证券日报网讯 12月18日，浙农股份在互动平台回答投资者提问时表示，公司有多个业务板块，有息负 债主要因部分子公司开展业务时的票据贴现产生。有息负债和理财相关安排与经销贸易类的业务特点相 关，农资业务存在显著的淡旺季，淡季备货和旺季卖货导致各项资金在收付进出过程当中会存在时间性 差异，叠加前面提及的子公司间资金使用差异，造成了公司现金流在短周期上的波动和沉淀，为提高资 金使用效率从而提升股东回报，公司会对临时沉淀资金进行短期理财以获取一定收益，相关资产的流动 性高，可随时用于业务需要。因此，公司持有上述资产为主业经营需要，后续如有分红回购、投资并购 等其他安排，公司将按监管要求及时履行披露义务。 （文章来源：证券日报） ...

投注与投资看似分属不同领域，但其底层逻辑却高度相通：都依赖深入研究、持续寻找价值，以及对人性、纪律和资金管理的深刻理解。 正因如此，许多成熟的投资理念，完全可以为投注者提供长期制胜的思维框架。带着这样的视角去审视投注行为，才能避免情绪化决策，把"运气游戏"转 化为可管理的概率博弈。 华尔街传奇投资大师约翰·邓普顿（John Templeton），正是这种跨界思维的典范。他被誉为"本世纪最伟大的全球股票挑选者之一"，1954年创立邓普顿成 长基金，并在随后的38年中实现了年均约15%的惊人回报。 邓普顿的成功并非源于预测短期走势，而在于坚持价值导向、严格纪律和逆向思考——这些原则放在赌博与投注领域，同样适用，也同样残酷：只有把每 一次下注当作一笔投资来对待，长期优势才会真正显现。 利润既来自优势，也来自投注规模 投注额回报率和投资回报率固然重要，但它们本质上都是百分比。不论你的统计周期是一天、一个月还是一年，衡量成功最关键的标准只有一个：在某个 时间点结束时，你账户里的资金比之前多了多少美元。 我之所以说"不可避免"，是因为事实就是如此——任何投注者、任何方法、任何系统，都会经历显著的资金回撤。因此，你必须学会 ...

Core Viewpoint - The recent funding management announcement by Moer Thread has sparked controversy, highlighting the importance of strategic communication and transparency in corporate governance [2][15]. Announcement Title Optimization - The original title of the announcement was "Announcement on the Use of Part of Idle Raised Funds for Cash Management," which was revised to "Announcement on the Reasonable Use of Phase Idle Raised Funds for Cash Management to Support Long-term R&D Investment" [2][15]. Key Paragraph Modifications 1. **Background** - The original statement aimed to improve the efficiency of raised funds and increase company revenue through cash management of idle funds. The revised statement emphasizes the implementation progress of the GPU chip R&D project and the need for effective fund management to support long-term R&D while ensuring project funding needs are met [3][4][15][16]. 2. **Investment Scope and Risk Control** - The original investment description included high-safety, high-liquidity principal-protected financial products with a term not exceeding 12 months. The revised version strictly limits investments to low-risk products, including but not limited to principal-protected structured deposits, large certificates of deposit, and treasury reverse repos, with a maximum of 20% of the total raised funds allocated to these financial products [5][6][18]. 3. **Funding Usage Plan and Commitment** - The original commitment stated that the cash management would not affect the normal progress of the fundraising project. The updated commitment includes a detailed funding usage plan, assurance that funds will not be used for high-risk investments, quarterly disclosures of financial balances and project funding progress, and immediate adjustments to the financial management scale if project funding needs arise [7][8][20]. 4. **Addition of Strategic Background Explanation** - A new section was added to explain the strategic background, stating that Moer Thread focuses on GPU chip R&D, and effective management of idle funds is a common industry practice. The company will continue to focus on core technology breakthroughs, with all financial returns used to support R&D investments [21]. Conclusion Optimization - The original conclusion stated that the matter had been approved by the board and required shareholder approval. The revised conclusion specifies that the matter was approved by the company's second board meeting, with independent directors expressing clear agreement, and outlines various channels for addressing investor inquiries [10][24].

