股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 蘇豪弘業期貨股份有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03678 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 249,700,000 | RMB | | 1 | RMB | | 249,700,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 249,700,000 | RMB | | | 1 RMB | | 249,700,000 | | 2. 股份分類 | ...

Report Overview - The report focuses on the industrial silicon and polysilicon markets, analyzing their prices, supply, demand, cost, inventory, and providing后市研判 [6][8] Industrial Silicon Price - As of November 28, 2025, the spot price of Xinjiang industrial silicon 553 oxygenated was 8,900 yuan/ton, unchanged from the previous week; the 421 oxygenated was 9,200 yuan/ton, also unchanged. The futures main contract closed at 9,130 yuan/ton [6][11] Supply - Xinjiang's开工率 remained stable with a slight expected increase next week; Northwest regions had little change; Yunnan's开工率 was expected to decline in December due to higher costs; Sichuan's开工率 would further decrease in December. Overall, production increased slightly [6] Demand - Polysilicon's weekly开工率 decreased, with mixed production expectations in December; organic silicon's开工率 increased slightly, with a potential decline in December; aluminum alloy enterprises'开工率 was stable, supported by good terminal demand. In October, industrial silicon exports were 45,100 tons, a 36% month - on - month and 31% year - on - year decrease [6] Cost - The cost of industrial silicon remained stable this week [6] Inventory - As of November 27, the national social inventory of industrial silicon was 550,000 tons, an increase of 2,000 tons from the previous week [7] 后市研判 - The current supply and demand of industrial silicon are weak, and high inventory is being depleted slowly. The futures market is expected to fluctuate widely in the short term, with attention on northern开工 changes and downstream production cuts [7] Polysilicon Price - As of November 28, 2025, the spot price of N - type dense material was 50,000 yuan/ton, unchanged from the previous week. The futures main contract closed at 56,425 yuan/ton [8] Supply - Silicon material enterprises were firm on price stability. In November, two leading enterprises significantly reduced production, and the polysilicon output decreased significantly compared to October. The weekly开工率 decreased, and the production expectations in December were mixed, with a limited decrease compared to November [8] Demand - Terminal demand is weak, with component prices weakly stable, and silicon wafer and battery prices continuing to fall. The silicon wafer segment has reduced production, but there is no significant reduction in procurement plans. In October, polysilicon imports were 1,446.4 tons, a 12% month - on - month increase; in September, exports were 1,547.9 tons, a 28% month - on - month decrease [8] Cost - The cost of polysilicon remained stable this week [8] Inventory - As of November 28, the polysilicon factory inventory was 278,300 tons, an increase of 9,800 tons from the previous week [8][26] 后市研判 - The current supply and demand of polysilicon are weak, and inventory remains high. Supported by anti - involution policies and market expectations, it is expected to remain high and fluctuate in the short term, with attention on policy implementation [8] Downstream Markets Silicon Wafers - As of November 28, 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) decreased compared to the previous week. Prices are approaching most manufacturers' cash cost lines, and significant production cuts are expected in December [30] Batteries - As of November 28, 2025, the prices of M10, G10L, G12R, and G12 single - crystal TOPCon batteries decreased compared to the previous week. The battery market is weakening, with increased price declines and weakened demand support. Some leading enterprises may lock in inventory to support prices [34] Components - As of November 28, 2025, the prices of 182 and 210 single - sided and double - sided TOPCon components remained unchanged from the previous week. The component market is weakly stable, with