Core Viewpoint - Guanghua Technology (002741) has effectively managed its idle raised funds through cash management, demonstrating a proactive approach to optimizing returns while ensuring that ongoing projects remain unaffected [1]. Group 1: Stock Performance - As of November 6, 2025, Guanghua Technology's stock closed at 21.86 CNY, reflecting a 5.0% increase from the previous trading day [1]. - The stock opened at 20.82 CNY, reached a high of 22.06 CNY, and a low of 20.76 CNY, with a trading volume of 7.08 billion CNY and a turnover rate of 7.7% [1]. Group 2: Financial Management - The company announced the full recovery of 15 million CNY from a recently matured RMB structured deposit, yielding a profit of 100.60 thousand CNY [1]. - Guanghua Technology has invested in three new cash management products, including two RMB structured deposits and one Guangfa Securities income certificate, totaling 17.73 million CNY, sourced entirely from idle raised funds [1]. - The investment duration for these products ranges from 53 to 56 days, with an expected annualized return rate between 0.60% and 2.24% [1]. - As of the announcement date, the balance of idle raised funds invested in cash management products that have not yet matured stands at 49.73 million CNY [1]. Group 3: Risk Management - The company emphasized that these cash management operations do not impact the normal progress of fundraising projects and that relevant risk control measures have been implemented [1].

Core Viewpoint - The article discusses the ongoing decline in deposit interest rates in China, highlighting the inversion of interest rates between different deposit terms and the implications for banks' funding strategies [4][5][8]. Deposit Rate Trends - As of September 2025, the average interest rates for various deposit terms are as follows: 3-month at 0.944%, 6-month at 1.147%, 1-year at 1.277%, 2-year at 1.367%, 3-year at 1.688%, and 5-year at 1.519% [6][8]. - The rates have shown a downward trend, with the 3-year rate being higher than the 5-year rate, indicating a persistent inversion in the interest rates [5][9]. Market Reactions and Expectations - The decline in deposit rates is anticipated by the market, primarily due to the continuous pressure on net interest margins, which have decreased from 1.52% at the end of last year to 1.42% by the end of the second quarter of this year [8][9]. - Analysts suggest that banks are likely to continue adjusting deposit rates downward to optimize their funding structures and manage the costs associated with long-term deposits [10]. Large Denomination Certificates of Deposit (CDs) - The interest rate advantage of large denomination CDs is diminishing, with average rates for various terms in September 2025 being: 3-month at 1.134%, 6-month at 1.318%, 1-year at 1.394%, 2-year at 1.356%, 3-year at 1.729%, and 5-year at 1.610% [12]. - The rates for one-year and longer-term large denomination CDs are becoming comparable to regular deposit rates, indicating a narrowing of the interest rate spread [12]. Structural Deposit Products - The average term for structured deposits has increased to 106 days, with an average expected middle yield of 1.59% and an expected maximum yield of 2.09% [13]. - Different types of banks show varying trends in structured deposit yields, with state-owned banks offering a higher average expected maximum yield compared to joint-stock banks [13][14]. Conclusion - The overall trend indicates a continued downward pressure on deposit rates, with banks likely to maintain a strategy of encouraging short-term deposits over long-term ones to manage their funding costs effectively [10][12].

Core Viewpoint - The average deposit rates in China continue to decline, with significant pressure on net interest margins, leading to a persistent inversion in long-term and short-term deposit rates [1][4][5]. Deposit Rate Trends - As of September 2025, the average deposit rates for various terms are as follows: 3-month at 0.944%, 6-month at 1.147%, 1-year at 1.277%, 2-year at 1.367%, 3-year at 1.688%, and 5-year at 1.519% [1][3]. - Compared to the previous month, the rates have decreased slightly across all terms, with the most significant drop being 0.4 basis points for the 3-year term [1][3]. Net Interest Margin Pressure - The net interest margin for commercial banks has been on a downward trend, recorded at 1.52% at the end of last year, 1.43% at the end of Q1, and 1.42% at the end of Q2 this year [4]. - The continuous decline in deposit rates is attributed to the ongoing pressure on net interest margins, which has led banks to adjust their deposit pricing strategies [4][5]. Long-term vs Short-term Rate Inversion - A notable phenomenon is the inversion of average rates between 3-year and 5-year deposits, with the 3-year rate at 1.688% being higher than the 5-year rate at 1.519% [1][4]. - This inversion has been persistent since 2024, indicating a shift in depositor behavior towards shorter-term deposits [5]. Large-denomination Certificate of Deposit (CD) Trends - The average rates for large-denomination CDs have also shown mixed trends, with the 3-month rate at 1.134%, 6-month at 1.318%, and 1-year at 1.394% [6][7]. - The rate differences between large-denomination CDs and regular deposits are narrowing, particularly for terms longer than one year [7]. Structural Deposit Insights - The average term for structured deposits has increased to 106 days, with a slight decrease in average expected middle yield to 1.59% [7][8]. - Different types of banks show varying trends in structured deposit terms and yields, with foreign banks having the longest average term at 405 days and the highest expected yield at 4.35% [7][8].

