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]

Core Viewpoint - 弘业期货 has shown a significant increase in stock price, with a rise of 2.95% and a total market capitalization of 11.24 billion [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 [2] - As a state-owned enterprise, the ultimate controller of the company is the Jiangsu Provincial Government State-owned Assets Supervision and Administration Commission [3] 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 2.09 million, a year-on-year decrease of 87.27% [7] - Cumulative cash dividends since the A-share listing amount to 44.34 million [8] Shareholder Structure - As of September 30, 2025, the number of shareholders is 54,400, a decrease of 13.10% from the previous period [7] - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings [8] Market Activity - The stock has seen a net inflow of 4.81 million today, with a total trading volume of 128 million and a turnover rate of 1.53% [1][5] - The average trading cost of the stock is 11.89, with the current price near a support level of 10.97 [6]

Core Viewpoint - 弘业期货 has shown mixed performance in stock price and financial metrics, with a notable increase in stock price year-to-date but a significant decline in net profit compared to the previous year [1][2]. Group 1: Stock Performance - As of November 10, 弘业期货's stock price increased by 2.03% to 11.05 CNY per share, with a total market capitalization of 11.136 billion CNY [1]. - Year-to-date, 弘业期货's stock price has risen by 14.75%, but it has experienced a decline of 1.69% over the last five trading days and a drop of 9.65% over the last 60 days [1]. - The company has appeared on the龙虎榜 (top trading list) eight times this year, with the most recent appearance on July 14, where it recorded a net buy of 24.6763 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, 弘业期货 reported a net profit of 2.0897 million CNY, a decrease of 87.27% year-on-year [2]. - The company has distributed a total of 44.3422 million CNY in dividends since its A-share listing [3]. Group 3: Shareholder Information - As of September 30, 2025, 弘业期货 had 54,400 shareholders, a decrease of 13.10% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and South China Asset Management, with notable reductions in their holdings [3].

Group 1 - Southbound funds reduced their holdings in Hongye Futures (03678.HK) by 899,000 shares on November 6, 2025, marking a decrease of 0.58% [1][2] - Over the past five trading days, there have been three days of net reductions, totaling 1,228,000 shares [1] - In the last 20 trading days, there were 11 days of net reductions, amounting to 3,304,000 shares [1] Group 2 - As of now, southbound funds hold 154 million shares of Hongye Futures, which represents 61.79% of the company's total issued ordinary shares [1] - Hongye Futures Co., Ltd. primarily engages in commodity trading and risk management, operating two main departments: futures brokerage and asset management, and commodity trading and risk management [2] - The futures brokerage and asset management department focuses on trading commodity and financial futures, as well as developing and selling asset management products and services [2]

Core Viewpoint - 弘业期货 is a significant player in the futures market, with a focus on various financial services, and has recently shown fluctuations in trading activity and financial performance [2][7]. 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]. - As of September 30, 2025, 弘业期货 reported a total revenue of 0.00 yuan and a net profit attributable to shareholders of 208.97 million yuan, reflecting a year-on-year decrease of 87.27% [7]. Financial Performance - The company recorded a trading volume of 751.168 million yuan on November 5, with a market capitalization of 11.176 billion yuan [1]. - The average trading cost of the stock is 11.92 yuan, with the current price near a support level of 10.97 yuan [6]. - The company has distributed a total of 44.342 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, with no circulating shares per capita [7][8]. - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable reductions in their holdings [8]. Market Activity - The stock experienced a net inflow of 931,200 yuan on the day of reporting, with a lack of clear trends in major trading activity [4][5]. - The industry as a whole saw a net outflow of 4.31 billion yuan over three consecutive days [5].

Core Insights - Southbound funds reduced their holdings in Hongye Futures (03678.HK) by 401,000 shares on November 4, 2025, marking a decrease of 0.26% [1] - Over the past five trading days, there have been three days of net reductions, totaling 1,975,000 shares [1] - In the last twenty trading days, there were eleven days of net reductions, amounting to 1,943,000 shares [1] - Currently, southbound funds hold 155 million shares of Hongye Futures, representing 61.97% of the company's total issued ordinary shares [1] Trading Data Summary - On November 4, 2025, total shares held were 155 million, with a decrease of 401,000 shares [2] - On November 3, 2025, total shares held were 155 million, with a decrease of 1,906,000 shares [2] - On October 31, 2025, total shares held were 157 million, with an increase of 1,510,000 shares [2] - On October 30, 2025, total shares held were 156 million, with an increase of 869,000 shares [2] - On October 28, 2025, total shares held were 155 million, with a decrease of 2,047,000 shares [2] Company Overview - Hongye Futures Co., Ltd. primarily engages in commodity trading and risk management [2] - The company operates two main departments: futures brokerage and asset management, focusing on commodity and financial futures trading, as well as the development and sales of asset management products and services [2] - The commodity trading and risk management department provides services such as commodity purchase and resale, futures arbitrage, basis trading, and hedging [2]

