南华期货逼近涨停，瑞达期货、翠微股份、永安期货、弘业期货、越秀资本、五矿资本等跟涨。 (本文来自第一财经) 南华期货逼近涨停，瑞达期货、翠微股份、永安期货、弘业期货、越秀资本、五矿资本等跟涨。 (本文来自第一财经) ...

来源：新浪证券-红岸工作室 2月26日，弘业期货跌2.45%，成交额1.18亿元，换手率1.55%，总市值100.17亿元。 异动分析 期货概念+创投+国企改革 1、弘业期货股份有限公司主要从事商品期货经纪、金融期货经纪、期货投资咨询、资产管理、基金销 售、金融资产投资业务。是期货行业首家A+H股上市公司。 2、公司认缴弘瑞新时代创业投资有限公司，出资金额 2,200 万元，持股比例为 22%。弘瑞新时代的主 要经营地为江苏省南京市，主营业务为创业投资和管理咨询。 3、公司属于国有企业。公司的最终控制人为江苏省政府国有资产监督管理委员会。 公司简介 资料显示，苏豪弘业期货股份有限公司位于江苏省南京市建邺区江东中路399号3幢，成立日期1995年7 月31日，上市日期2022年8月5日，公司主营业务涉及商品期货经纪、金融期货经纪、期货投资咨询、资 产管理、基金销售和金融资产投资业务。通过全资子公司弘业资本主要从事大宗商品交易及风险管理业 务,通过全资境外子公司弘业国际金融主要从事境外证券及期货交易服务。主营业务收入构成为：大宗 商品交易及风险管理业务67.03%，期货经纪及资产管理业务32.97%。 弘业期货所 ...

截至9月30日，弘业期货股东户数5.44万，较上期减少13.10%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，弘业期货实现营业收入4.62亿元，同比减少76.77%；归母净利润208.97万元，同比减少 87.27%。 资金流向方面，主力资金净流出313.81万元，特大单买入0.00元，占比0.00%，卖出101.10万元，占比 1.62%；大单买入616.39万元，占比9.91%，卖出829.10万元，占比13.33%。 弘业期货今年以来股价跌5.85%，近5个交易日跌1.29%，近20日跌1.48%，近60日跌0.89%。 资料显示，苏豪弘业期货股份有限公司位于江苏省南京市建邺区江东中路399号3幢，成立日期1995年7 月31日，上市日期2022年8月5日，公司主营业务涉及商品期货经纪、金融期货经纪、期货投资咨询、资 产管理、基金销售和金融资产投资业务。通过全资子公司弘业资本主要从事大宗商品交易及风险管理业 务,通过全资境外子公司弘业国际金融主要从事境外证券及期货交易服务。主营业务收入构成为：大宗 商品交易及风险管理业务67.03%，期货经纪及资产管理业务32.97%。 弘业期货所属 ...

期货概念+创投+国企改革 2月25日，弘业期货涨2.31%，成交额1.20亿元，换手率1.55%，总市值102.69亿元。 异动分析 来源：新浪证券-红岸工作室 主力没有控盘，筹码分布非常分散，主力成交额2576.58万，占总成交额的1.14%。 技术面：筹码平均交易成本为10.90元 1、弘业期货股份有限公司主要从事商品期货经纪、金融期货经纪、期货投资咨询、资产管理、基金销 售、金融资产投资业务。是期货行业首家A+H股上市公司。 2、公司认缴弘瑞新时代创业投资有限公司，出资金额 2,200 万元，持股比例为 22%。弘瑞新时代的主 要经营地为江苏省南京市，主营业务为创业投资和管理咨询。 3、公司属于国有企业。公司的最终控制人为江苏省政府国有资产监督管理委员会。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入1026.20万，占比0.09%，行业排名6/27，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入1.12亿，当前无连续增减仓现象，主力趋势不明显。 区间今日近3日近5日近10日近20日主力净流入1026.20万826.73万91 ...

