截至2025年12月24日收盘，佳禾智能(300793)报收于16.15元，上涨3.26%，换手率2.61%，成交量9.71万 手，成交额1.55亿元。 佳禾智能科技股份有限公司及全资子公司拟与国内外金融机构、类金融机构开展应收账款保理业务，转 让金额总计不超过8亿元，期限为2026年1月1日至2026年12月31日。保理方式为无追索权买断式转让， 具体合作机构由董事会授权管理团队选择。该事项已获第三届董事会第三十二次会议审议通过，无需提 交股东大会审议。本次保理业务不涉及关联交易，不构成重大资产重组。 佳禾智能科技股份有限公司因产品出口以美元等外币结算，为规避汇率波动风险，拟开展总额不超过 80,000万元人民币或等值外币的外汇套期保值业务，业务品种包括远期结售汇、外汇掉期、货币掉期、 外汇期权及相关组合产品，资金来源为自有资金，交易对手为具有资质的银行等金融机构，授权期限为 2026年1月1日至2026年12月31日。公司已制定相关管理制度，明确风险控制措施，确保业务与实际经营 相匹配，不进行投机交易。 佳禾智能科技股份有限公司于2025年12月24日召开董事会，审议通过开展外汇套期保值业务的议案。公 司 ...

Core Viewpoint - The China Foreign Exchange Trading Center will implement a full exemption of transaction fees for financial institutions providing foreign exchange derivative trading services to small and micro enterprises starting from January 1, 2026, for a period of two years [1] Summary by Categories Policy Implementation - The exemption applies to transaction fees in the interbank foreign exchange market for financial institutions serving small and micro enterprises through the foreign exchange trading center's corporate platform [1] - For transactions conducted through other channels, financial institutions must verify the standards of small and micro enterprises and report the enterprise list to the foreign exchange trading center, which will then provide a full exemption based on 50% of the total transaction volume [1] Transaction Types - The fee exemption covers various types of transactions, including forwards, swaps, currency swaps, and options related to RMB foreign exchange derivatives [1] Reporting Requirements - Financial institutions are required to submit transaction information related to small and micro enterprises to the foreign exchange trading center by the 15th of each quarter's last month, including details such as client name, transaction type, currency pair, transaction volume, price, and duration [1]

Core Viewpoint - David Medical announced plans to engage in foreign exchange derivative trading to mitigate foreign exchange market risks and enhance financial stability [1] Group 1: Foreign Exchange Derivative Trading - The company and its subsidiaries intend to use no more than RMB 40,000 million (or equivalent foreign currency) of their own funds for foreign exchange derivative trading [1] - The primary currencies involved in the foreign exchange derivative business are those used in the company's overseas operations, mainly the US dollar [1] - The specific methods or products for the foreign exchange derivatives may include, but are not limited to, forward foreign exchange settlements, foreign exchange swaps, currency swaps, and foreign exchange options [1]

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange are revising the interim regulations on the interbank foreign exchange market to enhance regulation and support the real economy, with a draft open for public consultation until September 21, 2025 [1][3]. Summary by Sections Regulation Enhancement - The new regulations aim to strengthen oversight of the interbank foreign exchange market, with comprehensive management requirements and penalties for various market participants [4][5]. Comprehensive Market Supervision - A full-chain market supervision system will be established, covering operational management, trader management, legal agreements, market maker management, information exchange, disclosure, data services, and self-regulation [4][5]. Infrastructure Management - The regulations will clarify the responsibilities and cooperation mechanisms of the foreign exchange market infrastructure, including transaction and clearing qualifications and supervision duties [4]. Business Boundaries for Participants - The regulations will define the market entry scope, basic conditions, and business principles for financial institutions, allowing them to independently decide on risk mitigation services [4][6]. Forward-looking Management - The regulations reflect a proactive approach to market trends, aiming to enhance the management of the foreign exchange market by utilizing modern technologies for data analysis and risk detection [6].

Core Viewpoint - Zhuhai Zhimian Group (600185) has approved a foreign exchange hedging business with a total amount not exceeding 300 million RMB or equivalent foreign currency to mitigate foreign exchange market risks and enhance financial stability [1][2][4] Company Announcement Summary - The company's board of directors held a meeting on August 14, 2025, where they approved the proposal to conduct foreign exchange hedging business, with a total amount not exceeding 300 million RMB or equivalent foreign currency, valid for 12 months from the date of approval [1][4] - The company has established the "Foreign Exchange Hedging Business Management Measures" to standardize operations and effectively manage exchange rate fluctuation risks [1][4] Feasibility Analysis of Foreign Exchange Hedging Business - The company plans to engage with financial institutions qualified for foreign exchange trading to conduct hedging activities, including forward foreign exchange transactions, currency swaps, foreign exchange options, and interest rate swaps [2] - The hedging business will cover currencies relevant to the company's operations, such as JPY and USD, with funding sourced from the company's own funds or bank credit lines [2] - The company has implemented various risk control measures, including enhanced exchange rate research, selection of appropriate foreign exchange tools, and collaboration with large banks to ensure the business operates within a structured framework [2]

