Group 1 - The company plans to repurchase and cancel a total of 912,000 restricted shares, with an estimated total fund of approximately 9.93 million yuan for the repurchase, using its own funds [2][10][12] - For the 2022 restricted stock incentive plan, 198,000 shares will be repurchased due to 43 individuals losing eligibility due to retirement or resignation, and 8 individuals failing to meet performance requirements [2][10][13] - The repurchase price for the 2022 plan is set at 9.05 yuan per share, while for the 2024 plan, it is set at 11.40 yuan per share, with a total of 714,000 shares to be repurchased [2][10][16] Group 2 - The company has approved the adjustment of the foreign exchange hedging business limit to a maximum of 15 billion yuan or equivalent foreign currency, allowing for rolling use of funds within this limit [35][38] - The purpose of the foreign exchange hedging business is to mitigate exchange rate risks and reduce the impact of exchange rate fluctuations on the company's operating performance [36][43] - The company has established a management system for foreign exchange hedging, ensuring that all transactions are based on actual business needs and do not involve speculative trading [47][49]

Core Viewpoint - The document outlines the foreign exchange hedging management system of Shenghong Technology (Huizhou) Co., Ltd, aiming to standardize hedging operations, mitigate foreign exchange risks, and ensure compliance with relevant laws and regulations [1][2][3]. Group 1: General Principles - The purpose of the hedging management system is to regulate foreign exchange hedging activities and effectively control foreign currency exchange rate risks [1]. - The hedging activities include various financial instruments such as forward foreign exchange contracts, foreign exchange swaps, currency swaps, foreign exchange options, interest rate swaps, and other foreign exchange derivatives [1][2]. - The system applies to both the company and its subsidiaries, treating subsidiary hedging activities as those of the listed company [1]. Group 2: Operational Regulations - The company must conduct hedging activities based on legitimate, prudent, safe, and effective principles, ensuring that these activities align with normal business operations and do not involve speculative trading [2]. - Hedging transactions are only permitted with financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China, and the hedging limits must not exceed those approved by the board or shareholders [2]. - The foreign exchange hedging contracts must not exceed the company's predicted foreign exchange receipts and payments, and the delivery period must match the actual execution period of the business [2]. Group 3: Approval Authority - A feasibility analysis report must be prepared and submitted to the board for approval before conducting hedging activities [3]. - Certain transactions require submission to the shareholders' meeting if they exceed specified thresholds related to net profit and net assets [3]. - The board of directors and the shareholders' meeting serve as the decision-making bodies for hedging activities [4]. Group 4: Management Process - The financial center is responsible for planning, funding, executing, and managing hedging activities, while the internal audit department oversees the actual operations and risk management [4][5]. - The financial center must analyze foreign exchange market trends and propose hedging plans, which require approval from the financial head and the company president [5]. - Each hedging transaction must be documented, and the internal audit department must regularly review the operations and report findings to the board's audit committee [5][6]. Group 5: Risk Management and Information Disclosure - All personnel involved in hedging must adhere to confidentiality protocols regarding transaction details and financial status [6]. - The financial center must ensure timely settlement with financial institutions based on actual foreign exchange receipts and payments [6][7]. - The company is required to disclose information related to hedging activities in accordance with regulations from the China Securities Regulatory Commission and the Shenzhen Stock Exchange [7].

证券日报网讯 7月29日晚间，宇邦新材发布公告称，公司于2025年7月29日召开了第四届董事会第十九 次会议及第四届监事会第十四次会议，审议通过了《关于公司开展外汇套期保值业务的议案》，同意公 司使用自有资金开展额度不超过5，000万美元或其他等值外币的外汇套期保值业务，期限自董事会审议 通过之日起12个月内有效，在上述额度和期限范围内，资金可循环滚动使用。 （文章来源：证券日报） ...

