国浩律师（南京）事务所 关于苏豪弘业期货股份有限公司 2025 年第二次临时股东大会 之 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 5、7、8 层 邮编：210036 5、7、8/F, Block B, 309 Hanzhongmen Street, Nanjing, China, 210036 电话/Tel: +86 25 8966 0900 传真/Fax: +86 25 89660966 网址/Website: http://www.grandall.com.cn 国浩律师（南京）事务所 股东大会法律意见书 国浩律师（南京）事务所 关于苏豪弘业期货股份有限公司 2025 年第二次临时股东大会之 法律意见书 致：苏豪弘业期货股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》以及中国证券监 督管理委员会《上市公司股东会规则》的规定，本所接受苏豪弘业期货股份有限 公司（以下简称"公司"）的聘请，指派王卓、高林律师出席公司 2025 年第二 次临时股东大会（以下简称"本次股东大会"），并就公司本次股东大会出具法 律意见书。 为出具本法律意见书，本所律师参加了公司本次股东大会，并对 ...

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - For industrial silicon, the current supply is relatively balanced with an increase in the north and a decrease in the south, and the overall supply will gradually decline in November. The demand in the polysilicon segment will weaken after November due to the dry - season and quota production, and there is still pressure to reduce inventory. It is expected that the short - term market will remain range - bound, and market sentiment changes should be monitored [6]. - For polysilicon, the current supply and demand are both weak, and the inventory is slightly accumulating. However, it is supported by industrial policies and market expectations, and it is expected to remain in high - level oscillation in the short term. Attention should be paid to the implementation of policies [7]. 3. Summary by Related Catalogs Industrial Silicon - **Price**: As of October 24, 2025, the spot price of Xinjiang industrial silicon 553 oxygen - passed was 8800 yuan/ton, unchanged from last week. The futures main contract rebounded slightly, closing at 8920 yuan/ton on October 24 [6]. - **Supply**: Xinjiang's output increased due to newly ignited silicon furnaces, while the start - up in the northwest (Qinghai, Ningxia, Gansu) changed little. Yunnan had a small reduction in production under high - cost pressure, and the start - up rate is expected to decline further in November. Sichuan's start - up decreased gradually during the dry season. Overall, the output increased slightly this month and is expected to decline next month [6]. - **Demand**: Polysilicon production decreased slightly, reducing the consumption of industrial silicon. The start - up of organic silicon was basically stable, and a small amount of monomer production capacity under maintenance will resume next week. The start - up rate of aluminum alloy enterprises remained stable, with primary aluminum alloy running stably and recycled aluminum alloy restricted by the tight supply of scrap aluminum. In September, the export of industrial silicon was 70200 tons, an 8% decrease from the previous month and an 8% increase year - on - year [6]. - **Cost**: The cost of industrial silicon remained stable this week [6]. - **Inventory**: As of October 23, the national social inventory of industrial silicon was 559000 tons, a decrease of 3000 tons from last week [6]. Polysilicon - **Price**: As of October 24, 2025, the spot price of N - type dense material was 50000 yuan/ton, unchanged from last week. The futures main contract fluctuated and declined, closing at 52305 yuan/ton on October 24 [7]. - **Supply**: Three enterprises resumed production and increased output in October, and the production is expected to increase slightly this month. According to the fourth - quarter production plans of each enterprise, some production capacity in the southwest region is expected to be gradually shut down for maintenance during the dry season in November, and the production will gradually decline from November to December [7]. - **Demand**: Terminal demand is weak, and component and cell manufacturers have a weak willingness to purchase. Downstream purchasing enterprises are mainly waiting and watching, and no actual transactions have been made. A new round of transactions is expected to be carried out in batches next week. In September, the import volume of