| | | 华安证券股份有限公司关于"华安转债"到期兑付暨 摘牌的第二次提示性公告 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。 重要内容提示： 自 2026 年 3 月 9 日至 2026 年 3 月 11 日，"华安转债"持有人仍可以依据约 定的条件将"华安转债"转换为公司股票。 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于核准华安证 券股份有限公司公开发行可转换公司债券的批复》（证监许可[2020]145 号），华 安证券股份有限公司（以下简称"华安证券"或者"公司"）于 2020 年 3 月 12 日向社会公开发行面值总额 28 亿元的可转换公司债券（以下简称"可转债"、"华 安转债"），每张面值 100 元，按面值发行，期限 6 年。根据上海证券交易所《关 于华安证券股份有限公司可转换公司债券上市交易的通知》（[2020]88 号），公司 可转债于 2020 年 4 月 9 日起在上海证券交易所挂牌交易，债券简称"华安转债"， 可转债到期日/兑付登记日：2026 年 3 月 11 日 兑付本息金额：1 ...

业绩与估值背离 安徽区域龙头，业绩高增。 作者 | beyond 编辑 | 小白 当前A股证券板块呈现明显的"业绩与估值错配"。头部券商中信证券（600030.SH）与中小券商西南 证券（600369.SH）发布公告，2025年业绩表现亮眼，分别实现38.5%和47%-57%的净利润同比增 长，印证行业全面复苏。 然而，板块年内并未收获像样的涨幅。年初至今，证券板块下跌1%左右，在申万一级行业中（31 个）排名倒数第四位。 | 序号 | 代码 | 名称 | 5分钟涨跌幅 | 涨跌幅 | 成交额 | 5日涨跌幅 | 年初至今 ▼ | | --- | --- | --- | --- | --- | --- | --- | --- | | 29 | 882109 | 可选消费零售 | 0.08% | -1.08% | 169亿 | -3.18% | 0.99% | | 30 | 882134 | 家电Ⅱ | 0.03% | -0.30% | 277亿 | -2.19% | 0.45% | | 31 | 882104 | 交通运输 | 0.06% | -0.83% | 267亿 | -1.90% | -0.49% | ...

白卡纸价格自2025年8月底阶段性低点以来呈现持续上行态势 截至2026年1月30日，白卡纸价格为4269元/吨，较2025年8月底累计上涨339元/吨，增长了8.63%。据卓 创数据显示，2025年8–9月白卡纸价格处于低位，行业盈利承压明显；进入四季度后，在头部纸企多轮 涨价函带动下，价格逐步企稳并回升。2025年末至2026年1月，白卡纸价格在多轮提价后维持高位。 智通财经APP获悉，华安证券发布研报称，截至2026年1月30日，白卡纸价格为4269元/吨，较2025年8 月底累计上涨339元/吨，增长了8.63%。据卓创数据显示，2025年8–9月白卡纸价格处于低位，行业盈利 承压明显；进入四季度后，在头部纸企多轮涨价函带动下，价格逐步企稳并回升。春节前后纸企检修及 主动控产使供给端减量，行业库存水平处于相对低位。同时，在经历长期低价周期，纸企整体盈利水平 仍处偏低状态，头部企业拥有更强议价能力，通过持续提价可以进一步改善毛利水平。 华安证券主要观点如下： 本轮白卡纸价格上涨由多种因素共同影响：成本端压力上行、供需格局改善以及行业提价等 后续来看，白卡纸价格仍具备上涨动力 一方面，木浆等主要原材料价格 ...

