Group 1 - The overall attitude towards A-shares and H-shares is changing due to significant challenges in the Chinese economy, including negative inflation data and slowing export growth [2] - A-shares have been in a continuous adjustment phase for eight months since October 8 of the previous year, indicating a difficult market environment [2] - Current A-share valuations are at the 55th percentile, which is not significantly cheaper compared to the Nasdaq at the 58th percentile, leading to a cautious outlook [2] Group 2 - Future movements of A-shares could either be a decline followed by a rise or a direct reversal upwards, with strategies prepared for both scenarios [3] - The Hong Kong stock market is closely related to A-shares and has recovered from previous declines, nearing new highs, but is currently at the 70th percentile in terms of valuation, indicating high market expectations [3]

Core Viewpoint - The document outlines the management system for securities investment and financial derivatives trading of the company, emphasizing risk control, compliance with laws, and protection of investor rights [1][2]. Group 1: General Principles - The system aims to regulate the company's securities investment and financial derivatives trading, ensuring risk control and compliance with relevant laws and regulations [1]. - Securities investment includes various activities such as new stock subscriptions, stock repurchases, and bond investments [1]. - Financial derivatives trading encompasses products like forwards, futures, swaps, and options, with underlying assets that can include securities, indices, interest rates, and commodities [1][2]. Group 2: Scope and Applicability - The system applies to the company and its consolidated subsidiaries, requiring subsidiaries to obtain company approval before engaging in securities investment and derivatives trading [2][3]. - Certain investment behaviors, such as fixed-income investments or acquiring over 10% of another company's shares for more than three years, are excluded from this system [2]. Group 3: Approval Authority - The board of directors must review investment risks and control measures for securities investments exceeding 1% of the company's latest audited net assets or 10 million RMB [3]. - Investments exceeding 5% of net assets or 50 million RMB require both board and shareholder meeting approvals [3]. Group 4: Risk Control Measures - The company must use its own funds for securities investment and derivatives trading, avoiding the use of raised funds or non-compliant sources [3][10]. - A risk emergency response mechanism must be activated in case of significant market changes or operational violations [10]. Group 5: Internal Management and Auditing - The board and shareholders are the main decision-making bodies for securities investment and derivatives trading, with the management executing operations within authorized limits [6]. - The audit department is responsible for supervising trading activities and must conduct audits at least biannually [7]. Group 6: Information Disclosure - The company must disclose its securities investment and derivatives trading activities according to the Shanghai Stock Exchange rules [13]. - Any significant risks or potential risks must be reported to the exchange and publicly announced when they meet disclosure standards [13]. Group 7: Legal Responsibilities - Violations of laws or internal regulations in trading activities will lead to serious consequences for responsible personnel, including legal accountability [15].

Group 1 - The net purchase of foreign stocks by Japan for the week ending May 30 was -1,144.1 billion yen, indicating a significant increase in net selling compared to the previous value of -524.7 billion yen [1]

Core Viewpoint - The "Beautiful Act" proposed by President Trump may undermine the recent positive investment trends in the U.S. due to its "retaliatory tax" provisions, which could deter foreign investors from U.S. assets and make European assets more attractive [1]. Group 1: Impact of the "Beautiful Act" - The "Beautiful Act" includes a provision (Clause 899) that allows the U.S. Treasury to impose a maximum tax rate of 20% on foreign investors earning income from U.S. investments [1][5]. - The proportion of European investors in U.S. investments has increased from 15% in 2009 to 45% by the end of Q4 2024, but signs indicate a potential reversal of this trend [1]. - The implementation of Clause 899 could lead to significant tax burdens on foreign entities, potentially reaching a combined tax rate of 50% for withholding and branch profits taxes [5][7]. Group 2: European Market Performance - European investor confidence is rising, with the STOXX 50 index increasing over 10% since early 2025 and the DAX index up more than 21% year-to-date [1]. - The euro has appreciated nearly 10% against the U.S. dollar since the beginning of the year, reflecting a strengthening European market [1]. Group 3: Legislative Status - The "Beautiful Act" was narrowly passed by the House of Representatives with a vote of 215 to 214 and is currently under Senate review, with expectations for completion of the legislative process between June and July [9]. - If passed, the act is projected to generate an additional $116 billion in tax revenue for the U.S. government over the next decade [7].

Core Viewpoint - The document outlines the securities investment management measures of Shanghai Yanshan Technology Co., Ltd., aiming to standardize securities investment and related information disclosure, prevent investment risks, and protect the rights and interests of investors and the company [1]. Group 1: General Principles - The securities investment includes new stock allocation or subscription, stock repurchase, investment in stocks and depositary receipts, bond investment, and other investment behaviors recognized by the Shenzhen Stock Exchange [1]. - Certain investment behaviors are excluded from these measures, such as securities investments related to the company's main business, fixed-income or guaranteed principal investments, and investments exceeding 10% of total shares in other listed companies [1]. Group 2: Investment Principles - Securities investments must comply with national laws, regulations, and normative documents [2]. - The company should adhere to principles of legality, prudence, safety, and effectiveness in securities investment, establishing internal control measures to manage investment risks and focus on investment efficiency [2]. - The scale of securities investment must be appropriate and should not affect the normal operation of the company's main business [2]. Group 3: Decision-Making and Management - The funding for securities investments comes from the company's own funds, and the company must not use raised funds for securities investments [2]. - If the investment amount exceeds 10% of the latest audited net assets and is over 10 million RMB, it must be approved by the board of directors and disclosed in a timely manner [2][3]. - The chairman of the board is the primary responsible person for securities investment matters, with designated departments or personnel responsible for feasibility analysis and execution [3]. Group 4: Information Disclosure - The board of directors must continuously track the execution progress and safety of securities investments, taking immediate action and fulfilling disclosure obligations in case of significant losses [4]. - The company must disclose the status of securities investments in periodic reports as per relevant regulations [4]. - Investments made by controlling subsidiaries are treated as the company's actions and must comply with these measures [4]. Group 5: Supplementary Provisions - Any matters not covered by these measures will be executed according to national laws, regulations, and the company's articles of association [5]. - The board of directors is responsible for formulating, revising, and interpreting these measures, which will take effect upon approval by the board [5].