Core Viewpoint - The bond market has shown signs of recovery, with various fixed-income products experiencing an increase in net value, particularly those with embedded options, indicating a favorable investment environment for fixed-income strategies [2][3][11]. Summary by Sections Fixed Income Product Performance Review - Over the past month, the bond market has further recovered, with net values of fixed-income products rising. The performance ranking of products is as follows: - Option-embedded bond funds: 0.83% (previously 0.21%) - Medium to long-term bond funds: 0.35% (previously 0.12%) - Short-term bond funds: 0.22% (previously 0.12%) - High-grade interbank certificate index: 0.15% (unchanged) - Cash management products: 0.10% (unchanged) [3][9][10]. Bond Market Review - The bond market sentiment has improved, with mid to long-term bonds outperforming short-term bonds. The yield curve has slightly flattened, influenced by two main factors: 1. Economic headwinds have increased, with consumption and investment slowing down, which is favorable for the bond market. 2. The central bank has resumed bond purchases, signaling a more accommodative monetary policy, leading to a decline in bond market interest rates [11][12][18]. Market Outlook - **Short-term (1 month)**: - Interbank certificate rates are expected to stabilize and decline slightly. The 10-year government bond yield is projected to fluctuate between 1.7% and 1.9%, with a focus on trading opportunities [11][31]. - **Medium-term (3-6 months)**: - Economic recovery expectations are likely to continue, with funds remaining relatively abundant, leading to a potential range-bound market for bonds. The 10-year government bond yield may face upward pressure but within a limited range [11][31]. Investment Strategy Recommendations - For investors needing liquidity management, it is advisable to maintain cash-like products and consider increasing allocations to stable low-volatility wealth management and short-term bond funds [41][42]. - For conservative investors, it is recommended to continue holding pure bond products, with the possibility of profit-taking if economic pressures increase and monetary easing expectations rise [43]. - For more aggressive investors, it is suggested to consider allocating to fixed-income plus products that include convertible bonds and equity assets, as liquidity is expected to remain relatively ample [45]. Regulatory Developments - Recent regulatory changes include the introduction of guidelines to promote the healthy development of pension wealth management and the asset management trust management measures, which aim to enhance the investment capabilities of institutions and improve the overall market structure [38][39].

证券代码：603120 证券简称：肯特催化公告编号：2025-038 肯特催化材料股份有限公司 关于使用部分暂时闲置募集资金进行现金管理到期赎回的公告 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。 2025年4月27日，肯特催化材料股份有限公司（以下简称"公司"）第四届董事会第五次会议、第四届监 事会第三次会议分别审议通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司在 确保募集资金投资计划正常进行和募集资金安全的前提下，使用最高不超过人民币22,000万元（单日最 高余额，含本数）的闲置募集资金进行现金管理。公司监事会对本事项发表了明确同意的意见，保荐人 国金证券股份有限公司对本事项出具了无异议的核查意见，本事项无需提交股东会审议。具体内容详见 公司同日披露于上海证券交易所网站（www.sse.com.cn）的《肯特催化材料股份有限公司关于使用部分 暂时闲置募集资金进行现金管理的公告》（公告编号 2025-006）。 一、本次使用暂时闲置募集资金购买现金管理产品到期赎回情况 ■ 二、截至本公告披露日，公司最 ...

Core Viewpoint - The company has approved the use of idle raised funds and self-owned funds for cash management and entrusted financial management, ensuring the safety of funds and normal project construction [2][4]. Group 1: Cash Management Approval - The company plans to use up to RMB 100 million of idle raised funds and up to RMB 150 million of idle self-owned funds for cash management and entrusted financial management [2]. - The cash management products will be short-term investments with high safety and liquidity, with a maturity not exceeding 12 months [2]. Group 2: Redemption of Cash Management Products - The company has redeemed all principal and earnings from the cash management products as of the announcement date [3]. Group 3: Approval Process - The proposal for cash management was approved by the company's eighth board of directors and the eighth supervisory board meetings [4]. Group 4: Financial Impact - As of the announcement date, the company has a remaining balance of RMB 57 million in idle raised funds for cash management, which is within the authorized limit [9]. - The total remaining balance of self-owned funds used for cash management and entrusted financial management is RMB 114.0084 million, also within the authorized limit [9].

Core Viewpoint - The company has approved the use of idle funds for cash management, ensuring it does not affect the normal operation of fundraising projects and maintains fund safety [1][4]. Group 1: Cash Management Approval - The company and its subsidiaries are authorized to use up to 100 million yuan of idle raised funds and up to 300 million yuan of idle self-owned funds for cash management within 12 months [1]. - The investment period for individual cash management products will not exceed 12 months [1]. Group 2: Implementation Details - The subsidiary, Hunan Honggong Intelligent Technology Co., Ltd., has initiated cash management using part of its idle self-owned funds [2]. - There is no related party relationship between the company and the entrusted party involved in cash management [2]. Group 3: Risk Control Measures - The company will monitor and analyze the net value changes of cash management products and take necessary actions if risks are identified [3]. - Independent directors have the authority to supervise and audit the use of funds for related products [3]. - The company will fulfill its information disclosure obligations as per the regulations of the Shenzhen Stock Exchange [3]. Group 4: Impact on Operations - The cash management activities will not affect the company's normal production and operation, as the purchased products are safe and have high liquidity [4]. - The total unused balance of idle self-owned funds for cash management, including this instance, amounts to 200 million yuan, which is within the authorized limit [6].

