市场情绪扰动，盘面波动加剧 工业硅/多晶硅 20251124 博士后工作站 | 宏观研究 | 大宗商品 周贵升 从业资格证：F3036194 投资咨询证：Z0015986 工业硅 价格：现货方面，本周工业硅现货价格波动幅度加大。截至2025年11月21日，新疆工业硅553#通氧价格为8900元/吨， 环比上周持平。期货方面，本周主力合约偏弱震荡后大幅冲高回落，截至11月21日主力合约收8960元/吨。 供应：新疆地区开工率保持稳定，供应以稳为主；西北青海、宁夏、甘肃地区开工变化不大；云南地区个别硅企有减 停，产量小幅回落；四川地区平水期，月底将进入枯水期，开工率将进一步下调。整体而言，工业硅产量环比下降。 需求：多晶硅企业周度开工环比持稳，对工业硅需求较为稳定；有机硅开工环比基本稳定，近期有少量单体产能增开， 有机硅反内卷会议后价格出现调涨，引发硅能源大幅反弹，但随后市场逐步消化情绪，价格也有所回落；铝合金企业 开工率小幅增加，下游订单需求尚可。出口方面，10月工业硅出口4.51万吨，环比减少36%，同比减少31%。 成本：本周工业硅成本暂稳。 库存：SMM统计11月20日工业硅全国社会库存共计54.8万吨， ...

Core Viewpoint - 弘业期货 has shown a positive performance with a 1.41% increase in stock price, reaching a market capitalization of 10.148 billion yuan, while the trading volume was 107 million yuan [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] Financial Performance - For the period from January to September 2025, 弘业期货 reported zero operating revenue and a net profit attributable to shareholders of 2.0897 million yuan, a decrease of 87.27% year-on-year [7] - Cumulative cash distribution since A-share listing amounts to 44.3422 million yuan [8] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 13.10% to 54,400, with an average of zero circulating shares per person [7] - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with both reducing their holdings compared to the previous period [8] Market Activity - The stock has experienced a net outflow of 25.6583 million yuan today, with a continuous reduction in main funds over the past three days [4][5] - The average trading cost of the stock is 11.69 yuan, with recent rapid outflows of shares suggesting a recommendation for portfolio adjustment [6]

Group 1 - The company, Hongye Futures, stated on November 20 that it will disclose the number of shareholders at specific reporting periods in its regular reports [1]

Core Viewpoint - 弘业期货 announced its participation in an investor communication event to enhance investor relations and provide insights into the company's performance [1] Group 1 - 弘业期货 disclosed its 2025 Q3 report on October 29, 2025 [1] - The company will participate in a collective investor communication meeting organized by 江苏省苏豪控股集团有限公司 on November 28, 2025 [1] - The event is scheduled to take place from 10:00 to 11:00 [1]

证券代码：001236 证券简称： 公告编号：2025-057 苏豪弘业期货股份有限公司(以下简称"公司")已于2025年10月29日披露了 《2025年第三季度报告》。为进一步加强与投资者的互动交流，提升公司投资者关系 管理水平，使广大投资者能更深入全面地了解公司情况，公司将于2025年11月28日(星 期五)10:00-11:00参加江苏省苏豪控股集团有限公司控股上市公司集体投资者交流会 暨召开2025年第三季度业绩说明会，现将有关事项公告如下： 一、 活动的时间、方式 活动时间：2025年11月28日(星期五) 10:00-11:00。 活动方式：网络互动方式，通过"价值在线"网站(www.ir-online.cn) 开展本次活 动。 三、投资者参与方式 1 投 资 者 可 于 2025 年 11 月 28 日 （ 星 期 五 ） 10:00-11:00 通 过 网 址 https://eseb.cn/1tknQVVdaKI或使用微信扫描下方小程序码即可进入参与互动交流，公 司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 四、问题征集 为提升交流的针对性，现就本次活动提前向 ...

