会议室 | | 上市公司接待人 | 董事会秘书周晓堂 | | 员姓名 | | | | 主要就江阴银行相关经营情况进行了交流，以下为本次调研问询 | | | 及简要回复情况记录： | | 1. | 在当前宏观经济环境下，银行业传统的存贷利差业务面临一 | | | 定压力。请问贵行在明年及未来几年的整体战略布局上，将如何 | | | 寻求新的增长引擎和盈利突破点？ | | | 答：尊敬的投资者，感谢您的关注。面对当前宏观环境，我 | | 投资者关系活动 主要内容介绍 | 行明年战略布局将以中间业务收入为核心增长引擎，同时优化资 | | | ...