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西部证券:运动控制为制约人形机器人商业化落地关键环节 建议关注固高科技(301510.SZ)等
智通财经网· 2025-06-25 06:47
智通财经APP获悉,西部证券发布研报称,人形机器人的运动控制是实现其动态步态、精细操作和环境 适应的核心技术,也是涉及硬件设备、软件工具和开发套件的综合应用。该行聚焦在人形机器人运动控 制软件算法及数据训练的研究,建议关注如下受益环节及标的。①运控系统:固高科技(301510.SZ)、 雷赛智能(002979.SZ)。②软件及仿真工具:NVIDIAIsaac Sim、PyBullet、Gazebo。③动作捕捉设备: Xsens、Vicon、凌云光(688400.SH)、诺亦腾。 西部证券主要观点如下: 精准的复杂运动控制技术是人形机器人得以广泛应用的基础 人形机器人运动控制是指对机器人进行精确控制,使其能够模拟和执行人类的各种动作和运动。这种控 制不仅包括对机器人关节的精确控制,还包括对机器人整体运动轨迹的规划和控制,以确保机器人能够 完成复杂的任务,为机器人在实际应用中的广泛发展奠定基础。 在软件算法层面,人形机器人的运动控制可以分为基于模型的控制和数据驱动控制,每种控制方法都有 其独特的优势,能够解决不同的控制问题。1)基于模型的控制:具有高可解释性等独特优势,但其主要 依赖于准确的建模和手动参数调整,这 ...
西部证券: 西部证券股份有限公司2025年跟踪评级报告
Zheng Quan Zhi Xing· 2025-06-24 17:56
Core Viewpoint - The credit rating agency maintains the long-term credit rating of Western Securities Co., Ltd. at AAA with a stable outlook, reflecting the company's strong shareholder background and competitive position in the industry [1][2][5]. Company Overview - Western Securities is the only listed national comprehensive securities company in Shaanxi Province, with a strong shareholder background and complete business licenses [5][17]. - As of March 2025, the company's registered capital is 4.47 billion yuan, with Shaanxi Investment Group holding 36.79% of the shares [13][17]. Financial Performance - In 2024, the company's operating income slightly decreased, while net profit increased [5][6]. - As of March 2025, the total assets of the company reached 104.78 billion yuan, with net capital at 23.97 billion yuan and a risk coverage ratio of 352.73% [10][21]. - The company's operating profit margin improved to 32.80% in the first quarter of 2025, indicating strong profitability [10]. Business Segments - The company operates in wealth management, credit trading, investment banking, and asset management, with securities proprietary trading being the largest revenue source [17][23]. - The securities brokerage business has a strong regional competitive advantage, with a trading volume increase of 13.41% in 2024 [23][24]. Industry Analysis - The securities industry is experiencing significant activity, with core business revenues from brokerage, credit, and proprietary trading performing well [15][16]. - The industry faces challenges such as regulatory pressures and market volatility, which can impact revenue stability [15][16]. Future Outlook - The company is expected to enhance its competitive strength through the acquisition of Guorong Securities, pending regulatory approval [20]. - The overall market environment is projected to improve, potentially increasing the company's business scale and competitiveness [7][15].
西部证券(002673) - 西部证券股份有限公司2025年跟踪评级报告
2025-06-24 10:22
西部证券股份有限公司 2025 年跟踪信用评级报告 | ન | | | --- | --- | | 110 | HD | | 1 | 1 1 2 | www.lhratings.com 1 联合〔2025〕3979 号 联合资信评估股份有限公司通过对西部证券股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估,确定维持西部证券 股份有限公司主体长期信用等级为 AAA,维持"23 西部 02""23 西 部 03""23 西部 04""23 西部 05""24 西部 01""24 西部 02""24 西部 03""24 西部 04""24 西部 05""25 西部 01""25 西部 02"的 信用等级为 AAA,评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监: 二〇二五年六月二十四日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述,未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点,而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级 ...
西部证券:无人驾驶在港口相继落地 重点关注L3+级智驾增量零部件等
智通财经网· 2025-06-23 08:28
西部证券主要观点如下: 港口运输——无人驾驶商业化落地桥头堡 目前,国内无人驾驶政策已由顶层设计转向商业化实践,以港口为代表的封闭场景落地复杂度较低,有 望率先实现商业闭环。 1)技术难度较低:港口场景多以商用车及工程机械运营为主,流动人员接触少、车速慢、运营线路相对 固定,因此感知预测和决策规划需求较低,长尾场景处理较少;2)付费意愿更强:港口B端客户面临成 本高及安全隐患等现实问题,无人驾驶规模化应用能够实现降本增效;3)政策支持:封闭场景无人驾驶 应用政策相对开放,政策导向进入规模化应用阶段。 智通财经APP获悉,西部证券发布研报称,港口作为无人驾驶商业化落地桥头堡,伴随国内港口智慧 化、自动化改造完成,无人驾驶方案已在头部港口相继落地;头部初创企业投融资节奏加快,新一轮产 品投放在即,掘金千亿蓝海市场。重点关注:1)港口无人驾驶解放方案供应商;2)工程机械&商用车; 3)L3+级智驾增量零部件。 无人驾驶解决港口运输痛点,无人集卡/平板车方案并行 3)港口千亿蓝海值得期待:根据测算,预计2030年国内港口内无人驾驶水平运输渗透率将达到65%,对 应市场总规模可达294亿元;未来伴随无人驾驶集卡实现岸桥 ...
