我国地方资产管理公司(以下简称"AMC")近日迎来监管新规，行业迈向更加规范、可持续发展的新阶 段。 近年来，地方AMC作为专业的不良资产经营处置机构，在服务实体经济、改革化险等方面发挥了重要 作用，但也出现了一些高风险甚至违规行为，如偏离主业、违规跨区域经营、帮助金融机构虚假出表等 乱象。金融监管总局近日发布《地方资产管理公司监督管理暂行办法》(以下简称《办法》)，规范地方 AMC经营行为，对业务边界、风险管理和监管机制进行全面规范，明确了"哪些能做、哪些不能做"， 进一步夯实行业风险管理和合规经营底线。 2022年3月，原银保监会公布地方AMC名单，彼时名单中共有59家地方AMC。在经历了数年发展后， 截至2024年底，名单中已有1家地方AMC注销，另有1家地方AMC获批在所在省份开展企业不良资产批 量收购业务。由此来看，地方AMC总数仍维持在59家。 当前，地方AMC发展情况如何？《办法》如何强化风险管理？将给地方AMC行业带来哪些影响？对 此，兴业研究金融业研究部高级研究员陈昊在接受《金融时报》记者采访时表示，《办法》出台后，将 引导地方AMC聚焦主责主业，有效服务地方。同时，《办法》设置了过渡期，将 ...

Core Viewpoint - The training organized by Hebei Securities Regulatory Bureau, Hebei Provincial Financial Office, and Zhengzhou Commodity Exchange aims to enhance the understanding of local government and state-owned enterprises regarding the futures market, thereby promoting their active participation in risk management through futures trading [1][2]. Group 1: Training Objectives and Participants - The training is the first joint initiative aimed at local government departments to improve their understanding of futures business and create a favorable environment for state-owned enterprises in Hebei to engage in the futures market [2]. - Over 130 representatives from various sectors including finance, taxation, auditing, and state-owned enterprises participated in the training [1]. Group 2: Industry Context and Challenges - Hebei, as a traditional industrial province, has significant potential in utilizing the futures market due to its leading production in coal, steel, glass, corn, and eggs [1]. - The volatility of commodity prices has increased the demand for risk management among enterprises, highlighting a gap in their capabilities to effectively hedge against risks [1]. Group 3: Training Content and Outcomes - The training covered topics such as the functions of the futures derivatives market, risk management models for enterprises, and compliance in financial handling and auditing of futures derivatives [2]. - Practical experiences were shared by companies like Zhongnong Group and Zhengda Glass, which received positive feedback from participants [2]. Group 4: Future Plans - The Hebei Securities Regulatory Bureau plans to strengthen collaboration with local governments and futures exchanges to implement national policies aimed at enhancing the role of the futures market in supporting the real economy [2].

Core Insights - A50 Real-time Stock Index Futures serve as a key tool focusing on the performance of China's A-share market, providing global investors with timely and critical market information [1][2] - The trading hours from 9 AM to 4:45 AM the next day allow investors to adjust their strategies based on international market dynamics even after A-shares close [1] - The T+0 two-way trading mechanism offers investors significant flexibility, enabling both long and short positions within the same trading day [1] - High liquidity, with daily trading volumes in the tens of thousands of contracts, ensures swift execution of trades, enhancing investment efficiency [1] - A50 Real-time Stock Index Futures act as a powerful tool for risk hedging, allowing investors holding A-shares to short the futures to mitigate portfolio risks [1] Functionality and Accessibility - The price discovery function of A50 Real-time Stock Index Futures allows for early reactions to international market expectations regarding China's economy and A-shares, providing investors with valuable time for decision-making [2] - It offers a convenient channel for foreign investors to participate in the Chinese market, enabling them to share in the economic growth of China despite restrictions on direct A-share investments [2] - New investors can start by observing A50 Real-time Stock Index Futures to understand market dynamics and gradually build their investment experience [2]

