三菱日联：菲律宾比索、韩元和泰铢更容易受油价飙升的影响 金十数据6月23日讯，三菱日联银行全球市场研究部门的四名成员在一份报告中说，菲律宾比索、韩元 和泰铢在亚洲更容易受到油价进一步飙升的影响。他们援引了世行对油价上涨可能如何影响亚洲外汇市 场的分析。该行的情景分析显示，油价上涨10美元/桶将使亚洲经常账户头寸减少0.2%至0.9%的GDP； 油价每上涨10美元/桶，亚洲的CPI可能会上升0.1至0.8个百分点。 ...

Core Viewpoint - The central bank of Indonesia will continue to intervene in both offshore and onshore non-deliverable forward and spot foreign exchange markets to ensure that the Indonesian rupiah reflects its fundamentals [1] Group 1 - The Indonesian central bank is focused on maintaining the stability of the rupiah through market interventions [1] - The interventions will target both non-deliverable forwards and spot foreign exchange markets [1] - The aim is to ensure that the currency accurately reflects the underlying economic fundamentals [1]

2025年6月23日银行间外汇市场人民币汇率中间价 美元/人民币报7.1710，上调（人民币贬值）15点； 欧元/人民币报8.2509，下调94点； 港元/人民币报0.91352，上调1.9点； 英镑/人民币报9.6433，下调268点； 澳元/人民币报4.6276，下调253点； 加元/人民币报5.2250，下调142点； 100日元/人民币报4.9113，下调289点； 人民币/俄罗斯卢布报10.9291，上调186点； 新西兰元/人民币报4.2827，下调227点； 人民币/林吉特报0.59285，下调2.1点； 瑞士法郎/人民币报8.7782，下调105点； 新加坡元/人民币报5.5727，下调108点。 ...

Group 1 - The National Foreign Exchange Administration's Nanjing branch is implementing a special action plan to enhance foreign exchange services for enterprises, aiming to improve satisfaction with capital project foreign exchange business [1] - The action plan includes policy promotion, business guidance, and product recommendations to facilitate the implementation of foreign exchange convenience policies [1] - A "one-on-one" service model has been adopted, where officials provide direct support to companies, such as the Hong Pao Company, to help them understand policies related to overseas listing registration [1] Group 2 - The Nanjing branch is focusing on the needs of specialized and innovative small and medium-sized enterprises (SMEs) in foreign exchange business, providing tailored guidance based on their demands [2] - The branch assisted Fujian Dushi Wood Industry Co., Ltd. in completing a foreign debt signing and registration of $421.58 million, significantly reducing financing costs and processing time for the company [2] - The branch is promoting digital reforms and encouraging financial institutions to explore online and paperless processing of capital project business to enhance service efficiency [2] Group 3 - The Nanjing branch combines on-site policy transmission with hands-on operational guidance to train pilot banks, ensuring they can effectively implement digital capital project services [3] - Three banks in the Nanjing area, including Industrial Bank, Postal Savings Bank, and Transportation Bank, are currently offering digital services for 24 different capital project foreign exchange scenarios [3] - The focus is on helping enterprises understand and utilize policies effectively, thereby expanding the reach and quality of digital capital project services [3]

固定收益 | 固定收益定期 国际油价升至年内高位 证券研究报告 高频经济跟踪周报 20250621 需求：新房成交续升，汽车消费回暖 （1）地产方面，本周 20 城商品房成交面积环比续升，同比由正转负。二 线城市新房成交增幅较大，重点城市二手房成交面积环比大多下降。 （2）消费方面，乘用车零售日均销量和批发日均销量环比大幅上升，观影 消费低于季节性，出行表现有所分化，全国迁徙规模指数环周回暖，一线 城市地铁客运量环周回落。 生产：工业生产平稳向好，下游开工率回升 （1）中上游方面，螺纹钢开工率基本持平，PTA 开工率与石油沥青装置开 工率环周小幅下降，涤纶长丝开工率环周上升，指向基建开工或边际改善。 （2）下游方面，汽车全钢胎开工率由降转升，半钢胎开工率较上周小幅上 升，半钢胎绝对值仍高于历年同期水平，以旧换新补贴政策支持下短期内 对生产端或有一定支撑。 投资：螺纹钢表观消费偏弱，水泥价格有所回落 螺纹表观消费表现偏弱，螺纹钢价格环周下降，随着下游需求淡季到来， 螺纹钢需求或将呈现环比下滑的态势；水泥发运率下降，水泥库容比上升， 水泥价格有所回落。 贸易：港口吞吐量下降，出口集运价格续涨 （1）出口方面，港口 ...

