Core Viewpoint - The company plans to use up to 1.8 billion yuan of its own funds for entrusted wealth management, focusing on low-risk financial products [1] Group 1 - The company has approved the investment plan during the sixth meeting of the tenth board of directors held on November 14, 2025 [1] - The investment will include bank wealth management products, securities firm wealth management products, and low-risk trust wealth management products [1] - The wealth management quota can be rolled over within 12 months, utilizing temporarily idle self-owned funds from the company's operations [1]

Core Viewpoint - The company has approved the use of temporarily idle raised funds for cash management, aiming to enhance fund utilization efficiency and increase returns for the company and its shareholders while ensuring the safety of the raised funds [2][3][11]. Cash Management Overview - The purpose of cash management is to improve fund utilization efficiency and reasonably use idle raised funds without affecting the normal implementation of fundraising projects [3]. - The total amount for this cash management is RMB 11,000.00 million [4]. - The source of funds for this cash management is temporarily idle funds from the company's non-public stock issuance [5][6]. Fundraising Situation - The company raised a total of RMB 96,989.99 million through a non-public issuance of 8,247.45 million shares at a price of RMB 11.76 per share, with a net amount of RMB 95,904.25 million after deducting issuance costs [6]. - The funds were deposited in a special account, and a tripartite supervision agreement was signed with the sponsor and the bank [6]. Investment Products and Risk Management - The cash management will involve purchasing high-safety, liquid, and principal-protected financial products, including but not limited to bank wealth management products and broker financial products [2][10]. - The company will maintain close contact with the trustee during the investment period to monitor fund operations and strengthen risk control [9]. Impact on the Company - The cash management is expected to enhance the efficiency of the raised funds and increase returns for the company and shareholders without significantly impacting the company's main business, financial status, operating results, or cash flow [11]. - The company's recent major financial indicators are documented, and cash management will be recorded as "trading financial assets" on the balance sheet, with returns recognized in the profit statement as "investment income" [11].

Core Viewpoint - The trend of A-share listed companies purchasing bank wealth management products is declining, with a total subscription amount of 839.976 billion yuan, down 14.32% year-on-year, as companies shift focus towards core business operations and stock market investments [1][2]. Group 1: Wealth Management Product Subscription Trends - As of October 22, 2023, 1,112 A-share listed companies subscribed to 13,300 wealth management products, with a total subscription amount of 839.976 billion yuan, reflecting a year-on-year decline of 14.32% [1]. - Among the purchased bank wealth management products, structured deposits are the preferred choice, with a subscription amount of 508.203 billion yuan, accounting for 60.5% of the total, although this represents an 18.93% year-on-year decline [1]. - The subscription amount for bank wealth management products reached 87.026 billion yuan, making up 10.36% of the total, with a year-on-year decrease of 2.96% [1]. Group 2: Reasons for Decline in Bank Wealth Management Purchases - The decline in the scale of bank wealth management product purchases is attributed to three main factors: companies responding to regulatory calls to allocate funds towards core operations, cash dividends, and share buybacks; a general decrease in the yield of wealth management products due to falling market interest rates; and a favorable stock market encouraging direct stock investments [2]. - In the first half of the year, 788 listed companies engaged in securities investments, holding a total of 2,921 securities with an investment amount of 1.4 trillion yuan, significantly exceeding the amount invested in wealth management products [2]. Group 3: Rise in Securities Firm Wealth Management Product Purchases - Despite the overall decline in wealth management product purchases, the scale of securities firm wealth management product subscriptions has increased, with 244 listed companies purchasing a total of 56.159 billion yuan, marking an 8.1% year-on-year growth [2][3]. - Among the companies purchasing securities firm wealth management products, 115 companies subscribed for amounts exceeding 100 million yuan, with Jiangsu Guotai leading at 6.091 billion yuan [3]. Group 4: Factors Driving the Shift to Securities Firm Products - The increase in securities firm wealth management product subscriptions is driven by a relatively small base, allowing for noticeable growth with minimal fund shifts from bank products [3]. - Companies are attracted to securities firm products due to their professional investment capabilities, especially in a favorable stock market environment, which enhances the perceived potential for higher returns compared to bank products [3][4]. - The safety of securities firm wealth management products is comparable to that of bank products, as they are regulated by the China Securities Regulatory Commission, reducing concerns about potential losses [4].

