Core Viewpoint - Bloomberg's MARS solution has been adopted by Tianxing Bank to enhance its interest rate risk management and regulatory compliance in response to evolving regulatory requirements in Hong Kong [1][2]. Group 1: Tianxing Bank - Tianxing Bank is a digital bank in Hong Kong, primarily owned by Xiaomi Group and Futu Group, focusing on inclusive finance and making banking services more accessible [3]. - The bank has been a licensed bank under the Hong Kong Monetary Authority since May 9, 2019 [3]. Group 2: Bloomberg MARS Solution - Bloomberg MARS provides a transparent modeling approach and automated data aggregation, improving financial and asset-liability management workflows while reducing human error risks [2]. - The solution supports comprehensive risk management and asset-liability management frameworks, especially in light of increased regulatory scrutiny on interest rate risk [2]. - MARS is recognized in the industry, having won multiple awards, including Best Sell-Side Front Office Platform at the WatersTechnology 2024 Sell-Side Technology Awards [4].

广州汽车集团股份有限公司（简称"本公司"或"公司"）第六届董事会第 81 次会议于 2025 年 2 月 27 日(星期四)以通讯方式召开。本次会议应参与表决 董事 10 人，实际参与表决董事 10 人。本次会议的召集召开符合《中华人民共和 国公司法》《广州汽车集团股份有限公司章程》《广州汽车集团股份有限公司董事 会议事规则》的相关规定，所做决议合法有效。经与会董事投票表决，审议通过 如下事项： 一、审议通过了《关于广汽汇理汽金发行 ABS（资产支持证券）的议案》。 同意合营企业广汽汇理汽车金融有限公司在监管机构批复的有效期内分期 择机发行不超过 180 亿元人民币 ABS（资产支持证券），发行利率不超过同时期 同期限同业借款利率。 H股代码：02238 H 股简称：广汽集团 A股代码：601238 A股简称：广汽集团 公告编号：临2025-015 广州汽车集团股份有限公司 第六届董事会第 81 次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 四、审议通过了《关于修订<市值管理制度>的议案》。 表决结果：同意 ...

Financial Data and Key Metrics Changes - The company reported a growth in book value per share of almost 20% and over 24% when including dividends [11] - The combined ratio for Q4 was 77.8% and for the full year was just under 80% [19][29] - Record net income of $135.2 million for the full year, up almost 15% from the prior year [35] - Core operating income reached a record $40.9 million in Q4 and $144.8 million for the full year [36][40] - Total assets increased by almost 11% to over $2 billion [37] - Total equity increased by 21.1% to over $650 million [38] Business Line Data and Key Metrics Changes - Gross premiums in the short tail segment were up marginally in Q4 and up just shy of 3% for the full year [30] - The reinsurance segment saw gross premiums up more than 36% for the full year [32] - The long tail segment experienced a contraction of about 1.5% points in Q4 and almost 10 points for the full year [33] Market Data and Key Metrics Changes - The company entered new markets, notably the U.S., and expanded its underwriting portfolio significantly [14][23] - The U.S. market remains a key growth area, with gross premiums of just over $120 million written in 2024 [55][56] - The European market dynamics are relationship-driven, requiring longer penetration times [56] Company Strategy and Development Direction - The company aims to maintain a disciplined approach to underwriting, focusing on bottom-line profitability [28][72] - There is a commitment to finding new business opportunities while adhering to risk appetites [70][72] - The company has established a presence at Lloyd's in London to enhance marketing activities [25] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging start to 2025 with elevated loss activity, particularly in short tail and reinsurance lines [46] - There are signs of rate stabilization in some long tail lines, although the overall environment remains competitive [46][47] - The company is confident in its ability to navigate market challenges and continue delivering value to shareholders [60][62] Other Important Information - The company repurchased more than 220,000 common shares in Q4, with approximately 2.3 million shares remaining under the repurchase authorization [39] - The company has maintained a strong cultural integrity despite rapid growth [15] Q&A Session Summary Question: Thoughts on competitive environment and growth opportunities - Management emphasized the importance of maintaining discipline and risk appetite while seeking growth opportunities [68][70] Question: Impact of California wildfire losses on growth appetite - Management stated it is too early to determine the long-term impact on reinsurance pricing but remains open to opportunities if conditions improve [76][78] Question: Core loss ratio performance compared to peers - Management attributed better performance to disciplined underwriting and a focus on bottom-line profitability [87][90] Question: Pricing environment in various markets - Management noted that while competition is increasing, there are still areas with rate adequacy, particularly in construction and engineering [101][102]

Core Viewpoint - The article discusses the performance and investment strategy of the Schroder Asian High Yield Bond Fund, highlighting its competitive returns and the expertise of its management team [3][4]. Fund Overview - Fund Code: 968165 - Fund Type: Large-cap balanced - Fund Size: 137.78 billion RMB as of February 25, 2025 [2]. - Fund Manager: Keiko Kondo, with 31 years of investment management experience [4]. Investment Strategy - The fund focuses on high-yield stocks, with recent adjustments to include more cyclical stocks from sectors like finance and information technology, enhancing capital growth potential while maintaining high dividend yields [9]. - The bond investment primarily targets investment-grade Asian dollar bonds to support returns and reduce volatility [10]. - The asset allocation strategy involves a diversified approach across Asian stocks (30%-70%), Asian bonds (20%-70%), global assets (0-20%), and cash (0-20%) [6]. Performance Metrics - From September 2021 to January 2025, the fund achieved an annualized return of 2.86%, outperforming the Morningstar peer benchmark by 92 basis points, ranking in the 17th percentile among similar funds [11]. - The fund's volatility, measured by standard deviation, was 7.16%, lower than the benchmark's 9.05% and the average of 10.40%, placing it in the 7th percentile [11]. - The fund's 12-month distribution yield as of January 31, 2025, was 6.72% [11]. Management Team - The fund is supported by a robust research team, including approximately 10 members in the diversified asset investment team and around 40 equity research analysts [5]. - The bond management is overseen by Jian An Huang, who has 14 years of investment management experience, under the supervision of Peng Fong Ng, who has been with Schroders for 16 years [4]. Cost Structure - The fund's annualized total expense ratio, excluding transaction costs, is 1.56%, which is below the median of 1.75% for similar funds [13].

四川达威科技股份有限公司 内部审计制度 第一章 总则 第一条 为规范四川达威科技股份有限公司（以下简称"公司"）内部审计工作， 健全公司内部管理，防范和控制公司风险，根据《中华人民共和国审计法》、《审 计署关于内部审计工作的规定》及《四川达威科技股份有限公司章程》，参考深 圳证券交易所相关的上市公司规范运作指引，结合公司实际情况制定本制度。 第二条 本制度适用于对公司及控股子公司、各业务部门或责任人的经营管 理活动及相关经济行为所进行的内部审计工作。 第三条 本制度所称内部审计，是指公司内部审计机构或审计人员，对公司内 部控制和风险管理的有效性、财务信息的真实性、完整性、合规性以及经营活动 的效率和效果等开展的监督、评价及咨询活动。 第四条 本制度所称的被审计对象是指公司内部被审计单位或个人；审计人 员是指公司审计部的内部审计人员。 第五条 本制度所称内部控制，是指公司董事会、监事会、高级管理人员和全 体员工为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； （二）提高公司经营的效率和效果； （三）保障公司资产的安全； （四）确保公司财务报告及相关信息的真实、完整。 第二章 ...