Group 1 - On October 22, Hongye Futures executed a block trade of 300,000 shares with a transaction value of 3.069 million yuan, accounting for 1.93% of the total transaction volume for the day [1][2] - The transaction price was 10.23 yuan, which represents an 8.25% discount compared to the market closing price of 11.15 yuan [1][2]

Core Insights - The Chinese futures market has reached a milestone with total funds exceeding 2 trillion yuan, reflecting a 24% increase from the end of 2024 [1] - There has been a significant increase in new account openings, driven by interest in precious metals and stock index futures [1] - The overall performance of the futures industry is recovering, with net profits for the first eight months of 2025 reaching 76.5 billion yuan, a new high in recent years [7] Market Growth - As of September 2025, the number of effective clients in the market has surpassed 2.7 million, a 14% increase year-on-year, with 650,000 new clients added in the first three quarters [2] - Institutional clients have shown steady growth of 3%, while overseas clients have increased by 11%, with traders distributed across 40 countries and regions [2] Client Segmentation - Industrial clients and overseas clients are identified as key growth drivers in the domestic futures market, with industrial clients focusing on risk management and strategic planning [3][5] - A record 1,583 A-share listed companies have issued hedging announcements this year, surpassing the total for 2024, indicating a growing engagement in risk management [3] Service Enhancement - Futures companies are enhancing the service capabilities of frontline staff to meet the increasing demands of industrial and institutional clients [4] - Staff are required to possess in-depth knowledge of industry structures, market dynamics, and risk points, along with strong communication skills to effectively address client needs [4] International Engagement - The acceleration of the Chinese futures market's opening has led to significant interest from overseas clients, with many potential clients ready to participate actively [6] - Feedback from European client interactions indicates a strong familiarity with market entry rules and a readiness to engage in trading [6] Financial Performance - As of August 2025, the total trading volume reached 65.23 trillion yuan, with a net profit of 12.34 billion yuan for the period [7] - There is a notable performance disparity among futures companies, with profits concentrated in a few firms, while traditional brokerage competition remains intense [7] - Specific A-share listed futures companies have shown varied performance, with some experiencing significant profit increases while others have reported losses [7][8]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The current iron ore supply and demand are slightly weak. Coupled with the recent weak macro - sentiment, the market has adjusted. The strategy is range - bound. This week, an important meeting is held, and attention should be paid to changes in macro - sentiment [5]. 3. Summary by Related Catalogs Supply - From October 13th to 19th, the global iron ore shipping volume was 33.335 million tons, a week - on - week increase of 1.26 million tons. The shipping volume from Australia was 19.845 million tons, a week - on - week increase of 0.682 million tons, and from Brazil was 8.405 million tons, a week - on - week increase of 0.258 million tons. The arrival volume at 45 ports in China was 25.194 million tons, a week - on - week decrease of 5.264 million tons [4]. - As of October 17th, the daily average output of iron ore concentrate from 186 domestic mines was 473,700 tons, a week - on - week increase of 60,000 tons, with a capacity utilization rate of 60.66%, a week - on - week increase of 0.77%. The mine concentrate inventory was 933,400 tons, a week - on - week increase of 46,400 tons [4]. - The global shipping volume stopped falling and rebounded week - on - week, with increases in both Australian and Brazilian mines and non - mainstream mines. The arrival volume decreased, and the domestic ore output increased slightly. Overall, the supply was relatively stable [5]. Demand - In the week of October 17th, the daily average pig iron output was 2.4095 million tons, a week - on - week decrease of 0.059 million tons. The profitability rate continued to decline, and the pig iron output decreased slightly but remained at a high level. There was some support from rigid demand for restocking, but the steel mill's profit level continued to shrink, and market expectations weakened [4]. Inventory - The inventory of imported ore increased this period, and the number of ships at the port increased by 23 to 124. The port inventory and the number of ships