早上出门前，小编的手机上跳出了一则新闻——比特币跌破94,000美元，抹去年内涨幅。 说实话，我有点意外，印象中比特币创历史新高是不久前才发生的事。 简单搜索，我记得没错。今年10月，受益于美元贬值叙事，比特币价格一度势如破竹，最高触及125,689 美元，创下历史新高。 从容应对的前提是有准备，而准备，则至少可以包括以下几方面： 其实在今年的前三季度，看涨比特币的机构可不少。今年7月，花旗集团在发布的《加密资产市场展望报 告》中提到，比特币价格有望在年底升至13.5万美元，乐观情境下或飙升至19.9万美元 。到了10月，渣打 银行数字资产研究主管 Geoffrey Kendrick 重则申对比特币年底价格20万美元的目标…… 然而，创新高后不久，调整不期而至，还在较短的时间内抹去了年内涨幅。换句话说，10月追高的投资者 如果持有至今，短短一个多月就得承担接近25%的损失。 心理准备：投资有风险，回撤免不了，这不是一句空话。 回撤是投资中难以避免的环节。任何资产、策略都可能会经历回撤，这是市场的常态。 更重要的是，回撤随时可能发生，其调整幅度与持续时长都存在不确定性，这也是投资让人倍感煎熬的地 方。只有事前就 ...

Core Viewpoint - Zhongshun Jierou Paper Co., Ltd. plans to invest up to 150 million RMB of idle funds in government bond reverse repos in 2026 to enhance the efficiency of idle fund usage and generate more returns for shareholders [1][2][3] Investment Plan - The investment will focus on short-term government bond reverse repos, with a maximum amount of 150 million RMB that can be rolled over within 12 months from the board's approval date [2] - The funds for this investment will come from the company's temporarily idle self-owned funds, ensuring compliance with legal and regulatory requirements [2] Investment Purpose - The primary goal of this investment is to improve the efficiency of idle self-owned funds without affecting the company's normal operations [3] - Government bond reverse repos are characterized by high safety (secured), short and flexible periods (up to 182 days), and relatively high returns compared to demand deposits, thus optimizing the asset structure and providing better returns for shareholders [3] Review Process - The board of directors and the supervisory board have approved the investment plan, which does not require submission to the shareholders' meeting and does not constitute a related party transaction [4] Risk and Control - The company acknowledges market and interest rate risks but emphasizes that the use of standard collateralized reverse repos minimizes performance risk [5] - Strict adherence to regulations and internal controls will be maintained, with independent directors having the authority to supervise fund usage [5] Impact on the Company - The investment will not affect the company's daily operational funding needs, as the company is currently in a stable financial position [6] - Accounting treatment for the reverse repo investments will follow relevant accounting standards, with final results subject to annual audit confirmation [6] Supervisory Board Opinion - The supervisory board supports the investment, stating it will enhance fund usage efficiency and increase returns without negatively impacting the company's operations or harming shareholder interests, particularly those of minority shareholders [7]

Core Viewpoint - The company Tongda Co., Ltd. (300321) has utilized idle funds to invest in government bond reverse repos, indicating a strategy to enhance returns on surplus cash while maintaining a low-risk profile [1] Group 1: Stock Performance - As of October 15, 2025, Tongda Co., Ltd. closed at 41.47 yuan, up 2.14% from the previous trading day [1] - The stock opened at 41.0 yuan, reached a high of 41.59 yuan, and a low of 40.1 yuan, with a trading volume of 64.72 million yuan and a turnover rate of 1.78% [1] Group 2: Investment Announcement - The company announced the use of 80 million yuan of idle self-owned funds to purchase government bond reverse repos on October 15, 2025 [1] - The investment includes three subscriptions for the GC028 product, amounting to 60 million yuan, 10 million yuan, and 10 million yuan, with annualized yields of 1.50%, 1.505%, and 1.51% respectively, all with a term of 28 days, maturing on November 12, 2025 [1] - This investment falls within the authorized limit of up to 100 million yuan for purchasing government bond reverse repos and low-risk financial products, approved by the board and supervisory committee on September 26, 2025 [1] Group 3: Internal Control and Oversight - The company has established an internal control system to monitor the use of funds, with oversight from independent directors and the audit committee [1] - The investment is stated to have no impact on the company's main business and financial status [1]

