风险控制

Search documents
上纬新材: 上纬新材证券投资与金融衍生品交易管理制度
Zheng Quan Zhi Xing· 2025-06-05 10:31
Core Viewpoint - The document outlines the management system for securities investment and financial derivatives trading of the company, emphasizing risk control, compliance with laws, and protection of investor rights [1][2]. Group 1: General Principles - The system aims to regulate the company's securities investment and financial derivatives trading, ensuring risk control and compliance with relevant laws and regulations [1]. - Securities investment includes various activities such as new stock subscriptions, stock repurchases, and bond investments [1]. - Financial derivatives trading encompasses products like forwards, futures, swaps, and options, with underlying assets that can include securities, indices, interest rates, and commodities [1][2]. Group 2: Scope and Applicability - The system applies to the company and its consolidated subsidiaries, requiring subsidiaries to obtain company approval before engaging in securities investment and derivatives trading [2][3]. - Certain investment behaviors, such as fixed-income investments or acquiring over 10% of another company's shares for more than three years, are excluded from this system [2]. Group 3: Approval Authority - The board of directors must review investment risks and control measures for securities investments exceeding 1% of the company's latest audited net assets or 10 million RMB [3]. - Investments exceeding 5% of net assets or 50 million RMB require both board and shareholder meeting approvals [3]. Group 4: Risk Control Measures - The company must use its own funds for securities investment and derivatives trading, avoiding the use of raised funds or non-compliant sources [3][10]. - A risk emergency response mechanism must be activated in case of significant market changes or operational violations [10]. Group 5: Internal Management and Auditing - The board and shareholders are the main decision-making bodies for securities investment and derivatives trading, with the management executing operations within authorized limits [6]. - The audit department is responsible for supervising trading activities and must conduct audits at least biannually [7]. Group 6: Information Disclosure - The company must disclose its securities investment and derivatives trading activities according to the Shanghai Stock Exchange rules [13]. - Any significant risks or potential risks must be reported to the exchange and publicly announced when they meet disclosure standards [13]. Group 7: Legal Responsibilities - Violations of laws or internal regulations in trading activities will lead to serious consequences for responsible personnel, including legal accountability [15].
对话菁英投顾---“猎手”主创杨燕如
申万宏源证券上海北京西路营业部· 2025-05-30 02:06
Core Viewpoint - The article discusses the current state of the A-share market and emphasizes the importance of understanding investment styles and strategies for both novice and experienced investors [2]. Investment Philosophy - Investors with clear investment goals are more likely to align with the investment philosophy presented, which includes growth-oriented investments for long-term appreciation and value investments for capital preservation [8]. - It is crucial for new investors to understand their risk tolerance and enhance their professional knowledge, as the stock market is characterized by high volatility and risk [9]. - The principle of "never lose money" is highlighted as a fundamental investment philosophy, emphasizing risk control as the top priority [10]. Timing and Valuation - The article addresses the challenges of market timing, suggesting strategies like pyramid trading, grid trading, and dollar-cost averaging to navigate market fluctuations [11]. - Valuation analysis is deemed essential for determining a stock's investment value, with comparisons made across historical valuations, industry peers, and market stages [12]. Stock Selection Logic - The article provides insights on common investor challenges, such as selling stocks that subsequently rise, emphasizing the importance of realizing profits and maintaining a clear mindset [14]. - A combination of top-down and bottom-up analysis is recommended for stock selection, focusing on market respect and technical patterns alongside fundamental analysis [15]. - When faced with significant declines in held stocks, a model analysis is suggested to determine whether to add to positions or cut losses based on market conditions [16]. Industry Preferences - The article indicates a preference for industries that show growth potential, specifically highlighting automotive parts, artificial intelligence, and electronic components as sectors of interest for the current year [17]. - A "good company" is defined as one with strong growth prospects, stable growth capabilities, and industry leadership, with a focus on stocks expected to rise in the short term [18]. Financial Reporting Importance - Financial reports are considered crucial, with key metrics such as Return on Equity (ROE), net profit, and debt ratio emphasized as essential for investors to understand [19].
期货交易冠军:三次惨烈重摔后,我悟出了交易的根本!