华安证券研报指出，万辰集团25Q4收入业绩符合我们预期，超市场预期。25Q4量贩业务营收中枢同比 增长28.4%。拆分开店与同店看，开店提速，25Q4预计净新增约1600家（环比加速），Q1/Q2/Q3各净 新增300/869/1200家，预计25年末全国门店净新增4000家达1.8万家，完成年初目标；同店改善，测算公 司25Q4单店营收达28.5万/月（同比-7.0%/环比-1.3%），25Q1/25Q2/25Q3各同比-22.0%/-23.4%/-20.1%， 同店单季降幅大幅收窄超市场预期，归因除低基数外还有货盘优化+运营提效拉动。考虑到公司单店降 幅大幅收窄、加盟商合作意愿仍维持较高水平，调整前期预测，当前股价对应PE分别为29/18/13倍，维 持"买入"评级。 ...

| | | 华安证券股份有限公司关于"华安转债"到期兑付暨 摘牌的第一次提示性公告 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。 重要内容提示： 自 2026 年 3 月 9 日至 2026 年 3 月 11 日，"华安转债"持有人仍可以依据约 定的条件将"华安转债"转换为公司股票。 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于核准华安证 券股份有限公司公开发行可转换公司债券的批复》（证监许可[2020]145 号），华 安证券股份有限公司（以下简称"华安证券"或者"公司"）于 2020 年 3 月 12 日向社会公开发行面值总额 28 亿元的可转换公司债券（以下简称"可转债"、"华 安转债"），每张面值 100 元，按面值发行，期限 6 年。根据上海证券交易所《关 于华安证券股份有限公司可转换公司债券上市交易的通知》（[2020]88 号），公司 可转债于 2020 年 4 月 9 日起在上海证券交易所挂牌交易，债券简称"华安转债"， 可转债到期日/兑付登记日：2026 年 3 月 11 日 兑付本息金额：1 ...

Group 1 - Huatai Securities (600909.SH) closed at 7.15 yuan, experiencing a decline of 6.90% [1] - The securities sector overall dropped by 1.73%, with Huatai Securities being the largest loser in the sector [1]

Market Overview - The securities sector experienced a decline of 1.59% on January 30, with Huazhong Securities leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Individual Stock Performance - Notable declines included Huazhong Securities, which fell by 6.90% to a closing price of 7.15, with a trading volume of 1.932 million shares and a turnover of 1.388 billion [2] - Other significant declines included Hualin Securities down 4.07% and Changjiang Securities down 3.67% [2] - In contrast, Tusheng Securities saw a slight increase of 0.92%, closing at 16.40 [1] Capital Flow Analysis - The securities sector saw a net outflow of 2.374 billion from institutional investors, while retail investors contributed a net inflow of 739 million [2] - The data indicates that speculative funds had a net inflow of 1.635 billion [2] Detailed Capital Flow by Stock - CITIC Securities had a net inflow of 168 million from institutional investors, while it faced a net outflow of 206 million from speculative funds [3] - Dongwu Securities experienced a net inflow of 26.088 million from institutional investors, but a net outflow of 63.284 million from retail investors [3] - The overall trend shows that while institutional investors are pulling back, retail investors are still actively participating in the market [2][3]

Core Viewpoint - Huazhong Securities reported strong financial performance for 2024, with total revenue of 5.064 billion yuan, a year-on-year increase of 30.94%, and net profit of 2.104 billion yuan, up 41.64% from the previous year [1] Group 1: Financial Performance - The company achieved a total revenue of 5.064 billion yuan in 2024, reflecting a growth of 30.94% year-on-year [1] - Net profit attributable to shareholders reached 2.104 billion yuan, a significant increase of 41.64% compared to 1.486 billion yuan in 2024 [1] - The company's total equity attributable to shareholders was 23.811 billion yuan, marking a 6.06% increase [1] - Basic earnings per share were reported at 0.45 yuan, with a weighted average return on equity of 9.10%, up 2.29 percentage points from the previous year [1] Group 2: Strategic Focus - The company is focusing on wealth management, securities investment, and investment banking to enhance revenue structure and improve profitability [1] - The deepening of the registration system is expected to release dividends from investment banking project reserves, becoming a significant growth driver [1] Group 3: Market Performance - Despite strong financial results, Huazhong Securities' stock fell by 7.94% on January 30, closing at 7.07 yuan, ranking last among 50 stocks in the brokerage sector [1][2] - The stock had a trading volume of 1.056 billion yuan and a turnover rate of 3.14%, with a total market capitalization of 33.08 billion yuan and a dynamic price-to-earnings ratio of 15.72 times [1] Group 4: Investment in Subsidiaries - The company announced plans to increase its stake in Huafu Fund Management Co., Ltd. from 49% to 51% for 26.416 million yuan, gaining control of the fund [3] - As of the end of 2025, Huazhong Securities' total assets reached 106.22 billion yuan, a slight increase of 3.11% from the previous year [3] Group 5: Fund Management Performance - Huafu Fund reported a revenue of 314 million yuan and a net profit of 31.34 million yuan for 2024, with a combined revenue of 254 million yuan and net profit of 19.2781 million yuan for the first three quarters of 2025 [5] - Controlling Huafu Fund allows Huazhong Securities to integrate its extensive client base and nationwide network with the fund's product creation capabilities, enhancing asset allocation flexibility and profitability [5]

