Core Insights - Velos Markets provides a comprehensive trading ecosystem that connects global capital markets, catering to the increasing demand for professional and convenient trading tools among investors [1] Group 1: Function Analysis - The trading ecosystem is structured around three main pillars: Forex, Contracts for Difference (CFD), and cryptocurrencies, offering over 50 currency pairs and various commodities and stocks [3][4] - The platform supports high leverage up to 1:200 for CFDs, appealing to risk-tolerant traders, and includes major cryptocurrencies like Bitcoin and Ethereum [3] - Velos Markets utilizes MetaTrader 4 and MetaTrader 5, offering over 30 technical indicators and automated trading features, enhancing data-driven decision-making [4] - The deep liquidity ECN model connects to top liquidity providers, reducing spreads to 0.1-0.3 pips, facilitating high-frequency trading [4][5] Group 2: User Guide - New users can create accounts through identity verification, with a simulated account offering $100,000 in virtual funds for practice [7] - The trading interface features a "cockpit" design, allowing for real-time trading and strategy orders to automate trades based on market conditions [8][9] - Fund management options include credit cards, wire transfers, and e-wallets, with a recommended "pyramid" position management strategy to mitigate risks [10] Group 3: Advanced Techniques - A family office case study demonstrates a three-phase strategy achieving an annualized return of 15%, utilizing macro hedging and algorithmic trading [12] - The strategy involves adjusting leverage based on market volatility, optimizing returns while managing risks [12] Group 4: Trend Insights and Tool Synergy - Market data from 2024 indicates an increasing negative correlation between gold and Bitcoin, suggesting potential hedging strategies for investors [13] - The introduction of "carbon credit CFDs" opens new opportunities in green finance, linking carbon prices to energy company stock performance [13] - Velos Markets continues to evolve its platform to simplify complex trading processes for both novice and professional investors [13]

丙烯是重要的基础化工品，上游连接原油、石脑油、煤炭、甲醇、丙烷等诸多原料，下游广泛应用于家 电、汽车、纺织、医疗器械、化妆品等领域，是石化工和煤化工产业承上启下的中间枢纽品种。 记者了解到，近年来，国内外市场环境复杂多变，丙烯行业发展面临产能结构性过剩，叠加行业处于高 端化、绿色化转型期，风险管理需求强烈。丙烯期货和期权的上市，有助于为上下游企业提供定价和风 险管理工具，提高我国在化工行业的定价影响力，推动行业高质量发展。 金能化学相关负责人表示，企业依靠传统现货经营模式难以为继，在未来价格波动周期里，丙烯期货可 以帮助企业规避价格进一步向不利方向变化的风险，利用期货减少亏损。在现货贸易出现短暂利润窗口 期时，及时抓住机会，提前锁定加工利润，助力企业稳健发展。在国际贸易谈判中，改变主要参考境外 资讯机构报价的状况，增加人民币定价依据，提高企业在国际原料采购和产品销售的议价能力，增强企 业国际竞争力。 东华能源相关负责人认为，丙烯价格受原料影响大，希望能够上市丙烯期货，为企业提供精细化风险管 理工具，帮助企业拓宽销售渠道、科学管理库存和价格风险。 能化分析师张晓珍表示，丙烯上下游产业链已上市甲醇、动力煤、原油、 ...

Group 1 - The core event involved Minmetals Futures conducting lectures on "Application Practices of Black Industry Derivatives" and "Application of Lithium Carbonate Industry Futures" at the University of International Business and Economics, aimed at educating and protecting investors [1][6] - The lectures featured insights from industry professionals, including Chen Bingkun and Jiang Quan, who provided a blend of theoretical depth and practical value to students [1][6] Group 2 - In the "Application Practices of Black Industry Derivatives" session, Chen Bingkun discussed the development of the Sino-US black industry chain and the critical role of financial derivatives in international market rule-making [3] - He introduced a price analysis framework based on industry cycles, macro policies, and economic operation laws, sharing practical methods for risk management, capital allocation, and trading strategy formulation [3] - Techniques such as spread resonance and dynamic position management were revealed, showcasing the investment wisdom of professional institutions [3] Group 3 - In the "Application of Lithium Carbonate Industry Futures" session, Jiang Quan analyzed the entire lithium element industry chain, emphasizing the strategic position of lithium carbonate as a core material for new energy vehicles and ternary lithium batteries [5] - He discussed the rapid expansion of market scale and the inherent logic behind price volatility, along with the operational mechanisms of lithium carbonate futures contracts [5] - Jiang Quan shared practical skills for risk assessment and hedging strategy design, based on years of experience serving real enterprises, focusing on the core goals of "locking in profits" and "optimizing profits" [5] Group 4 - The initiative reflects Minmetals Futures' commitment to integrating industry and education, fostering financial talent, and enhancing the rational investment level in the market [6] - The company plans to deepen cooperation with universities and conduct more diverse investor education activities to cultivate well-rounded financial professionals and contribute to a healthy, stable, and sustainable financial market environment [6]

