证券代码：002673 证券简称：西部证券 公告编号：2025-098 西部证券股份有限公司 2025 年第三季度分红派息实施公告 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、根据《公司法》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，西部证券股份有限公司（以下简称"公 司"或"本公司"）通过回购专用证券账户（以下简称"回购专户"） 持有的本公司股份 6,147,900 股不享有参与利润分配的权利。公司第 六届董事会第二十二次会议审议通过的 2025 年第三季度利润分配方 案为：以实施权益分派股权登记日登记的总股本扣除回购专户持有股 份数后 4,463,433,805 股为基数，向全体股东每 10 股派发现金红利 0.20 元（含税），拟分配现金股利 89,268,676.10 元（含税）。2025 年第三季度公司不送红股，不以资本公积金转增股本。 2、鉴于公司回购专户的股份不参与 2025 年第三季度分红派息， 本次实际现金分红的总金额=实际参与分配的总股本*分配比例，即 4,463,433,805 股*0.02 ...

Core Viewpoint - The company announces the addition of multiple sales institutions for its funds, effective December 15, 2025, to better meet investor needs [1][5][9][14]. Group 1: Applicable Funds - The announcement includes the addition of specific funds to be sold through new sales institutions, although the exact funds are not detailed in the documents [1][5][9][14]. Group 2: Sales Institution Information - New sales institutions include: - WeBank, located in Shenzhen, with contact details provided [2] - Wanlian Securities, located in Guangzhou, with contact details provided [6] - China Minsheng Bank, located in Beijing, with contact details provided [10] - Western Securities, located in Xi'an, with contact details provided [15] Group 3: Business Operations - Subscription and redemption services are only available during normal subscription periods and specific open days, with details governed by the respective fund's legal documents [3][7][11][16]. - "Regular investment" is a method of fund subscription where investors can set up automatic deductions for fund purchases, subject to the sales institution's rules [4][6][12][15]. - Fund conversion services will be available, requiring investors to ensure the funds are in redeemable and purchasable states, with specific rules outlined in the company's announcements [3][11][16]. Group 4: Fee Discounts and Adjustments - Sales institutions may offer fee discounts for one-time or regular investment subscriptions, with specific rules determined by the institutions [4][6][12][16]. - Future adjustments to investment thresholds and limits will be based on the latest regulations from the sales institutions [4][6][12][16].

Core Insights - The central economic work conference held on December 10-11 focused on summarizing 2025's economic work and analyzing the current economic situation, with a systematic deployment for 2026's economic work [1] Group 1: Key Focus Areas - The conference emphasized the need for internal and external coordination, highlighting the importance of strengthening internal capabilities to address external challenges and better coordinating domestic economic work with international trade struggles [2] - There is a strong focus on effectiveness, with macroeconomic policies maintaining a consistent tone with last year, including a commitment to necessary fiscal deficits, total debt scale, and expenditure, reflecting a determination to stabilize the economy and expectations [2] - The conference adopted a problem-oriented approach, addressing issues such as stabilizing investment, maintaining birth rates, and promoting a correct view of performance, indicating a commitment to problem-solving and the need for subsequent related policies [2] - Continuous exploration was highlighted, with a recognition of new insights gained through practice in economic work, echoing last year's emphasis on deepening understanding of economic patterns, showcasing a spirit of innovation and resilience [2] Group 2: Specific Policy Directions - The conference reiterated the "de-inventory" policy in real estate, marking a return to discussions from previous years aimed at addressing excess inventory, particularly in third and fourth-tier cities, with a new focus on encouraging the acquisition of existing properties for affordable housing [3]