Core Viewpoint - Yangyuan Beverage (603156.SH) has announced a partnership with Beijing Wenming Investment Fund Management Co., Ltd. to establish a private equity fund with an increased fundraising scale aimed at optimizing idle funds for investment returns [1] Group 1: Partnership and Fund Details - The private equity fund, named Wuhu Wenming Quan Hong Investment Management Partnership (Limited Partnership), was initially set up in May 2021 with a fundraising target of RMB 3 billion [1] - The company has increased its commitment to the fund, raising the total fundraising scale to RMB 4 billion, with an additional RMB 1 billion contributed by the company [1] - The company’s contribution to the fund amounts to RMB 2,997 million, while Wenming Fund acts as the general partner with a contribution of RMB 3 million [1] Group 2: Investment Focus - The private equity fund has made a significant investment of RMB 1.6 billion in Yangtze Memory Technologies Co., Ltd. [1]

Core Viewpoint - Jilin Quanyangquan Co., Ltd. has approved the use of temporarily idle self-owned funds to purchase government bond reverse repos, with a limit of up to 300 million RMB for a period of 12 months [1][2]. Group 1 - The company's board of directors and supervisory board approved the proposal on March 28, 2025, allowing the use of idle funds for investment in government bond reverse repos [1]. - The investment will not exceed a daily balance of 300 million RMB and is subject to the condition of ensuring sufficient funds for daily operations and safety [1]. - The authorization for investment decisions is granted to the company's chairman and authorized personnel, with the finance department responsible for implementation and management [1].

Investment Purpose and Amount - The company aims to improve the efficiency of its idle funds by investing in government bond reverse repos and low-risk financial products, ensuring that the main business operations and capital safety are not affected, with a maximum investment amount of 100 million yuan [2][5] - The investment amount can be used on a rolling basis within the approved limit [2] Investment Types and Approval Process - The investment will focus on government bond reverse repos and low-risk financial products with high safety and liquidity [3] - The board of directors has approved the investment, granting the management team the authority to make decisions and sign contracts within the specified limits and duration, with the finance department responsible for implementation [3] Impact on the Company - Utilizing idle funds for investment is expected to enhance returns without affecting the main business operations, and it does not harm the interests of the company or its shareholders, particularly minority shareholders [5] - The supervisory board has recognized the legality and compliance of the decision-making and approval process [5]

Core Viewpoint - The company has approved the use of up to 1.2 billion yuan of idle self-owned funds for investing in government bond reverse repos and financial products to enhance fund utilization efficiency and generate more returns for the company and its shareholders [1][2]. Investment Details - The total investment amount is capped at 1.2 billion yuan, with funds being able to be rolled over, ensuring that the balance of government bond reverse repos and financial products does not exceed this limit at any point during the investment period [2]. - The investment will be sourced from the company's idle self-owned funds, and will not involve raised funds or bank credit [2]. - The management team is authorized to make decisions and sign contracts within the approved limits and timeframe, with the finance department responsible for implementation [2]. Compliance with Review Procedures - The investment decision is compliant with the Shenzhen Stock Exchange's regulations and does not require shareholder meeting approval, as it falls within the board's review authority [3]. - The investment does not constitute a related party transaction or a risk investment [3]. Risk Management and Strategies - While the investment risks are relatively low, external factors such as macroeconomic conditions, fiscal and monetary policies, exchange rates, and market fluctuations may affect investment returns [4]. - The company has established multiple risk control measures, including close monitoring of financial product allocations, a robust internal management system, and oversight by independent directors and the audit committee [4]. Positive Impact on the Company - The investment in government bond reverse repos and financial products is expected to improve the efficiency and returns of idle funds without adversely affecting the company's operational needs [5]. - The company will adhere to relevant accounting standards for financial reporting and disclosures regarding the investment and its performance [5].

