Core Viewpoint - Chengdu Road and Bridge Engineering Co., Ltd. has made progress in the overdue settlement distribution of its financial products, with the company set to receive a distribution of approximately 112.72 million yuan from a trust plan, which will positively impact its financial results and liquidity [1][4]. Group 1: Financial Product Overview - The company subscribed to the China Railway Trust Pan County Hongteng Investment Loan Project Trust Plan, acquiring a total of 15.6 million units, equivalent to 156 million yuan, from 2021 to 2023 [2]. - Due to the debtor's failure to fulfill contractual obligations, the trust's beneficiary rights have been extended indefinitely, resulting in a cumulative fair value loss of approximately 57.46 million yuan by the end of 2024 [2]. Group 2: Trust Plan Debt Restructuring - Following the overdue status of the trust plan, the company has actively engaged with relevant parties to minimize potential losses and protect shareholder interests, leading to a lawsuit filed by China Railway Trust in January 2025 [3]. - The company’s board approved a resolution to participate in the beneficiary meeting and support the debt restructuring plan, confirming a distributable trust fund of 112.72 million yuan, with a principal loss of approximately 43.28 million yuan, representing 47.33% of the company's audited net profit for 2024 [3]. Group 3: Impact on the Company - The anticipated receipt of the trust distribution is expected to reverse a previously recognized fair value loss of approximately 14.17 million yuan, potentially increasing the company's pre-tax profit by the same amount [4]. - The proceeds from the trust plan will be utilized to enhance the company's liquidity, providing financial support for future development [4].

Core Viewpoint - Lisheng Pharmaceutical (002393) has seen a significant increase in stock price, reaching a nearly one-year high, and is actively managing idle funds through short-term financial products [1][2]. Company Stock Performance - As of June 13, 2025, Lisheng Pharmaceutical's stock closed at 22.11 yuan, up 13.79% from the previous week [1]. - The stock reached a peak of 22.11 yuan during the week and a low of 19.5 yuan [1]. - The company's current market capitalization is 5.698 billion yuan, ranking 83rd out of 150 in the chemical pharmaceutical sector and 2608th out of 5150 in the A-share market [1]. Company Announcements - Lisheng Pharmaceutical announced the use of up to 1 billion yuan of idle self-owned funds for cash management, investing in short-term financial products with a maturity of no more than 12 months [2]. - The company has invested 50 million yuan in financial products from Industrial Bank, including 10 million yuan in a flexible income product and 40 million yuan in a stable income product, with expected yields of approximately 2% and 2.2% respectively [2]. - The total amount of idle self-owned funds invested in financial products as of the announcement date is 639 million yuan, which is within the authorized limit [2]. Fund Management - Lisheng Pharmaceutical also plans to use up to 600 million yuan of idle raised funds for cash management, investing in short-term financial products with a maturity of no more than 12 months [2]. - The company has invested 50 million yuan in structured deposits from Industrial Bank, with an expected annual yield of 1.20%-1.80% [2]. - The total amount of idle raised funds invested in financial products as of the announcement date is 85 million yuan, also within the approved limit [2].

Core Viewpoint - The bank wealth management market is experiencing a significant growth in scale and a notable shift in product structure, with fixed-income products becoming the core asset driving this rebound [1][2][4]. Group 1: Market Growth - As of the end of May 2025, the total scale of bank wealth management reached 31.5 trillion yuan, an increase of 0.19 trillion yuan from April and a growth of 1.58 trillion yuan compared to the end of the previous year [1]. - The bank wealth management scale has shown a steady recovery since April, with a notable acceleration in growth [2]. - The market is projected to potentially exceed 33 trillion yuan by the end of the year, driven by the new round of deposit rate cuts and the ongoing "funds migration" effect [4]. Group 2: Product Structure Changes - Fixed-income products dominate the wealth management market, accounting for 92.5% of the total with 36,550 products as of the end of May [2]. - Cash management products have seen rapid expansion, increasing to 2,054 products, while open-ended products have also grown significantly to 14,401, indicating a shift in investor preferences towards liquidity and stability [2][3]. - The decline in closed-end products, which decreased to 20,095, reflects changing investor risk appetites and market conditions [2]. Group 3: Factors Driving Changes - The decline in bank deposit rates has prompted investors to seek alternative investment options, contributing to the growth of wealth management products [2][4]. - The recent strength in the bond market has created trading opportunities, further boosting the sales of wealth management products [2]. - The proactive adjustment of investment strategies by banks and wealth management subsidiaries, including the introduction of innovative products and fee reductions, has been crucial in attracting clients [2][5]. Group 4: Future Outlook - The ongoing low-interest-rate environment is expected to continue driving the expansion of wealth management products, with banks focusing on innovative strategies to enhance returns [4]. - The competitive landscape is intensifying, prompting banks to differentiate themselves through improved research capabilities, product innovation, and enhanced customer service [5]. - The market is likely to see increased segmentation, with net value-based wealth management and diversified asset allocation becoming key competitive advantages [4][5].