西部证券董事长徐朝晖:政策合力为资本市场注入确定性
Group 1 - The core viewpoint of the article emphasizes the Chinese government's commitment to maintaining a stable and active capital market through a comprehensive set of financial policies introduced on May 7, 2024 [1][2] - The recent changes in the government's language regarding the capital market reflect a deeper strategic positioning and policy orientation, moving from "boosting the capital market" to "sustaining stability" and "activating" the market [1][2] - The policies aim to ensure the long-term healthy development of the capital market while managing risks, enhancing market efficiency, and improving resource allocation to support economic transformation [2][3] Group 2 - The financial policies introduced are seen as a continuation and upgrade of previous measures, addressing both short-term risks and long-term high-quality development [2][3] - Future policy efforts are expected to focus on encouraging listed companies to enhance core competitiveness, increase R&D investment, support mergers and acquisitions, and improve corporate governance [3] - The balance between "stability" and "activity" is described as a dynamic process that requires clear guidelines for market operation while allowing flexibility to stimulate market vitality [3] Group 3 - Securities firms are encouraged to leverage opportunities in wealth management, investment banking, asset management, and financial technology to achieve high-quality development [4] - The shift in asset allocation from traditional real estate to financial assets presents a significant opportunity for securities firms to develop personalized investment advisory services [4] - The growth of the M&A market offers securities firms a chance to utilize their expertise in transaction structuring and financial advisory services [4] Group 4 - West Securities plans to enhance its core competencies by improving research capabilities, product creation, and risk management to adapt to market changes and client needs [5] - The company aims to deepen its research on macroeconomics, industries, and companies to support investment decisions and product development [5] - The focus on risk management is crucial for ensuring stable business development while seizing opportunities presented by policy incentives [5]
恒光股份: 西部证券股份有限公司关于湖南恒光科技股份有限公司部分募投项目延期的核查意见
Zheng Quan Zhi Xing· 2025-06-22 08:30
Core Viewpoint - The company, Hunan Hengguang Technology Co., Ltd., has decided to postpone certain fundraising projects due to actual progress and market conditions, ensuring that the adjustments do not affect the overall investment direction or shareholder interests [7][12]. Fundraising Overview - The company raised a total of RMB 605.41 million through its initial public offering, with a net amount of RMB 540.81 million after deducting related issuance costs [1][2]. Fund Usage Status - As of May 31, 2025, the company has invested RMB 343.30 million, which is 60.57% of the total planned investment of RMB 566.81 million for the first phase of the fine chemical new materials production base [4]. Project Postponement Details - The company has postponed the completion date of the "5.5 million tons fine chemical new materials production line construction project" from June 30, 2025, to December 31, 2026, due to technical optimizations and market uncertainties [9][11]. Reasons for Postponement - The postponement is attributed to the need for technical adjustments in the "5,000 tons 2-ethyl anthraquinone production line" and the decision to delay investment in the "50,000 tons sodium chlorite production line" to protect shareholder interests amid a complex market environment [9][10]. Impact of Postponement - The postponement will not change the project content, implementation subject, or total investment amount, and is expected to have no adverse effects on the company's current operations [10][12]. Approval Process - The postponement was approved through necessary procedures by the independent directors, board of directors, and supervisory board, confirming compliance with relevant regulations and ensuring no harm to shareholder interests [10][11][12].
