Core Viewpoint - The New York Federal Reserve will initiate morning repurchase agreement operations on June 26 [1] Group 1 - The New York Federal Reserve is set to launch a new operational tool aimed at enhancing liquidity in the financial system [1]

Core Viewpoint - The New York Federal Reserve will initiate morning repurchase agreement operations starting June 26 [1] Group 1 - The early morning repurchase tool operation is aimed at providing liquidity to the financial system [1] - This move is part of the Federal Reserve's ongoing efforts to manage short-term interest rates effectively [1] - The decision reflects the Fed's commitment to ensuring stable market conditions [1]

美国纽约联储就常备回购便利工具（SRF）发布公告。 ...

当前，各地正积极用好地方政府专项债券（以下简称"专项债"），为房地产领域去库存、稳市场提供资 金支持。 记者注意到，各地发行地方政府专项债券用于收回收购存量闲置土地工作推进速度正在加快。5月23 日，四川省财政厅发布《关于发行2025年四川省政府专项债券（十七至二十四期）有关事项的通知》， 明确本批专项债将于5月30日发行。 "当前，四川、广东、湖南、福建等省份均已发行用于收回收购存量闲置土地的专项债。"中指研究院政 策研究总监陈文静表示，上述省份均为专项债"自审自发"试点地区。预计已公示拟收回收购地块的其他 地区将参考借鉴已发行专项债省份的做法，加快发债节奏，推动收回收购存量闲置土地工作落实。 在为收回收购存量闲置土地工作提供资金支持的同时，专项债的应用范围目前已拓展至收购存量商品房 工作。 在《2025年四川省政府专项债券（十七至二十四期）项目清单》（以下简称《项目清单》）中，包含了 成都市、自贡市、宜宾市、泸州市等地的40余个收回收购存量闲置土地项目，涉及金额超50亿元。 "利用专项债等财政手段收回收购存量闲置土地、收购存量商品房，都可以为存量房地产的去化提供更 大支撑，促进风险的防范化解，巩固房地产市 ...

Company Overview - Jiangsu Guangxin Photosensitive New Materials Co., Ltd. was established on January 25, 2006, originally as a foreign-funded enterprise and later transformed into a domestic enterprise [1] - The company specializes in the fine chemical industry, focusing on the research, production, and sales of photosensitive materials, with its core product being specialized inks [1] Financial Reporting - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance and relevant regulations [1] - The financial statements reflect the company's financial position as of December 31, 2024, and its operational results for the year [1] Accounting Policies - The company adopts a calendar year as its accounting period, with a business cycle of 12 months [1] - The accounting policies include depreciation of fixed assets, amortization of intangible assets, and revenue recognition [1] Importance Standards - Significant single items for bad debt provisions are those where the amount accounts for 10% of the total bad debt provisions [1] - Important construction projects are those where the amount exceeds 0.5% of the total assets [1] Business Operations - The company operates in the fine chemical industry, primarily producing photosensitive materials suitable for high-tech applications [1] - The main products include specialized inks and coatings [1] Financial Instruments - Financial instruments are recognized when the company becomes a party to the financial contract [7] - The classification of financial assets includes those measured at amortized cost and those measured at fair value [9] Inventory Management - Inventory is classified into raw materials, work in progress, finished goods, and other categories [18] - The company uses a perpetual inventory system and applies a weighted average method for inventory valuation [18] Long-term Investments - Long-term equity investments are accounted for using the cost method or equity method depending on the level of control [19][20] - The initial investment cost for equity investments is determined based on the fair value of the consideration paid [19]

Core Viewpoint - The third Civil Aviation Science and Technology Innovation Achievement Exhibition showcased various "air taxis," highlighting the importance of airworthiness certification for commercial passenger operations [1][2]. Group 1: Air Taxi Development - "Air taxis" are described as futuristic vehicles capable of vertical takeoff and landing, with a cruising speed of 200 km/h, enabling autonomous flight [2]. - The M1 eVTOL can reduce travel time from the National Stadium to Beijing Daxing International Airport from nearly 2 hours to 30 minutes, with ticket prices comparable to taxi fares [2]. Group 2: Airworthiness Certification Process - The airworthiness certification process is crucial for ensuring aviation safety, involving the review and management of hundreds of subsystems throughout the lifecycle of civil aircraft [4]. - The certification process is complex, with examples such as the C909 regional aircraft taking 11 years and the C919 large passenger aircraft taking 12 years to complete their respective certifications [4][5]. Group 3: Technological Advancements in Certification - The rapid development of the drone and eVTOL manufacturing industries has led to a significant increase in airworthiness certification demands [6]. - Advanced information technologies, such as remote manufacturing compliance inspection tools, are being utilized to enhance the efficiency of the airworthiness certification process [7].

