复星医药: 复星医药关于上海复星高科技集团财务 有限公司的风险持续评估报告 上海复星医药（集团）股份有限公司 关于上海复星高科技集团财务有限公司的风险持续评估报告 根据上海证券交易所《上市公司自律监管指引第 5 号—交易与关联交易》的要 求，上海复星医药（集团）股份有限公司（以下简称"本公司"）通过查验上海复星 高科技集团财务有限公司（以下简称"复星财务公司"）的《金融许可证》 《营业执 照》等证件资料，并查阅复星财务公司截至 2024 年 12 月 31 日未经审计的管理层报 表对其经营资质、业务和风险状况进行了评估，具体情况报告如下： 位票据贴现； 一、复星财务公司的基本情况 复星财务公司于 2011 年 6 月经中国银行业监督管理委员会（现为"国家金融监 督管理总局"）批准成立，并于 2011 年 7 月在上海市普陀区完成工商注册，同年 12 月正式开业。截至 2024 年 12 月 31 日，复星财务公司的股权结构如下： 单位：人民币 万元 序号 股东全称 出资金额 出资比例 合计 150,000 100% 根据复星财务公司《金融许可证》，截至 2024 年 12 月 31 日，复星财务公司的 业务范 ...

中集车辆: 海通证券股份有限公司关于中集车辆 （集团）股份有限公司对于中集集团财务有限公司 2024年度风险持续评估报告的核查意见 海通证券股份有限公司 关于中集车辆（集团）股份有限公司 对于中集集团财务有限公司 2024 年度风险持续评估报告的核查 根据《深圳证券交易所上市公司自律监管指引第7号——交易与关联交易》 的规定，结合中集集团财务有限公司（以下简称"中集财务公司"）提供的《金融 许可证》及《营业执照》等有关证件资料，中集车辆（集团）股份有限公司审阅 了中集财务公司包括资产负债表、利润表、现金流量表等在内的财务报告、经营 资质、内控制度建设、经营及风险状况，据此，对公司及合并报表范围内的相关 子公司与中集财务公司开展存贷款及其他金融业务的风险进行了持续评估。 一、中集财务公司基本情况 中集财务公司成立于2010年2月9日，是经国家金融监督管理总局批准成立的 非银行金融机构，注册资本为人民币13.26亿元，现有股东单位1家，其中：中国 国际海运集装箱（集团）股份有限公司（以下简称"中集集团"）持股比例为100%。 金融许可证机构代码：L0108H244030001 法定代表人：张力 意见 海通证券股份 ...

中海油服: 中海油服2024年度独立董事述职报告 （姚昕） 中海油田服务股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司独立董事 管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引 第1号——规范运作》《上海证券交易所上市公司自律监管指引第5号——交易与关联交 易》《香港联合交易所有限公司证券上市规则》等公司适用的法律法规、《中海油田服 务股份有限公司章程》（以下简称"《公司章程》"），以及良好公司治理对独立董事 的内在要求，2024年度本人谨慎认真、勤勉诚信履职尽责，积极发挥作用，维护公司和 股东尤其是中小股东的合法权益，促进发展战略规划的不断推进实施，为公司的发展做 出了积极的贡献，现将本年度履职情况报告如下： 一、基本情况 本人作为公司独立董事，具备独立董事的任职资格，在公司及公司子公司不拥有任 何业务或财务利益，也不在公司担任除独立董事外的任何管理职务，不存在影响独立性 的情况，符合有关监管要求，担任提名委员会主席、审计委员会委员和薪酬与考核委员 会委员，基本信息及主要工作经历如下： 面的专业意见，尤其是在聘任董事监事高级管理人员、财务报告审阅、 ...

中国外运: 中国外运股份有限公司关于招商局集团 财务有限公司的风险持续评估报告 中国外运股份有限公司 关于招商局集团财务有限公司的风险持续评估报告 中国外运股份有限公司（以下简称"本公司"）查验了招商局集团财务有限 公司（以下简称"财务公司"） 《金融许可证》、 《营业执照》等证件资料，审阅了 财务公司资产负债表、利润表、现金流量表等定期财务报告，对财务公司的经营 资质、业务和风险状况进行了评估，现将有关风险评估情况报告如下： 一、财务公司基本情况 财务公司于 2011 年 5 月 17 日经原中国银行业监督管理委员会批准正式成立， 并取得《金融许可证》，是具有企业法人地位的非银行金融机构。 注册地：北京市朝阳区安定路 5 号院 10 号楼 B 栋 15 层 1501 组织架构图如下： （二）风险的识别与评估 财务公司制定了一系列的内部控制制度及各项业务的管理办法、操作规程、 内控手册，设立了风险管理部/法律合规部和审计稽核部，对财务公司的业务活 动进行全方位的监督和稽核。财务公司建立了较为完善的分级授权管理制度，各 部门间、各岗位间职责分工明确，各层级报告关系清晰，通过部门及岗位职责的 合理设定，形成了部门 ...

