证券代码：001236 证券简称： 公告编号：2025-026 公司于2025年5月16日召开第五届董事会第四次会议，审议通过了《关于终止变更 证券简称的议案》。该议案尚需经公司2024年年度股东大会审议。 三、其他事项说明 一、基本情况 苏豪弘业期货股份有限公司（以下简称"公司"、"弘业期货"）于2024年3月28 日召开第四届董事会第二十次会议，审议通过了《关于拟变更公司名称、证券简称暨 修订<公司章程>的议案》，并于2024年6月28日召开2023年度股东大会，审议通过了《 关于拟变更公司名称、证券简称、暨修订<公司章程>的议案》，同意公司全称由"弘 业期货股份有限公司"变更为"苏豪弘业期货股份有限公司"，英文名称由"Holly Futures Co., Ltd."变更为"Soho Holly Futures Co., Ltd."，证券简称由"弘业 期货"变更为"苏豪期货"，英文简称由"Holly Futures"变更为"Soho Futures" ，具体内容详见公司于2024年3月29日披露的《弘业期货股份有限公司第四届董事会第 二十次会议决议公告》（公告编号:2024-006号）、《弘业期货股份有限 ...

Market Overview - The Hong Kong stock market experienced a significant rise on May 14, with all three major indices increasing by over 2%. The Hang Seng Index rose by 2.3% to 23,640.65 points, the Hang Seng China Enterprises Index increased by 2.47% to 8,593.07 points, and the Hang Seng Tech Index gained 2.13% to 5,381.78 points [2]. Financial Sector Performance - Major financial stocks saw a substantial surge, particularly in the insurance and Chinese brokerage sectors. Notable gains included China Pacific Insurance rising nearly 8%, with China Life and China Taiping both increasing by over 6%. In the brokerage sector, Hongye Futures surged over 12%, while other firms like Xingsheng International and GF Securities rose by 9% and 6%, respectively [4][9]. Technology Sector Performance - Large technology stocks collectively performed well, with Baidu increasing by over 4%, Alibaba and JD.com both rising by over 3%, and Tencent gaining nearly 3%. Internet healthcare stocks also showed strength, with JD Health and ZhongAn Online both rising over 5% [4][6]. Automotive Sector Performance - The automotive sector continued its upward trend, with Leap Motor increasing by over 6% to reach a new high. Other notable gains included BYD and Li Auto, both rising over 4%, while XPeng and NIO increased by over 3% [5][10]. Regulatory Impact - The China Securities Regulatory Commission (CSRC) recently released a plan to promote the high-quality development of public funds, which is expected to drive capital flows towards the brokerage sector. The new regulations may lead fund managers to allocate more resources to sectors with lower current allocations, particularly those with higher benchmark weights [9].

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from Northbound trading, with a total net buy of 67.07 billion HKD, indicating strong investor interest in certain sectors and stocks [1]. Northbound Trading Activity - The net buy from Northbound trading included 50.03 billion HKD from the Shanghai Stock Connect and 17.04 billion HKD from the Shenzhen Stock Connect [1]. - The most bought stocks were the Tracker Fund of Hong Kong (02800), China Construction Bank (00939), and Ping An Insurance (02318) [1]. - The most sold stocks included Xiaomi Group-W (01810), Tencent (00700), and SMIC (00981) [1]. Stock-Specific Insights - **Xiaomi Group-W (01810)**: Experienced a net sell of 15.44 billion HKD, with concerns over declining orders impacting investor sentiment, although a recovery in orders is anticipated from late May [8]. - **Tencent (00700)**: Faced a net sell of 8.99 billion HKD, despite reporting a 13% year-on-year revenue increase in Q1, with significant capital expenditure directed towards AI development [7]. - **SMIC (00981)**: Saw a net sell of 4 billion HKD, with Q1 revenue slightly below expectations but a higher-than-expected gross margin, indicating resilience despite operational challenges [6]. - **China Construction Bank (00939)**: Received a net buy of 7.61 billion HKD, reflecting positive sentiment towards the financial sector [5]. - **Ping An Insurance (02318)**: Also saw net buying activity, contributing to the overall bullish trend in the financial sector [5]. Market Sentiment and Economic Factors - The positive sentiment in the market is partly attributed to constructive developments in US-China trade negotiations, which are expected to reduce global trade and recession risks [4]. - The financial sector is experiencing increased inflows due to regulatory changes that allow for greater investment in equity assets, leading to a surge in institutional buying [5].

