证券之星消息，截至2025年9月12日收盘，弘业期货（001236）报收于11.8元，较上周的11.89元下跌 0.76%。本周，弘业期货9月12日盘中最高价报12.06元。9月11日盘中最低价报11.54元。弘业期货当前 最新总市值119.62亿元，在多元金融板块市值排名18/27，在两市A股市值排名1604/5153。 沪深股通持股方面，截止2025年9月12日收盘，弘业期货深股通持股数为295.22万股，占流通股比为 90.0%。 弘业期货（001236）主营业务：商品期货经纪、金融期货经纪、期货投资咨询、资产管理、基金销售。 此外,本公司还从事金融资产投资业务。公司全资子公司弘业资本主要从事大宗商品交易及风险管理业 务,全资子公司弘业国际金融主要从事境外证券、期货交易及资产管理等业务。 弘业期货2025年中报显 示，公司主营收入3.23亿元，同比下降68.64%；归母净利润-360.56万元，同比下降128.17%；扣非净利 润-354.7万元，同比下降133.02%；其中2025年第二季度，公司单季度主营收入-3.2亿元，同比下降 137.69%；单季度归母净利润-480.88万元，同比下降118. ...

后十大AH股溢价率排行 | 股票名称 | H股(港元) | A股 | 溢价率↑ | 偏离值 | | --- | --- | --- | --- | --- | | 宁德时代(03750) | 432.800 | 325 | -10.06% | 7.31% | | 恒瑞医药(01276) | 83.100 | 69.01 | -0.53% | 1.21% | | 紫金矿业(02899) | 29.780 | 25.65 | 3.16% | -4.18% | | 美的集团(00300) | 85.900 | 76.03 | 6.02% | -1.26% | | 招商银行(03968) | 48.180 | 42.65 | 6.04% | -0.70% | | 赤峰黄金(06693) | 32.660 | 29.75 | 9.09% | -8.44% | | 吉宏股份(02603) | 17.860 | 16.81 | 12.77% | -4.70% | | 福耀玻璃(03606) | 74.650 | 71.05 | 14.00% | -0.69% | | 药明康德(02359) | 110.700 | 105. ...

以9月11日收盘价计算，弘业期货目前市盈率（TTM）约296.53倍，市净率（TTM）约2.14倍，市销率（TTM）约1.83倍。 公司经营范围包括商品期货经纪；金融期货经纪；期货投资咨询；资产管理；基金销售，公司经批准可以从事中国证监会规定的其他业务。 市净率(LF)历史分位(%) 001 900 80 70 69-2 60 50 47.44 40 35.49 30 25.92 20x85 20 10 6.88 5.48 0 2019-12-37 I 0-06-30 1 .7-06-30 ' /-12-37 2n- 制图数据来自恒生聚源数据库 历年营收、净利同比增长情况(%) 300 - % 200 141.98 100 47:99 27-2 5 3 0 -6.84 -68.64 -100 -200 2021 2022 2023 2020 2024 2025H1 →〇- 营业收入同比增长率 →○- 归母净利润同比增长率 制图数据来自恒生聚源数据库 营收、净利半年度变动情况(亿元) 21 - 18 15 12 18.47 9 t of the of .2247.7788.6217.547 7.73 9.11 ...

目錄 第一節 關於我們 2 釋義 7 公司資料 11 財務摘要 第二節 經營狀況 15 管理層討論及分析 第三節 企業管治 38 公司治理 40 其他事項 第四節 中期財務資料 47 審閱報告 第一節 關於我們 釋義 蘇豪弘業期貨股份有限公司 釋義 在本中期報告中，除非文義另有所指，下列詞語具有以下含義： 公司章程 指 現行有效的《蘇豪弘業期貨股份有限公司章程》，經不時修訂、補充 或以其他方式修改 A股 指 本公司股本中每股面值人民幣1.00元的境內上市的普通股，於深圳 證券交易所主板上市及買賣（股票代碼：001236） A股發行 指 本公司首次公開發行100,777,778股A股股份，並於2022年8月5日 在深圳證券交易所主板上市 A股招股說明書 指 日期為2022年7月5日就A股發行而刊發之招股說明書 資產管理規模 指 所管理資產的金額 董事會 指 本公司董事會 董事長 指 本公司董事長 首席風險官 指 本公司首席風險官 本公司、公司、弘業期貨 指 蘇豪弘業期貨股份有限公司（前稱弘業期貨股份有限公司，在香港 以「Holly Futures」名義開展業務），一家於2012年11月29日根據中 國法律在中國 ...

