华西证券股份有限公司 2025 年面向专业投资者公开发 行科技创新公司债券（第一期） 信用评级报告 | | | www.lhratings.com 联合〔2025〕3218 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 2025 年面向专业投资者公开发行科技创新公司债券（第一期）的信 用状况进行综合分析和评估，确定华西证券股份有限公司主体长期 信用等级为 AAA，华西证券股份有限公司 2025 年面向专业投资者 公开发行科技创新公司债券（第一期）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： 二〇二五年五月二十二日 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及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受华西证券股份有 ...

Core Viewpoint - Huaxi Securities has been penalized by the Zhejiang Securities Regulatory Bureau for violating regulations related to investor solicitation, marking a repeated offense within a short period [2][4][10]. Regulatory Actions - The Zhejiang Securities Regulatory Bureau issued three fines on May 23, indicating that Huaxi Securities' Yiwu Mall Avenue branch engaged in illegal solicitation activities by entrusting individuals outside of licensed brokers [4][7]. - The regulatory body emphasized the need for the branch to learn from this incident, implement effective corrective measures, and hold responsible personnel accountable [7][10]. Compliance Issues - The branch's actions violated the Securities Brokerage Business Management Measures, which prohibit companies from delegating solicitation activities to unlicensed individuals or institutions [7][9]. - The head of Huaxi Securities' Zhejiang branch, Tong Moujun, was also held accountable for inadequate compliance management, receiving a warning and being recorded in the securities market integrity archive [7][10]. Industry Context - The incident reflects a broader trend of increased regulatory scrutiny in the securities industry, with multiple firms, including Huaxi Securities, facing penalties for similar violations [8][10]. - Regulatory authorities have been pushing for enhanced compliance measures, including the use of technology to track client sources and reduce reliance on traditional brokerage activities [10].

Group 1 - The core viewpoint is that the pricing power of core assets is gradually shifting southward, driven by the increasing attractiveness of the Hong Kong stock market due to improved asset supply structure, quality, and liquidity [1] - The recent surge in A-share companies going public in Hong Kong is attributed to a combination of outbound strategies, institutional conveniences, and improved liquidity in the Hong Kong market [1] - The historical context indicates that each round of institutional reform in the Hong Kong Stock Exchange has led to bull markets that align with the characteristics of the times [1] Group 2 - The A-share market is expected to remain in a high central tendency oscillation phase in the second quarter, with short-term adjustments anticipated [2] - The upper limit of the oscillation is supported by export resilience, while the lower limit is linked to the relationship between loose monetary policy and capital market stability [2] - Short-term focus remains on sectors like pharmaceuticals (CXO and innovative drugs) and precious metals, while technology is still undergoing a mid-term adjustment phase [2] Group 3 - The market sentiment has shown signs of retreat, with increased trading activity in micro-cap stocks, indicating potential market risks due to crowded trading [3] - The central bank's financial policies aim to support the real economy and may bring fresh capital into the market [3] - The focus is on "new quality domestic demand growth," emphasizing sectors like social services, retail, and pharmaceuticals [3] Group 4 - The recent volatility in overseas financial markets, including rising long-term bond yields, has increased market risk aversion, necessitating a more cautious approach [4] - The micro-cap style has recorded significant relative gains, driven by a market environment characterized by rapid rotation and stock selection for excess returns [4] - The trading volume of the CSI 2000 index has reached a high of 32%, indicating a crowded market that may lead to increased volatility [4] Group 5 - The market is expected to refocus on technology growth, particularly in the AI industry, with attention on upstream and downstream applications [5][6] - Historical patterns suggest that industry rotation typically slows down from mid to late May, indicating a potential consolidation phase for market leadership [5] Group 6 - A-share indices are likely to undergo revaluation as quality indices strengthen, driven by stable cash flows and declining capital expenditures [7] - The trend of a weak dollar and strong renminbi is expected to benefit core assets represented by quality growth indices [7] Group 7 - The recent rise in global risk aversion, primarily due to fluctuating U.S. tariff policies and rising long-term bond yields, may indirectly affect A-share sentiment [8] - The regulatory environment is supportive of the stock market, with expectations of continued inflows from long-term funds [8] Group 8 - The market is currently experiencing a lack of sustained upward momentum, with frequent style switches between large and small caps [9] - Structural opportunities are present, particularly in high-margin assets and sectors benefiting from policy support for consumption [9] Group 9 - The short-term outlook for A-shares is characterized by a consolidation phase, with resilience expected as long as there is no global liquidity crisis [10] - The market's upward potential is contingent on the strength of economic recovery, with "quasi-stabilizing funds" helping to mitigate downside risks [10] Group 10 - The historical performance of dividend assets shows a tendency to underperform in June, suggesting a potential "headwind" period for these assets [12] - Despite this, dividend assets remain a long-term strategic choice for investors amid geopolitical uncertainties and ongoing trade tensions [12]