Sou Hu Cai Jing· 2025-05-28 15:58
Core Insights - The article discusses the journey of a trader who initially experienced success but faced significant losses due to a lack of understanding of risk management and emotional control in trading [1][2][3]. Group 1: Trading Experience - The trader won a domestic derivatives competition but lacked knowledge in risk control and technical analysis, attributing early success to luck [1]. - After borrowing 300,000 and investing in the Taiwan stock index, the trader lost 150,000 due to a gambling mentality, realizing the difficulty of executing the strategy of holding profitable trades and cutting losses [2]. - Subsequent attempts to apply technical analysis led to further losses, highlighting the limitations and lagging nature of many technical indicators [3][6]. Group 2: Learning and Adaptation - The trader began to study various trading strategies and technical analysis methods, seeking to improve performance after experiencing significant losses [2][5]. - A pivotal moment occurred when the trader recognized the importance of directly observing price movements rather than solely relying on technical indicators [4]. - The introduction of algorithmic trading was attempted, but it resulted in even greater losses, emphasizing the challenges of automated trading systems [6]. Group 3: Key Trading Principles - The trader eventually identified that support, resistance, and trend lines are fundamental to successful trading, allowing for a more stable trading approach [7]. - Using support lines to gauge price trends proved to be a reliable method, particularly during trend reversals [8]. - The article emphasizes that trading in the direction of established trends can enhance profit potential and speed up the realization of gains [9][10].
贵金属双向交易平台入门攻略:买涨买跌原理 + 平台风控规则
Sou Hu Cai Jing· 2025-05-27 04:05
Core Insights - The article highlights the growing opportunities in the precious metals market, particularly through two-way trading platforms, as global economic uncertainties and geopolitical risks increase [1] Group 1: Market Overview - In May 2025, the precious metals market experienced a significant adjustment, with spot gold prices dropping by 1.5%, reaching a three-month low [1] - The global precious metals market is projected to exceed $1.8 trillion by 2025, indicating a robust growth trajectory [1] Group 2: Two-Way Trading Mechanism - Two-way trading allows investors to profit from both rising and falling gold prices, breaking the traditional one-way investment limitation [3] - The profit mechanism is based on price differences: buying long when prices are expected to rise and selling short when prices are expected to fall [3][4] - For example, if gold prices rise from $1925 to $1950 per ounce, a profit of $25 per ounce can be realized [3] Group 3: Risk Management Framework - The platform employs a three-tiered security system for fund safety, including bank-level fund segregation and military-grade technical protection [3][5] - Daily audits ensure 100% compliance with fund independence standards as of 2024 [3] - The platform also features dynamic risk control mechanisms, such as forced liquidation alerts and flexible leverage options ranging from 1 to 100 times [6] Group 4: Compliance and Industry Standards - The company is a member of the Hong Kong Gold Exchange, ensuring that all trades above 0.1 lots generate a unique transaction code for verification [6] - The operational model received high praise during the 2025 compliance checks by the Hong Kong Monetary Authority [6] Group 5: Recommendations for New Investors - New investors are encouraged to start with simulated trading using a virtual fund of $100,000 to familiarize themselves with two-way trading [7] - It is advised to maintain a risk-reward ratio, limiting single trade risks to 3%-5% of the account balance [8] - Key market indicators, such as U.S. Federal Reserve policies and geopolitical events, should be closely monitored as they significantly impact gold prices [9] - The platform offers competitive trading costs, with spreads as low as $0.3 per ounce, providing substantial savings for high-frequency traders [10] Conclusion - The two-way trading feature in precious metals offers investors a broader operational space, allowing for profit in both rising and falling markets [11] - The company combines regulatory compliance, technological innovation, and cost advantages to create a comprehensive safety framework for trading [11]
上海中广云智投:为什么说“不懂不投”是新手最重要的护城河?
Sou Hu Cai Jing· 2025-05-24 22:51
Group 1 - The principle of "do not invest if you do not understand" serves as a protective measure for novice investors, emphasizing risk control, knowledge accumulation, long-term perspective, and psychological resilience [1][2][7] - New investors often fall into traps due to information asymmetry or blind following, leading to significant losses, as seen in the 2021 cryptocurrency market [2][6] - The principle encourages investors to ask critical questions about asset attributes and risk characteristics before making investment decisions [2][8] Group 2 - Knowledge accumulation is essential for building a cognitive framework, enabling investors to understand industry dynamics and identify companies with core technologies [3][5] - Understanding market signals, such as the inverted yield curve, allows investors to adjust their asset allocations proactively rather than reactively [5][6] - The principle fosters a long-term investment mindset, where understanding the correlation between stock market returns and corporate earnings growth helps investors remain committed during market downturns [6][7] Group 3 - Psychological resilience is crucial in investment, as behavioral biases like overconfidence and loss aversion can lead to poor decision-making [7][8] - The principle helps investors establish decision-making discipline by setting cognitive thresholds, allowing them to filter out market noise [7][8] - By understanding valuation logic, investors can make rational decisions based on fundamentals rather than historical price points [8] Group 4 - The principle of "do not invest if you do not understand" is not conservative but reflects respect for the market and honesty with oneself, promoting a learning-practice-reflection cycle [9] - Investors should be able to answer key questions about a company's revenue generation, industry potential, and risk factors to internalize this principle [9] - Maintaining capital is prioritized over seeking returns, with the principle serving as the first line of defense in wealth preservation [9]
长期不亏钱的炒股方法是什么?
