Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 27, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] - The article also lists the stocks with the highest and lowest deviation values, indicating significant discrepancies between A-shares and H-shares [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Hongye Futures (03678): 269.82% - Sinopec Oilfield Service (01033): 264.86% [1] - The bottom three stocks with the lowest AH premium rates are: - Ningde Times (03750): -5.40% - China Merchants Bank (03968): -1.65% - Heng Rui Medicine (01276): -0.38% [1] Deviation Value Rankings - The stocks with the highest deviation values are: - Vanke Enterprises (02202): 30.48% - Dazhong Public Utilities (01635): 24.57% - Shandong Xinhua Pharmaceutical (00719): 22.88% [1] - The stocks with the lowest deviation values are: - Sairis (09927): -17.06% - China National Airlines (00753): -13.21% - China Life (02628): -13.18% [1] Additional Insights - The article provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating market trends and potential investment opportunities [2]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1][2][3] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 831.03%, followed by Sinopec Oilfield Service (01033) at 267.57% and Hongye Futures (03678) at 266.67% [1][2] - Other notable stocks with high premium rates include Zhejiang Shibao (01057) at 263.21% and Fudan Zhangjiang (01349) at 237.83% [2] Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -4.42%, China Merchants Bank (03968) at -1.39%, and Hengrui Medicine (01276) at 1.55% [1][2] - Additional stocks with low premium rates are WuXi AppTec (02359) at 5.00% and Weichai Power (02338) at 6.47% [2] Group 3: Top Deviation Values - The highest deviation values are seen in China Shipbuilding Defense (00317) at 27.44%, Shandong Xinhua Pharmaceutical (00719) at 22.88%, and Guanghetong (00638) at 22.39% [1][3] - Other stocks with significant deviation values include Nanjing Panda Electronics (00553) at 16.09% and Vanke Enterprises (02202) at 15.80% [3] Group 4: Bottom Deviation Values - Northeast Electric (00042) has the lowest deviation value at -25.74%, followed by Longpan Technology (02465) at -16.99% and Air China (00753) at -13.49% [1][3] - Additional stocks with low deviation values include Jiangsu Ninghu Expressway (00177) at -12.27% and China Life (02628) at -11.52% [3]

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 831.03% and Ningde Times (03750) at -4.55% [1][2][3] Premium Rate Rankings - The top three AH share premium rates are: - Northeast Electric (00042): 831.03% - Hongye Futures (03678): 270.00% - Sinopec Oilfield Service (01033): 268.92% [1][2] - The bottom three AH share premium rates are: - Ningde Times (03750): -4.55% - China Merchants Bank (03968): -1.71% - Heng Rui Medicine (01276): 3.65% [1][3] Deviation Value Rankings - The top three stocks with the highest deviation values are: - China Shipbuilding Defense (00317): 53.01% - Guanghetong (00638): 25.36% - GAC Group (02238): 22.12% [1][4] - The bottom three stocks with the lowest deviation values are: - Longpan Technology (02465): -31.76% - Northeast Electric (00042): -23.74% - Ganfeng Lithium (01772): -14.15% [1][5]

Report Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of the copper market are poor, and the upward momentum of copper prices is weak. The uncertainty of the Fed's interest rate cut has increased, leading to large short - term fluctuations in copper prices. With the gradual resumption of production in Indonesian mines, weak spot demand, high inventories, and uncertain medium - term spot demand, there are risks in the copper market [3][4]. Summary by Related Information Market Sentiment and Macro - environment - The preliminary values of manufacturing PMIs in the US and Europe are lower than expected, the US consumer confidence index hits a record low, and the expectation of a Fed rate cut in December rises to over 50%, improving market sentiment. Tensions in Sino - Japanese relations persist, and the market focuses on the progress of Russia - Ukraine negotiations. The US dollar rises, the RMB falls slightly, and the sentiment in the non - ferrous metal market is cautious [3]. Copper Price and Inventory - Today, SHFE copper closes at 86,080, and the spot price is 86,310, with a spot premium of 230 points over the futures. The spot basis premium drops to 85 points, and spot trading is poor. LME spot turns to a premium of $1 this week, indicating improved foreign spot demand. US copper inventories continue to rise to a new high this week, LME copper inventories increase, and SHFE copper inventories remain stable, suggesting weak spot demand [3]. Technical Analysis - Today, LME copper moves flat around $10,778. SHFE copper rises slightly after a pull - back, closing at 86,080, with a weak technical pattern. Both trading volume and open interest of SHFE copper decline, showing a cautious market sentiment [4]. Market Outlook - The prospect of the Fed's interest rate cut is uncertain, the US AI bubble theory is negative, and domestic economic data is poor. The medium - term spot demand has high uncertainty and risks. Future attention should be paid to whether the Fed's interest rate cut cycle can continue and when the current weak spot demand at home and abroad will improve [4]. Copper Market Indicator Monitoring - From November 18th to 24th, the RMB exchange rate shows small fluctuations, the spot premium shows different changes, the Yangshan copper premium rises to $35, the LME copper - futures spread has different values, and the LME - SHFE copper ratio is around 8 [5].

