衍生品交易

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华勤技术: 华勤技术对外投资管理制度(2025年8月修订)
Zheng Quan Zhi Xing· 2025-08-22 09:21
Core Viewpoint - The document outlines the external investment management system of Huqin Technology Co., Ltd., aiming to standardize investment behavior, enhance management, mitigate risks, and improve investment efficiency while safeguarding the company's image and investors' interests [1][2]. Group 1: Definition and Types of Investments - External investment refers to the company's activities of investing monetary funds or non-monetary assets to obtain future returns [1]. - Risk investment includes private equity and venture capital investments directed towards newly established or rapidly growing unlisted companies, primarily in high-tech sectors [1][2]. - Securities investment involves investing in marketable securities in domestic and international markets to maximize returns while controlling risks [2]. - Futures trading and derivatives trading are defined as transactions involving futures contracts or standardized options, as well as other non-standardized contracts [2][3]. Group 2: Investment Principles - Investments must comply with national laws, regulations, and the company's articles of association [4]. - Projects should be selected based on market demand and the company's development plan, ensuring they are advanced, reasonable, and feasible [3][4]. - A scientific and democratic approach is required for investment decisions, involving necessary approvals and expert evaluations for major projects [3][4]. - The principle of maximizing benefits with minimal investment is emphasized for long-term investments [3][4]. Group 3: Approval Authority and Procedures - The company implements a professional management and hierarchical approval system for external investments [4][5]. - The investment department is responsible for gathering information and evaluating potential investment projects [4][5]. - Major investment projects require board approval and must be submitted to the shareholders' meeting if they meet certain thresholds, such as asset totals exceeding 50% of the company's audited total assets [5][6]. Group 4: Execution and Control of Investments - The finance department manages the financial aspects of external investments, ensuring proper funding and compliance with regulations [10][11]. - Investment projects must be documented, and all related agreements and reports must be maintained by the investment department [11][12]. - The company must establish separate accounts for securities and derivatives trading, ensuring no use of others' accounts or off-the-books transactions [12][13]. Group 5: Risk Management and Reporting - The audit and risk management committee reviews major investment projects for risk and compliance with internal controls [15][16]. - The company can recover or transfer investments under specific circumstances, such as project failure or changes in business direction [16][17]. - All investment activities must adhere to disclosure obligations as per stock exchange regulations [43][44].
瑞丰新材: 关于开展证券投资及衍生品交易的可行性分析报告
Zheng Quan Zhi Xing· 2025-07-30 16:36
Core Viewpoint - The company plans to utilize idle self-owned funds for securities investment and derivative trading to enhance capital efficiency and returns, while ensuring normal operational needs and risk control [1][4]. Securities Investment Overview - The company intends to invest up to RMB 500 million (or equivalent foreign currency) in securities and derivative trading, allowing for flexible allocation among various investment products [1][2]. - The investment scope includes domestic and foreign IPO subscriptions, securities repurchase, stock and depositary receipt investments, bond investments, and other recognized investment activities [2]. Derivative Trading - The derivative trading activities will focus on foreign exchange management, including forward foreign exchange settlements, foreign exchange swaps, foreign exchange futures, and options [2]. - The company aims to mitigate foreign exchange risks and improve the efficiency of foreign currency usage [1][4]. Financial Management and Compliance - The investment will be conducted using the company's own funds, avoiding any financial pressure or adverse effects on normal operations [2]. - The company will adhere to relevant regulations and timely disclose information as required by the Shenzhen Stock Exchange [2]. Risk Analysis and Control Measures - The company acknowledges potential market and policy volatility risks, liquidity risks, and operational risks associated with investment activities [3]. - Proposed risk control measures include prudent investment within the approved limits, clear management and disclosure protocols, and timely adjustments to investment strategies in response to adverse factors [3][4]. Conclusion - The company emphasizes cautious investment principles, ensuring that the use of idle funds for securities and derivative trading will not impact normal operations, while aiming to achieve higher returns for the company and its shareholders [4].
瑞丰新材: 证券投资及衍生品交易管理制度(2025年7月修订)
Zheng Quan Zhi Xing· 2025-07-30 16:36
第一章 总则 第一条 为规范新乡市瑞丰新材料股份有限公司(以下简称"公司")的证券 投资及衍生品交易行为,有效防范投资风险,保证投资资金安全和有效增值, 维护公司及股东合法权益,根据《中华人民共和国证券法》《深圳证券交易所 创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第2号——创业 板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第7号——交易 与关联交易》等有关法律、法规和规范性文件及公司章程的规定,结合公司实 际情况,制定本制度。 新乡市瑞丰新材料股份有限公司 证券投资及衍生品交易管理制度 (四)公司首次公开发行股票并上市前已进行的投资。 第六条 开展证券投资与衍生品交易的基本原则: (一)公司开展证券投资与衍生品交易应遵守国家法律、法规、规范性文 件等相关规定。 第二条 本制度适用于公司的证券投资及衍生品交易行为。 第三条 本制度所述的证券投资,包括新股配售或申购、证券回购、股票及 存托凭证投资、证券投资基金、债券投资以及深圳证券交易所认定的其他投资 行为。 第四条 本制度所述的衍生品交易,是指远期、期货、掉期(互换)和期权 等产品或者混合上述产品特征的金融工具。衍生品的基础资产既可 ...
