华西证券股份有限公司 2026 年面向专业投资者公开发行公司债 券（第一期）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，华西证券股份有限公司 2026 年 面向专业投资者公开发行公司债券（第一期）符合深圳证券交易所债券上市条件， 将于 2026 年 1 月 23 日起在深圳证券交易所上市，并面向专业投资者中的机构投 资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。 债券相关要素如下： | 债券名称 | 华西证券股份有限公司 2026 年面向专业投资者公开发 | | --- | --- | | | 行公司债券（第一期） | | 债券简称 | 26 华股 01 | | 债券代码 | 524620 | | 信用评级 | 主体 AAA/债项 AAA | | 评级机构 | 联合资信评估股份有限公司 | | 发行总额（亿元） | 20.00 | | 债券期限 | 3 年 | | 票面年利率（％） | 1.95 | | 利率形式 | 固定利率 | | 付息频率 | 每年付息一次 | | 发行日 | 2026 年 1 月 14 日至 2026 年 1 月 15 日 | | 起息日 ...

Core Viewpoint - TCL Electronics has signed a memorandum of understanding with Sony to establish a joint venture, with TCL holding 51% and Sony 49%, aimed at enhancing their competitive edge in the home entertainment business [1][2]. Group 1: Joint Venture Overview - The joint venture will focus on Sony's home entertainment business and will operate globally, covering product development, design, manufacturing, sales, logistics, and customer service for products like televisions and home audio systems [1]. - The partnership is expected to leverage Sony's advanced technology and brand value in audio and video, while utilizing TCL's display technology and supply chain advantages [2]. Group 2: Market Potential - TCL's global television shipment is projected to reach 30.7 million units by 2025, capturing approximately 13.9% market share, while Sony's shipment is expected to be 4.1 million units [3]. - If the joint venture is operational by 2027, the combined market share of TCL and Sony could reach 16.7%, enhancing TCL's presence in the high-end television market, particularly in overseas regions [3]. Group 3: Financial Performance - TCL Electronics has issued a positive earnings forecast, expecting adjusted net profit for 2025 to be between HKD 2.33 billion and HKD 2.57 billion, representing a year-on-year growth of 45% to 60% [4]. - The company anticipates significant revenue growth, projecting revenues of HKD 117.1 billion, HKD 132.9 billion, and HKD 149.2 billion for 2025 to 2027, with corresponding net profits of HKD 2.42 billion, HKD 2.91 billion, and HKD 3.35 billion [5].

Core Viewpoint - TCL Electronics has signed a memorandum of understanding with Sony to establish a joint venture, with TCL holding 51% and Sony 49%, aimed at enhancing their competitive edge in the home entertainment business [1][2]. Group 1: Joint Venture Overview - The joint venture will focus on Sony's home entertainment business and will operate globally, covering product development, design, manufacturing, sales, logistics, and customer service for products like televisions and home audio systems [1]. - The partnership is expected to leverage Sony's advanced technology and brand value alongside TCL's display technology and supply chain advantages, creating a strategic complementarity that enhances TCL's overall competitiveness [2]. Group 2: Market Potential - According to Qunzhi Consulting, TCL's global television shipment is projected to reach 30.7 million units by 2025, capturing approximately 13.9% market share, while Sony's shipment is expected to be 4.1 million units [3]. - If the joint venture is successfully launched by 2027, the combined market share of TCL and Sony could reach 16.7%, significantly boosting TCL's presence in the high-end television market, particularly in overseas regions [3]. Group 3: Financial Performance - TCL Electronics has issued a positive earnings forecast, expecting an adjusted net profit of HKD 2.33-2.57 billion for 2025, representing a year-on-year growth of 45%-60% [4]. - The company anticipates maintaining its market leadership in large-size displays and achieving significant results in its mid-to-high-end business segments, supported by a strong internet business and expanding innovative ventures [4]. Group 4: Investment Recommendations - Based on the earnings forecast, the company has adjusted its profit projections, estimating revenues of HKD 117.1 billion, 132.9 billion, and 149.2 billion for 2025-2027, with net profits of HKD 2.42 billion, 2.91 billion, and 3.35 billion respectively [5]. - The expected earnings per share (EPS) for the same period are projected to be HKD 0.96, 1.16, and 1.33, with a price-to-earnings (PE) ratio of 13, 11, and 9 times based on the closing price of HKD 12.50 on January 21, 2026, maintaining an "overweight" rating [5].