Group 1 - The core viewpoint of the report emphasizes the potential for short-term expansion and long-term undervaluation in the restaurant industry, highlighting the need to focus on operational improvements and high valuation during expansion periods [1] - Key recommended stocks include Yum China (09987) for its operational capabilities, Little Garden (00999) for its strong team and supply chain during store expansion, Haidilao (06862) for its execution during reform, and Dashihua (01405) for its high potential in store expansion [1] - The service consumption policy is expected to benefit the restaurant sector significantly, with specific measures introduced to boost service consumption, making restaurants a core focus of these initiatives [1] Group 2 - The restaurant sector is showing a differentiated performance, with its revenue share in the retail sector increasing and demonstrating higher elasticity compared to the overall retail sector [2] - In 2024, restaurant revenue is projected to account for 12% of total retail sales, with growth rates of 20% and 5% for 2023 and 2024 respectively, outpacing the overall retail growth rates of 7% and 4% [2] Group 3 - The Japanese restaurant industry is experiencing high valuation premiums, with a focus on cost reduction and efficiency improvements alongside multi-format integration [3] - The external dining industry in Japan has faced a decline since its peak in 1997, with a recovery only starting in 2006, and the restaurant sector's market capitalization in consumer services has increased by 9 percentage points since 2014 [3] - Key changes in the Japanese restaurant sector during downturns include balancing extreme cost-effectiveness with consumer experience, achieving high store efficiency through supply chain optimization, and the emergence of restaurant giants through multi-category integration [3]

Core Viewpoint - The establishment of Shaanxi New Industry Development M&A Investment Fund Partnership with a capital contribution of 2 billion yuan aims to engage in investment activities, venture capital, and private equity fund management, focusing on unlisted companies [1]. Group 1: Fund Details - The fund has a registered capital of 2 billion yuan (2000 million yuan) and is classified as a limited partnership [2]. - The fund's operational scope includes investment activities using its own funds, venture capital limited to unlisted companies, and private equity fund management services [1][2]. Group 2: Key Partners - The fund is jointly funded by several entities, including Western Securities' wholly-owned subsidiary, Western Advantage Capital Investment Co., Ltd., and the State-owned Assets Supervision and Administration Commission of Shaanxi Province [1]. - Major contributors include Western Advantage Capital Investment Co., Ltd. (39% share, 780 million yuan), Chang'an Huitong Group (30.8% share, 616 million yuan), and ICBC Financial Asset Investment Co., Ltd. (29.95% share, 599 million yuan) [3].

Group 1: Bond Underwriting Market - CITIC Securities leads the bond underwriting market with a scale of 1.28 trillion yuan, capturing a market share of 6.28% [1] - China International Capital Corporation (CICC) ranks second with an underwriting scale of 1.09 trillion yuan and a market share of 5.37% [1] - The "Guotai Haitong" combination has entered the top three with an underwriting scale exceeding 1 trillion yuan, indicating an increase in industry concentration [1] Group 2: Investment Fund Establishment - Western Securities, in collaboration with Shaanxi State-owned Assets, has established a 2 billion yuan merger and acquisition investment fund focusing on strategic emerging industries [2] - This initiative aims to enhance Western Securities' investment banking capabilities and support regional economic revitalization [2] - The fund is expected to catalyze resource integration in high-end manufacturing and new materials sectors in Shaanxi [2] Group 3: Quantitative Private Equity Trends - Leading quantitative private equity firms are aggressively entering niche markets, particularly in the domestic GPU and innovation sectors [3] - There is a notable trend of launching products focused on technology innovation and AI, reflecting a pursuit of excess returns in volatile markets [3] - Some firms are also diversifying into dividend strategies, indicating a shift in risk preferences among quantitative investors [3] Group 4: Growth of Dividend-themed Funds - The issuance of dividend-themed funds has accelerated in the second half of the year, with the number of new products doubling compared to the first half [4] - A total of 37 new dividend-themed funds have been issued, raising a cumulative scale of 20.44 billion yuan, significantly higher than the previous period [4] - This trend suggests a growing market preference for stable returns, particularly in sectors with consistent dividend payouts [5]

Group 1: Bond Underwriting Market - CITIC Securities leads the bond underwriting market with a scale of 1.28 trillion yuan, holding a market share of 6.28% [1] - China International Capital Corporation ranks second with 1.09 trillion yuan in underwriting scale and a market share of 5.37% [1] - The merger of Guotai Junan and Haitong Securities has resulted in a strong presence in the top three, indicating an increase in industry concentration [1] Group 2: Investment Funds - A new merger and acquisition investment fund has been established with a total contribution of 2 billion yuan, focusing on strategic emerging industries [2] - The fund is backed by Western Securities and local state-owned enterprises, aiming to enhance asset allocation capabilities and support regional economic growth [2] Group 3: Quantitative Private Equity - Leading quantitative private equity firms are aggressively entering niche markets, particularly in the domestic GPU and technology sectors [3] - There is a notable trend of launching products focused on innovation and AI, reflecting a pursuit of excess returns in volatile markets [3] - Some firms are also diversifying into dividend strategies, indicating a shift in risk preferences among quantitative investors [3] Group 4: Dividend Theme Funds - The issuance of dividend theme funds has accelerated in the second half of the year, with the number of new products doubling compared to the first half [4] - A total of 37 new dividend theme funds have been issued, raising a combined scale of 20.44 billion yuan, indicating a strong market interest in stable returns [4] - The trend suggests a potential shift in market focus towards value-oriented investments, particularly benefiting sectors with stable dividends [5]

