12月9日晚间，东吴证券审议通过了多项重要议案。 根据公告，东吴证券将融资融券业务授信总规模上限提升至不超过公司净资本的600%，即净资本的6倍。此外，东 吴证券还计划与关联人、非关联人共同向旗下核心子公司东吴期货增资5亿元，其中，东吴证券拟出资4.033亿元。 受访人士认为，通过提升两融业务规模上限，公司能够抓住市场回暖机遇，增厚利息收入；通过增资期货子公司， 公司能够把握期货市场发展机遇，增强综合金融服务能力。这种双轮驱动的策略，有助于东吴证券在激烈的行业竞 争中确立优势，实现可持续发展。 向东吴期货增资 据公告，东吴证券拟以自有资金与关联人苏州营财投资集团有限公司及非关联人苏州交通投资集团有限责任公司共 同向东吴期货按原股权比例增资，其中东吴证券出资4.03亿元，合计增资5亿元。 公告显示，本次增资旨在提升东吴期货净资本水平，扩大业务规模、拓展盈利空间及巩固市场地位。本次增资完成 后，东吴期货的注册资本将由10.318亿元增加到15.318亿元。 对于事件影响，东吴证券表示，公司参与本次交易是自身践行现代证券控股集团发展战略、落实金融服务实体经济 高质量发展的重要举措，有利于优化公司的整体业务结构，提升 ...

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。 海外監管公告 蘇豪弘業期貨股份有限公司 2025年第三季度報告 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2025 年 第 三 季 度 報 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10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 行 董 事 薛 炳 海 先 生 及 蔣 海 英 女 士；以 及 獨 立 非 執 行 董 事 黃 德 春 先 生、盧 華 威 先 生 及 張 洪 發 先 生。 Holly Futures （ 於中華人民共和國註冊成立的股份有限公司 ， 中文 ...

Core Insights - Huatai Securities Asset Management announced the resignation of Chairman Cui Chun due to work changes, with Jiang Xiaoyang appointed as the new chairman [1][2] - Huatai Futures also saw a leadership change, with former Chairman Hu Zhi stepping down and Zhao Changtao taking over as Chairman [1][4] Group 1: Leadership Changes - Cui Chun has been with Huatai Securities Asset Management since its inception in 2015, leading the company through significant growth and diversification in investment strategies [2] - Zhao Changtao has served as General Manager of Huatai Futures since August 2021 and has a history of leadership roles within Huatai Securities [4] Group 2: Business Performance - Under Cui Chun's leadership, Huatai Securities Asset Management's assets under management reached 627.03 billion RMB as of June 30, 2025, a year-on-year increase of 23.92%, with public fund size exceeding 165.91 billion RMB [3] - Huatai Futures reported total assets of 65.18 billion RMB and total liabilities of 59.98 billion RMB as of June 30, 2025, with a revenue of 0.83 billion RMB and a net profit of 0.11 billion RMB for the first half of 2025 [4][5] Group 3: Strategic Developments - Huatai Securities Asset Management has transitioned from a single business model to a dual-license operation, focusing on asset management and public fund business [2] - Huatai Futures is enhancing its compliance and risk management, accelerating digital transformation, and developing a product matrix to meet diverse client needs [5]

Core Viewpoint - The company has experienced significant fluctuations in revenue and net profit, indicating potential challenges in its financial performance and operational efficiency [12][22]. Financial Performance - The company's revenue and net profit growth rates have shown considerable variability, with a notable decline in 2023 compared to previous years [12][14]. - In the first half of 2025, the company reported a net profit margin of -0.19%, a decrease of 0.88 percentage points from the same period last year [22]. - The operating cash flow for the first half of 2025 was -8.7 billion, indicating cash flow challenges [24]. Revenue Composition - For the first half of 2025, the revenue composition included 3.38 billion from futures brokerage and asset management, and 25.378 billion from commodity trading and risk management [16]. - The revenue structure for 2024 is expected to follow a similar pattern, with a focus on futures brokerage and asset management [15]. Asset Management - As of the first half of 2025, the company's monetary funds decreased by 13.27%, and inventory saw a drastic reduction of 99.69%, impacting the total asset composition [29]. - The proportion of trading financial assets increased by 30.6%, reflecting a shift in asset management strategy [29]. Industry Comparison - The company's asset-liability ratio has been tracked over recent years, showing trends in comparison to the A-share industry average and median [30].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to accounting adjustments and challenges in investment income, although there are signs of recovery in Q2 [1][6]. Group 1: Financial Performance - The company achieved operating revenue of 5.556 billion yuan in the first half of 2025, a year-on-year decrease of 54.12% [1]. - The net profit attributable to shareholders was 170 million yuan, down 44.69% year-on-year, with Q2 showing improvement with a net profit of 161 million yuan, a year-on-year decline of 29.96% but a quarter-on-quarter increase of 1630.64% [1][6]. - The company plans to distribute a cash dividend of 0.02 yuan per share (tax included) for the interim period [1]. Group 2: Business Segments - The futures brokerage and fund sales segments showed steady growth, with the company achieving 102 million domestic futures agency transactions, a year-on-year increase of 13%, and a transaction amount of 7.25 trillion yuan, up 7% [3]. - The net income from brokerage fees reached 210 million yuan, reflecting a 4% year-on-year growth [3]. - The fund sales business generated revenue of 28.9 million yuan, marking a 21% increase year-on-year [4]. Group 3: Risk Management and International Expansion - The company maintained a leading position in the commodity risk management sector, achieving a total spot trade volume of 19.646 billion yuan [5]. - The off-exchange derivatives business saw a nominal amount of 160.3 billion yuan, a 72% increase year-on-year, while market-making business transactions reached 601.8 billion yuan, up 23% [5]. - The company is expanding its international presence, planning to invest up to 536 million Hong Kong dollars to establish a subsidiary in the UK, which has received regulatory approval [5]. Group 4: Earnings Forecast and Valuation - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.35, 0.39, and 0.42 yuan, representing increases of 21%, 15%, and 9% respectively [6]. - The target price for the company is set at 20.84 yuan, based on a price-to-book (PB) ratio of 1.7 times for 2025, reflecting a discount compared to comparable companies [6].

