Group 1 - The company establishes a system to manage external information users during the preparation, review, and disclosure of regular reports and significant events [1] - Directors and senior management are required to comply with internal control regulations regarding information disclosure and must follow necessary processes for the transmission, review, and disclosure of regular reports and significant matters [1] - Confidentiality obligations are imposed on directors, senior management, and other relevant personnel during the preparation of regular reports and planning of significant matters, prohibiting any form of disclosure before the official announcement [1] Group 2 - The company must register relevant personnel from external units as insider information recipients when required to report information according to laws and regulations [2] - Information reported to external units is considered insider information, and those receiving it must be reminded in writing to maintain confidentiality [2] - External units or individuals are prohibited from disclosing significant undisclosed information and from trading or advising others to trade the company's securities based on such information [2] Group 3 - In case of improper confidentiality leading to the leakage of significant information, external parties must notify the company immediately, which will then report to the Shenzhen Stock Exchange [2] - External units or individuals must not use the company's undisclosed significant information in related documents unless the information is disclosed simultaneously by the company [2] - Violations of the established regulations may result in the company seeking compensation for economic losses and recovering profits from illegal trading activities [2][3]

Core Viewpoint - The company, Guandian Defense Technology Co., Ltd., has been penalized by the Beijing Securities Regulatory Bureau for violations related to fund occupation and inadequate disclosure of financial information [1][2][3]. Summary by Sections Regulatory Decision - The company was found to have occupied non-operating funds amounting to 142.5147 million yuan, with an outstanding balance of 96.9472 million yuan as of April 2025 [1]. - The actual controller, Gao Ming, admitted to the fund occupation and was involved in falsifying bank documents [1][2]. Violations and Responsibilities - The company's actions violated the "Management Measures for Information Disclosure of Listed Companies" and relevant regulatory guidelines [2]. - Key individuals, including Gao Ming and other executives, are held responsible for the violations [2]. Required Actions and Compliance - The company is mandated to take corrective actions and submit a written report to the regulatory authority within 15 working days [3]. - The company must enhance its internal controls and improve the quality of information disclosure to prevent future occurrences [3][4]. Company Response - The company has acknowledged the issues raised in the regulatory decision and is committed to strengthening compliance with relevant laws and regulations [4]. - The company assures that the regulatory decision will not impact its normal operations and will continue to fulfill its disclosure obligations [4].

Core Viewpoint - Guandian Defense Technology Co., Ltd. is facing administrative penalties from the China Securities Regulatory Commission (CSRC) for violations related to information disclosure, including failure to disclose non-operating fund occupation and external guarantee matters, which resulted in significant omissions in their reports [1][4][8]. Summary by Relevant Sections Administrative Penalty Notification - The CSRC has issued a notice regarding the administrative penalties against Guandian Defense and its key personnel for suspected violations of information disclosure laws [1][8]. - The company and its controlling shareholder, Gao Ming, are implicated in failing to disclose related party transactions and external guarantees [1][5]. Violations of Information Disclosure - From 2022 to 2023, Guandian Defense did not disclose non-operating fund occupation transactions amounting to CNY 138.9 million (approximately 13.9 million) in 2022 and CNY 144.84 million (approximately 14.48 million) in 2023, which constituted 15.05% and 14.50% of the company's latest audited net assets, respectively [2][3]. - The company failed to disclose external guarantees totaling CNY 173 million (approximately 17.3 million), with violations occurring in 2022 and 2023, which represented 9.20% and 8.81% of the company's latest audited net assets [5][6]. Financial Reporting Issues - Guandian Defense's 2022 annual report contained false records, inflating bank deposits by CNY 138.9 million (approximately 13.9 million), which accounted for 13.37% of the total assets reported [7][9]. - The company did not disclose 22 external guarantee transactions in its listing report, totaling CNY 259.92 million (approximately 25.99 million) [5][6]. Proposed Penalties - The CSRC proposes a total fine of CNY 9.5 million (approximately 950,000) for Guandian Defense, with additional fines for Gao Ming, Li Zhenbing, Liu Ya'en, and Wang Yan, totaling CNY 14 million (approximately 1.4 million) for Gao Ming alone [10][11].

Core Viewpoint - Zhejiang Zhongxin Fluorine Material Co., Ltd. has not faced any penalties from regulatory authorities in the last five years, but received a warning letter regarding internal control and disclosure issues [1][5]. Summary by Sections Regulatory Penalties - The company has not been penalized by the securities regulatory authorities or exchanges in the last five years [1]. Regulatory Measures and Rectification - The company received a warning letter from the Zhejiang Securities Regulatory Bureau, citing issues related to accounting policy changes at its wholly-owned subsidiary, Fujian Zhongxin Fluorine Material Gaobao Technology Co., Ltd. [2][3]. - The warning letter highlighted that the company failed to disclose changes in inventory cost accounting methods and did not follow the necessary review procedures [2]. - Additional issues included non-compliance in revenue, cost, and expense recognition, as well as inadequate internal controls [3]. - Key personnel, including the chairman and financial director, were held responsible for these violations and were issued warning letters [3]. Response and Improvement Measures - Following the warning letter, the company held board meetings to address the issues and approved a resolution to change the accounting policy in compliance with regulatory requirements [5]. - The company has committed to enhancing its legal and regulatory knowledge among its management and staff to ensure compliance and improve operational standards [5]. - No other regulatory measures have been issued against the company in the last five years apart from the warning letter [5].

