Core Points - The company has established a system to regulate futures and derivatives trading, aiming to control risks and enhance investment returns while protecting the interests of the company and its shareholders [1][2][4] - The system applies to the company and its wholly-owned and controlling subsidiaries, with specific exceptions outlined [1][2] - The company is prohibited from using raised funds for futures and derivatives trading, focusing instead on hedging activities related to specific risks [2][4] Group 1: Trading Regulations - Futures trading refers to transactions involving futures contracts or standardized options, while derivatives trading includes swaps, forwards, and non-standardized options [1][2] - The company must establish internal control systems for futures and derivatives trading, including investment decision-making, business operations, and risk control [4][5] - The board of directors must approve futures and derivatives trading decisions, ensuring compliance with internal control procedures [5][6] Group 2: Risk Management - The company is required to form a working group for futures and derivatives trading, composed of professionals in investment decision-making, business operations, and risk control [6][8] - The working group must assess business risks and develop strict decision-making procedures and monitoring measures [6][8] - The company must set appropriate stop-loss limits and monitor market price changes to manage risks effectively [7][8] Group 3: Information Disclosure - The board of directors must disclose relevant documents to the stock exchange after making decisions on futures and derivatives trading [18][19] - The company must provide detailed information about the trading purpose, instruments, and expected risks when engaging in futures and derivatives trading [19][20] - Any significant losses or deviations from expected outcomes must be reported promptly, ensuring transparency in trading activities [20][21]

Group 1 - U.S. Treasury yields rose as Federal Reserve Chairman Jerome Powell indicated no rush to lower borrowing costs, leading traders to reduce bets on rate cuts [1] - The two-year Treasury yield increased by 4 basis points to 3.82%, narrowing the spread with the 10-year yield to 48 basis points, the smallest level in nearly a month [1] - Market focus shifted to Powell's message that the Fed will wait for clearer trade policy direction before taking action [1] Group 2 - The Federal Reserve unanimously voted to maintain the benchmark federal funds rate in the range of 4.25% to 4.5%, unchanged since December [3] - Swap contracts indicate a 20% probability of a 25 basis point rate cut at the June meeting, down from over 50% a week ago, with continued bets on three rate cuts this year [3] - Economic uncertainty from President Trump's trade policies is expected to raise inflation and hinder economic growth, with economists anticipating a potential recession [3]