Core Insights - Southbound funds reduced their holdings in Hongye Futures (03678.HK) by 401,000 shares on November 4, 2025, marking a decrease of 0.26% [1] - Over the past five trading days, there have been three days of net reductions, totaling 1,975,000 shares [1] - In the last twenty trading days, there were eleven days of net reductions, amounting to 1,943,000 shares [1] - Currently, southbound funds hold 155 million shares of Hongye Futures, representing 61.97% of the company's total issued ordinary shares [1] Trading Data Summary - On November 4, 2025, total shares held were 155 million, with a decrease of 401,000 shares [2] - On November 3, 2025, total shares held were 155 million, with a decrease of 1,906,000 shares [2] - On October 31, 2025, total shares held were 157 million, with an increase of 1,510,000 shares [2] - On October 30, 2025, total shares held were 156 million, with an increase of 869,000 shares [2] - On October 28, 2025, total shares held were 155 million, with a decrease of 2,047,000 shares [2] Company Overview - Hongye Futures Co., Ltd. primarily engages in commodity trading and risk management [2] - The company operates two main departments: futures brokerage and asset management, focusing on commodity and financial futures trading, as well as the development and sales of asset management products and services [2] - The commodity trading and risk management department provides services such as commodity purchase and resale, futures arbitrage, basis trading, and hedging [2]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 4, with Northeast Electric (00042) leading with a premium rate of 900.00% [1] - The article also discusses the deviation values of these stocks, indicating significant discrepancies between their A-shares and H-shares [1] Summary of Top AH Premium Rates - Northeast Electric (00042) has the highest premium rate at 900.00%, followed by Hongye Futures (03678) at 258.42% and Zhejiang Shibao (01057) at 252.00% [1] - The top ten stocks with the highest premium rates include Sinopec Oilfield Service (01033) at 251.95% and Andeli Juice (02218) at 250.56% [1] Summary of Bottom AH Premium Rates - The stocks with the lowest AH premium rates include CATL (03750) at -17.17%, China Merchants Bank (03968) at 1.22%, and Heng Rui Pharmaceutical (01276) at 5.23% [1] - Other notable mentions in the bottom ten include Midea Group (00300) at 6.99% and Weichai Power (02338) at 11.05% [1] Summary of Deviation Values - Northeast Electric (00042) also leads in deviation value at 64.66%, indicating a significant difference from its average premium rate [1] - Other stocks with high deviation values include Changfei Optical Fiber (06869) at 27.92% and Shandong Molong (00568) at 27.79% [1] - Conversely, the stocks with the lowest deviation values include CNOOC Oilfield Services (02883) at -12.36% and Haohai Biological Technology (06826) at -9.36% [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - Short - term market sentiment for copper is strong, and copper prices may experience high - level fluctuations. Mid - term macro expectations and spot demand are in conflict, with high uncertainty. [4] 3) Summary by Related Aspects Market Environment - After the Fed's hawkish speech, the market continued to lower the expectation of a Fed rate cut in December, the market's optimistic sentiment declined, and the US dollar rose to a new high since August on Friday. The non - ferrous metals showed a strong trend. [3] - China's October manufacturing PMI was slightly lower than expected, and China issued a large number of opening - up policies, which improved market sentiment. [3] - The US dollar rose slightly, the RMB soared, and the sharp rise in crude oil and energy drove the non - ferrous metals to rise in the afternoon. [3] Copper Market Performance - Shanghai copper and LME copper rose, while domestic spot copper fell. Today, Shanghai copper closed at 87,300, and the spot price was 87,020. The spot was at a discount of - 280 points to the futures. The spot basis was at a discount of - 5 points, and spot trading was poor. [3] - The LME spot discount narrowed to - 14 US dollars this week, and the external spot demand was average. [3] - US copper inventories continued to rise significantly this week, LME copper inventories decreased, and Shanghai copper inventories increased, with general spot demand. [3] - The RMB exchange rate fell sharply this week, the Yangshan copper premium dropped to 34 US dollars, and domestic spot demand was poor. [3] - The LME - Shanghai ratio of copper prices dropped to 7.97, the premium of international copper over Shanghai copper dropped to 535 points, and the external price ratio was higher than the domestic one. [3] Technical and Fundamental Analysis - Technically, LME copper rose slightly and traded around 10,900 US dollars. Shanghai copper rose slightly and closed at 87,300, with a neutral technical pattern. The trading volume and open interest of Shanghai copper both decreased, and the market sentiment was cautious. [4] - Macroscopically, the global trade pattern is gradually stabilizing, the Fed's rate - cut cycle continues, and the global monetary policy tends to be loose, which is a medium - term positive for copper prices. [4] - In terms of supply and demand, the output of mines in Indonesia and other places has decreased, but the short - term spot demand remains weak, inventories are high, and there may be some pressure on the spot end in the future. [4] Future Concerns - Future concerns include when the US government shutdown will end, whether the Fed's rate - cut cycle can continue, and when the current weak spot demand at home and abroad will improve. [4] Copper Market Indicator Monitoring | Date | RMB Exchange Rate | Spot Premium/Discount (yuan/ton) | Yangshan Copper Premium (US dollars/ton) | LME Copper - Futures - Spot Spread | Main Contract LME - Shanghai Ratio | | --- | --- | --- | --- | --- | --- | | Oct 28 | 7.0962 | 1220 | 34.5 | - 24 | 8.03 | | Oct 29 | 7.0968 | - 950 | 34.5 | - 20 | 7.95 | | Oct 30 | 7.1106 | 140 | 35.5 | - 20 | 8.00 | | Oct 31 | 7.1225 | 600 | 35.5 | - 21 | 8.01 | | Nov 3 | 7.1173 | - 280 | 34 | - 14 | 7.97 | [5]

