Group 1 - The core announcement is regarding the unaudited financial statements for the year 2025 of Guorong Securities, a subsidiary of Western Securities [1] - The financial statements, including the balance sheet, income statement, and net capital calculation, are required to be disclosed as per the regulations from the National Interbank Funding Center [1] - The unaudited financial reports will be available on the China Money website and also disclosed on the Giant Tide Information Network [1]

Group 1 - Mu Qiguo has resigned as the head of the Research Institute of Western Securities, with Zhao Yinghua, the deputy general manager in charge of the research institute, taking over the role [2] - The company stated that the new development phase requires updated and higher capabilities for the research center's business development, market expansion, business innovation, and internal collaboration [2] - Mu Qiguo will focus on the company's intelligent investment research and the establishment of research operations for its Hong Kong subsidiary [3] Group 2 - During Mu Qiguo's tenure, his team won the New Fortune Most Potential Research Institution Award for three consecutive years from 2019 to 2021 and was recognized as the Most Characteristic Research Institution by Sina Golden Unicorn in 2020 and 2021 [3] - Mu Qiguo emphasized that smaller brokerages can focus on niche areas with significant Beta changes and upstream industry research to provide unique insights, which can yield higher Alpha value for investors [6] - The research development center's revenue and operating profit have significantly increased year-on-year since 2025, with insurance client revenue surpassing public funds to become the main source of income [7]

Group 1 - The core point of the article is the resignation of Mu Qiguo as the head of the Research Institute of Western Securities, with Zhao Yinghua taking over the role. This change aligns with the company's updated strategic planning for its research center, emphasizing higher demands for business development and innovation [2][3]. - Mu Qiguo will focus on the company's intelligent investment research and the establishment of its Hong Kong subsidiary's research operations [3]. - Western Securities aims to enhance its research capabilities by strengthening sell-side research, expanding overseas business, and fostering technological innovation to better serve investors [3][5]. Group 2 - During Mu Qiguo's tenure, his team received multiple awards, including the New Fortune Most Promising Research Institution Award for three consecutive years from 2019 to 2021 and the Most Distinctive Research Institution Award from Sina Jin Qilin in 2020 and 2021 [3]. - Mu Qiguo emphasized the potential for smaller brokerages to focus on niche markets with significant beta changes and upstream industry research to provide unique insights, which can yield higher alpha value for investors [4]. - Under Mu Qiguo's leadership, the research development center saw significant growth in revenue and profit, with insurance clients becoming the primary revenue source by surpassing public funds in 2025 [5].

Core Viewpoint - The resignation of Mu Qiguo as the head of the Research Institute of Western Securities marks a strategic shift in the company's research direction, with a focus on innovation and overseas business expansion [2][3]. Group 1: Leadership Changes - Mu Qiguo has stepped down as the head of the Research Institute, with Zhao Yinghua, the deputy general manager in charge of the research institute, taking over the role [2]. - Mu Qiguo will focus on the company's intelligent investment research and the establishment of research operations for its Hong Kong subsidiary [3]. Group 2: Future Directions - Western Securities aims to enhance its research capabilities by adhering to its core research principles while innovating and expanding into overseas markets [3]. - The company plans to strengthen its sell-side research and improve internal collaboration to better serve investors [3]. Group 3: Achievements and Recognition - During Mu Qiguo's tenure, the research team received several accolades, including the New Fortune Most Promising Research Institution Award for three consecutive years from 2019 to 2021 and the Best Social Responsibility Institution Award in 2021 [3]. Group 4: Strategic Insights - Mu Qiguo emphasized that smaller brokerages can focus on niche areas with significant beta changes and upstream industry research to provide unique insights and enhance alpha value for investors [5][6]. - He advocated for a shift in research business from information providers to technology-driven financial ecosystem enablers, utilizing AI and big data to create a specialized research framework [6]. Group 5: Financial Performance - Since 2025, the revenue and operating profit of the Research Development Center at Western Securities have seen significant year-on-year growth, with insurance clients becoming the main source of income [6].