Core Viewpoint - The company successfully issued its fifth short-term financing bond for the year 2025, raising a total of 1.5 billion RMB at a competitive interest rate [1] Group 1: Financing Details - The company issued the fifth short-term financing bond on June 10, 2025, with a total issuance amount of 1.5 billion RMB [1] - The bond has a coupon rate of 1.67% and a maturity period of 181 days [1] - The repayment date for the bond is set for December 9, 2025, with a total principal and interest repayment amounting to 1,512,422,054.79 RMB [1]

Group 1 - The core viewpoint is that by 2026, the focus in the innovative drug market will shift from "BD supremacy" to "data supremacy," emphasizing the importance of clinical data and commercial capabilities in realizing revenue growth [1] - The pharmaceutical industry is expected to experience a reversal in 2025, led by innovative drugs, with significant benefits extending to the CXO and upstream supply chain, as well as notable gains in secondary sectors [2] - The Hong Kong stock market has seen remarkable performance in innovative drugs, with a peak increase of over 80% year-to-date, making it one of the most关注板块 in the first half of the year [2] Group 2 - The core catalysts for innovative drugs include policy support and the realization of BD opportunities, with significant transactions such as those by 3SBio and Innovent Biologics, which have seen upfront payments exceeding $1 billion [2] - A significant reform in the payment sector is underway, with the introduction of a dual-track system for medical insurance, aimed at addressing the gap in coverage for high-value innovative drugs [2] - By November 13, 2025, the number of license-out transactions by Chinese pharmaceutical companies has rapidly increased, with total upfront payments reaching $6.298 billion, a 53% year-on-year increase, and total transaction amounts reaching $118.862 billion, a 125% year-on-year growth [3]

Core Viewpoint - The wind power industry remains highly prosperous, with two main stock selection themes identified: (1) the recovery of wind turbine profitability and potential for exceeding installation expectations, driven by strong overseas demand; (2) the resonance of domestic and international offshore wind demand, with a positive outlook for offshore wind growth [1] Group 1: Wind Turbine Market Dynamics - Wind turbine bidding prices have shown a continuous upward trend, with the average bidding price for onshore wind turbines reaching 1618 RMB/kW in the first ten months of 2025, a year-on-year increase of 6.86%; the average bidding price including towers is 2096 RMB/kW, up 9.78% year-on-year, indicating a potential recovery in wind turbine sales profitability by 2026 [2] - The bidding and approval volumes for wind turbines in 2025 also reflect year-on-year increases, with a 13.16% rise in bidding volume and a 29% increase in project approvals, suggesting that domestic wind turbine shipments in 2026 may exceed expectations [3] Group 2: Offshore Wind Development - Domestic nearshore projects are progressing smoothly, with multiple projects in Guangdong and Jiangsu advancing through installation processes; policies for deep offshore wind have been continuously released since 2025, indicating significant growth potential for deep offshore wind projects [4] - The acceleration of offshore wind power construction overseas is evident, with Europe expected to add 8.40 GW of new offshore wind capacity in 2026; the auction volume for offshore wind in Europe has reached 60.05 GW from 2021 to the first half of 2025, indicating a robust pipeline for future projects [5] Group 3: Investment Recommendations - Based on the recovery of wind turbine profitability and installation demand, the company recommends focusing on wind turbine and component investments, highlighting companies such as Goldwind Technology, Mingyang Smart Energy, and SANY Heavy Energy, while also suggesting attention to component manufacturers like Rihua Co., Ltd. [6] - For the accelerated development of offshore wind, the company recommends investments in subsea cables and foundation segments, with specific recommendations for companies like Orient Cable and Zhongtian Technology in the cable segment, and Daikin Heavy Industry and Tianneng Wind Power in the foundation segment [6]