Group 1 - The core viewpoint of the articles indicates that the securities sector is experiencing a downturn, with specific ETFs reflecting this trend, yet there is a notable inflow of funds into the securities ETF, suggesting underlying investor interest [1][2] - The securities ETF (159841) has seen a net inflow of 516 million yuan over the last ten trading days, despite a 1.1% drop in its underlying index during the trading session [1] - The latest fund size of the securities ETF (159841) is reported to be 10.614 billion yuan, with its top five constituent stocks being Dongfang Wealth, CITIC Securities, Guotai Junan, Huatai Securities, and GF Securities [1] Group 2 - The macroeconomic environment is currently slowing down, but the securities company ETF is recommended for industry allocation due to its relative attractiveness in counter-cyclical investment strategies [2] - The securities industry fundamentals remain solid, with a forecasted 47% increase in net profits for the brokerage sector by 2025, supported by recent regulatory policies encouraging mergers and acquisitions [1]

Core Viewpoint - The performance of listed securities firms in 2025 is expected to show significant growth, with all 16 firms that have released earnings forecasts indicating positive results, driven by a recovery in the capital market and strategic business developments [1][7][14]. Group 1: Earnings Forecasts - Zhongtai Securities anticipates a net profit of 1.312 to 1.5 billion yuan for 2025, representing a year-on-year increase of 40% to 60%, attributed to a rebound in market activity and growth in wealth management and asset management [3]. - Huazhong Securities projects total revenue of 5.064 billion yuan for 2025, a 30.94% increase, with a net profit of 2.104 billion yuan, up 41.64%, due to enhanced core business efforts and market opportunities [4]. - Guosheng Securities expects a net profit of 210 to 280 million yuan, reflecting a growth of 25.44% to 67.25%, driven by increased revenues in brokerage, investment banking, and futures brokerage [5]. - Founder Securities forecasts a net profit of 3.86 to 4.08 billion yuan, with a growth rate of 75% to 85%, primarily due to increased income from wealth management and subsidiary operations [5]. Group 2: Performance Highlights - CITIC Securities reported a net profit of 30.051 billion yuan for the previous year, a 38.46% increase, maintaining steady growth despite a high base [8]. - Guotai Junan is expected to achieve a net profit of 27.533 to 28.006 billion yuan, with a year-on-year increase of 111% to 115%, leveraging brand advantages and operational synergies post-merger [8]. - The net profit growth rate of Guolian Minsheng Securities is projected at 406%, the highest among peers, indicating strong performance recovery [10]. Group 3: Market Context and Future Outlook - The overall performance of the securities industry is closely linked to the recovery of the capital market, with total trading volume in the Shanghai and Shenzhen markets exceeding 413.78 trillion yuan in 2025, marking a historical high [14]. - Analysts suggest that the securities sector is entering a golden period of dual recovery in valuation and performance, supported by favorable policies and an improving market environment [14]. - The current allocation of active funds in the non-bank sector remains significantly low, indicating potential for increased investment in the securities sector as market conditions improve [15].