天津桂发祥十八街麻花食品股份有限公司 关于使用暂时闲置自有资金购买短期理财产品进展公告 ■ 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 天津桂发祥十八街麻花食品股份有限公司（以下简称公司）于2025年3月28日召开了第五届董事会第五 次会议、第五届监事会第五次会议，审议通过《关于使用暂时闲置自有资金购买短期理财产品的议 案》，同意公司及控股子公司使用部分暂时闲置自有资金购买安全性高的短期理财产品，额度不超过 20,000万元人民币，购买理财产品的额度在有效期内可以滚动使用。具体内容详见2025年3月29日发布 于《中国证券报》《证券时报》《上海证券报》《证券日报》和巨潮资讯网 （http://www.cninfo.com.cn）上的相关公告。 根据上述决议，公司及全资子公司桂发祥十八街麻花食品（天津）有限公司、天津艾伦糕点食品有限公 司分别与中信银行股份有限公司天津分行签订了协议，使用暂时闲置自有资金共计人民币20,000万元购 买结构性存款产品，现将具体情况公告如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 一、理财产品的基本情况 （一）天津桂 ...

Core Viewpoint - The article introduces the concept of government bond reverse repurchase agreements (reverse repos) as a low-risk investment option suitable for managing short-term funds, particularly during special time periods like the end of the month or year, when annual yields can be higher [1][22]. Summary by Sections Introduction to Reverse Repos - Government bond reverse repos allow investors to participate with a minimum of 1,000 yuan, making it accessible for short-term fund management over 1 to 7 days [1][3]. - The unique interest calculation method allows for effective fund management even during holidays, with a reminder to act before specific deadlines to earn interest [1][17]. Nature of Reverse Repos - Reverse repos can be viewed as a special type of short-term investment where cash holders lend to those needing cash, secured by government bonds, ensuring high safety comparable to money market funds [3][22]. - The process is straightforward, requiring only an application submission, with the exchange system handling the rest automatically [3]. Types of Reverse Repo Products - Both Shanghai and Shenzhen stock exchanges offer various reverse repo products, differentiated by duration, with specific codes for each type [4][5]. - Short-term products (1 to 7 days) are more commonly used for managing spare cash, while longer-term products (14 to 182 days) generally offer lower yields [6]. Choosing Reverse Repo Products - Investors should select reverse repo products based on their liquidity needs, as different products have varying timelines for fund availability [7]. - A table is provided to illustrate the operational times and fund availability for different reverse repo products [7]. Example of Usage - An example illustrates how to utilize a 1-day reverse repo effectively when funds are needed shortly after the investment [8][9]. Calculating Returns - The article explains how to calculate returns from reverse repos, including the impact of fees on the actual yield received [10][11]. - An example calculation shows how to derive net returns after accounting for fees, highlighting that typical yields range from 1% to 2% under normal conditions, with higher yields possible during specific periods [13][14]. Special Timing for Higher Yields - Reverse repo yields tend to increase during month-end, quarter-end, and year-end due to tighter liquidity conditions, with historical examples provided [15][22]. - The article emphasizes the importance of timing transactions to maximize returns, especially before market close [15]. Holiday Earnings - The unique interest calculation allows for earning during holidays if transactions are executed before specific deadlines [16][21]. Conclusion - Government bond reverse repos are characterized as a highly secure short-term investment tool, particularly beneficial for managing idle funds in stock accounts during specific timeframes [22]. - For long-term investments, other options with potentially higher returns should be considered, such as undervalued stocks or long-term investment strategies [22][23].