来源：新浪证券-红岸工作室 2月24日，弘业期货涨0.40%，成交额5476.49万元，换手率0.72%，总市值100.37亿元。 异动分析 期货概念+创投+国企改革 1、弘业期货股份有限公司主要从事商品期货经纪、金融期货经纪、期货投资咨询、资产管理、基金销 售、金融资产投资业务。是期货行业首家A+H股上市公司。 今日主力净流入-7.58万，占比0%，行业排名11/27，连续3日被主力资金减仓；所属行业主力净流 入-1.45亿，连续3日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入-7.58万-342.77万-75.10万-1091.37万-4397.43万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额1944.78万，占总成交额的1.75%。 技术面：筹码平均交易成本为10.91元 该股筹码平均交易成本为10.91元，近期该股有吸筹现象，但吸筹力度不强；目前股价在压力位10.06和 支撑位9.90之间，可以做区间波段。 公司简介 2、公司认缴弘瑞新时代创业投资有限公司，出资金额 2,200 万元，持股比例为 22%。弘瑞新时代的主 要经营地为江苏省南京市，主营业务为创业投资和管理咨 ...

Group 1 - The core point of the news is that Jiangsu Hongsu Industrial Co., Ltd., a shareholder of Hongye Futures, has completed a passive reduction plan due to judicial enforcement, reducing its shares by 18,134,522, which is 1.7995% of the total share capital, without changing control of the company [1] - The remaining shares to be reduced under the plan are 377 shares, and the shareholder has fulfilled the pre-disclosure obligations [1] - This event may impact short-term market sentiment [1] Group 2 - Hongye Futures' stock price has shown volatility, closing at 10.12 yuan on February 9, 2026, up 1.20% from the previous day, with a trading volume of 73.1666 million yuan, but with a net outflow of 669,100 yuan from main funds [2] - On February 6, 2026, the stock price closed at 10.03 yuan, down 0.79%, with a net outflow of 4.3405 million yuan from main funds, indicating low market participation and dispersed chips [2] Group 3 - For the first nine months of 2025, Hongye Futures reported a revenue of 462 million yuan, a decrease of 76.77% year-on-year, and a net profit attributable to shareholders of 2.0897 million yuan, down 87.27% year-on-year [3] - Despite a 57.36% year-on-year increase in net profit for the third quarter, the overall profit scale remains small, and the company has a high asset-liability ratio, indicating weak fundamentals [3] - Since its A-share listing, the company has distributed a total of 44.3422 million yuan in dividends, with 14.1089 million yuan distributed over the past three years [3]

Group 1 - The core point of the news is that Jiangsu Hongsu Industrial Co., Ltd. has completed a judicial enforcement plan, resulting in a passive reduction of 18,134,522 shares of Hongye Futures, accounting for 1.7995% of the total share capital, without changing control [1] Group 2 - On February 5, 2026, Hongye Futures A-shares closed at 10.11 yuan, up 0.7% from the previous day, with a trading volume of 79.3766 million yuan and a turnover rate of 1.04%, while net inflow of main funds was 3.2898 million yuan [2] - On February 9, the stock price further increased by 1.20% to 10.12 yuan, with a trading volume of 73.1666 million yuan, but main funds experienced a net outflow of 669,100 yuan, indicating a reduction in positions over two consecutive days [2] Group 3 - For the first nine months of 2025, Hongye Futures reported an operating income of 462 million yuan, a year-on-year decrease of 76.77%, and a net profit attributable to shareholders of 2.0897 million yuan, down 87.27% year-on-year [3] - The net profit for the third quarter alone was 5.6954 million yuan, showing a year-on-year increase of 57.36%, although the overall profitability remains low with a debt-to-asset ratio of 85.1% [3] - The company's business model is based on traditional futures brokerage, with risk management as the core growth point, but short-term performance is under pressure [3]

