特此说明。 （以下无正文） （此页无正文，为《华西证券股份有限公司 2026 年面向专业投资者公开发行公 司债券（第一期）更名公告》之盖章页） 华西证券股份有限公司2026年面向专业投资者公开发行公司债 券（第一期）更名公告 华西证券股份有限公司（以下简称"发行人"或"公司"）发行不超过 100 亿元 公司债券已获得中国证券监督管理委员会证监许可〔2025〕366 号文注册（以下 简称"本次债券"）。 由于本次债券分期发行，按照公司债券命名惯例，征得主管部门同意，本期 债券名称由"华西证券股份有限公司 2025 年面向专业投资者公开发行公司债券" 变更为"华西证券股份有限公司 2026 年面向专业投资者公开发行公司债券（第一 期）"。 本期债券名称变更不改变原签订的与本次公司债券发行相关的法律文件效 力，原签署的相关法律文件对更名后的公司债券继续具有法律效力。前述法律文 件包括但不限于《华西证券股份有限公司 2025 年面向专业投资者公开发行公司 债券受托管理协议》等文件。 华西证券股份有限公司 年 月 日 （此页无正文，为《华西证券股份有限公司 2026 年面向专业投资者公开发行公 司债券（第一期）更名公告 ...

华西证券股份有限公司 （住所：中国（四川）自由贸易试验区成都市高新区天府二街 198 号） 2026 年面向专业投资者公开发行公司债券 （第一期） 募集说明书摘要 | 注册金额： | 不超过 100 亿元（含） | | --- | --- | | 发行金额： | 不超过 亿元（含） 20 | | 担保情况： | 本期债券无增信措施 | | 信用评级结果： | AAA/AAA | | 发行人： | 华西证券股份有限公司 | | 主承销商/受托管理人/簿记管理人： | 西南证券股份有限公司 | | 信用评级机构： | 联合资信评估股份有限公司 | 签署日期：2026 年 月 日 华西证券股份有限公司 2026 年面向专业投资者公开发行公司债券（第一期）募集说明书摘要 声明 本募集说明书摘要的目的仅为向投资者提供有关本次发行的简要情况，并 不包括募集说明书全文的各部分内容。募集说明书全文同时刊载于深圳证券交 易所网站（http://www.szse.com.cn）。投资者在做出认购决定之前，应仔细阅读 募集说明书全文，并以其作为投资决定的依据。 除非另有说明或要求，本募集说明书摘要所用简称和相关用语与募集说明 书相 ...

华西证券股份有限公司 （住所：中国（四川）自由贸易试验区成都市高新区天府二街 198 号） 2026 年面向专业投资者公开发行公司债券 （第一期） 募集说明书 | 注册金额： | 不超过 亿元（含） 100 | | --- | --- | | 发行金额： | 不超过 亿元（含） 20 | | 担保情况： | 本期债券无增信措施 | | 信用评级结果： | AAA/AAA | | 发行人： | 华西证券股份有限公司 | | 主承销商/受托管理人/簿记管理人： | 西南证券股份有限公司 | | 信用评级机构： | 联合资信评估股份有限公司 | 签署日期：2026 年 月 日 华西证券股份有限公司 2026 年面向专业投资者公开发行公司债券（第一期）募集说明书 声明 发行人将及时、公平地履行信息披露义务。 发行人及其全体董事、高级管理人员或履行同等职责的人员保证募集说明 书信息披露的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 主承销商已对募集说明书及其摘要进行了核查，确认不存在虚假记载、误 导性陈述和重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 发行人承诺在本期债券发行环节，不直接或者间 ...

华西证券股份有限公司 2026 年面向专业投资者公开发行公司债券 （第一期） 发行公告 发行人 华西证券股份有限公司 （住所：成都市高新区天府二街 198 号） 主承销商 西南证券股份有限公司 （住所：重庆市江北区金沙门路 32 号） 2026 年 1 月 9 日 本公司及其董事及高级管理人员保证公告内容真实、准确和完整，并对公 告中的虚假记载、误导性陈述或者重大遗漏承担责任。 重要事项提示 1、华西证券股份有限公司（以下简称"发行人"或"公司"）已于 2025 年 2 月 27 日获得中国证券监督管理委员会"证监许可〔2025〕366 号"文注册公开发行 面值不超过 100.00 亿元的公司债券（以下简称"本次债券"）。 本次债券采取分期发行的方式，截至本公告披露日，本次债券已发行 49.00 亿元，本期债券为第四期发行，发行规模为不超过 20.00 亿元。 2、本期债券发行规模为不超过人民币 20.00 亿元，每张面值为 100 元，发 行数量为 2,000.00 万张，发行价格为人民币 100 元/张。 3、根据《证券法》等相关规定，本期债券仅面向专业投资者中的机构投资 者发行，普通投资者和专业投资者中 ...

