第一章 总则 华勤技术股份有限公司 对外投资管理制度 第一条 为规范华勤技术股份有限公司（以下简称"公司"）的对外投资行 为，加强公司对外投资管理，防范对外投资风险，保障对外投资安全，提高对外 投资效益，维护公司形象和投资者的利益，依照《中华人民共和国公司法》《中 华人民共和国证券法》等法律、法规、规范性文件的相关规定，结合《华勤技术 股份有限公司章程》（以下简称《公司章程》）及公司的实际情况，制定本制度。 第二条 本制度所称对外投资是指公司为获取未来收益而将一定数量的货 币资金或公司所有的固定资产、其他流动资产、无形资产、股权等可以用货币估 价并可以依法转让的非货币财产作价出资，对外进行各种形式的投资活动。 本制度所称风险投资，是指公司进行私募股权投资（PE）、创投等风险投资 行为，将风险资本投向刚刚成立或快速成长的未上市新兴公司（主要是高科技公 司），在承担投资风险基础上为被投资公司提供长期股权投资和增值服务，再通 过上市、兼并或其它股权转让方式撤出投资，取得高额回报的一种投资方式，但 公司以扩大主营业务生产规模或延伸产业链为目的进行的投资除外。 本制度所称证券投资，是指公司在相关规则允许的情况下，在控制 ...

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]

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]

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].

证券代码：002961 证券简称：瑞达期货 公告编号：2025-018 过人民币 5 亿元（含 5 亿元），额度范围内资金可由瑞达新控资本管理有限公司 （以下简称"瑞达新控"）及其下属子公司共同循环使用，并可在各投资产品间 自由分配。 信用风险、流动性风险及操作风险等，敬请投资者注意投资风险。 瑞达期货股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日召开了第 四届董事会第三十三次会议、第四届监事会第二十七次会议，审议通过了《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议案》， 同意全资子公司瑞达新控及其下属子公司在不影响正常经营及相关项目推进进 度的情况下，使用自有资金进行理财投资及衍生品交易以增加公司收益。投资额 度不超过 5 亿元，投资期限为自股东会审议通过之日起一年内有效。现将有关情 况公告如下： 债券代码：128116 债券简称：瑞达转债 瑞达期货股份有限公司 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 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。 重要内容提示： 资管计划以及公 ...