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 2025年年度報告 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 年 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 2026年3月31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 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Tensions in the Middle East, especially the intensifying conflict between the US and Iran, may lead to large - scale military conflicts, disrupting global oil and gas supplies and affecting international market prices and investment decisions [2] - The geopolitical risks have shifted from potential to real, significantly impacting the oil and gas markets. Conflicts in the Persian Gulf could disrupt the global energy supply chain, driving up oil prices and increasing investment uncertainty [2] - The ongoing geopolitical events may reshape the global energy supply chain, and investors should pay attention to the rise of alternative energy channels and their long - term impact on the market [4] Summary by Relevant Catalogs 1. Middle East Geopolitical Situation - The Middle East situation is tense, with the US - Iran conflict potentially leading to large - scale military conflicts that could disrupt global oil and gas supplies [2] - Geopolitical risks have become real, especially in the oil and gas market. A conflict in the Persian Gulf would impact the global energy supply chain and increase investment uncertainty [2] - There are different views on the future of the Iranian regime, increasing the uncertainty of the situation and potentially affecting investors' emotions and decisions [2] 2. Iran War Scenarios and Market Impact - Four scenarios of the Iran war are presented, each with different levels of instability and risks [3] - Iran faces the potential risk of a "gray rhino" event, with large - scale conflicts or changes expected in 2026, bringing great international uncertainty [3] - Iran may partially block the Strait of Hormuz in the short - term, but long - term blockage is less likely due to strong international responses [3] 3. International Energy Market and Supply Chain - The Russia - Ukraine conflict and potential Middle East wars may reshape the global energy supply chain. Investors should focus on alternative energy channels [4] - Geopolitical events may disrupt the chemical product supply chain, leading to potential supply cuts and price increases in the second quarter [4] 4. Geopolitical Dynamics for Investors to Monitor - Future geopolitical risks are concentrated in the Persian Gulf, Red Sea, and South China Sea, with the Taiwan issue having some uncertainty [5] - The escalation of the Iran situation may lead to larger - scale conflicts through its supporters, increasing regional turmoil [5] 5. Financial Market and Commodity Price Impact - Geopolitical lows can be seen as opportunities to allocate to the equity sector. A - shares and RMB assets have stronger strategic certainty than US stocks [6] - The demand for gold and other precious metals as a hedge has increased. Gold may open higher next week, and its central price is expected to rise [6] - For crude oil, short - term attention should be on the Strait of Hormuz. OPEC's production increase may have a greater impact on the far - month contracts [7] - For natural gas, the European TTF may have greater volatility due to relatively lower inventory [7] - For methanol, the price is expected to be strong in the short - term, with a potential "first up then down" pattern depending on geopolitical intensity [7] 6. Q&A - In the absence of ground troops, it's difficult to end the war in Iran through air strikes. The transition period after military strikes will be full of uncertainty [10] - Iran may partially block the Strait of Hormuz in the short - term, but long - term blockage is unlikely [10] - If the Iranian regime is weakened, its allies may cause more extensive regional conflicts [10] - The US military strikes on Iran are mainly for oil and national security economic interests [11] - Russia supports Iran, and the Middle East war may provide conditions for Russia in the Russia - Ukraine negotiation but also delay the resolution of the Russia - Ukraine war [12] - A hard - line government in Iran may lead to an increase in terrorism rather than large - scale military conflicts [12] - In the long - term, the US will focus on the Persian Gulf, Red Sea, and issues related to China such as in Northeast Asia, the Mediterranean, South China Sea, and Taiwan [13]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - This week, steel and ore prices fluctuated and declined, with the bullish sentiment cooling down, and fundamentals being the dominant factor. The accumulation of iron ore inventory at ports finally affected the market, with significant long - position liquidation during the week and a large price drop. Rebar and hot - rolled coils followed the market down. The continuous decline in weekly apparent demand put pressure on the market. The current weak fundamental demand is difficult to change, and the sentiment - driven rally due to positive expectations is unsustainable. The report maintains a view of a seasonally weak market with a bias towards a downward trend, suggesting focus on the accumulation of steel social inventory and the intensity of steel mills' iron ore restocking [65]. 