近日，新浪财经首届上市券商领军人物领导力TOP榜结果出炉，西部证券总经理齐冰荣获成长发展券商第6 名。 "上市券商领军人物领导力TOP榜"由新浪财经发起，旨在表彰各大券商领军人物的卓越贡献与深远影响 力。该榜单盘点最近一个完整年度的券商领袖管理成就，以行业数据、同业评价、网络声量多维度综合评 价体系为基础，以创造经济与社会价值为核心标准，表彰杰出领袖，助力金融行业持续健康发展。 个人简介 齐冰 生于1972年，民盟盟员，本科学历，经济师，西安市第十七届人大代表。 曾任西部证券股份有限公司西安吉祥路营业部副总经理、客户资产管理总部总经理、上海第二分公司总经 理，西部信托有限公司总经理助理、副总经理兼董事会秘书，西部证券股份有限公司合规总监兼首席风险 官。现任中国上市公司协会第三届会员理事，陕西证券期货业协会第五届理事会会长，西部证券股份有限 公司总经理、中国证券业协会网下投资者专家库副主任专家。 营业收入增长率:-2.64% 归母净利润增长率:20.38% 资产回报率(ROA):1.49% 净资产收益率(ROE):4.94% 总资产增长率: - 0.27% 净资产增长率:3.1% 经纪业务利润率:71.87%, ...

以下文章来源于边泉水经济研究 ，作者西部宏观团队 边泉水经济研究 . 西部证券分析师边泉水（证券投资咨询(分析师）：S0800522070002），跟踪监测宏观经济、资本市场的指标、趋势，分析经济周期、流 动性、宏观政策变化 文/西部证券研究发展中心首席分析师 边泉水 、资深分析师 刘鎏 、高级分析师 杨一凡、 分析师 慈薇薇 "云上于天"指的是，一件事情或者一个问题的时机尚未成熟，需要耐心等 待，积蓄力量，寻求突破。今年4月2日，特朗普宣布对全球大幅超预期的 对等关税政策，就像天上飞来的一块乌云，对全球经济增长和资本市场带 来 了极大的不确定性 ，对中国经 济也带来 了短期 和 长期影 响。在此 基 础 上，本文探讨了我国 2025年下半年的宏观经济、政策与市场前景问题。 序言——经济再平衡 2023年中我们在《复苏还是修复？—当前经济修复式增长下的政策选择与市场判断》的深度报告中判断，疫情之后的一段较长时 间，中国经济的状态可能不是复苏，而是修复式增长的状态。在那篇报告中，我们明确指出，"经济有所回暖，但通胀下行压力 加剧，经济动能没有持续变强；经济修复的时间会比较长，过程会出现反复"。应该说，过去几年， ...

*ST声迅于2020年11月26日在深交所上市，公开发行新股2046万股，发行价格为20.26元/股，保荐机构 为西部证券（002673），保荐代表人为翟晓东、李超。目前该股股价处于破发状态。 *ST声迅首次公开发行募集资金总额为4.15亿元，募集资金净额为3.78亿元。公司于2020年11月16日发 布的招股说明书显示，公司计划募集资金37,808.27万元，分别用于运营服务中心及营销网络建设项目、 研发中心升级建设项目、补充流动资金。 *ST声迅发行费用总额为3643.69万元，其中，保荐机构西部证券获得承销和保荐费用2118.55万元。 2023年2月9日，*ST声迅发布可转换公司债券上市公告书。经证监会"证监许可[2022]2368号"文核准， 公司于2022年12月30日公开发行了280.00万张可转换公司债券，每张面值100元，发行总额2.80亿元。公 司此次发行可转债的保荐机构(主承销商)为中邮证券有限责任公司，保荐代表人为李雪、陈桂平。 *ST声迅两次募资合计6.95亿元。 中国经济网北京7月18日讯*ST声迅（003004）(003004.SZ)昨日晚间发布关于特定股东减持股份的预披 露公告 ...

