山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 聯交易預計公告」、「二〇二五年度獨立董事述職報告（楊彪）」、「二〇二五年度獨 立董事述職報告（李志輝）」、「二〇二五年度獨立董事述職報告（尹美群）」、「二 〇二五年度獨立董事述職報告（孫劍非）」、「二〇二五年度獨立董事述職報告（張 志元）」、「二〇二五年度獨立董事述職報告（羅新華）」、「二〇二五年度獨立董事 述職報告（萬剛）」、「二〇二五年度獨立董事述職報告（孔鵬志）」、「內部審計制 度」、「董事、高級管理人員薪酬管理制度」、「關於2026年度董事、高級管理人員 薪酬方案的公告」、「關於購買董事及高級管理人員責任險的公告」、「關於計提資 產減值準備的公告」、「董事會關於2024年度內部控制審計報告非標意見涉及事項 影響已消除的專項說明」、「審計委員會對董事會關於2024年度內部控制審計報告 ...

Core Viewpoint - The foreign exchange market in China continues to operate steadily despite increased volatility and differentiation in the international financial market, with stable net inflows in securities investment [1] Group 1: Foreign Exchange Data - In January 2026, banks settled foreign exchange transactions amounting to 20,048 billion RMB and sold 14,457 billion RMB, equivalent to 2,863 billion USD and 2,065 billion USD respectively [1] - The foreign exchange income from banks for clients was 54,722 billion RMB, while foreign payments were 48,974 billion RMB, translating to 7,816 billion USD and 6,995 billion USD respectively [1] Group 2: Cross-Border Capital Flows - Cross-border capital maintained a net inflow, although the scale decreased compared to the previous month, with bank settlement and sale surplus and net inflows from non-bank sectors dropping by 20% and 28% respectively [1] - The net inflow of funds under goods trade decreased by 27% compared to the previous month, while net outflows under service trade increased by 23%, with securities investment remaining stable [1] Group 3: Market Stability - Overall, the foreign exchange market in China is characterized by active trading and stable expectations, with cross-border capital flows becoming more stable [1]

Core Insights - Brazil's net direct investment (IDP) is projected to reach $77 billion in 2025, marking the highest level since 2018 [1] Group 1: Direct Investment Overview - The net direct investment reflects long-term capital inflows and outflows, including business investments, establishment of companies, multinational branch openings, infrastructure projects, new factory constructions, and acquisitions of domestic company shares [1] Group 2: Investment Breakdown - In 2025, net equity investment is expected to amount to $62.4 billion, showing a year-on-year decrease of 3.5% [1] - The domestic market's securities investment (portfolio) is projected to achieve a net inflow of $15.3 billion, with net outflows of $4.9 billion in stocks and investment funds, while bond assets are expected to see a net inflow of $20.2 billion [1]

Core Viewpoint - Mingke International (08100) anticipates a profit of approximately HKD 10.8 million from its securities investment segment for the fiscal year ending December 31, 2025, compared to an estimated profit of about HKD 5.193 million for the fiscal year ending December 31, 2024 [1] Financial Performance - The expected profit for the securities investment segment in the fiscal year 2025 is primarily attributed to realized and unrealized gains from financial assets measured at fair value through profit or loss, amounting to approximately HKD 10.734 million [1] - For the fiscal year 2024, the realized and unrealized gains were approximately HKD 5.045 million [1]

Core Viewpoint - The company plans to utilize idle funds for entrusted wealth management and securities investment, with a total amount not exceeding RMB 2.9 billion, to enhance the efficiency of fund usage and generate returns for shareholders [2][3][14]. Investment Overview - Investment Purpose: The company aims to improve the efficiency of idle funds while ensuring normal business operations and daily capital needs [3]. - Total Investment Amount: The total investment amount will not exceed RMB 2.9 billion, with RMB 2.3 billion allocated for entrusted wealth management and RMB 600 million for securities investment [2][3][14]. - Investment Duration: The investment period is set for 12 months from the approval date of the board meeting [4][14]. Investment Details - Source of Funds: The funds will come from the company's idle self-owned capital [4]. - Investment Methods: Entrusted wealth management will focus on bank wealth management products, income certificates, and funds, while securities investment will include government bonds, bond repurchase agreements, ETFs, and stocks [4][3]. - Approval Process: The investment plan has been approved by the company's board of directors and does not require shareholder meeting approval [6][14]. Impact on the Company - The use of idle funds for wealth management and securities investment will not affect the company's normal cash flow or operations, and it aims to enhance fund returns and protect shareholder interests [8][14]. - Accounting Treatment: The company will account for the entrusted wealth management and securities investment in accordance with relevant accounting standards, reflecting them in the balance sheet and income statement [8].

Core Viewpoint - Chenxin Pharmaceutical (603367) announced plans to utilize idle funds for entrusted wealth management and securities investment, with a total amount not exceeding 2.9 billion yuan, aiming to enhance the efficiency of fund usage and generate higher returns for shareholders [1] Group 1: Investment Plans - The company and its subsidiaries plan to use idle self-owned funds for entrusted wealth management and securities investment, with a total limit of 2.9 billion yuan, including up to 2.3 billion yuan for entrusted wealth management and up to 600 million yuan for securities investment [1] - The investment aims to improve the efficiency of idle funds while ensuring that the company's main business operations and daily capital needs are not affected [1] Group 2: Investment Types - Entrusted wealth management will primarily involve bank wealth management products, income certificates, and funds from financial institutions [1] - Securities investment will focus on government bonds or reverse repos, bonds, ETFs, stocks, and other investments permitted by laws and regulations [1]

Core Viewpoint - The company announced plans to utilize idle self-owned funds for entrusted wealth management and securities investment, with a total amount not exceeding 2.9 billion yuan [1] Group 1: Financial Allocation - The total amount for entrusted wealth management is capped at 2.3 billion yuan [1] - The total amount for securities investment is capped at 600 million yuan [1] - The duration for utilizing these funds is set for 12 months from the date of board approval [1]

Core Viewpoint - Chenxin Pharmaceutical (603367.SH) plans to utilize idle self-owned funds for entrusted wealth management and securities investment, with a total amount not exceeding RMB 2.9 billion [1] Group 1: Financial Allocation - The total amount for entrusted wealth management is capped at RMB 2.3 billion [1] - The total amount for securities investment is capped at RMB 600 million [1] - The usage period for the allocated funds is 12 months from the date of board approval [1]

Group 1 - The core point of the article is that Chenxin Pharmaceutical (603367.SH) announced plans to use idle self-owned funds for entrusted wealth management and securities investment, with a total amount not exceeding RMB 2.9 billion [1] Group 2 - The entrusted wealth management amount will not exceed RMB 2.3 billion [1] - The securities investment amount will not exceed RMB 600 million [1] - The fund usage period is set for 12 months from the date of the board's approval of this proposal [1]

Core Viewpoint - The company has announced a shift in its investment strategy, terminating the use of its own funds for securities investment and focusing on Hong Kong stock investments through the Stock Connect program by 2025 [1] Group 1: Investment Strategy - The company plans to cease using its own funds for securities investment activities [1] - By 2025, the company will primarily engage in Hong Kong stock investments and trading through the Stock Connect program [1] - In the fourth quarter, the company will mainly conduct net selling operations [1] Group 2: Financial Position - As of December 30, 2025, approximately 90% of the securities investment account will be in cash assets [1] - The company intends to reduce its remaining holdings of Hong Kong stock securities in the near future [1]