Core Viewpoint - The company has approved the use of temporarily idle self-owned funds to purchase government bond reverse repos, with a limit of up to 300 million RMB for a period of 12 months [2]. Group 1: Investment Decision - The board of directors and the supervisory board have approved the proposal to use temporarily idle self-owned liquid funds for purchasing government bond reverse repo products [2]. - The investment limit is set at a maximum daily balance of 300 million RMB, which can be recycled within the effective period of the resolution [2]. - The investment decision-making authority is delegated to the chairman of the company and authorized personnel, with the finance department responsible for implementation and management [2]. Group 2: Investment Details - The investment period for the government bond reverse repos is from the date of board approval until 12 months later [2]. - As of the announcement date, the company has already engaged in purchasing government bond reverse repos in August, with specific details on amounts and annualized returns to be disclosed [2].

Core Viewpoint - Jiangsu Guotai's 1.5 billion yuan securities investment plan was abruptly terminated within two days due to market skepticism, with the company stating a focus on its core business and prudent investment strategies [3][6]. Group 1: Securities Investment Plan - The company announced a plan to use up to 1.5 billion yuan of idle funds for securities investment, which was approved unanimously by the board [3]. - The plan faced criticism for diverting from the company's main operations, leading to its quick termination [3][6]. - Prior investments included shares in companies like Shenda Co. and Tianji Co., with significant losses reported in some cases [4][5]. Group 2: Financial Management - In the first half of 2025, Jiangsu Guotai spent 202.42 billion yuan on bank wealth management products, exceeding its operating cash outflow of 201.65 billion yuan [6]. - The company plans to raise 2.5 billion yuan through a bond issuance to repay bank loans, despite having a cash balance of 125.71 billion yuan at the end of the reporting period [7]. Group 3: Project Termination - The company announced the termination of a 1.5 billion yuan lithium battery electrolyte project due to delays in land delivery and market conditions leading to overcapacity [8][9]. - The project was initially expected to generate significant revenue and profit, but the anticipated returns have diminished [8]. Group 4: Regulatory Compliance - New regulations emphasize that raised funds should be used specifically for ongoing projects and not for repaying loans or supplementing working capital [10].

Core Viewpoint - Guangzhou Restaurant Group Co., Ltd. has announced the use of idle self-owned funds to purchase government bond reverse repos, amounting to RMB 500 million, to enhance fund utilization efficiency and investment returns [3][4][5]. Investment Details - Investment Type: Government bond reverse repos traded on the Shanghai and Shenzhen Stock Exchanges [2]. - Investment Amount: RMB 50,000,000 [3]. - Approval Process: The board of directors and supervisory board approved the investment plan on March 26, 2025 [3]. Financial Impact - As of March 31, 2025, the company's cash and cash equivalents were approximately RMB 72.9 million, with the investment representing 68.63% of the latest cash balance, 11.93% of net assets, and 7.80% of total assets [7]. - The investment is not expected to significantly impact the company's future main business, financial status, operating results, or cash flow [7]. Risk Management - The company will assess and control risks by evaluating the safety, liquidity, and risk levels of the purchased products [4][5]. - The finance department will monitor the investment's progress and take protective measures if risks are identified [6]. - The audit department will supervise and audit the reverse repo investments [7]. Share Buyback Progress - The company plans to repurchase shares using self-owned and/or raised funds, with a total budget of approximately RMB 100 million to RMB 143 million [10]. - As of July 31, 2025, the company has repurchased 411.84 million shares, accounting for 0.724% of total share capital, with a total expenditure of RMB 6,487.37 million [11].