Core Viewpoint - Lian Technology has announced the redemption of cash management products using temporarily idle raised funds, with a total investment of 1.1 billion yuan approved for cash management activities [1] Group 1: Cash Management Activities - The board of directors approved the use of up to 1.1 billion yuan of temporarily idle raised funds for cash management, effective for 12 months from the approval date [1] - The redeemed product was a structured deposit purchased from Bank of China, with a subscription amount of 37.23 million yuan, an annualized yield of 0.60%, and a total return of 25,700 yuan [1] Group 2: Deposit and Investment Details - The company has engaged in various cash management products, including agreements with Bank of China and China Merchants Bank, with varying annualized yields and maturity dates [2][3] - Specific structured deposits include amounts ranging from 1.6 million yuan to 8.39 million yuan, with expected annualized yields between 0.59% and 2.79% [2][3]

Core Viewpoint - Guanghua Technology (002741) is actively managing its idle raised funds through cash management products, enhancing fund utilization efficiency while ensuring that ongoing projects remain unaffected [1]. Group 1: Stock Performance - As of October 14, 2025, Guanghua Technology's stock closed at 21.29 CNY, up 0.42% from the previous trading day, with a total market capitalization of 9.9 billion CNY [1]. - The stock opened at 21.42 CNY, reached a high of 21.81 CNY, and a low of 20.91 CNY, with a trading volume of 447 million CNY and a turnover rate of 4.9% [1]. Group 2: Financial Management - The company announced the use of idle raised funds for cash management, with a total of 250 million CNY in principal recovered from previously matured financial products, yielding a profit of 1.1006 million CNY [1]. - New investments include 270 million CNY in structured deposit products, comprising 220 million CNY linked to the euro to US dollar exchange rate and 100 million CNY in two RMB structured deposits, all sourced from idle raised funds [1]. - The expected annualized return on these products ranges from 0.59% to 2.41%, and the company has no related party relationships with the trustee [1]. - As of the announcement date, the total amount of idle raised funds invested in cash management products that have not yet matured is 470 million CNY [1].

Core Viewpoint - The company has approved the use of idle raised funds for cash management, allowing up to RMB 210 million for investment in financial products while ensuring the normal use of raised funds and effective risk control [1] Group 1: Fund Management Decisions - The company has authorized the general manager to make investment decisions within the approved limit for a period of 12 months from the board's approval date [1] - As of April 22, 2025, the company invested RMB 30 million in a structured deposit product from China Everbright Bank, which was redeemed on July 22, 2025, returning the principal and a profit of RMB 152,475 [2] - On May 28, 2025, the company invested RMB 20 million in another structured deposit from China Everbright Bank, redeemed on August 28, 2025, with a profit of RMB 87,500 [2] - On June 27, 2025, the company invested RMB 85 million in a structured deposit from China Everbright Bank, redeemed on September 26, 2025, with a profit of RMB 435,625 [2] - On July 4, 2025, the company made two investments totaling RMB 4.5 million in structured deposits from Bank of China, both redeemed by September 30, 2025, with profits of RMB 29,939.67 and RMB 155,481.53 respectively [3] Group 2: Financial Product Overview - The company has established dedicated accounts for managing raised funds with China Everbright Bank, China Merchants Bank, and Bank of China [4][5] - The total amount of idle raised funds used for financial products as of the announcement date is RMB 165 million, which is within the authorized limit [10] Group 3: Impact on Company - The use of idle funds for cash management is designed to enhance the efficiency of fund utilization and increase company revenue without affecting the normal operation of fundraising projects [8]

