责任编辑：安东 财经频道更多独家策划、专家专栏，免费查阅>> 格隆汇12月17日丨华安证券(600909.SH)公布，2025年12月17日，公司兑付了2025年度第九期短期融资 券本息共计人民币15.06亿元。 ...

特此公告。 华安证券股份有限公司 2025 年度第九期短期融资券兑付完成的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 华安证券股份有限公司（以下简称"公司"）于 2025 年 9 月 17 日发行了公 司 2025 年度第九期短期融资券，发行金额为人民币 15 亿元，票面利率为 1.64%， 发行期限为 91 天，兑付日为 2025 年 12 月 17 日，详见本公司于 2025 年 9 月 18 日刊登于上海证券交易所网站 www.sse.com.cn 的《华安证券股份有限公司 2025 年度第九期短期融资券发行结果公告》（公告编号：2025-060）。 2025 年 12 月 17 日，公司兑付了 2025 年度第九期短期融资券本息共计人民 币 1,506,133,150.68 元。 证券代码：600909 证券简称：华安证券 公告编号：2025-080 华安证券股份有限公司董事会 2025 年 12 月 18 日 ...

Group 1 - The global macro environment faces significant uncertainty by 2026, with a reshaping of global trade patterns and a slowdown in chemical capital expenditure, leading to a focus on two high-certainty investment themes: anti-involution and domestic substitution [1] - The price index of Chinese chemical products has declined to a low level due to the drop in upstream bulk energy prices and pressure on supply and demand for chemical products in 2025 [1] - The domestic capacity for organic silicon has peaked, with overseas manufacturers continuing to exit, allowing leading companies to drive industry recovery; the expansion phase of PTA capacity is nearing completion, and the polyester chain's prosperity is expected to rebound [1] Group 2 - The domestic production of bio-based materials is strongly supported by national policies, with companies accelerating technological breakthroughs and industrialization, forming a domestic ecological chain from bio-based monomers to composite products [2] - Domestic companies in lubricant additives are accelerating technological breakthroughs, with several high-end products passing international certification, leading to a reversal in import-export structure and rapid domestic substitution [2] - The global display panel market is experiencing stable growth, with domestic companies accelerating material upgrades and research and development, significantly speeding up the process of domestic substitution [2]

Core Viewpoint - The report from Huazhong Securities highlights the peak of domestic silicon production capacity, the exit of overseas manufacturers, and the potential recovery of the polyester chain's prosperity due to concentrated production capacity in the polyester filament sector [1][3]. Group 1: Industry Trends - Domestic silicon production capacity has reached its peak, while leading companies are driving industry recovery as overseas manufacturers continue to exit [1][3]. - The PTA production capacity expansion is nearing its end, leading to a concentration in polyester filament production capacity, which is expected to improve the prosperity of the polyester chain [1][3]. - The price of caprolactam has dropped to a low point, prompting the industry to initiate self-driven anti-involution measures [3]. - The raw material price index has rebounded after hitting a bottom, with frequent safety incidents causing significant risks to the global supply chain of key pesticides [3]. - The price of spandex has remained below the cost line, leading to widespread industry losses, but a slowdown in new capacity releases may optimize the supply structure and drive price recovery [3]. - The vitamin market is expected to see significant price increases in 2024 due to a tightening global supply [3]. Group 2: Investment Opportunities - The report emphasizes two main investment themes: anti-involution and domestic substitution, particularly in the context of global macroeconomic uncertainties and a slowdown in chemical capital expenditures [2][4]. - The biobased materials sector is receiving strong support from national policies, with companies accelerating technological breakthroughs and industrialization [4][6]. - The lubricating oil additive sector is witnessing rapid technological advancements among domestic companies, with several high-end products achieving international certification [4][6]. - The electronic ceramics market is seeing strong demand driven by AI and automotive sectors, with domestic manufacturers making breakthroughs in MLCC production [4][6]. - The exit of 3M from the fluorinated liquids market is reshaping the competitive landscape, with domestic manufacturers expected to increase their market share [4][6]. - The explosive growth of AI servers is driving demand for electronic-grade polyphenylene ether, with domestic manufacturers achieving technological breakthroughs and entering key supply chains [4][6].