Core Insights - The leading Chinese securities firms are accelerating their strategic layout for Hong Kong IPOs, supported by coordinated domestic and foreign policies [1] - The performance of the brokerage industry is expected to significantly recover in 2024, driven by favorable policies, increasing proprietary income, and a low base effect from 2023 [1] - In 2025, continued market recovery is anticipated, with increases in stock trading volume, financing balance, and equity fund issuance, which will further boost wealth management income for brokerages [1] Industry Summary - Major brokerages are expected to see a substantial year-on-year increase in net profit in Q1 2025, with a 92% rise in net profit attributable to shareholders and a 51% increase in net profit excluding non-recurring items [1] - Three main trends are highlighted: 1. Continued expansion of total assets driven by financial investment scale, though there is a divergence in leverage ratios [1] 2. Growth in investment contributions, with major brokerages experiencing a general increase in investment-related income, indicating strong elasticity [1] 3. Recovery of light capital businesses, with a 71% year-on-year increase in average daily stock fund transaction volume and improvements in brokerage net income and investment banking net income [1] Future Outlook - The political bureau's meeting has set the tone for a stable and active capital market, with expectations for continued supportive policies for the capital market [1] - Attention is drawn to leading brokerages with strong balance sheet management and stable performance growth, as well as structural opportunities related to mergers and acquisitions [1] Related Companies - Companies with significant AH price differences include China International Capital Corporation (03908), CITIC Securities (06030), Everbright Securities (06178), CITIC Jiantou Securities (06066), Hongye Futures (03678), and GF Securities (01776) [2]

Group 1 - The core viewpoint of the article highlights the financial performance and market position of Hongye Futures, noting its high PE ratio compared to industry averages [1][2] - Hongye Futures' closing price on May 13 was 9.29 yuan, with a decline of 1.80%, resulting in a rolling PE ratio of 211.36 times and a total market value of 9.362 billion yuan [1] - The average PE ratio for the multi-financial industry is 70.80 times, with a median of 28.34 times, placing Hongye Futures at the 21st position in the industry ranking [1][2] Group 2 - As of January 10, 2025, Hongye Futures had 40,409 shareholders, a decrease of 517 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] - The main business activities of Hongye Futures include commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, and fund sales [1] - The latest quarterly report for Q1 2025 shows that the company achieved an operating income of 643 million yuan, a year-on-year increase of 259.09%, and a net profit of 1.2032 million yuan, up 109.07% year-on-year [1]

Market Overview - The recent US-China talks exceeded market expectations, leading to a significant surge in the Hang Seng Index by 2.98% with trading volume reaching 322.4 billion [1] - The ceasefire agreement between India and Pakistan has positively impacted both countries' stock markets, with Pakistan's KSE-30 index soaring by 9.2%, marking its largest increase since 2008 [1] US-China Trade Relations - The US announced a suspension of a 24% tariff set to take effect on April 2, 2025, while maintaining a 10% tariff, effectively reducing the overall tariff on Chinese goods from 145% to 30% [2] - This significant concession from the US is attributed to several factors, including the need to replenish dwindling inventories and the urgency to achieve results ahead of the upcoming elections [3] Sector Performance - The consumer electronics sector, particularly companies within Apple's supply chain, benefited the most from the tariff reductions, with stocks like Highway Electronics and AAC Technologies rising over 13% [4] - Automotive parts suppliers with significant North American business exposure, such as Minth Group and Quanfeng Holdings, saw stock increases of nearly 10% [4] Financial Sector Response - Major financial institutions, including Hongye Futures and CITIC Securities, experienced stock price increases of over 6%, reflecting positive market sentiment following the trade talks [5] Individual Company Highlights - Midea Group reported a record revenue of 128.4 billion yuan in Q1 2025, a 20.61% year-on-year increase, and plans to enhance its overseas presence through strategic partnerships [10] - The company is also making strides in the commercial air conditioning sector and aims to expand its robotics division with new product testing scheduled for May [11] International Relations and Infrastructure - Brazilian President Lula's visit to China aims to strengthen bilateral relations and discuss infrastructure projects, including a railway connecting Brazil to China, which could reshape international trade logistics [8]

Core Viewpoint - Chinese brokerage stocks in the Hong Kong market have seen a significant increase, with notable gains in specific companies such as 弘业期货 (Hongye Futures) and 中金 (CICC) [1] Group 1: Stock Performance - 弘业期货 (03678.HK) experienced a nearly 20% increase in its stock price [1] - 中金 (03908.HK) saw its stock rise by over 5% [1] - Other brokerage firms such as 华泰证券 (Huatai Securities), 招商证券 (China Merchants Securities), and 中信证券 (CITIC Securities) also followed the upward trend [1]