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 （ 「 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 2025年半年度財務報告 （未 經 審 計） 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2025 年 半 年 度 財 務 報 告（未 經 審 計）》，僅 供 參 閱。 承董事會命 董事 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [7][5]. Core Views - The company reported a significant improvement in Q2 performance, with a notable recovery in investment income compared to Q1, leading to a Q2 net profit of 1.61 billion RMB, a year-on-year decrease of 29.96% but a quarter-on-quarter increase of 1630.64% [1]. - The company initiated a share buyback of 626,800 shares on August 27, signaling confidence to investors [1]. - The company is focusing on enhancing its brokerage and fund sales operations, achieving a 13% increase in domestic futures trading volume and a 4% increase in brokerage fee income year-on-year [2]. - The risk management business remains strong, with a 72% year-on-year growth in off-exchange derivatives business nominal amount, reaching 1,603 billion RMB [3]. - The overseas business is also growing steadily, with a 5% increase in revenue and a significant 185.5% growth in new fund sales [4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 55.56 billion RMB, a year-on-year decrease of 54.12%, primarily due to accounting adjustments [1]. - The net profit attributable to shareholders was 1.70 billion RMB, down 44.69% year-on-year, but Q2 showed a recovery with a net profit of 1.61 billion RMB [1][5]. Business Segments - The brokerage business is showing steady growth, with a daily average equity scale improvement and a 4% increase in net income from brokerage fees [2]. - The risk management business is leading the industry, with a total spot trading volume of 196.46 billion RMB and a 23% increase in market-making business volume [3]. - The overseas business segment reported a revenue of 1.24 billion RMB, with a 5% year-on-year increase, and plans to establish a subsidiary in the UK [4]. Earnings Forecast and Valuation - The company adjusted its earnings per share (EPS) estimates for 2025-2027 to 0.35, 0.39, and 0.42 RMB respectively, reflecting an increase of 21%, 15%, and 9% [5]. - The target price is set at 20.84 RMB, corresponding to a price-to-book (PB) ratio of 1.7 times for 2025 [5].

Group 1 - The event was a specialized training on futures business organized by the China Nonferrous Metals Industry Association, Shanghai Futures Exchange, and Jinchuan Group [1] - Experts from various organizations discussed trends in copper and nickel-cobalt industry policies, price analysis, and market conditions [1] - The training included topics on how state-owned enterprises can utilize options and derivatives for stable operations, internal control and compliance for central enterprises, and disclosure rules for listed companies participating in futures trading [1]

Group 1 - The latest stock price of Ruida Futures is 22.42 yuan, an increase of 0.70 yuan, representing a rise of 3.22% compared to the previous trading day [1] - The opening price for the day was 21.73 yuan, with a highest price of 22.70 yuan and a lowest price of 21.70 yuan, with a trading volume of 146,300 lots and a transaction amount of 328 million yuan [1] - As of the equity registration date on August 8, 2025, the total number of shareholders for Ruida Futures is 23,468 [1] Group 2 - On August 12, the net inflow of main funds was 25.22 million yuan, with a cumulative net inflow of 8.48 million yuan over the past five days [1] - Ruida Futures operates in the diversified financial industry, primarily engaged in commodity futures brokerage, financial futures brokerage, and futures investment consulting [1]

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