二、东吴期货有限公司：专业服务与多元化布局 在全球金融市场日益复杂的背景下，期货交易作为风险管理的重要工具，已成为企业规避价格波动风险、优化资产配置的核心手段。据统计， 2025年全球期货市场日均成交量突破5000万手，其中能源类期货占比超35%，金融类期货占比达42%，大宗商品期货交易规模持续扩大。在这一 领域，东吴期货有限公司凭借其专业的服务能力、多元化的产品布局以及稳健的经营策略，成为行业内的标杆机构。 一、期货交易的行业应用与市场价值 期货交易的核心功能在于价格发现与风险管理。以煤炭期货为例，我国煤炭消费量占全球总量的52%，煤炭价格波动直接影响电力、钢铁、化工 等下游行业的成本。通过参与煤炭期货交易，企业可提前锁定采购成本或销售价格，有效对冲市场风险。数据显示，2025年上半年，国内煤炭期 货市场日均成交量达120万手，同比增长18%，参与企业数量突破5000家。 美原油期货作为全球能源市场的风向标，其价格波动直接影响全球通胀水平与经济增长预期。2025年，国际原油期货市场日均成交量突破2000万 手，其中美原油期货占比超60%。对于能源进口依赖度较高的**而言，通过国际原油期货进行套期保值，已成为 ...

Core Insights - The Chinese futures market experienced significant growth in January, with a total trading volume of 912,489,781 contracts and a trading value of 1,002,595.82 billion yuan, representing year-on-year increases of 65.09% and 105.14% respectively [1][2][4] Group 1: Shanghai Futures Exchange - In January, the Shanghai Futures Exchange recorded a trading volume of 307,665,935 contracts and a trading value of 519,593.83 billion yuan, accounting for 33.72% and 51.82% of the national market, with year-on-year growth of 102.4% and 278.92% respectively [3][4] - The total open interest at the end of January for the Shanghai Futures Exchange was 11,676,698 contracts, reflecting a month-on-month increase of 10.46% [3] Group 2: Shanghai International Energy Exchange - The Shanghai International Energy Exchange had a trading volume of 12,892,353 contracts and a trading value of 20,722.29 billion yuan, representing 1.41% and 2.07% of the national market, with year-on-year increases of 8.18% and a decrease of 20.31% respectively [4] - The total open interest at the end of January for the Shanghai International Energy Exchange was 562,641 contracts, showing a month-on-month increase of 19.48% [4] Group 3: Zhengzhou Commodity Exchange - The Zhengzhou Commodity Exchange reported a trading volume of 287,789,160 contracts and a trading value of 77,466.91 billion yuan, which accounted for 31.54% and 7.73% of the national market, with year-on-year growth of 53.56% and 14.73% respectively [4] - The total open interest at the end of January for the Zhengzhou Commodity Exchange was 16,764,263 contracts, indicating a month-on-month increase of 18.64% [4] Group 4: Dalian Commodity Exchange - The Dalian Commodity Exchange had a trading volume of 234,351,202 contracts and a trading value of 87,609.98 billion yuan, representing 25.68% and 8.74% of the national market, with year-on-year increases of 43.61% and 35.32% respectively [2][4] - The total open interest at the end of January for the Dalian Commodity Exchange was 18,493,473 contracts, reflecting a month-on-month increase of 17.56% [2] Group 5: China Financial Futures Exchange - The China Financial Futures Exchange recorded a trading volume of 30,053,053 contracts and a trading value of 263,523.65 billion yuan, accounting for 3.29% and 26.28% of the national market, with year-on-year growth of 31.3% and 42.02% respectively [2][4] - The total open interest at the end of January for the China Financial Futures Exchange was 2,591,615 contracts, showing a month-on-month increase of 19.38% [2] Group 6: Guangzhou Futures Exchange - The Guangzhou Futures Exchange reported a trading volume of 39,738,078 contracts and a trading value of 33,679.16 billion yuan, which accounted for 4.35% and 3.36% of the national market, with year-on-year increases of 159.76% and 332.19% respectively [5] - The total open interest at the end of January for the Guangzhou Futures Exchange was 1,776,798 contracts, indicating a month-on-month decrease of 17.94% [5]

Group 1: Report's Overall Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - Panic sentiment persists, and base metals are under pressure with a volatile trend. In the short term, the negative impact of the sharp drop in silver prices remains, but its marginal effect is weakening. It is advisable to wait and see or cautiously take short - term long positions in copper, aluminum, and tin with strict position control. In the long term, due to the expected weak US dollar and supply - side disturbances, copper, aluminum, tin and other varieties are expected to maintain a relatively strong volatile trend [1] Group 3: Summary by Variety Copper - **View**: The US dollar index continues to rise, putting short - term pressure on copper prices. In the long term, it is expected to be volatile and relatively strong. - **Logic**: Macroscopically, the rising US dollar index pressures copper prices. In terms of supply and demand, copper mine supply disturbances increase, TC of copper concentrate spot drops, and the long - term processing fee in 2026 is at a record low, strengthening the expectation of refined copper supply contraction. On the demand side, terminal demand is weak, and social inventory of refined copper is high [7] Alumina - **View**: The expectation of production cuts competes with the reality