Core Points - The company, Hongye Futures (03678.HK), announced the disclosure of its Q3 2025 report on October 29, 2025, aiming to enhance interaction with investors and improve communication [1] Group 1 - The company has taken steps to strengthen its engagement with investors [1] - The Q3 2025 report was officially released on October 29, 2025 [1] - The initiative is part of the company's strategy to enhance transparency and communication with stakeholders [1]

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 蘇豪弘業期貨股份有限公司 關於參加江蘇省蘇豪控股集團有限公司控股上市公司 集體投資者交流會暨召開2025年第三季度業績說明會的公告 茲 載 列 本 公 司 于 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 於參加江蘇省蘇豪控股集團有限公司控股上市公司集體投資者交流會暨召開 2025年 第 三 季 度 業 績 說 明 會 的 公 告》，僅 供 參 閱。 承董事會命 董事長兼執行董事 儲開榮先生 中國南京 2025年11月20日 於 本 公 告 日 期 ...

Core Points - The diversified financial sector experienced a decline of 0.22% on November 20, with Hongye Futures leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Market Performance - Notable gainers in the diversified financial sector included: - Haide Co., Ltd. (000567) with a closing price of 7.70, up 3.49% on a trading volume of 387,700 shares and a turnover of 295 million [1] - Sichuan Shuangma (000935) closed at 21.53, up 3.01% with a trading volume of 197,200 shares and a turnover of 421 million [1] - Other companies with minor gains included Jiangsu Jinzu (600901) at 6.45, up 1.10%, and Xiangwen Tiaotong (600830) at 9.81, up 1.03% [1] Capital Flow - The diversified financial sector saw a net outflow of 314 million from institutional investors, while retail investors contributed a net inflow of 377 million [2] - The main capital inflows and outflows for specific stocks included: - Sichuan Shuangma (000935) with a net inflow of 31.66 million from institutional investors, but a net outflow of 17.81 million from retail investors [3] - Jiangsu Jinzu (600901) had a net inflow of 7.21 million from institutional investors, but also saw outflows from retail investors [3]

Core Viewpoint - 弘业期货's stock price has shown a year-to-date increase of 11.21%, but has recently experienced declines over various trading periods, indicating potential volatility in its market performance [2]. Financial Performance - As of September 30, 2025, 弘业期货 reported a net profit of 208.97 million yuan, a significant decrease of 87.27% year-on-year, with total revenue recorded at 0.00 yuan [3]. - The company has distributed a total of 44.34 million yuan in dividends since its A-share listing [4]. Stock Market Activity - 弘业期货's stock price fell by 2.01% on November 19, 2023, with a trading volume of 33.91 million yuan and a market capitalization of 10.793 billion yuan [1]. - The company has appeared on the龙虎榜 (a stock trading leaderboard) eight times this year, with the most recent appearance on July 14, 2023, where it recorded a net buy of 24.68 million yuan [2]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 13.10% to 54,400, with an average of 0 circulating shares per shareholder [3]. - The top ten circulating shareholders include significant entities such as Hong Kong Central Clearing Limited and South China Securities, with notable changes in their holdings [4]. Business Overview - 弘业期货, established on July 31, 1995, specializes in commodity futures brokerage, financial futures brokerage, investment consulting, asset management, fund sales, and financial asset investment [2]. - The company's revenue composition is primarily from commodity trading and risk management (67.03%) and futures brokerage and asset management (32.97%) [2].

Core Viewpoint - The announcement details the completion of a share reduction plan by the controlling shareholder's concerted action parties, which will not affect the company's control or governance structure [1][2]. Group 1: Share Reduction Details - Jiangsu Suhao Huihong Group Co., Ltd. (Suhao Huihong) held 63,930,134 shares (6.34% ownership), while Jiangsu Hongye International Logistics Co., Ltd. (Hongye Logistics) held 8,285,345 shares (0.82% ownership) [1]. - The plan involved a maximum reduction of 10,077,777 shares (1% of total share capital) within three months after the announcement, starting from 15 trading days post-announcement [1]. - The actual reduction from September 11 to November 13, 2025, totaled 10,077,647 shares, with an average reduction price of 11.65 yuan per share, amounting to approximately 117 million yuan [2][3]. Group 2: Financial Background - Hongye Futures was listed on the Shenzhen Stock Exchange on August 5, 2022, with a public offering of 100,777,778 shares at a price of 1.86 yuan per share [3]. - The total amount raised from the IPO was 187.45 million yuan, with a net amount of 161.35 million yuan after deducting issuance costs [4]. - The issuance costs amounted to 26.09 million yuan, with 13.26 million yuan paid to the lead underwriter, CITIC Securities [4].