Core Viewpoint - The securities sector experienced a slight increase of 0.52% on September 17, with a notable performance from Chuangxin Securities leading the gains [1] Market Performance - The Shanghai Composite Index closed at 3876.34, up by 0.37% - The Shenzhen Component Index closed at 13215.46, up by 1.16% [1] Individual Stock Performance - Major stocks in the securities sector showed mixed results, with the following notable performances: - Tuhai Haitong (601211) closed at 18.98, down by 0.99% - CITIC Securities (600030) closed at 28.99, down by 0.99% - China Merchants Securities (6660009) closed at 17.46, down by 0.96% - Guoxin Securities (002736) closed at 13.57, down by 0.95% - Bank of China Securities (601696) closed at 15.25, down by 0.52% - Huatai Securities (601688) closed at 20.27, down by 0.10% - Guosheng Financial Holdings (002670) closed at 20.30, up by 0.25% - Huaxi Securities (002926) closed at 10.08, up by 0.30% - Hongta Securities (601236) closed at 9.04, up by 0.33% [1] Capital Flow - The securities sector saw a net outflow of 4.784 billion yuan from major funds, while retail investors contributed a net inflow of 2.083 billion yuan [1]

Core Insights - The company, Chanzan Optoelectronics, held a roadshow on September 17, engaging with seven institutions to discuss its operational status and business highlights [1] Group 1: Strategic Adjustments - MicroTouch, a brand under Chanzan, has undergone significant strategic adjustments, shifting from a "channel-focused" to a "product-focused" approach, leading to rapid revenue growth and increasing contribution [2] Group 2: Customer Structure - The top ten customers of Chanzan contributed nearly 70% of the revenue in the first half of 2025, indicating a diversified customer base primarily consisting of leading companies from various industries in Europe and the U.S. [3] Group 3: Automotive Display Business - Chanzan plans to enhance its automotive display segment by developing new products and applications, focusing on the "China + U.S." markets, with multiple vehicle models already in mass production by 2025 [4] Group 4: Financial Performance - The company has maintained an average dividend payout ratio exceeding 45% over the past three years, with a consolidated gross margin above 25% and commercial display business gross margin exceeding 30% [5] Group 5: AI Technology Development - Chanzan has developed technical reserves in AI, including designs for AI CPU motherboards and camera integration, and will closely monitor market opportunities as AI applications expand [6]

Group 1 - Multiple securities firms have listed their properties and other assets for transfer or lease in order to activate assets and enhance resource allocation efficiency [1][2] - Southwest Securities has listed over 70 assets for transfer at a total base price of 4.8782 million yuan, including properties and vehicles, with many being debt-recovery assets [1] - The move to dispose of non-core assets is aimed at optimizing asset structure and improving capital efficiency, especially in the current economic environment [1][3] Group 2 - Hongta Securities plans to transfer six properties with a book value of 29.1289 million yuan and an assessed value of 263 million yuan, reflecting an increase of 802.17% [2] - The asset disposal by Hongta Securities is expected to generate approximately 187 million yuan in profit if completed at the assessed value [2] - Huaxi Securities has also approved the disposal of a property and has signed a 12-year lease agreement for another asset, expected to generate a total rental income of 359 million yuan [2] Group 3 - In February, Founder Securities sold 101 properties for a total price of 730 million yuan to focus on core business and activate debt-recovery assets [3] - The trend of securities firms selling or leasing non-core assets is seen as a way to increase cash flow, reduce operational costs, and enhance financial stability [3]

Core Insights - The main control SOC is identified as a critical component for AI smart glasses, accounting for over 30% of the BOM, which is essential for product differentiation [1] - High-performance ISP is crucial for the imaging quality of AI smart glasses, with AI-enabled ISP enhancing image quality through real-time optimization [3] - Qualcomm's Snapdragon AR1 GEN1 has become a mainstream choice for AI smart glasses, with various domestic chip products emerging and actively iterating to enrich the market [4] Group 1: SOC Solutions - There are three main SOC solutions catering to different market needs: 1. System-level SOC solutions, which are highly integrated and preferred for mid-to-high-end AI smart glasses due to their performance and functionality [2] 2. MCU-level SOC + ISP solutions, which are lower in integration and suitable for entry-level products, though they require further improvement [2] 3. SOC + MCU dual-chip solutions, balancing low power consumption and high performance, primarily used in flagship models [2] Group 2: ISP and Imaging Quality - High-performance ISP is essential for achieving high-quality imaging in AI smart glasses, processing raw image data through various correction techniques to enhance image quality [3] - AI-enabled ISP redefines visual clarity by integrating trained AI algorithms and dedicated processing units, allowing for adaptive optimization based on real-time conditions [3] Group 3: Market Trends and Product Development - Qualcomm launched the Snapdragon AR1 GEN1 platform in September 2023, designed for lightweight smart glasses, featuring advanced processing capabilities [4] - The upcoming Snapdragon AR1+GEN1 chip, set to release in June 2025, will support on-device AI processing, marking a shift from smart glasses as "mobile accessories" to "independent smart terminals" [4] - Numerous domestic chip products, such as Unisoc W517 and Hengxuan Technology BES 2700, are emerging with competitive advantages in size, performance, and power consumption [4]