Core Viewpoint - The conference held by Huaxi Securities emphasizes the need for a strong belief in "buying China" amidst a reshaping global landscape, focusing on long-term asset value and high-quality capital market development [1] Group 1: Company Strategy and Operations - Huaxi Securities is committed to a differentiated development strategy, providing customized and comprehensive financial support to clients, aiming to seize regional integration opportunities for deeper development [1] - The company has established a strong sell-side research team focused on five key sectors: new information technology, new materials, new consumption, equipment manufacturing, and healthcare [2] - Huaxi Securities employs a dual-manager service model, enhancing its one-stop service system to better meet the demands of nearly 500 government and enterprise clients [2] Group 2: Economic Outlook and Asset Trends - The chief economist of Huaxi Securities predicts that various asset classes will rise in 2026, with a combination of loose monetary and stable fiscal policies leading to a moderate recovery in inflation [2] - The year 2026 is expected to be a significant year for corporate profits, driven by the "new growth" and "anti-involution" themes, with industries like AI and high-end manufacturing entering clearer stages of commercialization [3] - The outlook for the RMB is positive, with its share in cross-border trade finance increasing, and the market risk appetite is expected to rise, favoring equity assets [3] Group 3: Sector-Specific Insights - The media industry is undergoing transformation with AI technology, shifting focus towards "AI attention" and full-process automation, with key players being those who control smart entry points and exclusive data [4] - The insurance sector is anticipated to see synchronized improvements in assets and liabilities, with potential for sustained valuation recovery [4] - In the securities industry, attention is drawn to firms with expected peer mergers, robust overseas business layouts, and effective wealth management transformations [4]

| 债券代码：148180.SZ | 债券简称：23华股01 | | --- | --- | | 债券代码：148292.SZ | 债券简称：23华股02 | | 债券代码：148519.SZ | 债券简称：23华股03 | | 债券代码：148588.SZ | 债券简称：24华股01 | | 债券代码：148754.SZ | 债券简称：24华股02 | | 债券代码：148839.SZ | 债券简称：24华股03 | | 债券代码：524062.SZ | 债券简称：24华股04 | | 债券代码：524209.SZ | 债券简称：25华股01 | | 债券代码：524286.SZ | 债券简称：25华股K1 | | 债券代码：524441.SZ | 债券简称：25华股02 | 西南证券股份有限公司 关于华西证券股份有限公司重大诉讼进展 的临时受托管理事务报告 债券受托管理人 二〇二六年一月 重要声明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业 行为准则》、《债券受托管理协议》等相关规定、公开信息披露文件、华西证券 股份有限公司（以下简称"华西证券"、"发行人"或"公司"）出具的相关说 ...

2026年1月7日，"踏浪前行 做多中国——全球重构下的中国资产机遇"华西证券2026年资本市场投资与产业年会在成都召开，华西证券党委副 书记、总裁杨炯洋致开幕辞，多位在蓉高管共同出席本次会议。 杨炯洋在致辞中向出席本次会议的嘉宾表示热烈欢迎。他指出，在全球格局深度重塑、"十五五"谋篇启章的关键阶段，"做多中国"需要坚定 的信念，更离不开成熟完备的资本市场和坚实的金融力量。本次会议以"踏浪前行 做多中国——全球重构下的中国资产机遇"为主题，力求以 长远视角挖掘中国资产价值，以开放姿态拥抱新发展格局，以专业力量助推资本市场高质量发展。他表示，作为一家专业的资本市场中介机 构、上市公司，华西证券积极响应国家战略部署，坚定推进"差异化发展、特色化经营"发展策略，致力于为客户提供定制化、全方位、全生 命周期的综合金融支持，助力企业客户把握区域一体化机遇深化发展。 杨炯洋向与会嘉宾介绍了华西证券业务布局。长期以来，公司聚焦"卖方研究、价值发现"，建立了一支具有较强品牌影响力和市场号召力的 卖方研究队伍，以及聚焦新一代信息技术、新材料、新消费、装备制造、医药健康五大方向的产业研究团队。华西证券实现了以直接股权投 资、定增 ...