HZD-2-DB-1-2025 董事会战略委员会工作细则 华能国际电力股份有限公司 《公司章程》及其附件和本工作细则规定 董事会战略委员会工作细则 第一章 总则 第一条 为适应华能国际电力股份有限公司（简称"公 司" ）战略发展需要，增强公司核心竞争力，确定公司发展 规划，健全投资决策程序，加强决策科学性，提高重大投 资决策的效益和决策的质量，完善公司治理结构，根据《中 华人民共和国公司法》《上市公司治理准则》等有关法律、 法规和规范性文件、公司上市地监管规则的有关规定及《华 能国际电力股份有限公司章程》 （简称"《公司章程》"） ，结 合公司实际，公司特设立董事会战略委员会（简称"战略 委员会"），并制定本工作细则。 第二条 战略委员会是董事会下设的专门委员会，主 要负责对公司发展战略方案、重大投资方案、重大投资项 目及其他影响公司发展的重大事项等进行研究及检查相关 事项的实施情况以及有关法律、法规和规范性文件、公司 上市地监管规则、 的其他职责，对董事会负责。 第三条 受董事会委托，战略委员会负责公司全面风 险管理工作的决策。 第二章 人员组成 第四条 战略委员会由三至七名公司董事组成，其中 HZD-2- ...

Core Viewpoint - The article emphasizes the critical role of insurance in disaster recovery and risk management, particularly in the context of extreme weather events exacerbated by climate change. Insurance is portrayed as an "invisible capital" that enhances regional resilience and supports economic recovery after disasters [1][8]. Group 1: Insurance Response to Disasters - Following the heavy rainfall in Beijing, insurance companies quickly activated emergency response measures, including establishing on-site claims centers and providing essential supplies to affected areas [3][4]. - As of July 29, 2023, major insurance companies reported thousands of claims related to the flooding, with significant amounts already processed for compensation [2][3]. Group 2: Evolution of Insurance Mechanisms - Insurance is evolving towards a "responsive recovery" model, where companies simplify claims processes and implement mechanisms like pre-claims and fast claims to enhance the recovery experience for affected individuals and businesses [5][11]. - The insurance sector is transitioning from merely providing post-disaster compensation to becoming an integral part of comprehensive risk management that includes pre-disaster planning and real-time response [10][11]. Group 3: Agricultural Insurance Challenges - The article highlights the challenges faced by agricultural insurance due to extreme weather conditions, particularly in key agricultural regions like Henan, which has experienced severe drought and high temperatures [6][7]. - The efficiency of insurance payouts directly impacts the recovery speed of agricultural producers, emphasizing the need for timely compensation to mitigate risks of crop failure [7][8]. Group 4: Public Awareness and Accessibility - There is a noted gap in public awareness regarding the importance of insurance for low-frequency, high-loss risks, as many individuals did not purchase necessary coverage before the recent disasters [14][15]. - Strategies to enhance public understanding of insurance include integrating insurance education into community programs and promoting basic disaster insurance products through government collaboration [14][15].