Group 1 - The People's Bank of China (PBOC) has implemented various monetary policy tools since May to maintain ample liquidity, including a 0.5 percentage point reserve requirement ratio (RRR) cut expected to provide approximately 1 trillion yuan in long-term liquidity [1] - The PBOC's operations included a net withdrawal of 781.7 billion yuan from May 6 to May 9, a net withdrawal of 350.1 billion yuan from May 12 to May 16, and a net injection of 460 billion yuan from May 19 to May 23 [1] - On May 23, the PBOC conducted a 500 billion yuan Medium-term Lending Facility (MLF) operation, resulting in a net injection of 375 billion yuan after offsetting 125 billion yuan of maturing MLF [1] Group 2 - A report from Huaxi Securities indicates that the funding environment in the last week of May may be influenced by tax periods and seasonal factors, suggesting that the PBOC's support will be crucial for maintaining stability [2] - The amount of reverse repos maturing from May 26 to May 30 is 946 billion yuan, and the report anticipates that the PBOC may maintain a certain level of liquidity injection to alleviate funding pressure [2] - In April, the PBOC conducted a 600 billion yuan MLF operation, resulting in a net injection of 500 billion yuan after offsetting 100 billion yuan of maturing MLF, alongside a 12 trillion yuan reverse repo operation [2] Group 3 - The cumulative net injection of approximately 1.4 trillion yuan in long-term funds from MLF and RRR cuts in May may lead to some net withdrawal from reverse repos, given the stable and slightly loose funding environment [3]

Group 1 - The recent surge of A-share companies going public in Hong Kong is driven by an outbound strategy, institutional convenience, and improved liquidity in the Hong Kong stock market [1] - The attraction of the Hong Kong market is systematically increasing, with continuous improvement in asset supply structure and quality, as well as liquidity trends benefiting from the return of overseas funds [1] - The trend of more quality leading companies listing in Hong Kong may catalyze a shift in A-share market style towards core assets [1] Group 2 - A-shares are expected to remain in a high central tendency oscillation market in the second quarter, with short-term adjustments anticipated [2] - The upper limit of the oscillation is supported by export resilience, while the lower limit is linked to the relationship between loose monetary policy and capital market stability [2] - Short-term focus remains on sectors like pharmaceuticals (CXO and innovative drugs) and precious metals, while technology is still undergoing mid-term adjustments [2] Group 3 - The recent market sentiment has shown signs of retreat, with micro-cap stocks gaining trading heat, indicating potential market risks due to crowded trades [3] - The central bank's financial policies aim to support the real economy and may bring fresh capital into the market [3] - The focus remains on "new quality domestic demand growth" with an emphasis on service consumption and new consumption sectors [3] Group 4 - The recent volatility in overseas financial markets, including rising long-term bond yields, has increased market risk aversion [4] - The small-cap style has recorded significant relative gains, driven by a market environment of rapid rotation and stock selection for excess returns [4] - The trading volume of the CSI 2000 index has reached a high concentration level, indicating potential volatility risks [4] Group 5 - The market is expected to refocus on technology growth, particularly in the AI industry chain, with attention on upstream and downstream innovations [5][6] - Historical patterns suggest that industry rotation typically slows down from mid to late May into June, indicating a potential consolidation phase [5] Group 6 - A-share indices are likely to undergo revaluation as quality growth indices strengthen, driven by stable cash flows and declining capital expenditures [7] - The trend of a weak dollar and strong renminbi is expected to benefit core assets represented by quality growth indices [7] Group 7 - The recent rise in global risk aversion, driven by U.S. tariff policy fluctuations and rising long-term bond yields, may indirectly affect A-share sentiment [8] - The influx of long-term funds from social security, insurance, and pension schemes is expected to support a stable A-share market [8] Group 8 - The market is currently experiencing rapid style switching, with both large and small caps alternating in dominance [9] - Structural opportunities are present, particularly in high-margin assets and sectors benefiting from policy support for consumption [9] Group 9 - Short-term market consolidation is anticipated, with resilience remaining intact despite potential negative impacts from rising U.S. bond yields [10] - The current market environment is characterized by a balance of policy support and economic recovery expectations [10] Group 10 - The historical trend indicates that dividend-paying assets may face headwinds in June, but could present good entry points for long-term investors [12] - The ongoing geopolitical uncertainties and trade tensions suggest that dividend assets remain a solid long-term investment choice [12]