Investment Rating - The report indicates a bearish outlook on the US dollar, suggesting a long-term downward trend has begun and may be more than halfway through [1][2]. Core Insights - The US dollar, after a 15-year bull market, is facing downward pressure due to a 4% current account deficit and slowing economic growth [1][2]. - European stocks benefiting from a stronger euro are outperforming the broader European index, while many companies are facing earnings downgrades due to local currency weakness [1][3]. - Companies with significant dollar exposure or those affected by emerging market currency weakness are particularly vulnerable, with over half of the European index companies impacted [3]. - Utility, real estate, and banking sectors are performing exceptionally well, consistently reaching new highs [1][3]. - Companies are advised to adjust their foreign exchange hedging strategies to mitigate risks in a volatile market [4]. - The consensus forecast for European earnings growth is close to 1%, but currency fluctuations may lead to local currency losses; however, growth calculated at fixed exchange rates or in USD shows a 7.6% increase [5]. Summary by Sections Dollar Market Outlook - The US dollar is at a historical high but is expected to decline due to economic factors, including a projected drop in growth and a current account deficit [2]. European Market Impact - The strong euro has positively impacted a small segment of European stocks, which are outperforming the index, while many companies are facing earnings risks due to currency fluctuations [3]. Hedging Strategies - Companies should implement flexible hedging strategies, including setting ranges for hedging ratios and utilizing various financial instruments to adapt to market volatility [4]. Earnings Growth in Europe - European earnings growth is projected at 1%, with potential local currency losses due to exchange rate changes, but a 7.6% increase is noted when calculated in fixed rates or USD [5].

Core Viewpoint - The company intends to conduct foreign exchange hedging activities to mitigate the risks associated with currency fluctuations that could adversely affect its operating performance [1][6]. Group 1: Necessity and Overview of Hedging Activities - The company primarily conducts its export business in foreign currencies such as USD and EUR, making it vulnerable to exchange rate fluctuations that can impact its financial results [1]. - The proposed hedging activities will include forward foreign exchange contracts, foreign exchange spot transactions, options, and combinations of these products, limited to the currencies used in its operations [2]. Group 2: Business Scale and Funding Sources - The total amount for the foreign exchange hedging activities is capped at USD 30 million or its equivalent in other currencies, with a validity period of 12 months from the board's approval [2]. - The funding for these activities will come from the company's own funds and will not involve raised capital [2]. Group 3: Authorization and Execution - The board of directors has authorized the general manager to approve daily hedging plans and sign relevant contracts within the approved limits, with the finance department responsible for execution [2]. - The authorization is valid for 12 months from the date of board approval [2]. Group 4: Risk Analysis and Control Measures - The company has identified several risks associated with the hedging activities, including market risks from exchange rate and interest rate fluctuations, internal control risks, and counterparty risks [3][4]. - To mitigate these risks, the company has established a comprehensive management system for foreign exchange hedging, which includes clear guidelines on limits, product types, approval processes, and internal audits [4][5]. - The finance department will continuously monitor market conditions and assess the risks associated with hedging activities, ensuring compliance with established procedures [5]. Group 5: Approval Process - The audit committee reviewed and approved the proposal for foreign exchange hedging, confirming that it aligns with the company's operational needs and enhances financial stability [5]. - The board of directors subsequently approved the proposal, affirming that it falls within their authority and does not require shareholder approval [5]. Group 6: Sponsor's Opinion - The sponsor, CITIC Securities, has confirmed that the company has followed necessary legal procedures and established an internal control system for the hedging activities [6].