Group 1 - The company reported a revenue of 625 million yuan for the first half of 2025, representing a year-on-year increase of 28.36%, and a net profit attributable to shareholders of 96 million yuan, up 53.07% year-on-year, with an EPS of 0.48 yuan [1] - In Q2 alone, the company achieved a revenue of 402 million yuan, a year-on-year growth of 30.13% and a quarter-on-quarter increase of 80.27%, with a net profit of 72 million yuan, reflecting a year-on-year increase of 48.18% and a quarter-on-quarter surge of 208.75% [1] - The company saw significant growth in the sales of its main explosive products, with industrial detonator sales increasing by 29.15% to 23.56 million units, industrial explosives sales rising by 44.09% to 35,020.19 tons, and initiation device sales doubling by 100.53% to 815.44 tons [1] Group 2 - The company is advancing its intelligent blasting project, launching products such as tunnel blasting intelligent loading robots and wireless detonators, which provide intelligent blasting solutions for various applications [1] - The successful first blast of the wireless electronic detonator in August 2025 marks a significant milestone, being the first successful application of this technology in the country, with future applications expected to enhance intelligent blasting capabilities [1] - The company has partnered with a Shenzhen automation technology firm to develop a second-generation intelligent loading robot, expected to be mass-produced in October 2025, following the successful development of the first-generation robot [1] Group 3 - The company is actively pursuing its "Westward Strategy," having established a branch in Motuo in 2024 to track and undertake related projects, and signed a strategic cooperation agreement with China Railway 19th Bureau Mining Co., Ltd. to collaborate on major projects in Tibet and Xinjiang [2] - The commencement of the Yarlung Tsangpo River downstream hydropower project in July 2025 presents new growth opportunities for the company through participation in large-scale infrastructure projects [2] Group 4 - The company maintains its profit forecast, expecting revenues of 1.744 billion yuan, 2.454 billion yuan, and 2.886 billion yuan for 2025-2027, with net profits of 327 million yuan, 463 million yuan, and 510 million yuan respectively, and corresponding EPS of 1.63, 2.32, and 2.55 yuan [3] - The projected PE ratios for the years 2025, 2026, and 2027 are 15, 11, and 10 times based on the closing price of 24.56 yuan on September 12 [3]

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） 2025 年面向专业投资者公开发行公司债券 （第二期） 募集说明书 | 注册金额： | 不超过 亿元（含） 100 | | --- | --- | | 发行金额： | 不超过 20 亿元（含） | | 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：2025 年 月 日 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（第二期）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、监事、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 ...

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 （第二期） 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） 2025 年 9 月 15 日 本公司及其董事、监事、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 29.00 亿元，本期债券为第三期发行，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 ...

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 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 2025 年面向专业投资者公开发行公 司债券（第二期）更名公告》之盖章页） 券（第二期）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 2025 年面向专业投资者公开发行公司债券（第二 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。 西南证券股份有限公司 2025 年 月 日 华西证券股份有限公司 2025 年 月 日 （此页无正文，为《华西证券股份有限公司 2025 ...

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） 2025 年面向专业投资者公开发行公司债券 （第二期） 募集说明书摘要 | 注册金额： | 不超过 亿元（含） 100 | | --- | --- | | 发行金额： | 不超过 20 亿元（含） | | 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：2025 年 月 日 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（第二期）募集说明书摘要 声明 1 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（第二期）募集说明书摘要 重大事项提示 请投资者关注以下重大事项，并仔细阅读募集说明书中"第一节风险提示 及说明"等有关章节。 一、本次债券注册情况 根据《关于同意华西证券股份有限公司向专业投资者公开发行公司债券注 册的批复》（证监许可〔2025〕366 号），发行人获准面向专 ...

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（第二期） 信用评级报告 | 信用评级报告 | | --- | | www.lhratings.com | 联合〔2025〕9176 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 2025 年面向专业投资者公开发行公司债券（第二期）的信用状况进 行综合分析和评估，确定华西证券股份有限公司主体长期信用等级 为 AAA，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（第二期）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： 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及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受华西证券股份有限公司（以下简称"该公 ...