重要内容提示： 登录新浪财经APP 搜索【信披】查看更多考评等级 公司使用部分闲置募集资金进行现金管理所涉及的理财产品属于低风险型产品，但金融市场受宏观经济 的影响较大，不排除该项投资受到市场波动的影响，面临收益波动风险、流动性风险、信用风险、操作 风险、信息技术系统风险、政策法律风险、不可抗力及意外事件风险、信息传递等风险。提醒广大投资 者注意投资风险。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 ■ 三、本次使用闲置募集资金进行现金管理对公司的影响 公司本次使用闲置募集资金进行现金管理是在不影响募集资金投资计划正常进行和保证募集资金安全的 前提下进行的，不存在变相改变募集资金用途的行为；本次对闲置募集资金进行现金管理，有利于提高 募集资金使用效率，获得一定的投资收益，为公司及股东获取更多的投资回报。 一、现金管理基本情况 1、现金管理额度预计情况 广东世运电路科技股份有限公司（以下简称"公司"）于2025年4月15日召开了第五届董事会第三次会议 和第五届监事会第三次会议，审议通过了《关于使用部分闲置募集资金进行现金管理 ...

Summary of Conference Call Records Industry Overview - The capital market has shown a "barbell" structure since 2023, with large-cap and small-cap companies performing well, while mid-cap companies have been relatively flat. Large-cap stocks benefit from state-owned enterprises and insurance funds, while small-cap stocks are driven by on-market funds and quantitative private equity strategies [1][2][5]. Key Insights and Arguments - **Market Dynamics**: The A-shares and H-shares have performed more evenly, influenced by the southbound capital flow into Hong Kong stocks [1][5]. - **Investment Shifts**: The decline in deposit rates has led residents to seek higher certainty investment products, such as participating whole life insurance, creating a positive feedback loop through bank channels [1][6]. - **Future Market Outlook**: The market outlook remains optimistic, particularly for the financial sector. The valuation recovery of large-cap stocks led by insurance funds is expected to continue, while small-cap stocks are reaching new highs, although some pullbacks are inevitable [1][7]. - **Incremental Capital**: Recent incremental capital is limited, with insurance wealth management contributing approximately 1 trillion annually. However, after September, there will be a shift towards dividend insurance, prompting insurance companies to increase equity investments, with an estimated 30%-40% of new funds directed towards high-growth assets, bringing in 300-400 billion [1][8]. Additional Important Content - **Asset Allocation Changes**: The new accounting standards require insurance companies to increase standardized asset allocation, which is expected to promote stock market development [4]. - **Bank Wealth Management Trends**: The average yield on bank wealth management products is around 2.5%, with a gradual shift towards multi-asset strategies, including equities, convertible bonds, REITs, and alternative assets, expected to bring in around 100 billion annually [1][8]. - **Public Fund and Securities Company Trends**: Public funds have seen stable active equity scales, while FOF products have significantly increased due to their focus on controlling drawdowns and absolute returns [9]. Securities companies are leveraging off-market derivatives like DCN to meet investor demand for high-yield fixed-income products [10][11]. - **Regulatory Impact on Quantitative Funds**: New regulations have led to a significant increase in the issuance of neutral strategy products by quantitative funds, which are primarily linked to small-cap stocks [12][13]. - **Future of Off-Market Derivatives**: The off-market derivatives business is expected to have a positive impact on the capital market, although it carries risks, particularly in volatile conditions [15][16]. Potential Sources of Incremental Capital - Future incremental capital may come from insurance funds, bank wealth management, FOFs, and overseas funds, especially in a low-risk-free rate environment and with the potential for RMB appreciation [17].