Group 1 - The core viewpoint is that the securities sector is experiencing a strong rally, driven by policy support and active market participation, with specific stocks like Tianfeng Securities and Huaxi Securities showing significant gains [1][4] - The CSI All Share Securities Company Index has risen by 2.87% as of June 27, 2025, with notable increases in individual stocks such as Tianfeng Securities (up 10.02%) and Huaxi Securities (up 7.91%) [1] - The Securities ETF leader has seen a 7.11% increase over the past week, with a trading volume of 84.21 million yuan and a turnover rate of 3.6% [1] Group 2 - East China Securities emphasizes that the sustainability of the brokerage sector's rally depends on the pace of policy benefits and market activity levels, with a focus on the actual impact of capital market reform policies [4] - The approval of the first virtual asset trading license indicates regulatory support, which may catalyze further developments in the sector [4] - The ongoing M&A theme among A-share brokerages is gaining momentum, with the effectiveness of integration likely to influence future trends [5] Group 3 - Long-term prospects for the capital market are bolstered by supportive monetary and fiscal policies, promoting high-quality economic development and enhancing the structure of investor participation [5] - The Securities ETF leader (560090) is highlighted as an efficient investment tool for gaining exposure to the securities sector, tracking the CSI All Share Securities Company Index [5]

Core Viewpoint - The article discusses the recent performance of the A-share market, highlighting the upward trend of major indices and the active participation of financial sectors, particularly in virtual asset trading services, which are expected to drive growth and innovation in the industry [1][3][5]. Market Performance - As of the morning of the 27th, all three major A-share indices have risen, with the ChiNext Index increasing by over 1% and the Shenzhen Component Index by nearly 1% [1]. - More than 4,200 stocks have seen an increase in value [2]. Financial Sector Activity - The financial sector has become active again, with Tianfeng Securities hitting the daily limit, following multiple consecutive gains by other firms such as Hongye Futures and Aijian Group [3]. - Notable stock performances include Tianfeng Securities at 5.16, up 10.02%, and Huaxi Securities at 9.60, up 8.47% [4]. Virtual Asset Trading - The article mentions that Guotai Junan International has obtained the first full license for virtual assets among Chinese brokers in Hong Kong, with several other firms also pursuing similar licenses [4]. - Western Securities expresses optimism about the growth potential of Chinese brokers in virtual asset trading, which could enhance their competitive advantage and lead to new revenue streams [5]. Economic Outlook - Several brokerage firms project a positive outlook for the A-share market in the second half of 2025, anticipating a potential upward trend [9]. - Analysts from Galaxy Securities note that while external uncertainties and domestic demand issues persist, the Chinese economy is expected to show resilience due to ongoing policy support [12]. Investment Directions - Institutions are focusing on three main investment directions for the second half of the year: dividend assets, technology innovation themes, and the consumer sector [19]. - Dividend assets, particularly in financial sectors like insurance and banking, are highlighted for their defensive attributes and stable returns [21][22]. - The technology innovation theme emphasizes AI-related sectors, including AI computing and applications, which are expected to drive significant market interest [25][26]. - The consumer sector, particularly domestic brands in beauty and pet industries, is also seen as a promising investment area [28][30].

Group 1 - The brokerage sector showed strong performance on June 27, with Tianfeng Securities hitting the daily limit, Huaxi Securities rising over 6%, and Guohai Securities increasing by more than 5% [1] - The A-share leading brokerage ETF (512000) saw a price increase of 2.67%, with a trading volume of 463 million yuan within the first half hour of trading [1] - The "1 + 6" policy measures introduced at the Lujiazui conference on June 18 are expected to marginally ease IPOs on the Sci-Tech Innovation Board in the second half of the year, benefiting brokerage investment banking and direct investment businesses [2][3] Group 2 - The public fund sector has shown significant under-allocation in the non-bank sector, leading to an increased necessity for allocation in this area, which is expected to result in continuous capital replenishment [3] - The brokerage ETF (512000) tracks the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [3] - The second quarter market data has improved, indicating that brokerage firms' mid-year reports will continue to show high prosperity [2]