Core Viewpoint - 弘业期货 is a significant player in the futures market, being the first A+H share listed company in the industry, with a focus on various financial services including futures brokerage and asset management [2][7]. Company Overview - 弘业期货主要从事商品期货经纪、金融期货经纪、期货投资咨询、资产管理、基金销售和金融资产投资业务 [7]. - The company was established on July 31, 1995, and was listed on August 5, 2022 [7]. - As of June 30, 2025, the company reported a total revenue of 0.00 yuan and a net profit of -3.61 million yuan, representing a year-on-year decrease of 128.17% [7]. Financial Performance - The company achieved a trading volume of 1.74 billion yuan on September 11, with a market capitalization of 11.962 billion yuan [1]. - The average trading cost of the stock is 12.73 yuan, with a current support level at 11.84 yuan [6]. - The company has distributed a total of 44.3422 million yuan in dividends since its A-share listing [8]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 43.72% to 62,600 [7]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable increases in their holdings [8]. Market Position - 弘业期货 is categorized under the non-bank financial sector, specifically in the multi-financial and futures segments [7]. - The company is controlled by the Jiangsu Provincial Government State-owned Assets Supervision and Administration Commission, indicating its status as a state-owned enterprise [3].

智通财经APP获悉，截止9月10日收盘，东北电气(00042)、弘业期货(03678)、安德利果汁(02218)分列 AH溢价率前三位，溢价率分别为800.00%、227.63%、219.28%；宁德时代(03750)、恒瑞医药(01276)、 紫金矿业(02899)分列AH溢价率末三位，溢价率分别为-10.67%、-1.72%、4.00%。其中昭衍新药 (06127)、赣锋锂业(01772)、凯盛新能(01108)的偏离值位居前三，分别为25.76%、19.31%、18.78%；另 外，复星医药(02196)、龙源电力(00916)、龙蟠科技(02465)的偏离值位居后三，分别 为-21.97%、-20.23%、-17.81%。 前十大AH股溢价率排行 | 股票名称 | H股(港元) | A股 | 溢价率↓ | 偏离值 | | --- | --- | --- | --- | --- | | 东北电气(00042) | 0.300 | 2.25 | 800.00% | 15.86% | | 弘业期货(03678) | 4.270 | 11.68 | 227.63% | -8.94% | | 安德利果汁(022 ...

来源：新浪证券-红岸工作室 3、公司属于国有企业。公司的最终控制人为江苏省政府国有资产监督管理委员会。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-1518.94万，占比0.11%，行业排名20/27，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入-3.63亿，连续2日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入-1518.94万-1808.72万-2701.68万-2.25亿-3.52亿 主力持仓 9月9日，弘业期货跌1.60%，成交额1.34亿元，换手率1.50%，总市值118.11亿元。 异动分析 期货概念+创投+国企改革 1、弘业期货股份有限公司主要从事商品期货经纪、金融期货经纪、期货投资咨询、资产管理、基金销 售、金融资产投资业务。是期货行业首家A+H股上市公司。 2、公司认缴弘瑞新时代创业投资有限公司，出资金额 2,200 万元，持股比例为 22%。弘瑞新时代的主 要经营地为江苏省南京市，主营业务为创业投资和管理咨询。 弘业期货所属申万行业为：非银金融-多元金融-期货。所属概念板块包括：江苏国资、期 ...

Core Viewpoint - 弘业期货 is a significant player in the futures market, being the first A+H share listed company in the industry, with a focus on various financial services including futures brokerage and asset management [2][7]. Company Overview - 弘业期货主要从事商品期货经纪、金融期货经纪、期货投资咨询、资产管理、基金销售和金融资产投资业务 [7]. - The company was established on July 31, 1995, and was listed on August 5, 2022 [7]. - As of June 30, 2025, 弘业期货 reported a total revenue of 0.00 yuan and a net profit of -3.61 million yuan, a year-on-year decrease of 128.17% [7]. Financial Performance - The company achieved a trading volume of 1.46 billion yuan on September 8, with a market capitalization of 12.003 billion yuan [1]. - The average trading cost of the stock is 12.79 yuan, with the current price near a support level of 11.84 yuan [6]. - The company has distributed a total of 44.3422 million yuan in dividends since its A-share listing [8]. Shareholding Structure - As of June 30, 2025, the number of shareholders increased by 43.72% to 62,600 [7]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable increases in their holdings [8]. Industry Context - 弘业期货 is categorized under the non-banking financial sector, specifically in the futures segment, and is associated with concepts such as state-owned enterprises and national capital reform [7].

