近期，财政部会计司发布了标准仓单交易相关会计处理实施问答，明确规定将频繁买卖标准仓单获取价 差的行为视为金融工具核算，不再确认为销售收入，差额计入投资收益。去年，中期协发布的《期货风 险管理公司大宗商品风险管理业务管理规则》（下称《管理规则》），已于今年1月1日起实施。 从财政部会计司和中期协的相关规定来看，一个侧重会计准则的适用性，另一个侧重业务合规框架的构 建，但其监管逻辑高度一致，共同指向"穿透业务实质，杜绝监管套利"的核心监管目标。对此，笔者将 深入分析财政部新规和《管理规则》在仓单业务上的协同效应，探讨相关企业的应对策略。 财政部新规与《管理规则》的协同效应 监管逻辑同源——实质重于形式，两项规定均以"经济实质优先于法律形式"为底层逻辑，直击行业痛 点。 针对同一类套利行为，《管理规则》将以库存风险管理为目的的约定购回、解决资金需求的代理交割等 业务模式，进一步细化条款表述，明确归类为"资金类业务"，指出其本质是融资而非贸易，要求以净额 法确认收入，压实收入规模，且要求资金类业务也应伴随货物的真实流转，业务期间应当取得货物的所 有权。财政部新规将频繁买卖仓单不提取实物的行为定性为金融投机，直接剔除该 ...

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends [1] - It highlights the experience of the analyst in leading teams for model validation and stress testing, showcasing a strong background in both fundamental and technical analysis [1] - The collaboration between the analyst and their research partner aims to provide high-quality, data-driven insights for investors [1] Company and Industry Analysis - The focus is on uncovering high-growth investment opportunities through rigorous risk management and a long-term perspective on value creation [1] - There is a particular interest in macroeconomic trends, corporate earnings, and financial statement analysis, which are crucial for providing actionable investment ideas [1]

广东潮宏基实业股份有限公司 风险管理制度（草案） （H 股发行并上市后适用） 第一章 总则 第一条 为规范公司风险管理，建立规范、有效的风险控制体系，提高风险 防范能力，保证公司安全、稳健、持续发展，提高经营管理水平，依据国家法律、 法规、监管规定和《广东潮宏基实业股份有限公司章程》（以下简称"《公司章 程》"），结合公司实际情况，制定本制度。 第二条 本制度适用于公司及各全资和控股子公司、分支机构。 第三条 本制度所称风险是指未来的不确定性对实现公司战略目标和经营 目标的影响。 第四条 本制度所称风险管理，是指围绕公司发展战略，通过在管理的各个 环节和经营过程中进行风险识别、评估和应对，培育良好的风险管理文化，完善 风险管理的组织体系，建立风险管理信息系统和内部控制系统，从而为实现风险 管理的总体目标提供合理保证的过程和方法。 第五条 公司风险管理的目标为： （一） 合规目标。通过识别、分析经营活动中与实现控制目标相关的风险因 素，采用科学合理的风险应对策略，合理保证经营活动合法合规。 （二） 资产安全目标。通过对风险的识别、衡量与控制，以合理的成本支出， 使风险损失有效降低，合理保证公司资产安全。 （三） ...

Core Insights - Bruce Kovner achieved an impressive annualized compound growth rate (CAGR) of 87% over a decade, making him a standout figure in the investment world [2] Group 1: Background and Journey - Kovner was born in 1945 in Brooklyn, New York, and initially pursued a career in politics and arts before discovering his potential in financial trading [3] - His first significant success came from trading soybean futures, where he turned a $3,000 credit card loan into a profit of $20,000 [3] Group 2: Investment Philosophy and Strategies - Kovner emphasizes fundamental research, analyzing macroeconomic data, policy trends, and geopolitical factors to identify trading opportunities [4] - He combines technical analysis with fundamental insights to determine precise entry and exit points for trades, using indicators like moving averages [5] Group 3: Risk Management - Kovner implements strict risk management practices, limiting losses to 1%-2% of total capital per trade, which protects his investments during market volatility [6] - He advises against impulsive trading, advocating for adherence to a predetermined trading plan to avoid emotional decision-making [7] Group 4: Lessons for Investors - Aspiring investors should focus on building a solid foundation of investment knowledge and market understanding before entering the market [8] - Maintaining rationality and patience is crucial, as market fluctuations are normal, and investors should avoid panic selling or impulsive buying [9] - Effective risk management is essential, including setting reasonable stop-loss and take-profit points and diversifying investments to mitigate risks [10]

