证券简称：华西证券 证券代码：002926 公告编号：2025-029 债券代码：149996 债券简称：22华股02 华西证券股份有限公司 2022年面向专业投资者公开发行公司债券（第二期） 2025年本息兑付暨摘牌公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 重要内容提示： 1、最后交易日：2025 年 7 月 18 日 凡在 2025 年 7 月 18 日（含当日）前买入并持有本期债券的投资者享有本次 派发的本金及利息；2025 年 7 月 18 日卖出本期债券的投资者不享有本次派发的 本金及利息。 华西证券股份有限公司2022年面向专业投资者公开发行公司债券（第二期） （以下简称："本期债券"）将于2025年7月21日支付2024年7月20日至2025年7月 19日期间的利息并兑付本金。现将有关事宜公告如下： 一、本期债券的基本情况 1、债券名称：华西证券股份有限公司 2022 年面向专业投资者公开发行公司债 券（第二期）。 2、债权登记日：2025 年 7 月 18 日 3、债券摘牌日：2025 年 7 月 21 日 4、付息兑付日：2025 年 ...

Core Viewpoint - The A-share listed companies are entering a peak period for mid-year performance forecasts, with a significant increase in the number of companies announcing their forecasts compared to the previous week [1] Group 1: Performance Forecasts - A total of 455 listed companies in Shanghai, Shenzhen, and Beijing announced mid-year performance forecasts from July 7 to July 13, a substantial increase from 32 companies in the previous week [1] - Among these, 210 companies are from the Shanghai main board, 8 from the Shanghai STAR Market, 214 from the Shenzhen main board, 22 from the Shenzhen Growth Enterprise Market, and 1 from the Beijing Stock Exchange [1] Group 2: Companies with Significant Profit Growth - Ten companies forecasted a mid-year net profit growth lower limit exceeding 1000%, with Sanhe Pile leading at a net profit growth rate of 3090.81% to 3888.51% [2] - Other notable companies include Muyuan Foods, which expects a net profit of 1.02 billion to 1.07 billion yuan, and Northern Rare Earth, anticipating a net profit of 900 million to 960 million yuan [4][5] Group 3: Factors Influencing Performance - Sanhe Pile attributes its performance improvement to market demand, focusing on core businesses in emerging fields such as photovoltaics, wind power, and water conservancy, alongside effective cost control and product structure improvement [3] - Muyuan Foods reported a significant increase in operating performance due to higher pig sales and lower breeding costs compared to the same period last year [5] - Northern Rare Earth expects a non-GAAP net profit growth of 5538.33% to 5922.76%, driven by a full order book and an optimistic outlook on future rare earth prices [5] Group 4: Overall Market Sentiment - Among the 455 companies that released forecasts, 139 predicted losses, and 152 anticipated a decline in net profit, indicating a notable increase in the proportion of companies forecasting negative performance compared to the previous week [5]

Group 1 - The core viewpoint of the article highlights the significant growth in the performance of listed securities firms in A-shares, with many firms reporting substantial increases in net profits for the first half of the year [3][4] - The top-performing securities firms include Guolian Minsheng and Huaxi Securities, both of which reported net profits exceeding 10 times compared to the previous year, leading to their respective stock price increases of 4.98% and 2.32% [5][6] - The overall market sentiment is positive, driven by a notable increase in new individual investor accounts, which is expected to benefit securities firms [3][6] Group 2 - A total of 11 listed securities firms have disclosed their mid-year performance forecasts, with all showing varying degrees of profit growth, indicating a strong overall performance in the sector [3][4] - The expected net profits for several firms are as follows: Guoxin Securities (4.78-5.53 billion), Changcheng Securities (1.335-1.407 billion), and Huaxi Securities (445-575 million), with growth rates ranging from 52% to 1353.9% [4] - The recent policy changes, particularly the reforms in the Sci-Tech Innovation Board, are anticipated to enhance the equity financing scale in A-shares, which will likely lead to a steady recovery in investment banking revenues for securities firms [6]

