Core Points - The company has established a set of regulations to manage its financial derivatives trading activities and ensure compliance with relevant laws and regulations [1][2][3] Group 1: General Principles - The company and its subsidiaries must conduct financial derivatives trading in accordance with legal, prudent, safe, and effective principles, focusing on risk avoidance rather than speculation [2][3] - Financial derivatives include but are not limited to forwards, swaps, options, and futures, with underlying assets such as exchange rates, interest rates, currencies, and raw materials [1][2] Group 2: Approval and Responsibilities - The finance department is responsible for the implementation and management of financial derivatives trading, while the audit and supervision department oversees compliance and auditing [3][4] - Any financial derivatives trading must be approved by the company's board of directors or shareholders if it exceeds certain thresholds, such as 50% of the latest audited net profit or 50% of the latest audited net assets [4][5] Group 3: Operational Procedures - The finance department must create a trading plan based on market trends and submit it for approval by the finance head and the general manager [5][6] - The company must maintain a financial derivatives management ledger and regularly report the trading performance to the finance head and general manager [5][6] Group 4: Information Disclosure and Record Keeping - The company is required to fulfill information disclosure obligations in accordance with regulations from the China Securities Regulatory Commission and stock exchanges [7] - All trading documents and records must be organized and archived by the finance department for a minimum of 10 years [7]

Core Viewpoint - Traders expect the Federal Reserve to maintain the benchmark interest rate in the upcoming two policy meetings and potentially lower it in September [1] Summary by Relevant Sections - **Interest Rate Expectations** - Traders predict a 91.8% chance that the Federal Reserve will keep the current interest rate range of 4.25% to 4.5% in June [1] - There is a 61.4% likelihood that the Fed will maintain the interest rate in July [1] - The probability of a 25 basis point rate cut in September is estimated at 52.4% [1]

Core Insights - The Chicago Board Options Exchange (CBOE) Volatility Index has reached a low not seen in over six weeks, with a recent decline of 1.72 to a level of 20.18 [1] Group 1 - The CBOE Volatility Index is a key measure of market volatility and investor sentiment [1] - The recent drop indicates a potential decrease in market uncertainty and risk perception among investors [1] - A level of 20.18 suggests a relatively calm market environment compared to historical volatility levels [1]

Group 1 - The Hong Kong stock market has recently shown an attractive upward trend after a period of stagnation, with many fund managers noting that despite a turbulent first quarter, valuations remain low compared to global capital markets [1][3] - The Hong Kong stock market is home to many scarce consumer and technology leaders from the A-share market, particularly in AI, smart driving, and advanced manufacturing, which are expected to resonate with economic recovery and drive further upward potential [1][3] - As of March 2025, the Hang Seng Tech Index has a price-to-earnings ratio of approximately 30 times, significantly lower than the Nasdaq's 37 times, indicating a historical low valuation [3] Group 2 - The unique liquidity advantage of the Hong Kong stock market has made it a favored target for international investors, especially with the recent peak and retreat of U.S. Treasury yields and the anticipation of domestic growth stabilization policies [3] - Southbound capital is currently the main support for the strength of the Hong Kong stock market, and if AI makes substantial progress, the likelihood of foreign capital returning will increase, potentially leading to a gradual recovery in market valuations and more investment opportunities [3] - Investors are advised to diversify their positions in the Hong Kong stock market to mitigate the impact of single asset volatility on their investment portfolios [3] Group 3 - Extreme Securities, established in 2015, is a leading global platform for trading financial derivatives including U.S., A-share, and Hong Kong stocks, aiming to provide a safe and convenient trading experience for global investors [4] - The platform allows for easy account opening without cumbersome conditions, enabling investors to participate in quality asset allocation and better capture investment opportunities from global capital flows [4] - Extreme Securities is actively expanding its agency cooperation plan globally, inviting partners interested in financial technology and international market expansion to join, thus creating sustainable business development opportunities [4]

Core Insights - The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) increased by 5.35 points to 52.33, marking its highest closing price since April 1, 2020, and has risen for four consecutive days [1] Summary by Category - **Market Performance** - The VIX has experienced a continuous increase, closing at 52.33, which indicates heightened market volatility [1] - This closing price is the highest recorded since April 2020, suggesting significant investor concern or uncertainty in the market [1] - **Trend Analysis** - The index's rise for four consecutive days reflects a potential trend of increasing volatility, which may impact trading strategies and market sentiment [1] - The current level of the VIX indicates a substantial shift in market dynamics, warranting close monitoring by investors and analysts [1]

Core Viewpoint - The China Foreign Exchange Trading Center has announced a waiver of transaction fees for long-term derivatives trading in the interbank foreign exchange market to enhance financial services for the real economy and support institutions in managing long-term exchange rate risks [2][5]. Group 1 - The transaction fees for derivatives trading with a maturity of two years or more in the interbank RMB foreign exchange market will be fully waived [3]. - The fee waiver applies to various trading products, including forwards, swaps, currency swaps, and options related to RMB foreign exchange derivatives [4]. - This fee reduction measure will be implemented starting April 1, 2025, and will be in effect for a temporary period of three years [5].