Core Viewpoint - The company intends to conduct foreign exchange hedging activities to mitigate risks associated with currency fluctuations, with a maximum amount of $30 million or equivalent foreign currency for a period of 12 months [1][2][3] Summary by Sections 1. Necessity of Conducting Foreign Exchange Hedging - The company primarily conducts export business in foreign currencies such as USD and EUR, making it susceptible to exchange rate fluctuations that could negatively impact its financial performance. The hedging activities aim to enhance the efficiency of foreign currency usage and reduce financial costs [2][3] 2. Overview of Proposed Hedging Activities - The hedging activities will be limited to currencies used in the company's operations, specifically USD and EUR. The types of hedging products include but are not limited to forward foreign exchange contracts, foreign exchange swaps, and options [2][3] 3. Business Scale and Funding Source - The maximum amount for the hedging activities is set at $30 million or equivalent foreign currency, with the ability to roll over within this limit for a duration of 12 months. The funding will come from the company's own funds and will not involve raised capital [3] 4. Authorization and Duration - The board of directors has authorized the general manager to approve daily hedging plans and sign relevant contracts within the authorized limit. The finance department will manage the execution of these activities, with the authorization valid for 12 months from the board's approval [3] 5. Trading Counterparties - The company will engage with banks and financial institutions that have the necessary qualifications for conducting foreign exchange hedging activities, as approved by relevant government authorities [3] 6. Accounting Treatment - The company will adhere to the accounting standards set by the Ministry of Finance of the People's Republic of China regarding financial instruments and hedging accounting, with final accounting treatment confirmed by annual audits [3] 7. Risk Analysis - The company acknowledges potential risks associated with exchange rate and interest rate fluctuations, internal control weaknesses, counterparty defaults, customer payment delays, and legal risks due to regulatory changes [4][5] 8. Risk Control Measures - The company has established a management system for foreign exchange hedging that outlines limits, product types, approval authority, and internal review processes. The finance department will oversee the management of market risks, while the internal audit department will monitor compliance with risk management policies [5] 9. Review Procedures - The board of directors approved the hedging proposal during a meeting on July 16, 2025, confirming that the activities are necessary for mitigating exchange rate risks and enhancing financial stability. The proposal does not require shareholder approval [6][7] 10. Sponsor's Opinion - The sponsor, CITIC Securities, has verified that the company has followed necessary legal procedures for the hedging activities and has established an internal control system for managing these operations [7]

Core Viewpoint - The company has established a comprehensive management system for foreign exchange hedging business to mitigate investment risks and ensure asset safety [1][2][3] Group 1: Regulations and Compliance - The foreign exchange hedging business must comply with relevant laws and regulations, and the company must fulfill decision-making procedures and information disclosure obligations [2] - The company is prohibited from engaging in foreign exchange hedging solely for profit; all activities must be based on normal business operations to mitigate exchange rate or interest rate risks [2][3] - Only financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China can be engaged for foreign exchange hedging transactions [2][3] Group 2: Operational Guidelines - The company must establish a foreign exchange hedging trading account in its own name and cannot use others' accounts for these transactions [3] - The financial department is responsible for the specific operations of foreign exchange hedging, including market research and analysis of exchange rates [4] - The company must have sufficient self-owned funds for hedging activities and cannot use raised funds for these transactions [2][4] Group 3: Approval and Reporting Structure - The management team formulates foreign exchange hedging plans, which must be submitted to the board of directors or shareholders for approval [3][4] - The audit department supervises the actual operations and financial usage of the foreign exchange hedging business [4] - Any significant risks or deviations must be reported to the board of directors or shareholders promptly [4][6] Group 4: Risk Management - The financial department must conduct timely analysis and risk forecasting when exchange rates fluctuate significantly [6][7] - If losses from hedging reach or exceed 10% of the company's audited net profit attributable to shareholders or exceed 10 million yuan, immediate reporting to the chairman and audit department is required [7][8] - The company must disclose any significant risks that meet regulatory disclosure standards [8]

