Core Insights - The company reported a significant increase in total operating revenue and net profit for Q3 2025, indicating strong financial performance [1][4] - The operating cash flow also showed a positive trend, reflecting improved liquidity [1] Financial Performance - Total operating revenue reached 3.493 billion yuan, an increase of 1.261 billion yuan, representing a year-on-year growth of 56.52% [1] - Net profit attributable to shareholders was 1.059 billion yuan, up by 0.805 billion yuan, marking a year-on-year increase of 316.89% [1] - Net cash inflow from operating activities was 9.001 billion yuan, an increase of 1.289 billion yuan, with a year-on-year growth of 16.71% [1] Profitability Metrics - The latest return on equity (ROE) stood at 4.34%, an increase of 3.23 percentage points compared to the same period last year [3][4] - The diluted earnings per share (EPS) was 0.40 yuan, an increase of 0.30 yuan, reflecting a year-on-year growth of 300.00% [4] Efficiency Ratios - The total asset turnover ratio was 0.03 times, an increase of 0.01 times, representing a year-on-year growth of 34.16% [4] Shareholder Structure - The number of shareholders was 90,400, with the top ten shareholders holding 1.537 billion shares, accounting for 58.54% of the total share capital [4] - The largest shareholder, Luzhou Laojiao Group Co., Ltd., holds 18.13% of the shares [4]

Core Viewpoint - The A-share market experienced a collective decline on October 30, with the securities sector showing a slight pullback after a previous surge, indicating a potential correction phase in the market [1] Group 1: Market Performance - The major A-share indices opened lower, with the broker ETF (159842) down by 0.33% at the time of reporting [1] - Among the constituent stocks of the broker ETF, only Xiangcai Securities, Huaxi Securities, and Caitong Securities opened in the green [1] Group 2: Fund Flows - The broker ETF (159842) has seen a net inflow of over 440 million yuan in the last 10 trading days, reflecting strong investor interest [1] Group 3: Industry Outlook - As of the first half of 2025, the overall performance of listed brokerages has significantly improved, with 49 listed brokerages reporting growth in net profit attributable to shareholders [1] - Ten brokerages achieved revenue exceeding 10 billion yuan, and two brokerages reported net profits over 10 billion yuan [1] - Multiple institutions have noted that the brokerage sector remains a "relatively undervalued and high-growth" asset class [1] Group 4: Analyst Recommendations - Western Securities recommends focusing on the brokerage sector, highlighting a clear upward trend in the capital market amid positive economic signals [1] - Zhongyuan Securities suggests that if the brokerage sector approaches the lower end of the valuation fluctuation range, it presents a good opportunity for reallocation, emphasizing the importance of monitoring policy, market conditions, and the brokerage sector [1] - Recommendations include focusing on leading brokerages, those with strong wealth management capabilities, and those with valuations significantly below the sector average [1]

Core Insights - Huaxi Securities (002926.SZ) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance [1] Financial Performance - The company achieved an operating revenue of 3.493 billion yuan, representing a year-on-year growth of 56.52% [1] - The net profit attributable to shareholders reached 1.059 billion yuan, showing a remarkable year-on-year increase of 316.89% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.056 billion yuan, reflecting a year-on-year growth of 310.39% [1]

Core Insights - Huaxi Securities reported significant growth in its Q3 2025 financial results, with a revenue of 1.42 billion yuan, representing a year-on-year increase of 73.42% [1] - The net profit attributable to shareholders reached 547 million yuan, marking a substantial year-on-year growth of 155.03% [1] - For the first three quarters of 2025, the company achieved a total revenue of 3.493 billion yuan, up 56.52% compared to the previous year [1] - The net profit attributable to shareholders for the same period was 1.059 billion yuan, reflecting an impressive year-on-year increase of 316.89% [1]

| 项目 | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业总收入(元) | 1, 419, 870, 322, 31 | 73. 42% | 3.493.230.644.78 | 56. 52% | | 归属于上市公司股东 | 547. 185. 655. 74 | 155.03% | 1.059.349,015.82 | 316. 89% | | 的净利润(元) | | | | | | 归属于上市公司股东 的扣除非经常性损益 | 550,556,815.08 | 155. 68% | 1,056,252,052.59 | 310. 39% | | 的净利润(元) | | | | | | 经营活动产生的现金 流量净额(元) | | | 9.001.283.900.14 | 16. 71% | | 基本每股收益(元/ | 0.20 | 150.00% | 0. 40 | 300. 00% | | 股) | | | | | | 稀释每股收益(元/ | 0.20 | ...