Core Viewpoint - The A-share market is experiencing a positive trend, with the first batch of nine securities firms reporting significant profit increases for the first half of 2025, driven by strong performance in proprietary trading and brokerage businesses [1][2][8]. Group 1: Performance Highlights - Nine listed securities firms have reported optimistic earnings forecasts for the first half of 2025, with all firms expecting profit increases [1][3]. - Among these, Guosen Securities leads with an expected net profit of 4.78 billion to 5.53 billion yuan, representing a year-on-year growth of 52% to 76% [5][12]. - Other notable performers include Guolian Minsheng and Huaxi Securities, with profit growth exceeding tenfold for the latter [6][5]. Group 2: Market Context - The A-share market has shown a rising trend, with major indices increasing, including a 2.76% rise in the Shanghai Composite Index and a 39.45% increase in the North Star 50 Index by the end of June [9]. - The securities industry is benefiting from this market environment, with many firms reporting strong performance in their proprietary and brokerage businesses [9][10]. Group 3: Analyst Insights - Analysts express optimism regarding the securities sector's performance, suggesting that the current phase is suitable for investing in firms with strong comprehensive capabilities and significant earnings elasticity [2][16]. - Recommendations include focusing on leading firms benefiting from an improved competitive landscape, those with high earnings elasticity, and firms with strong international business capabilities [19][22].

Group 1: Brokerage Performance - 11 brokerage firms have reported positive performance forecasts for the first half of 2025, with significant year-on-year growth in net profit attributable to shareholders, including Guolian Minsheng Securities with an expected increase of approximately 1183% and Huaxi Securities with an estimated growth of 1025.19% to 1353.9% [1] - The growth in performance is primarily driven by increased revenue from core businesses such as proprietary trading and wealth management [1] - There are expectations for continued upward trends in brokerage performance in the second half of the year, although market volatility and policy changes present uncertainties [1] Group 2: ETF Launch - Several public funds, including E Fund, Hua Bao Fund, and Ping An Fund, have submitted applications for the first batch of the CSI A500 Dividend Low Volatility ETF, following the index's release in April 2025 [2] - The CSI A500 Dividend Low Volatility Index selects 50 securities from the CSI A500 Index that have a history of continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of these stocks [2] - The launch of this ETF indicates a growing market interest in stable dividend-paying stocks, which may lead to a revaluation of related company stocks and attract more investments into low-volatility sectors [2] Group 3: Institutional Investor White List - The China Securities Association has published the first draft of the "white list" for offline professional institutional investors, aiming to standardize the offline inquiry and subscription process for IPOs and enhance the value discovery capabilities of these investors [3] - 21 institutions, including CITIC Securities and Fortune Fund, have been included in the proposed white list, which may enhance their professional image and market recognition [3] - This initiative is expected to improve the transparency of the market and contribute positively to the long-term stability of the stock market [3] Group 4: Bond Fund Growth - Recent reports indicate that several bond funds have experienced over 100% growth in size during the second quarter, reflecting increased investor confidence in fixed-income products amid a stabilizing macroeconomic environment [4] - The overall improvement in the macroeconomic landscape and adjustments in investor risk preferences have led to more rational capital allocation signals in the stock market [4] - The significant growth in bond fund sizes supports the stock prices of related companies and reinforces the position of bond funds within the industry [4]