云南铜业: 监事会决议公告 证券代码：000878 证券简称：云南铜业 公告编号：2025-015 云南铜业股份有限公司 第九届监事会第二十六次会议决议公告 本公司及监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。 云南铜业股份有限公司（以下简称云南铜业或公司）第 九届监事会第二十六次会议通知于 2025 年 3 月 14 日以加密 邮件形式发出，会议于 2025 年 3 月 24 日以现场方式在云南 省昆明市盘龙区华云路 1 号中铜大厦会议室召开，会议应到 监事 4 人，实到监事 4 人，会议由监事会主席彭捍东先生主 持。会议的召集、召开符合《公司法》和《公司章程》的有 关规定。到会监事经过充分讨论，经书面表决的方式审议并 通过了如下议案: 一、以 4 票同意，0 票反对，0 票弃权，审议通过《云 南铜业股份有限公司 2024 年年度报告全文》 具体内容详见公司于同日在指定信息披露媒体上披露 的《云南铜业股份有限公司 2024 年年度报告全文》 监事会对公司 2024 年年度报告的内容和编制审议程序 进行了全面审核，发表意见如下： 经审核，监事会认为董事会编制和审议云 ...

Core Insights - The article emphasizes the increasing significance of gold as a traditional safe-haven asset amid rising global economic uncertainties, geopolitical conflicts, and persistent inflation pressures. It aims to provide a comprehensive practical guide for international gold traders to achieve stable profits in a volatile market environment. Group 1: Market Analysis - Gold prices are closely linked to global economic conditions, with key indicators such as U.S. non-farm payroll data, CPI (Consumer Price Index), and Federal Reserve interest rate decisions being crucial. Weak non-farm data or unexpected CPI increases may raise recession fears, driving gold prices up, while Fed rate hikes could enhance the dollar's appeal, suppressing gold prices [4]. - Geopolitical risks, including wars, trade disputes, and sanctions, heighten market risk aversion. For instance, during the escalation of the Russia-Ukraine conflict, gold prices briefly surpassed $2000 per ounce. Investors should monitor news and analyses from professional institutions to capture short-term impacts of geopolitical risks on the gold market [4]. - Central bank monetary policies directly affect gold's monetary attributes. When real interest rates (nominal rates minus inflation) decline, the holding cost of gold decreases, enhancing its attractiveness. For example, during the global monetary easing in 2020, gold prices reached historical highs [4]. - Technical analysis tools, such as candlestick charts, moving averages (MA), and relative strength index (RSI), can help identify price trends and trading signals. For instance, if gold prices break through key resistance levels while the RSI is not overbought, it may indicate a continuation of upward momentum [4]. Group 2: Strategy Formulation - Trend-following strategies are essential in a unidirectional market. For example, when gold prices consistently break important moving averages (like the 200-day MA) with increased trading volume, gradual position building and setting trailing stop-loss orders are recommended. Avoiding "counter-trend bottom fishing" is crucial, especially during extreme market sentiments [5]. - In a range-bound market, profits can be made through buying low and selling high. For instance, within a $1900-$2000 per ounce range, buying near support levels and selling near resistance levels while implementing strict stop-loss measures (3%-5% of the range width) is advisable [5]. - Arbitrage trading strategies can exploit price differences between gold spot and futures markets or between different exchanges (e.g., COMEX and Shanghai Gold Exchange). For example, if COMEX gold prices exceed reasonable premiums over Shanghai gold, buying Shanghai gold and selling COMEX gold can lock in profit from the price difference [5]. - Event-driven strategies involve positioning ahead of key events like Federal Reserve meetings or U.S. CPI data releases. For instance, if market expectations are high before a Fed rate hike, shorting gold in advance may be prudent; conversely, if data exceeds expectations, rapid position adjustments are necessary [5]. Group 3: Risk Management - Position control is vital, with a single trade risk not exceeding 2%-5% of total capital to prevent significant losses from single errors. For example, with an account balance of $100,000 and a stop-loss of $50 per ounce, a maximum of 4 contracts (1 contract = 100 ounces) can be traded [7]. - Setting clear stop-loss points (e.g., 3% below support levels) and profit targets (e.g., 5% above resistance levels) is essential. For instance, if gold is bought at $1950 per ounce, a stop-loss at $1900 and a take-profit at $2050 can help secure a favorable risk-reward ratio [7]. - Diversification is crucial to avoid over-concentration in holdings. Allocating funds across different assets such as gold ETFs, gold mining stocks, and physical gold can mitigate the impact of volatility in a single asset. For example, 60% in gold futures, 30% in gold ETFs, and 10% in physical gold is a balanced approach [7]. - Liquidity management involves trading during active hours (e.g., when London and New York markets overlap) to avoid slippage due to insufficient liquidity. Additionally, maintaining sufficient margin to meet potential margin calls is important [7]. Group 4: Mindset Adjustment - Avoiding emotional trading is critical, as fear and greed can lead to irrational decisions during market volatility. For instance, panicking during price drops or excessively chasing prices during surges should be avoided. Establishing and adhering to a trading plan can minimize impulsive adjustments [8]. - Combining a long-term perspective with short-term flexibility is beneficial. While long-term trends in gold are supported by inflation and currency depreciation, short-term fluctuations are unpredictable. Setting a core position (e.g., 50%) to hold until target levels while using remaining capital for swing trading is advisable [8]. - Continuous learning and reviewing trading records to analyze profit and loss reasons are essential. For example, if frequent losses occur due to wide stop-losses, adjusting the stop-loss strategy may be necessary; if trend opportunities are missed, optimizing entry signals is recommended [8]. - Monitoring market sentiment indicators, such as the CBOE Volatility Index (VIX) and speculative net long positions in gold, can help gauge market optimism or pessimism. For instance, a spike in VIX alongside historically high net long positions in gold may signal potential correction risks [8].