Core Viewpoint - The article discusses the evolving dynamics of the Mortgage-Backed Securities (MBS) market since 2025, influenced by factors such as the Federal Reserve's monetary policy, high interest rates, and the performance of residential RMBS [1]. Group 1: Event Background - The MBS market has been experiencing continuous changes since 2025, driven by multiple factors including the Federal Reserve's monetary policy and the high interest rate environment [1]. - Understanding the dynamics of the Agency RMBS market is crucial for assessing the pressures and opportunities facing MBS demand and refinancing activities in a high-rate environment [1]. Group 2: Event Information - The event is scheduled for September 3, 2025, from 10:00 AM to 11:00 AM, and will be held online via Tencent [2]. - The agenda includes presentations on mortgage market dynamics, MBS trading practices, and an overview of the Yield Book's prepayment model [2]. Group 3: Speakers - Hui Ding, the Head of RMBS Research and Modeling at LSEG, has nearly 20 years of experience in the securitization product industry [6]. - Helen Zhang, the Head of Research Model Development at LSEG, has a background in technology and finance, particularly in securitized products [7]. - Irene Shi, a Senior RMBS Researcher at LSEG, focuses on market research and quantitative modeling related to agency RMBS [8]. Group 4: Yield Book Overview - Yield Book has been a reliable source for fixed income analysis for 35 years, offering extensive features for in-depth security and portfolio analysis [11]. - The platform provides market-leading models and derivative analysis solutions, enabling clients to maintain a competitive edge [16]. Group 5: Applications of Yield Book - Yield Book's data and models assist in identifying interest rate and credit risks, crucial for achieving robust financial performance [18]. - The platform offers deep insights into investment strategies, helping clients efficiently allocate their portfolios [19]. - Yield Book serves as a comprehensive solution for pre-trade and post-trade analysis, ensuring accurate assessments of cash flow engines and prepayment/default models [20].

Group 1: Company Overview - China Shipbuilding Finance Co., Ltd. was established on July 8, 1997, as a non-bank financial institution under China Shipbuilding Group Co., Ltd. The company provides various financial services including settlement, deposits, loans, foreign exchange, etc. [1] - As of June 30, 2025, the company had a total asset of 248.731 billion RMB and a registered capital of 10 billion RMB [1][11]. Group 2: Internal Control and Risk Management - The company has established a comprehensive internal control system in accordance with relevant laws and regulations, focusing on risk prevention and asset quality optimization [2][10]. - The internal control structure includes a board of directors, senior management, and various departments, ensuring clear responsibilities and mutual checks among departments [2][4]. - The company employs a variety of risk management measures tailored to different business risks, including liquidity risk monitoring and structural management of assets and liabilities [4][5]. Group 3: Financial Performance and Compliance - The company adheres to a prudent management principle and complies with national laws and regulations, continuously enhancing its operational management and internal governance [10][12]. - All regulatory indicators as of June 30, 2025, met the required standards, indicating sound financial health and compliance with regulatory requirements [11][12].

Core Insights - The launch of pure benzene futures and options on July 8, 2025, marks a significant development in China's financial instruments for the chemical industry, providing a new platform for risk management and price discovery [1][2][3] Group 1: Industry Impact - The introduction of pure benzene futures and options is expected to provide a transparent and efficient risk management platform for upstream and downstream enterprises in the petrochemical industry, positively influencing industry development [3][4] - As the world's largest producer of aromatics, China's need for a public and efficient price discovery mechanism for pure benzene has become urgent, especially in the face of market volatility [3][4] - The listing of these financial instruments is aligned with the goal of enhancing the competitiveness of the petrochemical industry and promoting high-quality development [2][4][5] Group 2: Regional Development - Dalian, as a key petrochemical industry base in China, aims to develop a high-end, intelligent, and green petrochemical industry cluster, with the launch of pure benzene futures and options providing timely support for this initiative [2][3] - The local government emphasizes the importance of these financial tools in enhancing the core competitiveness of the regional petrochemical industry [2][3] Group 3: Market Dynamics - The pure benzene futures and options are expected to help enterprises lock in procurement or sales prices quickly, thereby mitigating risks associated with price fluctuations [4][5] - The establishment of a pricing benchmark through these instruments will enhance the pricing transparency of the industry and increase China's influence in international markets [4][5] Group 4: Future Outlook - The Dalian Commodity Exchange (DCE) aims to deepen its service to the chemical industry, with the launch of pure benzene futures and options being a step towards enhancing the global pricing influence of China's petrochemical sector [5][6] - The DCE has now listed over 40 futures and options products, indicating a significant expansion in its capacity to serve the real economy [6]

