Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 3, with Northeast Electric (00042) leading with a premium rate of 918.87% [1] - The article also provides a detailed ranking of stocks based on their deviation values, indicating significant discrepancies between H-shares and A-shares [1][3] AH Premium Rate Rankings - Northeast Electric (00042) has the highest AH premium rate at 918.87%, followed by Hongye Futures (03678) at 251.83% and Sinopec Oilfield Service (01033) at 251.28% [1] - The lowest AH premium rates are observed in CATL (03750) at -17.20%, China Merchants Bank (03968) at 0.68%, and Hengrui Medicine (01276) at 2.81% [1] Deviation Value Rankings - The top three stocks with the highest deviation values are Northeast Electric (00042) at 86.45%, Yangtze Optical Fibre and Cable (06869) at 28.54%, and Chenming Paper (01812) at 26.52% [1] - Conversely, the stocks with the lowest deviation values include COSCO Shipping Energy (01138) at -12.73%, First Tractor Company (00038) at -12.34%, and CNOOC Services (02883) at -12.09% [1][3] Additional Insights - The article includes a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, providing a comprehensive overview of the current market situation [1][2][3]

Report Industry Investment Rating - No relevant content provided Core Views of the Report - This week, the natural rubber market showed a trend of rising first and then falling under the combined influence of fundamentals and macro - sentiment. In the first half, strong raw material prices, continuous inventory reduction, and positive macro - expectations supported the rise of rubber prices; in the second half, after the macro - positive factors materialized, the market sentiment turned cautious, and rubber prices declined. In the future, heavy rainfall in major producing areas will limit rubber tapping, and raw material prices are expected to remain firm. On the demand side, tire companies still face shipment pressure, and foreign trade orders are under - performing. Some companies plan to reduce production or conduct maintenance in November, which will restrict the improvement of overall production capacity utilization. Overall, raw material prices will provide short - term support, but there is a lack of substantial positive factors on the demand side. Therefore, rubber prices are expected to fluctuate next week [3] Summary According to Relevant Catalogs Natural Rubber Price Data - As of October 30, the mainstream price of domestic full - latex in the Shanghai market was 14,800 yuan/ton, up 200 yuan/ton from last week. The US dollar price of Thai - produced 20 - standard rubber in the Qingdao Free Trade Zone was 1,870 US dollars/ton, up 10 US dollars/ton from last week [3] Main - producing Countries' Rubber Output and China's Natural Rubber Imports - No specific data analysis in the text, only historical data charts of ANRPC member countries' natural rubber output and China's natural rubber imports are presented [10][11][12] Tire Output - No specific data analysis in the text, only historical data charts of tire output are presented [13][14] Tire Enterprise Operating Rates - This week, the capacity utilization rate of semi - steel tire sample enterprises was 72.12%, a month - on - month decrease of 0.72% and a year - on - year decrease of 7.61%. The capacity utilization rate of full - steel tire sample enterprises was 65.34%, a month - on - month decrease of 0.53% and a year - on - year increase of 6.15%. Some enterprises suspended or restricted production this week, dragging down the operating rate [3] Tire Enterprise Inventories - No specific data analysis in the text, only historical data charts of the number of days of available inventory in semi - steel and full - steel tire factories in Shandong are presented [20][21][22] Natural Rubber Inventories - As of October 26, 2025, China's natural rubber social inventory was 1.0389 million tons, a month - on - month decrease of 11,000 tons, a decline of 1%. The total inventory of natural rubber in bonded and general trade in Qingdao was 432,200 tons, a decrease of 5,300 tons from the previous period, a decline of 1.2%. The bonded area inventory was 68,700 tons, a decline of 1.29%; the general trade inventory was 363,500 tons, a decline of 1.18% [3]