Core Viewpoint - Leshan Commercial Bank plans to issue a total of 30 billion RMB in interbank certificates of deposit for the year 2025, highlighting its growth strategy and financial stability [1] Financial Data - As of December 2024, Leshan Commercial Bank's total assets reached 202.39 billion RMB, an increase of 21.62 billion RMB from the beginning of the year, representing a year-on-year growth of 11.96% [2] - The bank's deposit balance was 139.92 billion RMB, up by 11.03 billion RMB, with a year-on-year growth of 8.56% [2] - Loan balances stood at 115.61 billion RMB, increasing by 6.73 billion RMB, with a year-on-year growth of 6.18% [2] - From 2022 to 2024, the bank's total assets grew at a compound annual growth rate (CAGR) of 11.5%, deposits at 10.8%, and loans at 21.6% [2] Profitability - In 2024, Leshan Commercial Bank achieved an operating income of 4.217 billion RMB, a year-on-year increase of 21.1%, and a net profit of 818 million RMB, up 33.9% [3] - The bank's net interest margin decreased to 2.06% in 2024 from 2.09% in 2022, indicating potential pressure on profitability due to market interest rate fluctuations and rising funding costs [3] Risk Management - The non-performing loan (NPL) ratio for 2024 was 1.48%, down from 1.53% in 2023, and significantly lower than the industry average of approximately 1.8% [4] - The bank's provision coverage ratio improved to 220.30% in 2024 from 194.56% in 2023, indicating enhanced risk management capabilities [4] Shareholder Structure - As of December 31, 2024, Leshan Commercial Bank's registered capital was 4.83 billion RMB, with the top ten shareholders holding a combined 72.85% stake [5] - The largest shareholder, Leshan State-owned Assets Investment Operation Group Co., Ltd., holds 14.38% of the shares [5]

Core Viewpoint - Bloomberg Terminal's PORT scenario analysis serves as a forward-looking risk management tool that evaluates the impact of various simulated scenarios on investment portfolios, optimizing them and allowing for historical backtesting of strategies to make more informed investment decisions [1] Group 1 - PORT WS functionality enables users to experience the tool's capabilities through expert demonstrations [1] - The tool assists in optimizing investment portfolios by assessing multiple scenarios [1] - Historical backtesting of portfolio strategies is facilitated, aiding in the formulation of better investment strategies [1]

Group 1: Risk Management - The bank adheres to the philosophy that "operating a bank means managing risks," continuously improving a comprehensive risk management system that involves all employees and processes [2] - Unified credit policies are implemented at the business entry level, with ongoing industry research for risk identification and independent credit approval for business transactions [2] Group 2: Net Interest Margin Outlook - The company places high importance on net interest margin management, aiming to stabilize it through optimizing the asset-liability structure and increasing the proportion of demand deposits [2] - Current observations indicate that the net interest margin has shown signs of stabilization [2] Group 3: Dividend Outlook - Stable dividends are considered a crucial component of shareholder returns, with the company committed to creating good returns for shareholders [2] - The profit distribution plan for the new year is still under consideration, with a focus on developing a more proactive and reasonable dividend scheme to enhance investor satisfaction [2] Group 4: Investor Communication - During the reception, the company's representatives engaged in thorough communication with investors, strictly adhering to relevant regulations without disclosing any undisclosed significant information [2]

广东省交通集团财务有限公司 2024年年度风险评估报告 目 录 一、风险评估报告 二、风险评估说明 永拓会计师事务所（特殊普通合伙） 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 拓会计师事务所(特殊普通合伙) 风险评估报告 永证专字(2025)第 310015 号 广东省高速公路发展股份有限公司: 我们接受委托,审核了广东省交通集团财务有限公司(以下简称"交通集团 财务公司")管理层对截至 2024 年 12 月 31 日与财务报表编制有关的风险管理 制度设计的合理性与执行的有效性做出的评价与认定。建立健全风险管理制度并 保持其有效性是交通集团财务公司管理当局的责任。我们的责任是对交通集团财 务公司与财务报表编制有关的风险管理制度的执行情况发表意见。 我们在审核过程中,实施了包括了解、测试和评价交通集团财务公司与财务 报表编制有关的风险管理制度设计的合理性和执行的有效性情况,以及我们认为 必要的其他程序。我们相信,我们的审核为发表意见提供了合理的基础。 风险管理具有固有限制,存在由于错误或舞弊而导致错报发生和未被发现的 可能性。此外,由于情况的变化可 ...