RMB Central Parity Rate in the Interbank Foreign Exchange Market, August 12, 2025 USD/CNY at 7.1418, up 13 pips (RMB depreciation); EUR/CNY at 8.3142, down 207 pips; HKD/CNY at 0.9098, up 1.6 pips; GBP/CNY at 9.6176, down 58 pips; AUD/CNY at 4.6664, down 3 pips; CAD/CNY at 5.1979, down 72 pips; JPY/CNY at 4.8341, down 154 pips; RMB/RUB at 11.0725, down 637 pips; NZD/CNY at 4.2592, down 44 pips; RMB/RMB at 0.59164, down 15.8 pips; CHF/CNY at 8.8129, down 475 pips. The Singapore dollar/CNY exchange rate was 5.5621, down 57 points.

[TF Securities: Insurance Funds May Continue to Streamline Significant Incremental Funding for Bank Stocks] TF Securities' research report suggests that there is room for insurance funds to increase their allocation to bank stocks from two perspectives: first, incremental funds from new premiums invested in A-shares; and second, incremental funds from fully utilizing the equity asset allocation ceiling. In short, whether it's regulatory guidance leading to new premiums entering the market or an increase in the equity allocation ratio within existing assets, insurance funds are likely to continue to streamline significant incremental funds into bank stocks, and driven by this liquidity, bank stock valuations still have room to recover.

Far East Consortium International (00035.HK) Announcement: Trading of Far East Consortium International Limited's shares and bonds will be temporarily suspended from 9:00 a.m. today (12/8/2025).

The main contract of lithium carbonate fell sharply, with the increase narrowing to 6.87%. It is now quoted at 86,400 yuan/ton. It had previously risen by nearly 10% at the opening.

Important News 1. China and the United States have suspended their 24% tariffs for another 90 days. 2. China Central Depository and Clearing Corporation Limited (CCDC): Simplifying the investment process for overseas central bank-like institutions entering the market. 3. Implementation Regulations of the Value-Added Tax Law are open for public comment to enhance the operability of the tax system. 4. Three departments are seeking public opinion on the proposed removal of the requirement to explain the source and purpose of deposits and withdrawals exceeding 50,000 yuan. 5. China Rare Earth Group solemnly declares: It has never engaged in any form of cooperation, consultation, or planning with relevant institutions or entities regarding the so-called "rare earth RMB stablecoin." Individual Stock News 1. China Heavy Industry: August 12th was the last trading day for the company's stock. 2. Chengdu Huawei: Successfully launched its ultra-low-power RISC-V MCU. 3. Tianshun Shares: The company is not involved in the Xinjiang-Tibet Railway project. 4. Golden Eagle Heavy Industry: The company has not yet conducted any related business with Xinjiang-Tibet Railway Co., Ltd. 5. Guangku Technology: Proposed acquisition of 100% equity in Suzhou Anjiexun Optoelectronics; stock trading will resume on the 12th. 6. Changan Automobile: All current directors and senior executives of Changan Automobile plan to increase their holdings in the company. 7. Sunward Intelligent: A wholly-owned subsidiary received an insurance claim, impacting net profit by 126 million yuan. 8. Dongxin Semiconductor: The company's investment in Shanghai Lisuan is accounted for using the equity method and is not included in the consolidated financial statements. 9. Royal Court International: Shenzhen Royal Court Plaza will be subject to judicial auction, and the company may trigger a financial forced delisting risk warning. 10. Shanghai Harbor: The perovskite solar cell business and commercial aerospace business both account for a relatively small proportion of the company's revenue. 11. Changchun High-Tech: A subsidiary's application for clinical trials of cabergoline tablets has been approved. Currently, no similar product is available in China. 12. Shanghai Jianke: Director Chen Wei is suspected of serious violations of discipline and law and is currently under disciplinary review and supervisory investigation by the Shanghai Municipal Commission for Discipline Inspection and Supervision. 13. Jiuding Investment: Plans to acquire a 53.29% stake in Nanjing Shenyuansheng Intelligent Technology for 213 million yuan, aiming to enter a key segment of the robotics industry chain. 14. Fosun Pharma: Granted Expedition the rights to develop, manufacture and commercialize the investigational product XH-S004, and received up to US$645 million in milestone payments.

Gold T+D futures on the Shanghai Gold Exchange fell 0.56% to 774.28 yuan per gram in early trading on Tuesday, August 12. Silver T+D futures on the Shanghai Gold Exchange fell 0.53% to 9,147 yuan per kilogram in early trading on Tuesday, August 12.