Core Insights - The article highlights the top and bottom AH share premium rates as of October 31, with Northeast Electric (00042) leading at 847.37% and Ningde Times (03750) at -16.62% [1][2][3] Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 847.37% with H-share priced at HKD 0.285 and A-share at CNY 2.25 [2][3] - Hongye Futures (03678) follows with a premium rate of 249.09%, H-share at HKD 3.850 and A-share at CNY 11.22 [2][3] - Andeli Juice (02218) also has a premium rate of 249.06%, with H-share at HKD 15.960 and A-share at CNY 46.51 [2][3] Bottom AH Share Premium Rates - Ningde Times (03750) shows a premium rate of -16.62%, with H-share at HKD 558.500 and A-share at CNY 388.77 [2][3] - China Merchants Bank (03968) has a premium rate of 0.70%, with H-share at HKD 48.640 and A-share at CNY 40.89 [2][3] - Heng Rui Pharmaceutical (01276) has a premium rate of 2.18%, with H-share at HKD 75.200 and A-share at CNY 64.15 [2][3] Top AH Share Deviation Values - Changfei Optical Fiber (06869) has the highest deviation value at 30.17%, with H-share at HKD 35.820 and A-share at CNY 85 [1][2] - Fudan Zhangjiang (01349) follows with a deviation value of 25.11%, H-share at HKD 3.270 and A-share at CNY 9.31 [1][2] - Shandong Molong (00568) has a deviation value of 22.49%, with H-share at HKD 4.100 and A-share at CNY 7.24 [1][2] Bottom AH Share Deviation Values - CNOOC Services (02883) has the lowest deviation value at -12.82%, with H-share at HKD 7.570 and A-share at CNY 14.39 [4] - First Tractor Company (00038) follows with a deviation value of -11.21%, H-share at HKD 7.830 and A-share at CNY 13.04 [4] - COSCO Shipping Energy (01138) has a deviation value of -10.47%, with H-share at HKD 11.000 and A-share at CNY 13.49 [4]

Core Viewpoint - 弘业期货 is a significant player in the futures market, with a focus on various financial services, and is currently experiencing fluctuations in its stock performance and investor interest [2][4]. 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 and is controlled by the Jiangsu Provincial Government State-owned Assets Supervision and Administration Commission [3][7]. - As of September 30, 弘业期货 reported a total 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’s main business revenue composition includes 67.03% from bulk commodity trading and risk management, and 32.97% from futures brokerage and asset management [7]. - The stock's average trading cost is 11.96 yuan, with the current stock price near a resistance level of 11.44 yuan, indicating potential for upward movement if the resistance is broken [6]. Market Activity - On October 31, 弘业期货's stock fell by 0.09%, with a trading volume of 93.10 million yuan and a turnover rate of 1.09%, leading to a total market capitalization of 11.31 billion yuan [1]. - The main capital inflow for the day was negative at 6.00 million yuan, with the stock ranking 14th out of 27 in its industry [4][5]. Shareholder Information - As of September 30, the number of shareholders decreased by 13.10% to 54,400, with no change in the average circulating shares per person [7][8]. - The top ten circulating shareholders include significant entities such as Hong Kong Central Clearing Limited and South China Securities, with some holdings decreasing compared to the previous period [8].

Core Viewpoint - 弘业期货 experienced a decline of 2.69% in stock price, with a trading volume of 262 million yuan and a market capitalization of 11.317 billion yuan [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] - 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 - For the period from January to September 2025, 弘业期货 reported zero operating revenue and a net profit attributable to shareholders of 2.0897 million yuan, a year-on-year decrease of 87.27% [7] - Cumulative cash distribution since A-share listing amounts to 44.3422 million yuan [8] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 13.10% to 54,400, with an average of zero circulating shares per person [7] - Major shareholders include Hong Kong Central Clearing Limited and South China Securities, with notable changes in their holdings [8] Market Activity - The main net inflow of funds today was 16.0582 million yuan, accounting for 0.06% of the total, with a ranking of 4 out of 27 in the industry [4] - The average trading cost of the stock is 11.97 yuan, with the current price approaching a resistance level of 11.44 yuan [6]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of October 30, with Northeast Electric (00042) leading with a premium rate of 900.00% [1] - The article also provides a detailed ranking of stocks based on their deviation values, indicating significant discrepancies between A-shares and H-shares [1][2] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042) with a premium rate of 900.00% and a deviation value of 70.95% [1] - Sinopec Oilfield Service (01033) with a premium rate of 248.72% and a deviation value of 18.50% [1] - Hongye Futures (03678) with a premium rate of 243.15% and a deviation value of 11.02% [1] - The bottom three stocks with the lowest AH premium rates are: - Contemporary Amperex Technology (03750) with a premium rate of -16.96% and a deviation value of -0.91% [1] - China Merchants Bank (03968) with a premium rate of 0.64% and a deviation value of -2.65% [1] - Heng Rui Medicine (01276) with a premium rate of 5.43% and a deviation value of 8.09% [1] Deviation Value Rankings - The stocks with the highest deviation values are: - Northeast Electric (00042) with a deviation value of 70.95% [1] - Shandong Molong (00568) with a deviation value of 26.59% [1] - Changfei Optical Fiber (06869) with a deviation value of 26.29% [1] - The stocks with the lowest deviation values are: - Shanghai Electric (02727) with a deviation value of -18.83% [2] - First Tractor Company (00038) with a deviation value of -17.75% [2] - COSCO Shipping Energy Transportation (01138) with a deviation value of -13.58% [2]