一则看似平常的财务公告，意外地揭开了公众对芯片行业认知的隐秘断层。 当国产 GPU 第一股 摩尔线程披露将对最高 75 亿闲置募集资金进行现金管理时， " 不搞研发搞理财 " 的尖锐质疑随之而来。但事实，往往比情绪更复杂。我们或许不该急于下结论，而应先看懂这背后的 产业逻辑。 财务操作背后，是芯片业的长周期投入 一切误解的根源，或许始于对芯片研发特性的陌生。 设计一颗高端 GPU ，是一场以 " 年 " 为单位的漫长征程。从定义、设计、流片到反复验证，每一个 环节都需巨额资金支撑，且支付节点分散。这意味着，一笔募集资金不可能在到账当天就 " 烧完 " ， 必然存在按项目进度分批支付的 " 时间差 " 。 在这段 " 时间差 " 里，让巨额资金在账户中静止，反而是对资金效率和股东权益的漠视。 摩尔线程 在 公告中强调的投资标的 —— 如协定存款等，本质是 " 类活期 " 的超短期现金工具 ，核心诉求是 安全与随取随用 ，而非博取高收益。这是一种全球科技公司通行的、教科书级的资金管理方式。 公开信息显示，在本次募集资金到位前，摩尔线程近三年累计研发已 逼近 40 亿元 。年均超 10 亿元 的持续 " 烧钱 " ...

Group 1 - The investment market reflects human nature, showcasing greed and fear, making it challenging for even successful individuals in other fields to excel in trading [1][2] - A single logical approach may lead to misconceptions; even incorrect trades can yield gains, necessitating a multi-dimensional perspective for market analysis [1][2] - The importance of mindset is emphasized; successful investors must understand their purpose in the market and adapt their strategies accordingly [1][2] Group 2 - The "Five-Three Principle" is introduced, which includes five entry strategies and three exit strategies for long-term trading success [4] - Key entry points are identified, such as breaking through resistance levels on weekly charts and waiting for confirmation from moving averages [5][8] - The concept of "golden pits" is explained, where price drops create buying opportunities if the underlying company remains fundamentally sound [9] Group 3 - Multi-dimensional analysis is crucial, considering various factors like market sentiment, index performance, and technical indicators to enhance trading success [10][12] - Exit strategies are outlined, including selling when key support levels are breached or when a stock shows signs of topping out [15][20] - Effective capital management is highlighted as a critical component of trading success, emphasizing the need for a well-defined trading plan and risk-reward assessment [19][21]

Core Insights - The article highlights the journey of Li Zhen, who achieved third place in the black group of a trading competition, emphasizing his unique trading path developed through experience and self-discovery [1] Group 1: Trading Philosophy and Strategy - Li Zhen's trading approach is purely technical, relying on a trading system for decision-making without considering fundamental analysis [2] - His trading style focuses on trend following, particularly excelling in capturing trend reversal opportunities, utilizing a "mid-term reversal trend" strategy during the competition [2] - Risk control and money management are flexible and pragmatic, with stop-loss strategies adjusted based on market trends and personal mindset [2] Group 2: Emotional and Mental Management - To manage anxiety related to trading, Li Zhen advocates using capital that can be afforded to lose, thereby reducing psychological pressure [3] - His emotional management evolved from Confucian to Daoist and then to Buddhist philosophies, focusing on self-discipline, market alignment, and inner peace [3] - Li Zhen believes that the market itself does not change significantly; rather, it is the trader's mindset that needs to adapt [3]

Core Insights - Liu Taibao achieved second place in the non-ferrous metals group of the 19th National Futures (Options) Real Trading Competition, leveraging his part-time trading of copper put options while working on short film scripts [1] Group 1: Trading Strategy - Liu's initial exposure to options trading began in 2019 when he helped a friend manage inventory in the non-ferrous trade, leading to an interest in using put options to hedge against falling copper prices [2] - A pivotal moment in Liu's trading career came in 2025 when he simplified his trading strategy by focusing solely on copper, which significantly improved his trading success rate [2] - Liu's winning trade in the competition was based on a supply-demand analysis, where he identified an oversupply situation in copper and combined it with technical signals to decide on buying put options [2][3] Group 2: Trading Philosophy - Liu emphasizes a trading philosophy of "not being greedy" and focusing on small, understandable profits, which he developed after experiencing significant losses [4] - His trading logic is grounded in two main principles: the importance of supply-demand dynamics in determining copper prices and the necessity of risk control before pursuing profits [4] - Liu has adapted his trading routine to fit his schedule, dedicating specific times for market analysis without interfering with his film production work [4] Group 3: Risk Management - Risk control is a fundamental rule in Liu's trading approach, employing a "logical stop-loss" strategy to exit positions when supply-demand logic changes, regardless of the financial loss incurred [5] - Liu follows strict money management rules, allocating 90% of trading profits to his film fund and limiting his trading capital to a small percentage of his total funds [5] - He adheres to a "10% principle" for position sizing, ensuring that no more than 10% of his spare cash is invested in options and that initial positions are kept small to manage risk effectively [5]