Core Viewpoint - The futures industry needs to deepen digital transformation through AI algorithms optimization, data integration, and intelligent risk control to help enterprises anticipate risks [1] Group 1: Industry Challenges - The futures and derivatives market plays an irreplaceable role in stabilizing enterprise operations and ensuring supply chain security [1] - Current global economic conditions are characterized by high volatility and low growth, with geopolitical conflicts exacerbating commodity price fluctuations [1] - AI models in the commodity trading market face multiple challenges, particularly due to data quality issues leading to model prediction distortions [1] Group 2: Data Quality Issues - The reliance on historical data for AI model training can lead to prediction inaccuracies if the data lacks completeness, representativeness, and timeliness [1] - The sparsity of data from emerging markets compared to the dominance of data from Europe and the US increases the prediction error rates in price linkage [1] Group 3: Company Strategies - The company, Jinshida, is addressing these challenges by developing various proprietary systems to assist in the digital transformation of risk management for commodity enterprises [2] - Jinshida aims to achieve operational intelligence and data assetization through the integration of intelligent agents, thereby creating diversified service models [2] Group 4: Market Dynamics - The increasing proportion of algorithmic trading in the commodity market may lead to risks associated with fragile liquidity structures [2] - Continuous development of differentiated data sources is essential to address the limitations of non-structured information texts and to overcome the homogeneity in market trading decisions brought by AI [2]

供销集团财务有限公司 风险评估报告 大信咨字2025第 1-02284 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 WUYIGE Certified Public Accountants.LLP 电话 Telephone： +86（10）82330558 北京市海淀区知春路 1 号 Room 2206 22/F,Xueyuan International Tower 传真 Fax： +86（10）82327668 学院国际大厦 22 层 2206 No.1 Zhichun Road,Haidian Dist. 网址 Internet： www.daxincpa.com.cn 邮编 100083 Beijing,China,100083 供销集团财务有限公司 风险评估报告 大信咨字2025第 1-02284 号 北京新合作商业发展有限公司： 我们接受委托，对供销集团财务有限公司（以下简称"财务公司"）2024 年度的风险评估 发表咨询意见。根据中国证券监督管理委员会和中国银行保险监督管理委员会《关于规范上市 公司与企业 ...

Core Insights - The report by UBS highlights the perspectives of 317 single-family offices globally, with an average net worth of $2.7 billion and average assets under management of $1.1 billion [1] - A significant portion of family offices (79%) are involved in active business operations, primarily in real estate (14%), banking/financial services (9%), and consumer goods (9%) [1] Group 1: Recruitment and Staffing - Trust and personality are prioritized over education and qualifications in recruitment, with 73% of family offices emphasizing the importance of suitable personality traits [6] - The average number of employees in family offices is 12, with some larger offices employing over 50 staff members [13] - Operational costs are expected to remain high, with personnel costs constituting 66% of operational expenses in 2024 [13] Group 2: Risk Management - The global trade war is identified as the biggest risk for family offices in 2025, with 70% of respondents expressing concern [17] - Major geopolitical conflicts and global economic recession are also significant worries, with 61% and 53% of family offices respectively highlighting these risks [17] - Despite concerns, 59% of family offices plan to maintain the same level of investment risk in the next 12 to 18 months [18] Group 3: Investment Strategies - Family offices are increasingly focusing on diversification strategies, with 40% indicating a reliance on various asset classes to mitigate risks [21] - Active management is favored in stock investments, with over one-third (36%) of portfolios being passively managed, varying significantly by region [21] Group 4: Succession Planning - Only 53% of family offices have established wealth transfer plans, indicating a need for improved succession planning [23] - The lack of urgency among beneficiaries is a key reason for the absence of succession plans, with 29% of family offices noting this issue [25] - The complexity of family structures necessitates careful planning, especially for large and intricate family assets [23]

