证券代码：524209 证券简称：25 华股 01 （本页无正文，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（第一期）发行结果公告》之盖章页） 本期债券发行时间为2025年4月8日至2025年4月9日，最终实际发行规模为19 亿元，票面利率为1.95%，全场认购倍数为2.8105倍。 发行人的董事、监事、高级管理人员及持股比例超过5%的股东及其他关联 方未参与本期债券的认购。 本期债券承销机构西南证券股份有限公司及其关联方未参与本期债券的认 购。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》、《深圳证 券交易所公司债券上市规则（2023年修订）》、《深圳证券交易所债券市场投资 者适当性管理办法（2023年修订）》及《关于进一步规范债券发行业务有关事项 的通知》等各项有关要求。 特此公告。 （本页以下无正文） 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（第一期）发行结果公告 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。 华西证券股份有限公司（以下简称"发行人"或"公司"）发 ...

智通财经APP获悉，华西证券发布研报称，1-2月人身险累计保费承压，其中2月增速有所改善；车险和 非车险保费均实现稳增。负债端看，各险企产品重心向分红险转型、渠道全面推进报行合一，从短期来 看或造成新单数据继续承压，但长期来看险企负债成本有望持续压降，利差损压力将逐步缓解。受益于 车企营销持续发力、新车零售市场热度不减，财险保费有望延续稳健增长，各头部险企风险减量或有利 于COR改善。资产端看，2024年以来长债利率趋势性下行，权益投资表现或成为胜负手。 推荐标的 财产险：1-2月车险和非车险保费均实现稳增 2025年1-2月财产险公司原保费收入3,203亿元，同比+4.7%。其中车险/非车险原保费收入分别为 1,431/1,772亿元，分别同比+4.3%/+5.1%。2月单月，财产险公司原保费收入1,209亿元，同比+9.4%，其 中，车险原保费收入539亿元，同比+5.4%，预计主要系车市实现春节后开门红。 根据乘联会披露，随着国内外宏观环境变化好于预期，消费者消费心态相对平稳，叠加车企营销活动在 春节期间的持续发力和去年2月销量基数低，2月全国乘用车市场零售138.6万辆，同比+26.0%；非车险 原保 ...

华西证券主要观点如下： 运动控制系统：人形机器人核心部件，高壁垒环节 人形机器人的感知决策需要依赖大模型提供的"大脑"，肢体控制则依赖于"小脑"—运动控制系统。先进 的运动控制技术是人形机器人等高端装备实现高速、高精度、高实时响应作业性能的关键，完整的运动 控制系统包括人机交互界面、控制器、驱动器、电机等部件，其中控制器、驱动器、电机三者相互联 系，共同组成运动控制系统的主干。运动控制产品集成计算机控制、微电子等多项技术，并需要长期深 入工业一线应用场景进行不断的知识反馈、经验吸收和技术迭代，是基础研究和应用实践紧密结合的高 竞争壁垒领域。人形机器人的自由度明显超出普通高端装备，为运动控制带来了更高的挑战，也带来了 更高的市场空间，参考工业母机行业，高档数控系统价值约占高端数控机床成本的20%-40%。 华西证券（002926）发布研报称，人形机器人的感知决策需要依赖大模型提供的"大脑"，肢体控制则依 赖于"小脑"—运动控制系统。运动控制器为核心壁垒最高。运动控制系统需求短期看顺周期复苏，中长 期看制造业升级与机器人产业爆发，尤其是人形机器人的迅速发展，将为运动控制带来更广阔的发展空 间。 控制器是运动控制系 ...