of oversupply, and the alumina price fluctuates. - **Logic**: Recently, macro sentiment amplifies price fluctuations. Fundamentally, the average spot price has dropped significantly, increasing the expectation of supply contraction as high - cost inland production faces losses. However, in reality, supply contraction is insufficient, and the weakening of raw material prices weakens the price support. The futures price also faces pressure, so it is expected to fluctuate widely [7] Aluminum - **View**: Inventory continues to accumulate, and aluminum prices decline. In the short and long term, it is expected to be volatile and relatively strong. - **Logic**: Macroscopically, short - term risk appetite decreases, but the long - term macro expectation remains positive. On the supply side, domestic production capacity is stable, and overseas production is restricted. On the demand side, the initial - stage operating rate drops, and high prices suppress demand. Inventory continues to accumulate. Overall, the positive macro expectation and the tight supply - demand expectation are expected to support the price [7][8][9] Aluminum Alloy - **View**: Cost support persists, and the price fluctuates downwards. In the short and long term, it is expected to be volatile and relatively strong. - **Logic**: On the cost side, the price of scrap aluminum remains high, and supply is tight. On the supply side, some manufacturers start the Spring Festival holiday early, and policies may restrict supply. On the demand side, the subsidy for car replacement decreases, and high prices suppress demand. Inventory accumulates. Overall, cost support and stable supply - demand are expected to keep the price relatively strong [11] Zinc - **View**: The sentiment in the non - ferrous metal market weakens, and zinc prices decline again. In the short term, it is expected to fluctuate at a high level, and in the long term, there is room for a decline. - **Logic**: Macroscopically, the expectation changes due to Trump's nomination. On the supply side, zinc ore supply is tight in the short term, and refinery profits decline. On the demand side, domestic consumption enters the off - season, and demand is average. In the short term, zinc exports continue, and inventory accumulation pressure is small. In the long term, supply is expected to increase, and demand growth is limited [13] Lead - **View**: The weakening sentiment in the non - ferrous metal market competes with high cost support, and lead prices fluctuate. - **Logic**: On the spot side, the spot premium rises, and the price difference between primary and recycled lead decreases slightly. On the supply side, the production of recycled lead decreases due to environmental protection and profit factors. On the demand side, electric bicycle orders weaken, but automobile battery orders improve, and the operating rate of lead - acid battery enterprises is still at a relatively high level. Overall, the price is expected to fluctuate [18] Nickel - **View**: The expected policy competes with the weak reality, and nickel prices fluctuate. It is expected to be volatile and relatively strong. - **Logic**: On the supply side, the overall supply pressure remains high. On the demand side, it enters the traditional off - season, and the overall fundamentals are in surplus. Policy - wise, Indonesia's potential policy changes have adjusted the market's cost and balance expectations. Overall, the price is expected to be volatile and relatively strong, and the policy changes need to be continuously tracked [20] Stainless Steel - **View**: The price of nickel iron drops slightly, and the stainless - steel futures market fluctuates. It is expected to be volatile and relatively strong. - **Logic**: The cost side still has some support. The production in December decreased, and the planned production in January may increase slightly. Terminal demand is cautious, and inventory accumulates. Overall, the price is expected to be volatile and relatively strong, and the policy changes in Indonesia need to be continuously tracked [21] Tin - **View**: Market sentiment is weak, and tin prices continue to adjust. In the long term, it is expected to be volatile and relatively strong, but short - term price volatility risks need to be vigilant. - **Logic**: Supply is the key factor affecting the price. The supply problem in some areas may be alleviated, while in others, it is still restricted. In the future, supply will be tight, and demand will continue to grow. However, in the short term, the strong US dollar, stable supply, and weakening bullish power may cause price fluctuations [23] Group 4: Market Monitoring Commodity Index - On February 5, 2026, the comprehensive index was 2401.01, down 0.84%; the commodity 20 index was 2745.41, down 0.99%; the industrial product index was 2300.28, down 0.97% [149] Non - ferrous Metal Index - On February 5, 2026, the index was 2696.94, with a daily decline of 1.55%, a 5 - day decline of 5.55%, a 1 - month decline of 2.75%, and a year - to - date increase of 0.41% [151]

