Group 1 - The company, Huaxi Securities, announced participation in an investor online reception day and semi-annual report performance briefing on September 12, 2025 [1] - The event is organized by the Sichuan Listed Companies Association and Shenzhen Panorama Network Co., Ltd [1]

Group 1 - The company, Huaxi Securities, will participate in the "2025 Online Collective Reception Day for Investors in Sichuan Region and Half-Year Report Performance Briefing" organized by the Sichuan Provincial Association of Listed Companies and Shenzhen Panorama Network Co., Ltd [1] - The event aims to enhance interaction and communication with investors regarding the company's performance for the fiscal year 2024 and the first half of 2025, corporate governance, development strategy, operational status, and sustainable development [1] - The company encourages investors to actively participate in the online event to discuss various topics of interest [1]

关于参加四川辖区 2025 年投资者网上集体接待日 及半年度报告业绩说明会活动的公告 、 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。 证券代码：002926 证券简称：华西证券 公告编号：2025-038 华西证券股份有限公司 1.时间：2025 年 9 月 12 日（周五）14:00-17:00 2.召开方式：本次活动将采用网络远程的方式举行 3.公司出席人员：公司总裁杨炯洋，副总裁、财务负责人李斌，独立董事张桥云， 董事会秘书曾颖。 4.投资者参加方式：投资者可登录"全景路演"（https://rs.p5w.net）参与本 次互动交流。 二、其他 2025 年 9 月 6 日 公司将在线就 2024 年度及 2025 年半年度业绩、公司治理、发展战略、经营状况 和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃 参与！ 为进一步加强与投资者的互动交流，华西证券股份有限公司（以下简称"公司"） 将参加由四川省上市公司协会、深圳市全景网络有限公司联合举办的"四川辖区 2025 年投资者网上集体接待日及半年度报告业绩说明会"活动，现将 ...

Core Viewpoint - The sell-side research business in China's securities industry is considered the "crown jewel," reflecting a brokerage's professional capability and comprehensive influence, despite not generating significant profits [2][3]. Summary by Sections Sell-Side Research Capability Measurement - The measurement of sell-side research capabilities among brokerages is primarily based on the total amount of commission allocated by public funds and their rankings. The recent commission ranking, following the public fund commission reform, highlights the strengths and weaknesses of research and service capabilities [3][4]. Top Tier: Expected Reshuffling and Surprises - The merger of two traditional institutions, Guotai Junan and Haitong Securities, into Guotai Haitong Securities has created a reshuffling opportunity in the top tier of sell-side research. However, the merged entity did not surpass CITIC Securities, which remains the leader with a significant gap in commission income [4][5]. Commission Rankings - CITIC Securities leads with a total commission of 319 million yuan, holding a market share of 7.13%. Guotai Haitong Securities follows with 268 million yuan, while GF Securities ranks third with 250 million yuan [5][6][8]. Competitive Landscape - The competition for the second and third positions in the sell-side research market is expected to be intense, particularly between Guotai Haitong and GF Securities, given their close commission figures [7]. First Tier: Strong Contenders - The top ten brokerages are characterized by complete systems, strong teams, and significant influence. The rankings are subject to change based on performance in the latter half of the year [9][10]. Rising Institutions - Zhejiang Securities, Shenwan Hongyuan, and CICC have shown significant improvements in their rankings without the benefit of mergers, indicating genuine growth in their research capabilities [11][12]. Second Tier: The "Billion Club" - The second tier of brokerages, ranked 11th to 20th, is highly competitive, with many firms vying for the "billion club" threshold. The top three in this tier are Tianfeng Securities,招商证券, and东吴证券, all closely matched in commission income [14][15]. Notable Exceptions - Guolian Minsheng Securities, which also underwent a merger, is uniquely positioned in the rankings due to its late merger timing, potentially affecting its future standings [16]. Bottom Tier: Rare Positive Growth - Among the bottom ten brokerages, there are rare examples of positive growth, particularly华源证券 and华福证券, which have seen significant increases in their commission income due to strategic hires and team expansions [17][19].

