Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The overall supply of iron ore is gradually increasing, with the global shipment rebounding, an increase in Australian and non - mainstream ore shipments, a slight decrease in Brazilian ore, and a slight decline in domestic ore production. On the demand side, the hot metal output continues to increase, but the pre - holiday restocking by steel mills is basically over, weakening the support for ore prices. Currently, the supply - demand contradiction of iron ore is not significant. However, as the pre - holiday market sentiment cools, the futures price has declined. After the holiday, attention should be paid to the recovery range of steel demand in the peak season. The strategy is range - bound trading. [5][6] 3. Summary by Related Content Price - Spot prices are oscillating downward [7] Mineral Powder Spread - The spread between PB powder and Super Special powder is oscillating at a low level [13] - The spread between PB powder and Macfarlane powder is oscillating at a low level [17] Futures Spread and Basis - The 1 - 5 spread fluctuates little, and the 01 basis oscillates at a low level [21] Relative Valuation - The steel - ore ratio oscillates at a low level, and the ore - coke ratio oscillates at a high level [28] Supply - Global shipments stop falling and rebound, and non - mainstream ore shipments stop falling and rebound. From September 22nd to 28th, the global iron ore shipment volume was 34.754 million tons, a week - on - week increase of 1.506 million tons [5][34] - Australian ore shipped to China stops falling and rebounds, while Brazilian ore shipments decline slightly. The Australian shipment volume was 20.28 million tons, a week - on - week increase of 1.0928 million tons; the Brazilian shipment volume was 8.193 million tons, a week - on - week decrease of 0.17 million tons [5][38] - FMG and BHP shipments to China increase slightly [43] - RT shipments to China stop falling and rebound, while VALE shipments decline [47] - The freight rate index rebounds slightly [51] - The 45 - port arrival volume is 23.605 million tons, a week - on - week decrease of 3.145 million tons [5] - The output of domestic iron concentrate decreases slightly. As of September 26th, the daily average output of iron concentrate from 186 mines nationwide was 478,500 tons, a week - on - week decrease of 29,000 tons, and the capacity utilization rate was 61.27%, a week - on - week decrease of 0.38% [5] Demand - The profit of steel mills' blast furnaces oscillates at a low level [67] - The profitability of steel mills declines, but the hot metal output rebounds slightly. On September 26th, the daily average hot metal output was 2.4236 million tons, a week - on - week increase of 0.0134 million tons [5][73] Inventory - The port inventory rebounds slightly, and the port throughput is at a high level. The inventory of imported ore in 45 ports increases slightly, and the number of ships at the port decreases by 3 to 99 [5][80] - The inventory of Australian ore stops falling and rebounds, and the inventory of Brazilian ore continues to rise [84] - The coarse powder inventory remains at a high level, and the lump ore inventory rebounds from a low level [91] - Steel mills' consumption is relatively high, and the inventory of imported ore rebounds significantly [98]

9月29日，弘业期货大宗交易成交40万股，成交额401.6万元，占当日总成交额的1.79%，成交价10.04 元，较市场收盘价11.26元折价10.83%。 ...