Core Viewpoint - Zhejiang Securities Regulatory Bureau has issued administrative measures against Huaxi Securities' Yiwu Mall Avenue Securities Business Department for violations related to investor solicitation activities, highlighting compliance issues within the company [1][2][9]. Group 1: Violations and Measures - Huaxi Securities' Yiwu Mall Avenue Securities Business Department was found to have engaged in illegal solicitation activities by entrusting individuals outside of licensed securities brokers, violating Article 8, Item 7 of the Securities Brokerage Business Management Measures [1][6]. - The Zhejiang Securities Regulatory Bureau decided to issue a warning letter to the Yiwu Mall Avenue Securities Business Department and record this in the securities and futures market integrity file [1][6]. - Wei Qian, the head of the business department, is held responsible for the violations and is subject to corrective measures, which will also be recorded in the integrity file [7][8]. Group 2: Responsibilities of Management - Tong Xuejun, as the head of Huaxi Securities' Zhejiang branch, is responsible for the compliance operations of the business department and has been issued a warning letter for inadequate compliance management, violating Article 10, Paragraph 1 of the Compliance Management Measures for Securities Companies and Securities Investment Fund Management Companies [2][9]. - The regulatory authority emphasized the need for both Wei Qian and Tong Xuejun to enhance compliance management and rectify the identified issues to prevent future violations [8][10].

Group 1 - Sichuan Securities Regulatory Bureau is conducting a series of investor education activities to promote rational investment and legal rights protection, attracting over 20,000 participants in a recent event [1] - The investor education market event held on May 15 in Chengdu integrated local cultural elements, such as Sichuan opera and traditional tea, to engage the public [1] - Various securities firms, including Huaxi Securities and Guojin Securities, are actively involved in educating the public about financial risks and legal rights through community outreach and online platforms [1][2] Group 2 - Huaxi Futures organized a seminar with representatives from banks, insurance, and securities firms to discuss innovative paths for integrating investor education into national education [2] - Sichuan Securities Regulatory Bureau emphasizes the importance of adapting investor education to meet public needs, aiming to create more impactful and relatable educational activities [2]