艾布鲁: 西部证券股份有限公司关于湖南艾布鲁环保科技股份有限公司首次公开发行前已发行股份部分解除限售并上市流通的核查意见
Zheng Quan Zhi Xing· 2025-06-20 11:22
西部证券股份有限公司 关于湖南艾布鲁环保科技股份有限公司 首次公开发行前已发行股份部分解除限售并上市流通的核查意见 西部证券股份有限公司(以下简称"西部证券"、"保荐机构")作为湖南 艾布鲁环保科技股份有限公司(以下简称"艾布鲁"、"公司")首次公开发行 股票并在创业板上市的保荐机构,根据《证券发行上市保荐业务管理办法》《深 圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所 创业板股票上市规则(2025 年修订)》及《深圳证券交易所上市公司自律监管 指引第 2 号——创业板上市公司规范运作》等相关规定,对公司首次公开发行前 已发行股份部分解除限售并上市流通事项进行了核查,具体情况如下: 一、公司股票发行和股本变动情况 (一)首次公开发行股份情况 经中国证券监督管理委员会《关于同意湖南艾布鲁环保科技股份有限公司首 次公开发行股票注册的批复》(证监许可〔2022〕495 号)核准,湖南艾布鲁环 保科技股份有限公司首次公开发行人民币普通股(A 股)股票 30,000,000 股,上 市后公司总股本为 120,000,000 股,其中有流通限制或限售安排的股份数量为 数量 28,452,46 ...
西部证券(002673) - 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(第三期)在深圳证券交易所上市的公告
2025-06-20 11:16
西部证券股份有限公司 2025 年面向专业投资者公开发行公 在深圳证券交易所上市的公告 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(第三期)符合深圳证券交易所债券上市条件, 将于【2025】年【6】月【23】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 | 年面向专业投资者公开发行公 2025 | | --- | --- | --- | | | 司债券(第三期) | | | 债券简称 | 西部 25 03 | | | 债券代码 | 524317 | | | 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) | 10 | | | 债券期限 | 年 3 | | | 票面年利率(%) | 1.85 | | | 利率形式 | 固定利率 | | | 付息频率 | 按年付息,到期一次还本付息 | | | 发行日 | 2025-6-17 至 | 20 ...
港股IPO太火赶紧上车!这家券商国际业务“前脚撤后脚设”,收入下滑两成的投行团队能否接住
Hua Xia Shi Bao· 2025-06-20 00:54
Core Viewpoint - Western Securities plans to invest 1 billion RMB to establish a wholly-owned subsidiary in Hong Kong, aiming to enhance its international business and meet cross-border financing needs [3][5]. Company Strategy - The establishment of the Hong Kong subsidiary is part of the company's strategy to adapt to the dual opening of capital markets and to serve the cross-border investment needs of the real economy [3]. - The company aims to create an international business platform to support its sustainable and comprehensive development [3]. Recent Developments - In August 2024, Western Securities had just dissolved its international business department, and within 10 months, it is now planning to set up a Hong Kong subsidiary [2][4]. - The company has faced scrutiny regarding its investment banking income and declining market share in IPO underwriting, particularly due to personnel turnover [2][9]. Market Context - The Chinese securities industry has established 35 subsidiaries in Hong Kong, with a significant market share in financing activities [6]. - Major domestic securities firms have reported strong growth in their international business, with some achieving over 40% year-on-year revenue growth [6]. Competitive Landscape - The competition in the Hong Kong market is intensifying, with both domestic and foreign firms vying for market share [7]. - The establishment of the Hong Kong subsidiary reflects a trend of smaller securities firms accelerating their internationalization efforts [7]. Financial Performance - In 2024, Western Securities reported a revenue of 6.712 billion RMB, a decrease of 2.64% year-on-year, while net profit increased by 20.38% [9]. - The company's revenue in Q1 2025 saw a significant decline of 23.75% year-on-year, although net profit increased by 48.33% [9]. Operational Challenges - The company faces challenges in maintaining its investment banking team, with a turnover rate of 18.6%, which is higher than the industry average [10]. - The company is actively pursuing the acquisition of Guorong Securities, which is currently under regulatory review [10].
西部证券: 2023年面向专业投资者公开发行公司债券(第二期)2025年付息公告
Zheng Quan Zhi Xing· 2025-06-19 11:24
证券代码:002673 证券简称:西部证券 公告编号:2025-046 债券代码:148177 债券简称:23西部02 西部证券股份有限公司 (第二期)2025年付息公告 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: 西部证券股份有限公司 2023 年面向专业投资者公开发行公司债 券(第二期)(债券简称:23 西部 03,债券代码:148339,以下简 称"本期债券")将于 2025 年 6 月 23 日(2025 年 6 月 21 日为周六, 顺延至其后第一个交易日)支付 2024 年 6 月 21 日至 2025 年 6 月 20 日期间的利息人民币 3.06 元(含税)/张。 日(如遇法定节假日或休息日,则顺延至其后的第1个交易日,顺延 期间付息款项不另计利息)。 假日或休息日,则顺延至其后的第1个交易日,顺延期间付息款项不 另计利息)。 支付将按照债券登记机构的有关规定统计债券持有人名单,本息支付 方式及其他具体安排按照债券登记机构的相关规定办理。 主体信用等级为AAA,本期债券的信用等级为AAA,评级展望为稳定。 二、本期债券付息方案 ...