证券代码：002673 证券简称：西部证券 公告编号：2026-005 国融证券上述未经审计财务报表随本公告同日在巨潮资讯网 （www.cninfo.com.cn）披露。 特此公告。 西部证券股份有限公司董事会 2026 年 1 月 19 日 西部证券股份有限公司 关于控股子公司国融证券股份有限公司 2025年度未经审计财务报表的公告 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。 根据全国银行间同业拆借中心《关于同业拆借市场成员披露2025 年度未经审计财务报表的通知》（中汇交发〔2025〕484 号）的规定， 西部证券股份有限公司控股子公司国融证券股份有限公司（下称"国 融证券"）2025 年度未经审计资产负债表、利润表及净资本计算表 应在中国货币网（www.chinamoney.com.cn）披露。 ...

SH | 2 18 13. 4 1 | | --- | | 1 10 1 1 Declaration 11 Trill 2 | 资产负债监管报表 | 100 100 | 日期:2025-12-31 | 单位:国融证券股份有限公司 | 7 | 币种:人民币 | 单位:元 | 项目编号(资产) | 行次 | 期末余额 | CALL ( | 年初余额 | 备注 | 项目编号(负债和所有者权益) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行次 | 期末余额 | 年初余额 | 备注 | 货币资金 | 1 | 4, 339, 710, 674. 00 | 3, 906, 096, 348. 04 | 短期借款 | 50 | 0.00 | ల్ల | 0. 00 | 现金 | Dela | | 16, 060. 62 | 19, 060. 62 | 质押信款 | 51 | 0.00 | 0. 00 | 目有资金存款 | 3 | 655, 196, 223. 31 | ...

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [4]. Core Insights - The report emphasizes a stable approach to prevent significant fluctuations in the market, with a focus on long-term investments and reforms to attract capital [2]. - The insurance sector is expected to benefit from an upward cycle in both liabilities and assets, driven by trends such as the migration of bank deposits and stable long-term interest rates [27]. - The securities sector is experiencing heightened market risk appetite and active trading, benefiting from favorable valuations and performance [27]. Summary by Sections 1. Industry Dynamics - The non-bank financial sector, including securities and insurance, showed positive movements with indices increasing by 1.34% and 1.00% respectively, while the insurance sector faced a decline of 2.63% [9]. - The China Securities Regulatory Commission (CSRC) is implementing measures to regulate the derivatives market and promote healthy development through counter-cyclical adjustments [1]. 2. Insurance - The insurance industry is entering an upward cycle, with a reported 14.89% year-on-year increase in premium income for New China Life, totaling CNY 195.9 billion [12]. - The Financial Regulatory Bureau's 2026 work meeting highlighted the importance of risk management and the need for non-bank institutions to focus on their core businesses [12]. 3. Securities - The report notes an increase in the financing margin ratio from 80% to 100%, aimed at reducing leverage and protecting investor rights [16]. - CITIC Securities reported a 28.75% increase in revenue for 2025, amounting to CNY 74.83 billion, with a net profit increase of 38.46% [18]. - The average daily trading volume for stock funds reached CNY 40,908.27 billion, reflecting a 21.22% week-on-week increase [19].

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [4]. Core Insights - The report emphasizes a focus on stability and counter-cyclical adjustments to promote healthy development in the non-bank financial sector. It highlights the need for regulatory measures in the derivatives market and the importance of risk management to support the real economy [1][2]. Summary by Sections 1. Industry Dynamics - The non-bank financial sector, including securities and insurance, showed varied performance with indices changing by +1.34% for non-bank financials and -2.63% for insurance during the week of January 12-16, 2026. The overall market indices, such as the Shanghai Composite Index, decreased by -0.57% [9][11]. 2. Insurance - The insurance sector is entering an upward cycle in both liabilities and assets. The long-term benefits from the trend of bank deposit migration and the stabilization of long-term interest rates are noted. The report remains optimistic about the insurance sector, particularly due to the "reporting and operation integration" strategy that enhances industry concentration [12][27]. 3. Securities - The securities sector is experiencing heightened market risk appetite and trading activity. The report indicates that securities firms and IT companies are benefiting from this environment, with a recommendation to focus on companies like China Ping An and Huatai Securities. Recent adjustments in financing margin requirements are aimed at stabilizing market leverage and protecting investor rights [16][19][27]. 4. Investment Recommendations - The report suggests a positive outlook for the insurance sector, driven by favorable trends in both the liability and asset sides. It also highlights the securities sector's potential for growth due to increased trading activity and market confidence. Specific companies to watch include China Ping An, China Life, and Guotai Junan [27].

