证券代码：002926 证券简称：华西证券 公告编号：2025-026 华西证券股份有限公司 2024 年度股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决提案的情形。 2.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议召开的日期、时间： （1）现场会议召开时间：2025 年 6 月 30 日（星期一）15:00 开始 （2）网络投票时间：2025 年 6 月 30 日 其中，通过深圳证券交易所交易系统进行投票的具体时间为：2025 年 6 月 30 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票 系统进行投票的具体时间为：2025 年 6 月 30 日 9:15-15:00。 2、会议召开方式：本次会议采用现场投票与网络投票相结合的方式召开。 3、现场会议召开地点：成都市高新区天府二街 198 号公司会议中心 4 楼 406 会议室 4、会议召集人：公司董事会 5、会议主持人：董事长周毅先生 6、本次会议的召集、召开程 ...

| 债券代码:149996.SZ | | --- | | 债券代码：148088.SZ | | 债券代码：148180.SZ | | 债券代码：148292.SZ | | 债券代码：148519.SZ | | 债券代码：148588.SZ | | 债券代码：148754.SZ | | 债券代码：148839.SZ | | 债券代码：524062.SZ | 债券代码：149996.SZ 债券简称：22 华股 02； 债券代码：148088.SZ 债券简称：22 华股 03； 债券代码：148180.SZ 债券简称：23 华股 01； 债券代码：148292.SZ 债券简称：23 华股 02； 债券代码：148519.SZ 债券简称：23 华股 03； 债券代码：148588.SZ 债券简称：24 华股 01； 债券代码：148754.SZ 债券简称：24 华股 02； 债券代码：148839.SZ 债券简称：24 华股 03； 债券代码：524062.SZ 债券简称：24 华股 04； 华西证券股份有限公司 公司债券受托管理事务报告 （2024 年度） 债券受托管理人 西南证券股份有限公司 〔2022〕1287 ...

Market Overview - The A-share market saw all three major indices rise in the morning session, with the Shanghai Composite Index up 0.2%, the Shenzhen Component Index up 0.54%, and the ChiNext Index up 0.93% [1] - The total market turnover reached 932.6 billion yuan, a decrease of 81.1 billion yuan compared to the previous day, with over 3,500 stocks rising [1] Sector Performance - The gaming, military, brain-computer interface, and photolithography concept stocks led the gains, while the banking, securities, and dairy sectors experienced declines [3] - Notable stocks in the military sector included Hengyu Xintong (300965), Chenxi Aviation (300581), and Zhongbing Hongjian (000519), all of which hit the daily limit [3] - The gaming sector saw significant increases with Kaiying Network (002517) and Giant Network (002558) both reaching the daily limit [3] - Photolithography concept stocks were active, with Blue Eagle Equipment (300293) hitting the daily limit, along with Kaimete Gas (002549) and Zhongci Electronics (003031) [3] - The innovative drug sector rebounded, with Zhaoyan New Drug (603127) also hitting the daily limit [3] - The banking and securities sectors faced early declines, with Guosheng Jinkong (002670) dropping over 5% [3] Hot Stocks - The strongest sectors included new energy vehicles, military, and specialized innovative companies, with multiple stocks hitting daily limits [8][9][10] - In the new energy vehicle sector, 16 stocks reached the daily limit, with the highest consecutive limit being 9 days [8] - The military sector had 14 stocks hitting the daily limit, with the highest consecutive limit also being 9 days [9] - The specialized innovative sector had 13 stocks hitting the daily limit, with a maximum of 3 consecutive limits [10] Sector Insights - The military equipment sector is expected to benefit from increasing global military trade demand and domestic military modernization efforts, potentially leading to a dual boost in fundamentals and industry valuations [12] - The gaming sector is supported by a record number of game approvals, indicating regulatory support for healthy industry development [13] - The brain-computer interface sector is gaining attention due to advancements from Neuralink, with significant usage data reported from trial participants [14] - The digital currency sector is poised for growth as Hong Kong aims to enhance cross-border payment efficiency through stablecoins, with new regulations set to take effect [15]

