江苏中利集团（维权）股份有限公司（证券简称：中利集团，证券代码：002309）11月27日发布公告 称，为应对海外业务汇率波动风险，公司及控股子公司计划在2026年度开展外汇套期保值业务，业务规 模上限为10亿元人民币或等值外币，额度在审批期限内可循环滚动使用。该议案已获公司第七届董事会 2025年第五次临时会议审议通过，尚需提交股东大会审议。 业务背景与操作框架 该议案尚需提交公司股东大会审议，预计将于2025年底前完成决策程序。二级市场方面，投资者需关注 后续股东大会议案表决结果及套保业务实际开展情况。 据公告披露，中利集团海外业务涉及美元、欧元等外币结算，近年来汇率市场波动加剧对公司经营业绩 稳定性构成潜在影响。本次外汇套期保值业务以"锁定汇率、规避风险"为核心目标，不涉及任何投机性 交易，所有操作均以实际经营业务为基础，交易金额与期限将严格匹配公司外汇收支需求。 业务操作框架显示，公司将通过经监管机构批准的银行等金融机构开展交易，具体工具包括： 汇率大幅波动背离预期风险：若实际汇率走势与套保合约方向相反，或汇率波动幅度超出预期，可能产 生汇兑损失 客户违约风险：海外客户支付能力变化导致无法按时结汇，进 ...

Core Points - Hongchuang Holdings (002379) reported a closing price of 21.88 yuan on November 11, 2025, with a market capitalization of 24.864 billion yuan, reflecting a 0.55% increase from the previous trading day [1] - The company announced plans to engage in foreign exchange hedging activities, including forward foreign exchange sales and purchases, foreign exchange swaps, and foreign exchange options, limited to USD transactions [1] - The total holding amount for these activities will not exceed 80 million yuan or its equivalent in foreign currency, with a rolling usage period of 12 months, funded by the company's own resources [1] - The board of directors has approved this initiative, which will be submitted for shareholder meeting approval, and independent directors have deemed the business necessary with effective risk control measures [1] Company Performance - On the trading day, Hongchuang Holdings opened at 21.95 yuan, reached a high of 23.48 yuan, and a low of 21.7 yuan, with a trading volume of 5.81 billion yuan and a turnover rate of 2.29% [1]

这本书中失败的部分比成功的部分更感人，因为金钱是虚假的，个人的痛苦与挣扎却是真实的。 加里·斯蒂文森（Gary Stevenson）的《交易游戏》（The Trading Game）自从去年出版，已在英国畅销书榜单上待 了整整一年。在2025年，如果你像我一样，碰巧途经一个全球金融中心城市的机场，一定会在WHSmith或者 Hudson书店显著的位置看到这本书。出乎我的1意料，《交易游戏》让我欲罢不能，2025年的9月，我在一架晚点 的飞机上整整看了8个小时。 斯蒂文森与我作为成年人进入社会的时间相仿。20出头大学刚毕业的时候，我们碰到的第一件大事就是2008年的 金融危机。再过去多少年，我们也忘不了那家曼哈顿大投行雷曼兄弟，怎样在一夜之间灰飞烟灭。那年我在纽 约，有个金融业的朋友指着一栋挂着"摩根斯坦利"招牌的大楼说，这家是下一个。过了最多一个月，"摩根斯坦 利"成了"摩根大通"。 带着这样的预设走进社会，我们的悲观与虚无主义可能深入骨髓。另外，我们没有有钱的爸爸。成人社会的一切 都好像一个大骗局。加里·斯蒂文森的爸爸在邮政局上了一辈子班，他家的房子就在轻轨边上，妈妈早上会把他叫 醒，让他跟爸爸挥手道别。在 ...