Core Viewpoint - Zhejiang Yongqiang (002489.SZ) aims to manage raw material price volatility risks and stabilize operating costs through hedging strategies and futures investments [1] Group 1: Hedging Strategy - The company plans to implement a hedging strategy based on its production and operational plans to lock in costs and mitigate risks [1] - The core purpose of this hedging business is to stabilize operating costs and manage price fluctuations [1] Group 2: Futures Investment - The company intends to legally and compliantly utilize its own funds to engage in futures investments to enhance capital efficiency [1] - The maximum amount allocated for margin in futures trading is expected to not exceed RMB 100 million [1]

Group 1 - The essence of spot trading involves the immediate transfer of ownership of existing goods to meet actual production, consumption, or circulation needs, while futures trading is based on standardized contracts for future delivery of goods at a specified time and price [1] - Participants in spot trading are primarily producers, consumers, or traders, directly serving the real economy, whereas futures trading includes both industry players and speculators, with the latter aiming to profit from price fluctuations [1] - Spot trading contracts are negotiated between parties and are personalized, while futures contracts are standardized by exchanges, ensuring high liquidity and facilitating quick transactions [1] Group 2 - Spot trading can occur through flexible arrangements, including over-the-counter negotiations or various markets, with less stringent regulatory requirements, while futures trading must occur on approved exchanges under strict regulations [2] - Spot trading typically requires full payment for goods, resulting in lower leverage and risks primarily associated with price fluctuations, logistics, and quality, whereas futures trading employs a margin system, allowing for significant leverage and higher potential risks and rewards [2]

Core Insights - The China Futures Association released a report on the national futures market trading situation for November 2025, indicating a significant increase in trading volume and value compared to the previous year [1] Group 1: Trading Volume - In November, the national futures market recorded a trading volume of 769.59 million contracts, representing a year-on-year increase of 13.54% [1] - From January to November, the cumulative trading volume reached 8116.71 million contracts, showing a year-on-year growth of 14.74% [1] Group 2: Trading Value - The total trading value for November was 66.61 trillion yuan, which is a year-on-year increase of 7.11% [1] - The cumulative trading value from January to November amounted to 675.45 trillion yuan, reflecting a year-on-year increase of 20.19% [1]

Core Viewpoint - The event "Investor Education into Colleges" aims to enhance financial literacy and risk awareness among university students, recognizing their future role in the financial market [1][3]. Group 1: Event Overview - The event was co-hosted by Ningbo University Business School and Ningbo Securities and Futures Industry Association, with the support of Industrial Futures Co., Ltd. [1] - The initiative aligns with national policies to incorporate investor education into the national education system [1]. Group 2: Speaker Insights - Mr. Luo Jun, General Manager of the Brokerage Business Management Department and Digital Operations Department at Industrial Futures Co., Ltd., delivered a presentation on the development of the futures market and basic trading rules [3]. - The presentation covered the origins and functions of the futures market, the development history and current status of China's futures market, and fundamental theories such as core elements of futures contracts, trading mechanisms, settlement methods, and risk management [3]. Group 3: Student Engagement - During the interactive session, students actively asked questions regarding practical aspects of futures trading and personal career planning, receiving detailed answers and industry insights from Mr. Luo [5]. - The lively atmosphere fostered a productive exchange of ideas, highlighting the importance of investor suitability management and risk control [5]. Group 4: Future Commitment - Industrial Futures Co., Ltd. aims to continue fulfilling its social responsibility by advancing investor education and exploring diversified educational models [5]. - The company is committed to nurturing a rational environment for the stable operation of China's capital market and contributing to a healthy financial culture [5].