智通财经APP获悉，截止9月5日收盘，东北电气(00042)、弘业期货(03678)、安德利果汁(02218)分列AH 溢价率前三位，溢价率分别为831.03%、231.50%、231.11%；宁德时代(03750)、恒瑞医药(01276)、美 的集团(00300)分列AH溢价率末三位，溢价率分别为-9.90%、0.70%、5.55%。其中东北电气(00042)、中 芯国际(00981)、东江环保(00895)的偏离值位居前三，分别为51.67%、20.16%、19.58%；另外，龙蟠科 技(02465)、比亚迪股份(01211)、长城汽车(02333)的偏离值位居后三，分别 为-32.47%、-32.20%、-22.23%。 前十大AH股溢价率排行 股票名称 H股(港元) A股 溢价率↓ 偏离值 东北电气(00042) 0.290 2.25 831.03% 51.67% 弘业期货(03678) 4.190 11.6 231.50% -3.18% 安德利果汁(02218) 16.620 45.94 231.11% 8.10% 复旦张江(01349) 3.590 9.84 228.41% 11.86% 中石化油 ...

Core Viewpoint - The performance of A-share listed futures companies has been significantly impacted by changes in revenue recognition methods for trade-related businesses, leading to a decline in operating income for several firms [1][2]. Group 1: Revenue Performance - In the first half of the year, the operating revenues of Yong'an Futures, Nanhua Futures, and Hongye Futures were 5.557 billion, 1.101 billion, and 0.323 billion yuan respectively, showing declines of 54.12%, 58.27%, and 68.64% year-on-year [2]. - In contrast, Ruida Futures achieved an operating revenue of 1.047 billion yuan, representing a year-on-year increase of 4.49% [3]. Group 2: Profitability Analysis - Among the four futures companies, Ruida Futures reported a net profit attributable to shareholders of 228 million yuan, a significant increase of 66.49% year-on-year; Nanhua Futures reported a net profit of 231 million yuan, up 0.46%; Yong'an Futures saw a decline in net profit to 170 million yuan, down 44.69%; while Hongye Futures turned to a loss of 3.61 million yuan, a decrease of 128.17% [3]. - The overall profitability of the futures industry has increased, but individual company performances vary significantly, with some firms achieving substantial gains in asset management business [3]. Group 3: Market Activity and Competition - The Chinese futures market saw a notable increase in activity, with a total trading volume of 4.076 billion contracts and a trading value of 339.73 trillion yuan in the first half of the year, reflecting year-on-year growth of 17.82% and 20.68% respectively [4]. - Despite the growth in market size and overall trading volume, many futures companies did not see a corresponding increase in net income from fees and commissions, indicating intense competition within the industry [4]. Group 4: Interest Income Decline - Interest income, a significant component of futures brokerage revenue, has declined due to falling interest rates, with Hongye Futures experiencing the largest drop of 45.68% year-on-year; Nanhua Futures, Yong'an Futures, and Ruida Futures saw declines of 27.8%, 13.46%, and 8.42% respectively [5]. Group 5: Shift to New Business Models - In light of sluggish growth in traditional business, new business areas are becoming focal points for futures companies seeking growth [6]. - Ruida Futures reported a strong performance in asset management, with revenue from this segment reaching 121 million yuan, a year-on-year increase of 223.83% [7]. - Nanhua Futures is focusing on international business, with significant growth in overseas brokerage and asset management, including a total client equity of 177.68 billion HKD and 3.376 billion HKD respectively, both showing year-on-year increases [7]. Group 6: Industry Trends and Regulations - The futures industry faces severe competition characterized by homogenization of traditional business, prompting companies to innovate and seek differentiated competitive advantages [8]. - The China Futures Association has recently proposed new regulations to address issues of unfair competition in the brokerage business, which is expected to improve the competitive environment and enhance service quality in the industry [8].