1870年，以迈克尔•法拉第发明的发电机为基础，第二次工业革命生机勃勃地在欧美日等国家兴起，此次工业革命以电力的发现和广泛引用为标志，史称 电气化革命。 作为中欧基金多资产革新的"首倡者"之一，中欧基金多资产投决会主席、多资产及解决方案投资部投资总监黄华是一个低调的人，但他其实是一个大资管 经验丰富的投资将才。 在黄华眼中，中欧多资产革新就是被市场和行业一步步"倒逼"出来的： 如果说第一次工业革命前所未有地解放了人类生产力的话，那么第二次工业革命就是迄今为止对大众生活影响最大的革命。如今我们熟悉的电灯、电影、 电报、电话、汽车、轮船、飞机、内燃机等工具均是那个时代所创造出来的。 某种程度上，这也是任何一轮"革新"的宿命特征：打破瓶颈固然艰难无比，但如果不能驰而不息地求变求新，将已经开拓出来的变革之路拓宽拓深，就不 会有机会真正取得突破性的成果，并把这个成果播散到大众手里。 2023年，中欧基金的多资产及解决方案投资部（后简称"中欧多资产团队"）在业内率先打破内部团队藩篱和策略屏障，通过主动权益、量化、资产配置、 风控等人才的跨界融合，以及底层策略精细拆解和工业化投资流程的重构，重新定义了多资产、多策略的资管生 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The commodity futures market is an important part of the financial market, providing functions such as price discovery, risk management, and resource allocation to help real - enterprises operate stably, optimize resource allocation, and enhance competitiveness. Studying how to improve the service quality of the commodity futures market to the real economy is of great significance for promoting high - quality development of the real economy [2] - Although the commodity futures market has achieved remarkable results in serving the real economy, there are still short - boards. To improve its service quality, a systematic plan should be constructed from aspects such as function improvement, mechanism innovation, and ecological optimization [4][6] Summary by Relevant Catalogs Value of the Commodity Futures Market to the Real Economy - Provide risk management tools to ensure stable production and operation of enterprises. Through hedging, it helps enterprises lock in costs and prices and hedge price risks [2] - Form public and transparent price signals to optimize resource allocation. Futures prices can guide enterprises in production planning and inventory adjustment [2] - Promote industrial chain collaboration and upgrading. Standardized contracts and delivery rules can unify quality standards and promote industrial integration [3] - Serve national macro - regulation and help the economy operate smoothly. Transaction data in the futures market can provide references for government policy - making [3] Current Situation of the Commodity Futures Market Serving the Real Economy - The market has developed rapidly, with an expanding scale, rich varieties, and improved mechanisms, providing diverse risk management tools for enterprises. More enterprises are participating in the market [3] - However, there are still problems, including an incomplete variety system, low enterprise participation ability and willingness, blockages in the linkage between futures and spot markets, and high market risk - prevention pressure [4][5] Paths to Improve the Service Quality of the Commodity Futures Market to the Real Economy Optimize the Variety and Tool System - Accelerate the R & D and listing of new varieties, such as platinum, palladium, lithium hydroxide, photovoltaic component, and power futures, to meet the diversified risk management needs of the real economy [6] - Enrich trading tools, promote the R & D of derivatives like options and swaps, and optimize futures - spot combined trading tools [7] Strengthen Subject Cultivation - For institutional investors, increase cultivation efforts to optimize the investor structure, encourage the establishment of commodity futures theme investment funds, and guide them to adopt scientific investment strategies [7] - For industrial enterprises, strengthen the service system, conduct training to improve their understanding and application ability of futures tools, and optimize trading rules to reduce the participation cost of small and medium - sized enterprises [8] - For futures companies, strengthen professional capacity building, encourage R & D investment, and establish an evaluation system to improve service levels [8] Deepen Futures - Spot Linkage - Promote futures companies' risk management subsidiaries to carry out relevant businesses, develop intelligent research platforms, and strengthen the connection with the spot logistics system [9] Improve the Regulatory System - Use advanced technologies to monitor trading data, strengthen compliance supervision of relevant institutions, educate investors, and establish a complaint - handling mechanism [9] Promote Opening - up - Support qualified futures companies to set up overseas branches, strengthen cooperation with overseas exchanges, and promote the international recognition of RMB - denominated futures varieties [10] Strengthen Promotion and Talent Cultivation - Promote the functions and operation practices of the futures market to enterprises through various activities, and build a multi - level talent system [10]

Group 1 - The commodity futures market experienced a sudden downturn, with popular varieties like coking coal and lithium carbonate hitting their daily limit down [1] - The market cooling has prompted investors to return to a more rational mindset after a period of excessive enthusiasm [1] - The series of risk control measures implemented by futures exchanges is the primary reason for the recent price corrections, effectively curbing overheated market trading [1] Group 2 - The "anti-involution" policy expectations have led to high market anticipation for the rise in industrial products, but simplistic comparisons to past reforms may be misleading [1][2] - The "anti-involution" focus is primarily on mid- and downstream industries, addressing disordered price wars that have resulted in profit and quality declines [2] - While the "anti-involution" initiative may benefit certain futures varieties in the medium to long term, short-term price increases have already exceeded fundamental influences [2]