Group 1 - The stock price of Jinfu Technology (300128) closed at 7.86 yuan on October 31, 2025, with an increase of 1.16% and a turnover rate of 11.85% [1] - On the same day, the net inflow of main funds was 42.14 million yuan, indicating significant accumulation [3] - The company plans to use no more than 100 million yuan of idle self-owned funds to purchase structured deposits or financial products, aiming to enhance fund utilization efficiency [2][3] Group 2 - Jinfu Technology intends to engage in foreign exchange derivative trading to hedge against foreign exchange market risks, with a trading limit of up to 100 million yuan or equivalent foreign currency [2][3] - The foreign exchange derivative trading will include products such as foreign exchange forwards, swaps, and options, with a validity period of 12 months from the board's approval [2]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Jingdezhen Branch is actively responding to the foreign exchange hedging needs of export-oriented enterprises by utilizing derivative tools such as forward foreign exchange settlements and foreign exchange swaps, effectively helping local foreign-related enterprises enhance their foreign exchange risk management capabilities and achieve cost savings [1][3]. Group 1: Policy Guidance - The Jiangxi Provincial Foreign Exchange Administration has established a comprehensive foreign exchange hedging service mechanism, providing clear policy guidance for banks to conduct foreign exchange hedging business [2]. - A service system covering the entire province has been developed, promoting cooperation between government, banks, and enterprises, and establishing a financial guarantee support system to reduce the margin costs for enterprises engaging in hedging [2]. - The policy framework encourages banks to lower transaction costs and design customized hedging solutions for enterprises, thereby enhancing the efficiency of foreign exchange business processes [2]. Group 2: ICBC's Practical Application - ICBC has established a comprehensive service system for foreign exchange hedging products, utilizing various financial tools such as forward contracts and swaps, and innovating product design to meet diverse client needs [3]. - A recent case involved a manufacturing enterprise that received USD payments from abroad and had import needs in the near future. ICBC recommended a "near-end settlement + far-end purchase" foreign exchange swap, allowing the enterprise to meet its immediate RMB funding needs while locking in future purchase costs [3]. - The practice of "foreign exchange hedging" by ICBC demonstrates that enterprises can secure immediate funding support and lock in exchange rate costs through foreign exchange derivatives, effectively mitigating exchange rate volatility risks [3]. Group 3: Future Directions - ICBC Jingdezhen Branch plans to deepen cooperation with the Foreign Exchange Administration and continue optimizing services for enterprise foreign exchange risk management, expanding the coverage of foreign exchange derivative products [4]. - The bank aims to guide enterprises in establishing their own foreign exchange risk management mechanisms to effectively address the uncertainties posed by exchange rate fluctuations, thereby contributing to the high-quality development of the foreign-related economy in Jingdezhen [4].

Core Insights - Gary Stevenson, a former trader at Citigroup, experienced rapid success in the financial industry but ultimately chose to leave it behind to pursue a deeper understanding of economic inequality and systemic issues [3][41]. Group 1: Early Life and Career - Gary Stevenson grew up in East London, facing poverty and challenges, which shaped his ambition to succeed in finance [1][6]. - He joined Citigroup in 2008 as the youngest trader in London and quickly became one of the top traders globally, managing thousands of billions in transactions [2][12]. Group 2: Trading Success and Strategies - During the 2008 financial crisis, Stevenson capitalized on the popularity of foreign exchange swaps, leading to significant profits for his department [15][19]. - He earned $12 million in his first year, a record for a new trader at Citigroup, due to favorable market conditions and a unique trading strategy [18][19]. - By 2011, he became one of the highest-earning traders, making $35 million for Citigroup in a single year [31]. Group 3: Psychological Impact and Departure - Despite financial success, Stevenson faced psychological challenges, feeling increasingly disconnected from his work and the growing wealth inequality around him [32][35]. - He ultimately decided to leave Citigroup, feeling that the financial system was rigged against the less fortunate and wanting to advocate for change [39][41]. Group 4: Post-Career and Advocacy - After leaving Citigroup, Stevenson pursued a master's degree in economics at Oxford, focusing on systemic economic issues and wealth distribution [41]. - He established a YouTube channel and wrote articles to raise awareness about economic mechanisms and advocate for reforms in the financial system [44].