Group 1 - The brokerage sector experienced a strong performance on the 27th, with Tianfeng Securities hitting the daily limit, Huaxi Securities rising over 8%, and other firms like Guosheng Jinkong and Xiangcai Shares increasing by more than 5% [1] - The People's Bank of China and the China Securities Regulatory Commission, along with other departments, issued guidelines to support and expand consumption, which is expected to enhance the business environment for securities firms [1] - Guotai Junan International, a subsidiary of Guotai Haitong, received approval from the Hong Kong Securities and Futures Commission to upgrade its license, allowing it to provide virtual asset trading services, marking a significant breakthrough for mainland brokerages [1] Group 2 - Citic Securities noted that the guidelines for financial support of consumption are likely to improve the business climate for investment banking within securities firms [2] - The approval for virtual asset trading services is seen as a major breakthrough for mainland brokerages' operations in Hong Kong, potentially accelerating the application for related licenses [2] - Current PB valuations for the securities sector indicate that the brokerage sector has strong upside potential, with the Citic Securities III index at 1.37 times and the Wind Chinese brokerage index at 0.69 times, both reflecting moderate levels [2]

Group 1 - The core viewpoint is that the securities sector is experiencing a strong rally, driven by policy support and active market participation, with specific stocks like Tianfeng Securities and Huaxi Securities showing significant gains [1][4] - The CSI All Share Securities Company Index has risen by 2.87% as of June 27, 2025, with notable increases in individual stocks such as Tianfeng Securities (up 10.02%) and Huaxi Securities (up 7.91%) [1] - The Securities ETF leader has seen a 7.11% increase over the past week, with a trading volume of 84.21 million yuan and a turnover rate of 3.6% [1] Group 2 - East China Securities emphasizes that the sustainability of the brokerage sector's rally depends on the pace of policy benefits and market activity levels, with a focus on the actual impact of capital market reform policies [4] - The approval of the first virtual asset trading license indicates regulatory support, which may catalyze further developments in the sector [4] - The ongoing M&A theme among A-share brokerages is gaining momentum, with the effectiveness of integration likely to influence future trends [5] Group 3 - Long-term prospects for the capital market are bolstered by supportive monetary and fiscal policies, promoting high-quality economic development and enhancing the structure of investor participation [5] - The Securities ETF leader (560090) is highlighted as an efficient investment tool for gaining exposure to the securities sector, tracking the CSI All Share Securities Company Index [5]

Core Viewpoint - The article discusses the recent performance of the A-share market, highlighting the upward trend of major indices and the active participation of financial sectors, particularly in virtual asset trading services, which are expected to drive growth and innovation in the industry [1][3][5]. Market Performance - As of the morning of the 27th, all three major A-share indices have risen, with the ChiNext Index increasing by over 1% and the Shenzhen Component Index by nearly 1% [1]. - More than 4,200 stocks have seen an increase in value [2]. Financial Sector Activity - The financial sector has become active again, with Tianfeng Securities hitting the daily limit, following multiple consecutive gains by other firms such as Hongye Futures and Aijian Group [3]. - Notable stock performances include Tianfeng Securities at 5.16, up 10.02%, and Huaxi Securities at 9.60, up 8.47% [4]. Virtual Asset Trading - The article mentions that Guotai Junan International has obtained the first full license for virtual assets among Chinese brokers in Hong Kong, with several other firms also pursuing similar licenses [4]. - Western Securities expresses optimism about the growth potential of Chinese brokers in virtual asset trading, which could enhance their competitive advantage and lead to new revenue streams [5]. Economic Outlook - Several brokerage firms project a positive outlook for the A-share market in the second half of 2025, anticipating a potential upward trend [9]. - Analysts from Galaxy Securities note that while external uncertainties and domestic demand issues persist, the Chinese economy is expected to show resilience due to ongoing policy support [12]. Investment Directions - Institutions are focusing on three main investment directions for the second half of the year: dividend assets, technology innovation themes, and the consumer sector [19]. - Dividend assets, particularly in financial sectors like insurance and banking, are highlighted for their defensive attributes and stable returns [21][22]. - The technology innovation theme emphasizes AI-related sectors, including AI computing and applications, which are expected to drive significant market interest [25][26]. - The consumer sector, particularly domestic brands in beauty and pet industries, is also seen as a promising investment area [28][30].