Core Insights - The training program aims to enhance risk management capabilities of enterprises in Inner Mongolia, particularly in coal chemical and soft commodity industries, by utilizing the futures market [1] - The participation rate of listed companies in hedging activities has steadily increased, with 1,503 companies announcing hedging plans in 2024, representing a participation rate of 28.6% [1][2] - The volatility in commodity prices and intense industry competition are driving companies to improve their risk management strategies [2] Group 1: Training and Participation - The training session was attended by nearly a hundred representatives from state-owned enterprises and listed companies in Inner Mongolia, focusing on practical paths for utilizing the futures market for risk management [1] - Companies like Huayou Cobalt, Yuntianhua, and COFCO have integrated futures tools into their overall development strategies, establishing mature risk management models [1][2] - The number of industry clients participating in trading specific commodities, such as soybean meal and glass, has increased by over 20% in 2024 [1] Group 2: Industry Challenges and Solutions - Companies in sectors like chemicals, grain and oil, and livestock often operate near breakeven points, making raw material cost management critical for survival [2] - Sichuan Agricultural Fertilizer Co. has successfully implemented hedging strategies, achieving a profit of 50 yuan per ton through futures contracts [2] - The "five-in-one" methodology for integrating business and finance in hedging practices was proposed to address challenges in applying hedge accounting [3] Group 3: Market and Regulatory Environment - The futures market is recognized as a professional platform for risk management, with a comprehensive system of commodity futures and options covering key sectors of the economy [4] - Inner Mongolia has 29 listed companies with a total market capitalization of 786.88 billion yuan, but only 6 companies, or 20.69%, are engaged in hedging activities, which is below the national average [4] - Local regulatory bodies are working with exchanges to enhance the utilization of futures tools among enterprises to promote high-quality development of the capital market [4] Group 4: Feedback and Future Directions - Attendees expressed that the training deepened their understanding of the futures market's functions and they plan to explore hedging models tailored to their business needs [5]

Core Viewpoint - The internal audit system of Guangdong Chenyi Intelligent Technology Co., Ltd. aims to enhance internal management and control, standardize internal audit work, improve audit quality, and protect investors' rights [1]. Group 1: General Principles - The internal audit is defined as a systematic and standardized method to supervise and evaluate the effectiveness of internal controls, risk management, and the authenticity and completeness of financial information [1][2]. - The board of directors is responsible for establishing and implementing internal control systems, which must be approved by the board [1][2]. Group 2: Internal Audit Organization and Personnel - The board of directors establishes an audit committee composed of non-executive directors, with independent directors forming a majority [2][3]. - The internal audit department operates independently and is not under the financial department's leadership [2][3]. - Internal audit personnel must possess relevant professional knowledge and adhere to ethical standards [3][4]. Group 3: Responsibilities and Requirements of Internal Audit - The audit committee guides and supervises the internal audit department, reviews annual audit plans, and reports on audit progress and quality to the board [4][5]. - The internal audit department is responsible for evaluating the integrity and effectiveness of internal controls and auditing financial data for legality and compliance [4][5]. - Internal audit reports must be submitted at least quarterly to the board or audit committee, detailing audit findings and issues [5][6]. Group 4: Specific Implementation of Internal Audit - The internal audit process includes planning, notification, execution, reporting, and follow-up on audit findings [28][29]. - The internal audit department must conduct audits on significant transactions, including fundraising, asset purchases, and related party transactions, ensuring compliance with regulations [21][22][24][25]. Group 5: Supervision and Management - The company must establish an incentive and restraint mechanism for the internal audit department, evaluating performance and addressing non-compliance [36][37]. - Internal audit personnel are subject to disciplinary actions for obstructing audits or engaging in misconduct [37][38].