Core Insights - The China Futures Industry Association reported that in October, the national futures market had a trading volume of 603 million contracts and a trading value of 61.22 trillion yuan, representing a year-on-year decrease of 13.26% in volume but an increase of 4.54% in value [1] - From January to October, the cumulative trading volume reached 7.347 billion contracts, with a cumulative trading value of 608.84 trillion yuan, showing year-on-year increases of 14.86% in volume and 21.82% in value [1] Summary by Category - **October Performance** - National futures market trading volume was 603 million contracts [1] - Trading value was 61.22 trillion yuan [1] - Year-on-year volume decreased by 13.26% [1] - Year-on-year value increased by 4.54% [1] - **Cumulative Performance (January to October)** - Cumulative trading volume was 7.347 billion contracts [1] - Cumulative trading value was 608.84 trillion yuan [1] - Year-on-year volume increased by 14.86% [1] - Year-on-year value increased by 21.82% [1]

Report Industry Investment Ratings - **Macrofinance**: Long-term bullish on stock indices, recommended to buy on dips; neutral on government bonds, recommended to hold [1][5] - **Black Building Materials**: Neutral on coking coal and rebar, recommended for range trading; bullish on glass, recommended to buy on dips [1][7][9] - **Non-ferrous Metals**: Neutral on copper, recommended to hold long positions on dips or short-term trading; neutral on aluminum, recommended to go long on dips; neutral on nickel, recommended to short on rallies; neutral on tin, recommended for range trading; neutral on gold and silver, recommended for range trading [1][11][17] - **Energy and Chemicals**: Neutral on PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins, recommended for range trading; recommend shorting 01 contract and going long on 05 contract for soda ash [1][21][23][25] - **Cotton and Textile Industry Chain**: Neutral on cotton and yarn, recommended for range trading; neutral on PTA, recommended for range trading; bullish on apples, recommended for range trading with a bullish bias; bearish on dates, recommended for range trading with a bearish bias [1][37][38][39] - **Agriculture and Animal Husbandry**: Bearish on pigs and eggs, recommended to short on rallies; neutral on corn, recommended for range trading; neutral on soybean meal, recommended for range trading; bullish on oils, recommended for range trading with a bullish bias [1][41][43][45] Core Views - The Fed's interest rate cut has been confirmed, but the subsequent pace remains uncertain, with a moderate short-term boost to risk assets [5] - The coal industry is experiencing a "Golden September" market, with rising prices and increased market sentiment [8] - The glass market is expected to improve in the traditional peak season, with supply-side shutdown expectations and positive macro factors [10] - The copper market is affected by macro factors, with high prices weakening demand support, but there is still support from peak season demand and potential domestic policy adjustments [11] - The aluminum market is in a high and stable production state, with demand entering the peak season, but inventory accumulation indicates weak demand, and an arbitrage strategy can be considered [12] - The nickel market is affected by macro and ore news in the short term, with a long-term supply surplus, recommended to short on rallies [17] - The tin market has limited supply improvement and weak downstream demand in the off-season, with support for prices, recommended for range trading [18] - The precious metals market is expected to have support below due to weakening US economic data and concerns about the fiscal situation and geopolitical situation, recommended for range trading [18][19] - The PVC market has a weak supply-demand balance, with high inventory and uncertain export sustainability, recommended for range trading [22] - The caustic soda market is expected to be volatile, with downstream restocking before the National Day and expected alumina production in the far month, recommended to pay attention to downstream restocking rhythm and export situation [24] - The styrene market is expected to be volatile, with weak supply and demand expectations, recommended to pay attention to oil prices, pure benzene production and imports, and macro data and policies [25] - The rubber market is expected to maintain a narrow range of consolidation in the short term, with increased supply and weak demand [27] - The urea market has weak production and sales, with increased enterprise inventory and decreased port inventory, recommended to pay attention to compound fertilizer production, urea plant shutdown and maintenance, export policies, and coal price fluctuations [28][29][31] - The methanol market is expected to be volatile, with supply recovering and demand weakening, recommended to pay attention to the start-up of methanol-to-olefin plants and inventory changes [31] - The polyolefin market is affected by supply pressure and weakening crude oil prices, but terminal demand is improving, recommended to pay attention to downstream demand, Sino-US talks, Middle East situation, and crude oil price fluctuations [33] - The soda ash market is expected to fluctuate between expectations and reality, recommended to short 01 contract and go long on 05 contract [36] - The cotton market has positive expectations due to improved global supply and demand and peak