polysilicon was 1291.8 tons, a 28% increase from the previous month; the export volume was 2149.5 tons, a 28% decrease from the previous month [7]. - **Cost**: The cost of polysilicon remained stable this week [7]. - **Inventory**: The inventory is on the rise, and the purchasing pace of crystal - pulling factories has slowed down [7]. Price and Spread - **Industrial Silicon Price**: As of October 24, 2025, Xinjiang industrial silicon 553 oxygen - passed was 8800 yuan/ton, and 421 oxygen - passed was 9100 yuan/ton, both unchanged from last week [10]. - **Industrial Silicon Spread**: As of October 24, 2025, the spread between Yunnan industrial silicon 553 oxygen - passed and 421 oxygen - passed was 400 yuan/ton, and the spread between Xinjiang industrial silicon 553 oxygen - passed and 421 oxygen - passed was 300 yuan/ton, both unchanged from last week [14]. - **Polysilicon Price**: As of October 24, 2025, the price of N - type dense material was 50000 yuan/ton, P - type dense material was 33000 yuan/ton, and P - type cauliflower material was 30500 yuan/ton, all unchanged from last week [18]. - **Polysilicon Spread**: As of October 24, 2025, the premium of N - type dense material over P - type dense material was 17000 yuan/ton, and the premium over P - type cauliflower material was 19500 yuan/ton, both unchanged from last week [22]. Cost - **Silicon Coal and Silica Stone**: As of October 24, 2025, the delivered price of Ningxia silicon coal was 1140 yuan/ton, and Xinjiang silicon coal was 1700 yuan/ton, both unchanged from last week. The delivered price of Hubei silica stone was 340 yuan/ton, Xinjiang was 320 yuan/ton, and Yunnan was 290 yuan/ton, all unchanged from last week [26]. - **Petroleum Coke and Electricity Price**: As of October 24, 2025, the price of Shandong port Saudi petroleum coke was 1555 yuan/ton, a 50 - yuan increase from last week. The electricity price in Xinjiang was 0.375 yuan/kWh, Sichuan was 0.325 yuan/kWh, and Yunnan was 0.33 yuan/kWh, all unchanged from last week [30]. - **Wood Chips and Graphite Electrodes**: As of October 24, 2025, the price of Yunnan wood chips was 490 yuan/ton, Yunnan charcoal was 2450 yuan/ton, and Jiangsu high - power graphite electrodes were 12750 yuan/ton, all unchanged from last week [34]. Downstream Products - **Silicon Wafers**: As of October 24, 2025, the average prices of N - type M10 - 182(130µm), N - type G10L - 183.75(130µm), N - type G12R - 210R(130µm), and N - type G12 - 210(130µm) were 1.34, 1.34, 1.365, and 1.69 yuan/piece respectively, a decrease of 0.01 yuan/piece from last week. Due to weak terminal demand, second - tier and tail enterprises actively lowered prices [37]. - **Batteries**: As of October 24, 2025, M10 single - crystal TOPCon, G10L single - crystal TOPCon, G12R single - crystal TOPCon, and G12 single - crystal TOPCon were quoted at 0.315, 0.315, 0.285, and 0.31 yuan/watt respectively, with decreases of 0.003, 0.003, 0.002, and 0 yuan/watt respectively from last week. Overseas market demand has declined, and export order support has weakened [41]. - **Components**: As of October 24, 2025, 182 single - sided TOPCon, 210 single - sided TOPCon, 182 double - sided TOPCon, and 210 double - sided TOPCon were quoted at 0.68, 0.7, 0.68, and 0.7 yuan/watt respectively, unchanged from last week. Terminal demand has not improved significantly, and cost pressure has increased [45]. Other Related Products - **Organic Silicon**: As of October 24, 2025, the price of organic silicon DMC in East China was 11300 yuan/ton, unchanged from last week. The start - up was stable, and the price remained stable [49]. - **Aluminum Alloy**: As of October 24, 2025, the price of Shanghai aluminum alloy ingot ADC12 was 20800 yuan/ton, a 100 - yuan increase from last week. Aluminum alloy enterprises maintained stable start - up, the primary aluminum sector was relatively stable, and recycled aluminum alloy was restricted by scrap aluminum supply [53].

