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科技创新 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 10 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科技创新公司债券（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、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 ...

华西证券股份有限公司 2025 年面向专业投资者公开发行科技创新 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） 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"）。 以外的其他交易场所上市。 6、期限：本期债券期限为 3 年期固定利率债券。 7、本期债券为无担保债券。 8、本期债券的询价区间为 1.5%-3.5%，发行人和主承销商将于 2025 年 5 月 28 日（T-1 日）向投资者利率询价，并根据利率询价情况确定本期债券的最终票 面利率。发行人和主承销商将于 2025 年 5 月 28 日（T-1 日）在深圳证券交易所 网站（http://www.szse.cn ...

华西证券股份有限公司2025年面向专业投资者公开发行科技创 新公司债券（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 2025 年面向专业投资者公开发行科技创新公司 债券（第一期）"。 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科 技创新公司债券（第一期）更名公告》之盖章页） 华西证券股份有限公司 2025 年 月 日 （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科 技创新公司债券（第一期）更名公告》之盖章页） 西南证券股份有限公司 2025 年 月 日 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 ...

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科技创新 公司债券（第一期） 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 亿元（含） 10 | | 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科技创新公司债券（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 书相同。 1 华西证券股份有 ...

华西证券股份有限公司 2025 年面向专业投资者公开发 行科技创新公司债券（第一期） 信用评级报告 | | | www.lhratings.com 联合〔2025〕3218 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科技创新公司债券（第一期）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 公开发行科技创新公司债券（第一期）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： 二〇二五年五月二十二日 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 ...

Core Viewpoint - Huaxi Securities has been penalized by the Zhejiang Securities Regulatory Bureau for violating regulations related to investor solicitation, marking a repeated offense within a short period [2][4][10]. Regulatory Actions - The Zhejiang Securities Regulatory Bureau issued three fines on May 23, indicating that Huaxi Securities' Yiwu Mall Avenue branch engaged in illegal solicitation activities by entrusting individuals outside of licensed brokers [4][7]. - The regulatory body emphasized the need for the branch to learn from this incident, implement effective corrective measures, and hold responsible personnel accountable [7][10]. Compliance Issues - The branch's actions violated the Securities Brokerage Business Management Measures, which prohibit companies from delegating solicitation activities to unlicensed individuals or institutions [7][9]. - The head of Huaxi Securities' Zhejiang branch, Tong Moujun, was also held accountable for inadequate compliance management, receiving a warning and being recorded in the securities market integrity archive [7][10]. Industry Context - The incident reflects a broader trend of increased regulatory scrutiny in the securities industry, with multiple firms, including Huaxi Securities, facing penalties for similar violations [8][10]. - Regulatory authorities have been pushing for enhanced compliance measures, including the use of technology to track client sources and reduce reliance on traditional brokerage activities [10].