Report Summary - **Report Title**: "Supply and Demand Loose, Futures Market Weakly Operated - Iron Ore Weekly Report 20260210" [2] - **Report Author**: Zhou Guisheng [4] - **Industry Investment Rating**: Not provided - **Core View**: Currently, iron ore supply and demand are loose, and it will maintain a weak shock in the short - term. The overall supply has declined, the demand is weak due to poor steel mill profits, and the port and steel mill inventories have increased [5][6] Supply - Global iron ore shipments from February 2nd - 8th were 25.353 million tons, a week - on - week decrease of 5.593 million tons. Australian shipments were 12.798 million tons, down 5.406 million tons; Brazilian shipments were 6.388 million tons, down 0.534 million tons; non - mainstream ore shipments were 9.907 million tons, down 0.727 million tons [5] - China's 45 - port arrivals were 23.613 million tons, a week - on - week decrease of 1.234 million tons [5] - As of February 6th, the daily output of iron concentrate from 186 domestic mines was 456,700 tons, a week - on - week decrease of 12,000 tons, with a capacity utilization rate of 58.45%, a week - on - week decrease of 1.53%. Mine concentrate inventory was 799,000 tons, a week - on - week decrease of 73,500 tons [5] - The shipping volume of Australian ore to China decreased significantly, and Brazilian ore shipments also declined. FMG and BHP shipments to China continued to fall, RT shipments to China dropped significantly, and VALE shipments decreased slightly [40][44][48] - The shipping price index decreased slightly, and the arrival volume decreased slightly, remaining at a medium level [52][56] Demand - In the week of February 6th, the daily average pig iron production was 2.2858 million tons, a week - on - week increase of 0.06 million tons. Terminal demand was weak, steel mill profits were poor, and pig iron production remained relatively stable. As the Spring Festival approached, steel mill restocking was basically over, and raw material procurement slowed down [5] - Steel mill blast furnace profits increased slightly, blast furnace operation changed little, and pig iron production remained stable [65][71] Inventory - Imported ore inventory continued to rise this period, the number of ships at the port increased by 5 to 111. Port congestion increased, arrival volume continued to decline, port clearance volume continued to rise, and port inventory continued to accumulate, suppressing the upward space of ore prices. Steel mill inventory also continued to increase, and steel mill restocking was basically over as the Spring Festival approached [5] - The clearance volume continued to rise, port inventory continued to increase, Australian ore inventory continued to rise, Brazilian ore inventory decreased slightly, coarse powder inventory remained high, and lump ore inventory decreased slightly [80][84][94] Price and Spread - Spot prices decreased slightly, the spread between high - and medium - grade ores remained stable, the spread between medium - and low - grade ores increased slightly, the spread between PB powder and Mac powder remained stable, the 5 - 9 spread fluctuated at a low level, and the 05 basis decreased slightly [7][13][16][20] - As of February 9, 2026, the spot price of Karara powder was 863, a week - on - week decrease of 19, and the equivalent futures price was 807, a week - on - week decrease of 20; the spot price of PB powder was 763, a week - on - week decrease of 19, and the equivalent futures price was 810, a week - on - week decrease of 21; the spot price of Super Special powder was 650, a week - on - week decrease of 21, and the equivalent futures price was 849, a week - on - week decrease of 23; the high - medium grade spread was 100, and the medium - low grade spread was 113. The optimal deliverable product was 62.5 BHP Blend [29] - The rebar - to - iron - ore ratio increased slightly, and the iron - ore - to - coke ratio decreased slightly [30] Strategy - The strategy is range - bound trading [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply and demand of steel products are weak, and steel prices are fluctuating. The supply side shows that steel mills are reducing production, while the demand side is weak due to the approaching festival. The cost - side support is weakening, and the steel market is expected to operate weakly and fluctuate in the short term, with attention paid to the demand recovery after the festival [4][5]. 