Group 1: Market Sentiment and General Situation - The sentiment in the futures financial market is positive, with the market expected to fluctuate upward in the future [3] - The Sino - Malaysian negotiation may achieve important results, and Chinese and US leaders may meet at the APEC meeting at the end of the month. China's industrial enterprise profits in September exceeded expectations, leading to an optimistic market sentiment [4] Group 2: Aluminum Market Data - Today, Shanghai Aluminum closed at 21,360, and the spot price was 21,160, with a spot - to - futures discount of - 200 points. This week, the spot discount of Shanghai Aluminum widened to - 60 yuan, and today's spot trading was poor [4] - This week, the domestic electrolytic aluminum social inventory decreased slightly, the SHFE aluminum inventory decreased slightly, and the LME inventory also decreased slightly. The LME spot premium dropped to 3 US dollars, indicating improved overseas demand [4] - The RMB exchange rate rose significantly this week, and the Shanghai - London ratio of aluminum prices dropped significantly to 7.48, with the domestic market performing weaker than the overseas market [4] - From October 21st to October 27th, the RMB exchange rate, spot premium, and other aluminum market indicators changed. For example, the RMB exchange rate decreased from 7.1269 to 7.1136, and the spot premium changed from 0 to - 60 [5] Group 3: Technical Analysis and Market Outlook - Today, crude oil rose slightly, and London Aluminum soared, trading around 2,884 US dollars. Shanghai Aluminum fluctuated upward and closed at 21,160, with a strong technical pattern [4] - The trading volume and open interest of Shanghai Aluminum both increased, and the market sentiment was optimistic. The domestic electrolytic aluminum social inventory decreased slightly this week, and the spot trading was average [4] - The hype about anti - involution subsided, and alumina fluctuated slightly. The situation in Russia and Ukraine is unclear, and tariff news has a great impact on the market. In the short term, the market sentiment is strong, and aluminum prices will rise with copper prices. In the medium term, attention should be paid to changes in spot demand [4]

Report Overview - Report Title: "Supply and Demand Slightly Weaken, Futures Market Ranges" - Iron Ore Weekly Report 20251027 [2] - Analyst: Zhou Guisheng [4] 1. Report Industry Investment Rating - Not provided 2. Core View - The current iron ore supply and demand situation is slightly weak, and it will maintain a range - bound operation in the short term. The report suggests a range - bound trading strategy and advises to pay attention to changes in macro sentiment [6] 3. Summary by Related Catalogs 3.1 Trading Logic - **Supply**: From October 20th - 26th, the global iron ore shipping volume was 3388.4 million tons, a week - on - week increase of 54.8 million tons. Australian shipments were 1984.3 million tons, a week - on - week decrease of 0.2 million tons, while Brazilian shipments were 941.5 million tons, a week - on - week increase of 101 million tons. The arrival volume at 45 Chinese ports was 2029.1 million tons, a week - on - week decrease of 490.2 million tons. As of October 24th, the daily average output of iron concentrate from 186 domestic mines was 47.35 million tons, a week - on - week decrease of 0.02 million tons, with a capacity utilization rate of 60.59%, a week - on - week decrease of 0.07%. Mine concentrate inventory was 91.62 million tons, a week - on - week decrease of 1.72 million tons [5] - **Demand**: In the week of October 24th, the daily average pig iron output was 239.9 million tons, a week - on - week decrease of 1.05 million tons. The profitability rate dropped significantly this period, and pig iron output continued to decline but remained at a relatively high level. There was some rigid demand for restocking support, but the steel mills' profitability continued to shrink, and market expectations weakened [5] - **Inventory**: The inventory of imported ore increased this period, and the number of ships at the port decreased by 17 to 107. The congestion situation decreased significantly, and the inventory transferred to the port, increasing the port inventory pressure. Steel mills' inventory remained at a low level [5] - **Basis**: The basis of contracts 01 and 05 fluctuated slightly [5] - **Profit**: The profitability rate of steel mills declined, and the price of imported ore fluctuated in the range of $100 - 105 