Core Viewpoint - The West Securities Easy Storage Cash Management Collective Asset Management Plan will terminate on July 17, 2025, due to the expiration of its contract, and will enter the liquidation process on July 18, 2025 [1][2]. Group 1: Basic Information of the Collective Plan - The collective plan is named "West Securities Easy Storage Cash Management Collective Asset Management Plan" with the product code 970171 [1]. - The plan is a contractual open-ended type and was established on July 20, 2022 [1]. Group 2: Reasons for Termination of the Asset Management Contract - The termination is based on the stipulation that the plan's duration cannot exceed three years, leading to its expiration on July 17, 2025 [2]. Group 3: Liquidation of Collective Plan Assets - The last operational day of the plan is set for July 17, 2025, after which it will enter the liquidation process, ceasing the collection of management, custody, and sales service fees [3]. - A liquidation team will be formed, consisting of the manager, custodian, certified public accountants, lawyers, and personnel designated by the China Securities Regulatory Commission [3][4]. - The responsibilities of the liquidation team include safeguarding, clearing, valuing, liquidating, and distributing the assets of the collective plan [3][4]. Group 4: Liquidation Process - The liquidation process includes several steps: taking over the plan, confirming assets and liabilities, valuing and liquidating assets, preparing a liquidation report, and obtaining external audits and legal opinions [4]. - The liquidation period is set for six months, but may be extended if the liquidity of the securities held by the plan is restricted [4]. Group 5: Distribution of Remaining Assets - After deducting liquidation costs, taxes, and settling debts, the remaining assets will be distributed to plan holders based on their shareholding proportions [6]. Group 6: Announcement of Liquidation - Significant matters during the liquidation process will be announced promptly, and the liquidation report will be audited and filed with the China Securities Regulatory Commission [7]. - The liquidation report will be published within five working days after filing [7]. Group 7: Document Preservation - The liquidation records and related documents will be preserved by the custodian for a minimum period as required by law [8].

Group 1 - The core announcement is regarding the suspension of subscription for the Western Securities Easy Storage Cash Management Collective Asset Management Plan effective from July 17, 2025, to protect the interests of the plan's unit holders [2][3] - The full report for the second quarter of 2025 will be available on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website on July 16, 2025 [1] - During the suspension of subscription, the redemption process for the collective plan will continue to operate normally [4] Group 2 - The management of the collective plan assures that there are no false records, misleading statements, or significant omissions in the report [1] - Investors are encouraged to understand the risk-return characteristics of the collective plan before making investment decisions [4] - The management commits to managing the assets of the collective plan with honesty and diligence but does not guarantee profits or minimum returns [4]

根据《资产管理合同》第十九部分"合同的变更、终止与集合计划财产的清算"中的约定："有下列情形 之一的，经履行相关程序后，《资产管理合同》应当终止：3、《资产管理合同》约定的其他情形"； 《资产管理合同》第三部分"集合计划的基本情况"约定："本集合计划自本资产管理合同变更生效日起 存续期不得超过3年。" 因《资产管理合同》于2022 年7月20 日生效，本集合计划将于2025年7月17日终止，并无需召开集合计 划份额持有人大会，终止后本集合计划将进入清算程序。特提请投资者注意相关风险。 二、其他需要提示的事项 1、本集合计划管理人将于本集合计划终止日2025年7月17日暂停本集合计划的申购业务。 根据《中华人民共和国证券投资基金法》、《公开募集证券投资基金运作管理办法》、《西部证券易储 通现金管理型集合资产管理计划资产管理合同》（以下简称《资产管理合同》）的有关规定，西部证券 易储通现金管理型集合资产管理计划（以下简称"本集合计划"，产品代码：970171）可能触发《资产管 理合同》终止情形。现将相关事宜公告如下： 一、可能触发《资产管理合同》终止的情形说明 2、本集合计划终止后，本集合计划管理人将根据相关法律 ...

Core Viewpoint - The report highlights that Western Securities has accumulated new borrowings exceeding 50% of its net assets as of the end of the previous year, indicating a significant increase in leverage and potential implications for its financial stability [1]. Financial Data Overview - As of December 31, 2024, the audited net assets of Western Securities were RMB 29.015 billion, with a borrowing balance of RMB 36.998 billion. By June 30, 2025, the borrowing balance increased to RMB 55.553 billion, with a cumulative new borrowing of RMB 18.555 billion, representing 63.95% of the net assets at the end of the previous year [1]. New Borrowing Classification - The breakdown of new borrowings as of June 30, 2025, is as follows: - Bank Loans: RMB 0.58 billion, accounting for 0.20% of net assets [2]. - Corporate Bonds and Other Debt Instruments: Decreased by RMB 8.49 billion due to the maturity of short-term financing bonds [2]. - Other Borrowings: Increased by RMB 193.46 billion, representing 66.68% of net assets, primarily due to increased funds borrowed, repurchase agreements, and growth in income certificates [2]. Impact on Debt Servicing Ability - The new borrowings are in compliance with relevant laws and regulations and are part of the company's normal business operations. The financial condition remains stable, with all debts being serviced on time, indicating that the new borrowings will not adversely affect the company's operational status or debt servicing capability [3]. Additional Notes - No additional matters were deemed necessary for explanation by the issuer [3].