3. Summary by Relevant Catalogs 3.1 Raw Material Market Condition Analysis 3.1.1 One - week Data Changes - PB powder price decreased from 819 yuan/wet ton to 802 yuan/wet ton, a drop of 17 yuan/wet ton; Ba Hun powder price decreased from 844 yuan/wet ton to 827 yuan/wet ton, a drop of 17 yuan/wet ton [6]. - PB powder spot landing profit decreased from 23.21 yuan/wet ton to 18.82 yuan/wet ton, a decrease of 4.39 yuan/wet ton; Ba Hun powder spot landing profit decreased from 16.74 yuan/wet ton to 12.12 yuan/wet ton, a decrease of 4.62 yuan/wet ton [6]. - Australian shipments to China decreased from 15.933 million tons to 13.262 million tons, a decrease of 2.671 million tons; Brazilian shipments decreased from 6.643 million tons to 5.537 million tons, a decrease of 1.106 million tons [6]. - Imported iron ore port inventory increased from 172.887 million tons to 174.9653 million tons, an increase of 2.0783 million tons; imported iron ore arrival volume decreased from 30.15 million tons to 28.977 million tons, a decrease of 1.173 million tons [6]. - Imported iron ore port clearance volume decreased from 3.3502 million tons to 3.2052 million tons, a decrease of 0.145 million tons; iron ore port daily trading volume decreased from 1.1123 million tons to 0.792 million tons, a decrease of 0.3203 million tons [6]. - Average daily hot - metal output increased from 2.2801 million tons to 2.281 million tons, an increase of 0.0009 million tons; steel enterprise profitability rate increased from 39.83% to 40.69%, an increase of 0.86 percentage points [6]. 3.2 Market Status Analysis 3.2.1 One - week Data Changes - Shanghai rebar price decreased from 3300 yuan/ton to 3270 yuan/ton, a drop of 30 yuan/ton; Shanghai hot - rolled coil price decreased from 3300 yuan/ton to 3290 yuan/ton, a drop of 10 yuan/ton [34]. - Blast furnace operating rate decreased from 78.84% to 78.68%, a decrease of 0.16 percentage points; electric furnace operating rate decreased from 72.97% to 72.68%, a decrease of 0.29 percentage points [34]. - Rebar blast furnace profit decreased from 72 yuan/ton to 61 yuan/ton, a decrease of 11 yuan/ton; hot - rolled coil blast furnace profit increased from - 4 yuan/ton to 1 yuan/ton, an increase of 5 yuan/ton [34]. - Rebar electric furnace profit decreased from - 46 yuan/ton to - 70 yuan/ton, a decrease of 24 yuan/ton [34]. - Rebar weekly output increased from 1.903 million tons to 1.9955 million tons, an increase of 0.0925 million tons; hot - rolled coil weekly output decreased from 3.0836 million tons to 3.0541 million tons, a decrease of 0.0295 million tons [34]. - Rebar weekly social inventory increased from 2.9541 million tons to 3.0312 million tons, an increase of 0.0771 million tons; rebar weekly enterprise inventory increased from 1.4266 million tons to 1.4898 million tons, an increase of 0.0632 million tons [36]. - Hot - rolled coil weekly social inventory decreased from 2.858 million tons to 2.8114 million tons, a decrease of 0.0466 million tons; hot - rolled coil weekly enterprise inventory increased from 0.7653 million tons to 0.7664 million tons, an increase of 0.0011 million tons [36]. - Rebar weekly apparent consumption decreased from 1.9034 million tons to 1.8552 million tons, a decrease of 0.0482 million tons; hot - rolled coil weekly apparent consumption decreased from 3.1416 million tons to 3.0996 million tons, a decrease of 0.042 million tons [36]. - Building materials trading volume decreased from 95,129 tons to 77,924 tons, a decrease of 17,205 tons [36]. 3.3 Supply - Demand Data Analysis - The report also provides various historical data charts related to supply - demand analysis, including blast furnace and electric furnace operating rates, rebar and hot - rolled coil actual production, steel profits, steel inventories, building materials trading volume, steel apparent consumption, steel exports, real - estate investment and sales, housing construction area, and manufacturing PMI [42][46][50]. However, specific numerical changes are not further elaborated in the text part of the report.