per ton [5] 3.2 Price and Spread - **Price**: Spot prices fluctuated slightly [7] - **Ore Powder Spread**: The spread between PB powder and Super Special powder, as well as the spread between PB powder and Macfarlane powder, were both in low - level oscillations [13][17] - **Contract Spread**: The 1 - 5 spread did not fluctuate much, and the basis of contract 01 oscillated at a low level [21] - **Relative Valuation**: The rebar - ore ratio oscillated at a low level, and the ore - coke ratio oscillated downward [28] 3.3 Supply Details - Global shipments increased slightly, and non - mainstream ore shipments also increased slightly [34] - Australian ore shipments to China decreased slightly, while Brazilian ore shipments continued to increase [38] - FMG shipments to China decreased, while BHP shipments increased slightly [42] - RT and VALE shipments both increased slightly [46] - The freight rate index fluctuated slightly [50] - The arrival volume continued to decline [54] - The output of domestic iron concentrate changed little [57] 3.4 Demand Details - The profit of steel mills' blast furnaces rebounded at a low level [63] - The profitability rate of steel mills decreased, and pig iron output decreased [69] 3.5 Inventory Details - The port's ore handling volume decreased slightly, and the port inventory continued to increase [78] - The inventory of Australian ore increased slightly, and the inventory of Brazilian ore continued to increase [82] - The coarse powder inventory oscillated at a high level, and the lump ore inventory continued to increase [89] - Steel mills' consumption decreased slowly at a high level, and the inventory of imported ore remained at a low level [97]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The fundamentals of the steel industry have improved, but downstream demand remains weak. The price of coking coal and coke has increased this week, strengthening cost - side support and limiting the downside space for steel prices. Steel prices are expected to fluctuate in the short term [6]. 3. Summary by Relevant Catalogs 3.1. Finished Products - **Supply**: The weekly output of rebar from major domestic steel mills was 2.0707 million tons (+59,100 tons), and the weekly output of hot - rolled coils was 3.2246 million tons (+6,200 tons) [5]. - **Demand**: Recent high - frequency data shows that the apparent demand for rebar and hot - rolled coils has increased. Last week, the apparent demand for rebar was 2.2601 million tons (+62,600 tons), and the apparent demand for hot - rolled coils was 3.2673 million tons (+111,800 tons) [5]. - **Inventory**: Rebar total inventory was 6.2211 million tons (-189,400 tons), social inventory was 4.3748 million tons (-189,300 tons), and steel mill inventory was 1.8463 million tons (-1,000 tons). Hot - rolled total inventory was 4.1492 million tons (-42,700 tons), social inventory was 3.3757 million tons (-37,700 tons), and steel mill inventory was 773,500 tons (-5,000 tons) [5]. - **Basis**: Futures fluctuated, and the basis was volatile [5]. - **Summary**: The profitability rate of steel mills was 47.62%, a 7.79% week - on - week decrease; pig iron output was 2.399 million tons, a week - on - week decrease of 10,500 tons. The blast furnace operating rate was 84.71%, a 0.44% week - on - week increase, and the blast furnace capacity utilization rate was 89.94%, a 0.39% week - on - week decrease; the electric furnace operating rate was 67.86%, a 0.99% week - on - week decrease, and the electric furnace capacity utilization rate was 52.3%, a 0.9% week - on - week decrease [5]. 3.2. Macro Aspect - Local time from October 25th to 26th, China and the United States held economic and trade consultations in Kuala Lumpur, Malaysia, and the two sides reached a preliminary consensus. - The Ministry of Industry and Information Technology solicited public opinions on the "Implementation Measures for Capacity Replacement in the Steel Industry (Draft for Comment)". The draft states that in key areas, the total steel production capacity shall not be increased, and the transfer of steel production capacity from non - key areas to key areas and between different key areas is prohibited [6]. 