a weak distributed market. Leading enterprises hold firm on prices, while second - and third - tier manufacturers still sell at low prices [38] Organic Silicon - As of November 28, 2025, the price of organic silicon DMC in East China was 13,200 yuan/ton, unchanged from the previous week. The industry's开工率 increased slightly this week, and there are expectations of production cuts after the industry meeting [42] Aluminum Alloys - As of November 28, 2025, the price of Shanghai aluminum alloy ingot ADC12 was 20,800 yuan/ton, unchanged from the previous week. Aluminum alloy enterprises'开工率 is basically stable, with good terminal demand [46]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The coking coal market last week saw a slight increase in supply, a decline in demand from a high level, and weak purchasing sentiment. The overall supply recovery was slow with limited increments. Although the daily output of clean coal increased slightly, the market sentiment was poor, leading to a continuous decline in the futures price. However, due to the low current valuation, low supply, and potential winter storage demand, the futures price is expected to stop falling and rebound. Attention should be paid to subsequent macro - policy expectations and safety inspection intensity [4]. - The coke market is weak, with the first round of price cuts initiated by some steel mills. Supply is increasing as environmental controls ease and coke enterprise profits expand. Demand is weakening as steel mill blast furnace maintenance continues and terminal demand enters the off - season. The supply - demand balance is moving towards looseness, but due to the relatively high blast furnace operating rate of steel mills and winter storage demand, the coke at a relatively low price still has resilience and is expected to stop falling and rebound following the coking coal futures price in the short term. Attention should be paid to macro - sentiment disturbances [5]. 3. Summary by Directory Part I: Market View Coking Coal - Supply: The operating rate of 523 sample mines decreased to 86.01% (- 0.93%), but the daily output of clean coal increased by 0.61 tons to 76.41 tons. The capacity utilization rate of 314 sample coal washing plants decreased to 36.32% (- 1.24%), and the daily output of clean coal decreased by 1.05 tons to 26.58 tons. Recently, Mongolian coal customs clearance has returned to normal, and the customs clearance volume at the Ganqimaodu Port last week rebounded to a high level, increasing overall supply slightly [4]. - Demand: The daily output of hot metal from 247 steel mills decreased by 1.6 tons to 234.68 tons, the blast furnace operating rate decreased to 81.09% (- 1.1%), the available days of coking coal in steel mills increased slightly to 13.01 days (+ 0.04), and the available days of coking coal in 230 independent coking plants decreased to 12.84 days (- 0.6). Demand declined slightly, and attention should be paid to the downstream replenishment rhythm [4]. - Inventory: The clean coal inventory of 523 sample mines increased by 38 tons to 223.92 tons, the inventory of all - sample independent coking plants decreased by 27.89 tons to 1010.3 tons, the steel mill inventory increased by 4.22 tons to 801.3 tons, the clean coal inventory of 314 sample coal washing plants increased by 2.48 tons to 305.31 tons, and the inventory at major ports increased by 3 tons to 294.5 tons. Upstream mines and coal washing plants accumulated inventory, steel mills accumulated inventory, coking plants reduced inventory, and the purchasing sentiment weakened significantly [4]. Coke - Supply: The average profit per ton of coke in coking plants increased by 27 yuan to 46 yuan/ton. The capacity utilization rate of all - sample independent coking plants increased to 72.95% (+ 1.24%), and the daily output increased by 1.09 tons to 63.76 tons. The daily output of coke from 247 steel mills increased by 0.1 tons to 46.32 tons [5]. - Demand: The daily output of hot metal from 247 steel mills decreased by 1.6 tons to 234.68 tons, the blast furnace operating rate decreased