为规范格林美股份有限公司（以下简称"公司"）外汇衍生品交易业务，有 效防范投资风险，加强对外汇衍生品交易业务的管理，健全和完善公司外汇衍生品交 易业务管理机制，确保公司资产安全，根据《中华人民共和国公司法》、《中华人民 共和国证券法》、《上市公司信息披露管理办法》、《深圳证券交易所股票上市规则》 《公司章程》等的有关规定，结合公司具体实际，特制定本制度。 本制度所称外汇衍生品交易业务是指公司为满足正常生产经营需要，在金 融机构办理的规避和防范汇率风险或利率风险的保值增值操作，具体品种包括远期结 售汇、外汇掉期、外汇期权、利率互换、利率掉期、利率期权及其组合产品等。 本制度适用于公司及下属控股子公司的外汇衍生品交易业务，控股子公司 进行外汇衍生品交易业务视同公司外汇衍生品交易业务，适用本制度，但未经公司同 意，公司下属控股子公司不得操作该业务。同时，公司应当按照本制度的有关规定， 履行有关决策程序和信息披露业务。 公司外汇衍生品交易行为除遵守国家相关法律、法规及规范性文件的规定 外，还应遵守本制度的相关规定。 公司不进行单纯以盈利为目的的外汇衍生品交易，所有外汇衍生品交易业 务必须以正常生产经营为基础，以具体经 ...

《深圳证券交易所上市公司 核查意见 华泰联合证券有限责任公司 关于广东广康生化科技股份有限公司 继续开展外汇衍生品交易业务的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为广东广康生化科技股份有限公司（以下简称"广康生化"或"公司"）首次公 开发行股票并在创业板上市持续督导阶段的保荐人，根据《证券发行上市保荐业 务管理办法》 《深圳证券交易所创业板股票上市规则》 自律监管指引第 2 号——创业板上市公司规范运作》等有关规定，对广康生化拟 继续开展外汇衍生品交易业务事项进行了核查，具体核查情况如下： 一、开展外汇衍生品交易业务的目的 为有效规避外汇市场的风险，防范汇率大幅波动对公司造成不良影响，合理 降低财务费用，增强财务稳健性，公司及下属子公司拟适当与有关政府部门批准、 具有相关业务经营资格的银行等金融机构开展外汇衍生品交易业务。 二、开展外汇衍生品交易业务的基本情况 公司及下属子公司拟开展的外汇衍生品交易业务所涉及币种为公司及子公 司在境外业务中使用的结算货币，主要外币币种为美元，具体方式或产品主要包 括远期结售汇、外汇掉期、外汇买卖、外汇期权、利率互换、利率掉期、利率期 权 ...

Core Viewpoint - The "2025 Asset Management Annual Conference" highlighted the importance of diversifying asset allocation strategies, particularly in the bond market, to enhance returns through innovative approaches such as combining cash bonds with derivatives [1] Group 1: Bond Market Insights - The ten-year government bond yield faces significant downward resistance after reaching 1.6%, currently around 1.74% due to stock market fluctuations [3] - To enhance bond investment returns, traditional methods like credit spreads and duration should be complemented with new strategies, including the use of AI to achieve excess returns [3] - The "+" in "fixed income+" and "bond+" indicates a focus on additional asset classes, with convertible bonds previously seen as a strong investment opportunity, though their high valuation now warrants caution [3][4] Group 2: Equity Market Opportunities - The equity market is showing potential across various sectors, with technology and "anti-involution" areas performing well alongside traditional dividend stocks [4] - A rebalancing of underlying funds is occurring, evidenced by capital shifting from dollar assets to non-dollar assets, and from bonds to equities [4] - The reallocation of large volumes of maturing deposits is also contributing positively to equity assets [4] Group 3: Gold as an Investment - Gold remains a favorable asset class due to long-term factors such as the gradual weakening of the dollar's status and central banks' increasing allocation to gold [5] - Despite gold's high price level after three consecutive years of increases, its long-term outlook remains positive, although short-term price appreciation may be limited [5] Group 4: Client-Specific Asset Allocation Strategies - For clients holding dollar assets, products like QDII and mutual funds are recommended for diversification [6] - Clients with RMB assets should avoid concentrating solely on dollar assets and consider multi-currency allocations for balance [6] - Clients previously attracted to dollar-denominated high-yield products may find "fixed income+" offerings more suitable [6]