顶端新闻：央行新增3000亿元科技创新和技术改造再贷款(总额达8000亿元)，并创设"科创债券风险分 担工具"。您认为，这些工具如何破解科技企业"轻资产、高风险"融资难题，提升科技企业的融资效率 与市场信心？又该如何与地方政府、市场化机构形成风险共担机制？ 潘向东：央行新增3000亿元科技创新和技术改造再贷款(总额达8000亿元)，并同步创设"科创债券风险 分担工具"，是在当前经济转型关键期下，金融支持科技创新的又一重大制度安排。 针对科技企业"轻资产、高风险、长周期"的典型融资特征，这些工具直击融资难点，旨在优化金融资源 配置机制，提升科技企业融资效率与市场信心，同时也推动金融、财政与市场机制之间的协同发力。科 技创新再贷款本质上是一种结构性货币政策工具，通过向金融机构提供低成本资金，引导其增加对科技 企业的信贷投放。该工具既缓解了银行"惜贷"问题，又能在总量可控的前提下，精准支持技术领先但短 期盈利不足的创新型企业。此次额度新增3000亿元至8000亿元总规模，显著提升了政策覆盖面和扶持力 度，为科技企业研发攻关提供了关键的"启动资金"。 科技创新，成为本轮政策的核心发力点之一。 在发布会上，央行、金融监 ...

在金融市场的浪潮中，交易平台如同航海者的罗盘，其精准度与功能性直接决定了投资者的航向与收益。Velos Markets威马证券作为国际化的在线交易平 台，凭借其多维度的产品矩阵与科技赋能，逐渐成为专业投资者手中的利器。本文将从平台功能、操作流程、效率优化及客户服务四个维度，解析其核心价 值。 立体化交易生态：三足鼎立的战略布局 Velos Markets的竞争力首先体现在其"外汇、差价合约（CFD）与加密货币"三大核心产品构成的交易生态。这种布局如同搭建了一座金融立交桥，让投资者 能够无缝切换于不同市场：外汇交易满足汇率波动套利需求，差价合约覆盖股票、指数等衍生品，而加密货币则瞄准高波动性机会。特别值得注意的是黄金 现货交易，平台提供T+0机制（即当日可无限次买卖），配合低至0.3美元/盎司的点差和最高1:500的杠杆，如同为短线交易者装上了"涡轮增压器"，既能快 速捕捉美联储政策或地缘事件带来的波动，也需警惕杠杆双刃剑的风险。 客户反馈映射的平台进化 个性化服务：从标准化到量身定制的跃迁 Velos Markets的客户服务团队由全球金融专业人士组成，其服务模式如同"私人医生"问诊：根据用户风险偏好（如保守 ...

这实际上反映了法币体系的内在逻辑。 1971年布雷顿森林体系瓦解后，美元与黄金脱钩，美元对黄金的价值大幅贬值。 以1971年35美元/盎司为基准，2025年4月黄金价格一度超过3450美元/盎司，美元相对黄金贬值超99%。 各国货币失去了黄金锚定，通胀成为了政府征收的"隐形税"。 这背后的逻辑，也是比特币的金融学"第一性原理"之一。 2、黄金不产生有现金流，长周期没跑赢美国股市。 虽然黄金把美元秒成渣，但是-- 以1900年为基准，黄金的真实购买力基本维持不变； 而股市（如标普500）的真实回报率年化约7%。 从1801年至2014年，黄金涨到3倍，（美国）股票涨到100万倍。 这个对比揭示了黄金作为"价值储存"而非"增值工具"的本质。 1、上世纪70年代至今，美元相对黄金贬值99%。 但是过去数十年，黄金回报不错。参见下图。 1971年至2025年，黄金年化回报8.2%，标普500为7.8%，纳指为10.6%。 2005年底至2025年初，国际金价从每盎司500美元上涨至3350美元左右，年化回报率约为9.7%，同期标普500指数的年均涨幅为9.82%。 近5年，黄金年化收益率高达16.2%，标普500约为 ...

Group 1 - The current market turbulence presents an opportunity for long-term investment, particularly as the Federal Reserve's interest rate hike cycle approaches its end and Hong Kong stocks are at historical low valuations [1][5] - Investors are advised to adopt a "pyramid" structure for their investment portfolio, with high-dividend utility stocks at the base for stable cash flow, leading to top-tier tech stocks in the middle, and a portion of flexible funds for capturing emerging opportunities in biotech and Web 3.0 [3][5] - Risk management should focus on designing safety nets rather than retracting positions, with strategies to adjust holdings based on market volatility and currency fluctuations [3] Group 2 - Establishing an "economic dashboard" to track key indicators such as CPI components and fund flows can provide valuable insights for investment decisions, helping to identify market signals that precede sector recoveries [3][5] - The use of intelligent investment research tools to create a long-term value map can assist in identifying undervalued assets amidst market noise, emphasizing the importance of rational analysis and data-driven decision-making [5]