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]

新浪期货 根据交易所数据，截至4月28日收盘主力合约PTA2509,涨跌+1.91%,成交量169.41万手，持仓数据显示前20席位呈现净 空，差额头寸为126676手。 PTA期货全合约总计成交244.64万手，比上一日新增81.61万手。全合约前20席位多头持仓104.40万手，比上一日增加3.01万手。全 合约前20席位空头持仓118.70万手，比上一日增加2.08万手。 根据合并数据显示，多头前三席位为国泰君安，总持仓175104、中信期货，总持仓89883、东吴期货，总持仓75975；空头前三席 位为国泰君安，总持仓180191、中信期货，总持仓153598、摩根大通，总持仓110925； 主力合约前20席位中，空头增仓前三名分别是：国泰君安、持仓135365、增仓35930，国贸期货、持仓59091、增仓8721，中信期 货、持仓105413、增仓6196；空头减仓前三名分别是：乾坤期货、持仓95284、减仓-8366，永安期货、持仓22860、减仓-6839， 南华期货、持仓15900、减仓-4118。 文章来源:新浪期货 2025年4月28日PTA主力合约2509持仓数据一览 主力合约前20席 ...

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]

Core Insights - The main contract of the CSI 1000 Index futures closed at 2506 with a slight increase of 0.43% as of April 25, 2025, with a trading volume of 147,700 contracts [1][2] - The total trading volume for all contracts reached 226,100 contracts, an increase of 17,000 contracts from the previous day [1][3] - The top 20 positions showed a net short position with a difference of 16,456 contracts [1] Group 1: Trading Volume and Positions - The total trading volume for the main contract was 147,700 contracts, with a total of 226,100 contracts traded across all contracts [1][3] - The top three long positions were held by Guotai Junan (46,262 contracts), CITIC Futures (43,911 contracts), and Guotou Futures (13,699 contracts) [1][4] - The top three short positions were held by CITIC Futures (62,366 contracts), Guotai Junan (43,334 contracts), and Haitong Futures (18,016 contracts) [1][4] Group 2: Changes in Positions - The top three long position increases were from CITIC Futures (1,143 contracts), Haitong Futures (811 contracts), and GF Futures (397 contracts) [1][3] - The top three long position decreases were from Hongye Futures (-382 contracts), CITIC Jiantou (-248 contracts), and Guotou Futures (-3 contracts) [1][3] - The top three short position increases were from Guotai Junan (764 contracts), Haitong Futures (560 contracts), and Guoxin Futures (431 contracts) [1][3] - The top three short position decreases were from Guotou Futures (-107 contracts), Yong'an Futures (-53 contracts), and Morgan Stanley (-41 contracts) [1][3]

新浪期货 根据交易所数据，截至4月21日收盘主力合约铜2506,涨跌+1.71%,成交量12.25万手，持仓数据显示前20席位呈现净空， 差额头寸为1466手。 (*文中全合约指交易所公布持仓成交数据的所有合约) 根据合并数据显示，多头前三席位为中信期货，总持仓49470、国泰君安，总持仓33434、金瑞期货，总持仓29041；空头前三席位 为中信期货，总持仓54709、金瑞期货，总持仓36623、国泰君安，总持仓33052； 新浪合作大平台期货开户 安全快捷有保障 主力合约前20席位中，多头增仓前三名分别是：国泰君安、持仓15957、增仓1948，永安期货、持仓7078、增仓814，银河期货、 持仓8044、增仓486；多头减仓前三名分别是：中信期货、持仓21207、减仓-2471，中财期货、持仓5974、减仓-1639，弘业期 货、持仓2371、减仓-345； 责任编辑：小浪快报 | | 名次 会员名称 成交量(双边) | | 壇减 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

最新一期业绩显示，2024年年报，公司实现营业收入28.76亿元，同比47.99%；净利润2982.62万元，同 比282.80%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)20弘业期货281.12281.124.4783.85亿行业平均 37.8540.052.93193.71亿行业中值19.0024.511.35173.42亿1爱建集团-58.6075.090.6074.72亿2*ST仁 东-27.24-28.92114.7062.28亿3翠微股份-10.90-11.602.7767.81亿4江苏金租10.5411.281.29300.05亿5陕国投 A12.3612.360.94168.25亿6越秀资本13.7313.731.05315.08亿7南华期货15.8115.811.7672.41亿8五矿资本 15.8910.630.56239.75亿9国网英大16.1319.701.26268.77亿10海德股份17.9512.822.09112.78亿11瑞达期货 18.5425.522.2962.22亿 本文源自：金融界 作者：行情君 4月16日，弘业期货今日收盘8.32元，下跌3.03% ...