Core Insights - The total number of A-share listed companies that subscribed to wealth management products reached 1,112, with a total subscription amount of 839.976 billion yuan, reflecting a year-on-year decline of 14.32% [1] - Companies are increasingly using idle funds to purchase wealth management products, particularly bank-related products, which are considered safe and yield investment returns [1] - Among the bank-related wealth management products, structured deposits are the preferred choice, with a subscription amount of 508.203 billion yuan, accounting for 60.5% of the total, although this also saw a year-on-year decline of 18.93% [1] Summary by Category Subscription Trends - The subscription scale for bank-related wealth management products is declining due to three main reasons: companies are focusing more on core business operations, cash dividends, and share buybacks; market interest rates are decreasing, reducing the attractiveness of these products; and a favorable stock market has led some companies to invest directly in stocks [2] - Despite the overall decline in wealth management product subscriptions, the scale of broker wealth management product subscriptions is increasing, with 244 companies purchasing a total of 56.159 billion yuan, a year-on-year growth of 8.1% [2] Company Behavior - Among the companies subscribing to broker wealth management products, 115 companies invested over 100 million yuan, with Jiangsu Guotai leading at 6.091 billion yuan, followed by Fuling Zhacai at 5.02 billion yuan [3] Reasons for Broker Product Growth - The increase in broker wealth management product subscriptions can be attributed to three factors: the relatively small base of these products means that even a small shift from bank products can lead to significant growth; companies are attracted to brokers for their professional investment capabilities, especially in a favorable stock market; and the perceived safety of broker products, which are regulated by the CSRC, is comparable to that of bank products [5][6]

Core Insights - The use of idle funds for purchasing financial products is an important way for listed companies to enhance capital efficiency. As of October 22, 2023, 1,112 A-share listed companies subscribed to 13,300 financial products, with a total subscription amount of 839.976 billion yuan, representing a year-on-year decline of 14.32% [1] Group 1: Financial Product Subscription Trends - The types of financial products purchased by listed companies mainly include fixed deposits, structured deposits, notice deposits, bank wealth management products, brokerage wealth management products, and investment company wealth management products [1] - Structured deposits accounted for a significant portion of the financial products subscribed, with a total subscription amount of 508.203 billion yuan, making up 60.5% of the overall subscription amount, which represents a year-on-year decline of 18.93% [1] - Bank wealth management products saw a subscription amount of 87.026 billion yuan, accounting for 10.36% of the total, with a year-on-year decline of 2.96% [1] Group 2: Market Dynamics and Company Behavior - The contraction in the scale of financial product purchases by listed companies may be attributed to companies responding to regulatory guidance by allocating more funds to core business operations, cash dividends, and share buybacks to enhance investor returns and promote high-quality development [2] - Despite the overall shrinkage in financial product purchases, the subscription amount for brokerage wealth management products increased, with 244 listed companies purchasing a total of 56.159 billion yuan, reflecting a year-on-year growth of 8.1% [2] - Companies are gradually increasing their allocation to diversified products such as brokerage wealth management and public funds while maintaining a preference for short-term, low-risk products [2] Group 3: Securities Investment Activities - In addition to purchasing financial products, many listed companies have actively utilized idle funds for securities investments, with 788 companies engaging in such activities in the first half of the year, holding a total of 2,921 securities and investing a total of 1.4 trillion yuan [3] - The growth in the subscription of brokerage wealth management products is attributed to their relative yield advantage over bank wealth management products, as well as the comprehensive advantages of brokerages in research and asset allocation [3] Group 4: Risk Management and Investment Strategy - Companies should prioritize the safety and liquidity of funds when utilizing idle capital, balancing risk and return prudently [4] - It is essential for companies to establish strict internal control systems, define investment scopes and limits, and adjust investment strategies and portfolios in response to external environmental changes while fulfilling disclosure obligations to protect investor rights [4]

Core Viewpoint - The company plans to increase the use of idle self-owned funds for cash management to a total of no more than 1.1 billion yuan, aiming to enhance fund utilization efficiency and provide better returns for shareholders [1][2]. Cash Management Details - Purpose: To improve fund utilization efficiency and achieve capital preservation and appreciation without affecting normal operations, thereby safeguarding shareholder interests [2]. - Amount and Duration: The company intends to increase the total amount for cash management by no more than 300 million yuan, bringing the total to no more than 1.1 billion yuan. The funds can be used on a rolling basis from the date of approval until the next annual shareholders' meeting in 2025 [2]. - Investment Types: The funds will primarily be invested in bank wealth management products, brokerage wealth management products, and trust products that are low-risk and highly liquid, excluding investments in stocks, securities investment funds, and derivatives [2]. - Source of Funds: The funds are sourced from idle self-owned funds, which are legal and compliant [2]. - Approval Process: The proposal has been approved by the board and the audit committee, pending final approval from the shareholders' meeting [2]. Risk Management and Control Measures - Risks: The financial market is significantly influenced by macroeconomic factors, and investments may be affected by market volatility. There are also operational and monitoring risks [3]. - Control Measures: The company will adhere to prudent investment principles, select safe and liquid products, and ensure that products are not used for pledging. The finance department will conduct timely analysis and tracking, while the internal audit department will perform supervision and annual checks [3]. Impact on the Company - The cash management will only utilize idle self-owned funds, with controllable risks and high liquidity investment products. This strategy is expected to enhance fund utilization efficiency and returns without impacting daily operations, ultimately benefiting shareholders [4]. - Review Status: The proposal was unanimously approved by the board and the audit committee, confirming its compliance with regulations and its potential to improve the efficiency of idle fund usage without harming shareholder interests [4].