Tariff Overview - The U.S. implemented reciprocal tariffs with a baseline rate of 10% on April 3, 2025, affecting major economies such as Vietnam (46%), China (34%), and the EU (20%) among others[1][9]. - The tariffs are based on the IEEPA from 1977, declaring a national emergency to impose these tariffs[1][9]. Economic Impact - The tariffs are expected to increase U.S. inflation, with a potential price increase of approximately 2.9% if the full 20% tariff burden is passed to consumers[2][10]. - The short-term impact on China's exports to the U.S. could result in a decline of about 5% in overall exports, with a mid-term effect of approximately 7%[3][20][23]. GDP Effects - A 5% decline in exports could directly reduce the current GDP by about 0.9%, potentially exceeding 1% when considering downstream effects[3][20][23]. - The estimated impact on GDP from the tariffs could be lower than projected due to U.S. importers potentially underreporting import prices[24]. Market Reactions - The initial phase post-tariff implementation may see a decrease in market risk appetite, favoring bonds over equities[4][42]. - A second phase may involve domestic policy responses that could restore risk appetite, benefiting risk assets[4][43]. Trade Dynamics - The tariffs may disrupt re-export trade, with an estimated impact of around $40.68 billion, equivalent to 1.6% of total exports and about 0.3% of GDP[3][33]. - The U.S. trade deficit with China is projected to decrease by approximately $75.7 billion annually, while surpluses with other countries may increase by $365.1 billion[3][33]. Structural Industry Impact - Consumer goods and machinery exports from China are likely to face significant challenges due to the tariffs, with electronics and appliances being particularly affected[4][38]. - The automotive sector may experience limited direct impact, as the U.S. is not a primary export market for Chinese vehicles[4][39]. Risk Considerations - There are risks associated with unexpected domestic fiscal and monetary policies, as well as potential retaliatory measures from the U.S. trading partners[4][44].

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。 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。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（第一期）（以下 简称"本期债券"）发行规模为不超过 19 亿元（含 19 亿元）。 证券代码：524209 证券简称：25 华股 01 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 （第一期）票面利率公告 西南证券股份有限公司 2025 年 月 日 特此公告。 （本页无正文，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（第一期）票面利率公告》之盖章页） 华西证券股份有限公司 2025 年 月 日 （本页无正文，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（第一期）票面利率公告》之盖章页） 2025 年 4 月 7 日，发行人和主承销商在网下向专业机构投资者进行了票面 利率询价，利率询价区间为 1.5%- ...

关于延长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（第一期）簿记建档时间的公告 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。 根据《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 一期）发行公告》，发行人和簿记管理人将于 2025 年 4 月 7 日 14:00 至 18:00 以 簿记建档的方式向网下投资者进行利率询价，并根据簿记建档结果在预设的利率 区间内确定本期债券的最终票面利率。 因簿记建档日部分投资者履行程序的原因，经簿记管理人、发行人及投资人 协商一致，现将簿记建档结束时间由 2025 年 4 月 7 日 18:00 延长至 2025 年 4 月 7 日 19:00。 特此公告。 （以下无正文） （本页无正文，为《关于延长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（第一期）簿记建档时间的公告》之签章页） 发行人：华西证券股份有限公司 2025 年 月 日 （本页无正文，为《 ...

Group 1 - The innovative pharmaceutical industry is viewed positively as it is not currently affected by tariff policies, with opportunities for domestic market share growth in medical devices and blood products [1] - The Chinese medicine, pharmacies, and distribution sectors are less correlated with tariffs, focusing on domestic demand [1] - Long-term strategies for pharmaceutical companies should include international expansion, which is expected to bring incremental opportunities [1] Group 2 - The Hong Kong stock market is facing short-term pressure due to previous gains leading to higher valuations that need to be digested [2] - After the digestion of this pressure, there may be mid-term structural opportunities in sectors like information technology, healthcare, industrial, consumer, and finance, particularly for undervalued assets with fundamental support [2] Group 3 - Recent export controls on medium and heavy rare earths are expected to have a limited actual impact compared to theoretical estimates, as exports can still occur after approval [3] - The price dynamics of rare earths may diverge between domestic and international markets, with a higher likelihood of price increases abroad [3] - The strategic importance of rare earths as substitutes against tariff disruptions is emphasized, highlighting the need to focus on related stocks [3]