Sou Hu Cai Jing· 2025-05-20 16:18
Core Insights - The article emphasizes the importance of establishing a scientific investment system, strict discipline, and risk control to significantly reduce the probability of losses and achieve long-term stable returns Group 1: Investment Philosophy - Acknowledgment of market unpredictability is crucial for investors [1] - Investment should be distinguished from speculation, focusing on the intrinsic value of companies [1] - Understanding the essence of risk is vital, where the real risk lies in permanent loss of capital rather than market volatility [1] Group 2: Building a Robust Investment System - Asset allocation should avoid putting all eggs in one basket [2] - Stock selection should focus on "three good" companies, emphasizing quality [2] - Trading discipline is essential, prioritizing buying at a good price over merely buying good stocks [2] Group 3: Strategies for Ordinary Investors - Index fund dollar-cost averaging can help smooth out market volatility over time [3] - High dividend strategies provide a safety net during market fluctuations [3] Group 4: Risk Control Principles - Implementing stop-loss measures is critical to cut losses and let profits run [4] - Position management should ensure that there is always available capital for opportunities [4] - Avoiding common investment mistakes, such as using leverage or chasing hot stocks, is essential for long-term success [4] Group 5: Trading Behavior and Performance - Retail investors in A-shares trade significantly more than institutional investors, leading to higher transaction costs and lower returns [5] - Long-term holding strategies improve success rates, with a notable increase in winning probabilities for investments held over three years [5] Group 6: Conclusion and Long-term Perspective - The article concludes that true success in the stock market comes from controlling drawdowns and compounding returns over time [5] - Emphasizing the importance of capital preservation over short-term gains is crucial for sustained investment success [5]
2025投资指南:Velos Markets如何助您在复杂市场中锚定方向
Sou Hu Cai Jing· 2025-05-20 09:46
Core Insights - The article discusses the evolving global economic landscape and the unprecedented complexities and opportunities investors face in 2025, highlighting the dual trends of rising markets and the volatility risks associated with cryptocurrencies and stock indices [1] Group 1: Investment Strategy - Velos Markets operates a comprehensive trading platform that combines diverse asset classes including forex, CFDs, cryptocurrencies, and stock indices, providing investors with a complete financial toolbox [3] - The platform emphasizes strategy adaptability, allowing conservative investors to mitigate volatility through gold and blue-chip stock combinations, while aggressive investors can leverage cryptocurrency CFDs for short-term opportunities [3] Group 2: Market Analysis Framework - Velos Markets employs a unique analytical framework that integrates fundamental, technical, and sentiment analysis, exemplified by the unusual divergence between London gold prices and COMEX futures positions in April 2025 [4] - The platform utilizes real-time data dashboards to convert multi-dimensional signals into visual trading alerts, enabling investors to anticipate market movements effectively [4] Group 3: Risk Management - Velos Markets prioritizes risk management through a structured approach that includes position control strategies, such as limiting single trade exposure to 2% of capital and employing cross-market diversification [6] - Advanced risk management tools, including stress testing modules, allow investors to simulate asset performance under extreme market conditions, which is particularly relevant in a structurally differentiated market [6] Group 4: Market Predictions - Predictions for the second half of 2025 suggest that gold prices may rise to approximately $1,650 per ounce, driven by central bank purchases and increased industrial demand from the photovoltaic sector [7] - The technology sector is expected to experience significant divergence, with semiconductor equipment firms benefiting from the competition in computing power, while consumer electronics face demand challenges [7] Group 5: Data-Driven Decision Making - Velos Markets' multi-layered data model provides a breakthrough in investment analysis by capturing real-time institutional fund movements and integrating various financial indicators for comprehensive market assessments [9] - This approach allows asset managers to filter out market noise and focus on core variables, enhancing decision-making precision [9]
涨势已近尾声?持续上涨的黄金“避风港”地位面临考验|封面头条
Sou Hu Cai Jing· 2025-05-12 08:44
Core Viewpoint - The recent positive developments in US-China trade negotiations and the easing of geopolitical tensions have led to a decline in global risk aversion, resulting in a significant drop in gold prices [1][2]. Market Performance - On May 12, spot gold prices fell below $3260 per ounce, with a daily decline exceeding 2%. COMEX gold futures also saw a drop of 2.11%, trading at $3273.60 per ounce [1]. - London gold opened lower, with a decline of over 1%, eventually dropping to $3246 per ounce, continuing a volatile trend [2]. - The A-share market's strong performance contrasted with the decline in the precious metals sector, where companies like Chifeng Jilong Gold Mining saw a drop of over 6% [2]. Investment Trends - Gold has outperformed stocks in recent years, with gold ETFs rising by 109% since 2020, compared to a 74% increase in the S&P 500 index, marking a 35 percentage point lead [4]. - Despite the S&P 500's rebound of 17% since April, gold prices have continued to rise [4]. Central Bank Activities - Central banks in developed countries, including the US, Japan, and Germany, have seen their gold reserves increase in value by $600 billion, reaching $1.3 trillion. Emerging market central banks, such as those in China, India, and Brazil, have doubled their gold reserves to $800 billion [7]. Future Outlook - Analysts express differing views on gold's future trajectory, with some indicating that the current market may be in a consolidation phase due to reduced risk pricing. The potential for liquidity risks remains a concern [9]. - The rapid increase in gold prices since early 2025, which saw a 29.4% rise, may necessitate a correction as the market digests this information [9]. - Experts suggest that gold prices may stabilize or slightly decline based on current economic conditions and inflation levels, advising investors to allocate assets wisely [9][10].
