（5）跨境ETF的买卖交易机制 跨境ETF和普通A股的ETF一样，既可以申赎，也可以买卖。跨境ETF买卖交易机制为可以直接实现T+0 交易，当日买入、当日即可卖出，投资者可以利用跨境ETF的T+0交易机制在日内进行回转交易赚取价 差。此外，同普通A股ETF一样，跨境ETF在二级市场上购买的最小单位都是1手（100份）起，投资者 参与的资金门槛非常低。 （6）跨境ETF的净值计算 跨境ETF的净值受到两个因素的影响，即其所跟踪的指数涨跌情况以及汇率的波动情况。跨境ETF投资 于海外资产，因此外币的升值或贬值，均会对其净值造成相应的正面或负面的影响。由于海外股市的开 盘时间与国内市场不同，海外市场T日的收盘时间通常为国内T+1日早上，跨境ETF无法即时公布前一 交易日的净值，因此T日公布的净值是按照T-2日收盘的数据及T-2日的汇率来进行计算的。因此，估算T 日交易时的实时净值，需要在公布的T-2日净值的基础上，考虑T-1日的指数变动因素以及T-1日和T日的 汇率变动因素。 （7）跨境ETF的投资策略 （8）投资跨境ETF的主要风险 ①汇率风险。因为跨境ETF产品主要投资于海外市场，而海外市场的金融凭证以外币计价 ...

6.83!陈敏在深圳一家钢材出口企业从事外贸业务员工作，2月26日一早她看着汇率走势图，眉头紧锁。 春节长假后，人民币兑美元汇率不断创新高。2月25日，离岸及在岸人民币兑美元双双升破6.87关口， 离岸人民币兑美元一度升至6.8619，在岸人民币兑美元触及6.8649。2月26日，离岸人民币兑美元一度升 破6.83关口，在岸人民币兑美元一度升至6.8310，逼近6.83关口，创2023年4月14日以来新高。 人民币一路快速升值，陈敏一个月前按人民币兑美元6.9报出去的订单还没结汇。现在人民币每升值一 点，订单利润就会被"吃掉"一些。陈敏称，对于附加值较低的行业，如今汇率报价成了老大难问题，报 高了客户不高兴，报低了汇率一波动就容易亏本。以前外贸人是赚差价，现在玩的是"心跳"。 人民币持续升值，央行也开始"出手"了。2月27日，中国人民银行发布公告称，为促进外汇市场发展， 支持企业管理好汇率风险，中国人民银行决定自2026年3月2日起，将远期售汇业务的外汇风险准备金率 从20%下调至0。 截至2月27日16时30分，离岸人民币兑美元报6.8528，在岸人民币兑美元报6.8559。 出口企业利润承压 "这几天大家 ...

熟悉美股交易规则是避免操作风险的关键。美股采用T+0交易制度，但对于账户净资产低于25000美元 的投资者，存在日内交易次数限制；交易时间分为夏令时和冬令时，与国内市场存在时间差；此外，美 股设有不同级别的熔断机制，当市场出现大幅波动时会触发相应的暂停交易措施。这些规则与A股存在 差异，投资者需提前了解并适应。 税费成本与汇率风险需纳入考量。非美国居民投资美股获取的股息，通常需缴纳一定比例的预提税，具 体税率可依据中美双边税收协定进行调整；交易过程中还会产生佣金、清算费等成本。同时，由于投资 标的以美元计价，人民币与美元的汇率波动会直接影响投资者的实际收益，需关注汇率变化带来的潜在 影响。 信息获取与风险认知同样重要。美股市场的信息披露标准与国内有所不同，投资者应通过正规渠道获取 上市公司公告、财务报告等信息，确保信息的准确性与及时性。此外，美股市场同样存在市场波动、行 业周期等风险，投资者需结合自身风险承受能力做出决策。 账户开通是投资美股的首要步骤。投资者需选择具备合法资质的中介机构，包括境内获得相关业务许可 的券商或境外合规的经纪商。开户过程中需完成身份验证、风险承受能力评估等环节，中介机构会根据 监管 ...

Core Viewpoint - The company is monitoring the impact of the appreciation of the RMB on its dollar-denominated revenue, given that approximately 44.95% of its business is derived from exports [1] Group 1 - The company's export business accounts for about 44.95% of its total revenue [1] - The company is committed to continuously tracking exchange rate trends [1] - The company aims to strengthen its foreign exchange risk management strategies [1]

Monetary Policy Measures - The central bank has introduced new monetary policy measures, including a 0.25 percentage point reduction in various structural monetary policy tool rates, expected to save banks approximately 13.5 billion yuan annually[5] - The re-lending and rediscounting for agricultural and small enterprises have been merged, increasing the quota by 500 billion yuan, with a dedicated 1 trillion yuan for private enterprises[7] - The minimum down payment ratio for commercial property loans has been lowered to 30% to support the real estate market[8] Exchange Rate Management - The central bank aims to stabilize the foreign exchange market in 2026, with a projected net inflow of 302.1 billion USD for the year, indicating a shift from net outflow[9] - Approximately 60% of import and export trade is minimally affected by exchange rate fluctuations, with 30% of foreign trade conducted in RMB[10] - The central bank emphasizes the importance of balanced import and export development and plans to enhance macro-prudential management to mitigate exchange rate risks[11] Financial Data Trends - As of December 2025, the total social financing stock grew by 8.3% year-on-year, while loan stock increased by 6.4%[15] - The growth rate of M2 rose to 8.5%, reflecting a 0.5 percentage point increase from the previous month[15] - Direct financing reached 16.7 trillion yuan in December 2025, accounting for 46.9% of total social financing, an increase of 7.8 percentage points compared to 2020[16]