证券代码：002926 证券简称：华西证券 公告编号：2025-045 华西证券股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 重要提示： 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规则》《深圳证 券交易所股票上市规则》等有关法律法规及《华西证券股份有限公司章程》（以下简称"《公司章 程》"）的规定，经华西证券股份有限公司（以下简称"公司"）第四届董事会 2025 年第五次会议审 议通过，决定召开公司 2025 年第一次临时股东大会（以下简称"本次会议"），现将本次会议的相关 事项通知如下： 一、召开会议的基本情况 2、股东大会的召集人：董事会 1、股东大会届次：2025 年第一次临时股东大会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律、行政法规、部门规章、 规范性文件及《公司章程》的有关规定。 6、会议的股权登记日：2025 年 11 月 10 日 4 ...

会 议 资 料 华西证券股份有限公司 2025 年第一次临时股东大会 | 议案序号 | 议案名称 | | --- | --- | | 1 | 关于 2025 年中期利润分配方案的议案 | | 2 | 关于修订《公司章程》及其附件并取消公司监事会的议案 | 议案一 各位股东： 公司 2025 年中期利润分配方案，现提请股东大会审议。 一、利润分配预案的基本情况 1.分配基准：2025 年半年度 2.根据公司 2025 年半年度财务报告（未经审计），2025 年上半年公司实现合并归属于母公司股东的净利润为 512,163,360.08 元，其中，2025 年上半年母公司实现的净 利润 500,909,985.19 元。截至 2025 年 6 月末，母公司可供 分配利润为 7,624,650,960.10 元。报告期末，公司 A 股总 股本 2,625,000,000 股。 3.为提升投资者获得感，并综合考虑《中华人民共和国 公司法》《中华人民共和国证券法》《金融企业财务规则》 等相关监管要求、《公司章程》中对于现金分红的规定、股 东利益和公司发展等综合因素，公司 2025 年中期利润分配 预案如下： 以截止 20 ...

证券代码：002926 证券简称：华西证券 公告编号：2025-044 华西证券股份有限公司 第四届监事会 2025 年第三次会议决议公告 监事会对公司 2025 年第三季度报告提出书面审核意见：经审核，监事会认为董 事会编制和审核华西证券股份有限公司 2025 年第三季度报告的程序符合法律、行政 法规和中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的实际情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 《2025 年第三季度报告》与本决议同日刊登于《中国证券报》《上海证券报》《证 券时报》《证券日报》及巨潮资讯网（www.cninfo.com.cn）。 特此公告。 华西证券股份有限公司监事会 2025 年 10 月 30 日 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 华西证券股份有限公司（以下简称"公司"）于 2025 年 10 月 21 日以电子邮件 方式发出第四届监事会 2025 年第三次会议通知，会议于 2025 年 10 月 29 日在公司总 部以现场会议的方式召开。本次会议应出席监事 3 名，实际出席监事 3 名（监事何江 委 ...

证券代码：002926 证券简称：华西证券 公告编号：2025-043 华西证券股份有限公司 第四届董事会 2025 年第五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 华西证券股份有限公司（以下简称"公司"）于 2025 年 10 月 21 日以电子邮件 方式发出第四届董事会 2025 年第五次会议通知，会议于 2025 年 10 月 29 日在公司总 部现场召开。本次会议应出席董事 10 名，实际出席董事 10 名（程华子董事通过远程 方式参会），公司部分监事及高级管理人员列席了会议，周毅董事长主持会议。本次 会议的召集、召开及表决程序符合《公司法》等相关法律法规和《公司章程》的规定。 董事会审议了会议通知所列明的议案，所有表决议案均获得通过，决议如下： 一、关于修订《公司章程》及其附件并取消公司监事会的议案 表决结果：十票同意，零票反对，零票弃权。 二、华西证券股份有限公司 2025 年第三季度报告 表决结果：十票同意，零票反对，零票弃权。 《2025 年第三季度报告》与本决议同日刊登于《中国证券报》《上海证券报》《证 券时报》《证券日 ...

Core Insights - Huaxi Securities reported a significant increase in revenue and net profit for the third quarter of 2025, with revenue reaching 1.42 billion yuan, a year-on-year growth of 73.42% [1] - The net profit attributable to shareholders for the third quarter was 547 million yuan, reflecting a remarkable year-on-year increase of 155.03% [1] - For the first three quarters of 2025, the company achieved a total revenue of 3.493 billion yuan, which is a 56.52% increase compared to the same period last year [1] - The net profit attributable to shareholders for the first three quarters was 1.059 billion yuan, showing an impressive year-on-year growth of 316.89% [1]