Core Viewpoint - Increasing number of foreign trade export enterprises and freight forwarding companies are attempting to use futures for hedging and risk management [1][2] Group 1: Shipping Derivatives Market - Shanghai Futures Exchange (SHFE) aims to enhance the shipping derivatives system and improve financial services in the shipping sector [1] - As of April 2025, the shipping index futures have been operational for 410 trading days, with a cumulative trading volume of approximately 54.45 million contracts and a total trading value of about 4.7 trillion yuan [1] - The trading volume of shipping index futures is reported to be 6.2 times that of other global exchanges' shipping derivatives during the same period in 2024 [1] Group 2: Shipping Industry Overview - Maritime transport accounts for over 80% of global trade, with an estimated total shipping volume of approximately 12.63 billion tons in 2024 [2] - China's foreign trade volume constitutes over 30% of global shipping, with maritime transport handling 90% of China's external trade [2] - The shipping industry faces significant risks due to volatile shipping costs, which have become a major concern for industry players [2] Group 3: Future Plans of SHFE - SHFE plans to prioritize risk prevention and market regulation to ensure stable operation of the shipping index futures market [3] - The exchange will implement the "Sailing Project" to enhance market cultivation and improve the futures market's service capabilities for the high-quality development of the shipping industry [3] - Continuous efforts will be made to enrich the shipping derivatives system and elevate the level of financial services in the shipping sector [3]

Core Insights - The brokerage industry is experiencing growth opportunities in the sci-tech bond business due to increased policy support and sustained market demand [1] Group 1: Support for High-Quality Business Development - The rapid development of sci-tech bonds necessitates higher risk identification and management standards for brokerage firms [2] - Companies are enhancing due diligence and information disclosure regarding intangible assets and R&D investments to align with the characteristics of sci-tech enterprises [2] - Firms are implementing a comprehensive approach to business development and risk management, ensuring sensitivity to market and business dynamics while maintaining a focus on avoiding systemic risks [2][3] Group 2: Risk Management Strategies - National Union Minsheng has developed differentiated risk assessment models for sci-tech enterprises based on size, industry, and growth stage [3] - The introduction of third-party technical due diligence, regular stress testing, and enhanced risk mitigation tools are part of the risk control measures [3] - A specialized tracking team has been established to ensure comprehensive risk management throughout the project lifecycle [3] Group 3: Achieving Differentiated Competition - The issuance of sci-tech bonds is thriving, prompting brokerages to actively compete for market share and establish differentiation [4] - Shenyuan Hongyuan is adopting a "precise stratification + technology empowerment" strategy, focusing on leading hard-tech companies and state-owned enterprise reform projects [4] - National Union Minsheng plans to explore existing value and expand new business avenues, targeting financial institutions and tech companies for new bond issuances [4]

中证报中证网讯（记者 周璐璐）为推动专业理论与业务实践深度融合，帮助在校学生更好地了解 证券行业前沿动态及实务操作、强化实践能力，促进教学与实践有机融合，近日，西部证券组织风险管 理部业务骨干走进西安财经大学，为金融专业本科生开展风险管理系列课程教学。西安财经大学经济学 院金融系主任、金融学专业负责人周晶主持并点评案例授课，百余名学生聆听课程。 西部证券表示，未来，将持续深化校企资源整合，依托专业人才禀赋，深耕课程共建、课题共研、 实训场景创新，并在党建联建、文化建设交流等维度不断拓展合作边界，推动理论研究与实践教学深度 融合，为资本市场高质量发展提供智力支持与人才保障。 课堂上，西部证券风险管理部业务骨干樊少杰向在场学生系统梳理行业监管机制的发展脉络，解析 证券行业分类评价的制度框架、方法体系、评价标准，以及业务发展状况、风险管理能力、持续合规状 况以及其他专项情况等评价维度，阐释了全面风险管理对券商合规经营与战略转型的支撑作用，提升了 学生对于全面风险管理体系在证券行业应用实践的认知。西部证券风险管理部市场风险与量化团队负责 人徐国澍聚焦证券公司操作风险管控全流程，从定义溯源到类型划分层层递进，结合《证券 ...

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]