Group 1 - The core viewpoint is that the pricing power of core assets is gradually shifting southward, driven by the increasing attractiveness of the Hong Kong stock market due to improved asset supply structure, quality, and liquidity [1] - The recent surge in A-share companies going public in Hong Kong is attributed to a combination of outbound strategies, institutional conveniences, and improved liquidity in the Hong Kong market [1] - The historical context indicates that each round of institutional reform in the Hong Kong Stock Exchange has led to bull markets that align with the characteristics of the times [1] Group 2 - The A-share market is expected to remain in a high central tendency oscillation phase in the second quarter, with short-term adjustments anticipated [2] - The upper limit of the oscillation is supported by export resilience, while the lower limit is linked to the relationship between loose monetary policy and capital market stability [2] - Short-term focus remains on sectors like pharmaceuticals (CXO and innovative drugs) and precious metals, while technology is still undergoing a mid-term adjustment phase [2] Group 3 - The market sentiment has shown signs of retreat, with increased trading activity in micro-cap stocks, indicating potential market risks due to crowded trading [3] - The central bank's financial policies aim to support the real economy and may bring fresh capital into the market [3] - The focus is on "new quality domestic demand growth," emphasizing sectors like social services, retail, and pharmaceuticals [3] Group 4 - The recent volatility in overseas financial markets, including rising long-term bond yields, has increased market risk aversion, necessitating a more cautious approach [4] - The micro-cap style has recorded significant relative gains, driven by a market environment characterized by rapid rotation and stock selection for excess returns [4] - The trading volume of the CSI 2000 index has reached a high of 32%, indicating a crowded market that may lead to increased volatility [4] Group 5 - The market is expected to refocus on technology growth, particularly in the AI industry, with attention on upstream and downstream applications [5][6] - Historical patterns suggest that industry rotation typically slows down from mid to late May, indicating a potential consolidation phase for market leadership [5] Group 6 - A-share indices are likely to undergo revaluation as quality indices strengthen, driven by stable cash flows and declining capital expenditures [7] - The trend of a weak dollar and strong renminbi is expected to benefit core assets represented by quality growth indices [7] Group 7 - The recent rise in global risk aversion, primarily due to fluctuating U.S. tariff policies and rising long-term bond yields, may indirectly affect A-share sentiment [8] - The regulatory environment is supportive of the stock market, with expectations of continued inflows from long-term funds [8] Group 8 - The market is currently experiencing a lack of sustained upward momentum, with frequent style switches between large and small caps [9] - Structural opportunities are present, particularly in high-margin assets and sectors benefiting from policy support for consumption [9] Group 9 - The short-term outlook for A-shares is characterized by a consolidation phase, with resilience expected as long as there is no global liquidity crisis [10] - The market's upward potential is contingent on the strength of economic recovery, with "quasi-stabilizing funds" helping to mitigate downside risks [10] Group 10 - The historical performance of dividend assets shows a tendency to underperform in June, suggesting a potential "headwind" period for these assets [12] - Despite this, dividend assets remain a long-term strategic choice for investors amid geopolitical uncertainties and ongoing trade tensions [12]

Group 1 - The People's Bank of China (PBOC) has implemented various monetary policy tools since May to maintain ample liquidity, including a 0.5 percentage point reserve requirement ratio (RRR) cut expected to provide approximately 1 trillion yuan in long-term liquidity [1] - The PBOC's operations included a net withdrawal of 781.7 billion yuan from May 6 to May 9, a net withdrawal of 350.1 billion yuan from May 12 to May 16, and a net injection of 460 billion yuan from May 19 to May 23 [1] - On May 23, the PBOC conducted a 500 billion yuan Medium-term Lending Facility (MLF) operation, resulting in a net injection of 375 billion yuan after offsetting 125 billion yuan of maturing MLF [1] Group 2 - A report from Huaxi Securities indicates that the funding environment in the last week of May may be influenced by tax periods and seasonal factors, suggesting that the PBOC's support will be crucial for maintaining stability [2] - The amount of reverse repos maturing from May 26 to May 30 is 946 billion yuan, and the report anticipates that the PBOC may maintain a certain level of liquidity injection to alleviate funding pressure [2] - In April, the PBOC conducted a 600 billion yuan MLF operation, resulting in a net injection of 500 billion yuan after offsetting 100 billion yuan of maturing MLF, alongside a 12 trillion yuan reverse repo operation [2] Group 3 - The cumulative net injection of approximately 1.4 trillion yuan in long-term funds from MLF and RRR cuts in May may lead to some net withdrawal from reverse repos, given the stable and slightly loose funding environment [3]