Core Viewpoint - The global AI technology is shifting from training to inference, driving a new growth opportunity in the hardware supply chain [2] Summary by Category Overall - The transition from training-dominated AI to inference-driven AI is significantly increasing the demand for inference computing power, driven by the iteration of multimodal large models like Google's Gemini 3 Pro and OpenAI's Sora 2 [2] - Major cloud service providers (CSPs) are expected to increase capital expenditures, with a forecast of $431 billion by 2025, a 65% year-on-year increase, and potentially reaching $602 billion by 2026 [2] - Sovereign AI initiatives are being launched globally, such as the U.S. "Gateway to the Stars" plan with an investment of approximately $500 billion and the EU's plan to invest $21.5 billion in AI super factories, contributing to a high-growth phase in global AI infrastructure [2] - By 2030, global AI data center capacity is projected to reach 156 GW, accounting for 71% of total data center demand [2] Cloud Side - PCB: AI servers are bringing clear value increases, with Nvidia's DGX H100 single GPU corresponding to a PCB value of $211, a 21% increase from the previous generation; the GB200 NVL72 raises the single GPU value to $346 [3] - The domestic high-end PCB capacity is expected to be released in 2026 to support downstream demand, driving upgrades in upstream materials [3] - Storage: The structural supply-demand imbalance due to AI demand has led to significant price increases in DRAM and NAND Flash, with a shift in investment focus towards high-value products expected in 2026 [3] - KVCache technology is accelerating the replacement of HDDs with QLC SSDs, with a projected 30% penetration rate in the enterprise SSD market by 2026 [3] Optical Interconnect - Optical interconnect technology is entering a new era as a key component of AI computing clusters, with optical switches meeting the interconnection needs of large-scale AI clusters due to their high bandwidth, low latency, and low power consumption [4] - The MEMS-based technology route currently dominates, with domestic manufacturers actively engaging in various segments of the global supply chain [4] End Side - AI Phones: The AI phone market is expected to maintain moderate growth in 2025, with competition shifting towards end-side AI capabilities [5] - The operating systems of mobile phones are evolving from "application launchers" to "system-level intelligent agents," with flagship chips from Apple and Android continuously enhancing NPU computing power [5] - AR Glasses: The integration of AI and AR in smart glasses is seen as the future of wearable devices, with the market experiencing rapid growth [5] - The optical imaging module solutions for AR glasses are expected to favor light guide technology due to its advantages in clarity and size, while LCOS remains the mainstream for consumer products [5] Recommendations - The company suggests focusing on sectors benefiting from the shift to inference computing and hardware upgrades, including: - PCB and upstream materials: Shenghong Technology, Huitian Technology, Jingwang Electronics, Guanghe Technology, Dongcai Technology [6] - Storage and equipment: Beijing Junzheng, Zhaoyi Innovation, Jucheng Co., Jingzhida [6] - Optical interconnect: Yintan Zhikong, Saiwei Electronics [6] - End-side AI: GoerTek, Luxshare Precision, Baiwei Storage, Longqi Technology, Crystal Optoelectronics, Zhongke Lanyun, Howey Group, Sunny Optical Technology [6]

截至发稿，佐力药业市值为120亿元。 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ （记者 曾健辉） 每经AI快讯，佐力药业（SZ 300181，收盘价：17.18元）发布公告称，2025年12月12日16:00-17:00、 2025年12月14日20:30-21:30，佐力药业接受华安证券等投资者调研，公司董事长俞有强先生，董事、总 经理汪涛先生，董事、常务副总经理冯国富先生，董事会秘书吴英女士，营销总部代理事业部总监余波 先生参与接待，并回答了投资者提出的问题。 2025年1至6月份，佐力药业的营业收入构成为：医药制造占比78.39%，医药流通占比21.35%，其他业 务占比0.26%。 ...

证券日报网讯 12月15日，华安证券在互动平台回答投资者提问时表示，截至2025年12月10日，公司股 东总数为104470户。 （文章来源：证券日报） ...

Financial Performance - In the third quarter of 2025, the company reported revenue of 809 million yuan, a year-on-year decrease of 19.38% [1] - The net profit attributable to shareholders was -5.34 million yuan, a decline of 128.82% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -11.74 million yuan, down 333.76% year-on-year [1] - The net cash flow from operating activities was 195 million yuan, an increase of 53.53% year-on-year [1] - For 2024, the company achieved revenue of 1.336 billion yuan, a year-on-year increase of 6.62% [1] - The net profit attributable to shareholders for 2024 was -29.44 million yuan, compared to a profit of 95.42 million yuan in the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -48.89 million yuan, down from 56.85 million yuan the previous year [1] - The net cash flow from operating activities for 2024 was 182 million yuan, an increase of 83.69% year-on-year [1] Fundraising Activities - The company raised a total of 968.50 million yuan from its initial public offering, with a net amount of 856.72 million yuan after deducting issuance costs [2] - The final net amount raised exceeded the original plan by 327.35 million yuan [2] - The funds were intended for various projects, including high-end reflective functional films and semiconductor packaging release films [2] - In 2023, the company issued shares to specific investors, raising approximately 50 million yuan at an issuance price of 13.65 yuan per share [3] - After deducting issuance costs, the net amount raised from this issuance was approximately 47.08 million yuan [3] - The total amount raised from both fundraising activities amounted to 1.019 billion yuan [4]

| 短期融资券名称 | 华安证券股份有限公司 | 2025 | 年度第十二期短期融资券 | | --- | --- | --- | --- | | 短期融资券简称 | 25 华安证券 CP012 | 期限 | 279 天 | | 短期融资券代码 | 072510307 | 发行日 | 2025 年 12 月 10 日 | | 起息日 | 2025 年 12 月 11 日 | 兑付日 | 2026 年 9 月 16 日 | | 计划发行总额 | 10 亿元 | 实际发行总额 | 10 亿元 | | 票面利率 | 1.74% | 发行价格 | 100 元/张 | 本期发行短期融资券的相关文件已在以下网站刊登： 证券代码：600909 证券简称：华安证券 公告编号：2025-079 华安证券股份有限公司 2025 年度第十二期短期融资券发行结果公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 华安证券股份有限公司 2025 年度第十二期短期融资券已于 2025 年 12 月 11 日发行完毕，相关发行情况如下： 1.中国货币网，htt ...

截至发稿，四方达市值为80亿元。 每经头条（nbdtoutiao）——专访管涛：美国政府经济贸易政策正逐渐动摇美元本位国际货币体系，利 多因素下人民币汇率有可能破7 （记者 王瀚黎） 每经AI快讯，四方达（SZ 300179，收盘价：16.5元）发布公告称，2025年12月11日下午15:00-16:30， 四方达接受华安证券等投资者调研，公司董事会秘书兼财务总监李炎臻、职工董事兼证券事务代表杨易 硕参与接待，并回答了投资者提出的问题。 2025年1至6月份，四方达的营业收入构成为：制造业占比100.0%。 ...