at the port increased significantly, increasing the port inventory pressure, while the steel mill's inventory remained at a low level [4]. Price and Related Indicators - The spot price fluctuated and declined [6]. - The basis of the 01 and 05 contracts fluctuated slightly [4]. - The steel mill's profitability rate declined, and the imported ore price fluctuated in the range of $100 - 105 per ton [4]. - The PB powder - Super Special powder spread and the PB powder - Macfarlane powder spread fluctuated at a low level [12][16]. - The 1 - 5 spread fluctuated little, and the 01 basis fluctuated at a low level [20]. - The screw - ore ratio fluctuated at a low level, and the ore - coke ratio fluctuated at a high level [27].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Last week, the coking coal market was generally strong, with both supply and demand showing signs of recovery, but policy and sentiment disturbances increased market volatility. Coking coal is expected to oscillate at a high level in the short term [5]. - Last week, the coke market oscillated strongly, and the second round of spot price increases was initiated. Coke is expected to follow coking coal to oscillate at a high level in the short term, and attention should be paid to the fulfillment of policy expectations and changes in demand at the finished product end [6]. Summaries by Sections Market Views Coking Coal Fundamentals - Supply: The开工 rate of 523 sample mines and the daily average output of clean coal increased month - on - month, and the capacity utilization rate and clean coal output of 314 coal washing plants also increased slightly. However, due to safety inspections and over - production checks, the supply recovery space is limited [5]. - Demand: The daily output of molten iron and the blast furnace operating rate of 247 steel mills remained stable at a high level, and the available days of coking coal for steel mills and coking plants increased slightly, indicating that rigid demand is still supported [5]. - Inventory: Except for a significant decline in port inventory, mines, coal washing plants, and downstream sectors all saw inventory accumulation, and downstream sectors still have some inventory replenishment momentum [5]. - Summary: In the short term, the fundamental contradictions of coking coal are not significant. The expectation of supply contraction and winter storage demand jointly support prices, but the upside is still restricted by the profit of finished products and the effect of policy implementation [5]. Coke Fundamentals - Supply: The average profit per ton of coke for coking plants returned below the break - even line, and the production willingness of coking enterprises decreased slightly. The capacity utilization rate and output decreased month - on - month [6]. - Demand: The daily output of molten iron and the blast furnace operating rate of 247 steel mills remained stable, the inventory usage cycle of steel mills decreased slightly, and rigid demand was resilient [6]. - Inventory: The inventory of coking plants and steel mills decreased, the port inventory remained stable, and the overall explicit inventory decreased, indicating that the market supply - demand structure is approaching a tight balance [6]. - Summary: In the short term, the coke fundamentals are tight. The second round of price increases is likely to be implemented, but the future continuous increase space may be limited. Coke is expected to follow coking coal to oscillate at a high level [6]. Macro - real Estate Tracking - The report presents data on the cumulative year - on - year growth rate of national fixed - asset investment, the cumulative year - on - year growth rate of new construction, construction, and completion areas of national real estate, the weekly commercial housing transaction area of 30 large - and medium - sized cities, and the purchasing managers' index (PMI) of the steel industry, but no specific analysis is provided [8][11][15][17] Coking Coal Supply - demand Tracking - Coking coal spot prices have risen [21]. - Mines have shifted from destocking to stockpiling, and the inventory of coal washing plants has gradually recovered [34]. - The customs clearance volume of Mongolian coal has rebounded to a high level [47]. Coke Supply - demand Tracking - The second round of price increases for coke has been initiated, and attention should be paid to the actual implementation rhythm [55]. - Due to cost increases, the profit per ton of coke for coking enterprises has fallen below the break - even line [59]. - Independent coking plants have slightly reduced their inventory, and steel mills have shifted from previous inventory replenishment to destocking [69]. - The port coke inventory has stabilized [73].

