Core Viewpoint - Hongye Futures (001236) announced that Zhongshan Company, a subsidiary of Suhao Holdings Group, plans to reduce its holdings of H-shares by up to 24.255 million shares, representing approximately 2.41% of the company's total issued shares, within six months starting from December 1, 2025 [1] Group 1 - Suhao Holdings directly and indirectly holds about 510 million shares of the company, accounting for approximately 50.58% of the total issued shares [1] - Suhao Holdings directly owns about 275 million A-shares, which is approximately 27.33% of the total issued shares [1] - The company also holds approximately 210 million A-shares through its subsidiaries, representing about 20.84% of the total issued shares [1] Group 2 - The planned share reduction will not affect the company's operations, finances, or future development significantly [1] - After the share reduction, Suhao Holdings will remain the controlling shareholder of the company [1]

Core Viewpoint - Hongye Futures (03678) announced that Zhongshan Company plans to reduce its holdings of the company's H-shares by up to 24.255 million shares, accounting for approximately 2.41% of the total issued shares, through centralized bidding starting from December 1, 2025 [1] Group 1 - Zhongshan Company is a subsidiary of Suhao Holdings Group, which directly and indirectly holds about 510 million shares of the company, representing approximately 50.58% of the total issued shares [1] - Suhao Holdings directly holds about 275 million A-shares, accounting for approximately 27.33% of the total issued shares, and through its associates holds an additional 210 million A-shares, representing about 20.84% of the total issued shares [1] - After the share reduction plan, Suhao Holdings will remain the controlling shareholder of the company, and the reduction will not have a significant impact on the company's operations, finances, or future development [1]

Core Viewpoint - Hongye Futures (03678.HK) announced that its shareholder, Zhongshan Company, plans to reduce its holdings of H shares by up to 24,255,000 shares, representing approximately 2.41% of the total issued shares, within six months starting from December 1, 2025 [1] Group 1 - Zhongshan Company will determine the reduction price based on market conditions at the time of the sale [1] - The controlling shareholder, Jiangsu Suhao Holding Group Co., Ltd., holds a total of 509,750,107 shares, accounting for about 50.58% of the total issued shares [1] - Jiangsu Suhao directly holds 275,456,777 A shares, which is approximately 27.33% of the total issued shares [1] Group 2 - Jiangsu Suhao, through its concerted actions with subsidiaries, holds an additional 210,038,330 A shares, representing about 20.84% of the total issued shares [1] - Zhongshan Company, as a wholly-owned offshore subsidiary of Jiangsu Suhao, holds 24,255,000 H shares, which is approximately 2.41% of the total issued shares [1]

Core Viewpoint - Hongye Futures (03678.HK) plans to reduce its H-shares by up to 24,255,000 shares, representing approximately 2.41% of the total issued shares, starting from December 1, 2025, over a period of six months [1] Group 1 - The reduction will be executed through centralized bidding, with the selling price determined by market conditions at the time of the sale [1] - The controlling shareholder, Suhao Holdings Group Co., Ltd., currently holds 509,750,107 shares, which is about 50.58% of the total issued shares [1] - Suhao Holdings directly owns 275,456,777 A-shares, accounting for approximately 27.33% of the total issued shares [1] Group 2 - Suhao Holdings, through its concerted actions with subsidiaries, holds an additional 210,038,330 A-shares, representing about 20.84% of the total issued shares [1] - The overseas subsidiary, Zhongshan Company, holds 24,255,000 H-shares, which is approximately 2.41% of the total issued shares [1]

本 公 司 近 日 收 到 蘇 豪 控 股 集 團 鍾 山 有 限 公 司（以 下 簡 稱「鍾山公司」）的 通 知，計 劃 自2025年12月1日 起6個月內以集中競價方式減持不超過24,255,000股本公司H 股（佔 本 公 司 已 發 行 股 份 總 額 約2.41%），減 持 價 格 區 間 根 據 減 持 時 的 市 場 價 格 及 交 易 方 式 確 定（「股份減持計劃」）。 （ 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） 關於控股股東下屬公司擬減持本公司H股的公告 於 本 公 告 日 期，本 公 司 控 股 股 東 江 蘇 省 蘇 豪 控 股 集 團 有 限 公 司（以 下 簡 稱「蘇 豪 控 股」）直 接 及 間 接 持 有 本 公 司509,750,107股 股 份，佔 本 公 司 已 發 行 股 ...

