Core Viewpoint - The report evaluates the financial services provided by Shanghai Electric Group Finance Co., Ltd. to its parent company, Shanghai Electric Group Co., Ltd., and its subsidiaries, highlighting the company's financial health and risk management practices [1][10]. Group 1: Basic Information of Electric Finance - Shanghai Electric Group Finance Co., Ltd. was established in December 1995 and is regulated by the National Financial Supervision Administration [2]. - The registered capital of Electric Finance is RMB 3 billion, with Shanghai Electric Group Co., Ltd. holding a 74.625% stake [2]. - The company offers various financial services, including deposit acceptance, loan processing, and financial consulting [3]. Group 2: Internal Control System - Electric Finance has established a governance structure comprising a shareholder meeting, board of directors, supervisory board, and senior management to ensure clear responsibilities and effective decision-making [4]. - The company has implemented comprehensive internal control measures to mitigate operational risks, including specific management procedures for settlement and fund management [5][6]. Group 3: Financial Performance and Risk Management - As of June 30, 2025, Electric Finance reported total assets of RMB 75.595 billion, total liabilities of RMB 66.786 billion, and net assets of RMB 8.809 billion [8]. - The company achieved a capital adequacy ratio of 17.47%, significantly above the regulatory requirement of 10.5% [8]. - The average deposit balance from the parent company and its subsidiaries in Electric Finance was RMB 2.446 billion, accounting for 74.70% of their total deposits [8]. Group 4: Financial Services Impact - The interest rates for deposits and loans provided by Electric Finance are competitive compared to other financial institutions, positively impacting the parent company's operations [8]. - The company has not encountered any legal or regulatory violations in its business activities, indicating strong compliance with financial regulations [8][10]. Group 5: Ongoing Risk Assessment - The company will conduct semi-annual reviews of Electric Finance's audited financial reports to assess its operational qualifications and risk status [10]. - The report concludes that Electric Finance has effective risk management practices in place, ensuring the safety of financial services provided to the parent company and its subsidiaries [10].

Group 1 - The core viewpoint of the article is that China Gold Group Jewelry Co., Ltd. has conducted a risk assessment of its financial subsidiary, China Gold Group Finance Co., Ltd., confirming its compliance and sound financial management practices [1][8] - China Gold Group Finance Co., Ltd. is a non-banking financial institution established with a registered capital of 2 billion yuan, with China Gold Group holding a 60% stake [1][2] - The financial company operates under the guidance and supervision of the National Financial Supervision Administration and the People's Bank of China, with a defined scope of business including deposit acceptance, loan processing, and financial advisory services [2][3] Group 2 - The internal control structure of the financial company includes a board of directors, supervisory board, and various committees to ensure effective governance and risk management [2][3] - Risk management is organized by the risk management department, which identifies and assesses various risks, including operational, liquidity, credit, market, and compliance risks [4][5] - The financial company has established a comprehensive internal audit department to oversee compliance and risk management, ensuring that all operations adhere to regulatory requirements [5][6] Group 3 - As of June 30, 2025, the financial company reported total assets of 27.69 billion yuan, total liabilities of 25.34 billion yuan, and a net profit of 79 million yuan [7][8] - The company maintains a good liquidity position with a bank deposit balance of 6.532 billion yuan, of which 6.241 billion yuan is deposited with the financial company [7][8] - The financial services provided by the financial company are in line with regulatory standards, ensuring fair pricing and protection of the company's interests [8]

中国旅游集团中免股份有限公司 关于对中旅集团财务有限公司的风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第5号—交易与关联交易》《关于 规范上市公司与企业集团财务公司业务往来的通知》《企业集团财务公司管理办法》 的要求，中国旅游集团中免股份有限公司（以下简称"公司"）通过查验中旅集团财 务有限公司（以下简称"中旅财务"）的《营业执照》与《金融许可证》等资料，并 审阅了包括2025年6月30日资产负债表、2025年上半年度利润表、2025年上半年度现 金流量表等在内的定期财务报告，对其经营资质、业务和风险状况进行了评估，具 体情况报告如下： 一、中旅财务基本情况 中旅财务成立于2012年7月10日，是经中国银行保险监督管理委员会（现"国家 金融监督管理总局"）（银监复[2012]312号文件）批准成立的非银行金融机构。中旅 财务企业信息如下： 注册地址：深圳市福田区深南路4011号香港中旅大厦19楼A-D 法定代表人：金鸿雁 金融许可证机构编码：L0153H244030001 企业法人营业执照注册号：914403000504698000 经营范围：（一）吸收成员单位存款；（二）办理成员单位贷款；（三 ...