Core Viewpoint - The article discusses low-risk investment options for investors with idle funds before the upcoming National Day and Mid-Autumn Festival holidays, specifically focusing on short-term financial products like bond ETFs and reverse repos [1][3][5]. Group 1: Investment Strategies for September 29 - On September 29, investors can utilize the Shenzhen overnight reverse repo (R-001) and purchase the National Development Bond ETF (159651) to earn dual returns [1]. - The specific operation involves executing a reverse repo on September 29, which matures on September 30, and using the funds to buy the bond ETF on the same day [1][3]. - This strategy allows investors to benefit from both the reverse repo and the bond ETF's coupon during the holiday period from October 1 to October 8 [1][3]. Group 2: Investment Strategies for September 30 - On September 30, the last trading day before the holiday, investors are advised to directly subscribe to or purchase the National Development Bond ETF (159651) or the corporate bond ETF (511030) for potentially higher returns [5][6]. - The bond ETF offers better returns compared to money market ETFs, with the added benefit of enjoying 8 days of coupon income during the holiday [5][6]. - The transaction costs for the bond ETF are lower than those for money market ETFs, making it a more attractive option for investors with idle funds [6]. Group 3: Target Investor Profiles - The recommended strategies are suitable for investors with idle funds who are not fully invested in stocks or mixed products before the holiday [6][8]. - Investors who can tolerate slight fluctuations may consider the corporate bond ETF (511030) for potentially higher returns compared to short-term bond ETFs [7]. - Existing holders of the corporate bond ETF can enhance their holiday returns by using the ETF as collateral for a reverse repo, allowing them to reinvest the funds into more of the same ETF [7][8].

Core Insights - The upcoming National Day and Mid-Autumn Festival holidays will see the stock market closed from October 1 to October 8, with trading resuming on October 9, creating a potential opportunity for investors to utilize idle funds during the break [1] Group 1: Government Bond Reverse Repos - Government bond reverse repos are highlighted as a low-risk, low-fee short-term investment option, allowing investors to earn interest by lending money secured by government bonds [2][4] - On September 29, investors can engage in 1-day reverse repos to earn interest for 9 days, with funds available on September 30 and withdrawable on October 9 [2][3] - The interest calculation for reverse repos is based on the actual days the funds are occupied, emphasizing the importance of timing for maximizing returns [3][4] Group 2: Investment Strategies - Combining government bond reverse repos with bond ETFs can enhance capital efficiency, allowing investors to leverage the funds from reverse repos to purchase bond ETFs, thus achieving dual investment benefits [5] - The strategy involves purchasing a 1-day reverse repo on September 29, which matures on September 30, and then using the available funds to buy bond ETFs, benefiting from both holiday interest and potential market gains [5]

Core Viewpoint - The article introduces the concept of government bond reverse repurchase agreements (reverse repos) as a low-risk investment option suitable for managing short-term funds, especially during specific time periods like month-end and year-end when yields tend to be higher [1][15]. Summary by Sections Introduction to Reverse Repos - Government bond reverse repos allow individuals to invest with a minimum of 1,000 yuan, making it accessible for short-term fund management over 1 to 7 days [2][5]. Mechanics of Reverse Repos - Reverse repos function as a short-term financial tool where cash holders lend money against government bonds as collateral, ensuring high safety comparable to money market funds [5][23]. Types of Reverse Repo Products - Both Shanghai and Shenzhen stock exchanges offer various reverse repo products, differentiated by duration, such as 1-day, 2-day, and up to 182-day options [6][7]. Choosing Reverse Repo Products - Short-term reverse repos (1 to 7 days) are more commonly used for managing idle cash, while longer-term options (14 to 182 days) generally offer lower yields compared to bank wealth management products [8][9]. Yield Calculation - The yield from reverse repos can vary significantly, with typical annualized rates ranging from 1% to 2%, but can spike during high-demand periods like month-end or year-end [14][15]. Special Timing for Higher Yields - Reverse repo yields are notably higher during specific periods such as month-end, quarter-end, and year-end due to tighter liquidity in the market [15][16]. Practical Example of Yield Calculation - An example illustrates how to calculate net yield from a 1-day reverse repo, factoring in transaction fees to determine the actual return [18][19]. Conclusion on Investment Strategy - Reverse repos are recommended for managing short-term idle funds in stock accounts, while longer-term investments should focus on higher-yielding options like index funds for funds not needed for 3-5 years [23].