NO.2开源证券：继续看好券商板块 开源证券指出，提经济、稳股市政策态度延续，货币政策适度宽松，证券行业基本面向好，估值处于低 位，基准约束有望带来资金回补，当下继续看好券商板块。选股方面推荐三条主线：(1)低估值、零售 业务具有优势的头部券商；(2)高beta弹性的金融科技标的；(3)受益于港股市场IPO扩容和活跃度提升的 香港交易所及海外业务占比高的头部券商。 ｜2025年6月27日星期五｜ NO.1华西证券：红利、科技、消费、军工等品种均值得关注 华西证券（002926）指出，本轮行情快速上涨，主要是稳市资金流入后，市场上修波动预期的结果。在 此前的低波预期下，"稳市资金推动行情企稳"这一增量信息足以对行情形成超预期推动效果。从两轮行 情的复盘来看，本轮行情适合以分散化的方式博弈，红利、科技、消费、军工等品种均值得关注；同 时，若市场在大幅上涨后动能减弱，隐含波动率大幅回落，则可能是观点分歧&行情切换的转折点。 NO.3中信证券：运营商电信业务整体回暖，看好运营商基本面改善 中信证券研报表示，2025年前5个月，通信业经济运行数据逐月提升(工信部)：电信业务收入累计完成 7488亿元，同比增长1.4%( ...

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Huaxi Securities Co., Ltd. at AAA with a stable outlook, indicating strong financial health and competitive positioning in the market [1][2][4]. Company Overview - Huaxi Securities, established in June 2000, is a comprehensive listed securities company in China with a strong shareholder background and a complete range of securities business licenses [10]. - As of March 2025, the company has a registered capital of 2.625 billion yuan and is controlled by Luzhou Laojiao Group, which holds 28.52% of the shares [10][12]. Financial Performance - As of March 2025, the total assets of the company reached 1003.93 billion yuan, with net assets of 238.63 billion yuan and a strong capital adequacy ratio [8][16]. - The company's operating income for 2024 was 39.20 billion yuan, reflecting a year-on-year growth of 23.22%, driven primarily by significant increases in investment business income [18][24]. Business Segments - The main business segments include wealth management, investment, investment banking, and asset management, with wealth management being the largest revenue source [21][23]. - Investment business income has significantly increased, becoming the third-largest revenue source, while investment banking income has decreased [18][24]. Industry Analysis - The securities industry is experiencing heightened activity, with core business revenues such as brokerage and credit showing positive performance [12][13]. - The industry faces challenges such as regulatory pressures and market volatility, which can impact revenue stability [12][13]. Risk Management - The company has a robust risk management framework, although it has faced regulatory penalties, including a six-month suspension of its sponsorship business due to compliance issues [6][17]. - Continuous improvement in internal controls and compliance management is necessary to mitigate risks associated with external market conditions and regulatory changes [6][17].

华西证券股份有限公司 2025 年跟踪评级报告 | 1 D | | --- | | = | | R | | == N | | 首 试 員 拟 | | 服 | | ੜੇ | www.lhratings.com 联合〔2025〕4390 号 联合资信评估股份有限公司通过对华西证券股份有限公司及其 相关债券的信用状况进行跟踪分析和评估，确定维持华西证券股份 有限公司主体长期信用等级为 AAA，维持"22 华股 02""22 华股 0 3""23 华股 01""23 华股 02""23 华股 03""24 华股 01""24 华股 02""24 华股 03""24 华股 04""25 华股 01"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： 二〇二五年六月二十三日 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。鉴于信用评级工作特性 ...

华西证券（002926）指出，预计港股将出现进一步消化阶段压力趋势，前期过热的部分资产出现进一步 获利盘兑现收益。今年上半年累计涨幅偏大和机构较为拥挤的港股资产未来容易出现进一步的回调，未 来一段时间仍不建议无分化追高。现阶段港股市场暂时尚未形成全面大牛市或无分化上涨阶段，若无外 围等客观因素影响，等到未来阶段消化阶段压力之后，港股市场中估值偏低、基本面较好且贸易问题冲 击较小的局部低位资产将存在低吸的结构性机会。 ...