Group 1 - The core point of the news is that Hongye Futures experienced a block trade on November 11, with a transaction price of 10.09 yuan, representing an 8.61% discount to the closing price of the day [1] - A total of 600,000 shares were traded in this block transaction, amounting to 6.054 million yuan, with the buyer being an institutional client and the seller being a brokerage firm [1] - Over the past three months, the stock has seen 25 block trades totaling 730,000 hands, all executed at a discount [1] Group 2 - In the last six months, 432 million shares of restricted stock have been released, accounting for 42.83% of the company's total share capital [1] - As of November 11, 2025, Hongye Futures (001236) closed at 11.04 yuan, down 0.99%, with a turnover rate of 0.9% and a trading volume of 68,500 hands, totaling 75.8074 million yuan [1] - There has been a net reduction of 37.2022 million shares held by shareholders in the past six months, with specific details of shareholder changes provided [1]

Group 1 - The core transaction involved 600,000 shares of Hongye Futures, with a total transaction value of 6.054 million yuan, accounting for 7.4% of the total transaction volume on that day [1][2] - The transaction price was 10.09 yuan per share, which represents an 8.61% discount compared to the market closing price of 11.04 yuan [1][2]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The steel market shows a pattern of both supply and demand decline, with steel prices weakly oscillating. In the short - term, the market will run in an oscillating manner due to factors such as reduced steel mill profitability, lower iron - water production, and seasonal demand changes [1][5][6] 3. Summary According to Related Catalogs 3.1成材 (Finished Products) - **Supply**: The weekly output of rebar from major steel mills nationwide was 2.0854 million tons (-40,500 tons), and that of hot - rolled coils was 3.1816 million tons (-54,000 tons) [5] - **Demand**: The apparent demand for rebar and hot - rolled coils decreased. Last week, the apparent demand for rebar was 2.1852 million tons (-136,700 tons), and for hot - rolled coils, it was 3.143 million tons (-175,900 tons) [5] - **Inventory**: Rebar total inventory was 5.9254 million tons (-99,800 tons), with social inventory at 4.257 million tons (-51,100 tons) and steel mill inventory at 1.6684 million tons (-48,700 tons). Hot - rolled total inventory was 4.1045 million tons (+38,600 tons), social inventory was 3.3302 million tons (+40,900 tons), and steel mill inventory was 774,300 tons (-2,300 tons) [5] - **Basis**: The basis of the rebar main contract was 156 yuan/ton (+32 yuan/ton), and that of the hot - rolled coil main contract was 15 yuan/ton (-7 yuan/ton) [5] - **Summary**: The profitability rate of steel mills was 39.83%, a 5.19% week - on - week decrease. Iron - water production was 2.3422 million tons, a 21,400 - ton week - on - week decrease. The blast furnace operating rate was 83.13%, a 1.38% week - on - week increase; the blast furnace capacity utilization rate was 87.81%, a 0.8% week - on - week decrease. The electric furnace operating rate was 67.03%, a 1.8% week - on - week decrease; the electric furnace capacity utilization rate was 50.87%, a 2.12% week - on - week decrease [5] 3.2 Raw Materials - **Cost Support**: The prices of quasi - first - grade metallurgical coke and main coking coal from Lvliang increased, while the price of 61.5% PB powder at Qingdao Port decreased. The price of quasi - first - grade metallurgical coke was 1,570 yuan/ton (+10 yuan/ton), main coking coal from Lvliang was 1,645 yuan/ton (+70 yuan/ton), and 61.5% PB powder at Qingdao Port was 773 yuan/ton (-30 yuan/ton) [19] 3.3 Production - related Indicators - **Iron - water Production and Furnace Operating Rates**: As of November 7, 2025, the blast furnace operating rate increased by 1.38% week - on - week, the electric furnace operating rate decreased by 1.8% week - on - week, and iron - water production was 2.3422 million tons, a 21,400 - ton week - on - week decrease. The profitability rate of steel mills was 39.83%, a 5.19% week - on - week decrease. The Tangshan blast furnace operating rate was 91.87%, a 23.54% week - on - week increase [24][28][33] - **Steel Output**: Rebar output decreased by 40,500 tons week - on - week. In terms of process, long - process output decreased by 37,900 tons week - on - week, and short - process output decreased by 2,600 tons week - on - week. Hot - rolled coil output decreased by 54,000 tons week - on - week but remained at a high level [38] 3.4 Demand - related Indicators - **Apparent Demand**: Rebar consumption decreased by 136,700 tons week - on - week, and hot - rolled coil demand decreased by 175,900 tons week - on - week [44] - **Construction Steel and Hot - rolled Coil Volumes**: As of November 7, the weekly average volume of building materials was 96,400 tons, remaining at a low level. The weekly average volume of hot - rolled coils was 28,800 tons. The output of cold - rolled coils was 838,400 tons, a 21,300 - ton week - on - week decrease, and the output continued to decline [48][53] 3.5 Inventory - related Indicators - **General Steel Inventory**: As of November 7, the inventory of Tangshan billets was 545,500 tons, a 9,000 - ton week - on - week increase. The total inventory of major steel products was 10.7474 million tons, a 25,800 - ton week - on - week decrease [56] - **Rebar Inventory**: Rebar total inventory decreased by 99,800 tons week - on - week, social inventory decreased by 51,100 tons week - on - week, and steel mill inventory decreased by 48,700 tons week - on - week [60] - **Hot - rolled Coil Inventory**: Hot - rolled coil total inventory increased by 38,600 tons week - on - week, social inventory increased by 40,900 tons week - on - week, and steel mill inventory decreased by 2,300 tons week - on - week [65] 3.6 Export and Downstream Industry Data - **Steel Exports**: In October, steel exports were 9.78 million tons, a 690,000 - ton month - on - month decrease. From January to October, the cumulative steel export volume was 97.737 million tons, a 6.6% cumulative year - on - year increase [68] - **Automobile Industry**: 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. New - energy automobile production was 1.617 million vehicles, a 226,000 - vehicle month - on - month increase; new - energy automobile sales increased by 209,000 tons month - on - month [72] - **Real Estate Industry**: From January to September, national real estate development investment decreased by 13.9% year - on - year, with a 1% decrease in the decline rate. Specifically, from January to September, the new construction area of houses was 453.99 million square meters, a 18.9% decrease; the completed area of houses was 311.29 million square meters, a 15.3% year - on - year decrease with a narrowing decline. The sales area of newly - built commercial housing decreased by 5.5% year - on - year, with a 0.8% decline; the sales amount of newly - built commercial housing decreased by 7.9% year - on - year, with a 0.6% decline. The funds in place for development enterprises from January to September totaled 7.2 trillion yuan, a 8.4% year - on - year decrease [74][75]

