华安证券股份有限公司 2025 年度第十一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 年度第十一期短期融资券已于 2025 年 11 月 14 日发行完毕，相关发行情况如下： 证券代码：600909 证券简称：华安证券 公告编号：2025-074 2.上海清算所网站，http://www.shclearing.com.cn。 特此公告。 华安证券股份有限公司董事会 2025 年 11 月 15 日 | 短期融资券名称 | 华安证券股份有限公司 | 2025 | 年度第十一期短期融资券 | | --- | --- | --- | --- | | 短期融资券简称 | 25 华安证券 CP011 | 期限 | 278 天 | | 短期融资券代码 | 072510284 | 发行日 | 2025 年 11 月 13 日 | | 起息日 | 2025 年 11 月 14 日 | 兑付日 | 2026 年 8 月 19 日 | | 计划发行总额 | 10 亿元 | 实际发行总额 | ...

Market Overview - The participation fund sector declined by 0.53% on November 14, with Changjiang Securities leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Notable gainers included: - Zhongshun Group (Code: 000039) with a closing price of 8.94, up 9.96% [1] - Guomai Technology (Code: 002093) with a closing price of 11.90, up 2.15% [1] - Major decliners included: - Changjiang Securities (Code: 000783) with a closing price of 8.80, down 2.98% [2] - Huatai Securities (Code: 601688) with a closing price of 22.17, down 2.93% [2] Capital Flow Analysis - The participation fund sector experienced a net outflow of 2.136 billion yuan from institutional investors, while retail investors saw a net inflow of 1.242 billion yuan [2] - The overall capital flow indicated that speculative funds had a net inflow of 894 million yuan [2] Detailed Capital Flow by Stock - Key stocks with significant capital flow: - Zhongshun Group had a net inflow of 597 million yuan from institutional investors, but a net outflow of 378 million yuan from speculative funds [3] - Industrial and Commercial Bank of China (Code: 601398) saw a net inflow of 145 million yuan from institutional investors [3] - Other stocks like Northeast Securities (Code: 000686) and Hanhua Technology (Code: 600226) showed mixed capital flows with both inflows and outflows from different investor types [3]

华安证券研报指出，豪威集团2025年前三季度实现归母净利润32.10亿元，同比增长35.15%；Q3单季度 归母净利润11.82亿元，同比增长17.26%；新兴市场多点开花，Q3业绩稳健增长。在手机CIS领域，公 司全球市场份额排名第三，其5000万像素的OV50X系列高端传感器已实现量产，同时积极布局主流像 素段并成功导入2亿像素新品，为扩大市场份额奠定基础。在汽车市场，公司CIS份额已位居全球第 一，通过基于TheiaCel™技术的领先产品紧跟智能驾驶趋势，以巩固其优势。此外，面对全景与运动相 机市场的持续增长，公司作为核心供应商，计划通过市场自然增长与自身产品创新双轮驱动，显著提升 该领域的营收和利润贡献。此外，公司的LCOS产品已应用于波长选择开关（WSS）领域并在全球量 产，具备光谱灵活性和灵活网格适应性。维持"增持"评级。 ...

Core Insights - The A-share refinancing market has seen significant growth in 2023, with 127 companies raising a total of 752.38 billion yuan, compared to 121.73 billion yuan raised by 103 companies in the same period last year [1][2] Market Changes - The increase in refinancing scale and number has revitalized the investment banking sector, allowing firms to move away from an "IPO dependency" model towards a focus on "quality first and collaborative empowerment" [1][2] Structural Changes - The recovery of the refinancing market is not just a return to previous numbers but involves profound structural changes, emphasizing quality and innovation in project selection [4] - The concept of "new quality productivity" has gained traction, influencing how firms assess refinancing projects, with a focus on R&D intensity and alignment with national development goals [4] Development Changes - The refinancing market is evolving from a one-time transaction model to a collaborative approach that enhances various business lines within brokerage firms [6] - Increased activity in the refinancing market is expected to boost brokerage revenues across multiple areas, including brokerage, credit, and asset management [6] Competitive Landscape - Smaller brokerage firms face challenges in competing for refinancing projects and are advised to focus on specialized sectors such as renewable energy and green finance to carve out niche advantages [7]

Market Performance - On November 13, the securities sector rose by 1.03%, with Dongxing Securities leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Individual Stock Performance - Dongxing Securities (601198) closed at 13.12, up 4.13% with a trading volume of 729,200 shares and a turnover of 938 million [1] - Huaxi Securities (002926) closed at 66.6, up 2.67% with a trading volume of 485,400 shares [1] - Zhongyin Securities (601696) closed at 13.86, up 2.67% with a trading volume of 549,300 shares [1] - Huatai Securities (601688) closed at 22.84, up 2.42% with a trading volume of 1,895,800 shares [1] - Other notable stocks include Guangfa Securities (000776) and Dongfang Fortune (300059), which also saw increases in their closing prices [1] Capital Flow Analysis - The securities sector experienced a net inflow of 328 million from institutional investors, while retail investors saw a net outflow of 124 million [1] - Dongfang Fortune (300059) had a significant net inflow of 460 million from institutional investors, despite a net outflow of 309 million from retail investors [2] - Dongxing Securities (601198) saw a net inflow of 126 million from institutional investors, with retail investors showing a net outflow of 14.89% [2]