Core Viewpoint - Hongfuhuan (301086) announced on September 25 the progress of using temporarily idle raised funds to purchase cash management products, with a maximum of 500 million yuan allocated for safe and liquid investment products [1] Redemption Situation - The company redeemed cash management products totaling 280 million yuan, yielding a total actual return of 3.2218 million yuan from five products, with specific details as follows: - Bank of China: 130 million yuan in structured deposits, 1.05% yield, 1.0434 million yuan return - China International Capital Corporation: 20 million yuan in floating return certificates, 1.90% yield, 0.2823 million yuan return - China Construction Bank: 70 million yuan in structured deposits, 1.67% yield, 0.8666 million yuan return - Huaxia Bank: 10 million yuan in structured deposits, 2.70% yield, 0.1139 million yuan return - China International Capital Corporation: 50 million yuan in floating return certificates, 5.39% yield, 0.9155 million yuan return [2] Continued Purchase Situation - The company used 232 million yuan of temporarily idle raised funds to continue purchasing cash management products, involving 12 items with varying expected yields, detailed as follows: - Huatai Securities: 20 million yuan in floating return certificates, expected yield of 1% + floating rate - Huatai Securities: 10 million yuan in floating return certificates, expected yield of 1% + floating rate - Huatai Securities: 15 million yuan in floating return certificates, expected yield of 1% + floating rate or 1% - Huatai Securities: 20 million yuan in floating return certificates, expected yield of 1% + floating rate or 1% - Huatai Securities: 10 million yuan in floating return certificates, expected yield of 1% + floating rate or 1% - Huatai Securities: 20 million yuan in floating return certificates, expected yield of 1% + floating rate or 1% - CITIC Securities: 15 million yuan in floating return certificates, expected yield of 0.5% - 7.17% - China International Capital Corporation: 10 million yuan in floating return certificates, expected yield of 0.5% + floating rate - China International Capital Corporation: 30 million yuan in floating return certificates, expected yield of 0.5% + floating rate - Huatai Securities: 30 million yuan in floating return certificates, expected yield of 1% + floating rate or 1% - Huatai Securities: 30 million yuan in floating return certificates, expected yield of 1% + floating rate or 1% - Huatai Securities: 22 million yuan in floating return certificates, expected yield of 1% + floating rate or 1% [3]

Core Viewpoint - The company, Suzhou Tianlu Guangke Technology Co., Ltd., is utilizing part of its idle raised funds for cash management to enhance fund efficiency while ensuring that it does not affect ongoing investment projects or normal operations [1][5]. Fundraising Overview - The company raised a total of RMB 407.74 million through its initial public offering, with a net amount of RMB 362.00 million after deducting related expenses [1]. - The funds are stored in a special account with several banks, and a tripartite supervision agreement has been signed [2]. Investment Project Details - The total investment for the fundraising projects is RMB 572.59 million, with RMB 362.00 million planned for investment [3]. - The company is progressing with the investment projects according to the planned schedule, but some funds are temporarily idle [3]. Cash Management Plan - The company plans to use up to RMB 120 million of idle funds for cash management, with a usage period of 12 months from the board's approval [4]. - Investment products will include low-risk options such as structured deposits, time deposits, and other bank wealth management products, ensuring high safety and liquidity [5]. Implementation and Oversight - The management is authorized to sign contracts and select investment products within the approved limits [5]. - The income from cash management will be managed according to regulatory requirements [5]. Board and Supervisory Approval - The board and supervisory committee have approved the cash management plan, confirming it will not affect the ongoing investment projects or harm shareholder interests [6][7].

Core Viewpoint - The company has approved the use of idle raised funds and self-owned funds for cash management, with a limit of up to 100 million yuan for idle raised funds and 300 million yuan for self-owned funds, ensuring that it does not affect the normal operation of fundraising projects [1] Group 1: Cash Management Details - The subsidiary, Hunan Honggong Intelligent Technology Co., Ltd., has utilized part of its idle self-owned funds for cash management, investing 51 million yuan and 49 million yuan in structured deposits with China Bank, with expected annualized returns of 2.7969% and 2.7989% respectively [2] - The cash management products are characterized as safe and liquid, ensuring that the company's normal operations are not impacted [3] Group 2: Risk Control Measures - The company has implemented strict risk control measures to mitigate potential risks associated with cash management, including timely identification of risk factors and the possibility of hiring professional institutions for audits [3] - The cash management activities are conducted without affecting the company's normal production and operations, focusing on high-security, liquid products [3] Group 3: Historical Cash Management Activities - As of the announcement date, the company and its subsidiaries have a total of 100 million yuan in unused self-owned funds for cash management, which is within the authorized limit set by the board [5]

Core Viewpoint - The company has approved the use of idle raised funds for cash management, allowing up to RMB 600 million for short-term investment products, ensuring it does not affect ongoing projects or normal operations [2]. Group 1: Cash Management Approval - The company held board and supervisory meetings on January 21, 2025, and a shareholder meeting on February 10, 2025, to approve the cash management proposal [2]. - The approved cash management involves using up to RMB 600 million of idle funds for investments in short-term financial products with high safety and liquidity, with a maximum duration of 12 months [2]. Group 2: Specific Cash Management Actions - Recently, the company utilized RMB 200 million of idle funds for cash management, with details provided in the announcement [2]. - The cash management products include floating income certificates from various securities companies, with specific products listed but without detailed financial terms [4][5]. Group 3: Impact on Company Operations - The cash management strategy is designed to enhance fund utilization efficiency and generate investment returns without impacting the company's daily operations or project funding [2].