to 81.09% (- 1.1%), and the available days of coke in 247 steel mills increased to 11.29 days (+ 0.24). Demand still had some resilience [5]. - Inventory: The inventory of all - sample independent coking plants increased by 6.47 tons to 71.76 tons, the inventory at major ports decreased by 5.6 tons to 187.4 tons, and the inventory of 247 steel mills increased by 3.18 tons to 625.52 tons. The overall social inventory of coke increased slightly [5]. Part II: Macro - real Estate Tracking - The report presents data on national fixed - asset investment cumulative year - on - year, national real - estate new construction, construction, completion area, sales area cumulative year - on - year, 30 large - city weekly commercial housing transaction area, steel industry purchasing managers' index (PMI), and manufacturing purchasing managers' index (PMI), but no specific analysis is provided [7][11][14][18]. Part III: Coking Coal Supply - Demand Tracking - The report tracks various indicators such as the procurement price of medium - sulfur main coking coal in Jiexiu, Jinzhong, Shanxi, the spot price comparison of mainstream coking coal nationwide, coking coal basis spreads, the daily output and operating rate of 523 sample coal mines, the daily output and capacity utilization rate of 314 sample coal washing plants, the blast furnace operating rate and hot metal output of steel mills, the coking coal inventory of mines, coal washing plants, steel mills, coking plants, and ports, the available days of coking coal inventory in steel mills and coking plants, and the Mongolian coal customs clearance vehicle number at the Ganqimaodu Port, but no specific analysis is provided [21][26][32][35][39][42][44][48][52][55]. Part IV: Coke Supply - Demand Tracking - The report tracks various indicators such as the ex - factory price of quasi - first - grade metallurgical coke in Lvliang, the coke spot price adjustment schedule, the spot price comparison of coke, coke basis spreads, the profit per ton of independent coking enterprises, the daily output and capacity utilization rate of all - sample independent coking enterprises and 247 steel mills, the coke inventory of coking enterprises, steel mills, and ports, and the available days of coke inventory in steel mills, but no specific analysis is provided [60][62][63][67][74][77][80][84][88].

Core Viewpoint - 弘业期货 is a significant player in the futures market, being the first A+H share listed company in the industry, with a focus on various financial services including futures brokerage and asset management [2][7]. Company Overview - 弘业期货主要从事商品期货经纪、金融期货经纪、期货投资咨询、资产管理、基金销售和金融资产投资业务 [7]. - The company was established on July 31, 1995, and was listed on August 5, 2022 [7]. - As of September 30, 2025, 弘业期货 reported a revenue of 0.00 yuan and a net profit of 208.97 million yuan, reflecting a year-on-year decrease of 87.27% [7]. Financial Performance - The company achieved a total market capitalization of 10.4 billion yuan and a trading volume of 51.98 million yuan on December 1 [1]. - The average trading cost of the stock is 11.62 yuan, with the current price fluctuating between a resistance level of 10.97 yuan and a support level of 9.93 yuan [6]. - The company has distributed a total of 44.34 million yuan in dividends since its A-share listing [8]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 13.10% to 54,400 [7]. - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable reductions in their holdings [8]. Market Position - 弘业期货 is categorized under the non-bank financial sector, specifically in the multi-financial and futures segments [7]. - The company is controlled by the Jiangsu Provincial Government's State-owned Assets Supervision and Administration Commission, indicating its status as a state-owned enterprise [3].