Core Viewpoint - The document outlines the regulations and management framework for the foreign exchange hedging business of KJ Intelligent Technology Co., Ltd, emphasizing the importance of risk management and compliance with relevant laws and regulations [1][2][3]. Summary by Sections General Principles - The foreign exchange hedging business aims to mitigate currency and interest rate risks through various financial instruments, including forward contracts, swaps, and options [1]. - The policy applies to the company and its subsidiaries, prohibiting subsidiaries from engaging in hedging activities without company approval [1]. Operational Principles - The company must conduct hedging activities legally, prudently, and effectively, ensuring that all transactions are based on actual business operations and not for speculative purposes [2]. - Transactions are only permitted with qualified financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China [2]. - Hedging contracts must align with the company's foreign currency cash flow forecasts, and the amounts involved should not exceed these forecasts [2]. Responsibilities and Approval Authority - The finance center is responsible for executing hedging activities, while the internal audit center oversees compliance and risk management [3][4]. - The board of directors and shareholders' meeting are the decision-making bodies for hedging activities, requiring feasibility reports for transactions exceeding certain thresholds [4][5]. Management and Internal Procedures - The finance center must monitor currency trends and develop hedging plans, while the internal audit department reviews the execution and financial implications of these activities [6][7]. - All personnel involved in hedging must adhere to confidentiality protocols to protect sensitive information [7]. Risk Reporting and Disclosure - The finance center is tasked with tracking market prices and assessing risk exposure, reporting findings to management and the board [8]. - The company must disclose hedging activities and any significant losses that exceed specified thresholds, ensuring transparency in financial reporting [8][9].

Group 1 - The stock price of Sanofi (688336) closed at 56.15 yuan on July 11, 2025, an increase of 1.39% from the previous week's closing price of 55.38 yuan [1] - The highest intraday price reached 56.3 yuan on July 11, while the lowest was 51.44 yuan on July 9 [1] - The current total market capitalization of Sanofi is 34.633 billion yuan, ranking 8th out of 50 in the biopharmaceutical sector and 434th out of 5149 in the A-share market [1] Group 2 - Sanofi held its third extraordinary general meeting of shareholders for 2025 on July 11, 2025, in Shanghai [1] - The meeting was chaired by Chairman Lou Jing and utilized a combination of on-site and online voting [1] - A total of 196 shareholders and proxies attended, holding 530,462,663 voting rights, which accounted for 86.0043% of the total voting rights [1] Group 3 - The shareholders approved the proposal for conducting foreign exchange hedging business for the year 2025, with 530,376,668 shares voting in favor (99.9837%), 85,427 shares against (0.0161%), and 568 shares abstaining (0.0002%) [1] - The legal opinion from the witnessing lawyers confirmed that the meeting's procedures and voting methods complied with relevant laws and regulations [1]

Core Viewpoint - The document outlines the management and operational procedures for foreign exchange hedging activities of Qingdao High Measurement Technology Co., Ltd., emphasizing compliance with relevant laws and regulations while aiming to mitigate foreign exchange and interest rate risks. Group 1: General Provisions - The company establishes a system for managing foreign exchange hedging to prevent and control foreign currency exchange rate risks based on various legal frameworks [1]. - Foreign exchange hedging activities include various financial transactions such as forward foreign exchange contracts, foreign exchange swaps, interest rate swaps, and foreign exchange options [1]. Group 2: Principles of Foreign Exchange Hedging - The company must conduct foreign exchange hedging in a legal, prudent, safe, and effective manner, ensuring that it does not affect normal operations or engage in speculative trading [2]. - Transactions must be conducted with qualified financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China [2]. - The amount of hedging contracts must not exceed the budgeted foreign exchange income and expenses related to import and export activities [2]. Group 3: Approval Authority for Hedging Activities - The board of directors and shareholders' meeting are the decision-making bodies for foreign exchange hedging activities, requiring feasibility reports for approval [3]. - Certain transactions exceeding specified thresholds must be submitted for shareholder approval after board approval [3]. Group 4: Management and Internal Procedures - The board of directors authorizes management and finance departments to implement and manage hedging activities within approved limits [4]. - The finance department is responsible for planning, funding, operations, and daily management of hedging activities [4]. - The internal audit department supervises the compliance and effectiveness of the hedging activities [4]. Group 5: Risk Reporting and Disclosure - The finance department must monitor and report any significant risks or unusual situations related to hedging activities to the board of directors [7]. - The company must disclose any hedging losses that exceed 10% of the most recent audited net profit attributable to shareholders, along with reasons for any ineffective hedging relationships [8]. Group 6: Miscellaneous Provisions - The document stipulates that any matters not covered will be governed by relevant national laws and regulations, with the board of directors holding the interpretation rights [8].