Core Viewpoint - The company plans to utilize up to 3 billion RMB of its own funds for securities investment to enhance capital efficiency and maximize returns for the company and its shareholders [1] Group 1 - The board meeting is scheduled for August 8, 2025, to review the proposal for securities investment [1] - The investment methods include new share placements, stock investments, bond investments, and entrusted financial management [1] - The investment period is valid for 12 months from the date of board approval, with funding sourced from the company's own capital [1]

Core Viewpoint - The company, Yiduoli, announced on July 31 that it will engage in securities investment using idle self-owned funds, which will not affect the normal operations of the company and its subsidiaries [1] Group 1 - The company will prioritize investments in new stock placements or subscriptions to minimize operational risks [1] - The decision-making and execution procedures for the securities investment are detailed in the company's "Securities Investment Management System" [1]

Group 1 - The Hang Seng Index fell by 1.6% to close at 24,773.33 points on July 31 [1] - Hengfu Holdings (00643.HK) closed at HKD 0.445 per share, up 21.92%, with a trading volume of 7.83 million shares and a turnover of HKD 3.86 million, showing a volatility of 63.01% [1] - Over the past month, Hengfu Holdings has seen a cumulative increase of 40.38%, but year-to-date, it has only risen by 12.31%, underperforming the Hang Seng Index by 25.51% [2] Group 2 - As of December 31, 2024, Hengfu Holdings reported total revenue of CNY 616 million, a year-on-year increase of 34.81%, while the net profit attributable to shareholders was CNY -31.29 million, a decrease of 278.97% [2] - The gross profit margin for Hengfu Holdings is 9.95%, and the debt-to-asset ratio stands at 38.25% [2] - Currently, there are no institutional investment ratings for Hengfu Holdings, and its price-to-earnings ratio is -9.72, ranking 85th in the industry [3] Group 3 - The average price-to-earnings ratio for the textile and apparel industry (TTM) is -16.74, with a median of 3.62 [3] - Other companies in the industry include FAST RETAIL-DRS (06288.HK) with a P/E ratio of 0.34, Zhejiang Yong'an (08211.HK) at 1.34, and Shanshan Brand (01749.HK) at 3.57 [3] - Hengfu Holdings is involved in the production and trading of ready-made garments for several internationally recognized brands and engages in securities investment, with production facilities located in mainland China [3]

Core Viewpoint - The company plans to utilize idle self-owned funds for securities investment and derivative trading to enhance capital efficiency and returns, while ensuring normal operational needs and risk control [1][4]. Securities Investment Overview - The company intends to invest up to RMB 500 million (or equivalent foreign currency) in securities and derivative trading, allowing for flexible allocation among various investment products [1][2]. - The investment scope includes domestic and foreign IPO subscriptions, securities repurchase, stock and depositary receipt investments, bond investments, and other recognized investment activities [2]. Derivative Trading - The derivative trading activities will focus on foreign exchange management, including forward foreign exchange settlements, foreign exchange swaps, foreign exchange futures, and options [2]. - The company aims to mitigate foreign exchange risks and improve the efficiency of foreign currency usage [1][4]. Financial Management and Compliance - The investment will be conducted using the company's own funds, avoiding any financial pressure or adverse effects on normal operations [2]. - The company will adhere to relevant regulations and timely disclose information as required by the Shenzhen Stock Exchange [2]. Risk Analysis and Control Measures - The company acknowledges potential market and policy volatility risks, liquidity risks, and operational risks associated with investment activities [3]. - Proposed risk control measures include prudent investment within the approved limits, clear management and disclosure protocols, and timely adjustments to investment strategies in response to adverse factors [3][4]. Conclusion - The company emphasizes cautious investment principles, ensuring that the use of idle funds for securities and derivative trading will not impact normal operations, while aiming to achieve higher returns for the company and its shareholders [4].

第一章 总则 第一条 为规范新乡市瑞丰新材料股份有限公司（以下简称"公司"）的证券 投资及衍生品交易行为，有效防范投资风险，保证投资资金安全和有效增值， 维护公司及股东合法权益，根据《中华人民共和国证券法》《深圳证券交易所 创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第2号——创业 板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第7号——交易 与关联交易》等有关法律、法规和规范性文件及公司章程的规定，结合公司实 际情况，制定本制度。 新乡市瑞丰新材料股份有限公司 证券投资及衍生品交易管理制度 （四）公司首次公开发行股票并上市前已进行的投资。 第六条 开展证券投资与衍生品交易的基本原则： （一）公司开展证券投资与衍生品交易应遵守国家法律、法规、规范性文 件等相关规定。 第二条 本制度适用于公司的证券投资及衍生品交易行为。 第三条 本制度所述的证券投资，包括新股配售或申购、证券回购、股票及 存托凭证投资、证券投资基金、债券投资以及深圳证券交易所认定的其他投资 行为。 第四条 本制度所述的衍生品交易，是指远期、期货、掉期（互换）和期权 等产品或者混合上述产品特征的金融工具。衍生品的基础资产既可 ...