Core Insights - 弘业期货 reported a significant decline in revenue and net profit for Q3 2025, with total revenue of 462 million yuan, down 76.77% year-on-year, and a net profit of 2.09 million yuan, down 87.27% year-on-year [1] - The company's operating cash flow also decreased, with a net inflow of 874 million yuan, down 64.13% year-on-year [1] Financial Performance - Total revenue for Q3 2025 was 462 million yuan, ranking 11th among peers, a decrease of 1.53 billion yuan from the same period last year [1] - Net profit attributable to shareholders was 2.09 million yuan, ranking 15th among peers, a decrease of 14.33 million yuan year-on-year [1] - Operating cash flow was 874 million yuan, ranking 5th among peers, a decrease of 1.56 billion yuan year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 85.10%, ranking 14th among peers, an increase of 2.42 percentage points from the previous quarter and 0.59 percentage points from the same period last year [3] - Return on equity (ROE) is 0.11%, ranking 15th among peers, a decrease of 0.77 percentage points year-on-year [4] - The diluted earnings per share is 0.00 yuan, ranking 14th among peers, a decrease of 0.01 yuan year-on-year [4] - Total asset turnover ratio is 0.04 times, ranking 11th among peers, a decrease of 0.15 times year-on-year [4] Shareholder Structure - The number of shareholders is 54,400, with the top ten shareholders holding 764 million shares, accounting for 75.86% of total equity [4] - The largest shareholder is 江苏省苏豪控股集团有限公司, holding 27.3% of shares [4]

Core Insights - 弘业期货 reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved an operating revenue of 462 million yuan, representing a year-on-year decrease of 76.77% [1] - The net profit attributable to shareholders was 2.09 million yuan, down 87.27% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 1.97 million yuan, reflecting an 85.82% decrease compared to the previous year [1] - Basic earnings per share stood at 0.0021 yuan [1]

Core Viewpoint - 弘业期货 reported a significant decline in operating revenue while achieving an increase in net profit, indicating a mixed financial performance for the third quarter of 2025 [1] Financial Performance - Operating revenue for the third quarter was 139 million yuan, representing a year-on-year decrease of 85.48% [1] - Net profit attributable to shareholders was 5.6954 million yuan, showing a year-on-year increase of 57.36% [1] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 5.5192 million yuan, reflecting a year-on-year increase of 74.57% [1]

Core Insights - 弘业期货 reported a significant decline in revenue for Q3 2025, with a total of 139 million yuan, representing a year-on-year decrease of 85.48% [2] - The net profit attributable to shareholders increased by 57.36% to 5.6954 million yuan in the same period [2] - For the first three quarters, the company achieved a revenue of 462 million yuan, down 76.77% year-on-year, while the net profit attributable to shareholders fell by 87.27% to 2.0897 million yuan [2] Financial Performance - Q3 2025 revenue: 139 million yuan, down 85.48% year-on-year [2] - Q3 2025 net profit: 5.6954 million yuan, up 57.36% year-on-year [2] - Basic earnings per share for Q3 2025: 0.0057 yuan [2] - Revenue for the first three quarters: 462 million yuan, down 76.77% year-on-year [2] - Net profit for the first three quarters: 2.0897 million yuan, down 87.27% year-on-year [2] - Basic earnings per share for the first three quarters: 0.0021 yuan [2]