Group 1 - The core viewpoint of the report is the continuous risk assessment of the lending and deposit business between Jiangsu New Energy Development Co., Ltd. and Jiangsu Guoxin Group Financial Co., Ltd. [1] - Jiangsu Guoxin Group Financial Co., Ltd. was established on December 14, 2010, with a registered capital of 2 billion RMB and is a non-banking financial institution approved by the former China Banking Regulatory Commission [1][2] - The company has a sound governance structure with a board of directors and a shareholders' meeting, ensuring clear responsibilities in internal control [1][2] Group 2 - The financial company has established a comprehensive internal control management system and risk management framework, including a risk control committee and an audit committee [2] - A three-line defense structure is in place for risk management, with the first line being operational departments, the second line being the risk management department, and the third line being the audit department [2] - The company has a credit review committee that serves as the decision-making body for credit business, ensuring strict adherence to review and approval processes [2][3] Group 3 - As of June 30, 2025, Jiangsu Guoxin Group Financial Co., Ltd. reported total assets of approximately 23.15 billion RMB and total equity of approximately 2.71 billion RMB [6] - The company has maintained a stable operating principle since its establishment, complying with relevant laws and regulations, and has effective internal controls [6] - All regulatory indicators as of June 30, 2025, meet the requirements set by regulatory authorities [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The intraday trend of Shanghai Nickel was oscillating strongly, mainly influenced by the broader market. The expectation of interest rate cuts in September has improved at the macro - level, and there is no obvious change in the fundamental logic. The second - phase benchmark price in Indonesia in August was slightly adjusted downwards. There was rainfall affecting shipments in some mining areas in the Philippines this week, and there is an expectation of rainfall in September. Nickel iron remained strong intraday, with supply price support continuing. The salt factories in the new energy chain have been relatively strong recently, and the MHP market is in short supply. Stainless steel also showed a strong trend intraday, with spot prices rising. Attention should be paid to the sentiment trend as it approaches the peak demand season in September and October [4]. - There are both positive and negative factors in the market. Positive factors include the potential revision of the HPM formula by APNI in Indonesia, the shortening of the nickel ore quota license period in Indonesia, the potential increase in stainless - steel demand from the Yarlung Zangbo River hydropower station construction, and the increasing expectation of interest rate cuts in September. Negative factors include stainless steel entering the traditional off - season with slow inventory reduction, high pure nickel inventory, seasonal increase in nickel ore inventory, Sino - US tariff disturbances, and South Korea's potential anti - dumping duties on Chinese hot - rolled products [6]. 3. Summary by Related Catalogs 3.1 Price and Volatility Forecast - **Shanghai Nickel**: The price range is predicted to be 118,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2% [2]. - **Stainless Steel**: The price range is predicted to be 12,500 - 13,100 yuan/ton, with a current 20 - day rolling volatility of 9.27% and a historical percentile of 1.8% [2]. 3.2 Risk Management Strategies - **Shanghai Nickel** - **Inventory Management**: When facing the risk of product sales price decline and inventory impairment, strategies include selling Shanghai Nickel futures (NI main contract) with a 60% hedging ratio and selling call options (over - the - counter/on - exchange options) with a 50% hedging ratio [2]. - **Procurement Management**: When worried about raw material price increases for future production procurement, strategies include buying Shanghai Nickel forward contracts (far - month NI contracts) according to the production plan, selling put options (on - exchange/over - the - counter options), and buying out - of - the - money call options (on - exchange/over - the - counter options) [2]. - **Stainless Steel** - **Inventory Management**: When facing the risk of product sales price decline and inventory impairment, strategies include selling stainless - steel futures (SS main contract) with a 60% hedging ratio and selling call options (over - the - counter/on - exchange options) with a 50% hedging ratio [3]. - **Procurement Management**: When worried about raw material price increases for future production procurement, strategies include buying stainless - steel forward contracts (far - month SS contracts) according to the production plan, selling put options (on - exchange/over - the - counter options), and buying out - of - the - money call options (on - exchange/over - the - counter options) [3]. 3.3 Market Data - **Nickel Disk Data** - The latest price of Shanghai Nickel main contract is 120,310 yuan/ton, with a 0% change. The prices of Shanghai Nickel continuous contracts 1, 2, and 3 increased by 0.59%, 0.54%, and 0.54% respectively. The LME Nickel 3M price is 14,975 US dollars/ton, up 0.61%. The trading volume is 119,179 lots, and the open interest is 110,337 lots. The warehouse receipt volume decreased by 1.15% to 22,292 tons, and the basis of the main contract decreased by 34.8% to - 1,550 yuan/ton [6]. - **Stainless - Steel Disk Data** - The latest price of the stainless - steel main contract is 12,880 yuan/ton, with a 0% change. The prices of stainless - steel continuous contracts 1, 2, and 3 increased by 1.02%, 0.90%, and 0.89% respectively. The trading volume is 156,339 lots, and the open interest is 141,999 lots. The warehouse receipt volume decreased by 0.23% to 101,687 tons, and the basis of the main contract decreased by 18.06% to 590 yuan/ton [7]. - **Nickel Industry Inventory** - Domestic social inventory of nickel is 40,872 tons, a decrease of 1,019 tons. LME nickel inventory is 209,748 tons, an increase of 150 tons. Stainless - steel social inventory is 933.4 tons, a decrease of 0.2 tons. Nickel pig iron inventory is 33,111 tons, a decrease of 304 tons [8].

