二、本次发行次级公司债券应严格按照报送上海证券交易所的募集说明书进 行。 华安证券股份有限公司 关于向专业投资者公开发行次级公司债券获中国证 券监督管理委员会注册批复的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，华安证券股份有限公司（以下简称"公司"）收到中国证券监督管理 委员会（以下简称"中国证监会"）《关于同意华安证券股份有限公司向专业投资 者公开发行次级公司债券注册的批复》（证监许可[2025]1755号），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过100亿元次级公司债券 的注册申请。 证券代码：600909 证券简称：华安证券 公告编号：2025-057 三、本批复自中国证监会同意注册之日起24个月内有效，公司在注册有效期 内可以分期发行次级公司债券。 四、自中国证监会同意注册之日起至本次次级公司债券发行结束前，公司如 发生重大事项，应及时报告并按有关规定处理。 公司将按照有关法律法规、上述批复文件的要求及公司股东大会的授权办理 本次次级公司债券发行的相关事宜，并及时履行信息披露义务 ...

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue subordinated corporate bonds with a total face value of up to 10 billion yuan to professional investors [1] Group 1 - The approval allows the company to issue subordinated corporate bonds within a registration period of 24 months from the date of approval by the CSRC [1] - The company can issue these subordinated corporate bonds in multiple tranches during the effective registration period [1]

Core Viewpoint - Huazhong Securities has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue subordinated bonds with a total face value of up to 10 billion yuan [1] Group 1 - The company is authorized to issue subordinated bonds specifically to professional investors [1] - The issuance must strictly adhere to the prospectus submitted to the Shanghai Stock Exchange [1] - The approval is valid for 24 months from the date of CSRC's consent, allowing the company to issue the bonds in tranches during this period [1] Group 2 - The company is required to report any significant events that occur from the date of approval until the completion of the bond issuance [1]

Core Viewpoint - Huazhong Securities has received approval from the China Securities Regulatory Commission to publicly issue subordinated corporate bonds with a total face value of up to 10 billion yuan [1] Group 1 - The approval is documented in the regulatory notice numbered 2025[1] - The bonds will be issued to professional investors only, indicating a targeted fundraising approach [1] - The total amount of the bond issuance is capped at 10 billion yuan, reflecting the company's strategic financing plans [1]

Core Viewpoint - Huazhong Securities has received approval from the China Securities Regulatory Commission to publicly issue subordinated corporate bonds with a total face value of up to 10 billion yuan [1] Group 1 - The company announced the approval on September 2 [1] - The bonds will be issued to professional investors [1] - The total face value of the bonds is capped at 10 billion yuan [1]

Group 1 - The city commercial bank sector increased by 1.65% on September 2, with Qilu Bank leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - Qilu Bank's closing price was 5.75, reflecting a 3.79% increase, with a trading volume of 1.6275 million shares and a transaction value of 924 million [1] Group 2 - The city commercial bank sector saw a net inflow of 341 million from main funds, while retail funds experienced a net outflow of 138 million [2] - Jiangsu Bank had a net inflow of 140 million from main funds, but a net outflow of 90.16 million from speculative funds [3] - The overall trading activity in the city commercial bank sector indicates a mixed sentiment among different types of investors, with main funds showing positive interest while retail and speculative funds withdrew [2][3]

Core Viewpoint - The report highlights the rapid growth of Jinghe Integrated Circuit's performance in the first half of 2025, with a significant increase in revenue and net profit, driven by higher sales volume and improved production efficiency [2][9]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.198 billion yuan, an 18.21% increase compared to 4.398 billion yuan in the same period of 2024 [2]. - The net profit attributable to shareholders reached 332 million yuan, marking a 77.61% increase from 187 million yuan in the first half of 2024 [2]. - The increase in net profit and non-recurring net profit is attributed to revenue growth, high capacity utilization, reduced unit sales costs, and improved gross profit margins [2]. Market Position - The company holds a leading position in the global market for LCD panel display driver chip foundry, ranking ninth globally and third among mainland Chinese companies [3]. - The company is actively expanding into the OLED display driver chip foundry market, with expectations of increasing shipment volumes as OLED panel demand rises [3][4]. Product Development - The company has successfully commenced mass production of its 40nm high-voltage OLED display driver chips and is making progress on the 28nm OLED display driver chips, which are expected to enter risk production by the end of 2025 [4]. - The company’s CIS products cover process nodes from 90nm to 55nm, with the 55nm CIS chips being widely used in smartphone cameras [6]. Industry Trends - The global CIS market is projected to grow to 27 billion USD by 2029, with a compound annual growth rate of 6% from 2023 to 2029, driven by demand in smartphones and the automotive sector [5]. - The company is enhancing its product variety and optimizing its product structure to improve gross profit levels, with a significant portion of revenue coming from DDIC and CIS products [7]. Investment Outlook - Revenue projections for the company from 2025 to 2027 are estimated at 11.169 billion yuan, 12.715 billion yuan, and 14.184 billion yuan, respectively, with net profits expected to be 990 million yuan, 1.297 billion yuan, and 1.485 billion yuan [9].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][5] Core Views - The company has achieved significant growth in investment and investment banking businesses, driven by a recovery in the capital market [5] - The wealth management transformation is progressing well, with notable contributions from fund advisory services [4] - The company's self-operated investment strategy has led to substantial increases in equity investment income [4] Financial Performance Summary - In the first half of 2025, the company reported operating revenue of 2.808 billion yuan, a year-on-year increase of 43.09%, and a net profit attributable to shareholders of 1.035 billion yuan, up 44.94% [4] - The weighted average return on equity (ROE) improved to 4.52%, an increase of 1.19 percentage points [4] - The company's brokerage, investment banking, and investment businesses all showed significant improvement, with investment business revenue reaching 1.083 billion yuan, a year-on-year growth of 68.36% [4] Future Earnings Forecast - The company is expected to benefit from the capital market recovery, with projected net profits for 2025, 2026, and 2027 being 1.933 billion yuan, 2.227 billion yuan, and 2.552 billion yuan, respectively, reflecting year-on-year growth rates of 30.11%, 15.23%, and 14.60% [5][7] - The price-to-book (PB) ratios for the same years are forecasted to be 1.21, 1.13, and 1.04 [5][7] Market Data - As of September 1, 2025, the closing price of the company's stock was 6.43 yuan, with a year-to-date high of 7.13 yuan and a low of 4.23 yuan [3]

华安证券研报指出，泸州老窖上半年营收164.54亿（-2.67%），归母净利润76.63亿（-4.54%），Q2营收71.02亿（-7.97%），归母净利润30.70亿（-11.10%），符合市场预期。分品类 ...

Group 1 - The Shanghai Stock Exchange announced the listing of Huazhong Securities Co., Ltd.'s 2025 public issuance of corporate bonds for professional investors, starting from September 3, 2025 [1][2] - The bonds will be traded under the name "25 Huazhong G1" with the security code "243668" [2] - The trading methods for these bonds include matched transactions, click transactions, inquiry transactions, competitive bidding transactions, and negotiated transactions [2] Group 2 - According to the rules of China Securities Depository and Clearing Corporation, these bonds can participate in pledged repurchase transactions [2]