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以下文章来源于公募排排网 ，作者排排产品研究中心 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 一、监管明确导向，"固收+"迎来政策红利 2025年5月，证监会发布《推动公募基金高质量发展行动方案》，明确提出："加大含权中低波动型产品、资产配置型产品创设力度"。直指投 资者获得感提升的核心命题。 "固收+"策略作为符合这一特征的公募产品，将迎来政策红利带来的增量资金支持，或将成为直接受益者。事实上，早在今年一季度，部分机 构的"固收+"基金销量便已突破百亿元规模，政策方向与市场行为正在互相验证。 （点此查看 近五年收益10强"固收＋"公募基金名单 ） 二、利率下行加剧"理财替代需求"，"固收+"成为缓冲核心工具 近几年"固收+"策略基金受到投资者青睐，主要还是因为传统无风险理财的收益空间被快速压缩。 自2022年以来，外部环境面临较大不确定性，国内稳增长政策背景下，主要金融机构已多次降息。截至目前，多家大型股份制银行宣布活期 利率下调至0.05%，一年期存款利率已普遍跌破1%关口。 （数据来源：中国银行官网 2025 ...

Core Viewpoint - The document outlines the financial product management system of Hebei Keli Automotive Equipment Co., Ltd., aiming to regulate the company's financial transactions, ensure the safety of funds, and enhance the utilization of idle funds through low-risk financial products [1][2]. Chapter 1: General Principles - The purpose of the financial product management system is to standardize the financial trading behavior of the company and its subsidiaries, ensuring the safety of funds and property [1]. - Financial product management refers to the buying and selling of short-term, low-risk financial products using idle funds, with investment periods not exceeding one year [1]. - The principles for engaging in financial product transactions include using only idle self-owned funds and authorized idle raised funds, ensuring high safety and low risk of the financial products, and conducting transactions only with legally qualified financial institutions [1][2]. Chapter 2: Management Authority for Financial Products - The approval authority for financial product transactions is defined, requiring board approval for transactions exceeding 10% of the latest audited net assets or 1 million yuan, and shareholder approval for transactions exceeding 50% or 5 million yuan [2]. - If frequent transactions make it difficult to follow the approval process, the company can estimate investment ranges and limits, with a maximum duration of 12 months for the approved amounts [3]. Chapter 3: Implementation Process for Financial Products - The financial department is responsible for the execution of financial product transactions, including assessing the company's financial status and cash flow [3]. - The audit department supervises the financial product transactions, ensuring compliance with approval processes and monitoring the actual operations and fund usage [3][4]. - The securities department is tasked with information disclosure related to financial product transactions, following relevant regulations [4]. Chapter 4: Confidentiality and Risk Management - Confidentiality measures are established to ensure that the approval, application, and operation of financial products are independent and supervised by the audit department [5]. - The financial department must monitor the investment direction and progress of financial products, reporting any adverse factors to the financial head and audit department [5]. Final Provisions - Any matters not covered by this system will be executed according to relevant national laws and regulations, with the board of directors responsible for interpretation and revision [5].

| 序号 | 原料 | 产品 | 认则全额(万 | 配件 : | 绿此 | 贸易年化 | 是否到 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 名称 | 特点系 | 20) | 日期 | 日期 | 收益率(99) | િસ્ત | | 1 | 类能用材 | 非保木浮动胶 12 22 | 1,000 | 2025 4: 5 J 26 日 | 无名义存续刷 BILL | 济易 | 12 | | 2 | | 非保本浮动收 | | 2025 年5月 | 无名又存候肩 | | 图 | | | 景影声的 | GEN THE LEASE | 250 | 27日 | DP .. | 浮功 | | | 3 | | 事保本浮动收 | | 2025 4: 5 月 | 无名义在或胸 | | 商 | | | 张图画容 | 13 24 - 12 | 600 | 28 日 | Both 2 | 浮动 | | | 4 | | 非保木浮动腔 | | 2025 4 5 J | 无名义在按照 | | 성 | | | 兴银理财 | 25 | 200 | 28 H | = 014 | ...