Group 1 - The recent surge of A-share companies going public in Hong Kong is driven by an outbound strategy, institutional convenience, and improved liquidity in the Hong Kong stock market [1] - The attraction of the Hong Kong market is systematically increasing, with continuous improvement in asset supply structure and quality, as well as liquidity trends benefiting from the return of overseas funds [1] - The trend of more quality leading companies listing in Hong Kong may catalyze a shift in A-share market style towards core assets [1] Group 2 - A-shares are expected to remain in a high central tendency oscillation market in the second quarter, with short-term adjustments anticipated [2] - The upper limit of the oscillation is supported by export resilience, while the lower limit is linked to the relationship between loose monetary policy and capital market stability [2] - Short-term focus remains on sectors like pharmaceuticals (CXO and innovative drugs) and precious metals, while technology is still undergoing mid-term adjustments [2] Group 3 - The recent market sentiment has shown signs of retreat, with micro-cap stocks gaining trading heat, indicating potential market risks due to crowded trades [3] - The central bank's financial policies aim to support the real economy and may bring fresh capital into the market [3] - The focus remains on "new quality domestic demand growth" with an emphasis on service consumption and new consumption sectors [3] Group 4 - The recent volatility in overseas financial markets, including rising long-term bond yields, has increased market risk aversion [4] - The small-cap style has recorded significant relative gains, driven by a market environment of rapid rotation and stock selection for excess returns [4] - The trading volume of the CSI 2000 index has reached a high concentration level, indicating potential volatility risks [4] Group 5 - The market is expected to refocus on technology growth, particularly in the AI industry chain, with attention on upstream and downstream innovations [5][6] - Historical patterns suggest that industry rotation typically slows down from mid to late May into June, indicating a potential consolidation phase [5] Group 6 - A-share indices are likely to undergo revaluation as quality growth indices strengthen, driven by stable cash flows and declining capital expenditures [7] - The trend of a weak dollar and strong renminbi is expected to benefit core assets represented by quality growth indices [7] Group 7 - The recent rise in global risk aversion, driven by U.S. tariff policy fluctuations and rising long-term bond yields, may indirectly affect A-share sentiment [8] - The influx of long-term funds from social security, insurance, and pension schemes is expected to support a stable A-share market [8] Group 8 - The market is currently experiencing rapid style switching, with both large and small caps alternating in dominance [9] - Structural opportunities are present, particularly in high-margin assets and sectors benefiting from policy support for consumption [9] Group 9 - Short-term market consolidation is anticipated, with resilience remaining intact despite potential negative impacts from rising U.S. bond yields [10] - The current market environment is characterized by a balance of policy support and economic recovery expectations [10] Group 10 - The historical trend indicates that dividend-paying assets may face headwinds in June, but could present good entry points for long-term investors [12] - The ongoing geopolitical uncertainties and trade tensions suggest that dividend assets remain a solid long-term investment choice [12]

Core Viewpoint - Zhejiang Securities Regulatory Bureau has issued administrative measures against Huaxi Securities' Yiwu Mall Avenue Securities Business Department for violations related to investor solicitation activities, highlighting compliance issues within the company [1][2][9]. Group 1: Violations and Measures - Huaxi Securities' Yiwu Mall Avenue Securities Business Department was found to have engaged in illegal solicitation activities by entrusting individuals outside of licensed securities brokers, violating Article 8, Item 7 of the Securities Brokerage Business Management Measures [1][6]. - The Zhejiang Securities Regulatory Bureau decided to issue a warning letter to the Yiwu Mall Avenue Securities Business Department and record this in the securities and futures market integrity file [1][6]. - Wei Qian, the head of the business department, is held responsible for the violations and is subject to corrective measures, which will also be recorded in the integrity file [7][8]. Group 2: Responsibilities of Management - Tong Xuejun, as the head of Huaxi Securities' Zhejiang branch, is responsible for the compliance operations of the business department and has been issued a warning letter for inadequate compliance management, violating Article 10, Paragraph 1 of the Compliance Management Measures for Securities Companies and Securities Investment Fund Management Companies [2][9]. - The regulatory authority emphasized the need for both Wei Qian and Tong Xuejun to enhance compliance management and rectify the identified issues to prevent future violations [8][10].