Summary of Key Points Core Viewpoint - The company plans to conduct foreign exchange hedging activities with a total limit not exceeding 300 million RMB or equivalent foreign currency to mitigate risks associated with foreign exchange market volatility and enhance financial stability [2][4]. Group 1: Overview of Hedging Activities - The purpose of the hedging activities is to effectively avoid risks from foreign exchange market fluctuations, improve the efficiency of foreign currency usage, and reduce financial costs [2][3]. - The total amount for the hedging activities is capped at 300 million RMB or equivalent foreign currency, applicable to the company and its subsidiaries combined [2][3]. - The types of transactions include forward foreign exchange settlement, currency swaps, foreign exchange options, and interest rate swaps, focusing solely on hedging actual foreign exchange risks [2][3]. Group 2: Transaction Details - The hedging activities will be limited to currencies relevant to the company's operations, such as Japanese Yen and US Dollar [3]. - The validity period for the hedging limit is 12 months from the date of board approval, with the limit being reusable within this timeframe [3]. - Transactions will be conducted with qualified financial institutions, including large state-owned banks and foreign banks, to ensure safety and reduce transaction risks [3]. Group 3: Approval Process - The proposal for the hedging activities was approved by the company's board of directors with unanimous support during the 37th meeting of the 8th board [4]. - The board has authorized the management team to handle specific operations related to the hedging activities, including margin payments and signing relevant legal documents [4]. Group 4: Risk Management and Impact - The core of the hedging strategy is to counteract exchange rate fluctuations, with potential risks including liquidity risk and counterparty default [5]. - The company has established a management framework for the hedging activities, detailing operational principles, approval authority, and risk management processes to control transaction risks [5]. - The anticipated hedging activities are expected to stabilize operations and enhance financial robustness without significantly adverse effects on the company's business [5][6].

Core Viewpoint - The document outlines the foreign exchange hedging management system of Shenghong Technology (Huizhou) Co., Ltd, aiming to standardize hedging operations, mitigate foreign exchange risks, and ensure compliance with relevant laws and regulations [1][2][3]. Group 1: General Principles - The purpose of the hedging management system is to regulate foreign exchange hedging activities and effectively control foreign currency exchange rate risks [1]. - The hedging activities include various financial instruments such as forward foreign exchange contracts, foreign exchange swaps, currency swaps, foreign exchange options, interest rate swaps, and other foreign exchange derivatives [1][2]. - The system applies to both the company and its subsidiaries, treating subsidiary hedging activities as those of the listed company [1]. Group 2: Operational Regulations - The company must conduct hedging activities based on legitimate, prudent, safe, and effective principles, ensuring that these activities align with normal business operations and do not involve speculative trading [2]. - Hedging transactions are only permitted with financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China, and the hedging limits must not exceed those approved by the board or shareholders [2]. - The foreign exchange hedging contracts must not exceed the company's predicted foreign exchange receipts and payments, and the delivery period must match the actual execution period of the business [2]. Group 3: Approval Authority - A feasibility analysis report must be prepared and submitted to the board for approval before conducting hedging activities [3]. - Certain transactions require submission to the shareholders' meeting if they exceed specified thresholds related to net profit and net assets [3]. - The board of directors and the shareholders' meeting serve as the decision-making bodies for hedging activities [4]. Group 4: Management Process - The financial center is responsible for planning, funding, executing, and managing hedging activities, while the internal audit department oversees the actual operations and risk management [4][5]. - The financial center must analyze foreign exchange market trends and propose hedging plans, which require approval from the financial head and the company president [5]. - Each hedging transaction must be documented, and the internal audit department must regularly review the operations and report findings to the board's audit committee [5][6]. Group 5: Risk Management and Information Disclosure - All personnel involved in hedging must adhere to confidentiality protocols regarding transaction details and financial status [6]. - The financial center must ensure timely settlement with financial institutions based on actual foreign exchange receipts and payments [6][7]. - The company is required to disclose information related to hedging activities in accordance with regulations from the China Securities Regulatory Commission and the Shenzhen Stock Exchange [7].