Group 1 - The diversified financial sector experienced a rise, with notable increases in stock prices for several companies [1] - Yuexiu Capital saw an increase of over 8% in its stock price, leading the gains in the sector [1] - Other companies that performed well include China Oil Capital, Cuiwei Co., Hongye Futures, and Jianyuan Trust, which also showed significant price increases [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The steel prices are oscillating with differentiation among varieties. The profitability of steel mills continues to decline, while the blast furnace operating rate and molten iron production are on the rise. The production of rebar has decreased but remains at a high level, with demand continuing to fall and the peak - season expectations unfulfilled. The terminal demand is still weak, and the rebar inventory has increased, adding to the inventory pressure. The supply and demand of hot - rolled coils have both increased, with production reaching a new high for the year, a significant increase in demand, and a slight reduction in inventory. Steel exports have decreased month - on - month but still show resilience. The market sentiment was boosted by macro factors on Friday, and the cost side still provides support. Industrial contradictions are accumulating, and attention should be paid to the changes in peak - season demand. In the short term, the steel market will operate in an oscillatory manner [5][6]. 3. Summary by Related Catalogs 3.1 Production - Molten iron production reached 2405500 tons, a week - on - week increase of 117100 tons. The blast furnace operating rate was 83.83%, a week - on - week increase of 3.43%, and the blast furnace capacity utilization rate was 90.18%, a week - on - week increase of 4.39%. The electric furnace operating rate was 71.92%, a week - on - week decrease of 1.29%, and the electric furnace capacity utilization rate was 55.26%, a week - on - week decrease of 0.48%. The profitability rate of steel mills was 60.17%, a week - on - week decrease of 0.87% [5]. - As of September 12, the production of rebar decreased by 67500 tons week - on - week. In terms of process, the long - process production decreased by 31100 tons week - on - week, and the short - process production decreased by 36400 tons week - on - week. The production of hot - rolled coils increased by 109000 tons week - on - week [35]. 3.2 Demand - Recently, high - frequency data showed that the apparent demand for rebar decreased, while that for hot - rolled coils increased. Last week, the apparent demand for rebar was 1980700 tons (- 40000), and that for hot - rolled coils was 3261600 tons (+ 208000) [5]. - As of September 12, the weekly average of building material trading volume was 103000 tons, a week - on - week increase of 6128.8 tons, with a slight increase in trading. The weekly average of hot - rolled coil trading volume was 34700 tons, a week - on - week increase of 1043 tons. The downstream cold - rolled production was 846000 tons, a week - on - week decrease of 12400 tons [44][49]. 3.3 Inventory - The total rebar inventory was 6538600 tons (+ 138600), the social inventory was 4872300 tons (+ 185700), and the steel mill inventory was 1666300 tons (- 47100). The total hot - rolled coil inventory was 3733200 tons (- 10200), the social inventory was 2924400 tons (- 19200), and the steel mill inventory was 808800 tons (+ 9000) [5]. - As of September 12, the billet inventory in Tangshan was 611000 tons, a week - on - week increase of 14200 tons. The inventory of major steel products was 10953200 tons, a week - on - week increase of 179600 tons [53]. 3.4 Basis As of September 12, the basis of the rebar main contract was 93 yuan/ton (- 4), and the basis of the hot - rolled coil main contract was 36 yuan/ton (- 4) [12]. 3.5 Raw Materials The price of quasi - first - grade metallurgical coke was 1390 yuan/ton, a week - on - week decrease of 30 yuan/ton; the price of main coking coal in Lvliang was 1401 yuan/ton, a week - on - week decrease of 9 yuan/ton; the price of 61.5% PB powder at Qingdao Port was 794 yuan/ton, a week - on - week increase of 12 yuan/ton [15]. 3.6 Other Related Data - According to customs data, steel exports in August were 9.41 million tons, a month - on - month decrease of 330000 tons; from January to August, the cumulative steel export volume was 77.49 million tons, a cumulative year - on - year increase of 10% [65]. - According to Steel Union data, automobile production in August was 2.815 million vehicles, a month - on - month increase of 223900 vehicles. New energy vehicle production in July was 1.243 million vehicles, a month - on - month decrease of 25000 vehicles [69]. - From January to August, national real estate development investment decreased by 12.9% year - on - year, with a decline rate of 0.9%. Specifically, from January to August, the new construction area of houses was 398.01 million square meters, a decrease of 19.5%, with a decline rate of 0.1%. The completed area of houses was 276.94 million square meters, a year - on - year decrease of 17%, with a decline rate of 0.5%. From January to August, the sales area of newly built commercial housing was 573.04 million square meters, a year - on - year decrease of 4.7%, with a decline rate of 0.7%. The sales volume of newly built commercial housing decreased by 7.3% year - on - year, with a decline rate of 0.8%. From January to August, the cumulative funds in place of development enterprises were 6.4 trillion yuan, a year - on - year decrease of 8%, with a decline rate of 0.5% [73].

Core Viewpoint - 弘业期货's stock price has shown a year-to-date increase of 14.33%, but has recently experienced declines over various trading periods, indicating potential volatility in its market performance [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 company's revenue composition is primarily from commodity trading and risk management (89.16%), with futures brokerage and asset management contributing 10.84% [2]. Financial Performance - As of June 30, 2025, 弘业期货 reported a net profit of -360.56 million yuan, a year-on-year decrease of 128.17%, indicating financial challenges [3]. - The company has cumulatively distributed 44.34 million yuan in dividends since its A-share listing [4]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 62,600, reflecting a 43.72% rise compared to the previous period [3]. - 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 [4].

