Core Viewpoint - Hongye Futures has completed its share reduction plan, resulting in a total reduction of approximately 10.08 million A-shares [1] Group 1 - The company received a notification letter from Huihong Group and Hongye Logistics regarding the completion of the share reduction [1] - The share reduction plan has been fully implemented as of the date of the announcement [1]

Group 1 - The core point of the article is that Hongye Futures has completed its share reduction plan, resulting in a total reduction of approximately 10.08 million A-shares [1] Group 2 - The share reduction was executed by Huihong Group and Hongye Logistics, as indicated in the notification letter [1] - The announcement confirms that the share reduction plan has been fully implemented as of the date of the disclosure [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Holly Futures （ 於 中 華 人 民 共 和 國 （ 「 中 國 」 ） 註 冊 成 立 的 股 份 有 限 公 司 ， 中 文 公 司 名 稱 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 的 名 義 開 展 業 務 ) 關於控股股東之一致行動人減持計劃 完成公告 本 公 告 乃 本 公 司 根 據 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則（「上 市 規 則」）第13.09條及香港法例第571章證券及期貨條例第XIVA部項下內幕消息條 文（如 上 市 規 則 所 定 義）發 出。 茲提述本公司日期為2025年8月19日 的 公 告（「該公告」），內 容 關 於 本 公 司 控 股 股 東 江 蘇 省 蘇 豪 控 股 集 ...

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 is controlled by the Jiangsu Provincial Government State-owned Assets Supervision and Administration Commission, indicating its status as a state-owned enterprise [3]. - As of September 30, 2025, 弘业期货 reported a revenue of 0.00 yuan and a net profit of 208.97 million yuan, reflecting a year-on-year decrease of 87.27% [7]. Financial Performance - The company achieved a trading volume of 1.25 billion yuan on November 17, with a market capitalization of 11.217 billion yuan [1]. - The average trading cost of the stock is 11.82 yuan, with the stock price nearing a resistance level of 11.44 yuan, suggesting potential for upward movement if the resistance is broken [6]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 13.10% to 54,400, with no circulating shares per capita [7]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable reductions in their holdings [8]. Investment Activities - 弘业期货 has invested 22 million yuan in 弘瑞新时代创业投资有限公司, holding a 22% stake, which focuses on venture capital and management consulting [2].

Report Investment Rating - No information provided Core View - Due to macro - negative factors and insufficient demand, the upward movement of Shanghai Aluminum faces obstacles. Although it may continue its short - term volatile upward trend, it may face pressure in the medium term [3][4] Summary by Related Content Market Environment - The market expects the probability of the Fed cutting interest rates in December to drop below 50%, leading to rising risk aversion and weakening of risk assets. The market is generally weak, with the US dollar rising and the RMB falling, and non - ferrous metals mostly declining [3] Aluminum Price and Inventory - Today, Shanghai Aluminum closed at 21,725, and the spot price was 21,630, with a spot - to - futures premium of - 95 points. This week, Shanghai Aluminum rose and then fell, with the spot premium remaining at - 20 yuan. Domestic electrolytic aluminum social inventory was stable, alumina inventory increased, and SHFE aluminum inventory decreased slightly. LME inventory increased, and the LME spot premium widened to - 28 US dollars [3] Technical Analysis - Today, US crude oil tumbled, and LME Aluminum declined slightly, trading around 2,850 US dollars. Shanghai Aluminum fell, closing at 21,725, with a weakening technical pattern. Trading volume increased while open interest decreased, indicating significant market divergence [4] Market Sentiment and Outlook - After the hype of anti - involution subsided, alumina oscillated at a low level. With the easing of trade disputes, unclear situation in Russia - Ukraine, and rising energy prices, market sentiment was relatively strong. After the hype of gold and copper decreased, small metals were favored by funds. The short - term volatile upward trend of Shanghai Aluminum will continue, but it may face pressure in the medium term due to insufficient spot demand. The future focus is on whether Shanghai Aluminum will fluctuate with copper prices and the spot demand situation [4] Aluminum Market Indicator Monitoring | Date | RMB Exchange Rate | Spot Premium | LME Aluminum Futures - Spot Price Difference | Main Contract Shanghai - London Ratio | | ---- | ---- | ---- | ---- | ---- | | November 11 | 7.1224 | - 20 | - 16 | 7.54 | | November 12 | 7.1124 | - 10 | - 24 | 7.56 | | November 13 | 7.0971 | - 10 | - 28 | 7.58 | | November 14 | 7.0998 | - 20 | - 26 | 7.60 | | November 17 | 7.1058 | - 20 | - 28 | 7.65 | [5]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The probability of the Fed cutting interest rates in December is expected to drop below 50%, risk aversion continues to rise, and risk assets are generally weak. Macro - level negative factors have led to a weak market trend today, with copper prices under pressure and falling [3]. - The uncertainty of the Fed's interest - rate cuts has increased, while China's monetary policy tends to be loose, resulting in large short - term fluctuations in copper prices. The Indonesian mines are gradually resuming production, but spot demand remains sluggish, inventories are high, and there may be some pressure on the spot side in the future. There are contradictions and high uncertainties between the medium - term macro - expectations and spot demand [4]. Group 3: Summary by Related Catalogs Market Situation - Due to macro - level negative impacts, the market is weak today. The US dollar rises and the RMB falls, and non - ferrous metals generally decline. Both Shanghai copper and LME copper fall, as well as domestic spot copper [3]. - Shanghai copper closes at 86,450 and spot copper at 86,620. The spot is at a premium of 170 points over the futures. The spot basis premium rises to 105 points, and spot trading is poor. The LME spot turns to a premium of $4 this week, indicating improved foreign spot demand. US copper inventories continue to rise to a new high this week, LME copper inventories are stable, and Shanghai copper inventories rise slightly, showing weak spot demand. The RMB exchange rate rises significantly this week, the Yangshan copper premium drops to a recent low of $32, indicating poor domestic spot demand. The LME - Shanghai ratio of copper prices rises to 8.01, and international copper is at a premium of 537 points over Shanghai copper, with the foreign ratio higher than the domestic one [3]. Technical Analysis - Today, LME copper falls slightly and trades around $10,825. Shanghai copper hits a low and then rebounds, falling slightly and closing at 86,450. The technical pattern is weak. The trading volume of Shanghai copper rises while the open interest falls, indicating a large market divergence [4]. Data Monitoring | Date | RMB Exchange Rate | Spot Premium/Discount (yuan/ton) | Yangshan Copper Premium (dollars/ton) | LME Copper - Futures - Spot Spread | Main Contract LME - Shanghai Ratio | | --- | --- | --- | --- | --- | --- | | November 11 | 7.1224 | 380 | 33.5 | - 15 | 8 | | November 12 | 7.1124 | 190 | 33.5 | - 21 | 8.02 | | November 13 | 7.0971 | - 100 | 33.5 | - 14 | 8 | | November 14 | 7.0998 | 240 | 33.5 | - 6 | 7.99 | | November 17 | 7.1058 | 170 | 32 | 4 | 8.01 | [5]

