证券代码：002673 证券简称：西部证券 公告编号：2025-093 通过深圳证券交易所交易系统进行投票的具体时间为：2025年11 月17日9:15-9:25,9:30-11:30和13:00-15:00；通过深圳证券交易所 互联网投票系统进行投票的具体时间为2025年11月17日9:15-15:00。 西部证券股份有限公司 2025年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会不存在否决议案的情形。 2、本次股东会不涉及变更前次股东会决议。 一、会议召开和出席情况 1、西部证券股份有限公司（以下简称"公司"）2025年第二次 临时股东会以现场表决与网络表决相结合的方式召开。 （1）本次股东会现场会议于2025年11月17日14:30在西安市东新 街319号8幢西部证券股份有限公司二楼会议室召开。 （2）本次股东会网络投票时间为： 2、本次会议由公司董事会召集，公司董事长徐朝晖女士主持， 公 司 董 事 会 在 《 中 国 证 券 报 》 《 证 券 时 报 》 及 巨 潮 资 讯 网 （www.cn ...

北京金诚同达（西安）律师事务所 法律意见书 （2025）JTN(XA)意字第 FY1117318 号 陕西省西安市高新区锦业路 12 号迈科商业中心 25 层 710065 电话：029-8112 9966 传真：029-8112 1166 关于 西部证券股份有限公司 2025 年第二次临时股东会 之 | 一、本次股东会的召集与召开程序 - | 4 - | | --- | --- | | 二、本次股东会召集人和出席本次股东会人员的资格 - | 4 - | | 三、本次股东会的表决程序及表决结果 - | 5 - | | 四、结论意见 - | 9 - | 北京金诚同达（西安）律师事务所 法律意见书 北京金诚同达（西安）律师事务所关于 西部证券股份有限公司 2025 年第二次临时股东会 之 法律意见书 （2025）JTN(XA)意字第 FY1117318 号 致：西部证券股份有限公司 西部证券股份有限公司（以下简称"公司"）2025 年第二次临时股东会（以下 简称"本次股东会"）于 2025 年 11 月 17 日下午 14：30 在西安市东新街 319 号 8 幢西部证券股份有限公司二楼会议室召开，北京金诚同达（ ...

证券代码：002673 证券简称：西部证券 公告编号：2025-094 西部证券股份有限公司 第七届董事会第一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 西部证券股份有限公司（以下简称"公司"）第七届董事会第一 次会议通知于2025年11月10日以电子邮件结合电话提示的方式发出。 2025年11月17日，本次会议在陕西省西安市东新街319号8幢公司总部 会议室以现场会议结合视频方式召开。 会议由公司董事长徐朝晖女士主持。本次会议应出席董事11人， 实际出席董事11人，其中张博江先生通过视频方式出席会议，其余董 事现场出席会议。本次会议召开及表决程序符合《公司法》和《公司 章程》的有关规定，会议合法有效。 二、董事会会议审议情况 本次会议审议并通过了以下事项： 1、会议审议通过了关于选举公司董事长的提案。 根据《公司法》《公司章程》等有关规定，选举公司董事徐朝晖 女士（简历见附件）为公司第七届董事会董事长，任期为三年，自本 次董事会审议通过之日起至第七届董事会届满之日止。 表决结果：同意11票、反对0票、弃权0票。 1 ...