Meeting Overview - The 14th Supervisory Board meeting of Shanxi Meijin Energy Co., Ltd. was held on June 12, 2025, via communication, with all three supervisors participating [2][4]. - The meeting was chaired by Ms. Wang Lizhu and complied with relevant laws and regulations [2]. Resolutions Passed - The Supervisory Board unanimously approved the proposal to use part of the idle raised funds for cash management, allowing up to 300 million yuan to be temporarily utilized for purchasing cash yield products with a maximum term of one year [3][21]. - The cash management aims to enhance the efficiency of fund usage while ensuring the normal progress of fundraising projects [3][20]. Fundraising Background - The company raised a total of 3.59 billion yuan through the issuance of convertible bonds, with a net amount of approximately 3.56 billion yuan after deducting related expenses [8][9]. - As of August 31, 2022, there was a remaining balance of 306.29 million yuan in idle raised funds due to the phased implementation of investment projects [10]. Cash Management Details - The cash management will involve low-risk, high-liquidity products such as seven-day notice deposits and fixed-term deposits, with no involvement in high-risk investments [11][13]. - The management is authorized to make investment decisions within the approved limits and duration, which is valid for one year from the date of approval [12][14]. Impact on Company Operations - The use of idle funds for cash management is expected to improve fund efficiency and operational performance without affecting the normal operations of the company or its main business [20][39]. - The Supervisory Board and the sponsor institution have expressed no objections to the cash management proposal, confirming that it complies with legal regulations and does not harm shareholder interests [22][23].

在各类银行存款利率密集调降的5月，银行理财继续维持规模净流入。 据证券时报记者独家汇总的TOP14银行理财公司（产品规模排名前14）数据，截至今年5月末，TOP14 银行理财公司合计规模达23.92万亿元，较4月末增长约3300亿元，较今年年初增长约1.49万亿元。另据 普益标准统计口径，全市场理财存量规模在5月末回升至31.3万亿元，较上月增长约5000亿元。 今年5月，多数商业银行1年期定期存款挂牌利率首次跌破1%。在存款"搬家"的预期下，银行理财、公 募基金等资管产品有望迎来增量。数据显示，5月固收类理财平均年化收益率在2.50%左右，与存款利 率之间的利差有所拉大。 现金管理类产品持续缩水 证券时报记者根据上述数据测算，TOP14银行理财公司的产品规模在5月维持了正增长，但较4月的增幅 相对放缓，5月增量约3300亿元，增幅约1.4%，而4月受跨季度因素影响，单月增幅约为8%。 具体来看，招银理财、兴银理财和信银理财3家公司就占据TOP14总增量的三成，其中信银理财单月增 长约500亿元，仅次于5月增量最大的中邮理财，后者单月增长约540亿元。与此同时，也有部分国有行 理财公司出现了小幅下降，其中交银 ...

证券代码：000723 证券简称：美锦能源 公告编号：2025-069 二、会议审议事项 为提升募集资金使用和管理效率，在保障公司募集资金项目投入需求的前提 下，董事会授权公司使用最高不超过 30,000 万元暂时闲置募集资金进行现金管 理，用于购买期限最长不超过一年（含 1 年）的现金收益产品，资金额度自十届 三十八次董事会会议及十届十四次监事会会议审议通过之日起一年之内（含 1 年）有效，在上述额度及有效期内，资金可以滚动使用。由公司管理层在该额度 范围内行使现金管理决策权，并签署相关文件。 中信建投证券股份有限公司对该事项发表了专项核查意见。 具体内容详见公司同日在巨潮资讯网披露的《关于使用部分闲置募集资金进 行现金管理的公告》（公告编号：2025-071）。 债券代码：127061 债券简称：美锦转债 山西美锦能源股份有限公司 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。 一、召开会议基本情况 山西美锦能源股份有限公司（以下简称"公司"）十届三十八次董事会会议 通知于 2025 年 6 月 2 日以通讯形式发出，会议于 2025 年 6 月 12 日 ...