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint of the Report The report anticipates that the futures price of stainless steel will undergo a moderately strong adjustment, and investors are advised to pay attention to the upper range of 14,000 - 14,200 yuan/ton. On the raw material side, the approaching rainy season in the Philippines and the decline in nickel ore grade have tightened the raw material inventory of domestic ferronickel plants. With a significant reduction in the RKAB quota in Indonesia next year, ferronickel production will face pressure to cut output. On the supply side, although the production profit of stainless steel plants has improved and the traditional peak demand season has passed, the actual decrease in production is expected to be limited, and supply pressure persists. On the demand side, downstream demand is gradually entering the off - season, and the decline in stainless steel exports is starting to show its impact. Market purchasing willingness is low, and overall inquiries and transactions are average. However, due to the limited supply of goods in the market, the national social inventory of stainless steel has maintained a seasonal slight decline. Technically, there has been an increase in trading volume and open interest along with a price increase, indicating a stronger bullish sentiment [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the stainless - steel futures main contract is 13,885 yuan/ton, up 490 yuan; the spread between the 02 - 03 contracts is - 140 yuan/ton, down 30 yuan. - The net long position of the top 20 futures holders is - 16,506 lots, down 5,270 lots; the position of the main contract is 51,852 lots. - The warehouse receipt quantity is 47,267 tons, down 120 tons [2]. 现货市场 - The price of 304/2B cut - edge coils in Wuxi is 14,350 yuan/ton, up 550 yuan; the market price of scrap stainless - steel 304 in Wuxi is 9,300 yuan/ton, unchanged. - The basis of stainless steel is 75 yuan/ton, down 270 yuan [2]. Upstream Situation - The monthly electrolytic nickel output is 29,430 tons, up 1,120 tons; the total monthly ferronickel output is 22,100 metal tons, down 800 metal tons. - The monthly import volume of refined nickel and alloys is 12,840.49 tons, up 2,900.84 tons; the monthly import volume of ferronickel is 895,400 tons, down 9,700 tons. - The spot price of SMM1 nickel is 150,150 yuan/ton, up 6,700 yuan; the average price of ferronickel (7 - 10%) nationwide is 960 yuan/nickel point, up 30 yuan. - The monthly chromium - iron output in China is 757,800 tons, down 26,900 tons [2]. Industry Situation - The monthly output of 300 - series stainless steel is 1.7617 million tons, down 38,300 tons; the weekly total inventory of 300 - series stainless steel is 553,800 tons, down 8,700 tons. - The monthly export volume of stainless steel is 458,500 tons, down 29,500 tons [2]. Downstream Situation - The cumulative monthly value of new housing starts is 534.567 million square meters, up 43.9531 million square meters. - The monthly output of excavators is 33,600 units, up 2,700 units; the monthly output of large and medium - sized tractors is 22,600 units, up 700 units; the monthly output of small tractors is 9,000 units, unchanged [2]. Industry News - The People's Bank of China has clarified its key tasks for 2026, including increasing counter - cyclical and cross - cyclical adjustments and flexibly using various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts. - The U.S. Supreme Court has set January 9, 2026 (Friday) as the opinion release day, which means the court may rule on the legality of President Trump's global tariff policy. - Federal Reserve officials have sent different signals regarding the future interest - rate path. Richmond Fed President Barkin emphasized that the policy is in a "delicate balance" between dealing with inflation and rising unemployment, and interest rates have reached a neutral level. Fed Governor Milan said that the data supports further interest - rate cuts, with a potential reduction of over 100 basis points this year [2].

Report Structure - The report includes sections on the macro clock four - factor dual - channel model and the equity market and Barra style factors [3] Performance Comparison - The risk - parity portfolio has an annualized return of 4.21%, an annualized volatility of 1.00%, an annualized downside volatility of 0.59%, a maximum drawdown of - 0.93%, a Sharpe ratio of 4.23, a Calmar ratio of 4.55, and a Sortino ratio of 7.09. The CSI FOF fund has an annualized return of 1.55%, an annualized volatility of 6.07%, an annualized downside volatility of 4.26%, a maximum drawdown of - 18.41%, a Sharpe ratio of 0.26, a Calmar ratio of 0.08, and a Sortino ratio of 0.41 [16] Sub - sections in the Report Macro Clock Four - Factor Dual - Channel Model - It contains a review of macro factors and the risk - parity portfolio [3] Equity Market and Barra Style Factors - It includes a review of equity market styles and an equity style timing strategy [3]

There is no information about the industry investment rating, the core view of the report, and relevant content for summary in the provided text. So no valid summary can be made.