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].

Core Viewpoint - The performance of A-share listed futures companies in the first half of 2025 shows significant divergence, with only Ruida Futures achieving growth in both revenue and net profit, while others like Nanhua Futures, Yong'an Futures, and Hongye Futures faced declines or losses [1][2]. Group 1: Company Performance - The four listed futures companies collectively achieved a revenue of 8.027 billion yuan and a net profit of 625 million yuan in the first half of 2025 [1]. - Ruida Futures reported a revenue increase of 4.49% to 1.047 billion yuan and a net profit surge of 66.49% to 228 million yuan [2][4]. - Nanhua Futures experienced a revenue drop of 58.27% to 1.101 billion yuan, but a slight net profit increase of 0.46% to 231 million yuan [4]. - Yong'an Futures had the largest revenue of 5.556 billion yuan, but it declined by 54.12%, with a net profit decrease of 44.69% to 170 million yuan [4]. - Hongye Futures faced the most severe challenges, with a revenue drop of 68.64% to 323 million yuan and a net loss of 3.6056 million yuan, reflecting a 128.17% decline in net profit [4]. Group 2: Industry Trends - The futures industry is undergoing a transformation from a "channel dividend" era to a "service and capital dividend" phase, necessitating core competencies in specialization, technology, and internationalization for companies to succeed [1][3]. - Despite the poor performance of A-share listed futures companies, the overall futures industry showed optimism, with a net profit of 5.074 billion yuan and a revenue of 18.676 billion yuan, reflecting a year-on-year growth of 32% and 3.89%, respectively [2][3]. - The decline in revenue for many A-share listed companies is attributed to the impact of the "net amount method" of accounting, which has particularly affected those focused on trade [2][3].

Core Insights - Hongye Futures experienced a 2.79% increase in stock price, closing at 11.78 yuan on September 4 [1] - A total of 3 block trades occurred, with a combined trading volume of 791,000 shares and a total transaction value of 8.2976 million yuan [1] Block Trade Details - The first transaction was priced at 10.49 yuan for 191,000 shares, totaling 2.0036 million yuan, with a premium rate of -10.95% [1] - The second transaction also priced at 10.49 yuan involved 400,000 shares, amounting to 4.1960 million yuan, maintaining the same premium rate of -10.95% [1] - The third transaction, again at 10.49 yuan, included 200,000 shares for a total of 2.0980 million yuan, with the same premium rate of -10.95% [1] Recent Trading Activity - Over the past three months, Hongye Futures has recorded 33 block trades with a cumulative transaction value of 86.0047 million yuan [1] - In the last five trading days, the stock has declined by 5.76%, with a net outflow of 114 million yuan from major funds [1]

Group 1 - On September 4, Hongye Futures executed a block trade of 791,000 shares with a total transaction value of 8.2976 million yuan, accounting for 2.7% of the total trading volume for the day [1] - The transaction price was 10.49 yuan, which represents a discount of 10.95% compared to the market closing price of 11.78 yuan [1] Group 2 - The block trade included multiple transactions, with the largest being 40,000 shares at the same price of 10.49 yuan [2] - The buying parties included Huatai Securities and CITIC Securities, while the selling party was identified as Founder Securities [2]

Core Viewpoint - 弘业期货 has shown a significant increase in stock price and trading volume, indicating potential investor interest and market activity [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 [2] - 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] Ownership and Control - 弘业期货 is a state-owned enterprise, ultimately controlled by the Jiangsu Provincial Government State-owned Assets Supervision and Administration Commission [3] Financial Performance - The company has a market capitalization of 11.87 billion yuan and a trading volume of 298 million yuan with a turnover rate of 3.34% [1] - The average trading cost of the stock is 12.84 yuan, with the current stock price near a resistance level of 11.84 yuan [6] 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]

Core Viewpoint - The performance of A-share listed futures companies in the first half of the year shows significant divergence, with traditional brokerage business facing intense competition and innovative business becoming a key determinant of profitability [2][5][11]. Group 1: Revenue Performance - Four A-share listed futures companies have disclosed their semi-annual reports, revealing a notable decline in revenue for some due to changes in revenue recognition methods for trade-related businesses [1][2]. - Specifically, Yong'an Futures, Nanhua Futures, and Hongye Futures reported revenues of 5.557 billion, 1.101 billion, and 323 million yuan respectively, with year-on-year declines of 54.12%, 58.27%, and 68.64% [3]. - In contrast, Ruida Futures achieved a revenue of 1.047 billion yuan, marking a year-on-year increase of 4.49% [4]. Group 2: Profitability Analysis - Profitability among the four futures companies varied significantly, with Ruida Futures reporting a net profit of 228 million yuan, up 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 decline of 128.17% [5]. - Overall, the futures industry experienced an increase in profitability, but individual company performances varied, with some achieving substantial gains in asset management business [5]. Group 3: Market Activity and Competition - The Chinese futures market saw a significant increase in activity in the first half of the year, with a total trading volume of 4.076 billion contracts and a total trading value of 339.73 trillion yuan, representing year-on-year growth of 17.82% and 20.68% respectively [6]. - 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, highlighting the intense competition in the industry [7]. Group 4: Interest Income and Client Equity - Interest income, a major component of brokerage business revenue, declined due to falling interest rates, with Hongye Futures experiencing the largest drop of 45.68% year-on-year, followed by Nanhua Futures, Yong'an Futures, and Ruida Futures with declines of 27.8%, 13.46%, and 8.42% respectively [8]. - Client equity sizes varied among the four listed futures companies, with Yong'an Futures reporting a decline of 15.47% to 39.775 billion yuan, while Nanhua Futures saw a growth of 6.1% to 27.347 billion yuan, and Ruida Futures reported a growth of 28.51% to 14.725 billion yuan [8]. Group 5: Business Transformation and Innovation - In light of sluggish growth in traditional business, futures companies are increasingly focusing on new business areas for growth, with Ruida Futures reporting significant profit growth driven by its asset management business, which generated 121 million yuan in revenue, up 223.83% year-on-year [10]. - Nanhua Futures is also focusing on international business, with its overseas brokerage client equity totaling 17.768 billion HKD, and its overseas asset management business reaching 3.376 billion HKD, both showing year-on-year growth [10]. - The industry is facing challenges from intense competition and the need for transformation, prompting some companies to seek differentiation and innovation to enhance competitiveness [11].