Core Viewpoint - The Swiss National Bank (SNB) is prepared to intervene in the foreign exchange market to achieve its inflation targets, despite being recently placed on the U.S. currency manipulation watchlist [1] Group 1 - The SNB's readiness to intervene indicates a proactive approach to managing inflation [1] - The inclusion on the U.S. currency manipulation watchlist may influence the SNB's strategies and market perceptions [1]

英镑兑美元跌0.12%、报1.3449，本周累跌0.90%。 美元兑瑞郎涨0.17%、报0.8182，本周累涨0.81%。 周五（6月20日）纽约尾盘，美元兑日元上涨0.45%，报146.10日元，本周累计上涨1.44%，整体持续震 荡上行，交投区间为143.65-146.22日元。 欧元兑日元涨0.70%，本周累涨1.17%；英镑兑日元涨0.33%，本周累涨0.55%。 欧元兑美元涨0.24%、报1.1522，本周累跌0.24%。 ...

Group 1 - The company held its fourth board meeting on June 20, 2025, with all nine directors present, and the meeting was conducted in accordance with relevant laws and regulations [2][3]. - The board approved the grant of restricted stock to 72 eligible participants at a price of 72.81 yuan per share, totaling 1,186,440 shares [3][45]. - The board also approved the use of idle raised funds for cash management, with a maximum amount of 25 million yuan from the initial public offering and 85 million yuan from the 2022 private placement [4][11]. Group 2 - The company plans to conduct foreign exchange hedging activities, which were also approved by the board [5][74]. - A special account will be established for the funds raised from the issuance of A-shares to specific investors, ensuring proper management and storage of the funds [6][7]. - The board authorized the chairman to adjust the issuance price if the number of shares issued does not meet 70% of the planned amount [7][8]. Group 3 - The company aims to improve the efficiency of fund utilization and maximize shareholder returns by managing idle funds through low-risk financial products [15][18]. - The cash management will be conducted under strict regulations, ensuring that the funds are not used for high-risk investments [18][21]. - The company will disclose information regarding the cash management activities in accordance with regulatory requirements [21][22].

Core Viewpoint - The document outlines the management system for foreign exchange derivative trading at Guangdong Songfa Ceramics Co., Ltd., emphasizing the need for risk prevention, compliance with regulations, and the establishment of a robust management mechanism for the company's foreign exchange derivative trading activities [1][2]. Group 1: General Principles - The foreign exchange derivative trading activities are aimed at mitigating and preventing exchange rate or interest rate risks, based on the company's normal production and operational needs [2]. - The company must conduct foreign exchange derivative transactions with qualified financial institutions and cannot engage with unauthorized organizations or individuals [2][3]. - Transactions must align with the company's foreign currency receivables and payables forecasts, ensuring that the amounts do not exceed these forecasts [2][3]. Group 2: Approval Authority - The Board of Directors is responsible for reviewing the necessity and legality of foreign exchange derivative trading decisions, with disclosures made in relevant announcements or reports [3][4]. - Any overall plan and limits for foreign exchange derivative trading must be approved by the Board of Directors or, if exceeding their authority, by the shareholders' meeting [3][4]. Group 3: Management and Operational Procedures - The Board may authorize the Chairman or designated individuals to manage specific foreign exchange derivative trading operations within the approved scope [4][5]. - The company can estimate the scope, limits, and duration of derivative trading for the next 12 months to streamline operations [4][5]. Group 4: Risk Management - The company must implement measures to prevent funding risks, ensuring that trading does not utilize cash flow beyond normal operations [6][7]. - In cases of significant losses or market changes, the finance department must report to management and the Board, providing a risk analysis report that includes trading positions and risk assessments [7][8]. Group 5: Information Disclosure - The company is required to disclose foreign exchange derivative trading activities as per relevant laws and regulations, ensuring transparency in operations [8]. - All trading documents must be retained for at least 10 years by the finance department [8].

Core Viewpoint - The board of directors of Guangdong Songfa Ceramics Co., Ltd. has approved several proposals related to financial activities for the year 2025, including new related party transactions, borrowing limits, guarantees, and investment plans, which will be submitted for shareholder approval [1][2][3][5][6][7]. Group 1: Related Party Transactions - The board approved the estimated situation of new daily related party transactions for 2025, with the proposal receiving unanimous support from independent directors and the supervisory board [1][2]. Group 2: Borrowing and Guarantees - The company plans to apply for a new borrowing limit of up to RMB 15 billion from a controlling shareholder's related party, with an interest rate not exceeding the Loan Prime Rate (LPR) [2][3]. - A new guarantee plan for 2025 was proposed, with an estimated total guarantee amount not exceeding RMB 30 billion, covering guarantees for subsidiaries [3]. Group 3: Credit and Financial Management - The company intends to apply for a new comprehensive credit limit of up to RMB 50 billion and USD 20 million (or equivalent foreign currency) to support its operations and business expansion [3][4]. - A proposal to establish a management system for foreign exchange derivative trading was approved to enhance risk management and asset security [5]. Group 4: Investment Plans - The company plans to use its own funds for entrusted wealth management, with a maximum daily balance of RMB 500 million allocated for low-risk financial products [6]. - The board proposed to conduct foreign exchange derivative trading with an estimated balance not exceeding USD 1 billion for 2025 [6]. Group 5: Shareholder Meeting - The company has scheduled the second extraordinary general meeting of shareholders for July 7, 2025, to review the aforementioned proposals [7].