董事会审议了会议通知所列明的议案，表决议案获得通过，决议如下： 一、《2025 年半年度报告》及其摘要 表决结果：十票同意，零票反对，零票弃权。 本报告已经第四届董事会审计委员会 2025 年第二次会议审议通过。 《2025 年半年度报告》与本决议同日在巨潮资讯网（www.cninfo.com.cn） 披露，《2025 年半年度报告摘要》与本决议同日刊登于《中国证券报》《上海 证券报》《证券时报》《证券日报》及巨潮资讯网（www.cninfo.com.cn）。 二、2025 年上半年风险控制指标情况报告 表决结果：十票同意，零票反对，零票弃权。 证券代码：002926 证券简称：华西证券 公告编号：2025-035 华西证券股份有限公司 第四届董事会 2025 年第四次会议决议公告 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。 华西证券股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日以电子邮 件方式发出第四届董事会 2025 年第四次会议通知，会议于 2025 年 8 月 27 日在 公司总部现场召开。本次会议应出席董事 10 名，实际出席 ...

2025 年中期利润分配预案公告 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。 华西证券股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第四届董 事会 2025 年第四次会议审议通过了《2025 年中期利润分配预案》。该议案尚需提交 公司股东大会审议。 一、2025 年中期利润分配预案的基本情况 根据公司 2025 年半年度财务报告（未经审计），2025 年上半年公司实现合并归 属于母公司股东的净利润为 512,163,360.08 元，其中，2025 年上半年母公司实现的 净利润 500,909,985.19 元。公司年终将提取盈余公积、一般风险准备和交易风险准 备各 10%。截至 2025 年 6 月末，公司合并报表累计未分配利润为 8,401,875,837.61 元，母公司可供分配利润为 7,624,650,960.10 元。报告期末，公司 A 股总股本 2,625,000,000 股。 为提升投资者获得感，并综合考虑《中华人民共和国公司法》《中华人民共和国 证券法》《金融企业财务规则》等相关监管要求、《公司章程》中对于现金分红 ...

2025 年上半年风险控制指标情况报告 单位：元 报告期内，公司以净资本和流动性为核心的各主要风险 控制指标均持续符合监管标准。 二、动态风险控制指标监控情况 公司建立了风险控制指标动态监控体系，制定了《风险 控制指标管理办法》、《风险限额管理办法》、《压力测试 管理办法》等制度，明确了风险控制指标监控及压力测试等 工作要求。 华西证券股份有限公司全体股东： 华西证券股份有限公司（以下简称"公司"）已实现对 各风险种类、全部业务条线、全体分支机构、全体子公司的 风险管理全覆盖。2025年上半年，公司继续从组织架构、制 度体系、信息系统、指标体系、员工队伍、风险处置等六个 方面推动全面风险管理体系建设。公司严格按照监管要求落 实风险控制指标动态监控和管理工作，及时开展综合压力测 试及各类专项压力测试，确保风险控制指标持续符合监管标 准。 一、报告期内公司主要风险控制指标情况（母公司口 径） | 风控指标 | 2024 年 12 月 | 31 | 日 | 2025 年 6 月 30 | 日 | 预警标 | 监管标 | | --- | --- | --- | --- | --- | --- | --- | --- ...

华西证券股份有限公司 2025 年半年度财务报告 华西证券股份有限公司 2025 年半年度财务报告 2025 年 08 月 华西证券股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 2 华西证券股份有限公司 2025 年半年度财务报告 二、财务报表 1、合并资产负债表 | 编制单位：华西证券股份有限公司 | 2025 年 6 月 30 日 | 单位：元 | | --- | --- | --- | | 项目 | 期末余额 | 期初余额 | | 资产： | | | | 货币资金 | 34,667,928,059.64 | 31,480,661,058.25 | | 其中：客户资金存款 | 29,450,580,990.70 | 27,282,168,852.46 | | 结算备付金 | 5,043,284,372.90 | 7,188,155,938.95 | | 其中：客户备付金 | 4,419,123,795.54 | 5,907,743,163.51 | | 贵金属 | | | | 拆出资金 | | | | 融出资金 | 19, ...

格隆汇8月27日丨华西证券公告，2025年上半年营业收入为20.73亿元，同比增长46.72%；净利润为5.12 亿元，同比增长1195.02%。公司拟以26.25亿股为基数，向全体股东每10股派发现金红利0.40元（含 税）。 ...

华西证券公告，2025年上半年营业收入为20.73亿元，同比增长46.72%；净利润为5.12亿元，同比增长 1,195.02%。公司拟以26.25亿股为基数，向全体股东每10股派发现金红利0.40元（含税）。 ...