Core Viewpoint - Western Securities announced the election of Ms. Xu Zhaohui as the chairperson of the seventh board of directors, with her term starting from the approval date of the board meeting until the end of the seventh board's term [1] Group 1 - The seventh board of directors' first meeting is scheduled for November 17, 2025 [1] - Ms. Xu Zhaohui will serve as the chairperson of the board [1] - The term of the new chairperson will last until the seventh board of directors' term concludes [1]

西部证券股份有限公司 2025 年面向专业投资者公开发行公 司债券（第四期） （本页以下无正文） （本页无正文，为《西部证券股份有限公司 2025 年面向专业投资者公开发 行公司债券（第四期）在深圳证券交易所上市的公告》签章页） 西部证券股份有限公司（签章） 年 月 日 2025 11 17 根据深圳证券交易所债券上市的有关规定，西部证券股份有限公司 2025 年 面向专业投资者公开发行公司债券（第四期）符合深圳证券交易所债券上市条件， 将于 2025 年 11 月 18 日起在深圳证券交易所上市，并面向专业投资者中的机构 投资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成 交。债券相关要素如下： | 债券名称 | 西部证券股份有限公司 2025 年面向专业投资者公开发行公司 | | --- | --- | | | 债券（第四期） | | 债券简称 | 25 西部 04 | | 债券代码 | 524525 | | 信用评级 | 主体/债项：AAA/AAA | | 评级机构 | 联合资信评估股份有限公司 | | 发行总额（亿元） | 15 | | 债券期限 | 3 年 | | 票面年利率（％ ...

Core Viewpoint - *ST Shengxun reported a significant increase in revenue for the first three quarters of 2025, but still faced net losses, indicating ongoing financial challenges despite growth in sales [1][2]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 139 million yuan, a year-on-year increase of 31.21% [1][2]. - The net profit attributable to shareholders was -3.80 million yuan, showing an improvement of 86.59% compared to the previous year [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -4.86 million yuan, with a year-on-year increase of 83.58% [1][2]. - The net cash flow from operating activities was -29.40 million yuan, reflecting a year-on-year growth of 45.76% [1][2]. Previous Year Comparison - In 2024, the company reported operating revenue of 302 million yuan, a growth of 7.85% compared to 2023 [3]. - The net profit attributable to shareholders for 2024 was -51.20 million yuan, a decline of 304.23% from the previous year [3]. - The net profit after deducting non-recurring gains and losses was -55.25 million yuan, a decrease of 366.69% compared to 2023 [3]. - The net cash flow from operating activities in 2024 was -55.69 million yuan, worsening from -1.23 million yuan in 2023 [3]. Fundraising and Financial Structure - The company raised a total of 415 million yuan through its initial public offering, with a net amount of 378 million yuan after expenses [4]. - The total issuance costs amounted to 36.44 million yuan, with underwriting fees to the sponsor, Western Securities, being 21.19 million yuan [5]. - The company issued 2.80 million convertible bonds in 2022, raising a total of 280 million yuan [5][6].

Core Viewpoint - The brokerage industry is expected to see a net profit growth of 23.5% year-on-year by 2026 under a neutral assumption, driven by a positive economic outlook and a rising capital market trend, making the brokerage sector a relatively undervalued asset with high growth potential in performance [1] Group 1: Market Trends and Performance - In 2025, the stock prices of brokerages and trading software are anticipated to exhibit a pattern of fluctuation followed by an upward trend, with undervalued Hong Kong brokerages and A-share trading software performing better [2] - The continuous liquidity easing is expected to enhance risk appetite in the capital market, leading to active trading and significant performance improvements in brokerages and trading software, which are closely tied to market activity [2] Group 2: Industry Development Outlook for 2026 - The influx of new capital is expected to maintain high prosperity in brokerage wealth management, with regulatory support for long-term funds like insurance capital flowing into the capital market, potentially leading to sustained high trading volumes in the A-share market [3] - The importance of equity proprietary trading for brokerages is projected to increase as the index breaks upward, with significant performance differentiation among brokerages, and a growing focus on equity investments expected to influence performance [3] - The deepening of interconnectivity between mainland and Hong Kong markets is likely to drive recovery in investment banking and rapid development of international business for brokerages, with a notable increase in southbound capital and a significant share of IPOs from A-share companies in Hong Kong [4] - The trend of supply-side reform in the industry is expected to continue, with an increase in industry concentration despite a slowdown in new mergers and acquisitions [4]

