Core Viewpoint - At least seven companies have announced plans to invest over 1 billion yuan in securities, with Liou Co. leading at 3 billion yuan, followed by Fangda Carbon and Qipilang at 2 billion yuan each [1] Group 1: Company Investment Plans - Zhejiang Yongqiang plans to invest up to 1 billion yuan of its own funds in the securities market, which has sparked significant controversy [1] - The company's decision to invest in the securities market is viewed as a high-risk gamble due to market volatility risks [1] - In 2024, Zhejiang Yongqiang reported a net profit surge of 808% to 462 million yuan, primarily driven by non-recurring gains [1] Group 2: Investment Performance and Risks - In 2024, Zhejiang Yongqiang achieved investment income of 27.2 million yuan from securities investments and reported a fair value change gain of 161.4 million yuan [2] - The initial investment cost for the company's stock account was 625.8 million yuan, with a reported gain of 188.6 million yuan during the reporting period [2] - Industry experts highlight that while securities investment can enhance financial performance, it also introduces significant earnings volatility risks [2] Group 3: Regulatory and Strategic Recommendations - To maximize the benefits of securities investment, regulatory frameworks should be improved to set clear limits on investment proportions and require full disclosure of investment logic and risk control measures [2] - Companies should focus on their core business and treat investments as a supplementary strategy, establishing sound decision-making and risk management systems [2] - Investors are advised to focus on the core competitiveness and sustainable development of companies rather than being misled by short-term performance fluctuations [2]

Core Viewpoint - Several companies, including Xiantan Co., are planning significant investments in securities, raising concerns about potential risks associated with diverting funds from core business operations [1][2]. Group 1: Company Investment Plans - At least seven companies have announced plans to invest over 1 billion RMB in securities, with Xiantan Co. planning to use up to 1 billion RMB of its own funds for this purpose [1]. - Xiantan Co. reported a net asset of 4.664 billion RMB at the end of 2024, with the planned investment amounting to approximately 21% of its net assets [1]. - The company’s revenue for 2024 was 5.291 billion RMB, reflecting a year-on-year decline of 8.49%, while net profit decreased by 8.75% to 206 million RMB [1]. Group 2: Financial Performance and Risks - Xiantan Co. experienced a significant drop in operating cash flow, down 52.9% to 155 million RMB, while capital expenditures increased to 586 million RMB, indicating tightening cash flow [1]. - The decision to allocate 1 billion RMB for securities investment amidst declining cash flow raises concerns about the potential strain on the company's core business operations [2]. - Industry experts suggest that the focus on securities investment could lead to insufficient investment in core operations, potentially resulting in increased costs and underperformance in production capacity [2][3]. Group 3: Regulatory and Investor Considerations - There is a call for regulatory measures to limit the proportion of securities investments by listed companies and to ensure transparency in investment logic and risk management [3]. - Companies are encouraged to maintain their core business focus and treat securities investment as a supplementary strategy rather than a primary activity [3]. - Investors are advised to prioritize the long-term competitiveness and sustainability of the company's main business over short-term fluctuations in investment returns [3].

股市里没有常胜将军，上市公司重金炒股造成业绩暴涨暴跌的案例屡见不鲜。云南白药就曾因炒股导致 业绩大幅波动，一度还对其市场估值形成不利影响，最终公司选择退出全部二级市场证券投资。 当然，有些上市公司也确实通过下重注在二级市场赚过大钱。但即便如此，市场对于因证券投资导致的 当期业绩暴涨多数不以为然。部分个股虽然因投资收益爆棚导致市盈率骤降，但很难获得中长期机构投 资者的青睐，最主要的原因还是在于投资收益的不确定性和不可控性。 作为公众公司，上市公司要时刻维护股东权益，一切决策以稳为先，对于不确定性很强的证券投资要慎 之又慎。 证券投资属于高风险性投资，投资额度不宜占上市公司闲置资金比例太高。上市公司绝大多数闲置资金 还是应该购买安全性高、流动性好、发行主体优质的短期理财产品或结构性存款，追求稳定收益，而非 高风险的不确定性收益。 在闲置资金的安排使用方面，证券投资的优先级理应排在最后。现金资产是上市公司的宝贵财富，好钢 要用在刀刃上。就提升上市公司的投资价值而言，回购股份、现金分红等方式都能够起到立竿见影的效 果。 此外，上市公司还可以利用闲置资金进行并购重组，以强化主业竞争力，直接提升上市公司的经营业 绩，进而 ...

Core Viewpoint - The recent trend of listed companies in A-shares engaging in stock trading has raised significant market attention, with companies like Liou Co. planning to invest up to 3 billion yuan of their own funds in securities, highlighting a growing enthusiasm for stock trading among listed firms [1] Group 1: Investment Strategy - Listed companies are advised to approach stock trading as a double-edged sword, where moderate investment based on value can enhance company performance, but reliance on stock trading as a shortcut for performance is cautioned against [1][2] - The investment amount in the securities market should align with the company's size, and excessive investment can lead to significant risks, especially for companies with lower revenue and profit levels [1][2] - Historical cases, such as Yunnan Baiyao, demonstrate that heavy stock trading can lead to substantial fluctuations in performance and negatively impact market valuation, prompting some companies to withdraw from secondary market investments entirely [1] Group 2: Risk Management - The uncertainty and uncontrollability of investment returns make it crucial for listed companies to prioritize shareholder interests and maintain a conservative approach to high-risk securities investments [2][3] - Companies should primarily allocate idle funds to safer, more liquid short-term financial products or structured deposits, rather than high-risk investments [2] - Cash assets are valuable, and companies are encouraged to utilize them effectively, with share buybacks and cash dividends being more immediate ways to enhance investment value [2] Group 3: Core Business Focus - The primary task of listed companies is to manage their core business effectively, with appropriate securities investment serving as a beneficial supplement rather than a decisive factor in operational success [3][4] - Implementing robust risk control measures during securities investment is essential, and avoiding speculative behavior is critical [3]

Core Viewpoint - The article discusses the balance that companies must strike between utilizing idle funds for securities investment and maintaining focus on their core business operations [1][2][3] Group 1: Investment Behavior - Companies with ample cash flow and no immediate expansion plans can benefit from investing idle funds in the securities market, which is a valid path for resource allocation [1] - Strategic investments in the supply chain can yield financial returns and enhance collaboration, showcasing thoughtful use of funds [1] - Some companies overextend by heavily investing in high-volatility growth stocks, leading to situations where investment gains surpass core business profits, prompting concerns about prioritizing trading over core operations [1][2] Group 2: Investment Management - Companies should ensure that the scale of investment is manageable; excessive investment or leveraging debt can transmit risks to core operations, while small, low-risk allocations allow for better control [2] - Clear investment logic is essential; companies must distinguish between short-term cash management and long-term strategic goals, prioritizing safety for the former and synergy with core business for the latter [2] - A transparent decision-making process is crucial, involving thorough board reviews, adequate information disclosure, and professional investment teams to prevent irrational investments [2] Group 3: Long-term Strategy - The essence of a company's investment strategy lies in balancing core business focus with effective use of idle funds, ensuring that core activities remain paramount regardless of attractive investment returns [3] - Companies should view securities investment as a beneficial supplement to their main business rather than a shortcut, adhering to rational investment principles to optimize resource allocation and provide stable returns to shareholders [3]