Core Viewpoint - The first Xinjiang (Kashgar) Trading Technology Expo aims to provide a platform for traders to receive professional guidance, tool demonstrations, and industry exchanges, highlighting the importance of fund safety in volatile markets [2][5][12] Group 1: Event Overview - The expo opened on August 9, 2025, with the theme "Focusing on the Core of Trading, Resolving Trading Troubles" [2] - CPT Markets was awarded the "Annual Brand Forex Broker Award in Xinjiang" for its outstanding performance in financial services and contribution to investor fund safety [2] Group 2: Key Presentation Insights - Frank, a financial training lecturer from CPT Markets, delivered a speech on fund safety during market volatility, addressing core challenges and solutions [5][9] - The presentation resonated with attendees, emphasizing the need for investors to prioritize fund safety over profits in volatile markets [9][12] Group 3: Market Context and Risks - The return to normalcy in the global economy in 2025 has led to increased trading activity, attracting new investors and creating a vibrant trading atmosphere [7] - However, this influx of new investors has raised concerns about risks, particularly during market fluctuations, with four major risks identified: forced liquidation, slippage, withdrawal freezes, and system crashes [7][9] Group 4: CPT Markets' Safety Measures - CPT Markets employs three core safety measures: compliance isolation mechanisms, trading protection mechanisms, and payment protection mechanisms [9][11] - The compliance isolation mechanism ensures client funds are stored in segregated accounts under multiple regulatory bodies, while the trading protection mechanism includes stop-loss features to prevent unexpected liquidations [9][11] - The payment protection mechanism allows for seamless withdrawal processes, minimizing the risk of fund freezes [9][11] Group 5: Technological and Regulatory Strengths - CPT Markets has a strong technological foundation, having invested $20 million in 2024 to develop an AI risk control system that enhances order execution speed and reduces slippage [11] - The company has received over 50 prestigious awards, affirming its leadership in the financial services sector and its commitment to fund safety through strict regulatory compliance [11]

Core Viewpoint - The insurance industry faces significant challenges in responding to natural disasters, particularly during flood seasons, necessitating efficient claims processing and proactive risk management strategies [1][2][3] Group 1: Industry Response to Flooding - Multiple insurance companies have established "green claims channels" in disaster-affected areas, offering services that eliminate on-site inspections, weather proof requirements, and free rescue operations, thereby significantly reducing claim processing times [1] - The industry is adopting a "no-differentiation rescue" approach, where companies provide assistance regardless of customer status, prioritizing immediate help for those in distress [1] Group 2: Enhancing Claims Efficiency - Improving claim investigation efficiency and simplifying the claims process are critical for insurance companies post-disaster, with a focus on utilizing digital tools for self-reporting, video inspections, and remote assessments [2] - Collaboration with emergency, meteorological, and transportation departments is essential for enhancing overall response efficiency, ensuring that claims are processed promptly and comprehensively [2] Group 3: Proactive Risk Management - Insurance institutions are encouraged to shift their focus towards pre-disaster prevention, conducting risk assessments in high-risk areas and providing early warnings to help clients mitigate potential losses [2] - The industry is urged to develop more targeted and customized insurance products that address specific risks related to household property, vehicle damage, and agricultural facilities, transitioning from merely having insurance to offering quality coverage [2] Group 4: Consumer Participation in Risk Management - Consumers are advised to actively engage in risk prevention by monitoring weather alerts, arranging travel accordingly, and ensuring proper vehicle parking to minimize potential losses [3] - It is crucial for consumers to understand their insurance coverage, particularly regarding natural disaster risks, and to retain evidence for claims processing after incidents occur [3] Group 5: The Role of Insurance in Society - Insurance serves as a vital support system for societal stability and is essential in providing a safety net during disasters, requiring coordinated efforts from regulatory bodies, insurance companies, and consumers [3] - The value of insurance extends beyond mere compensation; it embodies a commitment to accompany policyholders through crises and help them recover [3]

株洲冶炼集团股份有限公司 董事会风险控制委员会实施细则 第一章 总则 第一条 为强化公司全面风险管理，提升公司风险管理能 力，健全风险管理决策程序，根据《中华人民共和国公司法》《上 市公司独立董事管理办法》《上市公司治理准则》等法律法规、 规范性文件及《公司章程》的有关规定，公司特设立董事会风险 控制委员会（以下简称"委员会"），并制定本实施细则。 第二条 委员会主要负责对公司风险管理体系及管理策略 进行评估，审议公司重大风险并向董事会提出风险预警及改进建 议。 第二章 风险控制委员会的人员组成 第三条 委员会成员由三名董事组成，且至少包括两名独 立董事。 第四条 委员会委员由董事长、二分之一以上独立董事或 者全体董事的三分之一以上提名，并由董事会任命。 第五条 委员会设主任一名，由公司独立董事担任，负责 召集和主持委员会工作。 第六条 委员会委员任期与同届董事会董事任期一致。委 员任期届满，连选可以连任。期间如有委员不再担任公司董事职 务，自动失去委员资格，并由董事会根据前述的规定补足委员人 数。 第七条 委员因辞职、免职或其他原因导致人数低于规定 人数时，公司董事会应当及时增补新的委员。 第三章 风险控制 ...