Market Overview - On June 19, the market showed no significant negative news, but both stocks and bonds adjusted, with the Shanghai Composite Index falling below 3400 points and the 10-year government bond yield approaching 1.65% [2] - The stock market exhibited strong defensive characteristics during the adjustment, with the Shanghai Composite Index, CSI 300, and CSI Dividend down by 0.79%, 0.82%, and 0.65% respectively [2] - The technology sector in China remained supported, with the STAR 50 index only declining by 0.54%, while the Hong Kong Hang Seng Technology index fell sharply by 2.42% [2] Bond Market Dynamics - The 10-year government bond yield rose by 0.4 basis points to 1.64%, while the 30-year government bond yield fell by 0.2 basis points to 1.84% [2] - The trading of 50-year government bonds became active, with yields on new bonds declining by approximately 13 basis points since May 29, indicating a significant interest in long-duration bonds [6] - The market is exploring structural opportunities due to a lack of a main trend, with the 20-year and 50-year bonds becoming targets for yield spread extraction [6] International Influences - The Federal Reserve maintained its policy rate at 4.25-4.50% during the June meeting, with a more hawkish internal view, as the number of officials expecting no rate cuts this year increased from 4 to 7 [3] - Following the Fed's decision, the yields on 10-year and 30-year U.S. Treasury bonds rose, although the adjustments were manageable, with neither yield breaking through 4.40% and 4.90% respectively [3] - The strengthening of the U.S. dollar has exerted pressure on precious metal prices, with gold prices entering a phase of fluctuation and decline, settling around 3370 USD per ounce [3] Domestic Monetary Policy - The People's Bank of China (PBOC) continued to provide support, with a net injection of 842 billion yuan through reverse repos, despite a slight increase in funding rates [4] - The current funding rates indicate a marginal increase, with overnight rates closing at 1.60-1.65% [4] - The market's liquidity situation is expected to stabilize, with the potential for further net injections from the PBOC [4] Equity Market Trends - The overall equity market experienced a significant decline, with the Wind All A index down by 1.20% and a trading volume of 1.28 trillion yuan, reflecting a 591 billion yuan increase from the previous day [7] - The decline in the market is attributed to escalating geopolitical tensions in the Middle East, particularly concerning Iran, which has heightened risk aversion among investors [7][8] - Despite the overall downturn, there remains a focus on technology sectors, with robotics and semiconductor stocks showing temporary gains [8]

Group 1 - Goldman Sachs indicates that geopolitical risks will drive up oil prices, with Brent crude potentially facing a risk premium of $10 per barrel [2] - Fitch Ratings highlights that the fiscal outlook for the United States remains challenging [2] - Mitsubishi UFJ warns that if the U.S. intervenes in the Israel-Palestine conflict, the dollar may decline [2] Group 2 - CICC believes that the Federal Reserve will not act hastily in the face of inflation [2] - CITIC Securities expects the Federal Reserve to cut interest rates no more than twice this year [2] - CITIC Securities anticipates that L3 will become the main upgrade direction for autonomous driving from Q4 2025 to 2026 [2] - China Merchants Macro notes that the Federal Reserve's cautious stance on stagflation risks is delaying rate cuts [2] - Huaxi Securities observes that the market is returning to a volatile pattern, with upward pressure on profit-taking [2] - Minsheng Macro predicts that hard data in the U.S. will decline in the second half of the year, with "stag" becoming a trigger for a shift in the Federal Reserve's policy [2]

华西证券：市场再度回归震荡格局，向上有一定兑现压力 金十数据6月19日讯，华西证券指出，整体来看，地缘冲突造成的情绪波动缓和后，市场再度回归震荡 格局，向上有一定的兑现压力，而向下有做多思维作为支撑。结合近期行情来看，市场已开始交易政策 预期，体现在金融科技、稳定币概念大涨，意味着相关品种的获利筹码可能存在兑现倾向。而证券、保 险等非银品种小幅上涨，若相关行业出现超预期利好政策，有望推动其走强。 ...