Core Viewpoint - The company has established a comprehensive set of guidelines for its hedging activities to mitigate market price volatility risks, ensuring that these activities align with its operational needs and comply with relevant regulations [1][2]. Group 1: Hedging Business Overview - The hedging business includes financial derivatives and commodity futures hedging to mitigate risks associated with exchange rates, interest rates, and commodity prices [1][2]. - The company must conduct hedging activities in a legal, prudent, safe, and effective manner, ensuring that these activities do not interfere with normal operations or involve speculative trading [2]. Group 2: Organizational Structure - The company's board of directors and shareholders' meeting serve as the decision-making bodies for hedging activities [3]. - A dedicated working group is established to manage hedging activities, comprising key executives such as the chairman, general manager, and financial officers [3][4]. Group 3: Approval Authority - The company must prepare a feasibility analysis report for hedging activities, which requires approval from the board of directors [5]. - Certain transactions, particularly those involving significant financial commitments, must also be submitted for shareholders' approval [5]. Group 4: Risk Management - The company is required to conduct thorough assessments of financial institutions before engaging in hedging activities [27]. - Regular audits and checks are mandated to ensure compliance with risk management policies and to identify any operational risks [28][30]. Group 5: Emergency Procedures - In the event of significant market changes or natural disasters, the company must promptly report and take necessary actions to mitigate risks, including closing or locking positions [37][39]. - Contingency plans are in place for operational disruptions, ensuring that trading can continue through alternative means [40][41]. Group 6: Documentation and Record Keeping - All documentation related to hedging activities, including applications, approvals, and transaction records, must be archived for a minimum of ten years [41]. - The company is responsible for maintaining confidentiality regarding its hedging strategies and financial information [25].

Core Viewpoint - The company plans to implement a financial derivatives trading plan for 2025 to enhance its ability to manage price and exchange rate fluctuations, thereby improving financial stability [1][2][3] Summary by Sections Trading Purpose - The objective is to improve the company's capability to respond to price and exchange rate volatility, better hedge against risks, and enhance financial robustness [2][3] - The steel market has experienced significant price fluctuations, with historical price ranges between 500-1300 RMB per ton, posing challenges for sales and inventory management [2] Trading Instruments and Scale - The trading instruments include iron ore futures, hot-rolled coil futures, forward foreign exchange contracts, and currency swaps [1][2] - The planned trading scale is capped at 200,000 tons for iron ore futures, 100,000 tons for hot-rolled coil futures, up to 200 million USD for forward foreign exchange contracts, and 50 million USD for currency swaps [1][3] Funding Sources - The funding for the derivatives trading will come from the company's own funds, without involving raised capital or bank credit [4] Trading Feasibility - The company has established management guidelines and internal control processes to ensure the feasibility and necessity of the derivatives trading, aligning with its overall interests and long-term development [4][5] Risk Management - The company has identified potential risks associated with derivatives trading and has implemented measures to mitigate these risks, including internal training and adherence to established management protocols [5][6] - The trading will focus on hedging against exchange rate and price risks, avoiding speculative trading [6] Impact on the Company - Engaging in financial derivatives trading is expected to partially offset the impact of exchange rate fluctuations on profits and shareholder equity, thereby enhancing the company's financial stability [6][7]

Core Viewpoint - The development of foreign trade is a crucial engine driving high-quality urban economic growth, with Suzhou actively responding to national policies to stabilize foreign trade growth through innovative financial services [1][9]. Group 1: Financial Innovation - Financial innovation is a strong support for foreign trade enterprises to explore international markets, with Suzhou financial institutions focusing on actual enterprise needs to launch specialized financial products and services [2][3]. - Jiangsu Zhongxin Bo New Energy Technology Co., Ltd. exemplifies the empowerment of foreign trade enterprises by Suzhou financial institutions, achieving rapid growth with significant support from banks [3]. Group 2: Service and Product Innovation - Various financial institutions in Suzhou are innovating services and products to meet diverse enterprise needs, with the Industrial and Commercial Bank of China Suzhou Branch establishing a special credit limit of 300 billion yuan and launching unique products to assist enterprises in expanding globally [4]. - Agricultural Bank of China Suzhou Branch has introduced over ten hedging products to meet different risk management needs of enterprises, while other banks are enhancing support for small and medium-sized enterprises [4]. Group 3: Currency Risk Management - Currency fluctuations pose significant risks for foreign trade enterprises, and Suzhou financial institutions are helping businesses improve their currency risk management capabilities through innovative service models [5][6]. - The Agricultural Bank of China Suzhou Branch established the province's first "Small and Micro Enterprise Currency Risk Hedging Service Center" to provide one-stop services for local enterprises [5]. Group 4: Tailored Services - Suzhou financial institutions are actively providing tailored services to meet the personalized needs of foreign trade enterprises, including dedicated financial advisory services [8]. - Export credit insurance plays a crucial role in stabilizing enterprises' order and export confidence, while domestic trade insurance helps mitigate credit risks in domestic trade [8]. Group 5: Future Outlook - Facing complex international economic conditions, Suzhou financial institutions aim to continuously inject "financial vitality" into the sustainable operation and stable development of foreign trade enterprises [9].