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1][2][3] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with a premium rate of 847.37%, followed by Sinopec Oilfield Service (01033) at 270.27% and Hongye Futures (03678) at 269.94% [1][2] - Zhejiang Shibao (01057) and Fudan Zhangjiang (01349) also show high premium rates of 263.16% and 250.00% respectively [2] Group 2: Bottom AH Premium Rates - The lowest premium rates are observed in CATL (03750) at -4.68%, China Merchants Bank (03968) at -1.05%, and Heng Rui Medicine (01276) at 4.32% [1][2] - Other companies like WuXi AppTec (02359) and Midea Group (00300) also show modest premium rates of 5.49% and 5.97% respectively [2] Group 3: Top AH Deviation Values - Guanghe Tong (00638) has the highest deviation value at 32.28%, followed by Beijing Jingcheng Machinery Electric (00187) at 21.40% and Fudan Zhangjiang (01349) at 17.42% [1][3] - Nanjing Panda Electronics (00553) also shows a significant deviation value of 17.34% [3] Group 4: Bottom AH Deviation Values - The lowest deviation values are recorded for Zhongwei New Materials (02579) at -23.92%, Longpan Technology (02465) at -15.25%, and Anhui Wanshan Expressway (00995) at -12.36% [1][3] - Other companies like Ganfeng Lithium (01772) and China Life (02628) also show negative deviation values of -11.85% and -9.94% respectively [3]

Core Viewpoint - 弘业期货 has shown a positive performance with a 1.41% increase in stock price, reaching a market capitalization of 10.148 billion yuan, while the trading volume was 107 million yuan [1] Company Overview - 弘业期货股份有限公司 primarily engages in commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, fund sales, and financial asset investment [2][7] - The company is the first A+H share listed company in the futures industry and is controlled by the Jiangsu Provincial Government State-owned Assets Supervision and Administration Commission [3][7] Financial Performance - For the period from January to September 2025, 弘业期货 reported zero operating revenue and a net profit attributable to shareholders of 2.0897 million yuan, a decrease of 87.27% year-on-year [7] - Cumulative cash distribution since A-share listing amounts to 44.3422 million yuan [8] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 13.10% to 54,400, with an average of zero circulating shares per person [7] - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with both reducing their holdings compared to the previous period [8] Market Activity - The stock has experienced a net outflow of 25.6583 million yuan today, with a continuous reduction in main funds over the past three days [4][5] - The average trading cost of the stock is 11.69 yuan, with recent rapid outflows of shares suggesting a recommendation for portfolio adjustment [6]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with a premium rate of 918.87%, followed by Sinopec Oilfield Service (01033) at 304.05% and Hongye Futures (03678) at 298.14% [1] - The top three stocks with the highest deviation values are Northeast Electric (72.50%), Beijing Jingcheng Machinery Electric (00187) (65.68%), and Sinopec Oilfield Service (51.01%) [1] Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include CATL (03750) at 0.74%, China Merchants Bank (03968) at 0.92%, and Midea Group (00300) at 6.26% [1] - The bottom three stocks with the lowest deviation values are China Eastern Airlines (00670) (-6.33%), Jiangsu Ninghu Expressway (00177) (-6.04%), and Anhui Wanan Expressway (00995) (-5.20%) [1] Group 3: Additional Insights on Premium and Deviation - The article provides a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, showcasing the significant differences in market valuation between H-shares and A-shares [1][2] - The premium rates and deviation values are calculated based on the current rates compared to the average rates over the past 30 days, indicating potential investment opportunities or risks [2]

Group 1 - The company, Hongye Futures, stated on November 20 that it will disclose the number of shareholders at specific reporting periods in its regular reports [1]

Core Viewpoint - 弘业期货 announced its participation in an investor communication event to enhance investor relations and provide insights into the company's performance [1] Group 1 - 弘业期货 disclosed its 2025 Q3 report on October 29, 2025 [1] - The company will participate in a collective investor communication meeting organized by 江苏省苏豪控股集团有限公司 on November 28, 2025 [1] - The event is scheduled to take place from 10:00 to 11:00 [1]

证券代码：001236 证券简称： 公告编号：2025-057 苏豪弘业期货股份有限公司(以下简称"公司")已于2025年10月29日披露了 《2025年第三季度报告》。为进一步加强与投资者的互动交流，提升公司投资者关系 管理水平，使广大投资者能更深入全面地了解公司情况，公司将于2025年11月28日(星 期五)10:00-11:00参加江苏省苏豪控股集团有限公司控股上市公司集体投资者交流会 暨召开2025年第三季度业绩说明会，现将有关事项公告如下： 一、 活动的时间、方式 活动时间：2025年11月28日(星期五) 10:00-11:00。 活动方式：网络互动方式，通过"价值在线"网站(www.ir-online.cn) 开展本次活 动。 三、投资者参与方式 1 投 资 者 可 于 2025 年 11 月 28 日 （ 星 期 五 ） 10:00-11:00 通 过 网 址 https://eseb.cn/1tknQVVdaKI或使用微信扫描下方小程序码即可进入参与互动交流，公 司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 四、问题征集 为提升交流的针对性，现就本次活动提前向 ...