Core Viewpoint - The performance of A-share listed futures companies in the first half of 2025 shows significant divergence, with overall revenue declining and only one company, Ruida Futures, achieving growth in both revenue and net profit [1][2][4]. Group 1: Financial Performance - A-share listed futures companies (Nanhua Futures, Hongye Futures, Ruida Futures, Yong'an Futures) reported a total revenue of 8.027 billion yuan, a decrease of 8.752 billion yuan compared to the same period last year [2][3]. - The total net profit attributable to shareholders was 625 million yuan, down by 6.3 million yuan year-on-year [2][3]. - Ruida Futures achieved a revenue increase of 4.49% to 1.047 billion yuan and a net profit increase of 66.49% to 228 million yuan [3][4]. - Nanhua Futures reported a revenue of 1.101 billion yuan, down 58.27%, with a slight net profit increase of 0.46% to 231 million yuan [3][4]. - Yong'an Futures had a revenue of 5.556 billion yuan, down 54.12%, and a net profit decrease of 44.69% to 170 million yuan [3][4]. - Hongye Futures reported a revenue of 323 million yuan, down 68.64%, and a net loss of 3.6056 million yuan, a decline of 128.17% [3][4]. Group 2: Industry Trends - The futures industry is transitioning from a "channel dividend" era to a "service and capital dividend" era, requiring companies to focus on specialization, technology, or internationalization to succeed [1][6][7]. - The overall futures industry showed a positive trend, with net profits increasing by 32% to 5.074 billion yuan and total revenue rising by 3.89% to 18.676 billion yuan in the first half of 2025 [5][6]. - The decline in A-share listed companies' performance is attributed to changes in accounting policies, specifically the adoption of the "net method" for revenue recognition, which affected revenue reporting without impacting profitability [4][6]. - The competitive landscape is evolving, with smaller firms capturing market share through regional services and niche markets, while larger firms face challenges from increased compliance costs and strategic adjustments [6][7].

来源：新浪基金∞工作室 数据显示，南方基金旗下1只基金位居弘业期货十大流通股东。南方中证1000ETF（512100）二季度增 持41.83万股，持有股数212.3万股，占流通股的比例为0.37%。根据测算，今日浮亏损失约93.41万元。 连续3天下跌期间浮亏损失222.92万元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模649.53亿。今年以来收益24.03%，同 类排名1748/4222；近一年收益62.92%，同类排名1228/3783；成立以来收益9.76%。 南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间6年302天，现任基金资产总规模949.76亿元，任职期间最佳基金回报 138.38%， 任职期间最差基金回报-17.86%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月3日，弘业期货跌3.7%，截至发稿，报11.46元/股，成交1.85亿元，换手率2.08%，总市值115.49亿 ...

Core Viewpoint - The article discusses the current premium rates of AH shares, highlighting the top and bottom performers in terms of premium rates and deviation values as of September 3rd. Summary by Category Top AH Premium Rates - Northeast Electric (00042) leads with a premium rate of 815.25%, followed by Hongye Futures (03678) at 248.75% and Andeli Juice (02218) at 242.67% [1] - The top ten AH stocks by premium rate include Fudan Zhangjiang (01349) at 232.78% and Sinopec Oilfield Service (01033) at 219.48% [1] Bottom AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest premium rate at -12.29%, followed by Hengrui Medicine (01276) at -1.12% and China Merchants Bank (03968) at 7.33% [1] - Other notable mentions include Midea Group (00300) at 7.91% and Zijin Mining (02899) at 8.22% [1] Deviation Values - Northeast Electric (00042) also has the highest deviation value at 38.79%, with Zhejiang Shibao (01057) at 26.93% and Dongfang Securities (03958) at 24.77% [1] - Conversely, BYD Company (01211) shows the lowest deviation value at -46.31%, followed by Longpan Technology (02465) at -27.67% and Great Wall Motors (02333) at -24.78% [1][2] Additional Insights - The article provides a detailed table of the top and bottom AH stocks based on premium rates and deviation values, indicating significant disparities in market performance among these companies [1][2]