Summary of Key Points from Conference Call Industry Overview - The bond market has rapidly expanded, significantly impacting the macro economy, making it crucial to understand its driving factors [1][2][3] - The bond market's size has grown from approximately 20% of GDP in 2005 to over 120% by 2025, indicating a much greater influence on the economy [2] Core Insights and Arguments - Interest rate fluctuations are driven by multiple factors including economic fundamentals, liquidity, policy, supply-demand relationships, and market sentiment [5][6] - Capital returns fundamentally determine interest rates, which are closely linked to the intensity of debt leverage [14][15] - The decline in the real estate market has reduced financing demand, exerting downward pressure on interest rates, as the financial system is heavily reliant on real estate [27] - External income from trade surpluses and fiscal deficits affects capital return rates, which in turn influences stock market performance [32] - Increased government financing needs have led to a systematic rise in the proportion of bonds in social financing, raising concerns about the government's interest burden [46][47] Important but Overlooked Content - The structure of bond investors has diversified over recent years, now including non-bank institutions such as funds, insurance, and foreign entities, complicating market dynamics [4] - The relationship between financing demand and supply can be measured using indicators like loan demand indices and M2 growth rates, which typically lead actual interest rates by one to two quarters [20] - The impact of debt leverage on interest rates is significant; historical data shows a strong correlation between the two, with leverage changes often preceding shifts in capital returns and bond rates [16] - The bond market's performance is also influenced by macroeconomic conditions, with price fluctuations reflecting supply-demand imbalances [9][10] - The recent slowdown in private non-financial sector debt leverage expansion has limited the ability to significantly raise overall interest rates despite ongoing economic stimulus [19] Future Expectations - The economic growth rate in China is expected to slow down in the second half of 2025, potentially dropping from over 5% to around 4.5% due to declining trade surpluses and weak domestic demand [58][59] - Inflation and price levels are anticipated to remain low, with CPI possibly continuing to show negative growth, necessitating further reductions in real interest rates to stimulate consumption [60] - The government is likely to continue using fiscal policy to support economic activity, with a focus on lowering market interest rates to alleviate debt burdens [50][63] This summary encapsulates the essential insights and implications from the conference call, highlighting the bond market's critical role in the broader economic landscape and the factors influencing its dynamics.

Report Industry Investment Rating No information is provided in the content regarding the report's industry investment rating. Core Views of the Report - Interest rate swap curve inversions are mainly caused by economic fundamentals and capital price/liquidity factors, and in most cases, they can predict central bank reserve requirement ratio cuts and interest rate cuts, especially when reflecting market expectations of economic downturn and policy easing [2][67][68]. - The end of interest rate swap inversions usually means changes in the driving factors, which can be due to improved economic fundamentals, alleviated capital tightness, or implemented monetary policies. However, the monetary easing cycle may not stop immediately after the inversion ends [5][69]. - Interest rate swap inversions are not a necessary condition for monetary easing, which may be related to the central bank's control over inter - bank repo rates and the steeper yield curve after de - leveraging [6][70]. - When an interest rate swap curve inversion occurs, especially accompanied