| S0740117100084 | 2017-10-29 | 中泰证券股份有限公司 | 一般证券业务 | 机构内变更 | 2019-07-03 | | --- | --- | --- | --- | --- | --- | | 50740519090005 | 2019-09-22 - | 中群证券股份有限公得 | 证券投资资商(分析师) | 演职注销 | 2021-09-07 | | 10006012501005 | 2021-09-22 | 华安区界投沙鑫鼎公司 | 证券投资资资(分析资) | 演职注销 | 2023-06-14 | | $1120523070004 | 2023-07-11 | 年西区外般份有限公司 | 证券投资资料(分析资) | 演职过销 | 2024-12-05 | | $1250526010001 | 2026-01-19 | 西南区养胶份有限公司 | 证券投资咨询(分析师) | 正常 | | 近日，证券从业系统显示，胡杨，1月19日加入西南证券，胡杨，原华西电子行业首席分析师，24年12 月5日从华西证券离职。 责任编辑：杨赐 来源：牛马的江湖 来源：牛马的江湖 | $0740 ...

招商证券：围绕业绩的博弈情绪升温 1月22日，A股三大股指集体高开，沪指涨0.22%，创业板指涨0.52%。盘面上，存储芯片板块表现活 跃，江波龙、德明利涨超5%；贵金属、白酒等板块跌幅居前。 机构看后市 华西证券：再论"春季行情"三条投资主线 华西证券认为，监管"逆周期调节"护航A股"慢牛"。近期A股交易热度快速攀升，在融资余额创高、成 交额大幅放量后，监管层通过提高融资保证金比例等"逆周期调节"措施释放防风险信号，行情斜率有望 边际放缓，并向慢牛健康演变。展望后市，A股整体估值尚处合理区间，投资者风险偏好仍处于高位， 宏观政策支持、中长期资金入市、企业盈利温和复苏等因素有望支撑牛市行情延续。随着1月下旬进入 年报业绩预告密集披露期，资金或再次聚焦业绩主线。行业配置上，1)关注科技产业行情的扩散：如AI 算力、AI应用、机器人、港股互联网等；2)受益于"反内卷"与涨价方向，如化工、有色金属等；3)年报 业绩预告高增方向：如电子、机械设备、医药等。 本文转载自"腾讯自选股"，智通财经编辑：徐文强。 MACD金叉信号形成，这些股涨势不错！ 招商证券认为，为预防杠杆率迅速上升的风险，上周政策逆周期调节力度加大，监 ...

消费级3D打印：应用于C&小B端，FDM为主流技术路线 消费级3D打印机技术路线包括FDM、光固化：1)FDM：操作原理简单，耗材成本低且无污染，最适用 家庭场景，是主流技术路线，市场份额约77%。2)光固化：成本更高，且耗材缺陷较为明显，限制了其 应用场景的扩展。3)消费级3D打印机主要用于C端&小B端，与工业级相比，消费级更强调易用性。对 比FDM和光固化，FDM最贴合消费级对于易用性的要求，该行判断未来消费级3D打印技术仍将围绕 FDM路线演进。 全球消费级3D打印市场规模快速增长，国产设备占主要份额 华西证券（002926）发布研报称，随着AI技术赋能设备自动化与建模智能化，以及耗材国产替代加 速，消费级3D打印机产品不断升级，价格持续下降，有效激发了市场需求，行业生态建设正推动市场 进一步扩张，看好行业需求加速释放。 华西证券主要观点如下： 1)设备端：2020年以来，消费级3D打印机的市场熟知度快速提升，2020-2024年全球市场规模、出货量 CAGR达20%、10%，远期市场空间达千亿美元。国产厂商凭借产品创新，逐步主导全球市场(份额 90%+)，且全球竞争格局高度集中，CR5近80%，头部均 ...

每经头条（nbdtoutiao）——重磅数据公布：回升！专访徐洪才："内卷式竞争"得到一定缓解，下一 步"补收入"可形成良性循环 每经AI快讯，正海生物发布公告称，2026年1月20日，正海生物接受华西证券调研，公司董事会秘书、 副总经理兼财务总监赵丽女士参与接待，并回答了投资者提出的问题。 （记者 张喜威） ...