season expectations, but there is pressure from increased new cotton production, recommended to prepare for hedging [37] - The PTA market has cost and supply-demand factors driving in opposite directions, with short-term price fluctuations, recommended to pay attention to the range of 4600 - 4950 [38] - The apple market is expected to be strong based on the firm prices of early-ripening fruits, recommended for range trading with a bullish bias [38] - The date market has weak consumption and high prices, with pressure increasing, recommended for range trading with a bearish bias [40] - The pig market is under pressure due to increased supply and slow demand growth, but there are restrictions on price declines from potential government policies and holiday restocking expectations, recommended to short on rallies and pay attention to an arbitrage strategy [42] - The egg market has increased supply in the short term and large long-term supply pressure, recommended to short on rallies for near-month contracts and be cautious about shorting for short-term contracts [43] - The corn market has sufficient supply in the short term and downward pressure on prices during the listing period, recommended to short on rallies and pay attention to an arbitrage strategy [45] - The soybean meal market has sufficient arrivals in September - October and is restricted by state reserve sales, with cost support, recommended to pay attention to the support level of the M2601 contract [46] - The oil market has experienced a high-level correction, with limited downward space and potential for a rebound, recommended to go long on dips and pay attention to arbitrage opportunities [52] Summaries by Directory Macrofinance - **Stock Indices**: The Fed's interest rate cut is in line with expectations, but the subsequent rhythm is uncertain. The A-share market may have some profit-taking on Thursday. The market volatility may further increase, and it is recommended to pay close attention to trading volume trends. Long-term bullish, recommended to buy on dips [5] - **Government Bonds**: The bond market continues to fluctuate, with yields hovering near important resistance levels. There is a lack of trend in the bond market, and most institutions prefer short-term operations. After the adjustment, the negative factors in the market are gradually fading, and the bond market does not have a basis for a significant decline. It is recommended to hold and wait patiently [5] Black Building Materials - **Double Coking Coal**: Multiple factors have driven up market sentiment, with rising coal prices and increased market activity. The investment strategy is to range trade [7][8] - **Rebar**: The rebar futures price fluctuated and declined on Thursday. The fundamental supply and demand are still weak, but it is the traditional peak demand season in September - October. It is recommended to go long on dips and pay attention to the support level of the RB2601 contract [8] - **Glass**: The glass market is expected to improve in the traditional peak season, with supply-side shutdown expectations and positive macro factors. It is recommended to go long on dips and pay attention to the support level of the 01 contract [10] Non-ferrous Metals - **Copper**: The Fed's interest rate cut and Powell's remarks have affected the copper market. High copper prices have weakened demand support, and the market is expected to be volatile before the holiday. It is recommended to hold long positions on dips and trade cautiously [11] - **Aluminum**: The aluminum market is affected by factors such as the rainy season in Guinea and the production status of alumina and electrolytic aluminum. Demand is entering the peak season, but inventory accumulation indicates weak demand. It is recommended to consider an arbitrage strategy or go long on dips [12] - **Nickel**: The nickel market is affected by the Indonesian nickel ore event and the upcoming nickel ore approval work. The nickel market is in a state of surplus, but there is support from traditional peak season expectations. It is recommended to short on rallies [17] - **Tin**: The tin market has limited supply improvement and weak downstream demand in the off-season, with support for prices. It is recommended to range trade and pay attention to supply resumption and downstream demand recovery [18] - **Silver and Gold**: The precious metals market is expected to have support below due to weakening US economic data and concerns about the fiscal situation and geopolitical situation. It is recommended to range trade and pay attention to the US interest rate decision [18][19] Energy and Chemicals - **PVC**: The PVC market has a weak supply-demand balance, with high inventory and uncertain export sustainability. It is recommended to range trade and pay attention to macro data, export situation, inventory, and upstream start-up [22] - **Caustic Soda**: The caustic soda market is expected to be volatile, with downstream restocking before the National Day and expected alumina production in the far month. It is recommended to pay attention to downstream restocking rhythm and export situation [24] - **Styrene**: The styrene market is expected to be volatile, with weak supply and demand expectations. It is recommended to pay attention to oil prices, pure benzene production and imports, and macro data and policies [25] - **Rubber**: The rubber market is expected to maintain a narrow range of consolidation in the short