华西证券股份有限公司 2025 年半年度报告全文 华西证券股份有限公司 2025 年半年度报告 2025 年 08 月 华西证券股份有限公司 2025 年半年度报告全文 2025 年半年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 公司负责人杨炯洋、主管会计工作负责人李斌及会计机构负责人(会计主 管人员)胡小莉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告所涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，请投资者注意投资风险。 公司所属证券行业，未来存在公司经营情况随我国证券市场周期性变化 而大幅波动的风险。公司经营活动还可能面临政策风险、经营风险、市场风 险、信用风险、流动性风险、操作风险及其他风险。需要特别指出的是，随 着新《证券法》实施和全面注册制实行，资本市场对中介机构的专业能力和 执业质量提出了更高的要求，证券公司违法违规的刑事、民事及行政法律责 任与风险大幅提高。请投资者认真阅读本报 ...

Investment Rating - The industry investment rating is "Outperforming the Market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 over the next six months [43]. Core Insights - The brokerage index reached new highs in July 2025, with an average P/B ratio increasing from approximately 1.50 to over 1.65 by the end of the month, surpassing the average valuation of 1.55 since 2016 [5][41]. - The overall operating environment for the securities industry is improving, with expectations for steady recovery and oscillating upward trends in the brokerage index if the equity market continues to expand [41][42]. - The report suggests focusing on leading firms, those with strong wealth management capabilities, and stocks with valuations significantly below the industry average [41][42]. Summary by Sections 1. July 2025 Brokerage Market Review - The brokerage index showed a steady increase, achieving a monthly rise of 5.84%, outperforming the CSI 300 index by 2.30 percentage points [5][7]. - The average P/B ratio for the brokerage sector fluctuated between 1.407 and 1.550, reaching a new high for the year [11][28]. - Key market factors influencing the performance included strong equity markets, a rebound in trading volumes, and an increase in margin financing balances [15][20][25]. 2. Key Market Factors Impacting July 2025 Performance - The equity market continued its upward trend, while the fixed income market faced adjustments, leading to a mixed impact on proprietary trading [15][19]. - The average daily trading volume in July reached 16,339 billion, marking a significant increase [20][22]. - The margin financing balance hit a new high of 19,848 billion, reflecting a positive outlook among investors [25]. 3. August 2025 Performance Outlook - The proprietary trading environment is expected to improve, with a favorable operating window for equity investments anticipated [31][34]. - The brokerage business is projected to reach historical highs in trading volume, with expectations for increased profitability [37][40]. - The investment banking sector is expected to see a decline in equity financing but maintain high levels in debt underwriting [39]. 4. Investment Recommendations - The report recommends maintaining a focus on leading brokerage firms and those with strong wealth management capabilities, as well as stocks with valuations below the industry average [41][42].

Market Overview - Major indices in China opened higher, with the Shanghai Composite Index up 0.03%, Shenzhen Component Index up 0.08%, and ChiNext Index up 0.20%, driven by sectors such as AI applications and Huawei Ascend [1] - The Shanghai Composite Index closed at 3,869.61 points, with a slight increase of 0.03%, while the Shenzhen Component Index reached 12,483.19 points, up 0.08% [2] External Market - The US stock market showed a stable trend with slight increases in major indices, including the Dow Jones up 0.30% to 45,418.07 points, S&P 500 up 0.41% to 6,465.94 points, and Nasdaq up 0.44% to 21,544.27 points [3] Institutional Insights - Huaxi Securities noted that the market's significant rise indicates strong investor sentiment, with a notable increase in implied volatility suggesting a rise in speculative activity. The firm anticipates potential adjustments if the market continues to rise rapidly [4] - Huatai Securities reported that active foreign capital saw its first net inflow this year, with over 90 billion yuan in financing inflows last week, marking the highest activity since 2016. Additionally, new public funds issued approached 20 billion units, indicating a recovery in the market [5] - CITIC Securities highlighted that the securities sector is undervalued in terms of allocation value, driven by favorable policies and market signals. The firm emphasized the importance of monitoring specific meetings related to financial work and capital markets [6] Investment Opportunities - CICC suggested focusing on investment opportunities arising from the integration of low-altitude economy and agricultural technology, particularly through the use of drones to enhance agricultural efficiency and digital transformation [7][8] - Open Source Securities recommended paying attention to investment opportunities in upstream equipment and materials due to accelerated capital expenditures in fusion projects, with significant funding from both public and private sectors [9]

Core Viewpoint - The market's significant increase in volume indicates a strong positive sentiment among investors, while the sharp rise in implied volatility signals a quick escalation in speculative activity [1] Market Dynamics - If the market and implied volatility continue to rise rapidly, a short-term adjustment may occur as the market returns to rationality [1] - Conversely, if the market maintains a "slow bull" trend with stable or significantly declining implied volatility, the timing of market fluctuations may be delayed compared to the previous scenario [1] Long-term Logic - The three key long-term drivers of the bull market remain robust: stable market policies, a focus on technology, and the narrative against internal competition [1] - This suggests that as long as these long-term drivers remain unchanged, any market adjustments should be viewed as opportunities, and the bullish mindset should be maintained [1]