Financial Performance - In 2024, the total revenue reached RMB 2.876 billion, representing a year-on-year growth of 48%[13] - Net profit for 2024 was RMB 29.8262 million, showing a significant increase of 283% compared to the previous year[13] - Total operating revenue for 2024 reached RMB 287,579 million, an increase of 48% compared to RMB 194,322 million in 2023[51] - Total profit for 2024 was RMB 3,829 million, representing a significant increase of 266% from RMB 1,047 million in 2023[51] - Net profit attributable to shareholders for 2024 was RMB 2,983 million, up 283% from RMB 779 million in 2023[51] - Total assets as of December 31, 2024, amounted to RMB 1,169,937 million, a 26% increase from RMB 931,308 million in 2023[51] - Total liabilities increased by 32% to RMB 982,259 million in 2024, up from RMB 746,558 million in 2023[51] - The company's equity attributable to shareholders rose to RMB 187,678 million, a slight increase of 2% from RMB 184,749 million in 2023[51] - The weighted average return on equity for 2024 was 1.60%, up from 0.42% in 2023[51] - Basic earnings per share for 2024 were RMB 0.0296, significantly higher than RMB 0.0077 in 2023[51] Business Strategy and Operations - The company implemented a business strategy focused on "stable income, cost control, risk prevention, and strong assessment" to navigate a complex market environment[13] - The company is expanding its innovative business areas, providing diversified supply chain integration services to real enterprises[14] - A new "Insurance + Futures + N" model was launched to enhance risk management awareness among rural farmers and enterprises, supporting rural revitalization[14] - Future plans for 2025 include enhancing service quality for the real economy and increasing talent cultivation and recruitment[15] - The company emphasizes compliance and risk prevention to ensure stable operations[15] - The company has established long-term stable partnerships with numerous real enterprises through targeted risk management solutions[14] - The company has a strategic focus on expanding its market presence and enhancing its service offerings in the financial sector[28] Risk Management - The company faces various risks including policy risk, market risk, and credit risk, and has implemented measures to mitigate these risks[151] - The company relies on risk management and internal control systems to identify, monitor, and control various risks, including market, operational, credit, and compliance risks[153] - The company has implemented strict investor suitability management to control credit risk, ensuring thorough assessment of new clients' identity, creditworthiness, and funding adequacy for futures trading[160] - The company has increased its investment in information technology to enhance risk management systems and processes, ensuring stable and efficient business operations[161] - The company has established a responsibility accountability mechanism to mitigate moral hazard risks associated with employee behavior[156] - The company has strengthened risk education for clients to improve their risk management capabilities and prevent potential risks from lack of understanding of relevant rules[158] Market Presence and Growth - The company is listed on both the Hong Kong Stock Exchange and the Shenzhen Stock Exchange, enhancing its market presence[19] - The company has a diverse range of banking partners, including major banks like Bank of China and China Construction Bank[32] - The company has established multiple subsidiaries, including Hongye Capital and Hongye International Financial, focusing on futures trading and asset management[45] - The company has actively expanded its business channels and client base in response to the opportunities presented by reforms in the futures industry, including asset management and risk management services[186] - The company has established three independent data centers to ensure stable online trading services, with no significant disruptions reported since the platform's operation[187] Investment and Financial Strategy - The company’s investment strategy includes 80% in fixed income assets and up to 20% in equities and funds, referred to as the "Fixed Income+" strategy[19] - The company has a focus on research and development (R&D) as part of its growth strategy[24] - The company plans to continue enhancing its research and investment capabilities and expanding its product line to create long-term stable investment returns for clients[80] - The company has built a solid market reputation, resulting in a stable customer base and increasing brand value over the years[194] Regulatory Compliance - The company is subject to the regulations of the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission[24] - The company operates in compliance with the Futures and Derivatives Law of the People's Republic of China, effective from August 1, 2022[19] - The company has maintained an "A Class A" regulatory category from the China Securities Regulatory Commission for 16 consecutive years, indicating strong risk management practices[166] Employee and Management - The board of directors includes key figures such as Mr. Chu Kai Rong and Mr. Zhao Wei Xiong, with several appointments scheduled for 2024 and 2025[30] - The senior management team is experienced and stable, recognized for their leadership in the futures industry, contributing to the company's long-term growth potential[190] - The company's employee compensation for 2024 was RMB 187.7 million, an increase of RMB 5.99 million, or 3% year-on-year[117] Challenges and Competitive Environment - The company faces significant challenges in its main business and financial asset investment due to increasing external pressures and internal difficulties[157] - The company has faced a competitive environment in traditional brokerage services due to an increasing number of futures companies and a worsening fee price war[157]

最新一期业绩显示，2024年年报，公司实现营业收入28.76亿元，同比47.99%；净利润2982.62万元，同 比282.80%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)20弘业期货295.99295.994.7088.28亿行业平均 39.1341.542.89197.24亿行业中值19.5224.971.38175.95亿1爱建集团-63.6081.500.6581.09亿2*ST仁 东-26.84-28.50113.0361.37亿3翠微股份-10.00-10.652.5462.22亿4江苏金租10.4011.131.27295.99亿5陕国投 A12.5912.590.96171.32亿6越秀资本13.6013.601.04312.07亿7五矿资本16.2810.880.57245.59亿8国网英大 16.3719.991.28272.77亿9南华期货17.0517.051.9078.09亿10海德股份18.7613.392.18117.86亿11中油资本 19.4619.460.89905.17亿 本文源自：金融界 作者：行情君 4月14日，弘业期货今日收盘8.76元，上涨5.93 ...

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 為 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） 有 關 截 至2018年 至2023年12月31日止年度 年報的補充公告 茲提述本公司截至2018年12月31日、2019年12月31日、2020年12月31日、 2021年12月31日、2022年12月31日 及2023年12月31日 止 年 度（統 稱「相關年 度」）的 年 報（「年 報」）。除 另 有 說 明 外，本 公 告 所 用 詞 彙 與 年 報 所 界 定 者 具 有 相 同 涵 義。 – 1 – 除 年 報 所 披 露 的 ...