Group 1 - Zhongyin Securities fell over 5% [1] - Xiangcai Shares and Dongfang Wealth both dropped over 3% [1] - Jinlong Shares, Changjiang Securities, Tianfeng Securities, and Huaxi Securities also experienced declines [1]

Core Viewpoint - The A-share market has shown strong performance, leading to significant revenue and profit growth for listed securities firms in the first half of the year, primarily driven by proprietary trading income. Group 1: Financial Performance - In the first half of the year, 42 listed securities firms achieved a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan, representing year-on-year growth of 11.37% and 65.08% respectively [1] - Proprietary trading contributed significantly, with total proprietary income reaching 112.35 billion yuan, a year-on-year increase of 53.53%, accounting for over 40% of total revenue [1][2] - Among these firms, CITIC Securities was the only one to exceed 10 billion yuan in proprietary income, achieving 19.05 billion yuan, which constituted approximately 57% of its total revenue [2] Group 2: Major Shareholdings - As of the end of June, the top three heavily held stocks by securities firms were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 439 million shares, and 383 million shares respectively [5] - The market value of these holdings was approximately 11.03 billion yuan for Jiangsu Bank, 6.51 billion yuan for Yong'an Futures, and 9.21 billion yuan for CITIC Construction Investment [5] - Other notable stocks included Sinopec, Shanghai Laishi, and Yuheng Pharmaceutical, with significant holdings by various securities firms [5] Group 3: Changes in Holdings - In the second quarter, securities firms significantly increased their positions in stocks such as Sichuan Chengyu, Hongchuang Holdings, and Yuntianhua, with increases of 9.89 million shares, 5.76 million shares, and 5 million shares respectively [6] - Conversely, stocks like Huangshi Group, Shanghai Mechanical, and Northeast Securities saw substantial reductions in holdings, with Huangshi Group experiencing a decrease of over 14 million shares [7][8] - Regulatory issues led to a sharp decline in holdings for certain stocks, with securities firms reducing their positions in Huangshi Group following investigations and penalties [8][9]

Core Insights - The A-share market continues to rise, leading to a prosperous season for brokerage firms, with 42 listed brokerages achieving a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan in the first half of the year, representing year-on-year growth of 11.37% and 65.08% respectively [1] - The significant increase in brokerage performance is largely attributed to proprietary trading, which generated a total income of 112.35 billion yuan, a year-on-year increase of over 50%, accounting for more than 40% of total income [1][2] - Among the brokerages, CITIC Securities stands out as the only firm with proprietary income exceeding 10 billion yuan, reaching 19.05 billion yuan, contributing approximately 57% to its total revenue [2] Brokerage Performance - In the first half of the year, 25 out of 42 listed brokerages reported proprietary income exceeding 1 billion yuan, accounting for nearly 60% of the total [2] - Notable performers include Changjiang Securities, which saw a staggering year-on-year increase of 668.35% in proprietary income, and Guolian Minsheng and Huaxi Securities with increases of 458.78% and 245.07% respectively [2] Stock Holdings - As of the end of June, the top three stocks held by brokerages were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 43.9 million shares, and 38.3 million shares respectively, translating to market values of 11.03 billion yuan, 6.51 billion yuan, and 9.21 billion yuan [4] - Brokerages have shown a preference for sectors such as non-bank financials, electronics, and biomedicine in their proprietary trading [1] Changes in Holdings - In the second quarter, significant increases in holdings were observed in stocks like Sichuan Chengyu, Hongchuang Holdings, and Yuntianhua, with increases of 9.89 million shares, 5.76 million shares, and 5 million shares respectively [6] - Conversely, stocks such as Huangshi Group, Shanghai Mechanical, and Northeast Securities experienced substantial reductions in holdings, with the largest decrease being 14 million shares for Huangshi Group [8][11] Regulatory Impact - Some stocks faced significant reductions in holdings due to regulatory penalties, with brokerages exiting positions in companies like Huangshi Group, which was under investigation for information disclosure violations [10][11]

