Core Viewpoint - The company is addressing concerns regarding foreign exchange losses and shareholder sell-offs, emphasizing that these actions are driven by external economic factors and individual shareholder needs rather than undisclosed information [1]. Group 1: Foreign Exchange Management - The company's overseas operations are primarily in Australia, Europe, Japan, and Southeast Asia, with transactions mainly conducted in AUD, EUR, JPY, and USD, while raw materials are predominantly sourced domestically and settled in RMB [1]. - Recent fluctuations in exchange rates between RMB and other currencies have been influenced by international economic and political developments, as well as reforms aimed at increasing RMB exchange rate flexibility [1]. - The company is actively engaging in foreign exchange derivative hedging to lock in costs and mitigate the impact of exchange rate volatility on its operational performance [1]. Group 2: Shareholder Activity - Shareholder sell-offs are attributed to individual financial needs rather than any undisclosed significant information from the company [1].

Group 1 - The stock price of Jinfu Technology (300128) closed at 7.86 yuan on October 31, 2025, with an increase of 1.16% and a turnover rate of 11.85% [1] - On the same day, the net inflow of main funds was 42.14 million yuan, indicating significant accumulation [3] - The company plans to use no more than 100 million yuan of idle self-owned funds to purchase structured deposits or financial products, aiming to enhance fund utilization efficiency [2][3] Group 2 - Jinfu Technology intends to engage in foreign exchange derivative trading to hedge against foreign exchange market risks, with a trading limit of up to 100 million yuan or equivalent foreign currency [2][3] - The foreign exchange derivative trading will include products such as foreign exchange forwards, swaps, and options, with a validity period of 12 months from the board's approval [2]

Group 1 - The core viewpoint of the report is that the US dollar has depreciated by 10% against developed market currencies since early 2025, with a trade-weighted decline of 8%, and this downward trend is expected to continue [1][3] - Goldman Sachs analysts emphasize that during periods of dollar weakness, the performance of various assets can differ significantly, necessitating a strategy that considers specific driving factors [3] - The report suggests that merely reducing dollar-denominated assets is not the optimal choice; instead, using derivatives or cross-market hedging can help mitigate currency fluctuations while preserving asset return potential [3] Group 2 - The report indicates that if the long-term weakness of the dollar is due to a decline in investor appetite for US assets or a dovish shift in Federal Reserve policy, the direct impact on US stocks and bonds may be limited [3] - Investors are advised to adopt dynamic hedging strategies based on their portfolio structure rather than making aggressive adjustments to dollar asset allocations, aiming to balance risk and return [3] - Current market focus is on the Federal Reserve's policy trajectory and changes in global capital flows to assess the next steps for the dollar [3]

Core Viewpoint - The Shanghai Composite Index experienced a decline of 0.37%, while the China Securities High-Grade Short Bond USD Hedged Index reported a value of 156.07 points [1]. Group 1: Index Performance - The China Securities High-Grade Short Bond USD Hedged Index has increased by 0.39% over the past month and by 1.22% over the past three months [2]. - This index simulates investments in the China Securities High-Grade Short Bond Index with a USD position and establishes a long position in the one-month forward exchange rate of USD to offshore RMB, reflecting the overall performance after currency risk hedging [2]. - The index is based on a reference date of December 31, 2010, with a base point of 110.097 [2].