股市必读:鲁 泰A(000726)5月23日主力资金净流出437.75万元
Sou Hu Cai Jing· 2025-05-25 20:45
Group 1 - The core point of the article is that Lutai Textile Co., Ltd. plans to engage in derivative trading to mitigate risks associated with exchange rate and interest rate fluctuations, with a total amount not exceeding 72,356 million USD during the period from July 1, 2025, to June 30, 2026 [1][3] - On May 23, 2023, Lutai A's stock closed at 6.29 yuan, down 1.26%, with a turnover rate of 0.93% and a trading volume of 54,500 shares, amounting to a transaction value of 34.62 million yuan [1] - The capital flow on May 23 showed a net outflow of 4.38 million yuan from main funds and 0.76 million yuan from speculative funds, while retail investors experienced a net inflow of 5.14 million yuan [1][3] Group 2 - The company has developed a feasibility analysis report for its derivative trading plan, which aims to address risks arising from its foreign sales primarily denominated in USD and operations in various currencies [1] - The company will utilize financial instruments such as forwards, futures, swaps, and options to manage these risks, and has established a management system for securities investment and derivative trading [1] - The company believes that this business is necessary and feasible, as it can reduce exchange losses, control operational risks, and enhance financial stability [1]
每周股票复盘:鲁 泰A(000726)鲁泰A拟开展不超过72356万美元衍生品交易业务
Sou Hu Cai Jing· 2025-05-24 07:16
Core Points - Lutai Textile Co., Ltd. plans to engage in derivative trading to mitigate risks associated with exchange rate and interest rate fluctuations [1] - The total amount for the derivative trading business is capped at 72.356 million USD, with a trading period from July 1, 2025, to June 30, 2026 [1] - The company aims to enhance financial stability and reduce operational risks through this initiative [1] Company Overview - As of May 23, 2025, Lutai A shares closed at 6.29 CNY, down 1.41% from the previous week [1] - The company has a total market capitalization of 5.141 billion CNY, ranking 8th in the textile manufacturing sector and 2779th among all A-shares [1] - The highest intraday price recorded during the week was 6.46 CNY, while the lowest was 6.29 CNY [1] Derivative Trading Details - The derivative trading will utilize financial instruments such as forwards, futures, swaps, and options [1] - The trading will be conducted with qualified financial institutions, using the company's own funds [1] - The company has established a management system for securities investment and derivative trading, including risk control measures and professional personnel [1]
港交所短線博弈:回調是危還是機?
Ge Long Hui· 2025-05-15 10:06
Core Viewpoint - The recent performance of Hong Kong Exchanges and Clearing Limited (HKEX) has attracted market attention, with the stock price at HKD 376.8, down 1.10%. The trading activity in derivatives has significantly increased, indicating a mixed technical signal with a potential for short-term adjustments [1]. Technical Analysis - The MACD indicator shows a buy signal, while the RSI is nearing the overbought zone, suggesting a possible technical adjustment in the short term [1]. - The key support level is identified in the range of HKD 333-340, while the psychological resistance is strong at HKD 400. The current stock price is positioned in the middle of this critical trading range, warranting close attention to short-term directional choices [1]. Derivative Performance - On May 13, when the underlying stock rose by 1.98%, HSBC bull certificates (66921) and UBS bull certificates (68185) both increased by 14%, while BNP Paribas call warrants (13399) rose by 10%, and JPMorgan call warrants (29203) increased by 9%. This demonstrates the leverage advantage of bull certificates in a moderate upward market [2]. - Investors are encouraged to consider products with exercise prices around HKD 408, such as the call warrant (13517) with a leverage of 6.19 times and HSBC call warrant (15891) with an implied volatility of 38.83% [5]. Bearish Strategies - For investors with a bearish outlook on HKEX, various derivative tools are available. Citigroup put warrant (16606) offers a leverage of 7.3 times with a low premium and implied volatility, with an exercise price of HKD 333.9. The call warrant (15262) has a slightly lower leverage of 6.4 times but also features low implied volatility [8]. - High-leverage options include JPMorgan bear certificate (52629) with a redemption price of HKD 400, providing a leverage of 19.5 times, and UBS bear certificate (52543) with similar terms offering 17.3 times leverage [8]. Market Sentiment - Observations indicate that some investors are optimistic about HKEX, anticipating the stock price to reach between HKD 380-400. Conversely, there are also strategies involving put warrants with exercise prices around HKD 281 [11].
