Group 1 - The core point of the article is that Soho Holdings Group has reduced its stake in Hongye Futures by selling 3.45 million shares at a price of 3.4149 HKD per share, totaling approximately 11.78 million HKD [1] - After the reduction, Soho Holdings now holds 20.405 million shares, representing an ownership percentage of 8.17% in Hongye Futures [1]

Group 1 - The core point of the news is that Soho Holdings Group's Zhongshan Limited has reduced its stake in Hongye Futures (03678.HK) by selling 3.45 million shares at an average price of HKD 3.4149 per share, amounting to approximately HKD 11.78 million [1] - After the reduction, Soho Holdings Group's total shareholding is now 20.405 million shares, decreasing its ownership percentage from 9.55% to 8.17% [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The coking coal market last week had a slight increase in supply, a continuous decline in demand, and weak purchasing sentiment. The overall coking coal supply was stable while demand was weak, and it remained weakly operational. Attention should be paid to the winter storage replenishment demand [4]. - The current situation of coke is strong supply and weak demand. The inventory is at a medium level, and the coke price is still under pressure. Attention should be paid to the winter storage replenishment demand [5]. Summary by Relevant Catalogs Part 1: Market Views Coking Coal - Supply: The operating rate of 523 sample mines was 85.59% (-0.42%), and the daily average output of clean coal was 75.37 tons (-1.04). The capacity utilization rate of 314 coal washing plants was 36.53% (+0.21%), and the daily average output of clean coal was 27.12 tons (+0.54). The Mongolian coal customs clearance volume at the Ganqimaodu Port remained high, and the overall supply increased slightly [4]. - Demand: The daily output of molten iron from 247 steel mills was 247.01 tons (-2.38), the blast furnace operating rate was 80.16% (-0.93%), and the available days of coking coal in steel mills and coking plants decreased. The demand continued to decline, and downstream purchasing willingness was cautious [4]. - Inventory: The clean coal inventory of 523 sample mines was 223.92 tons (+23.09), and the inventory of 314 sample coal washing plants was 321.4 tons (+16.09). The inventory of steel mills and coking plants decreased slightly, and the inventory at major ports increased slightly [4]. Coke - Supply: The average profit per ton of coke in coking plants was 30 yuan/ton (-16). The capacity utilization rate and daily output of all - sample independent coking plants increased, and the daily output of coke from 247 steel mills also increased slightly [5]. - Demand: The daily output of molten iron from 247 steel mills decreased, the blast furnace operating rate continued to decline, and the demand support weakened [5]. - Inventory: The inventory of all - sample independent coking plants decreased by 4.68 tons, the inventory at major ports decreased by 6.1 tons, and the inventory of 247 steel mills decreased slightly. The overall social inventory of coke decreased slightly [5]. Part 2: Macroeconomic and Real Estate Tracking - The content mainly lists some macro - real estate data, including the cumulative year - on - year growth rate of national fixed asset investment, the cumulative year - on - year growth rate of new construction, construction, completion, and sales area of national real estate, the weekly commercial housing transaction area in 30 large and medium - sized cities, and the purchasing managers' index (PMI) of the steel industry and manufacturing industry, but no specific analysis is provided [7][11][14][18] Part 3: Coking Coal Supply and Demand Tracking - The content includes data on the procurement price of medium - sulfur main coking coal in Jiexiu, Jinzhong, Shanxi, the comparison of mainstream coking coal spot prices nationwide, the basis tracking of coking coal futures contracts, the daily output and operating rate of 523 sample coal mines, and the daily output and capacity utilization rate of 314 sample coal washing plants, etc., to track the supply and demand of coking coal [21][26][33][36] Part 4: Coke Supply and Demand Tracking - The content includes data on the ex - factory price of quasi - first - class metallurgical coke in Lvliang, the spot price adjustment schedule of coke, the comparison of coke spot prices, the basis tracking of coke futures contracts, the profit per ton of coke in independent coking enterprises, the daily output and capacity utilization rate of coke in independent coking enterprises and 247 steel mills, and the coke inventory and available days of inventory in relevant enterprises and ports, etc., to track the supply and demand of coke [62][64][66][70]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The steel market is experiencing a situation of both supply and demand decline, with steel prices fluctuating in the short - term. There are expectations for macro policies, but the improvement in the fundamental situation is limited [1][5][6]. 