Group 1 - The recent news highlights that 140 stocks have seen net inflows of financing for over five consecutive days, which raises caution rather than excitement in the market [1][3] - The market operates on the principle of "I know you don't know," indicating that retail investors often lack the comprehensive information and analytical tools that institutional investors possess [3][5] - The performance of stocks is significantly influenced by the level of institutional funding participation, rather than market conditions or individual investor sentiment [7] Group 2 - The comparison between different financial concept stocks illustrates that without sustained institutional support, stock price increases may be temporary and lack substance [7] - Financing activity is merely a reflection of market behavior, and similar financing actions can be driven by entirely different underlying logic [7] - In the current information-rich environment, the focus should be on tools that penetrate superficial data to reveal the market's true state, with quantitative data serving as a critical resource [7]

Core Viewpoint - The announcement details the share reduction by the controlling shareholder and its affiliates of Hongye Futures, indicating a strategic move in the company's equity structure [1] Share Reduction Details - Jiangsu Suhao Huihong Group Co., Ltd. reduced its holdings by 3,174,600 shares, representing 0.32% of the total share capital of Hongye Futures [1] - Jiangsu Hongye International Logistics Co., Ltd. reduced its holdings by 2,773,600 shares, accounting for 0.28% of the total share capital [1] - The total reduction by both entities amounts to 5,948,200 shares, which is 0.60% of the total share capital, executed through centralized bidding on the stock exchange [1]

Group 1 - The core viewpoint of the news is that 弘业期货's stock has experienced fluctuations, with a year-to-date increase of 16.93% but recent declines over various time frames, indicating volatility in its market performance [2][3] - As of September 19, 弘业期货's stock price was reported at 11.26 yuan per share, with a market capitalization of 11.348 billion yuan and a trading volume of 57.01 million yuan [1] - The company has seen a net outflow of 6.1433 million yuan in principal funds, with significant selling pressure as indicated by a 21.23% sell-off compared to a 10.45% buying ratio [1] Group 2 - 弘业期货 has been listed on the龙虎榜 eight times this year, with the most recent net buy of 24.6763 million yuan on July 14, indicating active trading interest [2] - The company's main business segments include commodity futures brokerage (89.16% of revenue) and asset management (10.84% of revenue), highlighting its focus on risk management and trading services [2] - As of June 30, 2025, 弘业期货 reported a net profit of -3.6056 million yuan, a significant year-on-year decrease of 128.17% [3] Group 3 - The company has distributed a total of 44.3422 million yuan in dividends since its A-share listing, reflecting its commitment to returning value to shareholders [4] - The number of shareholders increased by 43.72% to 62,600 as of June 30, 2025, indicating growing investor interest [3] - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable increases in their holdings, suggesting confidence in the company's future [4]

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 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 本公告乃本公司根據香港聯合交易所有限公司證券上市規則第13.10B條而作 出。 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） 海外監管公告 蘇豪弘業期貨股份有限公司 關於控股股東之一致行動人權益變動後持股比例觸及1%整數倍 的提示性公告 茲 載 列 本 公 司 於 深 圳 證 券 交 易 所 網 站 刊 發 之《蘇 豪 弘 業 期 貨 股 份 有 限 公 司 關 於 控股股東之一致行動人權益變動後持股比例觸及1%整 數 倍 的 ...

证券之星消息，9月18日弘业期货发布公告《弘业期货:关于控股股东之一致行动人权益变动后持股比例 触及1%整数倍的提示性公告》，其股东江苏苏豪汇鸿集团股份有限公司、江苏弘业国际物流有限公司 于2025年9月11日至2025年9月17日间合计减持594.82万股，占公司目前总股本的0.5902%，变动期间该 股股价上涨3.94%，截止9月17日收盘报12.14元。 股东增减持详情见下表： | 股东名称 | 减持股数 | 减持比例 | 变动后 | 变动后 | | | --- | --- | --- | --- | --- | --- | | | (万股) | | 持股数 (万股) | 占总股本比例 | | | 江苏苏豪汇鸿集团股份有限公司 | 317.46 | 0.32% | 6075.55 | | 6.03% | | 江苏弘业国际物流有限公司 | 277.36 | 0.28% | 551.17 | | 0.55% | 根据弘业期货2025年中报公布的十大股东详情如下： | 序号 | 股东名称 | 持股数 (万股) | 占总流通股本比例 | 増减 | 变动股数 (万股) | | --- | --- | --- | ...