3.3. Raw Materials - **Prices**: This week, the price of quasi - first - grade metallurgical coke was 1,490 yuan/ton (a 40 - yuan increase), the price of main coking coal in Lvliang was 1,575 yuan/ton (no change), and the price of 61.5% PB fines at Qingdao Port was 778 yuan/ton (no change) [17]. - **Pig Iron and Electric Furnace**: Pig iron output continued to decline, and the electric furnace operating rate decreased. As of October 24, 2025, the blast furnace operating rate increased by 0.44% week - on - week, the electric furnace operating rate decreased by 0.99% week - on - week, and pig iron output was 2.399 million tons, a week - on - week decrease of 10,500 tons [19][21]. 3.4. Steel Mill Profitability As of October 24th, the profitability rate of steel mills was 47.62%, a 7.79% week - on - week decrease. The increase in cost - side prices squeezed steel profits [29]. 3.5. Tangshan Blast Furnace Operating Rate As of October 24th, the Tangshan blast furnace operating rate was 93.44%, a 1.76% week - on - week increase [33]. 3.6. Steel Production As of October 24th, rebar production increased by 59,100 tons week - on - week. In terms of process, long - process production increased by 44,100 tons week - on - week, and short - process production increased by 15,000 tons week - on - week. Hot - rolled coil production increased by 6,200 tons week - on - week and remained at a high level [38]. 3.7. Demand - Rebar consumption increased by 62,600 tons week - on - week, and hot - rolled coil demand increased by 111,800 tons week - on - week [44]. - As of October 24th, the weekly average building materials trading volume was 100,500 tons, and the trading volume remained at a low level. The weekly average hot - rolled coil trading volume was 31,900 tons. Downstream cold - rolled production was 860,700 tons, a 13,400 - ton week - on - week decrease with an increased decline [47][52]. 3.8. Steel Inventory - As of October 24th, Tangshan billet inventory was 540,100 tons, a 96,000 - ton week - on - week increase. The inventory of major steel products was 10.9942 million tons, a 261,000 - ton week - on - week decrease [55]. - Rebar total inventory decreased by 189,400 tons week - on - week, social inventory decreased by 189,300 tons week - on - week, and steel mill inventory decreased by 1,000 tons week - on - week [57]. - Hot - rolled total inventory decreased by 42,700 tons week - on - week, social inventory decreased by 37,700 tons week - on - week, and steel mill inventory decreased by 5,000 tons week - on - week [62]. 3.9. Steel Exports In August, steel exports were 9.41 million tons, a 330,000 - ton month - on - month decrease; from January to August, cumulative steel exports were 77.49 million tons, a 10% year - on - year increase [65]. 3.10. Automobile Production and Sales - In September, automobile production was 3.276 million vehicles, a 466,000 - vehicle month - on - month increase; automobile sales increased by 369,400 tons month - on - month. - In September, new energy vehicle production was 1.617 million vehicles, a 226,000 - vehicle month - on - month increase; new energy vehicle sales were 1.604 million tons, a 209,000 - ton month - on - month increase [69]. 3.11. Real Estate Data From January to September, real estate investment decreased by 13.9% year - on - year, the newly started housing area decreased by 18.9% year - on - year, the completed housing area decreased by 15.3% year - on - year, the commercial housing sales area decreased by 5.5% year - on - year, the commercial housing sales volume decreased by 7.9% year - on - year, and the funds in place decreased by 8.4% year - on - year [71][72].

Summary of Key Points Core Viewpoint - 弘业期货's stock price increased by 3.14% to close at 11.50 yuan, with significant trading activity observed through multiple block trades totaling 1.449 million shares and a transaction value of 14.62 million yuan [1][2]. Trading Activity - A total of 5 block trades were executed, with the first four trades priced at 10.09 yuan per share, each involving different volumes and all showing a discount of 12.26% from the market price [1]. - The first trade involved 400,000 shares for a total of 4.036 million yuan, followed by another 400,000 shares for the same price and amount, a third trade of 200,000 shares for 2.018 million yuan, and a fourth trade of 250,000 shares for 2.5225 million yuan [1]. - The fifth trade also occurred at 10.09 yuan, involving 199,000 shares for a total of 2.0079 million yuan, maintaining the same discount rate [2]. Recent Performance - Over the past three months, 弘业期货 has recorded a total of 23 block trades, accumulating a transaction value of 61.0224 million yuan [2]. - In the last five trading days, the stock has risen by 5.60%, with a net inflow of 55.5496 million yuan from major funds [2].

