Core Viewpoint - Hongye Futures (001236) announced that its controlling shareholder, Suhao Holdings Group, plans to reduce its stake through Zhongshan Company by selling up to 24.255 million H-shares starting from December 1 for a period of six months, representing a maximum reduction of 2.41% of the company's total issued shares [1] Group 1 - The planned share reduction will be executed via centralized bidding [1] - The maximum number of shares to be sold is 24.255 million [1] - The reduction period is set for six months starting from December 1 [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 ) ( 「 本 公 司 」 ) （股 份 代 號：3678） 關於控股股東下屬公司擬減持本公司H股的公告 本 公 司 近 日 收 到 蘇 豪 控 股 集 團 鍾 山 有 限 公 司（以 下 簡 稱「鍾山公司」）的 通 知，計 劃 自2025年12月1日 起6個月內以集中競價方式減持不超過24,255,000股本公司H 股（佔 本 公 司 已 發 行 股 份 總 額 約2.41%），減 持 價 格 區 間 根 據 減 持 時 的 市 場 價 格 ...

Core Viewpoint - Hongye Futures (001236) announced that Zhongshan Company, a subsidiary of Suhao Holdings Group, plans to reduce its holdings of H-shares by up to 24.255 million shares, representing approximately 2.41% of the company's total issued shares, within six months starting from December 1, 2025 [1] Group 1 - Suhao Holdings directly and indirectly holds about 510 million shares of the company, accounting for approximately 50.58% of the total issued shares [1] - Suhao Holdings directly owns about 275 million A-shares, which is approximately 27.33% of the total issued shares [1] - The company also holds approximately 210 million A-shares through its subsidiaries, representing about 20.84% of the total issued shares [1] Group 2 - The planned share reduction will not affect the company's operations, finances, or future development significantly [1] - After the share reduction, Suhao Holdings will remain the controlling shareholder of the company [1]

Core Viewpoint - Hongye Futures (03678) announced that Zhongshan Company plans to reduce its holdings of the company's H-shares by up to 24.255 million shares, accounting for approximately 2.41% of the total issued shares, through centralized bidding starting from December 1, 2025 [1] Group 1 - Zhongshan Company is a subsidiary of Suhao Holdings Group, which directly and indirectly holds about 510 million shares of the company, representing approximately 50.58% of the total issued shares [1] - Suhao Holdings directly holds about 275 million A-shares, accounting for approximately 27.33% of the total issued shares, and through its associates holds an additional 210 million A-shares, representing about 20.84% of the total issued shares [1] - After the share reduction plan, Suhao Holdings will remain the controlling shareholder of the company, and the reduction will not have a significant impact on the company's operations, finances, or future development [1]

Core Viewpoint - Hongye Futures (03678.HK) announced that its shareholder, Zhongshan Company, plans to reduce its holdings of H shares by up to 24,255,000 shares, representing approximately 2.41% of the total issued shares, within six months starting from December 1, 2025 [1] Group 1 - Zhongshan Company will determine the reduction price based on market conditions at the time of the sale [1] - The controlling shareholder, Jiangsu Suhao Holding Group Co., Ltd., holds a total of 509,750,107 shares, accounting for about 50.58% of the total issued shares [1] - Jiangsu Suhao directly holds 275,456,777 A shares, which is approximately 27.33% of the total issued shares [1] Group 2 - Jiangsu Suhao, through its concerted actions with subsidiaries, holds an additional 210,038,330 A shares, representing about 20.84% of the total issued shares [1] - Zhongshan Company, as a wholly-owned offshore subsidiary of Jiangsu Suhao, holds 24,255,000 H shares, which is approximately 2.41% of the total issued shares [1]

Core Viewpoint - Hongye Futures (03678.HK) plans to reduce its H-shares by up to 24,255,000 shares, representing approximately 2.41% of the total issued shares, starting from December 1, 2025, over a period of six months [1] Group 1 - The reduction will be executed through centralized bidding, with the selling price determined by market conditions at the time of the sale [1] - The controlling shareholder, Suhao Holdings Group Co., Ltd., currently holds 509,750,107 shares, which is about 50.58% of the total issued shares [1] - Suhao Holdings directly owns 275,456,777 A-shares, accounting for approximately 27.33% of the total issued shares [1] Group 2 - Suhao Holdings, through its concerted actions with subsidiaries, holds an additional 210,038,330 A-shares, representing about 20.84% of the total issued shares [1] - The overseas subsidiary, Zhongshan Company, holds 24,255,000 H-shares, which is approximately 2.41% of the total issued shares [1]