Group 1 - The core viewpoint is that the integration of financial tools with the traditional pig industry is transforming operational methods and risk management practices, enhancing the industry's ability to withstand risks [1] - The introduction of basis trading allows companies to lock in profits and reduce financial pressure, enabling them to focus on production rather than market fluctuations [2] - The successful implementation of digital models to connect small family farms with larger markets demonstrates the potential for financial resources to flow to smaller entities, providing solutions to mitigate cyclical volatility [3] Group 2 - The introduction of tiered service upgrades by Zhongji Commerce (Zhejiang) Co., Ltd. addresses diverse risk management needs of pig farming enterprises through innovative futures and spot business models [4] - The 1.0 version of the forward price locking order has successfully completed the delivery of 208,000 pigs in 2024, with contracts for 1.191 million pigs in 2025, covering 32 enterprises across 20 provinces [4] - The 2.0 version enhances flexibility through financial tools, allowing for dynamic adjustments in contract volumes based on market conditions, and introduces a "pig bank" service to lower hedging thresholds for high-cost enterprises [4][5] Group 3 - The 2.5 version optimizes delivery mechanisms, allowing clients to flexibly price based on pre-sale or repurchase needs, thus enabling timely realization of hedging profits [5] - The three-tiered model creates a comprehensive risk management system that covers basic price locking, dynamic hedging, and flexible delivery, empowering farming enterprises to tackle price volatility challenges [5]

Core Viewpoint - The National Financial Supervision Administration has released a draft for the "Management Measures for Mergers and Acquisitions Loans by Commercial Banks," marking a comprehensive upgrade in the regulatory framework for acquisition loans since 2015. The revision aims to optimize services while controlling risks, providing policy support for banks to expand their business while enhancing their risk management capabilities [1][2]. Group 1: Regulatory Changes - The new measures introduce a balanced approach of "moderate looseness and strictness," allowing for financial support in industrial integration while setting clear risk boundaries for banks [1]. - For the first time, the measures include support for equity acquisitions, addressing the previous limitation of only covering controlling acquisitions, aligning with current industrial chain collaboration needs [1]. - The loan ratio and term have been relaxed, with the upper limit for controlling acquisition loans raised from 60% to 70% and the maximum term extended from 7 years to 10 years. For equity acquisitions, the loan ratio is capped at 60% with a maximum term of 7 years, easing financial pressure on acquirers [1]. Group 2: Enhanced Supervision - The measures require banks engaging in acquisition loans to meet basic conditions such as "good regulatory ratings" and "compliance with key prudential regulatory indicators," along with asset size thresholds to prevent smaller banks from engaging in high-risk activities [2]. - A closed-loop risk control process is mandated, focusing on pre-loan assessments of borrowers' repayment capabilities and post-loan vigilance against fund misappropriation and fraudulent acquisitions [2]. - Quantified risk boundaries are established through prohibitive clauses, such as limiting the total balance of acquisition loans to no more than 50% of Tier 1 capital and capping equity loan balances at 30% of total acquisition loans [2]. Group 3: Risk Management Requirements - Banks are encouraged to establish specialized management mechanisms and systems to comply with the new measures, including defining business processes, risk assessment standards, and approval mechanisms, along with developing dedicated information systems for real-time monitoring of acquisition transactions and financial flows [2][3]. - The establishment of professional teams is emphasized, requiring banks to form multidisciplinary teams including acquisition experts, credit analysts, industry researchers, lawyers, and accountants to enhance risk identification accuracy [3]. - A multi-dimensional repayment capacity assessment system is to be constructed, incorporating both financial and non-financial factors to evaluate the ongoing profitability and debt repayment ability of acquired companies, thus avoiding misjudgments based on singular indicators [3].

