Group 1 - Southbound funds reduced their holdings in Hongye Futures (03678.HK) by 899,000 shares on November 6, 2025, marking a decrease of 0.58% [1][2] - Over the past five trading days, there have been three days of net reductions, totaling 1,228,000 shares [1] - In the last 20 trading days, there were 11 days of net reductions, amounting to 3,304,000 shares [1] Group 2 - As of now, southbound funds hold 154 million shares of Hongye Futures, which represents 61.79% of the company's total issued ordinary shares [1] - Hongye Futures Co., Ltd. primarily engages in commodity trading and risk management, operating two main departments: futures brokerage and asset management, and commodity trading and risk management [2] - The futures brokerage and asset management department focuses on trading commodity and financial futures, as well as developing and selling asset management products and services [2]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 6, with Northeast Electric (00042) leading at 815.25% and Ningde Times (03750) at -14.74% [1][2]. AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042) with a premium of 815.25% and a deviation of -21.28% [2][3] - Hongye Futures (03678) with a premium of 258.97% and a deviation of 22.73% [2][3] - Sinopec Oilfield Service (01033) with a premium of 256.41% and a deviation of 20.93% [2][3] - The bottom three stocks with the lowest AH premium rates are: - Ningde Times (03750) with a premium of -14.74% and a deviation of 1.98% [2][3] - China Merchants Bank (03968) with a premium of -0.16% and a deviation of -2.65% [2][3] - Weichai Power (02338) with a premium of 0.47% and a deviation of -15.03% [2][3] Deviation Values - The stocks with the highest deviation values are: - Chenming Paper (01812) with a deviation of 30.12% [2][3] - Longpan Technology (02465) with a deviation of 26.99% [2][3] - Hongye Futures (03678) with a deviation of 22.73% [2][3] - The stocks with the lowest deviation values are: - Northeast Electric (00042) with a deviation of -21.28% [2][3] - China Eastern Airlines (00670) with a deviation of -15.26% [2][3] - Weichai Power (02338) with a deviation of -15.03% [2][3]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1][2][3] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with a premium rate of 864.29%, followed by Hongye Futures (03678) at 261.85% and Sinopec Oilfield Service (01033) at 256.41% [1] - The top three stocks with the highest deviation values are Longi Green Energy (06869) at 30.97%, Chenming Paper (01812) at 30.06%, and Northeast Electric (00042) at 27.76% [1] Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include CATL (03750) at -15.00%, China Merchants Bank (03968) at 0.33%, and Hengrui Medicine (01276) at 2.66% [1] - The bottom three stocks with the lowest deviation values are China Eastern Airlines (00670) at -14.75%, COSCO Shipping Energy (01138) at -13.64%, and CNOOC Services (02883) at -13.10% [1] Group 3: Additional Insights - The article provides a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, showcasing the significant differences in market valuations between H-shares and A-shares [1][2][3]

Core Viewpoint - 弘业期货 is a significant player in the futures market, with a focus on various financial services, and has recently shown fluctuations in trading activity and financial performance [2][7]. 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, 2025, 弘业期货 reported a total revenue of 0.00 yuan and a net profit attributable to shareholders of 208.97 million yuan, reflecting a year-on-year decrease of 87.27% [7]. Financial Performance - The company recorded a trading volume of 751.168 million yuan on November 5, with a market capitalization of 11.176 billion yuan [1]. - The average trading cost of the stock is 11.92 yuan, with the current price near a support level of 10.97 yuan [6]. - The company has distributed a total of 44.342 million yuan in dividends since its A-share listing [8]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 13.10% to 54,400, with no circulating shares per capita [7][8]. - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable reductions in their holdings [8]. Market Activity - The stock experienced a net inflow of 931,200 yuan on the day of reporting, with a lack of clear trends in major trading activity [4][5]. - The industry as a whole saw a net outflow of 4.31 billion yuan over three consecutive days [5].

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]