Group 1: Report Title and Basic Information - The report is titled "Steel Weekly Report 20251020" and focuses on the steel industry [2] - The analysts are Zhou Guisheng and Duan Yiwen [4] Group 2: Industry Investment Rating - No investment rating information is provided in the report Group 3: Core View - The steel price is expected to fluctuate in the short - term, with cost support and attention to macro changes and demand [6] Group 4: Summary by Section 1.成材 (Finished Products) Supply - The weekly output of rebar from major steel mills nationwide is 2.0116 million tons (-22,400 tons), and that of hot - rolled coils is 3.2184 million tons (-14,500 tons) [5] Demand - The apparent demand for rebar and hot - rolled coils has increased. Last week, the apparent demand for rebar was 2.1975 million tons (+665,700 tons), and for hot - rolled coils was 3.1555 million tons (+205,400 tons) [5] Inventory - Rebar total inventory is 6.4105 million tons (-185,900 tons), social inventory is 4.5641 million tons (-108,900 tons), and steel mill inventory is 1.8464 million tons (-77,000 tons). Hot - rolled total inventory is 4.1919 million tons (+62,900 tons), social inventory is 3.4134 million tons (+120,400 tons), and steel mill inventory is 778,500 tons (-57,500 tons) [7] Basis - The futures fluctuate, and the basis fluctuates [7] Summary - The steel mill profitability rate has shrunk, iron - water production has decreased but remains high. Some steel mills are under maintenance, blast - furnace operating rate is flat, short - process production has increased, and the total rebar output has decreased slightly. After the holiday, demand has recovered but is still at a low level year - on - year. Inventory has decreased but remains high, and there is still inventory pressure. The demand for hot - rolled coils is weakly balanced, with a slight decrease in production, high inventory, and limited improvement in demand. Terminal demand is weak, and steel prices are under pressure. Pay attention to macro changes and demand, and the cost side still has support. Short - term fluctuations are expected [6] 2. Raw Materials - The cost side still has support. The price of quasi - first - grade metallurgical coke is 1,450 yuan/ton (+10 yuan/ton), and the price of main coking coal in Lvliang is 1,575 yuan/ton (+25 yuan/ton) [13][14] 3. Production and Operation Indicators - As of October 17, 2025, the blast - furnace operating rate remained flat, the electric - furnace operating rate increased by 1.79% month - on - month, and iron - water production was 2.4095 million tons, a decrease of 59,000 tons month - on - month [19] - As of October 17, the steel mill profitability rate was 55.41%, a decrease of 0.87% month - on - month [24] - As of October 17, the blast - furnace operating rate in Tangshan was 91.68%, an increase of 1.68% month - on - month [29] 4. Demand and Sales - Rebar consumption increased by 665,700 tons month - on - month, and hot - rolled coil demand increased by 205,400 tons month - on - month [39] - As of October 17, the weekly average building materials trading volume was 97,700 tons, and the trading volume remained at a low level [43] - As of October 17, the weekly average hot - rolled coil trading volume was 30,160 tons, and the downstream cold - rolled production was 874,100 tons, a decrease of 6,600 tons month - on - month [48] 5. Inventory - As of October 17, Tangshan billet inventory was 444,100 tons, a decrease of 25,400 tons month - on - month. The total inventory of major steel products was 11.2552 million tons, a decrease of 29,100 tons month - on - month [52] 6. Exports - According to customs data, steel exports in August were 9.41 million tons, a decrease of 330,000 tons month - on - month. From January to August, cumulative steel exports were 77.49 million tons, a cumulative year - on - year increase of 10% [66] 7. Downstream Industries Automotive - In September, automobile production was 3.276 million vehicles, an increase of 466,000 vehicles month - on - month; automobile sales increased by 369,400 tons month - on - month. New - energy vehicle production was 1.617 million vehicles, an increase of 226,000 vehicles month - on - month; new - energy vehicle sales increased by 209,000 tons month - on - month [70] Real Estate - From January to September, national real - estate development investment decreased by 13.9% year - on - year, with a 1% decrease in the decline rate. Housing new - start area decreased by 18.9%, housing completion area decreased by 15.3% year - on - year (with a narrowing decline), new - built commercial housing sales area decreased by 5.5% year - on - year (with a 0.8% decline), new - built commercial housing sales revenue decreased by 7.9% year - on - year (with a 0.6% decline), and the funds available to development enterprises decreased by 8.4% year - on - year [73]

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The industrial silicon supply is slightly increasing with a north - south difference, while the demand in the polysilicon segment will weaken after November. The inventory clearance pressure remains, and the short - term industrial silicon futures are expected to fluctuate within a range. For polysilicon, the current supply - demand is weak with large inventory pressure. Although industry meetings have boosted market confidence, the short - term price is expected to remain in high - level oscillation due to weak terminal demand [6][7]. 