Core Insights - The report from Huaxi Securities indicates that the demand for electrical equipment is entering a prosperous cycle driven by the rapid development of AIDC (AI Data Center) and continuous growth in grid construction investment [1][2] Group 1: Power Generation Side - The expansion of data centers is leading to an increasing contradiction between power supply and demand, necessitating enhanced power solutions, particularly for gas turbines and energy storage [3] - Gas turbines are currently the preferred choice in North America to alleviate power supply issues, with industry demand on the rise [3] - Owners can accelerate power supply assurance and rapid grid connection or expansion by configuring energy storage systems due to their construction cycle and supply capability advantages [3] Group 2: Grid Side - There is an increasing demand for global grid construction, especially in regions like Europe and North America where infrastructure is relatively weak [4] - Aging grid systems are putting pressure on the electrical grid, prompting U.S. utility companies and some European grid operators to increase investment in grid infrastructure [4] - Leading overseas power equipment companies such as Eaton, Hyundai Electric, and Siemens Energy have substantial orders on hand, while domestic companies are also increasing grid investment and expanding overseas [4] Group 3: User Side - The surge in AI computing power is driving AIDC towards high power consumption, which raises the requirements for power reliability and efficiency [5] - The power supply architecture is evolving towards higher voltage and direct current systems, with server power technology continuously iterating [5] - The transition from PowerShelf to PowerRack in server power systems is occurring against a backdrop of increasing power demands, suggesting that companies with technological advantages are likely to benefit [5] Group 4: Beneficiary Targets - Key beneficiaries include transformer and SST manufacturers such as Suyuan Electric, Jinpan Technology, Igor, Huaming Equipment, Shunma Electric, Sifang Co., and China West Electric [6] - Gas turbine and related component manufacturers include Dongfang Electric, Boying Welding, and Harbin Electric [6] - AI power companies include Xinle Energy, Keda, Magmeter, Oulu Tong, Zhongheng Electric, Hewei Electric, and Xinrui Technology [6] - Energy storage and related component manufacturers include Sunshine Power, Shangen Electric, Canadian Solar, CATL, Yiwei Lithium Energy, Penghui Energy, Xinwanda, and Zhongchuang Innovation [6]

Group 1 - The core viewpoint is that the spring market rally has started early, and the bull market pattern remains intact, with 2026 expected to be a significant year due to multiple positive factors [1] - Macro policy cycles indicate that 2026 will be the start of the "14th Five-Year Plan," with various departments intensifying the introduction of supporting industrial policies and investment plans, creating a favorable liquidity environment for the market [1] - Institutional funds, particularly from stock ETFs, have shown early entry into the market, with additional inflows expected from insurance funds and foreign capital due to currency appreciation, which may strengthen the spring market trend [1] Group 2 - The spring market is expected to have depth, with the Shanghai Composite Index showing continuous upward movement, indicating a robust spring theme with high elasticity in thematic opportunities [2] - Key themes to focus on include industrial themes (commercial aerospace, robotics, nuclear fusion), funding themes (high dividend recovery and core asset recovery), and policy themes (service consumption, Hainan) [2] - The investment focus is on AI computing power chains and cyclical opportunities, which are expected to have high institutional attention, although their weight in the spring market may be relatively low [2] Group 3 - From a technical perspective, after a significant rebound, the Shanghai Composite Index is approaching the 4100-point mark, and the upward momentum is expected to slow down, with potential for significant fluctuations [3] - Future industry focus remains critical, but caution is advised regarding the risk of significant adjustments following substantial speculation in individual stocks, with attention to high-low switches within sectors [3]

Group 1: Key Focus Areas for 2026 - The commercial aerospace sector is experiencing a cost restructuring, shifting from one-time manufacturing to a reusable cost model, with Chinese companies making significant technological breakthroughs and cost reductions [1] - Artificial intelligence (AI) is highlighted as a crucial focus for 2026, with significant advancements in AI agents and a growing number of applications in China, driven by the launch of the DeepSeek model [2] - Embodied intelligence, particularly humanoid robots, is identified as a key area of interest, leveraging China's complete manufacturing system to gain a unique advantage in humanoid robot production [2] Group 2: Investment Opportunities - The innovation in pharmaceuticals, new consumption trends, and non-ferrous metals are also seen as areas of investment opportunity, with a particular emphasis on precious metals like gold and silver due to increased attractiveness amid geopolitical risks and monetary easing expectations [3] - The long-term outlook for gold remains positive due to concerns over global debt and currency, suggesting potential for price increases [3]