Core Viewpoint - Hongye Futures experienced a 2.95% increase in stock price, closing at 11.15 yuan, with a significant block trade executed [1] Group 1: Trading Activity - A block trade occurred with a total volume of 1.088 million shares and a transaction value of 10.6624 million yuan [1] - The first transaction price was 9.80 yuan for 1.088 million shares, resulting in a premium rate of -12.11% [1] - The buyer was an institutional proprietary trading department, while the seller was the Shanghai Pudong New Area Chengshan Road Securities Department of Founder Securities Co., Ltd. [1] Group 2: Recent Performance - Over the past three months, the stock has recorded 24 block trades with a total transaction value of 71.6848 million yuan [1] - In the last five trading days, the stock has seen a cumulative decline of 0.80%, with a net outflow of 26.4477 million yuan in principal funds [1]

Core Insights - On November 10, Hongye Futures executed a block trade of 1.088 million shares, with a transaction value of 10.6624 million yuan, accounting for 7.7% of the total transaction value for the day [1][2] - The transaction price was 9.8 yuan, representing a discount of 12.11% compared to the market closing price of 11.15 yuan [1] Summary by Category Block Trade Details - Transaction Date: November 10, 2025 [2] - Security Code: 001236 [2] - Security Name: Unknown Bright [2] - Transaction Price: 9.80 yuan [2] - Transaction Volume: 1.088 million shares [2] - Transaction Amount: 10.6624 million yuan [2] - Buyer Brokerage: Institutional Special [2] - Seller Brokerage: Founder Securities Co., Ltd. [2]