3. Summary by Related Catalogs Industrial Silicon - **Price**: As of October 17, 2025, the spot price of Xinjiang industrial silicon 553 oxygen - passed was 8,800 yuan/ton, unchanged from last week. The futures price of the main contract dropped in oscillation, closing at 8,430 yuan/ton on October 17 [6][10]. - **Supply**: Xinjiang silicon enterprises continued to increase production, reaching the annual high since September. The start - up in Northwest Qinghai, Ningxia, and Gansu changed little. Yunnan's start - up was stable but will decline in November due to electricity price hikes. Sichuan's start - up slightly decreased. Overall, production increased slightly but is expected to decline next month [6]. - **Demand**: Polysilicon production remained stable, with a weakening production expectation due to the difference in silicon material enterprises' production scheduling. Organic silicon start - up decreased, and monomer plants carried out routine maintenance. Aluminum alloy enterprises' start - up rate remained stable, and the demand for industrial silicon remained high. In August, the export of industrial silicon was 76,600 tons, a month - on - month increase of 3.51% and a year - on - year increase of 18.21% [6]. - **Cost**: The cost of industrial silicon remained stable this week [6]. - **Inventory**: As of October 16, the national social inventory of industrial silicon was 562,000 tons, an increase of 17,000 tons compared to before the holiday [6]. - **Market Outlook**: The short - term futures price is expected to fluctuate within a range, and attention should be paid to market sentiment changes [6]. Polysilicon - **Price**: As of October 17, 2025, the spot price of N - type dense material was 50,000 yuan/ton, unchanged from last week. The futures price of the main contract rebounded in oscillation, closing at 52,340 yuan/ton on October 17 [7][17]. - **Supply**: Industry meetings were held, and although rumors about stockpiling were mostly false, the industry's capacity clearance and anti - involution continued, and market confidence recovered. The production in October increased month - on - month but will significantly decrease in November due to the dry season [7]. - **Demand**: Downstream enterprises are mainly in a wait - and - see state, and large - scale transactions are expected to start next week. The production scheduling in the silicon wafer segment in Q4 may exceed expectations, which will support the demand for polysilicon. In August, the import volume of polysilicon was 1,005.6 tons, a month - on - month decrease of 14%, and the export volume was 299.2 tons, a month - on - month increase of 40% [7]. - **Cost**: The cost of polysilicon remained stable this week [7]. - **Inventory**: The inventory is on the rise, and the procurement rhythm of crystal - pulling factories has slowed down [7]. - **Market Outlook**: The short - term price is expected to remain in high - level oscillation, and attention should be paid to policy implementation [7]. Price and Spread - **Industrial Silicon Price and Spread**: The spot and spread between the benchmark and alternative delivery products of industrial silicon remained stable. As of October 17, the spread between Yunnan's industrial silicon 553 and 421 oxygen - passed was 400 yuan/ton, and that of Xinjiang was 300 yuan/ton, both unchanged from last week [12][14]. - **Polysilicon Price and Spread**: The spot and spread between the benchmark and alternative delivery products of polysilicon remained stable. As of October 17, the premium of N - type dense material over P - type dense material was 17,000 yuan/ton, and over P - type cauliflower material was 19,500 yuan/ton, both unchanged from last week [19][21]. Cost - **Silicon Coal and Silica**: As of October 17, the delivered price of Ningxia silicon coal was 1,140 yuan/ton, and that of Xinjiang was 1,700 yuan/ton, unchanged from last week. The delivered price of Hubei silica was 340 yuan/ton, Xinjiang's was 320 yuan/ton, and Yunnan's was 290 yuan/ton, all unchanged from last week [23][25]. - **Petroleum Coke and Electricity Price**: As of October 17, the price of Saudi petroleum coke at Shandong Port was 1,505 yuan/ton, a week - on - week increase of 150 yuan/ton. The electricity price in Xinjiang was 0.375 yuan/kWh, Sichuan's was 0.325 yuan/kWh, and Yunnan's was 0.33 yuan/kWh, all unchanged from last week [27][29]. - **Wood Chips and Graphite Electrodes**: As of October 17, the price of Yunnan wood chips was 490 yuan/ton, and charcoal was 2,450 yuan/ton, both unchanged from last week. The price of high - power graphite electrodes in Jiangsu was 12,750 yuan/ton, unchanged from last week [31][33]. Downstream - **Silicon Wafers**: As of October 17, 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 1.35, 1.325, 1.375, and 1.7 yuan/piece respectively. The price of 210RN silicon wafers has shown signs of loosening, and the actual production scheduling in the silicon wafer segment in Q4 may exceed the quota [36]. - **Batteries**: As of October 17, the prices of M10, G10L, G12R, and G12 single - crystal TOPCon batteries were 0.318, 0.318, 0.287, and 0.31 yuan/watt respectively, with different price changes from last week. The prices of 183N and 210N increased slightly, while 210RN was weak due to oversupply [40]. - **Components**: As of October 17, the prices of 182 and 210 single - sided and double - sided TOPCon components increased slightly, but the transaction was stagnant. Terminal demand remained weak, and attention should be paid to the start - up of large - scale centralized power station projects [43]. Organic Silicon and Aluminum Alloy - **Organic Silicon**: As of October 17, the price of organic silicon DMC in East China was 11,300 yuan/ton, a week - on - week increase of 200 yuan/ton. The start - up decreased due to routine maintenance of monomer plants [45][47]. - **Aluminum Alloy**: As of October 17, the price of Shanghai aluminum alloy ingot ADC12 was 20,700 yuan/ton, a week - on - week decrease of 100 yuan/ton. The start - up of aluminum alloy enterprises remained stable, and the consumption of industrial silicon remained high [49][51].