Report Title - The report is titled "Steel Weekly Report 20251201" [2] Industry Investment Rating - No industry investment rating is provided in the report Core View - The steel price is expected to fluctuate in the short - term due to macro - expectations and the upcoming Central Economic Work Conference in December. The fundamentals of steel products show mixed trends, with some products facing challenges in supply, demand, and inventory [5][6] Summary by Related Catalogs Product Analysis Supply - The weekly output of rebar from major steel mills in China was 206.08 million tons (-1.88 million tons), and the weekly output of hot - rolled coils was 319.01 million tons (+3 million tons). Rebar long - process output decreased by 4.43 million tons, and short - process output increased by 2.55 million tons. Hot - rolled coil output increased but remained at a high level [5][35] Demand - Recent high - frequency data shows that the apparent demand for rebar and hot - rolled coils has declined. Last week, the apparent demand for rebar was 227.94 million tons (-2.85 million tons), and for hot - rolled coils, it was 320.22 million tons (-4.2 million tons). The construction steel weekly average trading volume was 10.45 million tons, remaining at a low level, and the hot - rolled coil weekly average trading volume was 3.36 million tons [5][44][49] Inventory - Rebar total inventory was 531.48 million tons (-21.86 million tons), with social inventory at 384.75 million tons (-15.27 million tons) and steel mill inventory at 146.73 million tons (-6.59 million tons). Hot - rolled coil total inventory was 400.9 million tons (-1.21 million tons), social inventory was 322.88 million tons (-1.21 million tons), and steel mill inventory remained unchanged [7] Basis - The basis of the rebar main contract was 140 yuan/ton (-23 yuan/ton), and the basis of the hot - rolled coil main contract was - 12 yuan/ton (-12 yuan/ton), showing a weakening trend [13] Summary - The steel mill profitability rate was 35.06%, a 2.6% week - on - week decrease. The molten iron output was 234.68 million tons, a 1.6 million - ton week - on - week decrease. The blast furnace operating rate was 81.09%, a 1.1% week - on - week decrease, and the blast furnace capacity utilization rate was 87.98%, a 0.6% week - on - week decrease. The electric furnace operating rate remained unchanged, and the electric furnace capacity utilization rate increased by 1.17% [7] Raw Material Analysis - The prices of quasi - first - grade metallurgical coke, main coking coal in Lvliang, and 61.5% PB powder at Qingdao Port were 1450 yuan/ton, 1505 yuan/ton, and 794 yuan/ton respectively this week, with week - on - week changes of - 30 yuan/ton, - 140 yuan/ton, and +6 yuan/ton [16][17] Market and Related Data Steel Export - 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. In October, hot - rolled coil exports were 1.6415 million tons [64] Automobile Production and Sales - In October, automobile production was 3.3587 million vehicles, an 82,900 - vehicle month - on - month increase; 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; sales were 1.715 million tons, an 111,000 - ton month - on - month increase [68] Real Estate Data - From January to October, real estate investment decreased by 14.7% year - on - year, the new housing construction area decreased by 19.8% year - on - year, the housing completion area decreased by 16.9% year - on - year, the commercial housing sales area decreased by 6.8% year - on - year, the commercial housing sales amount decreased by 9.6% year - on - year, and the available funds decreased by 9.7% year - on - year [71][72]

蘇豪弘業期貨股份有限公司 投資者關係活動記錄表 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。 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 投 資 者 關 係 活 動 記 錄 表》，僅 供 參 閱。 承董事會命 董事長兼執行董事 儲開榮先生 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。 Holly Futures （ 於中華人民共和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 ， 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 中國南京 2025年11月28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 ...

| 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | | | | (元) | (万股/万份) | (万元) | | | | 2025-11-28 | 001236 | ST 41 | 9.17 | 30.00 | 275.10 机构专用 | | 方正证券股份有限 | | | | | | | | | 公司上海浦东新区 | | | | | | | | | 成山路近券量业部 | 11月28日，弘业期货大宗交易成交30万股，成交额275.1万元，占当日总成交额的3.47%，成交价9.17 元，较市场收盘价10.28元折价10.8%。 ...