Core Viewpoint - The A-share listed securities firms have shown significant growth in their net profits for the first half of 2025, with many firms reporting increases driven by core business revenues such as proprietary trading and wealth management [1][2][3]. Summary by Category Performance Overview - As of July 13, 2025, 11 A-share listed securities firms have released their half-year performance forecasts, indicating varying degrees of growth in net profits [2]. - Notably, Guosen Securities leads with an expected net profit of 4.78 billion to 5.53 billion yuan, reflecting a year-on-year increase of 52% to 76% [2]. - Other firms with projected net profits exceeding 1 billion yuan include Changcheng Securities, Guolian Minsheng Securities, Guojin Securities, and Hu'an Securities, with respective estimates of approximately 1.335 billion to 1.407 billion yuan, 1.129 billion yuan, 1.092 billion to 1.137 billion yuan, and 1.035 billion yuan [2]. Growth Rates - Six firms are expected to see their net profits double year-on-year, with Guolian Minsheng Securities anticipating a staggering growth of around 1183% [3]. - Huaxi Securities is projected to experience a significant increase of approximately 1025.19% to 1353.9% [3]. - Other firms such as Hailin Securities and Guosheng Jinkong are also expected to see substantial growth rates, with increases ranging from 236.85% to 394.05% [3]. Business Drivers - The growth in net profits for these firms is primarily attributed to increases in revenues from proprietary trading, wealth management, and, in some cases, brokerage and investment banking services [3][4]. - For instance, Guosen Securities reported substantial growth in its proprietary investment and brokerage fee income compared to the same period last year [3]. Market Outlook - The securities sector is expected to maintain an upward trend in performance for the second half of 2025, supported by positive market conditions and overall market recovery [5][6]. - The CSI All Share Securities Company Index has seen a daily increase of 2.42% as of July 11, 2025, with all 49 constituent stocks rising, indicating strong market sentiment [5]. - Analysts suggest that ongoing reforms and potential mergers and acquisitions in the sector could further enhance performance and valuation [5][6].

Group 1 - The "28 Measures for High-Quality Development of the Securities Industry" emphasizes the need for better communication and coordination with relevant departments to allow more compliant brokerages to obtain licenses for selling bank wealth management and insurance products, thereby meeting diverse investor needs [1] - Huaxi Securities indicates that the continuous decline in commission rates for retail and institutional brokerage services is narrowing the profit margins of traditional securities businesses, making the transformation to wealth management essential for brokerages to overcome development bottlenecks [1] - The introduction of insurance and bank wealth management product distribution licenses is expected to enhance the importance of these products for brokerage businesses, allowing them to provide comprehensive services throughout the client lifecycle and expand revenue sources from product distribution [1] Group 2 - According to the interactive platform of listed companies, the total revenue from financial product distribution by listed brokerages is projected to reach 9.016 billion in 2024 [2] - Winning Time's software products are widely used across various sectors, including banking, funds, insurance asset management, securities, and the national social security fund [3]

Industry News - The national insurance companies have fully implemented a long-cycle assessment mechanism of over three years, with the addition of five-year cycle indicators. The net asset return rate will now include a five-year cycle indicator, with weights of 30%, 50%, and 20% for the current year, three-year, and five-year indicators respectively [1][8] - The adjustment of the national basic medical insurance, maternity insurance, and work-related injury insurance drug catalog, as well as the commercial health insurance innovative drug catalog, has officially started. The new commercial insurance innovative drug catalog focuses on high innovation and significant clinical value drugs that cannot be included in the basic catalog due to exceeding the "basic protection" positioning [2][10] - The China Securities Association has released 28 measures to promote high-quality development in the securities industry, focusing on improving self-regulatory management and enhancing service functions [3][9] - The Shanghai Stock Exchange has published guidelines for the Sci-Tech Innovation Board, allowing 32 existing unprofitable companies to enter the growth layer immediately, with no additional listing thresholds for new unprofitable companies [3][6] Company News - China Shenhua announced a net profit of 23.6 billion to 25.6 billion yuan for the first half of the year, representing a year-on-year decline of 13.2% to 20% [14] - Fuda Alloy plans to acquire at least 51% of the shares of TOPCon battery silver paste company Guangda Electronics [15] - Huaxi Securities expects a year-on-year increase in net profit of 1025% to 1354% for the first half of the year [15] - Zijin Mining anticipates a net profit of approximately 23.2 billion yuan for the first half of the year, a year-on-year increase of 54% [16] - Sanhe Pile expects a year-on-year increase in net profit of 3091% to 3889% for the first half of the year [17] - Limin Co. anticipates a year-on-year increase in net profit of 719.25% to 782.27% for the first half of the year [17] - Lanqi Technology expects a year-on-year increase in net profit of 85.50% to 102.36% for the first half of the year [18] - Aopu Mai expects a net profit of approximately 37 million yuan for the first half of the year, a year-on-year increase of 53.28% [19] - China Jushi anticipates a year-on-year increase in net profit of 71.65% to 76.85% for the first half of the year [19] - Gaode Infrared expects a year-on-year increase in net profit of 735% to 957% for the first half of the year [19] - Degute is planning to acquire 100% of Haowei Technology, with stock resuming trading [19] - Kanghua Bio is planning a change of control, with stock suspended from trading [19] - Dongfang Caifu announced that its subsidiary Hafu Securities has been approved by the Hong Kong Securities and Futures Commission to provide virtual asset trading services [20] - Galaxy Microelectronics plans to invest 310 million yuan to build the first phase of a high-end integrated circuit discrete device industrialization base [20]