by weak economic fundamentals, it is a strong signal of future monetary policy easing. Investors and policymakers can use this signal to make decisions [7]. Summary by Directory I. Interest Rate Swap Curve Historical Inversion Situation Review - **2011 Inversion**: Occurred in August. On August 19, 5Y - 1Y/2Y - 1Y spreads turned negative. The deepest negative spreads of 5Y - 1Y and 2Y - 1Y were - 55.63bp and - 34.93bp respectively on September 6, 2011. High inflation in 2011 led to a tight monetary policy at first, but with inflation and economic growth down in Q3, long - term bond and IRS rates dropped rapidly under the expectation of monetary easing. The central bank cut the reserve requirement ratio in November [14][16]. - **2012 Inversion**: Had two rounds. The first was from the beginning of 2012 to mid - May, caused by capital rate fluctuations and easing expectations. The second was from July 11 to October 12, caused by reserve requirement ratio cut expectations due to weakening fundamentals. The end of the second inversion was related to the improvement of economic fundamentals [25][26][30]. - **2013 Inversion**: Concentrated in June. Due to tightened capital caused by factors like decreased foreign exchange inflows and the central bank's tight policy stance, it reached the extreme on June 20. The inversion ended after the central bank provided liquidity support on June 25 [36][38][39]. - **2015 Inversion**: Initially occurred at the end of 2014 and concentrated from late January to the end of March. It was caused by capital fluctuations and tightness during the New Year period and the stock market's "bull market". The inversion ended as capital prices dropped rapidly [43][44][51]. II. Whether the Interest Rate Swap Curve Can Predict Interest Rate Cuts - **2011**: The inversion predicted the central bank's reserve requirement ratio cut and interest rate cut, and foreshadowed a monetary easing cycle [54]. - **2012**: The first inversion accurately predicted reserve requirement ratio cuts, and the second predicted interest rate cuts [55]. - **2013**: The inversion did not predict reserve requirement ratio cuts or interest rate cuts due to the "cash crunch" [56]. - **2015**: The inversion predicted subsequent reserve requirement ratio cuts and interest rate cuts. The end of the inversion did not mean the end of monetary easing [57][59]. III. Summary - **Reasons and Characteristics of Interest Rate Swap Curve Inversion**: Mainly caused by economic fundamentals (such as economic slowdown and inflation decline) and capital price/liquidity factors (such as capital tightness) [67]. - **Prediction Effect of Interest Rate Swap Curve on Reserve Requirement Ratio Cuts and Interest Rate Cuts**: In most cases, it can predict reserve requirement ratio cuts and interest rate cuts, especially when reflecting economic downturn and policy easing expectations. It may lead the monetary easing cycle [68]. - **Meaning of the End of Interest Rate Swap Inversion**: It usually means changes in the driving factors, including improved economic fundamentals, alleviated capital tightness, or implemented monetary policies [69]. - **Interest Rate Swap Inversion Is Not a Necessary Condition for Monetary Easing**: This may be related to the central bank's control over inter - bank repo rates and the steeper yield curve after de - leveraging [70]. - **How to Use the Swap Inversion Signal**: When an inversion occurs, especially with weak economic fundamentals, it signals future monetary policy easing. Investors and policymakers can use it as a reference [71].