Core Viewpoint - The report outlines the issuance of multiple corporate bonds by Western Securities Co., Ltd., detailing the scale, terms, and regulatory compliance of these bonds [2][3][4]. Bond Issuance Summary - The first phase of bond issuance (24 Western 01) has a scale of 1 billion RMB with a 3-year term and no put option [2]. - The second phase (24 Western 02) also has a scale of 1 billion RMB and a 3-year term without a put option [2]. - The third phase (24 Western 03) has a larger scale of 1.6 billion RMB, maintaining the same 3-year term and no put option [2]. - The fourth phase (24 Western 04) has a scale of 800 million RMB with a 3-year term and no put option [3]. - The fifth phase (24 Western 05) has a scale of 700 million RMB, also with a 3-year term and no put option [3]. - The first phase of the 2025 issuance (25 Western 01) has a scale of 1 billion RMB and a 3-year term without a put option [4]. - The second phase (25 Western 02) has a scale of 1 billion RMB and a 3-year term without a put option [4]. - The first phase of the technology innovation bond (25 Western K1) has a scale of 1 billion RMB and a 3-year term without a put option [4]. - The third phase (25 Western 03) has a scale of 1 billion RMB, maintaining the same 3-year term and no put option [4]. Major Financial Matters - As of December 31, 2024, the audited net assets of the company were 29.015 billion RMB, with a loan balance of 36.998 billion RMB, resulting in a debt-to-equity ratio of 63.95%, exceeding 50% [4].

住所：陕西省西安市新城区东新街319号8幢10000室 债券简称：24 西部 01 债券代码：148699.SZ 债券简称：24 西部 02 债券代码：148753.SZ 债券简称：24 西部 03 债券代码：148865.SZ 债券简称：24 西部 04 债券代码：148924.SZ 债券简称：24 西部 05 债券代码：524008.SZ 债券简称：25 西部 01 债券代码：524106.SZ 债券简称：25 西部 02 债券代码：524164.SZ 债券简称：25 西部 K1 债券代码：524283.SZ 债券简称：25 西部 03 债券代码：524317.SZ 国元证券股份有限公司 关于西部证券股份有限公司 公司债券 2025 年第三次临时受托管理事务报告 发行人：西部证券股份有限公司 债券受托管理人 住所：安徽省合肥市梅山路18号 签署日期：2025年7月 1 声明 本报告依据《公司债券发行与交易管理办法》（以下简称"管理办法"）、《深 圳证券交易所公司债券上市规则》（以下简称"上市规则"）、《深圳证券交易所公 司债券存续期监管业务指引第 2 号——临时报告》相关信息披露文件以及西部证 券股份有限 ...

东方证券股份有限公司关于西部证券股份有限公司 当年累计新增借款超过上年末净资产的百分之五十的 临时受托管理事务报告 截至 2024 年 12 月 31 日，公司经审计的净资产为人民币 290.15 亿元，借款余额为人民币 369.98 亿元。截至 2025 年 6 月 30 日，公 司借款余额为人民币 555.53 亿元，累计新增借款人民币 185.55 亿元， 累计新增借款占上年末净资产比例为 63.95%，超过 50%。 二、新增借款的分类披露 单位：亿元 币种：人民币 | 新增借款类型 | 借款新增额 | | --- | --- | | 银行贷款 | 0.58 | | 企业债券、公司债券、金融债券、非金融企业债务融资工具 | -8.49 | | 委托贷款、融资租赁借款、小额贷款 | 0.00 | | 其他借款 | 193.46 | （一）银行贷款 东方证券股份有限公司（以下简称"东方证券"）作为西部证券股 份有限公司（以下简称"发行人"或"公司"）发行公司债券（债券代 码：148177.SZ/148339.SZ/148391.SZ/148424.SZ，债券简称： 23 西 部 02/23 西部 03/2 ...