“五一”假期外盘商品表现分化 市场人士提醒投资者注意风险控制
Qi Huo Ri Bao Wang· 2025-05-05 16:13
Group 1: Global Market Trends - During the "May Day" holiday, global stock markets experienced a broad rally, driven by easing trade tensions and better-than-expected earnings reports, leading to a rebound in U.S. stocks [1] - Commodity markets showed increased divergence, with oil prices plummeting due to OPEC+ production increases, while precious metals retreated as safe-haven demand waned [1][2] Group 2: Oil Market Dynamics - OPEC+ unexpectedly raised its production increase from 140,000 barrels per day to 411,000 barrels per day, leading to significant downward pressure on oil prices, which are expected to remain weak in the short term [1] - Domestic energy products such as asphalt, fuel oil, and polyolefins may face cost collapse risks post-holiday, necessitating attention to downstream inventory replenishment and maintenance effects [1] Group 3: Commodity Specific Insights - High-sulfur and low-sulfur fuel oil prices are expected to decline less than crude oil due to easing supply tensions in overseas markets, while the price spread between low-sulfur and high-sulfur fuel oil is unlikely to narrow further [2] - Precious metals, particularly gold, have seen a decline due to reduced safe-haven demand and a stronger dollar, with COMEX gold closing at $3,247.4 per ounce on May 2 [2] - Agricultural products, particularly U.S. cotton, rebounded significantly due to easing tariff policies, although domestic cotton prices may remain weak due to macroeconomic pressures [2][3] Group 4: Palm Oil and Soybean Market - CBOT soybeans have rebounded, while palm oil prices continue to decline, with Malaysian palm oil inventories expected to rise due to seasonal production increases [3] - The price dynamics between soybean oil and palm oil will depend on the speed of palm oil inventory increases and the implementation of U.S. biodiesel policies [3]
Macro Global Markets巨汇——构建金融从业者的“市场罗盘”
Sou Hu Cai Jing· 2025-04-27 08:28
Core Insights - Macro Global Markets leverages a unique analytical framework to provide market insights for investors, particularly in the gold investment sector [1] - The company integrates macroeconomic data with technical analysis to enhance trading decision-making [5] Group 1: Multi-Dimensional Data-Driven Market Analysis - The core philosophy of Macro Global Markets treats macroeconomic data as a "weather forecasting system" for financial markets, monitoring key indicators like GDP growth rates and inflation [2] - Analysts utilize this data to predict market movements, such as the relationship between unemployment rates and gold demand [2] Group 2: Technical Analysis as a Navigation Tool - The company employs an intelligent charting system that visualizes complex market signals, allowing analysts to save 70% of data processing time [4] - The MACRO MA momentum indicator provides actionable insights for traders, marking bullish trends when short-term and long-term moving averages cross [4] Group 3: Dual-Driven Trading Decision Model - Macro Global Markets has developed a "fundamental + technical" dual verification mechanism that alerts investors to potential market pitfalls, such as the "false breakout" in gold prices during the 2023 Fed rate hike cycle [5] - The company also created a quantitative assessment model for geopolitical events, offering multiple hedging strategies during market volatility [5] Group 4: Growth Path from Cognitive Upgrade to Practical Application - The company has established a tiered empowerment system for investors, enhancing training efficiency by over 40% through relatable examples [7] - Advanced users can engage in simulated trading scenarios to refine their strategies, turning historical lessons into actionable insights [7] Group 5: Risk Control Mechanisms - Macro Global Markets implements a smart alert system that triggers risk warnings when gold holdings exceed 30% of account value, significantly extending the account survival period compared to industry standards [9] - The company emphasizes the importance of transforming information advantages into decision-making advantages in the investment landscape [9]