Core Viewpoint - 弘业期货 has shown a positive performance with a 1.68% increase in stock price, reaching a market capitalization of 10.955 billion yuan, indicating potential growth in the futures market [1]. 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 June 30, 2025, 弘业期货 reported a revenue of 0.00 yuan and a net profit of -3.6056 million yuan, reflecting a year-on-year decrease of 128.17% [7]. Financial Performance - The company has a total market capitalization of 10.955 billion yuan and a trading volume of 102 million yuan with a turnover rate of 1.24% [1]. - The average trading cost of the stock is 12.19 yuan, with the stock price approaching a resistance level of 10.97 yuan, suggesting a potential for upward movement if the resistance is broken [6]. - The company has distributed a total of 44.3422 million yuan in dividends since its A-share listing [8]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 43.72% to 62,600, with the average circulating shares per person remaining at 0 [7]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, indicating a diversified shareholder base [8].

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 蘇 豪 弘 業 期 貨 股 份 有 限 公 司（前稱弘業期貨股份有限公司） ， 在 香 港 以 Holly Futures 的 名 義 開 展 業 務 ) 承董事會命 蘇豪弘業期貨股份有限公司 董事長兼執行董事 儲開榮先生 中 國，南 京 2025年10月14日 於 本 公 告 日 期，董 事 會 成 員 包 括 執 行 董 事 儲 開 榮 先 生 及 趙 偉 雄 先 生；非 執 行 董 事 薛 炳 海 先 生 及 蔣 海 英 女 士；以 及 獨 立 非 執 行 董 事 黃 德 春 先 生、盧 華 威 先 生 及 張 洪 發 先 生。 ( 「 本 公 司 」 ) （股 份 代 號：3678） ...

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 蘇 豪 弘 業 期 貨 股 份 有 限 公 司（前稱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） 董事會會議通知 本 公 司 董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於2025年10月28日（星 期 二）舉 行，藉 以（其 中 包 括）審 議 及 批 准 本 公 司 及 其 附 屬 公 司 截 至2025年9月30日止九個 月 之 未 經 審 核 第 三 季 度 業 績 及 其 發 佈。 承董事會命 蘇豪弘業期貨股份有限公司 董事長兼執行董事 儲開榮先生 ...

Group 1 - The Chongqing Securities Regulatory Bureau issued a warning letter to Hongye Futures due to compliance risk management issues and internal control deficiencies [1] - Hongye Futures reported a significant decline in performance, with a revenue of 323 million yuan for the first half of 2025, down 68.64% year-on-year, and a net profit attributable to shareholders of -3.61 million yuan, a decrease of 128.17% [1] - As of June 30, 2025, Hongye Futures had a debt-to-asset ratio of 82.68%, down 3.31% year-on-year [1] Group 2 - Hongye Futures plans to close its Hefei branch to improve resource utilization and adapt to high-quality development, with related business being transferred to the Wuhu branch [2] - Prior to this, Hongye Futures also decided to close its Shanghai branch for similar reasons, with its business being integrated into the Shanghai subsidiary [2] - As of October 10, 2025, Hongye Futures' stock price increased by 0.82%, closing at 11.07 yuan per share, with a total market capitalization of 11.16 billion yuan [2]