Investment Rating - Industry rating: Recommended [5] Core Insights - The market is active in Q1 2025, but overall performance is weak, with daily trading volume increasing by 70% year-on-year to 15,246 billion yuan [1] - The average balance of margin trading increased by 21% year-on-year, reaching 1.87 trillion yuan [1] - Equity financing scale saw a significant increase of 65% year-on-year, while core debt financing showed a slight increase of 2% [1] - The Shanghai Composite Index decreased by 0.5% compared to the same period last year, while the ChiNext Index increased by 2.8% [2] - The estimated performance of listed brokerages (excluding Dongfang Wealth) in Q1 2025 shows a revenue increase of 8.2% year-on-year, with net profit rising by 15.2% [3] Summary by Sections Market Conditions - Daily average trading volume in Q1 2025 reached 15,246 billion yuan, up 70% year-on-year [1] - The average balance of margin trading was 1.87 trillion yuan, reflecting a 21% increase year-on-year [1] - The scale of equity financing increased by 65% year-on-year, with IPOs and other financing activities showing varied results [1] Performance of Listed Brokerages - Estimated revenue for Q1 2025 is approximately 968 billion yuan, with a year-on-year increase of 8.2% [3] - Net profit is projected to be around 338 billion yuan, reflecting a 15.2% increase year-on-year [3] - Revenue from brokerage, proprietary trading, interest, investment banking, and asset management is expected to vary significantly, with brokerage income increasing by 65.5% and proprietary trading income decreasing by 42.5% [3] Investment Recommendations - The report suggests waiting for market stabilization before making significant investment decisions [4] - The performance of listed brokerages during the annual report season may present attractive investment opportunities [4]

网址：www.hx168.com.cn 根据大成基金管理有限公司与华西证券股份有限公司签署的销售服务协议及相关业务准备情况，自2025 年4月3日起，大成中证上海环交所碳中和交易型开放式指数证券投资基金（基金代码：159642，场内简 称：碳中和100ETF）、深证成长40交易型开放式指数证券投资基金（基金代码：159906，场内简称： 深成长龙头ETF）、大成中证A100交易型开放式指数证券投资基金（基金代码：159923，场内简称：中 证A100ETF基金）、大成有色金属期货交易型开放式指数证券投资基金（基金代码：159980，场内简 称：有色ETF）、大成中证工程机械主题交易型开放式指数证券投资基金（基金代码：159542，场内简 称：工程机械ETF）、大成纳斯达克100交易型开放式指数证券投资基金（QDII）（基金代码： 159513，场内简称：纳斯达克100指数ETF）、大成中证A50交易型开放式指数证券投资基金（基金代 码：159595，场内简称：中证A50ETF基金）、大成恒生医疗保健交易型开放式指数证券投资基金 （QDII）（基金代码：159303，场内简称：恒生医疗ETF基金）、大成中证A5 ...

Company Overview - Huaxi Securities Co., Ltd. has a long-standing history, established in June 2000, and transformed into a joint-stock company in 2014 with a registered capital of 2.625 billion yuan [8][24]. - The company is primarily engaged in wealth management, self-investment, investment banking, asset management, and other financial services, with a strong presence in Sichuan province [8][24]. Credit Rating - The company received a long-term credit rating of AAA from Lianhe Credit Rating Co., Ltd., with a stable outlook for its 2025 bond issuance [1][2]. - The bond issuance is capped at 1.9 billion yuan, with a maturity of three years and intended to repay maturing bonds [11][24]. Financial Performance - As of September 2024, the company's net asset scale was 22.392 billion yuan, indicating strong capital adequacy [6][7]. - The company's operating income has been affected by market fluctuations, with a notable decline in revenue from brokerage and wealth management services from 2021 to 2023 [24][26]. Market Position - Huaxi Securities ranks among the top players in the industry, particularly in brokerage services within Sichuan, with 57 branches in the province [17][26]. - The company has a diversified business model and maintains a competitive edge in the regional market, supported by strong shareholder backing from well-known local enterprises [3][4]. Risk Management - The company has established a robust risk management framework, although it faces challenges from regulatory pressures and market volatility [21][23]. - Recent regulatory actions, including a six-month suspension of its underwriting business, highlight the need for ongoing improvements in compliance and internal controls [23][24]. Industry Analysis - The securities industry is experiencing increased activity, with core businesses such as brokerage and credit expected to perform well, despite ongoing regulatory scrutiny [14][15]. - The market remains sensitive to economic cycles and regulatory changes, which can significantly impact company performance [14][16].