3. Summary by Relevant Catalogs 3.1. Finished Products - **Supply**: The weekly output of rebar from major domestic steel mills was 1.8931 million tons (-167,700 tons), and the weekly output of hot - rolled coils was 3.1431 million tons (-47,000 tons). Rebar production decreased significantly, and hot - rolled coil production remained at a high level despite the decline [5][36]. - **Demand**: The apparent demand for rebar and hot - rolled coils declined. Last week, the apparent demand for rebar was 2.1698 million tons (-109,600 tons), and the apparent demand for hot - rolled coils was 3.1486 million tons (-53,600 tons) [5]. - **Inventory**: Rebar total inventory was 5.0381 million tons (-266,700 tons), social inventory was 3.6113 million tons (-236,200 tons), and steel mill inventory was 1.4268 million tons (-40,500 tons). Hot - rolled total inventory was 4.0035 million tons (-5,500 tons), social inventory was 3.2043 million tons (-24,500 tons), and steel mill inventory was 0.7992 million tons (+19,000 tons) [8]. - **Basis**: The basis of the rebar main contract was 133 yuan/ton (-7 yuan/ton), and the basis of the hot - rolled coil main contract was - 20 yuan/ton (-8 yuan/ton) [8][14]. - **Summary**: The steel mill profitability rate was 36.36%, a 1.3% week - on - week increase. The iron ore output was 2.323 million tons, a 23,800 - ton week - on - week decrease. The blast furnace operating rate was 80.16%, a 0.93% week - on - week decrease, and the blast furnace capacity utilization rate was 87.08%, a 0.9% week - on - week decrease. The electric furnace operating rate was 67.72%, a 1.41% week - on - week decrease, and the electric furnace capacity utilization rate was 53.82%, a 1.09% week - on - week increase [8]. - **Spot Price**: As of December 5, the average rebar price in major domestic cities was 3,326 yuan/ton, a 35 - yuan/ton week - on - week increase, and the average hot - rolled coil price was 3,328 yuan/ton, a 10 - yuan/ton week - on - week increase [11]. 3.2. Raw Materials - **Raw Material Price**: The price of quasi - first - class metallurgical coke was 1,450 yuan/ton (unchanged), the price of main coking coal in Lvliang was 1,505 yuan/ton (unchanged), and the price of 61.5% PB powder at Qingdao Port was 787 yuan/ton (-7 yuan/ton) [17]. - **Production and Operating Rate**: As of December 5, the blast furnace operating rate decreased by 0.93% week - on - week, the electric furnace operating rate decreased by 1.41% week - on - week, and the iron ore output was 2.323 million tons, a 23,800 - ton week - on - week decrease. The Tangshan blast furnace operating rate was 93.51%, a 2.43% week - on - week increase [21][30]. 3.3. Market Demand - **Building Steel**: As of December 5, the weekly average building steel trading volume was 99,000 tons, remaining at a low level [44]. - **Hot - Rolled Coils**: As of December 5, the weekly average hot - rolled coil trading volume was 31,700 tons, and the downstream cold - rolled production was 855,200 tons, a 7,600 - ton week - on - week increase [48]. 3.4. Inventory - **Overall Steel Inventory**: As of December 5, the Tangshan billet inventory was 541,600 tons, a 18,100 - ton week - on - week decrease. The total inventory of major steel products was 9.7826 million tons, a 293,500 - ton week - on - week decrease [52]. - **Rebar Inventory**: Rebar total inventory decreased by 276,700 tons week - on - week, social inventory decreased by 236,200 tons, and steel mill inventory decreased by 40,500 tons [55]. - **Hot - Rolled Coil Inventory**: Hot - rolled coil total inventory decreased by 5,500 tons week - on - week, social inventory decreased by 24,500 tons, and steel mill inventory increased by 19,000 tons. The overall hot - rolled coil inventory remained at a high level [60]. 3.5. External Market - **Steel Exports**: In October, steel exports were 9.78 million tons, a 690,000 - ton month - on - month decrease. From January to October, cumulative steel exports were 97.737 million tons, a 6.6% year - on - year increase. In October, hot - rolled coil exports were 1.6415 million tons [65]. - **Automobile Production and Sales**: In October, automobile production was 3.3587 million vehicles, an 82,900 - vehicle month - on - month increase; automobile sales were 3.3221 million tons, a 95,700 - ton month - on - month increase. New - energy vehicle production was 1.772 million vehicles, a 155,000 - vehicle month - on - month increase, and new - energy vehicle sales were 1.715 million tons, an 111,000 - ton month - on - month increase [69]. - **Real Estate Data**: From January to October, real estate investment decreased by 14.7% year - on - year, the cumulative year - on - year decrease in new housing starts was 19.8%, the cumulative year - on - year decrease in housing completion was 16.9%, the year - on - year decrease in commercial housing sales area was 6.8%, the year - on - year decrease in commercial housing sales was 9.6%, and the year - on - year decrease in available funds was 9.7% [72].