Group 1 - The brokerage sector showed strong performance on June 27, with Tianfeng Securities hitting the daily limit, Huaxi Securities rising over 6%, and Guohai Securities increasing by more than 5% [1] - The A-share leading brokerage ETF (512000) saw a price increase of 2.67%, with a trading volume of 463 million yuan within the first half hour of trading [1] - The "1 + 6" policy measures introduced at the Lujiazui conference on June 18 are expected to marginally ease IPOs on the Sci-Tech Innovation Board in the second half of the year, benefiting brokerage investment banking and direct investment businesses [2][3] Group 2 - The public fund sector has shown significant under-allocation in the non-bank sector, leading to an increased necessity for allocation in this area, which is expected to result in continuous capital replenishment [3] - The brokerage ETF (512000) tracks 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 [3] - The second quarter market data has improved, indicating that brokerage firms' mid-year reports will continue to show high prosperity [2]

NO.2开源证券：继续看好券商板块 开源证券指出，提经济、稳股市政策态度延续，货币政策适度宽松，证券行业基本面向好，估值处于低 位，基准约束有望带来资金回补，当下继续看好券商板块。选股方面推荐三条主线：(1)低估值、零售 业务具有优势的头部券商；(2)高beta弹性的金融科技标的；(3)受益于港股市场IPO扩容和活跃度提升的 香港交易所及海外业务占比高的头部券商。 ｜2025年6月27日星期五｜ NO.1华西证券：红利、科技、消费、军工等品种均值得关注 华西证券（002926）指出，本轮行情快速上涨，主要是稳市资金流入后，市场上修波动预期的结果。在 此前的低波预期下，"稳市资金推动行情企稳"这一增量信息足以对行情形成超预期推动效果。从两轮行 情的复盘来看，本轮行情适合以分散化的方式博弈，红利、科技、消费、军工等品种均值得关注；同 时，若市场在大幅上涨后动能减弱，隐含波动率大幅回落，则可能是观点分歧&行情切换的转折点。 NO.3中信证券：运营商电信业务整体回暖，看好运营商基本面改善 中信证券研报表示，2025年前5个月，通信业经济运行数据逐月提升(工信部)：电信业务收入累计完成 7488亿元，同比增长1.4%( ...

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Huaxi Securities Co., Ltd. at AAA with a stable outlook, indicating strong financial health and competitive positioning in the market [1][2][4]. Company Overview - Huaxi Securities, established in June 2000, is a comprehensive listed securities company in China with a strong shareholder background and a complete range of securities business licenses [10]. - As of March 2025, the company has a registered capital of 2.625 billion yuan and is controlled by Luzhou Laojiao Group, which holds 28.52% of the shares [10][12]. Financial Performance - As of March 2025, the total assets of the company reached 1003.93 billion yuan, with net assets of 238.63 billion yuan and a strong capital adequacy ratio [8][16]. - The company's operating income for 2024 was 39.20 billion yuan, reflecting a year-on-year growth of 23.22%, driven primarily by significant increases in investment business income [18][24]. Business Segments - The main business segments include wealth management, investment, investment banking, and asset management, with wealth management being the largest revenue source [21][23]. - Investment business income has significantly increased, becoming the third-largest revenue source, while investment banking income has decreased [18][24]. Industry Analysis - The securities industry is experiencing heightened activity, with core business revenues such as brokerage and credit showing positive performance [12][13]. - The industry faces challenges such as regulatory pressures and market volatility, which can impact revenue stability [12][13]. Risk Management - The company has a robust risk management framework, although it has faced regulatory penalties, including a six-month suspension of its sponsorship business due to compliance issues [6][17]. - Continuous improvement in internal controls and compliance management is necessary to mitigate risks associated with external market conditions and regulatory changes [6][17].

华西证券股份有限公司 2025 年跟踪评级报告 | 1 D | | --- | | = | | R | | == N | | 首 试 員 拟 | | 服 | | ੜੇ | www.lhratings.com 联合〔2025〕4390 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 相关债券的信用状况进行跟踪分析和评估，确定维持华西证券股份 有限公司主体长期信用等级为 AAA，维持"22 华股 02""22 华股 0 3""23 华股 01""23 华股 02""23 华股 03""24 华股 01""24 华股 02""24 华股 03""24 华股 04""25 华股 01"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： 二〇二五年六月二十三日 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 ...