Monetary Policy Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 106.5 billion yuan at a steady interest rate of 1.40% on July 7, 2025, resulting in a net withdrawal of 225 billion yuan due to 331.5 billion yuan of reverse repos maturing on the same day [1] Interbank Offered Rates - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations on July 7, with the overnight Shibor decreasing by 0.10 basis points to 1.3120%, while the 7-day Shibor increased by 3.50 basis points to 1.4580% [2][3] - The 14-day Shibor decreased by 2.90 basis points to 1.4940% [2] Short-term Funding Rates - In the interbank pledged repo market, short-term funding rates remained low, with DR001 and R001 weighted average rates rising by 0.1 basis points and 0.4 basis points to 1.3146% and 1.365%, respectively, while transaction volumes increased by 83.3 billion yuan and 104.2 billion yuan [4] - Conversely, DR007 and R007 rates increased by 4.4 basis points and 1.2 basis points to 1.466% and 1.5%, with transaction volumes decreasing by 0.2 billion yuan and 100 billion yuan [4] Market Sentiment - The overall funding environment on July 7 was balanced, with overnight pledged rates trading between 1.30% and 1.40%, and 7-day pledged rates around 1.47% to 1.50% [9] - A total of 85 interbank certificates of deposit were issued, with an actual issuance amount of 98.67 billion yuan by the end of the day [9] Regulatory Developments - The Shenzhen Financial Regulatory Bureau issued a warning regarding illegal fundraising activities disguised as stablecoin investments, highlighting the risks associated with financial innovations and digital assets [12] - The Sichuan Financial Regulatory Bureau approved the merger of Chengdu Rural Commercial Bank with six other rural banks, mandating compliance with relevant laws and regulations [12]

证券研究报告 | 2025年07月07日 金融工程专题研究 日内特殊时刻蕴含的主力资金 Alpha 信息 日内特殊时刻与主力资金行为刻画 日内特殊时刻：不同时刻下的订单具有不同信息含量，我们发现在日内跌幅 较大、股价较低、成交量较高、量价背离等日内特殊时刻的主力资金交易行 为具有更多的信息含量。 主力资金交易行为刻画——标准化笔均成交金额因子：以平均每笔成 交金额（）指标刻画主力资金，将特殊时刻笔均成交金额除以全天笔均 成交金额，得到去量纲后的标准化笔均成交金额（）因子。 基于股价涨跌的主力资金交易行为刻画 股价下跌时刻蕴含的 Alpha 信息：根据分钟股价涨跌将不同时刻划分为上 涨、下跌和横盘，发现下跌时刻因子对股价未来收益具有较好的预测 效果。进一步地，下跌幅度越大，因子表现越好。 基于逐笔成交数据改进因子：引入逐笔成交数据，根据每笔成交的主 动买卖方向对特殊时刻成交记录进行划分，构造主买和主卖因子。 跌幅最大时刻主卖因子：基于跌幅最大时刻、主动卖出订单构建的主 卖因子，RankIC 均值 8.96%，年化 RankICIR 为 4.24，月胜率 86%。 基于股价高低的主力资金交易行为刻画 股价最低时刻 ...

Core Viewpoint - The document outlines the information disclosure management system of AVIC Shenyang Aircraft Corporation, emphasizing the importance of timely, accurate, and complete disclosure of information that may significantly impact the company's securities and their derivatives. Group 1: General Principles - The purpose of the information disclosure management system is to standardize the company's disclosure behavior, enhance management of disclosure affairs, and protect the legitimate rights and interests of the company and its shareholders [1]. - The term "information" refers to any significant matters that could materially affect the price of the company's securities and derivatives, which investors have not yet been informed about [1][2]. - The company must disclose information in a timely manner, ensuring that it is truthful, accurate, complete, and easy to understand, without any misleading statements or omissions [2][3]. Group 2: Disclosure Obligations - The system applies to various entities and individuals, including the board of directors, senior management, and significant shareholders, collectively referred to as "information disclosure obligors" [2]. - Information disclosure obligors may voluntarily disclose information relevant to investors' value judgments and investment decisions, provided it does not conflict with legally required disclosures [3]. - The company must adhere to confidentiality regulations and conduct a security review before disclosing sensitive information [3]. Group 3: Disclosure Content - Disclosure documents include periodic reports, temporary reports, prospectuses, and other relevant announcements, which must be published on the Shanghai Stock Exchange website and other approved media [9]. - Periodic reports must include significant information that could impact investors' decisions, and financial reports must be audited by a qualified accounting firm [10][11]. - The company is required to disclose risk factors that may adversely affect its core competitiveness and future development, along with relevant industry information [13]. Group 4: Responsibilities and Procedures - The board of directors is responsible for overseeing the company's information disclosure, ensuring that the content is truthful and complete [22]. - The audit committee supervises the actions of directors and senior management regarding their disclosure responsibilities [23]. - The securities affairs department is the primary body responsible for the preparation and disclosure of information, ensuring compliance with relevant regulations [26].