Core Viewpoint - The company has not yet adopted digital RMB for cross-border settlements, and the appreciation of the RMB may impact its business due to a high proportion of overseas revenue [1] Group 1: Currency Risk Management - The company faces currency risk due to its significant overseas revenue, and it is implementing strategies to mitigate this risk [1] - To address exchange rate risks, the company utilizes global supply chain strategies and local operations of its subsidiaries [1] - The company employs forward foreign exchange contracts to lock in future exchange rates and is exploring cross-border RMB settlement options [1] - Current exchange rate fluctuation risks are considered manageable by the company [1]

Group 1 - Several leading listed companies have announced substantial hedging plans for the 2026 fiscal year, with notable commitments from 佛燃能源, 新奥股份, 隆基股份, and 三一重工 [1] - 佛燃能源 has set a maximum contract value limit of 12 billion RMB for its commodity and foreign exchange hedging business for 2026, with a margin cap of 4.17 billion RMB [1] - 新奥股份 plans to utilize a maximum margin and premium of 4.7 billion USD for its 2026 commodity hedging plan [1] - 隆基股份 has a maximum margin limit of 1.5 billion RMB for its hedging business in 2026 [1] - 三一重工's subsidiary plans to have a maximum trading margin and premium of 800 million RMB, with a maximum contract value of 2 billion RMB on any trading day [1] Group 2 - A total of 1,782 A-share listed companies in the real economy issued hedging-related announcements from January to November 2025, an increase of 279 companies or 18.6% compared to the entire year of 2024 [3] - Currency risk remains the primary hedging demand, with 1,311 companies issuing related announcements, followed by interest rate risk (517 companies) and commodity price risk (481 companies) [3] - The electronics, basic chemicals, power equipment, machinery, and pharmaceutical industries have the highest number of companies engaging in hedging [3] - Copper is identified as the most actively hedged commodity [3] - Over 30 domestic insurance institutions have entered the futures market, primarily using government bond futures and stock index futures to manage interest rate risk and equity market volatility [3] - The number of new accounts opened by insurance funds in the futures market increased by 166% year-on-year in the first 11 months of 2025, reaching a historical high [3] - Recent regulatory documents have supported the participation of insurance funds in financial derivatives trading, providing a framework for managing asset-liability risks [3]

Core Viewpoint - The recent strengthening of the RMB against the USD has prompted many A-share companies to adopt foreign exchange hedging strategies to manage risks associated with currency fluctuations [1] Group 1: Currency Exchange Rate Trends - As of December 10, the onshore RMB/USD exchange rate reached a high of 7.0603, marking the highest level since October 2024 [1] - The RMB is approaching the significant threshold of 7.0, which has raised concerns about exchange rate risks [1] Group 2: Corporate Responses - Numerous A-share companies involved in overseas business have significantly increased their foreign exchange hedging limits [1] - China Shipbuilding (600150) announced on December 9 that it plans to engage in futures and derivatives trading with a maximum trading limit of $24 billion and a maximum contract value of $51 billion on any trading day [1] - Over 30 A-share companies have disclosed plans to implement foreign exchange hedging strategies in December to mitigate risks from currency market volatility [1] Group 3: Industry Analysis - Industry experts indicate that many foreign trade enterprises are concerned that fluctuations in exchange rates may reduce the amount of foreign currency received from exports, thereby impacting profitability [1] - The primary objective for listed companies participating in hedging is to hedge against exchange rate risks [1]

Core Viewpoint - The Russian government is strategically utilizing the issuance of RMB-denominated bonds, not primarily to fill budget deficits, but to establish a benchmark for future corporate borrowing in RMB [2][7]. Group 1: Issuance of RMB-Denominated Bonds - Russia's Ministry of Finance recently issued RMB-denominated sovereign bonds totaling 20 billion RMB, approximately 230 billion rubles at current exchange rates [2]. - The issuance is not intended to address the current budget deficit, which has reached unprecedented levels, with a fiscal deficit nearing 3.7 trillion rubles in the first half of the year, over five times that of the same period last year [2]. - The primary goal of issuing these bonds is to create a yield curve that will help clarify the pricing of RMB in Russia, facilitating future corporate bond issuance [7]. Group 2: Risks and Considerations - Borrowing in foreign currencies, including RMB, carries exchange rate risks, particularly as the ruble's value fluctuates against the RMB [4]. - The majority of investors purchasing these RMB bonds are domestic Russian banks and financial institutions, which raises questions about the necessity of issuing foreign currency debt when domestic ruble bonds could suffice [6]. - The current RMB market in Russia lacks sufficient scale and liquidity to support large-scale debt financing, limiting the issuance to small-scale pilot projects [9]. Group 3: Strategic Importance of RMB - The Russian government emphasizes the strategic value of RMB in trade settlements and market pricing, rather than merely as a tool for large-scale borrowing [9]. - The issuance of RMB bonds is seen as a way to ensure that the currency can be used effectively in trade, without compromising the liquidity needed for trade settlements [9].

Core Viewpoint - The company, Hansang Technology, has stated that its export products and imported raw materials are primarily settled in US dollars, and it will negotiate settlement prices based on exchange rate fluctuations with clients and suppliers [2]. Group 1 - The company will assess exchange rate risks scientifically and reasonably in accordance with relevant regulatory requirements and internal management systems [2]. - The company aims to prevent and respond to exchange rate fluctuation risks based on actual operating conditions [2].