本 公 司 近 日 收 到 蘇 豪 控 股 集 團 鍾 山 有 限 公 司（以 下 簡 稱「鍾山公司」）的 通 知，計 劃 自2025年12月1日 起6個月內以集中競價方式減持不超過24,255,000股本公司H 股（佔 本 公 司 已 發 行 股 份 總 額 約2.41%），減 持 價 格 區 間 根 據 減 持 時 的 市 場 價 格 及 交 易 方 式 確 定（「股份減持計劃」）。 （ 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 ) ( 「 本 公 司 」 ) （股 份 代 號：3678） 關於控股股東下屬公司擬減持本公司H股的公告 於 本 公 告 日 期，本 公 司 控 股 股 東 江 蘇 省 蘇 豪 控 股 集 團 有 限 公 司（以 下 簡 稱「蘇 豪 控 股」）直 接 及 間 接 持 有 本 公 司509,750,107股 股 份，佔 本 公 司 已 發 行 股 ...

Group 1 - The core point of the news is that Hongye Futures experienced a block trade on November 11, with a transaction price of 10.09 yuan, representing an 8.61% discount to the closing price of the day [1] - A total of 600,000 shares were traded in this block transaction, amounting to 6.054 million yuan, with the buyer being an institutional client and the seller being a brokerage firm [1] - Over the past three months, the stock has seen 25 block trades totaling 730,000 hands, all executed at a discount [1] Group 2 - In the last six months, 432 million shares of restricted stock have been released, accounting for 42.83% of the company's total share capital [1] - As of November 11, 2025, Hongye Futures (001236) closed at 11.04 yuan, down 0.99%, with a turnover rate of 0.9% and a trading volume of 68,500 hands, totaling 75.8074 million yuan [1] - There has been a net reduction of 37.2022 million shares held by shareholders in the past six months, with specific details of shareholder changes provided [1]

Group 1 - The core transaction involved 600,000 shares of Hongye Futures, with a total transaction value of 6.054 million yuan, accounting for 7.4% of the total transaction volume on that day [1][2] - The transaction price was 10.09 yuan per share, which represents an 8.61% discount compared to the market closing price of 11.04 yuan [1][2]

Report Industry Investment Rating - Not provided Core View of the Report - Macro-level factors like the potential end of the US government shutdown, the continuation of the Fed's interest rate cut cycle, and a more relaxed global monetary policy are favorable for copper prices, while on the supply-demand side, the recovery of Indonesian mines and weak short-term spot demand with high inventories may put pressure on the spot market in the future. In the short term, due to news stimulation, the market sentiment is strong and copper prices may fluctuate at a high level, but in the medium term, there is a contradiction between macro expectations and spot demand, with high uncertainty [3][4]. Summary According to Related Content Market Performance - Today, the LME copper rose slightly, trading around $10,785, and the Shanghai copper also rose slightly, closing at 86,480. The trading volume and open interest of Shanghai copper were basically stable, and the market sentiment was neutral [4]. - The Shanghai copper closed at 86,480, and the spot price was 88,610, with the spot at a premium of 130 points over the futures. The spot basis premium was 55 points, and the spot trading improved slightly. The LME spot discount narrowed to -$18 this week, and the external spot demand was average [3]. - This week, the RMB exchange rate rose significantly, and the Yangshan copper premium dropped to a recent low of $33.5, indicating poor domestic spot demand. The ratio of LME copper to Shanghai copper dropped to 8, and the premium of international copper over Shanghai copper dropped to 496 points, with the external price ratio higher than the internal one [3]. Market Analysis - Macroscopically, the global trade pattern is gradually stabilizing, the Fed's interest rate cut cycle continues, and the global monetary policy tends to be loose, which is beneficial to copper prices; on the supply-demand side, Indonesian mines are gradually resuming production, but the spot demand remains weak in the short term, with high inventories, and there may be pressure on the spot side in the future [4]. - Technically, the technical form of Shanghai copper is neutral. In the short term, market sentiment is strong due to news such as the end of the US government shutdown, and copper prices may fluctuate at a high level. In the medium term, there is a contradiction between macro expectations and spot demand, with high uncertainty [4]. Future Concerns - Future attention should be paid to when the US government shutdown will end, whether the Fed's interest rate cut cycle can continue, and when the current weak spot demand at home and abroad will improve [4].