term, with increased supply and weak demand. It is recommended to pay attention to inventory changes and downstream demand [27] - **Urea**: The urea market has weak production and sales, with increased enterprise inventory and decreased port inventory. It is recommended to pay attention to compound fertilizer production, urea plant shutdown and maintenance, export policies, and coal price fluctuations [28][29][31] - **Methanol**: The methanol market is expected to be volatile, with supply recovering and demand weakening. It is recommended to pay attention to the start-up of methanol-to-olefin plants and inventory changes [31] - **Polyolefins**: The polyolefin market is affected by supply pressure and weakening crude oil prices, but terminal demand is improving. It is recommended to range trade and pay attention to downstream demand, Sino-US talks, Middle East situation, and crude oil price fluctuations [33] - **Soda Ash**: The soda ash market is expected to fluctuate between expectations and reality, with an obvious surplus in production. It is recommended to short the 01 contract and go long on the 05 contract [36] Cotton and Textile Industry Chain - **Cotton and Yarn**: The global cotton supply and demand are improving, and the macro environment is getting better. However, the large increase in new cotton production may put pressure on prices in the future. It is recommended to prepare for hedging [37] - **PTA**: The PTA market is affected by factors such as the decline in international oil prices and the restart of production facilities. The cost and supply-demand factors drive in opposite directions, with short-term price fluctuations. It is recommended to pay attention to the range of 4600 - 4950 [38] - **Apples**: The apple market is expected to be strong based on the firm prices of early-ripening fruits. It is recommended to range trade with a bullish bias [38] - **Dates**: The date market has weak consumption and high prices, with pressure increasing. It is recommended to range trade with a bearish bias [40] Agriculture and Animal Husbandry - **Pigs**: The pig market is under pressure due to increased supply and slow demand growth, but there are restrictions on price declines from potential government policies and holiday restocking expectations. It is recommended to short on rallies and pay attention to an arbitrage strategy [42] - **Eggs**: The egg market has increased supply in the short term and large long-term supply pressure. It is recommended to short on rallies for near-month contracts and be cautious about shorting for short-term contracts [43] - **Corn**: The corn market has sufficient supply in the short term and downward pressure on prices during the listing period. It is recommended to short on rallies and pay attention to an arbitrage strategy [45] - **Soybean Meal**: The soybean meal market has sufficient arrivals in September - October and is restricted by state reserve sales, with cost support. It is recommended to pay attention to the support level of the M2601 contract [46] - **Oils**: The oil market has experienced a high-level correction, with limited downward space and potential for a rebound. It is recommended to go long on dips and pay attention to arbitrage opportunities [52]

Core Viewpoint - The document outlines the management system for securities investment, futures, and derivatives trading of LEO Group Co., Ltd., emphasizing risk control, compliance with regulations, and protection of investor rights [1][2]. Group 1: General Principles - The system aims to standardize the company's securities investment and trading activities, ensuring adherence to national laws and regulations [1][3]. - Securities investment includes various activities such as new stock subscriptions, stock repurchases, and bond investments [1][2]. - The company must assess the feasibility and necessity of investments, establish strict decision-making procedures, and select qualified financial institutions for entrusted financial management [3][4]. Group 2: Decision-Making Authority - Securities investment exceeding 5% of the latest audited net assets and over 10 million RMB requires board approval [4]. - Investments over 30% of the latest audited net assets and exceeding 50 million RMB must be submitted for shareholder approval [4]. - The company can estimate future investment ranges and limits for up to 12 months to streamline decision-making processes [4][5]. Group 3: Management and Oversight - The chairman of the board is responsible for signing relevant agreements and contracts related to investments and trading [6]. - The finance department manages the funds required for trading and ensures the legality and authenticity of transactions [6][7]. - The audit department conducts annual audits of trading activities and reports to the board [7][8]. Group 4: Information Disclosure - The company must disclose information regarding securities investment and trading in accordance with regulations from the China Securities Regulatory Commission and the Shenzhen Stock Exchange [8][9]. - Significant losses, defined as 10% of the latest audited net profit and exceeding 10 million RMB, must be disclosed promptly [8][9]. Group 5: Accountability - Violations of laws, regulations, or the established investment plan resulting in losses will hold responsible personnel accountable [7][9]. - The document will be revised in accordance with national laws and regulations if any conflicts arise [9].