Group 1: Report Summary - The report is about the iron ore market, with the trading logic of continuous decline in hot metal production and weak shock in the market [5]. - The global iron ore shipment increased slightly this period, with an increase in Australian and non - mainstream ores and a decrease in Brazilian ores. The arrival volume decreased slightly and remained at a medium - high level. Domestic ore production dropped to a low level, and the overall supply was relatively loose [6]. - The hot metal production continued to decline. With the deepening of the off - season of terminal demand, the number of steel mill overhauls increased, and there was still room for the hot metal production to decline. The support of steel mills' rigid demand procurement weakened [6]. - The port inventory increased slightly and remained at a medium - high level, while the steel mill inventory fluctuated at a low level. The demand for winter storage replenishment had not started, and the overall inventory was relatively stable [5][6]. - The basis of 01 and 05 contracts fluctuated slightly, and the steel mill profitability increased slightly. The imported ore price fluctuated in the range of 100 - 105 US dollars per ton [5]. - The strategy is range - bound trading, and the iron ore market is expected to maintain a weak shock in the short term [6]. Group 2: Price and Spread - The spot price fluctuated and declined [7]. - The spread between PB powder and Super Special powder, as well as between PB powder and Macfarlane powder, fluctuated at a low level [13][17]. - The 1 - 5 spread fluctuated and declined, and the 05 basis declined slightly [21]. - The screw - ore ratio fluctuated and rebounded, and the ore - coke ratio fluctuated at a high level [28]. Group 3: Supply - From December 1st to December 7th, the global iron ore shipment was 3368.6 tons, a month - on - month increase of 45.4 tons. The Australian shipment was 1967.4 tons, a month - on - month increase of 147.0 tons; the Brazilian shipment was 675.2 tons, a month - on - month decrease of 254.2 tons; the non - mainstream ore shipment was 1174.2 tons, a month - on - month increase of 91 tons [5]. - The arrival volume at 45 ports in China was 2480.5 tons, a month - on - month decrease of 218.8 tons [5]. - As of December 5th, the daily average output of iron concentrate powder of 186 domestic mines was 45.39 tons, a month - on - month decrease of 2.09 tons, the capacity utilization rate was 58.09%, a month - on - month decrease of 2.68%, and the mine concentrate powder inventory was 75.12 tons, a month - on - month increase of 0.01 tons [5]. - The shipping price index declined slightly [51]. Group 4: Demand - In the week of December 5th, the daily average hot metal output was 232.3 tons, a month - on - month decrease of 2.38 tons. With the deepening of the off - season of terminal demand, the number of steel mill overhauls increased, and the hot metal production still had room to decline [5]. - The steel mill blast furnace profit declined slightly [64]. Group 5: Inventory - The imported ore inventory increased slightly, the number of ships at the port decreased by 3 to 109, the port congestion decreased slightly, and the port inventory continued to accumulate and remained at a medium - high level [5]. - The steel mill inventory fluctuated at a low level, and the demand for winter storage replenishment had not started [5][6]. - The port throughput declined from a high level, and the port inventory increased slightly [77]. - The Australian ore inventory continued to increase, and the Brazilian ore inventory declined from a high level [81]. - The coarse powder inventory fluctuated at a high level, and the lump ore inventory increased slightly [87].

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%。 来源：新浪港股 ...

| 股份代號: | 03678 | | --- | --- | | 上市法國名稱: | 蘇豪弘樂期貨股份有限 | | 日期(日/月/年): | 09/11/2025 - 09/12/202 | 格隆汇12月9日丨根据联交所最新权益披露资料显示，2025年12月5日，弘业期货(03678.HK)遭苏豪控股 集团钟山有限公司在场内以每股均价3.4149港元减持345万股，涉资约1178.14万港元。 减持后，苏豪控股集团钟山有限公司最新持股数目为2040.5万股，持股比例由9.55%下降至8.17%。 | 麦格序號 | 大股票/董事/最高行政人員名 作出披露的 寶人 / 賣出或滲及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關單件的日期 相關法國股份 價權證權益 | | --- | --- | --- | --- | --- | | 图 | 股份數目 | | | ( 讀金関上述"註 | | | | | | 图) 份百分比 | | | | | | 96 ) = P.O. M. Jones | | CS20251208E00012 - 苏豪控股集团钟山有限公司 1201(L) | | 3,450, ...

博士后工作站 | 宏观研究 | 大宗商品 供稳需弱，双焦再度转弱 双焦周报 20251208 周贵升 从业资格证：F3036194 投资咨询证：Z0015986 第 一 部 分 市 场 观 点 焦煤基本面 HOLLY FUTURES INSIGHTS 数据来源：Wind、Mysteel、弘业期货研究院 • （1）供给：523家样本矿山开工率85.59%（-0.42%），523家样本矿山精煤日均产量75.37万吨（-1.04），314家 洗煤厂产能利用率36.53%（+0.21%），精煤日均产量27.12万吨（+0.54），矿山开工率和矿山精煤日均产量环比 回落，洗煤厂产能利用率和精煤产量小幅回升。进口煤方面，上周甘其毛都口岸蒙煤通关量维持高位，整体供应 小幅增加。 • （2）需求：247家钢厂铁水日产量247.01万吨（-2.38），高炉开工率80.16%（-0.93%），钢厂炼焦煤可用天数 12.88天（-0.13），230家独立焦化厂炼焦煤可用天数12.68天（-0.16），铁水日均产量持续下滑，高炉开工率持 续回落，钢厂炼焦煤可用天数微降，焦化厂炼焦煤可用天数下降，需求持续下降，下游采购意愿谨慎。 • ...

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 ...

从资金流向上来看，当日江苏国企改革板块主力资金净流出1.11亿元，游资资金净流出6038.8万元，散户 资金净流入1.71亿元。江苏国企改革板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600250 南京商旅 | | 1.04 Z | 35.21% | -4145.79万 | -14.07% | -6233.04万 | -21.15% | | 601555 | 东吴证券 | 4879.07万 | 6.69% | -3536.22万 | -4.85% | -1342.85万 | -1.84% | | 601688 华泰证券 | | 3750.00万 | 1.04% | -1.56 Z | -4.34% | 1.19 Z | 3.30% | | 002077 | 大港股份 | 2131.41万 | 6.45% | -833.37万 | -2.52% | -1298.03万 | -3.93% | ...

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 ...