JPMorgan: Is Gold Priced at $4,600 Really Expensive?
JPMorgan pointed out that, according to the traditional model (fair value of $1,000-$1,900), gold is significantly overvalued, but this does not mean it is "wrong"—the high premium reflects a rational pricing of geopolitical risks, damaged U.S. dollar credibility, and the failure of the 60/40 portfolio. The real drivers of the rally—the "century rebalancing" of Western pension funds into gold and stagflation trades—have yet to kick in, and $4,600 may be a worthwhile "insurance premium" to pay.
Suhao Hongye: Suhao Hongye\'s First-Quarter Report for 2026
Sohao Hongye First Quarter Report for 2026
Suhao Hongye: Summary of Suhao Hongye\'s 2025 Annual Report
Suhao Hongye: Suhao Hongye 2025 Annual Report
Sohu Hongye 2025 Annual Report
Summary of the 2025 Annual Report of Suhao Hongye
Suhao Hongye's revenue reached 7.735 billion yuan in 2025, with its non-recurring net profit plummeting by 54.82%.
All three profit indicators turned negative in the fourth quarter.
Suhao Hongye (600128.SH): Net profit increased by 44.47% year-over-year in 2025.
On April 7, Globex reported that the 2025 annual report of Suhao Hongye (600128.SH) showed that the company achieved a total operating income of 7.735 billion yuan for the full year, representing a year-on-year increase of 8.02%; net profit attributable to shareholders was 48.273 million yuan, up 44.47% year-on-year; and non-recurring net profit attributable to shareholders was 4.7155 million yuan, down 54.82% year-on-year. A dividend of 1.45 yuan per 10 shares will be distributed to all shareholders.
Soho Hongye (600128.SH): Sold a total of 3.5 million shares of Hongye Futures, generating an investment gain of approximately RMB 29 million.
Gelonghui reported on March 31 that SuoHao Hongye (600128.SH) announced it had sold a total of 3.5 million shares of Hongye Futures (stock code: 001236) through centralized bidding transactions as of March 31, 2026. Preliminary calculations indicate that the investment income generated from this transaction is approximately RMB 29 million.
Express News | The title sponsors of the 2026 Jiangsu Super League are Bank of Jiangsu and Suhao Holdings Group.
Suhao Hongye: Plans to continue disposing of some trading financial assets.
Gelonghui reported on January 25 that Souho Hongye announced that the company plans to dispose of part of its trading financial assets on August 19, 2025. The disposal of certain targets has impacted the 2025 earnings by approximately RMB 12.698 million. Going forward, the company intends to continue disposing of assets opportunistically based on market conditions. The board of directors has requested authorization from the shareholders' meeting for the management team to handle related matters within 12 months. This authorization will take effect from the date of approval at the shareholders' meeting. For each round of reductions, Hongye Futures will not exceed a 1% reduction within three months. This transaction aims to optimize the asset structure and does not constitute a related-party transaction or a major asset restructuring. It still requires review and approval by the shareholders' meeting.
Soho Holly to Dispose Stake in Soho Holly Futures for 38 Million Yuan
December 31 A-share Investment Risk Advisory | Zhongneng Electric: Termination of Major Asset Restructuring; Hengda New Materials: Shareholder Longyou Lianlong Plans to Reduce Stake by No More Than 3%
The controlling shareholder of Sushi Testing plans to reduce its stake by no more than 2%; the shareholder Longyou Lianlong of Hengda New Materials intends to reduce its stake by no more than 3%; Suoao Hongye plans to sell opportunistically up to 3.5 million shares of Hongye Futures (stock code 001236); Zhou Shucheng, the actual controller of Kadi Co., Ltd., plans to reduce his stake by no more than 2%; one of the acting-in-concert parties of Hongxun Technology, Bangbangmang, plans to reduce its stake by no more than 3%; one of the acting-in-concert parties of Hongye Futures plans to reduce its stake by no more than 1%; Yizhitong, a shareholder of Anda Intelligent, has cumulatively reduced its stake in the company by 2.7401%; Guotou High-Tech, a shareholder of Ruihuatai, plans to reduce its stake by no more than 1.0000%.
Express News | Soho Hongye: Proposed sale of no more than 3.5 million shares of Hongye Futures A Stocks. The estimated amount exceeds 50% of the most recent audited Net income
Soho Hongye: Soho Hongye Report for the Third Quarter of 2025
SOHO HONGYE THIRD QUARTER REPORT 2025
Soho Hongye (600128.SH): Grants 4.9312 million restricted shares to incentivized parties
Gelonghui, October 16th ┃ Suzhou Foreign Trade & Commerce Group (600128.SH) announced that, based on the authorization granted at the company's second extraordinary shareholders' meeting in 2025, the board of directors determined that the granting conditions for the company’s 2025 restricted stock incentive plan have been met. It was agreed to designate October 16, 2025, as the grant date, awarding 4,931,200 restricted shares to 73 eligible incentive recipients at a grant price of RMB 5.66 per share.
Soho Hongye (600128.SH): Relevant trust products have been redeemed.
Gelonghui, October 8th ─ SUHO Hongye (600128.SH) announced that recently, the company received the full principal and the latest earnings payment from the Zhongrong-Zhuoli 122 Collective Fund Trust Plan (hereinafter referred to as "Zhuoli 122"), totaling RMB 15,257,424.66. During the duration of this trust product, the company recognized partial fair value losses based on its fair value. With the principal and returns now fully recovered, this will positively impact the company’s fair value gains or losses and is expected to increase the company’s total profit for the current period by approximately RMB 4.5 million.
Suhao Hongye (600128.SH) received government subsidies amounting to 4.1377 million yuan.
On September 10, 2023, Gelonghui reported that Suhao Hongye (600128.SH) announced that it received a government subsidy of 4.1377 million yuan on September 9, 2025. This subsidy amount accounts for 12.38% of the company's audited net profit attributable to the parent company for the most recent fiscal year, and is classified as a government subsidy related to revenue.