Core Insights - The article highlights the transformation of Bao Zhenxiang from a futures broker to an asset manager over 15 years, emphasizing his success in the national futures competition through arbitrage strategies [1] - Bao Zhenxiang discusses the importance of balancing past, present, and future trading strategies to achieve cross-cycle profitability, particularly in the context of a volatile macroeconomic environment [1][2] - The article underscores the significance of thorough research and diversified investment strategies to manage risks effectively in trading [2] Group 1 - Bao Zhenxiang achieved the ninth place in the asset management product group at the national futures competition using arbitrage strategies [1] - The current market environment is not conducive to traditional arbitrage logic, necessitating a focus on fundamental and macro trading strategies [1][2] - Successful trading requires a deep understanding of various futures contracts, particularly in industrial and agricultural products, to capture market opportunities [1] Group 2 - Each trading strategy must consider the time value and safety margin of the asset, with strong fundamentals leading to positive arbitrage and weak fundamentals leading to negative arbitrage [2] - Bao Zhenxiang emphasizes the importance of a "mistake book" for traders to learn from past errors and achieve a deeper understanding of trading dynamics [2] - Maintaining physical health and mental clarity is crucial for traders to perform effectively in the market [3] Group 3 - The article advises ordinary investors to avoid blind following and unrealistic expectations of quick wealth, focusing instead on strategy and risk management [3]

Core Insights - The article discusses strategies to improve the success rate of new stock subscriptions and the certainty of returns on the first day of listing [1][3] Group 1: Strategies for Improving Subscription Success Rate - Effective fund management is crucial to ensure sufficient capital for new stock subscriptions, as excessive funds may lower the success rate due to allocation based on subscription quantity [1] - Staying informed about new stock information, including company fundamentals, industry outlook, and financial status, aids in assessing investment value and enhances subscription success probability [3] - Choosing the right subscription timing by analyzing historical data and market trends can help avoid peak periods, typically selecting a time frame from two days before the issuance to the subscription day [3] Group 2: Techniques to Enhance First-Day Return Certainty - Utilizing multiple accounts for subscription can increase the chances of success if conditions permit [3] - Participating in offline subscriptions generally yields a higher success rate due to the larger participation of institutional and major individual investors [3] - Understanding market sentiment is vital, as positive market conditions encourage more investors to subscribe, thereby increasing success rates [3] Group 3: Long-Term Investment Considerations - Long-term holding of fundamentally strong companies with growth potential can yield satisfactory returns, even if the initial subscription success rate is low [3] - Diversifying investments across different stocks or sectors can mitigate risks and enhance overall return certainty [3] - Continuous monitoring of market performance post-listing is essential, as both first-day performance and subsequent market behavior are critical for strategy adjustments [3] Group 4: Knowledge and Experience Sharing - Learning investment knowledge and exchanging experiences with other investors can elevate overall investment skills, thereby improving subscription success rates and first-day return certainty [3]

Group 1 - The company held its 25th meeting of the 8th Board of Directors on November 28, 2025, with all 9 directors present, complying with legal and regulatory requirements [2][6] - The board approved the proposal to change the chairman and director, with Tang Xiaoping resigning and Chen Ming nominated as the new candidate [3][5] - The board also decided to convene the second extraordinary general meeting of 2025 on December 16, 2025, combining on-site and online voting [7][8] Group 2 - The board authorized management to use self-owned funds to purchase financial products, with an investment limit of up to RMB 1.2 billion, focusing on low-risk, high-liquidity money market funds [9][49] - The investment aims to enhance returns for the company and its shareholders while ensuring normal operational needs are met [50][51] - The board approved the revision of the investment management measures [12] Group 3 - The second extraordinary general meeting will take place on December 16, 2025, at 14:45, with a registration date of December 9, 2025 [19][22] - Shareholders can participate in the meeting either in person or via online voting, with specific time slots for each voting method [21][20] - The meeting will include the election of one director, and separate counting for minority shareholders will be conducted [28][29]