Core Points - The document outlines the internal control and management system for Sichuan Furong Technology Co., Ltd.'s external investments, aiming to prevent errors, fraud, and risks while enhancing investment efficiency [1] - It defines external investments, risk investments, and securities investments, categorizing them based on their nature and purpose [1][2] - The decision-making authority for external investments is structured across different levels, including the general manager's office, board of directors, and shareholders' meeting [6][10] Group 1: Investment Types and Principles - External investments are categorized into short-term and long-term investments, with specific definitions for each [2] - Short-term investments are those that can be liquidated within one year, while long-term investments exceed one year [2] - Basic principles for external investments include compliance with laws, alignment with company development plans, and prioritizing economic and social benefits [5] Group 2: Decision-Making Authority - The general manager's office can approve investments that meet specific criteria, such as asset totals below 10% of the company's audited total assets [3] - Investments requiring board approval include those where asset totals are between 10% and 50% of total assets [4] - Shareholder approval is necessary for investments exceeding 50% of total assets [5] Group 3: Management and Oversight - The board's strategic committee is responsible for coordinating and analyzing external investment projects [7] - The finance and securities departments conduct analyses and due diligence on investment proposals [7] - The audit committee oversees the investment projects, ensuring compliance and reporting on performance [8][12] Group 4: Investment Procedures - Short-term investment procedures involve pre-selection by the securities department and approval by the finance department [14] - Long-term investments require a comprehensive evaluation process, including feasibility studies and board reviews [19][20] - Risk investments must adhere to strict internal controls and require board and shareholder approval for significant amounts [27][29] Group 5: Financial Management and Reporting - The finance department is responsible for maintaining accurate financial records for all investments [48] - Regular audits and evaluations of investment performance are mandated to ensure compliance and effectiveness [50][54] - Information disclosure regarding investments must comply with relevant laws and regulations [55][56]

Core Insights - Brazil's current account deficit reached $5.1 billion in June 2025, up from $3.4 billion in the same month last year [1] - The cumulative current account deficit for the past 12 months stood at $73.1 billion, accounting for 3.42% of GDP, significantly higher than $28.9 billion (1.28% of GDP) in 2024 [1] - Despite a trade surplus of $5.3 billion in June, the overall current account weakened due to expanding deficits in services and primary income [1] Trade and Investment - In June, Brazil's total goods exports amounted to $29.3 billion, a year-on-year increase of 0.9%, while imports reached $24 billion, up 2.8% [1] - The services account recorded a deficit of $4.5 billion in June, a 3.7% increase year-on-year, driven by higher net expenditures in telecommunications, information services, and international travel [1] - The primary income account deficit was $6.2 billion, a 25.5% increase year-on-year, with profit and dividend expenditures rising by 45.6% to $3.8 billion [2] Foreign Direct Investment - Brazil attracted a net inflow of foreign direct investment of $2.8 billion in June, a significant drop from $6.3 billion in the same month last year [2] - Cumulative net inflow of foreign direct investment over the past 12 months was $67 billion, representing 3.14% of GDP, down from $70.5 billion (3.31% of GDP) the previous month [2] - In the securities investment sector, Brazil saw a net inflow of $2.3 billion in June, primarily from bond investments, while stocks and investment funds experienced a net outflow of $2.2 billion [2]

Foreign Direct Investment (FDI) - Equity-based FDI into China reached a net inflow of $31.1 billion, a 16% year-over-year increase from January to May [1] Securities Investment - Securities investment in China saw a net inflow of approximately $33 billion, reversing the net outflow trend observed in the second half of the previous year [1]

Core Viewpoint - Guangdong Delian Group Co., Ltd. has proposed an employee stock ownership plan and management measures, which are aimed at enhancing employee engagement and aligning interests among shareholders, the company, and employees [1][2][3]. Group 1: Employee Stock Ownership Plan - The company has reviewed and approved the draft of the 2025 Employee Stock Ownership Plan, ensuring compliance with relevant laws and regulations [1][2]. - The plan is based on voluntary participation from employees, with no coercion or financial assistance provided by the company [2][3]. - The plan aims to improve the company's governance and long-term sustainable development by enhancing employee motivation and creativity [2][3]. Group 2: Management Measures - The management measures for the 2025 Employee Stock Ownership Plan have also been reviewed and found to be in accordance with legal requirements [3]. - The proposals for both the employee stock ownership plan and its management measures will be submitted for approval at the company's first extraordinary general meeting of 2025 [3]. Group 3: Securities Investment - The company has approved the use of its own funds for securities investment, which is expected to enhance the efficiency of fund utilization without affecting daily operations [4]. - The decision received unanimous support from the supervisory board, indicating a strong consensus on the investment strategy [4].

Group 1 - The company plans to use a maximum of RMB 60 million of its own funds for securities investment, which will not involve raised funds or bank credit [1][2] - The investment types include new stock subscriptions, stock repurchases, equity and depositary receipt investments, bond investments, and other recognized investment behaviors [1] - The investment decision-making authority is delegated to the company's management team, which can sign relevant agreements within the approved limit [2] Group 2 - The company has identified potential risks associated with securities investment, including capital loss, liquidity risk, and operational issues with trading systems [2] - To mitigate these risks, the company plans to implement measures such as timely response to adverse factors and potential audits by professional institutions [2] - The investment will not affect the normal operations or cash flow of the company and is expected to enhance the efficiency and returns of fund utilization [3] Group 3 - The securities investment plan has been approved by the company's board and supervisory committee, and does not require shareholder approval [3] - The sponsor institution has confirmed that the investment complies with relevant laws and regulations, and does not harm the interests of the company or its shareholders [3]