Core Viewpoint - Aidi Te (301580) announced on October 30 that the change in net cash flow from investing activities is primarily due to adjustments in the company's cash management scale [1] Group 1 - The company indicated that idle funds were utilized to purchase cash management products with higher safety, leading to an increase in cash outflows from investing activities [1]

Core Viewpoint - The company has approved a plan to utilize idle raised funds for cash management, with a maximum amount of 400 million yuan [1] Group 1: Financial Management - The company will use up to 400 million yuan of temporarily idle raised funds for cash management products [1] - The investment direction focuses on high safety, good liquidity, and capital preservation requirements, specifically targeting cash management products sold by financial institutions [1] - The usage period for these funds is set from January 1, 2026, to December 31, 2026, with the possibility of rolling usage within the approved limit [1] Group 2: Governance and Oversight - The company will strictly select issuing entities to ensure that the investment projects funded by the raised capital are not affected and that normal production operations are maintained [1]

Core Points - The company held its sixth board meeting on October 23, 2025, to review and approve several important proposals, including the third quarter report for 2025 and a proposal to increase the use of idle funds for cash management [1][2][3] Group 1: Third Quarter Report - The board approved the proposal regarding the company's third quarter report for 2025 with a unanimous vote of 7 in favor, 0 against, and 0 abstentions [2] - The report had previously been reviewed and approved by the company's audit committee and does not require submission to the shareholders' meeting [2] Group 2: Cash Management Proposal - The board approved a proposal to increase the use of idle self-owned funds for cash management by up to 80 million yuan, ensuring that normal operational funding needs and fund safety are not affected [3] - The approved fund management limit is valid from the date of approval by the shareholders' meeting until March 30, 2026, allowing for the funds to be used in a rolling manner within this period [3] - The management team will have the authority to make decisions within this limit and handle related agreements and matters [3]

Core Viewpoint - The company has approved the use of idle raised funds for cash management, ensuring that it does not affect the normal use of the raised funds for investment projects [1][5]. Summary by Sections Idle Fund Management Overview - The company plans to use up to 500 million RMB of idle raised funds for cash management, with the investment period valid for 12 months from the board's approval [1]. Investment Risk and Control Measures - The company adheres to prudent investment principles, purchasing high-security, liquid, and principal-protected bank financial products [2]. - A ledger is established to manage investment products, allowing for timely analysis and tracking of the investment direction and project progress [2]. - Independent directors have the authority to supervise the use of raised funds and may hire professional institutions for audits if necessary [3]. - The company will fulfill disclosure obligations in accordance with the regulations of the Shenzhen Stock Exchange [4]. Impact on Company Operations - The use of idle raised funds for cash management will not affect the construction of investment projects or the normal operation of daily business, while also improving fund utilization efficiency and generating returns for shareholders [5]. Previous Use of Idle Raised Funds - As of the announcement date, the company has invested a total of 470 million RMB in cash management products that have not yet matured [6].

Group 1 - The company Shanghai Zhenlan Instrument Technology Co., Ltd. plans to use idle raised funds (including over-raised funds) for cash management, with a maximum amount of 1.1 billion yuan and a usage period of 12 months [1][2] - The board of directors and the supervisory board approved the cash management proposal during meetings held on February 26, 2025, and the proposal was subsequently ratified at the first extraordinary general meeting of shareholders on March 17, 2025 [1][2] - The company has redeemed part of the cash management products purchased with idle raised funds and will continue cash management activities [2][3] Group 2 - The announcement includes details on the redemption of cash management products and the basic situation of using part of the raised funds for cash management [2] - The company will provide documentation related to the redemption and purchase of cash management products for reference [2]

Core Viewpoint - The company has approved the use of temporarily idle raised funds and self-owned funds for cash management, with a total limit of up to 57.2 million yuan (12.2 million yuan in raised funds and 45 million yuan in self-owned funds) for a period of 12 months [1] Group 1: Cash Management Overview - The company has recently redeemed financial products purchased with idle raised and self-owned funds to improve fund utilization efficiency [1] - The cash management plan allows for the rolling use of funds within the approved limits [1] Group 2: Risk and Control Measures - The cash management products are subject to systemic risks influenced by macroeconomic policies and regulations [2] - The company will implement strict investment principles, selecting high-security and high-liquidity cash management products [4] - Regular analysis and tracking of product net value changes will be conducted to mitigate risks [4] - The audit department will oversee the use and custody of cash management funds, ensuring compliance with prudent investment principles [4] Group 3: Impact on Daily Operations - The reasonable use of idle funds for cash management will not affect the construction of fundraising projects or the normal operation of the main business, while enhancing fund efficiency and returns for the company and shareholders [6]