Group 1 - The article discusses the recent market performance, indicating that the Shanghai Composite Index has stabilized around 3500 points, driven by policy expectations and potential government stimulus measures [1][2] - Analysts from Citigroup predict that the upcoming Politburo meeting will not revise the budget or increase government bond quotas, but will focus on implementing existing policies to support consumption and the real estate sector [1][2] - The article highlights that the real estate market has shown signs of recovery, with a potential for further gains in the coming weeks, based on historical trends of policy-driven market movements [3][5] Group 2 - The banking sector is expected to see an increase in dividend yields due to upcoming dividend distributions, which could enhance the attractiveness of bank stocks [7] - The article notes that the insurance sector is adjusting its investment strategies to favor high-dividend assets, which may impact the overall market dynamics [7] - The article mentions that the real estate index has risen by 9.69% since June 23, indicating a positive trend relative to the Shanghai Composite Index [3][5] Group 3 - The article outlines the upcoming key events in the financial calendar, including the Politburo meeting and FOMC meetings, which are expected to influence market sentiment and policy direction [2] - It emphasizes the importance of monitoring economic indicators and policy announcements as they could significantly impact market performance in the second half of the year [2][10] - The article suggests that sectors such as renewable energy, construction materials, and industrial metals are likely to benefit from current market trends and policy support [15][18]

Core Viewpoint - The securities sector is experiencing significant profit growth, with multiple firms reporting substantial increases in net profit for the first half of the year, indicating a bullish market trend [1][2]. Group 1: Profit Forecasts - Guojin Securities projects a net profit of 1.092 billion to 1.137 billion yuan for the first half of 2025, representing a year-on-year increase of 140% to 150% [1]. - Great Wall Securities anticipates a net profit of 1.335 billion to 1.407 billion yuan for the same period, reflecting a growth of 85% to 95% year-on-year [1]. - Huaxi Securities expects a net profit of 445 million to 575 million yuan, with a staggering year-on-year growth of 1025.19% to 1353.9% [1]. - Guolian Minsheng forecasts a net profit of 1.129 billion yuan, marking an increase of approximately 1183% compared to the previous year [1]. Group 2: Market Performance - Over 10 securities firms have issued positive half-year performance forecasts, indicating a strong recovery in the market [1]. - The securities index saw a significant rise of 2.47% on July 11, ranking second among concept sectors [2]. - Notable stocks such as Bank of China Securities have experienced consecutive trading limit increases, leading the sector's performance this month [2]. Group 3: Factors Driving Growth - The growth in performance is attributed to a recovering market, with the A-share market showing a trend of upward fluctuations and increased activity [1]. - Companies are enhancing their financial service capabilities through the integration of technology and finance, which has led to substantial growth in securities investment, wealth management, and investment banking [2]. - The favorable policies regarding public fund distribution, mergers and acquisitions, and events related to virtual assets are expected to further boost the securities index in the second half of the year [2].