Core Viewpoint - SanHuan Group is expected to achieve a net profit attributable to shareholders of approximately 1.959 billion yuan in the first three quarters of 2025, representing a year-on-year growth of about 22.16% [1] Financial Performance Summary - In Q3, SanHuan Group achieved a net profit attributable to shareholders of approximately 721 million yuan, reflecting a year-on-year increase of about 24.86% and a quarter-on-quarter growth of approximately 2.40% [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the supply, demand, cost, profit, price, and spread of logs. It indicates that the supply - side pressure is decreasing, the demand remains weak with the approaching off - season and wood blue - stain period. The price is under pressure, and the market is expected to maintain a weak supply - demand balance in the future [6][9][11]. 3. Summary by Directory 3.1 Part 1: Log Overview - **Supply - side**: In September 2025, the number of arriving ships was 16, and the arrival volume was 53.1 million cubic meters. The import volume of coniferous logs was about 200.13 million cubic meters, a 16.01% month - on - month increase. It is expected that the subsequent arrival will remain stable, and the supply - side pressure will decrease [7]. - **Demand and Inventory - side**: The weekly shipment volume and apparent demand show no significant improvement. The demand is weak, and the inventory is expected to fluctuate and adjust due to the weak demand despite the decrease in arrivals this week [9]. - **Price and Spread**: The outer - market quotation has a slight adjustment, the spot price is under pressure, and the wood - block price is stable. The spread is relatively stable, and the basis has certain support [11][13]. - **Cost and Profit**: The import cost of logs is expected to decline, and the import profit is decreasing [15]. - **Strategy Recommendation**: The spot market price is expected to be under pressure. The fundamentals of the futures market are weakly oscillating, and it is expected to be under pressure in the short term [17]. 3.2 Part 2: Log Balance Sheet The report presents the weekly balance sheet of logs from June 6, 2025, to November 7, 2025, including arrival numbers, arrival volumes, daily shipment volumes, apparent demand, inventory by region and species, and the supply - demand difference [19]. 3.3 Part 3: Log Supply - Demand Analysis - **Supply - side**: It includes the shipment volume of New Zealand logs, log imports, and imports by species [25][27][30]. - **Demand - side**: It involves the daily shipment volume of logs, the real - estate market, and downstream analysis such as wood - block price, profit, and downstream substitutes [34][36][41]. - **Inventory - side**: It includes inventory summaries, inventory by species, and inventory by region [58][60][66]. 3.4 Part 4: Cost and Profit - **Log Import Cost and Profit**: Analyzes the import cost and profit of logs [72]. - **Log Delivery Profit**: Analyzes the delivery profit of logs [77]. 3.5 Part 5: Log Price and Spread Analysis - **Log Outer - market Quotation**: Analyzes the outer - market quotation of logs [82]. - **Seasonality of Radiation Pine and Spruce Prices**: Presents the seasonal price trends of radiation pine and spruce [85]. - **Seasonality of Radiation Pine and Spruce Spreads**: Analyzes the seasonal spread trends of radiation pine and spruce [98]. - **Basis between Radiation Pine and LG**: Analyzes the basis between radiation pine and LG [104]. - **Seasonal Chart and Inter - month Spread of LG Main Contracts**: Presents the seasonal chart and inter - month spread of LG main contracts [106].

Core Points - Huazhong Securities announced the convening of the 2025 Employee Representative Assembly on November 10, 2025, in a physical meeting format [2] - During the meeting, Mr. He Xionghui was elected as the employee director of the company's fourth board of directors, with a term consistent with that of the fourth board [2]

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。 2025 年 11 月 10 日，华安证券股份有限公司（以下简称"公司"）以现场会 议形式召开 2025 年职工代表大会，会议选举何雄辉先生为公司第四届董事会职 工董事，任期与公司第四届董事会任期一致。 何雄辉先生未持有本公司股票，与本公司的控股股东及实际控制人、其他持 股 5%以上的股东及董事、高级管理人员不存在关联关系，其任职资格符合法律 法规及公司《章程》的相关规定，不存在《上海证券交易所上市公司自律监管指 引第 1 号—规范运作》第 3.2.2 条规定的不得被提名担任上市公司董事及影响公 司规范运作的情形。 特此公告。 附件：何雄辉先生简历 证券代码：600909 证券简称：华安证券 公告编号：2025-073 华安证券股份有限公司董事会 华安证券股份有限公司 关于职工董事选举结果的公告 附件： 何雄辉先生简历 何雄辉先生，出生于 1970 年 4 月，大学本科学历，中国国籍，无永久境外 居留权。历任黄山市人民银行屯溪支行科员、安徽省证券公司黄山证券交易营业 部业务主管、 ...

华安证券股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 投资者可于 2025 年 11 月 12 日 （星期三） 至 11 月 17 日 （星 期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 bgs@hazq.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 华安证券股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 18 日 （星期二） 15:00-16:00 举行 2025 年第三季度业绩 说明会，就投资者关心的问题进行交流。 一、 说明会类型 会议召开时间：2025 年 11 月 18 日 （星期二） 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： 证券代码：600909 证券简称：华安证券 公告编号：2025-072 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 本公司董事 ...