（编辑 任世碧） 证券日报网讯 11月10日晚间，万盛股份发布公告称，公司于2025年11月10日召开第五届董事会第二十 七次会议，审议通过了《关于开展金融衍生品投资业务的议案》公司拟开展金融衍生品投资业务，在 2026年度任意时点最高余额不超过6000万美元（或等值外币），在上述额度范围内可滚动使用。期限内 任一时点的交易金额（含前述交易的收益进行再交易的相关金额）不得超过上述额度。预计衍生品业务 所动用的交易保证金和权利金上限（包括为交易而提供的担保物价值、预计占用的金融机构授信额度、 为应急措施所预留的保证金等，下同）在任何时点不超过6，000万美元（或等值外币），优先使用银行 授信。 ...

Core Viewpoint - Wansheng Co., Ltd. plans to engage in financial derivatives investment with a maximum balance of up to 60 million USD (or equivalent foreign currency) at any point in 2026 [1] Group 1 - The company will utilize the specified limit for trading activities, including reinvestment of profits from these trades [1] - The maximum trading amount, including related profits, shall not exceed the aforementioned limit of 60 million USD (or equivalent foreign currency) at any given time [1] - The expected upper limit for margin and premiums used in derivatives trading will also not exceed 60 million USD (or equivalent foreign currency) at any point [1] Group 2 - The company will prioritize the use of bank credit for the required margin and collateral for trading activities [1]

Core Viewpoint - Wansheng Co., Ltd. plans to engage in financial derivatives investment with a maximum balance of up to 60 million USD (or equivalent foreign currency) at any point in 2026 [1] Summary by Categories - **Investment Plan** - The company intends to conduct financial derivatives investment activities [1] - The maximum balance for these activities will not exceed 60 million USD (or equivalent foreign currency) at any point during the specified period [1] - **Transaction Limits** - At any given time, the transaction amount, including the reinvestment of earnings from previous transactions, must not exceed the aforementioned limit [1] - The expected upper limit for the margin and premiums used in derivatives trading will also be capped at 60 million USD (or equivalent foreign currency) at any point [1] - **Funding Sources** - The company will prioritize the use of bank credit for the required margin and collateral [1]

Investment Rating - The report maintains a "Buy" investment rating for Xinbao Co., Ltd. (002705) [6] Core Insights - Xinbao Co., Ltd. reported better-than-expected performance in H1 2025, with total revenue reaching 7.802 billion yuan, a year-on-year increase of 1%, and net profit attributable to shareholders of 543 million yuan, up 23% year-on-year [6] - The company continues to see growth in overseas orders despite challenges from tariffs in North America, with foreign sales reaching 6.07 billion yuan, a 2% increase year-on-year [6] - The company is expanding its product lines into commercial appliances and personal care products, which are expected to drive future growth [6] Financial Data and Earnings Forecast - Total revenue forecast for 2025 is 17.851 billion yuan, with a year-on-year growth rate of 6.1% [5] - Net profit attributable to shareholders is projected to be 1.146 billion yuan in 2025, reflecting an 8.8% year-on-year increase [5] - The company’s gross margin for H1 2025 was stable at 21.49%, with a slight increase of 0.06 percentage points year-on-year [6] - Earnings per share for 2025 is estimated at 1.41 yuan, with a projected price-to-earnings ratio of 12 times [6]

Core Viewpoint - The company has announced an increase in its financial derivatives trading limit and an extension of the authorization period to better manage foreign exchange risks due to significant fluctuations in the international foreign exchange market [1][2]. Group 1: Financial Derivatives Trading Limit - The company plans to increase its foreign exchange hedging limit by $900 million, raising the total limit from $1 billion to $1.9 billion, effective immediately after board approval [1][2]. - The current authorization for financial derivatives trading is valid from April 1, 2025, to March 31, 2026, and the company intends to extend this authorization period to April 30, 2026 [2]. Group 2: Risk Management and Trading Practices - The company will engage in foreign exchange derivatives trading primarily using its own funds, avoiding speculative or arbitrage trading practices [2][3]. - The trading instruments will include various currencies such as RMB, USD, TWD, EUR, JPY, MXN, and PLN, with the main tools being forward contracts and swaps [2]. - The company has established risk control measures, including prohibiting speculative trading, implementing strict control systems, and conducting regular compliance audits [2][3]. Group 3: Business Relevance - The financial derivatives business is closely related to the company's daily operations, enhancing its ability to manage foreign exchange volatility and contributing to long-term development and shareholder interests [3].

Group 1 - The core viewpoint of the article is that the China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, emphasizing the enhancement of the weight of equity fund-related indicators in the regulatory classification evaluation of fund companies [1] - The action plan aims to strengthen regulatory guidance and institutional supply, highlighting the development orientation of equity funds [1] - The CSRC will also establish guidelines for public funds participating in financial derivatives investments to better meet the needs for risk management, stabilize investment behavior, and diversify investment strategies [1]