Financial Performance - The company's net profit attributable to shareholders for Q3 increased by 57.36% year-on-year, primarily due to effective cost control and growth in brokerage service fees [2][3] - The net cash flow from operating activities was 874 million CNY, a decline of 64.13% year-on-year, mainly due to reduced client margin deposits [3] Business Optimization - In 2025, the company optimized its market-making business by enhancing internal control systems, streamlining business processes, and increasing risk awareness [3] - The company reported no risk incidents in its market-making operations in 2025, demonstrating effective risk management [3] Capital Growth - The growth in the scale of Hongye Capital's futures and spot business is attributed to continuous investment in talent acquisition and resource utilization [4][5] - Future plans for Hongye Capital include expanding business areas, upgrading service models, and enhancing technology and risk control capabilities [4] Brand Development - The company emphasizes its brand image as the only "A+H" listed futures company and state-owned enterprise, focusing on core values of "inheritance, openness, integrity, and excellence" [5] - The company has received multiple honors, such as "National Civilized Unit" and "2024 Financial System Model Point," enhancing its brand image [6] Customer Service Enhancements - The company has improved customer service through professional research capabilities, digital services, and personalized service models [6] - A dedicated service team and tailored risk management solutions are provided for large industrial clients [6] Governance and Transparency - The independent director emphasizes the importance of robust corporate governance and information disclosure to protect shareholder rights, especially for minority shareholders [6][7] - Regular reviews of financial reports and compliance with regulations are conducted to ensure transparency and accountability [6] Social Responsibility - The "Insurance + Futures" initiative focuses on supporting rural revitalization and food security, providing price and income guarantees for key agricultural products [7] - The initiative also promotes financial literacy among farmers, helping them manage market risks effectively [7]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The supply and demand of steel products have both increased, and steel prices are expected to fluctuate in the short - term. The profitability of steel mills is declining, and the terminal demand is still weak. Although the apparent demand has rebounded, the sustainability of the demand improvement is questionable due to seasonal factors. The cost side still provides support [5][6]. 3. Summary by Relevant Sections 3.1 Steel Product Supply and Demand - **Supply**: The weekly output of rebar from major steel mills nationwide was 2.0796 million tons (+79,600 tons), and the weekly output of hot - rolled coils was 3.1601 million tons (+23,500 tons). Some steel mills have resumed production, increasing the supply pressure [5]. - **Demand**: The apparent demand for rebar and hot - rolled coils has rebounded. Last week, the apparent demand for rebar was 2.3079 million tons (+144,200 tons), and the apparent demand for hot - rolled coils was 3.2442 million tons (+108,300 tons). However, the sustainability of the demand improvement is questionable due to seasonal factors, and the terminal demand is still weak [5]. 3.2 Inventory - **Rebar**: The total inventory of rebar was 5.5334 million tons (-228,300 tons), the social inventory was 4.0002 million tons (-157,300 tons), and the steel mill inventory was 1.5332 million tons (-71,000 tons) [8]. - **Hot - rolled Coils**: The total inventory of hot - rolled coils was 4.0211 million tons (-84,100 tons), the social inventory was 3.2409 million tons (-89,100 tons), and the steel mill inventory was 780,200 tons (+5,000 tons) [8]. 3.3 Price - **Spot Price**: As of November 21, the average national summary price of rebar was 3,268 yuan/ton, up 26 yuan/ton from last week; the average national summary price of hot - rolled coils was 3,309 yuan/ton, up 5 yuan/ton from last week [11]. - **Basis**: As of November 21, the basis of the rebar main contract was 163 yuan/ton (+26), and the basis of the hot - rolled coil main contract was 0 yuan/ton (-4) [8][14]. 3.4 Raw Materials - **Price**: The price of quasi - first - grade metallurgical coke was 1,480 yuan/ton (-50 yuan/ton), the price of main coking coal in Lvliang was 1,645 yuan/ton (unchanged), and the price of 61.5% PB powder at Qingdao Port was 788 yuan/ton (+6 yuan/ton) [16]. 3.5 Production Indicators - **Iron Water Production**: The iron water output was 2.3628 million tons, a decrease of 6,000 tons from the previous period [8][20]. - **Blast Furnace and Electric Furnace Indicators**: As of November 21, the blast furnace operating rate decreased by 0.62% month - on - month, the electric furnace operating rate increased by 1% month - on - month, the blast furnace capacity utilization rate decreased by 0.22% month - on - month, and the electric furnace capacity utilization rate decreased by 1.62% month - on - month [8]. - **Steel Mill Profitability**: As of November 21, the profitability of steel mills was 37.66%, a decrease of 1.3% from the previous period [8][24]. - **Tangshan Blast Furnace Operating Rate**: As of November 21, the blast furnace operating rate in Tangshan was 91.20%, unchanged from the previous period [29]. 3.6 Other Market Data - **Steel Export**: In October, steel exports were 9.78 million tons, a decrease of 690,000 tons from the previous month; from January to October, the cumulative steel export volume was 97.737 million tons, a cumulative year - on - year increase of 6.6% [65]. - **Automobile Production and Sales**: In September, automobile production was 3.276 million vehicles, an increase of 466,000 vehicles from the previous month; automobile sales increased by 369,400 tons from the previous month. The production of new energy vehicles was 1.617 million vehicles, an increase of 226,000 vehicles from the previous month; new energy vehicle sales increased by 209,000 tons from the previous month [69]. - **Real Estate Data**: From January to September, national real estate development investment decreased by 13.9% year - on - year, the new construction area of houses decreased by 18.9%, the completed area of houses decreased by 15.3%, the sales area of newly built commercial housing decreased by 5.5%, the sales amount of newly built commercial housing decreased by 7.9%, and the funds in place for development enterprises decreased by 8.4% [71][72].