Group 1: Report Summary - The current global iron ore shipment volume decreased month-on-month, with both Australian and Brazilian ores showing a slight decline. Meanwhile, the arrival volume increased significantly, and the domestic iron ore production fluctuated slightly. Overall, the supply is relatively loose. On the demand side, affected by environmental protection and profit decline, the molten iron production decreased significantly. As the terminal demand gradually weakens, the future demand will continue to decline. In general, the current iron ore supply and demand are gradually weakening, and the peak season is coming to an end. Coupled with the implementation of macro policies, it is expected to maintain a volatile trend in the short term. Pay attention to the performance of terminal demand. The strategy is to expect range-bound fluctuations [4][5]. Group 2: Price and Spread - The spot price rebounded with fluctuations [6]. - The spread between PB powder and Super Special powder rebounded from a low level, and the spread between PB powder and Macfarlane powder also rebounded from a low level [12][16]. - The 1-5 spread rebounded slightly, and the basis of the 01 contract fluctuated at a low level [20]. - The screw-ore ratio fluctuated at a low level, and the ore-coke ratio fluctuated at a high level [27]. Group 3: Supply - The global iron ore shipment volume decreased slightly, and the shipment volume of non-mainstream ores fluctuated slightly [33]. - The shipment volume of Australian ore to China and Brazilian ore both decreased slightly [37]. - The shipment volume of FMG to China decreased, while that of BHP increased slightly [42]. - The shipment volume of RT and VALE both increased slightly [46]. - The shipping freight index fluctuated slightly [50]. - The arrival volume increased significantly [54]. - The production of domestic iron ore concentrate changed little [57]. Group 4: Demand - The profit of steel mills' blast furnaces continued to weaken [63]. - The profitability of steel mills declined, and the molten iron production decreased significantly [69]. Group 5: Inventory - The port clearance volume increased slightly, and the port inventory continued to rise [78]. - The inventory of Australian ore increased slightly, and the inventory of Brazilian ore fluctuated at a high level [82]. - The inventory of coarse powder fluctuated at a high level, and the inventory of lump ore decreased slightly [88]. - The consumption of steel mills decreased from a high level, and the inventory of imported ore decreased from a low level [96].

证券代码：001236 证券简称： 公告编号：2025-055 苏豪弘业期货股份有限公司 关于股东所持部分股份可能会被司法强制执行的提示性公告 特别提示： 1、持有苏豪弘业期货股份有限公司（以下简称"公司"）19,134,899 股（约占公司 总股本的 1.8987%）的股东江苏弘苏实业有限公司（以下简称"弘苏实业"）获悉广东 省深圳市中级人民法院作出（2025）粤 03 执 580 号之一《执行裁定书》，裁定强制执行 被执行人江苏弘苏实业有限公司持有的公司股票。 2、自 2025 年 11 月 7 日至 2026 年 2 月 4 日，弘苏实业因司法强制执行将以集中竞 价交易方式被动减少公司股份 10,077,777 股（约占公司总股本的 1%），以大宗交易方 式被动减少公司股份 8,057,122 股（约占公司总股本的 0.7995%），合计减少公司股份 18,134,899 股（占公司总股本的 1.7995%）。 3、弘苏实业不属于公司的控股股东或第一大股东及其一致行动人，本次股份变动 不会导致公司实际控制权发生变化，不会对公司的治理结构和经营情况产生影响。 2025 年 11 月 3 日，公司收到股东弘 ...

Core Points - Jiangsu Hongsu Industrial Co., Ltd. holds 19.1349 million shares (approximately 1.8987% of total shares) of Hongye Futures, which are subject to a court-ordered enforcement action [1][2] - The enforcement action is a result of a contractual dispute between Shanghai Port Tong Phase I Investment Partnership and Hongsu Industrial, leading to a court ruling for the sale of 32.3654 million shares held by Hongsu Industrial [2] - Following the court ruling, Hongsu Industrial has already executed a sale of 13.2305 million shares, leaving 19.1349 million shares still subject to enforcement [2] Summary by Sections - **Company Holdings**: Jiangsu Hongsu Industrial holds 19.1349 million shares of Hongye Futures, representing 1.8987% of the company's total equity [1] - **Legal Proceedings**: The Guangdong Province Shenzhen Intermediate People's Court issued an enforcement ruling for the sale of shares due to a contractual dispute involving Hongsu Industrial [2] - **Share Sales**: Hongsu Industrial has sold 13.2305 million shares following the court's enforcement order, with 19.1349 million shares remaining to be sold [2]

Core Points - Hongye Futures announced that its shareholder, Hongsu Industrial, holds 19.1349 million shares (1.8987% of total equity), all of which are under pledge and frozen status [1] - Due to a contractual dispute with Hongtong Phase I, the court has ordered the forced execution of the shares held by Hongsu Industrial [1] - From November 7, 2025, to February 4, 2026, Hongsu Industrial will passively reduce its holdings by 10.0778 million shares (1% of total equity) through centralized bidding and by 8.0571 million shares (0.7995% of total equity) through block trading, totaling a reduction of 18.1349 million shares (1.7995% of total equity) [1] - This share change will not lead to a change in the actual control of the company and will not affect the company's operations [1]