Core Viewpoint - The report indicates a decrease in the interbank currency market's trading volume and balance in the first half of 2025, with rising repo rates and a reduction in the average net lending balance of large commercial banks. However, bond issuance and net financing reached new highs, with an increase in bond trading and a flattening of the yield curve for government bonds [1]. Group 1: Currency Market Performance - The total trading volume in the currency market for the first half of the year was 78.62 trillion yuan, a decrease of 16.1% compared to the previous period, with an average daily transaction of 6.6 trillion yuan, down 10.5% [2][4]. - The average daily balance in the currency market decreased by 4%, with large commercial banks' average net lending balance dropping by 13%, while money market funds saw a 6% increase in their average net lending balance [6][8]. Group 2: Monetary Policy and Interest Rates - The central bank implemented a moderately loose monetary policy, leading to an overall increase in funding rates and greater volatility. The net injection of liquidity through various tools amounted to 36.863 trillion yuan in the first half of the year [4][5]. - The weighted average of DR001 and R001 increased by 5 basis points to 1.62% and 1.73%, respectively, while DR007 saw a slight increase of 4 basis points to 1.78% [5]. Group 3: Bond Market Developments - A total of 27.1 trillion yuan in bonds were issued in the first half of the year, marking a 3.8% increase from the previous period and a 24.1% year-on-year increase. Net financing reached 10.5 trillion yuan, up 3.3% from the previous period [9]. - The trading volume in the cash bond market increased by 11.3% compared to the previous period, with a total of 184 trillion yuan traded [10]. Group 4: Yield Curve and Credit Spreads - Government bond yields initially rose and then fell, with the 10-year government bond yield fluctuating between 1.6% and 1.9%. The yield curve flattened, and the credit spread narrowed for most bonds [11]. - The yield curve for interest rate swaps shifted upward, with an increase in average daily transaction volume by 22.7% in the first half of the year [12].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the global rates strategy, focusing on developments in the US, Eurozone, and Japan markets, particularly in relation to interest rates and tariffs. Core Points and Arguments 1. **Tariff Announcement Impact**: A 30% tariff rate on EU goods was announced by Trump, effective after August 1, which was higher than expected. The EU has suspended retaliatory measures but is preparing countermeasures if negotiations fail. Market reactions were muted as investors focused on potential negotiations rather than the tariff rate itself [2][2][2]. 2. **US Curve Steepening**: The US curve steepened by 6 basis points this week, influenced by concerns regarding the independence of the Federal Reserve amid rumors about Chair Powell's potential dismissal. This led to a partial retracement of the steepening move, but uncertainty remains about political influence on the Fed [3][3][3]. 3. **Eurozone Rate Expectations**: The European Central Bank (ECB) is expected to keep rates on hold in the upcoming meeting, with a 42% probability of a rate cut in September. The ECB's recent commentary has been relaxed regarding downside risks to growth and the appreciation of the Euro [35][35][41]. 4. **Market Movements**: Mixed rate movements were observed across developed markets, with Euro rates rallying by 4-5 basis points, while UK gilts sold off. The overall market sentiment appears cautious ahead of the summer holiday period [1][1][44]. 5. **Swaps Seasonality Analysis**: There is no clear evidence of seasonal patterns in swap levels or curves for EUR, GBP, and USD, although some flattening in 10s/30s USD swaps has been noted since 2021. The analysis suggests that summer carry trades can work unless idiosyncratic factors disrupt the market [12][12][18]. 6. **Political Uncertainty in Japan**: In Japan, rates sold off amid political noise ahead of the upper house election, with liquidity conditions remaining poor. The outcome of the election is uncertain, which could impact fiscal policies [4][4][4]. 7. **Inflation Data**: Recent inflation data showed mixed results, with core CPI in the US surprising to the downside while UK CPI delivered an upside surprise. This indicates varying inflationary pressures across regions [47][47][47]. 8. **Central Bank Policy Rate Expectations**: The call highlighted expectations for central bank policy rates across various regions, with J.P. Morgan's forecasts indicating potential adjustments in response to economic conditions [50][50][50]. Other Important but Overlooked Content - The analysis of yield pick-up available via foreign bonds indicates varying opportunities for investors based on currency hedging strategies, with specific yield differentials noted for different maturities [54][54][54]. - The discussion on the potential for larger fiscal outlays suggests that while the overall impact on issuance may be limited, the risk balance is shifting [6][6][6]. This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current state of the global rates strategy and its implications for investors.