Core Viewpoint - The recent announcements from the People's Bank of China and other financial authorities have led to a positive market reaction, with A-shares showing significant gains, particularly in the military and real estate sectors [1][3][6]. Market Performance - A-shares opened higher, with the Shanghai Composite Index reaching 3337.23 points, up 0.64%, and hitting a peak of 3356.69 points, recovering over 10% from the low on April 7 [1]. - The military sector saw a surge, with the Shenwan Defense Index rising 4.21%, leading all sectors, and stocks like AVIC Chengfei and Aileda hitting the daily limit of 20% [3]. - The real estate sector also performed strongly, with the Shenwan Real Estate Index increasing by 1.44%, and stocks such as Sanxiang Impression and Tianbao Infrastructure reaching their daily limit [12]. Monetary Policy Changes - The People's Bank of China announced a reduction in the reserve requirement ratio by 0.5 percentage points, effective from May 15, 2025, which historically correlates with a positive short-term performance in A-shares [6][10]. - The recent rate cut in housing provident fund loans by 0.25 percentage points aims to lower the borrowing threshold for residents, potentially boosting housing consumption and supporting the real estate market [14][15]. Company Highlights - Bohreton, a provider of electric engineering machinery, successfully listed on the Hong Kong Stock Exchange, with shares rising over 80% on the first day of trading [20][19]. - Shandong Molong's stock surged over 50% in Hong Kong, following the removal of risk warnings and its inclusion in the Stock Connect program, indicating improved market sentiment [26]. Financial Sector Activity - The financial sector in Hong Kong saw significant gains, with banks and insurance stocks rising, and notable increases in trading volumes for companies like Hongye Futures, which saw a rise of over 50% [17].

Group 1 - Chinese brokerage stocks in Hong Kong experienced a volatile upward trend, with Hongye Futures (03678.HK) rising over 40% [1] - Other major firms such as CITIC Securities (06030.HK), China Merchants Securities (06099.HK), Zhongzhou Securities (01375.HK), and Shenwan Hongyuan (06806.HK) all saw increases of over 4% [1]

Financial Performance - For the first quarter of 2025, the total operating revenue was RMB 642,682,173.43, representing a 259.09% increase compared to RMB 178,976,300.11 in the same period last year[12] - The net profit attributable to shareholders of the listed company was RMB 1,203,151.63, a significant turnaround from a loss of RMB 13,266,963.32 in the previous year, marking a 109.07% increase[12] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,298,597.66, compared to a loss of RMB 13,226,427.52 last year, reflecting a 109.82% increase[12] - The basic earnings per share were RMB 0.0012, compared to a loss of RMB 0.0132 in the same period last year, marking a 109.09% increase[12] - The diluted earnings per share were also RMB 0.0012, reflecting the same percentage increase as the basic earnings per share[12] - Total operating expenses amounted to ¥641,337,262.77, up from ¥195,445,557.48, indicating an increase of approximately 228%[36] - The company reported a net profit of ¥1,203,151.63, recovering from a net loss of ¥13,266,963.32 in the previous period[36] Cash Flow and Liquidity - The net cash flow from operating activities was negative at RMB -3,245,613,607.62, a decline of 291.00% from RMB 1,699,286,889.02 in the previous year[12] - Cash and cash equivalents decreased by 41.04% to RMB 4,250,387,881.24 from RMB 7,208,804,109.21 due to a reduction in client equity scale[16] - The net increase in cash and cash equivalents was -3,214,140,504.53, compared to a positive increase of 1,364,701,271.12 in the previous period[41] - The ending balance of cash and cash equivalents was 3,822,320,331.10, down from 6,177,146,104.81 in the prior period[41] - Cash received from investment activities amounted to 4,702,174,463.20, compared to 1,969,024,383.60 in the previous period, showing a substantial increase[40] - Cash paid for investment activities was 4,689,799,939.52, up from 2,288,587,710.60 in the previous period, indicating increased investment spending[40] Assets and Liabilities - The total assets at the end of the reporting period were RMB 9,243,043,698.44, down 21.00% from RMB 11,699,369,620.88 at the end of the previous year[12] - The equity attributable to shareholders of the listed company was RMB 1,880,069,175.73, a slight increase of 0.18% from RMB 1,876,778,653.33 at the end of the previous year[12] - The company’s liabilities decreased to ¥7,362,974,522.71 from ¥9,822,590,967.55, reflecting a decrease of approximately 25.0%[31] - Total liabilities for derivative financial liabilities decreased by 94.55% to ¥537,220.00, attributed to changes in the scale and valuation of options contracts[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 48,944[20] - The largest shareholder, Jiangsu Suhao Holding Group Co., Ltd., holds 27.33% of the shares, totaling 275,456,777 shares[21] Income and Other Financial Metrics - Net interest income decreased by 51.96% to ¥12,358,396.42 due to a reduction in customer equity and lower bank deposit rates[18] - Investment income increased by 45.29% to ¥21,567,833.73, primarily from gains on derivative financial instruments disposed of by a subsidiary[18] - Other income surged by 309.62% to ¥107,245.33, mainly due to increased government subsidies received[18] - Fair value changes in financial assets resulted in a profit of ¥13,121,143.75, a significant increase from a loss of ¥4,152,724.28 in the previous year[18] - Other business income rose by 428.50% to ¥560,281,868.05, driven by the growth in bulk commodity trading and risk management by a subsidiary[19] - The company reported a significant increase in cash received from sales of goods and services, totaling ¥660,938,869.42, compared to ¥122,682,099.33 previously[39] Changes in Management - The company appointed a new non-executive director and a new employee representative supervisor on February 18, 2025, indicating a change in the board composition[25][26]