Core Viewpoint - The transformation of Huaxi Securities in wealth management has shown initial success after ten years of exploration, evolving from a "sell-side" to a "buy-side" advisory model, with a focus on customer-centric services and digital platforms [1][6][8]. Group 1: Wealth Management Transformation - Huaxi Securities initiated its wealth management transformation in 2011, establishing a value-added product system and a dedicated advisory team, marking the start of its 1.0 transformation phase [3]. - The company implemented the "168 Plan" to enhance its service infrastructure and product delivery efficiency, achieving a significant upgrade to its 2.0 phase by integrating internet capabilities into its retail wealth business [4][3]. - By 2021, Huaxi Securities was granted a pilot qualification for fund advisory services, which further strengthened its wealth management transformation efforts [4]. Group 2: New Transformation Initiatives - In 2023, Huaxi Securities began a new phase of transformation aimed at becoming a buy-side advisory firm, planning to achieve this within five years through six strategic initiatives [7]. - The company aims to break down departmental barriers, integrate retail and institutional business, and enhance the synergy between marketing and advisory teams [7]. - Huaxi Securities is focused on building a comprehensive product pool and a flexible ecosystem that complements third-party investment institutions [7]. Group 3: Achievements and Goals - As of now, Huaxi Securities' fund advisory business has nearly reached a scale of 5 billion yuan, with over 60,000 signed clients and all 15 regular strategies achieving positive returns [9]. - The company aims to establish a leading position in transaction business and gradually build professional buy-side advisory capabilities, contributing to its long-term growth [8]. Group 4: Technology and Digitalization - Huaxi Securities is leveraging AI and digital technology to enhance service models and operational efficiency, with plans to integrate clients with assets below 100,000 yuan into a point-to-point service system starting in 2024 [12]. - The company has developed a digital infrastructure that utilizes over 20 data dimensions to create dynamic customer profiles, enhancing service delivery and operational management [12][14]. - The focus on digital transformation is seen as essential for improving wealth management effectiveness and meeting diverse client needs [14].

Group 1 - Core viewpoint: Huaxi Securities initiates coverage on Baima Tea (06980) with a "Buy" rating, highlighting its leading position in the high-end tea industry due to a clear brand matrix and channel advantages [1][2] - Industry perspective: The Chinese tea industry is undergoing a structural upgrade characterized by "overall dispersion and high-end concentration," with significant growth potential in the high-end tea market driven by consumption upgrades [2] - Company quality: Despite facing short-term pressures from macroeconomic fluctuations and intensified competition, the company's core competitiveness remains intact, supported by a clear multi-brand product matrix and a deep integration of offline and online channels [3] Group 2 - Future outlook: The company's development path aligns well with industry trends, leveraging brand, channel, and craftsmanship barriers to increase market share, while the rise of young consumers and women aligns with its product high-end and youthful transformation [4] - Long-term growth drivers: The upcoming Hong Kong IPO is expected to focus on capacity upgrades, brand promotion, channel expansion, and digitalization, providing strong momentum for long-term growth [4]

Group 1 - The core viewpoint emphasizes a shift from narrative-driven trends to performance-based evaluations as the market enters the earnings forecast period, with a focus on sectors like chemicals, non-ferrous metals, and power equipment [2][5] - The adjustment of financing margin ratios is seen as a measure to stabilize the market and guide rational investment, indicating a potential shift towards a more balanced market environment [7][10] - The article highlights the acceleration of thematic rotation in the market, particularly focusing on domestic semiconductor and power sectors, driven by regulatory actions and strong demand [3][4] Group 2 - The market is expected to experience short-term fluctuations due to increased financing margin ratios and the cooling of previously hot themes, with a focus on sectors that show strong demand and industrial catalysts [4][8] - There is a recommendation for investors to adopt a cautious approach, focusing on sectors that benefit from structural changes and performance improvements, such as new energy and consumer goods [6][12] - The AI industry chain is identified as a key area for investment, with a consensus forming around its growth potential, despite some volatility in related sectors [13]