Core Viewpoint - The China Securities Regulatory Commission has approved the registration of futures and options for coated printing paper, fuel oil, asphalt, and pulp at the Shanghai Futures Exchange, marking the introduction of the world's first financial derivatives for cultural paper [1][2]. Industry Overview - China is the largest producer and consumer of coated printing paper globally, with a projected production of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [2]. - The coated printing paper industry is facing significant revenue growth pressures due to complex domestic and international market conditions, leading to a high demand for risk management tools [2]. Risk Management Tools - The introduction of coated printing paper futures and options will fill the gap in domestic financial derivatives for cultural paper, providing enterprises in the cultural paper industry with tools to manage price volatility effectively [2]. - The futures and options are expected to create a complete risk management chain in the pulp and paper industry, enhancing the management of exposure risks from raw materials to finished products [2][3]. Market Impact - The new financial instruments are anticipated to serve as a "price anchor" for the industry, improving pricing efficiency in spot trading and guiding enterprises in formulating production plans [2]. - The launch of these derivatives is expected to enhance China's influence in the international paper and paper products market, promoting the export of Chinese standards and attracting foreign brand certifications [3]. Environmental Considerations - The coated printing paper industry is characterized by strong circular economy features, with a comprehensive system for renewable raw materials and recyclable products already in place [3]. - The Shanghai Futures Exchange plans to promote green and low-carbon transformation in the paper industry through contract arrangements that prioritize environmentally certified enterprises [3]. Additional Developments - The approval of options for fuel oil, asphalt, and pulp is expected to enhance the risk management capabilities of related industries, allowing for more refined hedging strategies [4].

Core Viewpoint - The National Financial Supervision Administration has released a draft for the "Management Measures for Mergers and Acquisitions Loans by Commercial Banks," marking the first comprehensive upgrade of the regulatory framework since 2015, focusing on "optimizing services and preventing risks" [1][2] Group 1: Regulatory Changes - The new measures introduce a balanced approach of "moderate looseness and strictness," allowing for financial support in industrial integration while setting clear risk boundaries for commercial banks [1][2] - The inclusion of equity-based mergers in the support scope breaks the previous limitation of only covering controlling mergers, aligning with current industrial chain collaboration needs [1][2] - The upper limit for controlling merger loan ratios has been raised from 60% to 70%, and the maximum loan term extended from 7 years to 10 years; for equity-based mergers, the loan ratio is capped at 60% with a maximum term of 7 years [1][2] Group 2: Enhanced Risk Management - Banks engaging in merger loans must meet basic conditions such as "good regulatory ratings and compliance with key prudential indicators," along with asset size thresholds to prevent smaller banks from engaging in high-risk activities [2][3] - The measures emphasize a closed-loop risk management process throughout the loan lifecycle, requiring thorough pre-loan assessments of borrowers' repayment capabilities and post-loan vigilance against fund misappropriation and fraudulent mergers [2][3] - Quantitative risk boundaries are established through prohibitive clauses, such as ensuring that the total balance of merger loans does not exceed 50% of the bank's tier 1 capital and that equity-based loans do not exceed 30% of total merger loans [2][3] Group 3: Operational Requirements for Banks - Banks are required to develop specialized management mechanisms and systems to comply with the new measures, including defining business processes, risk assessment standards, and approval authority, along with establishing dedicated information systems for real-time monitoring [2][3] - The establishment of a professional team is mandated, comprising merger experts, credit analysts, industry researchers, lawyers, and accountants to enhance risk identification accuracy [3] - A multi-dimensional repayment capability assessment system is to be constructed, analyzing both financial and non-financial factors to evaluate the ongoing profitability and debt repayment ability of acquired companies [3]

Core Viewpoint - The report evaluates the financial risk management of Beijing Jingneng Group Financial Co., Ltd. (Jingneng Finance) and concludes that it has a sound internal control system and effective risk management practices, with no significant risk events reported as of June 30, 2025 [1][6]. Group 1: Basic Information of Jingneng Finance - Jingneng Finance is a non-bank financial institution approved by the National Financial Regulatory Administration, with a registered capital of 5 billion RMB, where Beijing Energy Group holds a 60% stake [1]. - The company’s business scope includes accepting deposits, providing loans, handling bill discounting, and offering financial advisory services among others [1]. Group 2: Internal Control Overview - Jingneng Finance has a robust governance structure with a clear division of responsibilities among its shareholders, board of directors, supervisory board, and senior management [2]. - The company has established a comprehensive risk management system covering liquidity, credit, market, compliance, and operational risks, with a structured approach to risk identification, assessment, and monitoring [2][3]. Group 3: Operational and Risk Management Status - As of June 30, 2025, Jingneng Finance reported total assets of 50.08 billion RMB, with cash and loans making up a significant portion of its assets [6][7]. - The company adheres to relevant laws and regulations, ensuring compliance in its financial operations and maintaining a strong internal control and risk management framework [7]. Group 4: Regulatory Compliance and Risk Assessment - Jingneng Finance meets the regulatory indicators set by the Enterprise Group Financial Company Management Measures, indicating compliance with national financial supervision [7][8]. - The company has not identified any significant defects in its risk control systems related to financial reporting, lending, investment, and information systems as of the evaluation date [7].