Report Title - Iron Ore Weekly Report 20251124: Molten Iron Drops Slightly, Futures Market Fluctuates [2] Report Author - Zhou Guisheng, with qualification certificate F3036194 and investment consulting certificate Z0015986 [3] Core Viewpoints - Currently, iron ore supply is relatively abundant, while molten iron production on the demand side drops slightly but remains at a relatively high - medium level. Later, molten iron production will decline seasonally, and the steel mills' winter - storage restocking demand has not been released. In the short term, the market will maintain a fluctuating trend [5] Supply Analysis - From November 17th to November 23rd, the global iron ore shipment volume was 3.2784 billion tons, a week - on - week decrease of 2.38 million tons. Australian shipments were 1.8396 billion tons, down 2.713 million tons week - on - week; Brazilian shipments were 797.8 million tons, down 604,000 tons week - on - week. The arrival volume at 45 Chinese ports reached 2.8171 billion tons, a week - on - week increase of 548,200 tons [4] - As of November 21st, the daily average output of iron concentrate from 186 domestic mines was 475,000 tons, a week - on - week increase of 20 tons, with a capacity utilization rate of 60.79%, up 0.03% week - on - week. The mine concentrate inventory was 758,500 tons, up 16,200 tons week - on - week [4] - Global shipments decreased slightly week - on - week, with both Australian and Brazilian ores showing a decline. The arrival volume stopped falling and rebounded, and domestic ore production fluctuated slightly. Overall, the supply was relatively abundant [5] Demand Analysis - In the week of November 21st, the daily average molten iron output was 2.3628 million tons, a week - on - week decrease of 600 tons. Although the molten iron output dropped slightly and remained at a relatively high - medium level, with the continuous decline of steel mill profitability, the molten iron output will show a seasonal weakening trend later [4] - Steel mill profitability has declined, and the price of imported iron ore fluctuates in the range of $100 - $105 per ton [4] Inventory Analysis - The inventory of imported ore decreased slightly this period, and the number of ships at the port increased by 4 to 120. The port congestion increased slightly, while the steel mill inventory fluctuated at a low level, and the winter - storage restocking demand has not started yet. The overall inventory was relatively stable [4] - Port inventory decreased slightly, and steel mill inventory fluctuated at a low level. Attention should be paid to the steel mills' restocking demand later [5] Price and Spread Analysis - Spot prices rebounded slightly [6] - The spread between PB powder and Super Special powder rebounded slightly, and the spread between PB powder and Macfarlane powder fluctuated at a low level [12][16] - The 01 and 05 contract basis fluctuated slightly [4] - The 1 - 5 spread rose first and then fell, and the 01 contract basis fluctuated at a low level [20] - The screw - to - ore ratio fluctuated at a low level, and the ore - to - coke ratio rebounded slightly [27] Strategy Suggestion - The strategy is range - bound trading [5]