Core Insights - The issuance of the "Western Securities - Shaanxi Construction Installation Sheng'an Plaza Shopping Center Asset-Backed Special Plan (CMBS)" has been completed, with a scale of 711 million yuan, a term of 18 years, an AAAsf rating, and a coupon rate of 3.6% [1] Group 1: CMBS Issuance Details - The CMBS is backed by Shaanxi Construction Group Co., Ltd., ranked 120th among China's top 500 enterprises, providing external credit enhancement [1] - This CMBS represents the first asset securitization product for a state-owned enterprise's commercial complex in the northwest region of China [1] Group 2: Underlying Asset Characteristics - The underlying asset is the Sheng'an Plaza Shopping Center located in the Beilin District of Xi'an, with a total construction area of 97,900 square meters [1] - The shopping center includes diverse business formats such as a shopping mall, hotel, fashion street, long-term rental apartments, and youth apartments, creating a comprehensive urban consumption circle for surrounding communities, hospitals, and schools [1] Group 3: Industry Implications - The issuance of CMBS products allows for the securitization of future cash flows from underlying assets, enhancing asset allocation efficiency and promoting a shift towards light asset operations for enterprises [1] - The funds raised from the CMBS issuance can be utilized for new construction projects or contributions to industrial funds, thereby amplifying financial leverage, expanding effective investments, and driving high-quality regional economic development [1]

发行人的董事、监事、高级管理人员、持股比例超过 5%的股东以及其他关 联方未参与本期债券认购。 承销商及其关联方未参与本期债券认购。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》、《深圳证 券交易所公司债券上市规则（2023 年修订）》、《深圳证券交易所债券市场投资 者适当性管理办法（2023 年修订）》及《关于规范公司债券发行有关事项的通 知》等各项有关要求。 证券代码：524525 证券简称：25 西部 04 西部证券股份有限公司 2025 年面向专业投资者公开发行公司债 券（第四期）发行结果公告 西部证券股份有限公司（以下简称"发行人"）发行不超过人民币 180 亿元公 司债券已获得中国证券监督管理委员会证监许可﹝2024﹞60 号文注册。西部证 券股份有限公司 2025 年面向专业投资者公开发行公司债券（第四期）（以下简 称"本期债券"）发行规模为不超过（含）15 亿元。根据《西部证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第四期）发行公告》，发行价格为每 张 100 元，采取网下面向专业机构投资者询价配售的方式。 本次债券发行时间自 2025 年 11 月 12 日至 ...

Core Viewpoint - Kefu Medical's stock price has declined, closing at 44.13 yuan with a drop of 2.73%, currently in a state of breaking issue [1] Group 1: Company Overview - Kefu Medical submitted an application for the issuance of overseas listed foreign shares (H shares) to the Hong Kong Stock Exchange on August 29, 2025 [1] - The company was listed on the Shenzhen Stock Exchange's ChiNext board on October 25, 2021, with an initial public offering of 40 million shares at a price of 93.09 yuan per share [1] - The highest price recorded for Kefu Medical's stock was 95.00 yuan on October 26, 2021, the day after its listing [1] Group 2: Financial Highlights - Kefu Medical raised a total of 3.724 billion yuan from its initial public offering, with a net amount of 3.527 billion yuan after deducting issuance costs [1] - The final net fundraising amount exceeded the original plan by 2.52 billion yuan, which was initially set at 1.007 billion yuan for various projects including the construction of a health monitoring and medical care product production base [1] - The total issuance costs for the IPO amounted to 197 million yuan, with underwriting and sponsorship fees accounting for 174 million yuan [2] Group 3: Shareholder Returns - In 2021, Kefu Medical announced a dividend distribution plan, distributing 16.00 yuan in cash for every 10 shares and a capital reserve increase of 3.00 shares for every 10 shares held [2] - The total share capital increased from 160,375,000 shares to 208,487,500 shares following the dividend distribution [2]