香港联交所最新资料显示，12月5日，苏豪控股集团钟山有限公司减持弘业期货（001236）(03678)345 万股，每股作价3.4149港元，总金额约为1178.14万港元。减持后最新持股数目为2040.5万股，最新持股 比例为8.17%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月5日，苏豪控股集团钟山有限公司减持弘业期货 (03678)345万股，每股作价3.4149港元，总金额约为1178.14万港元。减持后最新持股数目为2040.5万 股，最新持股比例为8.17%。 ...

证券之星消息，12月8日弘业期货发生大宗交易，交易数据如下： | 成交量 | 成交额 | 收盘价 | 成交价 | 折溢率 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | (万股) | (万元) | (元) | (元) | (%) | | | | 161.31 | 1522.79 | 10.90 | 9.44 | -13.39 机构专用 | | 方正证券股份有限公司上海 浦东新区成山路证券营业部 | | 150.00 | 1416.00 | 10.90 | 9.44 | -13.39 机构专用 | | 方正证券股份有限公司上海 浦东新区成山路证券营业部 | 近三个月该股共发生28笔大宗交易，合计成交10.67万手，折价成交28笔。该股在过去半年内已有共计 4.32亿股限售解禁股上市，占公司总股本的42.83%。 截至2025年12月8日收盘，弘业期货(001236)报收于10.9元，上涨4.51%，换手率4.88%，成交量36.98万 手，成交额4.06亿元。 该股近半年内有股东持股变动，合计净减持4133.16万股，股东增减持明细 ...

Market Performance - Jiangsu state-owned enterprise reform sector rose by 0.59% compared to the previous trading day, with Nanjing Commercial Travel leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Stock Performance - Nanjing Commercial Travel (600250) closed at 11.24, with a significant increase of 9.98% and a trading volume of 270,500 shares, amounting to a transaction value of 295 million yuan [1] - Other notable performers included Hongye Qijing (001236) with a 4.51% increase, and Jinfeng Technology (300128) with a 4.38% increase [1] Capital Flow - The Jiangsu state-owned enterprise reform sector experienced a net outflow of 111 million yuan from institutional investors, while retail investors saw a net inflow of 171 million yuan [2] - The capital flow data indicates that Nanjing Commercial Travel had a net inflow of 1.04 billion yuan from institutional investors, despite a net outflow from retail investors [3]

苏豪弘业期货股份有限公司的主营业务是商品期货经纪、金融期货经纪、期货投资咨询、资产管理、基 金销售。公司的主要产品是期货经纪业务、资产管理业务、基金销售业务、期货投资咨询业务、风险管 理业务、境外金融服务业务、金融资产投资业务。公司荣获上期所橡胶项目二等奖、上期所"强源助企 ——提高期权成交量活动"三等奖。 交易所数据显示，12月8日，弘业期货收盘10.9元，上涨4.51%，滚动市盈率PE（当前股价与前四季度每 股收益总和的比值）达到708.88倍，创15天以来新低，总市值109.85亿元。 从行业市盈率排名来看，公司所处的多元金融行业市盈率平均59.18倍，行业中值26.76倍，弘业期货排 名第21位。 资金流向方面，12月8日，弘业期货主力资金净流入2048.26万元，近5日总体呈流入状态，5日共流入 1690.75万元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13弘业期货708.88368.295.88109.85亿行业平均 59.1836.231.81231.12亿行业中值26.7626.581.73180.01亿1越秀资本10.5116.421.19376.79亿2江苏金租 11.3 ...

Core Viewpoint - As of December 8, 2025, Hongye Futures (001236) closed at 10.9 yuan, marking a 4.51% increase, with a trading volume of 369,800 lots and a transaction value of 406 million yuan [1] Financial Performance - For the first three quarters of 2025, Hongye Futures reported a main revenue of 462 million yuan, a year-on-year decline of 76.77% - The net profit attributable to shareholders was 2.09 million yuan, down 87.27% year-on-year - The net profit after deducting non-recurring gains and losses was 1.97 million yuan, a decrease of 85.82% year-on-year - In Q3 2025, the company achieved a single-quarter main revenue of 139 million yuan, down 85.48% year-on-year, while the single-quarter net profit attributable to shareholders was 5.70 million yuan, an increase of 57.36% year-on-year [3] Market Position and Ratios - Total market capitalization stands at 10.985 billion yuan, compared to the industry average of 23.112 billion yuan, ranking 15th out of 21 in the multi-financial sector - The company's net assets are 1.867 billion yuan, significantly lower than the industry average of 25.234 billion yuan, ranking 19th out of 21 - The price-to-earnings ratio (P/E) is 3942.42, compared to the industry average of 222.35, ranking 18th out of 21 - The price-to-book ratio (P/B) is 5.88, while the industry average is 2.69, ranking 20th out of 21 - Gross margin is 0%, compared to the industry average of 24.09%, ranking 20th out of 21 - Net margin is 0.45%, significantly lower than the industry average of 115.45%, ranking 18th out of 21 - Return on equity (ROE) is 0.11%, compared to the industry average of 3.07%, ranking 17th out of 21 [3] Capital Flow Analysis - On December 8, 2025, the net inflow of main funds was 20.48 million yuan, accounting for 5.04% of the total transaction value - Retail investors experienced a net outflow of 17.19 million yuan, representing 4.23% of the total transaction value - Over the past five days, the stock has seen fluctuations in capital flow, with varying net inflows and outflows from main funds, retail investors, and speculative funds [1][2]