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant discrepancies in market valuations between H-shares and A-shares for various companies [1][2][3]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 815.25%, followed by Hongye Futures (03678) at 277.62% and Sinopec Oilfield Service (01033) at 276.83% [1][2]. - The premium rates for the top three companies indicate a strong market preference for their H-shares compared to A-shares [2]. Group 2: Bottom AH Share Premium Rates - Contemporary Amperex Technology (03750) has the lowest premium rate at -7.20%, with China Merchants Bank (03968) at -0.80% and Heng Rui Medicine (01276) at 4.11% [1][3]. - The negative premium for Contemporary Amperex Technology suggests a potential undervaluation of its H-shares relative to A-shares [3]. Group 3: Premium Deviation Values - Zhongwei New Materials (02579) has the highest deviation value at 77.12%, indicating a significant difference from its historical average premium rate [1][4]. - The lowest deviation values are seen in Northeast Electric (00042) at -22.71%, suggesting a consistent underperformance compared to its historical premium [1][5].

Core Insights - On November 14, Hongye Futures executed a block trade of 210,000 shares with a transaction value of 2.0958 million yuan, accounting for 1.23% of the total trading volume for the day [1][2] - The transaction price was 9.98 yuan, representing a discount of 9.85% compared to the market closing price of 11.07 yuan [1] Group 1: Transaction Details - The block trade occurred on November 14, 2025, involving the security code 001236, referred to as "引不明亮" [2] - The transaction volume was 210,000 shares, with a total transaction amount of 2.0958 million yuan [2] - The buyer was an institutional client, while the seller was from the Shanghai Pudong New Area, specifically the Chengshan Road Securities Business Department of Founder Securities Co., Ltd. [2]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 14, with Northeast Electric (00042) leading at 831.03% and Ningde Times (03750) at -9.94% [1][2] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042) with a premium of 831.03% - Sinopec Oilfield Service (01033) with a premium of 279.27% - Hongye Futures (03678) with a premium of 276.70% [1][2] - The bottom three stocks with the lowest AH premium rates are: - Ningde Times (03750) with a premium of -9.94% - China Merchants Bank (03968) with a premium of -0.10% - Heng Rui Pharmaceutical (01276) with a premium of 5.22% [1][2] Deviation Values - The stocks with the highest deviation values are: - Sinopec Oilfield Service (01033) with a deviation of 36.09% - Hongye Futures (03678) with a deviation of 32.04% - Zhejiang Shibao (01057) with a deviation of 29.03% [1][2] - The stocks with the lowest deviation values are: - Andeli Juice (02218) with a deviation of -18.61% - Ganfeng Lithium (01772) with a deviation of -17.09% - China Life (02628) with a deviation of -16.43% [1][2][3]

Core Insights - The article highlights the top and bottom performing AH share premium rates as of November 12, with Northeast Electric (00042) leading at 847.37% and Ningde Times (03750) at -15.85% [1][2] Summary by Category Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 847.37% with H-share priced at 0.285 HKD and A-share at 2.25 CNY [1] - Hongye Futures (03678) follows with a premium rate of 266.57%, H-share at 3.590 HKD and A-share at 10.99 CNY [1] - Zhejiang Shibao (01057) ranks third with a premium rate of 264.95%, H-share at 4.650 HKD and A-share at 14.17 CNY [1] Bottom AH Share Premium Rates - Ningde Times (03750) shows a negative premium rate of -15.85%, with H-share at 550.000 HKD and A-share at 386.38 CNY [1] - China Merchants Bank (03968) has a premium rate of -1.59%, H-share at 52.250 HKD and A-share at 42.93 CNY [1] - Heng Rui Pharmaceutical (01276) has a premium rate of 3.59%, H-share at 71.800 HKD and A-share at 62.1 CNY [1] Top AH Share Deviation Values - Zhejiang Shibao (01057) leads with a deviation value of 27.23% [1] - Hongye Futures (03678) has a deviation value of 25.25% [1] - Sinopec Oilfield Service (01033) follows with a deviation value of 20.25% [1] Bottom AH Share Deviation Values - Andeli Juice (02218) has the lowest deviation value at -25.93% [1] - China Life (02628) follows with -19.73% [1] - CNOOC Services (02883) has a deviation value of -13.96% [1]