Group 1 - The core viewpoint is that all 49 listed brokerage firms in A-shares have reported positive growth in net profit, with 13 firms showing an increase of over 100%, and Huaxi Securities and Guolian Minsheng achieving nearly 1200% profit growth [1] - 28 listed brokerages have disclosed their profit distribution plans for the first half of 2025, with seven firms including CITIC Securities, Guotai Junan, and China Galaxy planning to distribute cash dividends exceeding 1 billion yuan [1] - The brokerage sector's performance is driven by increased trading activity, with core businesses such as brokerage and proprietary trading being the main sources of profit growth [3][5] Group 2 - The brokerage ETF (512000) has seen significant net inflows, with a recent single-day net inflow of 462 million yuan and cumulative net inflows exceeding 4.1 billion yuan over the past 20 days [6][5] - The current price-to-book ratio (PB) of the brokerage sector is 1.65, which is at the 51.47% percentile over the past decade, indicating that the sector is still undervalued [3] - Analysts expect the brokerage index to maintain a steady upward trend if the equity market continues to expand, with the potential to approach a PB of two times, which is the upper limit of the valuation range over the past ten years [5][3] Group 3 - The brokerage ETF (512000) is designed to passively track 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 [7] - The ETF has a current fund size exceeding 31.2 billion yuan, marking a historical high, and has an average daily trading volume of over 900 million yuan, making it one of the most liquid ETFs in the A-share market [6][7]

Market Overview - On September 1, the securities sector declined by 0.97%, with Huaxi Securities leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Zhongyin Securities (601696) closed at 16.82, up 4.15% with a trading volume of 2.1491 million shares and a turnover of 3.605 billion [1] - Pacific Securities (660109) closed at 4.46, up 1.13% with a trading volume of 3.3672 million shares [1] - Other notable performances include: - China Merchants Jinling (601995) at 38.94, up 1.01% [1] - Guojin Securities (600109) at 10.36, up 0.48% [1] - Huaxin Securities (600621) at 17.85, down 0.56% [1] Fund Flow Analysis - The securities sector experienced a net outflow of 7.504 billion from institutional investors, while retail investors saw a net inflow of 5.043 billion [2] - Notable fund flows include: - Zhongyin Securities had a net inflow of 4.65 billion from institutional investors, but a net outflow of 1.13 billion from speculative funds [2] - Pacific Securities saw a net inflow of 1.12 billion from speculative funds, but a net outflow of 645.725 million from institutional investors [2] - Overall, retail investors contributed positively to the fund flow in the sector [2]

Market Performance - The A-share market collectively rose on September 1, with the Shanghai Composite Index increasing by 0.46%, the Shenzhen Component Index rising by 1.05%, and the ChiNext Index surging by 2.29%, while the Beijing Stock Exchange 50 fell by 0.36% [2] - The total trading volume in the Shanghai and Shenzhen markets was 27,776 billion yuan, a decrease of 525 billion yuan compared to the previous day [2] - Over 3,200 stocks in the market experienced gains [2] Sector Performance - The leading sectors in terms of gains included precious metals, non-ferrous metals, innovative pharmaceuticals, CPO, and storage chips [2] - Conversely, the sectors that saw declines included insurance, airport and shipping, securities, military equipment, banking, and gaming [2] Notable Stocks - International gold prices surpassed 3,480 USD per ounce, leading to a collective surge in gold stocks, with companies like Zhongjin Gold, Hunan Gold, and Western Gold hitting the daily limit [2] - Innovative pharmaceutical stocks saw significant increases, with Maiwei Biotech hitting the daily limit and over 10 stocks including Lifang Pharmaceutical and Baihua Medicine also reaching the daily limit [2] - CPO concept stocks maintained strong performance, with companies like Zhongji Xuchuang, Tianfu Communication, and Xinyi Sheng reaching historical highs [2] - The satellite navigation and military equipment sectors saw multiple stocks decline, with China Satellite, China Satcom, and Aerospace Hongtu among those with notable losses [2] - The securities sector also underperformed, with Huaxi Securities, Dongwu Securities, and Dongfang Securities experiencing declines [2]