Core Viewpoint - Chengdu Yunda Technology Co., Ltd. has established a comprehensive information disclosure system to ensure the authenticity, accuracy, completeness, timeliness, and fairness of its disclosures, thereby protecting the rights and interests of the company, shareholders, and investors [1][2]. Group 1: Information Disclosure Obligations - The information disclosure obligations extend beyond the company itself to include directors, senior management, department heads, shareholders, and other relevant parties [2]. - Major information that must be disclosed includes financial performance, mergers and acquisitions, stock issuance, significant contracts, and legal disputes [2][3]. Group 2: Basic Principles of Information Disclosure - Information disclosure is a continuous responsibility of the company, requiring compliance with relevant laws and regulations [3]. - Directors and senior management must ensure the disclosed information is truthful and accurate, and if they cannot guarantee this, they must declare the reasons in announcements [3][4]. Group 3: Disclosure Procedures and Standards - The company must disclose information through the stock exchange and other approved media, ensuring that all investors receive the same information simultaneously [5][6]. - Regular reports, including annual, semi-annual, and quarterly reports, must be prepared and disclosed within specified timeframes [8][9]. Group 4: Responsibilities and Management of Information Disclosure - The board of directors is responsible for overseeing information disclosure, with the chairman being the primary responsible person and the board secretary managing the disclosure affairs [24][25]. - Senior management must report significant events and ensure the accuracy of the information disclosed [26]. Group 5: Confidentiality and Insider Information - Individuals with insider information are prohibited from disclosing it before public announcements and must not engage in insider trading [28][30]. - The company must take measures to control the dissemination of insider information and report any leaks or unusual trading activities immediately [30][31].

Core Viewpoint - The company has established a system to enhance the accountability and quality of annual report disclosures, ensuring compliance with relevant laws and regulations [1][2]. Group 1: Disclosure Responsibilities - The system applies to all personnel involved in annual report disclosures, including major shareholders, directors, senior management, and department heads [1]. - The company emphasizes strict adherence to accounting standards and internal controls to ensure the accuracy and fairness of financial reports [2]. Group 2: Major Errors in Disclosure - Major errors in annual report disclosures include significant accounting errors, substantial omissions, and discrepancies in performance forecasts [2][3]. - Specific criteria for identifying major accounting errors include deviations exceeding 5% of total audited assets, net assets, revenue, or net profit, with absolute amounts over 5 million [3][4]. Group 3: Accountability and Procedures - The company will pursue accountability for major disclosure errors, distinguishing between direct and leadership responsibilities [5][6]. - The internal audit department is responsible for collecting evidence and proposing accountability measures, which must be approved by the board's audit committee [3][6]. Group 4: Correction and Disclosure of Errors - If significant errors are identified, the company must correct them and may impose penalties on responsible individuals, including economic and administrative sanctions [5][6]. - The board must ensure that any corrections to previously disclosed financial reports are audited by qualified accounting firms [7][8].

成都运达科技股份有限公司 第一章 总则 第一条 为进一步规范成都运达科技股份有限公司（以下简称"公司"）内幕 信息管理行为，加强内幕信息保密工作，维护公司信息披露的公开、公平、公正 原则，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司信 息披露管理办法》《深圳证券交易所创业板股票上市规则》《上市公司监管指引 第 5 号——上市公司内幕信息知情人登记管理制度》《深圳证券交易所上市公司 自律监管指引第 5 号——信息披露事务管理》等有关法律法规及《公司章程》的 有关规定，特制订本制度。 第二条 内幕信息的管理工作由董事会负责，董事会应当保证内幕信息知情 人档案真实、准确和完整，董事长为主要责任人，董事会秘书负责办理公司内幕 信息知情人的登记入档和报送事宜。 第三条 未经董事会批准同意，公司任何部门和个人不得向外界泄露、报道、 传送有关涉及公司内幕信息及信息披露的内容。对外报道、传送的文件、软（磁） 盘、录音（像）带、光盘、其他储存介质等涉及内幕信息及信息披露内容的资料， 须经董事会秘书审核同意（并视重要程度报董事会审核）后，方可对外报道、传 送。 第四条 公司董事、高级管理人员和公司各部门、各控股 ...