Core Viewpoint - The company plans to invest up to 450 million RMB of idle self-owned funds in low-risk, high-safety, and high-liquidity financial products, including but not limited to bank and brokerage financial products [1] Group 1 - The investment decision was approved during the seventh meeting of the fifth board of directors held on September 24, 2025, and does not require submission to the shareholders' meeting for approval [1] - The source of funds for this investment will be the company's and its subsidiaries' idle self-owned funds [1] - The company will implement various measures to control investment risks and ensure the safety of the funds [1]

Core Viewpoint - Jiangxi Jindalai Environmental Protection Co., Ltd. has approved a proposal to use idle self-owned funds for entrusted wealth management, aiming to enhance capital efficiency and increase returns without affecting its main business operations [1] Group 1: Investment Plan - The company and its subsidiaries plan to use up to 450 million yuan of idle self-owned funds for investment in low-risk financial products over a 12-month period [1] - The selected financial products will include those with high safety and good liquidity, such as bank and brokerage wealth management products [1] Group 2: Risk Management - Although the company is opting for low-risk products, it acknowledges the potential risk of market fluctuations affecting expected returns [1] - The finance department will track the products, and independent directors will have oversight to ensure compliance with regulations and proper selection of investment targets [1] Group 3: Operational Impact - The investment strategy is designed to improve fund efficiency and increase profitability without impacting the company's core business operations [1]

Core Viewpoint - A report from CITIC Securities indicates a significant shift of funds from deposits to wealth management products among listed companies, with an expected scale of several hundred billion yuan in the coming year [1][5]. Group 1: Wealth Management Plans by Listed Companies - On September 17, China Resources Sanjiu announced a plan to invest up to 10 billion yuan in bank wealth management products to optimize idle funds, with a maximum product duration of six months [2]. - Tianjin Tasly also announced a plan to invest up to 3 billion yuan in low-risk wealth management products and structured deposits, with a similar investment duration [2]. - As of September 19, over 1,709 listed companies have engaged in wealth management investments, with total subscriptions exceeding 1 trillion yuan in the past year [2]. Group 2: Investment Scale and Trends - Jiangsu Guotai announced a plan to use up to 12 billion yuan for entrusted wealth management, exceeding its market value based on stock price calculations [3]. - In the first half of the year, Jiangsu Guotai invested 20.24 billion yuan in bank wealth management products, with 9.67 billion yuan remaining in unexpired products [3]. - Despite frequent announcements of wealth management plans, the total scale of wealth management subscriptions by listed companies has decreased this year, with a projected 12,152 billion yuan for 2024, down 6.20% year-on-year [5]. Group 3: Market Dynamics and Future Outlook - The decline in wealth management subscriptions is attributed to limited balance amounts and a reduction in the scale of funds classified as wealth management [5]. - Companies are increasingly diversifying their investments into various products, including those from securities firms and public funds, while still favoring short-term, low-risk options [5]. - The shift from deposits to wealth management is seen as a natural outcome of interest rate marketization and financial market deepening, reflecting companies' pursuit of asset preservation and value appreciation in a low-interest environment [7].

Core Viewpoint - The document outlines the regulations and procedures for the financial management operations of Zhuhai Hengji Daxin International Chemical Storage Co., Ltd, emphasizing the importance of risk control and efficient use of idle funds to enhance company profitability [1][2]. Group 1: Financial Management Principles - The financial management operations are aimed at utilizing idle funds to increase company revenue while ensuring safety and liquidity [1]. - The company must select qualified financial institutions with good credit and financial status for investment management [2][3]. - The financial management operations should not interfere with the company's normal production and investment activities [2]. Group 2: Approval Authority - The decision-making authority for financial management is distributed among the shareholders' meeting, board of directors, chairman, and general manager, with specific monetary thresholds for each [2][3]. - Shareholders' meeting has the highest authority for amounts exceeding 50 million yuan, while the board of directors can approve amounts over 10 million yuan [2]. - The chairman can approve amounts over 5 million yuan, and the general manager can approve amounts up to 5 million yuan [2]. Group 3: Responsibilities and Procedures - The finance department is responsible for proposing financial management plans, conducting risk assessments, and managing the execution of financial operations [3][4]. - The audit department supervises the financial management operations, ensuring compliance with approval processes and monitoring the use of funds [4]. - The operation process includes proposing investment suggestions, obtaining necessary approvals, and ensuring timely recovery of principal and profits upon maturity [4][5]. Group 4: Confidentiality Measures - There are strict confidentiality measures in place for personnel involved in financial management, ensuring that sensitive information is not disclosed without permission [4]. - The audit department oversees the independence of the review and operation personnel to maintain confidentiality [4].