Report Core View - The transportation of lychees in ancient Chang'an and modern futures markets share similarities in aspects such as supply - demand game, time value, risk management, human nature, and information warfare, and true investment wisdom lies in building a sustainable trading system [2][3][5] Similarities between Lychee Transportation and Futures Market Supply - Demand Game - Just as the supply and demand of lychees in Chang'an led to price fluctuations, the supply and demand of commodities in the futures market also determine price changes. Smart investors and ancient merchants both use methods to avoid risks [3] Time Value - The time - related decay of lychee value during transportation is similar to the "time decay" principle of futures contracts. Both ancient and modern people take measures to combat the loss of value [3] Risk Management - In both the lychee business and the futures market, extreme situations can cause price fluctuations. Investors need to use methods like diversifying positions and setting stop - loss points to manage risks [3] Human Nature - Greed and fear in the futures market are similar to the power games in Chang'an. Overcoming human weaknesses is crucial for successful investment [4] Information Warfare - Information about lychees and court dynamics in ancient times is similar to market information in modern futures trading. Investors need to build their own analysis frameworks to avoid being misled by information [4]

Core Viewpoint - The company, Huali Co., Ltd. (603038), announced that it and its controlling subsidiaries will utilize a total amount not exceeding RMB 100 million of its own funds for venture investments, with the funds being available for rolling use [1] Investment Scope - The investment scope includes entrusted wealth management, securities investment, fund investment, futures investment, private equity investment funds, and securities investment products based on the aforementioned investments [1] - The company will also engage in other investment activities recognized by the China Securities Regulatory Commission and the Shanghai Stock Exchange [1]