Group 1 - The company aims to conduct derivative hedging business to lock in costs, reduce or avoid exchange rate risks, and enhance financial stability [1][2] - The board of directors approved the hedging proposal on July 17, 2025, allowing the company and its subsidiaries to engage in this business for a period of 12 months [1][3] - The hedging strategy will utilize forward foreign exchange contracts, foreign exchange swaps, foreign exchange options, and interest rate swaps to mitigate risks associated with foreign currency transactions [2][3] Group 2 - The maximum limit for the hedging transactions is set at RMB 5 million, with a maximum contract value of RMB 200 million on any trading day [2][3] - The company will engage with reputable financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China for these transactions [2][3] - The necessity of this hedging business is underscored by the company's significant import and export activities, which are closely tied to foreign exchange fluctuations [3][4] Group 3 - The company has established risk control measures, including careful selection of trading partners and strict management of transaction scales [4] - The company will adhere to relevant accounting standards for financial instruments and hedge accounting to ensure proper financial reporting [4][5] - The overall conclusion is that the derivative hedging business is both necessary and feasible for the company to mitigate foreign exchange risks and enhance operational efficiency [5]

Core Viewpoint - The document outlines the regulations and management framework for the foreign exchange hedging business of KJ Intelligent Technology Co., Ltd, emphasizing the importance of risk management and compliance with relevant laws and regulations [1][2][3]. Summary by Sections General Principles - The foreign exchange hedging business aims to mitigate currency and interest rate risks through various financial instruments, including forward contracts, swaps, and options [1]. - The policy applies to the company and its subsidiaries, prohibiting subsidiaries from engaging in hedging activities without company approval [1]. Operational Principles - The company must conduct hedging activities legally, prudently, and effectively, ensuring that all transactions are based on actual business operations and not for speculative purposes [2]. - Transactions are only permitted with qualified financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China [2]. - Hedging contracts must align with the company's foreign currency cash flow forecasts, and the amounts involved should not exceed these forecasts [2]. Responsibilities and Approval Authority - The finance center is responsible for executing hedging activities, while the internal audit center oversees compliance and risk management [3][4]. - The board of directors and shareholders' meeting are the decision-making bodies for hedging activities, requiring feasibility reports for transactions exceeding certain thresholds [4][5]. Management and Internal Procedures - The finance center must monitor currency trends and develop hedging plans, while the internal audit department reviews the execution and financial implications of these activities [6][7]. - All personnel involved in hedging must adhere to confidentiality protocols to protect sensitive information [7]. Risk Reporting and Disclosure - The finance center is tasked with tracking market prices and assessing risk exposure, reporting findings to management and the board [8]. - The company must disclose hedging activities and any significant losses that exceed specified thresholds, ensuring transparency in financial reporting [8][9].

Core Insights - The bond market is facing dual challenges of profound transformation and a persistent low interest rate environment, with China's bond market being the second largest globally, accounting for 16.7% of the total [1][2] - Experts emphasize that innovation is essential for the bond market to serve the "dual circulation" strategy, and there is a need to balance "bringing in" and "going out" in the context of globalization [1][5] Market Dynamics - The proportion of bond financing in the total social financing stock has increased significantly by 9 percentage points over the past five years, reaching approximately 30% as of April this year [2] - The current low interest rate level is insufficient to meet investors' return demands, leading to an increased willingness among domestic investors to seek higher returns abroad [3][7] Economic Indicators - Signs of short-term economic recovery are emerging, with indicators such as industrial cumulative revenue and inventory levels suggesting a transition from old to new economic drivers [4] - The structural transformation towards high-quality development is identified as a deep-rooted cause for the persistence of low interest rates in the medium term [4] Global Optimization - There is a consensus among industry experts that developing an offshore bond market in Pudong could attract international capital and broaden the channels for RMB repatriation [5] - Enhancing the international status of RMB assets is crucial, with a focus on making RMB government bonds and policy financial bonds widely accepted as collateral in international markets [5] Product Innovation - Strengthening the derivatives market is seen as a key strategy to enhance market resilience and efficiency, with a push for new tools like government bond futures and options [6] - Asset management institutions are encouraged to break free from traditional banking models and design products that match investor return needs with financing demands [6] Global Investment Strategies - Financial institutions are advised to consider extending durations and actively explore overseas investments to optimize their asset allocation structures in response to domestic low interest rates [7]