瑞达期货: 关于全资子公司及其下属子公司使用自有资金进行理财投资及衍生品交易的公告
Zheng Quan Zhi Xing· 2025-04-02 04:16
Core Viewpoint - The company, Ruida Futures, has approved its wholly-owned subsidiary, Ruida Xinkong, to use its own funds for financial investment and derivative trading, with a maximum investment amount of 500 million RMB to enhance company returns [2][11]. Investment Overview - The investment aims to improve the efficiency and return of self-owned funds by leveraging the professional advantages of Ruida Xinkong and its subsidiaries in derivative trading, without affecting normal operations [2][11]. - The investment period is valid for one year from the date of approval by the shareholders' meeting [2]. Types of Investments - The investment will include financial products such as asset management plans, public and private funds, and trading in index futures, index options, and government bond futures [3][4]. - The index futures primarily involve contracts listed on the China Financial Futures Exchange, with underlying assets including the CSI 300 Index and SSE 50 Index [3][4]. - The index options are European-style options with underlying assets also including the CSI 300 Index and SSE 50 Index, with a typical contract value below 250,000 RMB [4][5]. - Government bond futures include contracts for various maturities, with the 2-year, 5-year, 10-year, and 30-year government bonds being the main focus [6]. Risk Management - The company has established a comprehensive risk control process and system to ensure that investment risks are manageable and do not affect the normal business operations [11]. - Ruida Xinkong will prioritize investments in simple, controllable, and liquid products, employing a diversified investment strategy to mitigate risks [7][8]. - Regular performance tracking of the investment products will be conducted, with immediate reporting to the investment decision committee if losses approach predetermined thresholds [8][9]. Financial Reporting - The financial assets from the investments will be classified as fair value measured and recognized in the current period's profit and loss, in accordance with accounting standards [10][11]. - The company will use observable market inputs for fair value measurement, ensuring compliance with relevant accounting guidelines [10]. Impact on Company - The investment activities are expected to enhance the overall performance of the company and provide better returns for shareholders, while maintaining a cautious investment approach [11].
中兴通讯(000063) - 关于2025年度开展套期保值型衍生品交易的可行性分析及申请交易额度的公告
2025-02-28 12:00
证券代码(A/H):000063/00763 证券简称(A/H):中兴通讯 公告编号:202510 中兴通讯股份有限公司 关于二〇二五年度开展套期保值型衍生品交易的可行性分析及 申请交易额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整,没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示: 1、交易种类:中兴通讯股份有限公司(简称"公司")及控股子公司(合称 "本集团")拟开展套期保值型衍生品交易的类型包括:外汇远期合约、货币掉 期、利率掉期、买入期权、结构性远期合约。 2、交易金额:本集团拟开展的衍生品交易额度折合为 73 亿美元,即在授权 有效期内任意时点的交易余额不超过等值 73 亿美元,且此额度在授权有效期限 内可循环使用。 3、特别风险提示:本交易无本金或收益保证,在交易过程中存在市场风险、 流动风险及履约风险,敬请投资者注意投资风险。 一、衍生品交易情况概述 1、交易目的:为防范汇率、利率波动对本集团资产、负债和盈利水平造成的 影响,本集团以正常的进出口业务以及外币借款为背景,开展套期保值型衍生品 交易。本集团禁止从事衍生品投机行为。 2、交易金额:本集团在 2025 年度拟申 ...
富士莱(301258) - 关于使用闲置自有资金进行证券投资及衍生品交易的可行性分析报告
2025-02-26 10:45
苏州富士莱医药股份有限公司 关于公司使用部分闲置自有资金进行证券投资及衍生品交 易的可行性分析报告 一、投资情况概述 1、投资目的 在不影响公司主营业务发展、保障公司正常经营运作的资金需求,以及在保 证资金安全、风险可控的前提下,进一步提高自有资金使用效率,提升资金收益 率,为全体股东创造更多投资回报。 2、交易金额 公司及下属子公司拟使用最高额不超过人民币 20,000 万元的闲置自有资金 (含拟质押证券资产)进行证券投资及衍生品交易。在额度范围及投资期限内, 资金可循环滚动使用,投资取得的收益可以进行再投资,但期限内任一时点的总 投资金额不应超过投资额度。如单笔交易的存续期超过了授权期限,则授权期限 自动顺延至单笔交易终止时止。 公司资金来源均为闲置自有资金(含拟质押证券资产),不涉及使用募集资 金或银行信贷资金。 二、投资风险分析及风控措施 (一)投资风险分析 1、收益不确定性风险:金融市场受宏观经济政策、财政及货币政策、经济 走势、利率等多方面因素的影响,具有较强的市场和政策波动性,公司将根据经 济形势以及金融市场的变化适时适量的介入,投资的实际收益存在不确定性。 2、资金流动性风险:投资产品的赎回、 ...