Core Viewpoint - The A-share market's futures sector experienced a significant rally, with notable increases in various futures companies [1] Group 1: Market Performance - The futures sector in the A-share market saw a surge, with Ruida Futures hitting the upper limit of its trading range [1] - Nanhua Futures rose over 6%, indicating strong investor interest and market momentum [1] - Other companies such as Hongye Futures and Yong'an Futures also experienced upward movement, reflecting a broader trend in the sector [1]

Core Viewpoint - 弘业期货's stock price has shown fluctuations with a year-to-date increase of 18.17%, while recent trading periods have seen mixed performance, indicating potential volatility in the market [1][2]. Company Overview - 弘业期货, established on July 31, 1995, and listed on August 5, 2022, is based in Nanjing, Jiangsu Province. The company specializes in commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, fund sales, and financial asset investment [2]. - The revenue composition of 弘业期货 includes 67.03% from commodity trading and risk management, and 32.97% from futures brokerage and asset management [2]. Financial Performance - As of June 30, 2025, 弘业期货 reported zero operating income and a net profit loss of 360.56 million yuan, a year-on-year decrease of 128.17% [2]. - The company has distributed a total of 44.34 million yuan in dividends since its A-share listing [3]. Shareholder Information - As of June 30, 2025, 弘业期货 had 62,600 shareholders, an increase of 43.72% from the previous period. The average circulating shares per person remained at zero [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 6.0653 million shares, an increase of 3.938 million shares from the previous period [3].

Core Viewpoint - The news provides an overview of the upcoming IPOs, earnings announcements, shareholder meetings, and dividend distributions for various companies listed on the Hong Kong Stock Exchange as of October 23, 2025 [1]. New IPO Activities - Companies currently in the IPO process include: - Baima Tea Industry - Cambridge Technology - Sany Heavy Industry - Dipu Technology - Prada - Lijuz Pharmaceutical [1] Earnings Announcement Dates - Companies scheduled to announce earnings include: - Faraday - Ping An Good Doctor - Longyuan Power - Orient Overseas International - Qingdao Port - China Innovation Investment - Chongqing Machinery and Electric [1] Shareholder Meeting Dates - Companies holding shareholder meetings include: - Datang Power - Andeli Juice - Hongye Futures - Tibet Water Resources - China Anshun Energy [1] Dividend Distribution - Companies with upcoming dividend distributions include: - Hang Seng Bank (ex-dividend date) - Huaxun (dividend payment date) - Wansichang International (dividend payment date) - Zhifeng Industrial Electronics (dividend payment date) - Haitian Flavoring and Food (dividend payment date) - China Shipbuilding Defense (dividend payment date) - Dongfang Xingye Holdings (dividend payment date) - China Resources Mixc Life (dividend payment date) [1][3][4]

Core Viewpoint - 弘业期货 experienced a slight decline of 0.09% in its stock price, closing at 11.15 yuan, with a notable block trade occurring [1] Trading Activity - A significant block trade was recorded, involving a total of 300,000 shares and a transaction value of 3.069 million yuan, with the first transaction price set at 10.23 yuan, reflecting a premium rate of -8.25% [1] - The buyer was an institutional special account, while the seller was from 方正证券股份有限公司's Shanghai Pudong New Area branch [1] Recent Performance - Over the past three months, 弘业期货 has seen a total of 18 block trades, accumulating a transaction value of 46.402 million yuan [1] - In the last five trading days, the stock has experienced a marginal increase of 0.18%, although there has been a net outflow of 8.0503 million yuan in principal funds [1]