3. Summary by Related Catalogs 3.1 Supply - Steel mills are reducing production. The weekly output of rebar at major steel mills nationwide is 1916800 tons (-81500 tons), and the weekly output of hot - rolled coils is 3091600 tons (-500 tons). From a process perspective, the long - process rebar output decreased by 48100 tons, and the short - process output decreased by 33400 tons [4][34]. 3.2 Demand - As the festival approaches, demand is weak, and the demand for hot - rolled coils has declined. The apparent demand for rebar last week was 1476400 tons (-287600 tons), and the apparent demand for hot - rolled coils was 3055400 tons (-58700 tons). The weekly average trading volume of rebar is 34800 tons, and that of hot - rolled coils is 25000 tons, with the trading volume of hot - rolled coils decreasing [4][43][47]. 3.3 Inventory - Rebar inventory accumulation has increased, and hot - rolled coil inventory has also accumulated. The total rebar inventory is 5195700 tons (+440400 tons), the social inventory is 3695200 tons (+395200 tons), and the steel mill inventory is 1536500 tons (+45200 tons). The total hot - rolled coil inventory is 3592000 tons (+36200 tons), the social inventory is 2804500 tons (+21500 tons), and the steel mill inventory is 787500 tons (+15000 tons). The inventory of major steel products is 9401300 tons, a week - on - week increase of 491500 tons, and the billet inventory in Tangshan is 578000 tons, a week - on - week increase of 49500 tons [6][50]. 3.4 Price - As of February 6, the national aggregated average price of rebar is 3306 yuan/ton, a week - on - week decrease of 10 yuan/ton; the national aggregated average price of hot - rolled coils is 3284 yuan/ton, a week - on - week decrease of 15 yuan/ton [10]. 3.5 Basis - As of February 6, the basis of the main rebar contract is 143 yuan/ton (+21 yuan/ton), and the basis of the main hot - rolled coil contract is - 1 yuan/ton (+17 yuan/ton) [5]. 3.6 Raw Materials - The cost - side support is weakening. The price of quasi - first - grade metallurgical coke is 1470 yuan/ton, the price of main coking coal in Lvliang is 1483 yuan/ton, and the price of 61.5% PB powder at Qingdao Port is 765 yuan/ton, with a week - on - week change of - 29 yuan/ton [15][16]. 3.7 Other Market Indicators - The profitability rate of steel mills has fallen to 39.39%. The molten iron output is 2285800 tons, a week - on - week increase of 6000 tons. The blast furnace operating rate is 79.53%, a week - on - week increase of 0.53%; the blast furnace capacity utilization rate is 85.69%, a week - on - week increase of 0.22%; the electric furnace operating rate is 57.33%, a week - on - week decrease of 13.33%; the electric furnace capacity utilization rate is 48.12%, a week - on - week decrease of 7.59%. The Tangshan blast furnace operating rate is 92.3%, a week - on - week increase of 2.46% [5][29]. 3.8 Industry - related Data - In November, steel exports were 9.98 million tons, a month - on - month increase of 197800 tons; from January to November, the cumulative steel export volume was 107.7 million tons, a cumulative year - on - year increase of 6.7%. In November, hot - rolled coil exports were 1.8303 million tons. In November, automobile production was 3.532 million vehicles, a month - on - month increase of 173300 vehicles; automobile sales were 3.429 million tons, a month - on - month increase of 106900 tons. In November, new energy vehicle production was 1.88 million vehicles, a month - on - month increase of 108000 vehicles; new energy vehicle sales were 1.823 million tons, a month - on - month increase of 108000 tons. From January to December, national real estate development investment decreased by 17.2% year - on - year, the cumulative new housing construction area decreased by 20.4% year - on - year, the cumulative housing completion area decreased by 18.1% year - on - year, the new commercial housing sales area decreased by 8.7% year - on - year, the new commercial housing sales volume decreased by 12.6% year - on - year, and the funds in place for development enterprises decreased by 13.4% year - on - year [60][64][68].