A股快速轮动、冲高回落后，进入5月下旬，市场将作何表现呢？ 智通财经搜集了10家券商的观点，大部分券商认为，随着资本市场基础制度改革提速和资金情绪略有回 升，叠加经济基本面有望脉冲式改善，接下来A股指数有望进一步缓步推高，并向上挑战震荡区间上 限。 国泰海通证券表示，展望后市仍然保持乐观，随着资本市场基础制度改革提速，继续看好中国股市。同 时贴现率下降是如今中国股市上升的重要动力，A股指数有望进一步缓步推高。 中信证券：回归基准是通过基准的行业配比向基金持仓配比演化而不是相反 当前，市场对于公募考核新规以及回归基准行业配置的讨论存在一些误区。从海外经验来看，回归基准 是通过基准的行业配比向基金持仓配比演化而不是相反；产品投资策略向客户盈利导向回归，在长期视 野下，这与追求排名和绝对收益并不矛盾，反而是统一的；跑输基准的惩罚机制最终导致的是基金减少 博弈性持仓，长期来看最大的影响是活跃头寸的占比下降。 "二季度经济基本面有望脉冲式改善。二季度从'抢转口'到'抢出口'，外需从初步显现下行压力，到可能 脉冲式上行。尽管基本面改善尚无法外推，但短期数据验证有望保持强势，至少排除了下行风险。5月 政策兑现成为主要矛盾阶 ...

中信证券：关于回归基准配置的几个误区和几个事实 我们认为市场对于公募考核新规以及回归基准行业配置的讨论存在一些误区。从海外经验来看，回归基准是通 过基准的行业配比向基金持仓配比演化而不是相反；产品投资策略向客户盈利导向回归，在长期视野下，这与 追求排名和绝对收益并不矛盾，反而是统一的；跑输基准的惩罚机制最终导致的是基金减少博弈性持仓，长期 来看最大的影响是活跃头寸的占比下降。 此外，用前瞻眼光去看，未来如果外资逐步回流，市场生态也会相较过去3年发生重大转变，不能用后视镜视 角静态去看行业配比，好公司和差公司之间的差异会远远超过所谓的"好行业"和"差行业"。 申万宏源：公募持仓向业绩比较基准靠拢未必是普遍趋势 《推动公募基金高质量发展行动方案》是长期改革，而其短期映射，成为结构性行情的主要线索。在我们看 来，主动公募产品调整业绩比较基准，是集中梳理产品策略的一次机遇。而持仓向业绩比较基准靠拢却未必是 普遍趋势。 如何去有效地设定基准是长期而言实现客户利益、赢得竞争并避免被被动型产品替代的最关键问题。对于主动 权益型产品而言，沪深300、中证800以及A500作为全市场基金基准都有较大的局限性，能够反映新质生产力 ...

Trade Relations and Economic Indicators - The significant reduction in tariffs between China and the U.S. has improved trade expectations, with the U.S. comprehensive tariff rate on China remaining around 40%[2] - April export data exceeded expectations, but PPI showed a year-on-year decline of 2.7%, indicating underlying economic weaknesses[2] - New loan issuance in April was below expectations, with cumulative new household loans in the first four months at a near ten-year low[2] Market Trends and Monetary Policy - The bond market has entered a defensive phase, with yields generally rising; the 10-year government bond yield increased to 1.68% (+5bp) and the 30-year yield to 1.88% (+4bp)[11] - Market sentiment is shifting towards a "trend over volatility" approach, delaying expectations for further interest rate cuts until after Q2 data is released in July[2] - The likelihood of a return to a tight funding environment similar to Q1 is low due to several factors, including stable bank liabilities and a supportive central bank stance[3] Investment Strategy and Bond Valuation - The bond market is expected to experience a period of volatility, with the 10-year yield fluctuating between 1.6% and 1.7%[26] - In the short-term, the focus should be on evaluating price-performance ratios, particularly in the 1-3 year bond segment, which currently shows a high liquidity advantage[26] - For mid-term bonds (5-7 years), the pricing uncertainty is moderate, while the 10-year agricultural development bonds offer attractive spreads[6] Financial Products and Risk Assessment - The total scale of wealth management products decreased by 771 billion yuan to 31.49 trillion yuan, reflecting a seasonal decline[32] - The proportion of wealth management products with negative returns has slightly increased to 1.96%, but remains relatively low compared to historical levels[38] - The overall performance of wealth management products not meeting expectations has decreased to 17.4%, indicating improved performance across various institutions[44]