证券代码：001236 证券简称： 公告编号：2025-055 苏豪弘业期货股份有限公司 关于股东所持部分股份可能会被司法强制执行的提示性公告 特别提示： 1、持有苏豪弘业期货股份有限公司（以下简称"公司"）19,134,899 股（约占公司 总股本的 1.8987%）的股东江苏弘苏实业有限公司（以下简称"弘苏实业"）获悉广东 省深圳市中级人民法院作出（2025）粤 03 执 580 号之一《执行裁定书》，裁定强制执行 被执行人江苏弘苏实业有限公司持有的公司股票。 2、自 2025 年 11 月 7 日至 2026 年 2 月 4 日，弘苏实业因司法强制执行将以集中竞 价交易方式被动减少公司股份 10,077,777 股（约占公司总股本的 1%），以大宗交易方 式被动减少公司股份 8,057,122 股（约占公司总股本的 0.7995%），合计减少公司股份 18,134,899 股（占公司总股本的 1.7995%）。 3、弘苏实业不属于公司的控股股东或第一大股东及其一致行动人，本次股份变动 不会导致公司实际控制权发生变化，不会对公司的治理结构和经营情况产生影响。 2025 年 11 月 3 日，公司收到股东弘 ...

Core Points - Jiangsu Hongsu Industrial Co., Ltd. holds 19.1349 million shares (approximately 1.8987% of total shares) of Hongye Futures, which are subject to a court-ordered enforcement action [1][2] - The enforcement action is a result of a contractual dispute between Shanghai Port Tong Phase I Investment Partnership and Hongsu Industrial, leading to a court ruling for the sale of 32.3654 million shares held by Hongsu Industrial [2] - Following the court ruling, Hongsu Industrial has already executed a sale of 13.2305 million shares, leaving 19.1349 million shares still subject to enforcement [2] Summary by Sections - **Company Holdings**: Jiangsu Hongsu Industrial holds 19.1349 million shares of Hongye Futures, representing 1.8987% of the company's total equity [1] - **Legal Proceedings**: The Guangdong Province Shenzhen Intermediate People's Court issued an enforcement ruling for the sale of shares due to a contractual dispute involving Hongsu Industrial [2] - **Share Sales**: Hongsu Industrial has sold 13.2305 million shares following the court's enforcement order, with 19.1349 million shares remaining to be sold [2]

Core Points - Hongye Futures announced that its shareholder, Hongsu Industrial, holds 19.1349 million shares (1.8987% of total equity), all of which are under pledge and frozen status [1] - Due to a contractual dispute with Hongtong Phase I, the court has ordered the forced execution of the shares held by Hongsu Industrial [1] - From November 7, 2025, to February 4, 2026, Hongsu Industrial will passively reduce its holdings by 10.0778 million shares (1% of total equity) through centralized bidding and by 8.0571 million shares (0.7995% of total equity) through block trading, totaling a reduction of 18.1349 million shares (1.7995% of total equity) [1] - This share change will not lead to a change in the actual control of the company and will not affect the company's operations [1]

Core Viewpoint - The company is facing a judicial enforcement action regarding the shares held by its shareholder, Jiangsu Hongsu Industrial Co., Ltd., which may lead to significant changes in shareholding structure [1][2] Group 1 - Jiangsu Hongsu Industrial Co., Ltd. holds 19.13 million shares of Hongye Futures, accounting for approximately 1.8987% of the company's total share capital [1] - The Guangdong Province Shenzhen Intermediate People's Court issued an enforcement ruling to execute the shares held by Jiangsu Hongsu Industrial Co., Ltd. due to a contractual dispute with Shanghai Port Tong Phase I Investment Partnership [2] - The enforcement ruling involves the sale of 32.37 million shares of Hongye Futures, with 13.23 million shares already executed and 19.13 million shares remaining to be executed [2]

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 全部或任何部份內容而產生或因倚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 ， 在香港 以 Holly Futures 的名義開展業務 ） ( 「 本 公 司 」 ) （股 份 代 號：3678） 海外監管公告 蘇豪弘業期貨股份有限公司 關於股東所持部分股份可能會被司法強制執行的提示性公告 本公告乃本公司根據香港聯合交易所有限公司證券上市規則第13.10B條而作 出。 茲 載 列 本 公 司 於 深 圳 證 券 交 易 所 網 站 刊 發 之《蘇 豪 弘 業 期 貨 股 份 有 限 公 司 關 於 股 東 所 持 部 分 股 份 可 能 會 被 司 法 強 制 執 行 的 提 示 性 公 告》，僅 供 參 閱。 承董事會命 董事長兼執行董事 儲開榮先生 中國南京 2025年11月3日 於 本 公 告 日 期， ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 蘇豪弘業期貨股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03678 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 249,700,000 | RMB | | 1 RMB | | 249,700,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 249,700,000 | RMB | | 1 RMB | | 249,700,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 蘇豪弘業期貨股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03678 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 249,700,000 | RMB | | 1 RMB | | 249,700,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 249,700,000 | RMB | | 1 RMB | | 249,700,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...