Core Viewpoint - Zhongshun Jierou Paper Co., Ltd. plans to conduct foreign exchange derivative hedging transactions in 2026 to mitigate the impact of exchange rate fluctuations on its operating performance [1][2]. Group 1: Foreign Exchange Derivative Transactions - The company intends to use a maximum of $30 million for foreign exchange derivative transactions, which will be rolled over within 12 months after approval from the shareholders' meeting [2]. - The types of derivatives include but are not limited to forward foreign exchange contracts, structured forwards, foreign exchange swaps, and currency options [2]. - The transactions will be executed through financial institutions that are approved by regulatory authorities and have good credit ratings [2]. Group 2: Approval Process - The foreign exchange derivative transaction proposal has been approved by the company's board of directors and supervisory board, but it still requires final approval from the shareholders' meeting [3]. - The supervisory board believes that this business will enhance the company's ability to manage foreign exchange market risks and improve financial stability [3]. Group 3: Risk Management Measures - The company has established a comprehensive risk control mechanism for derivative trading, including pre-trade, in-trade, and post-trade risk management [4]. - Specific measures include prioritizing hedging over speculative trading, carefully selecting trading partners, and closely monitoring foreign exchange market dynamics [4]. Group 4: Financial Impact - Engaging in foreign exchange derivative trading is expected to stabilize the company's financial performance by locking in import raw material costs and mitigating adverse effects from significant exchange rate fluctuations [5]. - The company will adhere to accounting standards for this business, ensuring that related assets, liabilities, and profit or loss are accurately reflected in financial statements [5].

Core Viewpoint - The company, Zhejiang Zhenai Meijia Co., Ltd., has disclosed its third-quarter financial report for 2025, ensuring the accuracy and completeness of the information provided [1][2]. Financial Data Summary - The third-quarter financial report has not been audited [3][6]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items applicable for the reporting period [3]. Shareholder Information - The total number of common shareholders and the situation of the top ten shareholders have not been disclosed [5]. Board Meeting Details - The fourth board meeting was held on October 24, 2025, with all nine directors participating [6][7]. - The board approved the third-quarter report with unanimous consent [7]. Foreign Exchange Derivative Trading - The company aims to enhance its ability to manage foreign exchange risks through foreign exchange derivative trading [10]. - The trading amount is capped at $8 million, not exceeding 50% of the latest audited net assets [11][12]. - The company plans to use its own funds for these transactions, avoiding the use of raised funds [13]. Risk Management - The company emphasizes a conservative approach to foreign exchange derivative trading, focusing on risk avoidance rather than speculation [15]. - The company will engage only with qualified financial institutions for these transactions [17].

Core Viewpoint - The company aims to enhance its ability to manage foreign exchange risk and mitigate the impact of significant currency fluctuations on its performance by engaging in foreign exchange hedging activities in 2026 [1] Group 1: Foreign Exchange Hedging Strategy - The company and its subsidiaries plan to continue foreign exchange hedging activities with qualified financial institutions in 2026 [1] - The hedging products will include but are not limited to forward foreign exchange contracts, foreign exchange swaps, and foreign exchange options, or combinations of these products [1] - The maximum contract value held on any trading day is expected to not exceed RMB 1 billion or its equivalent in foreign currency [1] Group 2: Authorization and Validity - The authorization for the hedging activities will be valid for a period of 12 months, from January 1, 2026, to December 31, 2026 [1] - The authorized amount can be used in a rolling manner within the specified period [1]

Core Viewpoint - The company has approved a foreign exchange hedging business with a maximum scale of 100 million RMB or equivalent foreign currency over the next twelve months, which can be reused [1] Group 1: Business Overview - The foreign exchange hedging business will be limited to currencies that are the same as the main settlement currencies used in the company's operations [1] - The hedging activities include forward foreign exchange contracts, foreign exchange swaps, currency swaps, foreign exchange options, interest rate swaps, interest rate options, and related combination products [1] Group 2: Regulatory and Counterparty Information - The trading counterparties for the hedging activities will be commercial banks that have been approved by regulatory authorities and possess qualifications for foreign exchange hedging operations [1]