Report Title and Information - Report Title: "Pre - holiday Market Sluggish, Disk Oscillates and Adjusts - Double - coking Weekly Report 20260209" [1] - Author: Zhou Guisheng [1] Report Industry Investment Rating - Not mentioned in the report. Core Viewpoints - **For Coking Coal**: Last week, the coking coal market had weak supply and demand, and market sentiment turned weak. With more coal mines shutting down near the Spring Festival, domestic supply tightened. Mongolian coal imports declined slightly. Although the daily average iron - water output on the demand side increased, it basically remained stable, and coke production remained stable. Downstream purchasing enthusiasm weakened. Overall, pre - holiday market sentiment was weak, coking coal supply and demand were relatively balanced, and it would maintain an oscillating trend in the short term. Attention should be paid to post - holiday demand recovery [3]. - **For Coke**: In terms of supply, most coke enterprises maintained normal production, coke production remained stable, and steel mill coke production increased, with overall supply increasing slightly. On the demand side, terminal steel consumption was still in the off - season, steel mill profits were poor, iron - water production remained stable, and with steel mill coke inventories at a medium - high level, they mainly replenished stocks as needed. Currently, coke supply and demand were relatively balanced, inventory levels remained high, and the disk was expected to follow and maintain low - level oscillations. Attention should be paid to post - holiday demand recovery [4]. Summary by Directory Part One: Market Views Coking Coal - **Supply**: The开工率 of 523 sample mines was 86.67% (-2.46%), and the daily average output of clean coal from 523 sample mines was 75.45 tons (-1.62). The capacity utilization rate of 314 coal - washing plants was 35.54% (-1.26%), and the daily average output of clean coal was 26.31 tons (-0.46). The customs clearance volume of Mongolian coal at the Ganqimaodu Port decreased slightly last week, and overall supply continued to tighten [3]. - **Demand**: The daily iron - water output of 247 steel mills was 228.58 tons (+0.6), the blast - furnace开工率 was 79.53% (+0.53%), the available days of coking coal in 247 steel mills were 13.12 days (+0.09), and the available days of coking coal in 230 independent coking plants were 16.51 days (+0.79). Downstream purchasing enthusiasm declined [3]. - **Inventory**: The clean - coal inventory of 523 sample mines was 264.65 tons (-2.53), the inventory of all - sample independent coking plants was 1302.39 tons (+67.6), the steel mill inventory was 824.2 tons (+9.84), the clean - coal inventory of 314 sample coal - washing plants was 334.46 tons (+22.89), and the inventory at major ports was 272.76 tons (-13.62). Downstream inventories were relatively high, and purchasing enthusiasm declined [3]. Coke - **Supply**: The average profit per ton of coke for coking plants was - 10 yuan/ton (+45), the capacity utilization rate of all - sample independent coking plants was 72.2% (+0.34%), the daily output of all - sample independent coking plants was 63.14 tons (+0.3), and the daily coke output of 247 steel mills was 47.24 tons (+0.23). The profit situation improved, but there was still price pressure [4]. - **Demand**: The daily iron - water output of 247 steel mills was 228.58 tons (+0.6), the blast - furnace开工率 was 79.53% (+0.53%), and the available days of coke in 247 steel mills were 12.76 days (+0.22). Steel mills maintained on - demand procurement [4]. - **Inventory**: The inventory of all - sample independent coking plants was 82.74 tons (-1.65), the inventory at major ports was 201.1 tons (-3.04), and the steel mill inventory was 692.38 tons (+14.19). The overall social inventory of coke increased [4]. Part Two: Macroeconomic and Real Estate Tracking - The report presents data on national fixed - asset investment cumulative year - on - year, national real - estate new construction, construction, completion, and sales area cumulative year - on - year, 30 - large - city weekly commercial housing transaction area, steel industry PMI, and manufacturing PMI, but no specific data analysis is provided [6][10][14][17] Part Three: Coking Coal Supply and Demand Tracking - The report shows data on Shanxi Jinzhong Jiexiu medium - sulfur main coking coal purchase price, national mainstream coking coal spot price comparison, coking coal spread tracking, 523 sample coal mines' clean - coal daily output and开工率, 314 sample coal - washing plants' clean - coal daily output and capacity utilization rate, 247 steel mills' daily iron - water output and blast - furnace开工率, inventory data of various parties, and Ganqimaodu Port Mongolian coal customs clearance vehicle numbers, but no specific data analysis is provided [20][25][30][35] Part Four: Coke Supply and Demand Tracking - The report provides data on Lvliang quasi - first - grade metallurgical coke ex - factory price, coke spot price adjustment schedule, coke spot price comparison, coke contract basis, coking enterprise ton - coke profit, independent coking enterprise coke daily output and capacity utilization rate, inventory data of various parties, and 247 steel mills' coke available days, but no specific data analysis is provided [58][60][62][65]