Core Insights - The report from Western Securities indicates that automotive component manufacturers are expected to become upstream suppliers for liquid cooling systems, with some companies possessing Tier 1 supply capabilities [1] Group 1: Liquid Cooling as a Mainstream Solution - Liquid cooling is anticipated to become the mainstream cooling solution for AIDC due to the increasing demand for AI computing power, which leads to higher single-chip power consumption and cabinet density, making traditional air cooling inadequate [1] - The advantages of liquid cooling include its ability to precisely dissipate heat from high-power (>25kW) cabinets and achieve energy-saving effects with a PUE of less than 1.25, aligning with policy directives [1] Group 2: Key Components and Market Growth - The core components of the secondary side piping (CDU + liquid cooling plate + manifold + UQD) are identified as the main focus for upgrades, with a higher value share compared to primary side piping technologies [2] - The global market for liquid cooling components in data centers is projected to reach $15.7 billion by 2027, with a CAGR of 35% from 2025 to 2027, driven by the transition of North American cloud providers to liquid cooling solutions and Huawei's leadership in the domestic liquid cooling supply chain [2]

Core Viewpoint - On January 19, a total of 17 listed companies had their restricted shares unlocked, with a total market value of approximately 8.181 billion yuan [1]. Summary by Category Restricted Share Unlocking - The following companies had restricted shares unlocked: - Vanadium Titanium Co., Ltd. (Stock Code: 000629) - 4.0126 million shares from equity incentive [1] - Guodian NARI Technology Co., Ltd. (Stock Code: 600406) - 11.883 million shares from equity incentive [1] - Huayi Group Co., Ltd. (Stock Code: 600623) - 356,100 shares from equity incentive [1] - Western Securities Co., Ltd. (Stock Code: 002673) - 360 million shares from A-share issuance to original shareholders [1] - Chang Aluminum Co., Ltd. (Stock Code: 002160) - 237 million shares from A-share issuance to legal persons [1] - Hikvision Digital Technology Co., Ltd. (Stock Code: 002415) - 29.2208 million shares from equity incentive [1] - Jieshun Technology Co., Ltd. (Stock Code: 002609) - 258,100 shares from equity incentive [1] - Yaoji Technology Co., Ltd. (Stock Code: 002605) - 975,000 shares from equity incentive [1] - Subote Co., Ltd. (Stock Code: 603916) - 629,000 shares from equity incentive [1] - Yipin Hong Co., Ltd. (Stock Code: 300723) - 150,000 shares from equity incentive [1] - Shandong Fiberglass Group Co., Ltd. (Stock Code: 605006) - 112,200 shares from equity incentive [1] - Keta Bio-Pharmaceutical Co., Ltd. (Stock Code: 300858) - 2.0053 million shares from A-share issuance to legal persons [1] - Xinlei Co., Ltd. (Stock Code: 301317) - 112 million shares from pre-issuance restrictions [1] - Zhiwei Intelligent Co., Ltd. (Stock Code: 001339) - 293,500 shares from equity incentive [1] - Demingli Co., Ltd. (Stock Code: 001309) - 247,500 shares from equity incentive [1] - Jiuzhou Yigui Co., Ltd. (Stock Code: 688485) - 600,000 shares [1] - Yingfang Software Co., Ltd. (Stock Code: 688435) - 36.3174 million shares [1]