Group 1 - The core point of the article is that Huaxi Securities has announced the cancellation of its supervisory board, with the responsibilities being transferred to the audit committee of the board of directors [1] - The supervisory board members, including Xu Hai, He Jiang, and Liu Xiangrong, have had their positions terminated, with Xu and Liu remaining in other roles within the company, while He Jiang will no longer hold any position [1] - As of the report, Huaxi Securities has a market capitalization of 26.3 billion yuan [1] Group 2 - For the first half of 2025, Huaxi Securities' revenue composition is as follows: securities brokerage business accounts for 55.07%, credit business for 20.85%, investment business for 18.3%, investment banking business for 2.02%, and other businesses for 1.66% [1]

证券代码：002926 证券简称：华西证券 公告编号：2025-048 华西证券股份有限公司 二、监事离任对上市公司的影响 本次监事离任系公司治理结构优化调整所致，公司董事会审计委员会已正式承接原监事 会相关职责，公司治理结构完整，运作正常。 截至本公告披露日，徐海先生、何江先生、 刘向荣先生未持有公司股份，不存在应当履行而未履行的承诺事项。公司对徐海先生、何江 先生、刘向荣先生在监事任职期间所做的贡献表示衷心感谢！ 三、备查文件：公司 2025 年第一次临时股东大会决议。 特此公告。 华西证券股份有限公司董事会 2025 年 11 月 21 日 关于监事离任的公告 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。 一、监事离任情况 根据《公司法》《上市公司章程指引》及公司 2025 年第一次临时股东大会审议通过的 《关于修订<公司章程>及其附件并取消公司监事会的议案》，公司取消监事会，监事会职责 由董事会审计委员会承接。因此，监事会主席徐海先生、监事何江先生、职工监事刘向荣先 生的监事职务自然解除。徐海先生、刘向荣先生离任监事职务后仍在公司任职，何江先生离 任 ...

Core Viewpoint - The 2025 China Securities Industry Asset Management Summit highlighted the evolving landscape of the asset management industry, emphasizing the need for innovation and adaptation in response to market changes and new demands [2][3]. Group 1: Industry Trends - The asset management industry in China is experiencing a transformation with a more rational business structure and enhanced operational standards, leading to increased competitiveness [2]. - Three major trends are reshaping the securities asset management ecosystem: digital empowerment through AI and large model technologies, upgraded demand for innovative products like retirement and green investments, and a shift from traditional investment management to comprehensive solution providers [2][3]. Group 2: Challenges and Strategies - The asset management sector faces significant challenges, including asset scarcity, low interest rates, and high volatility, necessitating a transition from a single high-yield asset model to a multi-strategy approach [3]. - Firms must focus on brand cultivation and long-term development while enhancing active management capabilities and customer service to meet market demands effectively [3]. Group 3: Forum Highlights - The forum featured two roundtable discussions addressing opportunities and challenges in the post-public offering era and strategies for product layout in a low-interest-rate environment [4]. - The "2025 China Securities Industry Asset Management Jun Ding Award" was announced, recognizing outstanding contributions in the asset management field [4][6].

Core Viewpoint - The essence of the financial industry is risk management, with a strong risk culture being crucial for balancing business expansion and risk control [1][6] Group 1: Risk Culture and Liquidity Risk Management - Liquidity risk management is a vital component of a securities company's stable operation, requiring a dynamic balance between continuous capital inflow and reasonable utilization [1][4] - A deep-rooted risk culture ensures that funds flow safely and controllably, preventing the company from pursuing aggressive expansion without considering the stability and cost of funding sources [2][4] Group 2: Regulatory Indicators and Risk Culture - Regulatory indicators like Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) are not just compliance requirements but also tangible expressions of risk culture [3] - LCR emphasizes a "bottom-line thinking" approach, while NSFR reflects a "long-termism" philosophy, both aligning with the principles of risk culture [3] Group 3: Dynamic Asset-Liability Adjustment - The essence of asset allocation for securities companies involves liquidity transformation, which requires timely adjustments to the asset-liability structure based on various internal and external factors [4] - Each structural adjustment tests the depth of the risk culture, as blind optimism or excessive caution can lead to liquidity crises or missed opportunities, respectively [4] Group 4: Conclusion on Risk Culture - Effective liquidity risk management is fundamentally a dialogue with risk culture, where every decision from fundraising to business layout must be anchored in risk awareness [6] - A robust risk culture is essential for achieving long-term sustainability and resilience in the financial market [6]

Core Viewpoint - The storage industry is entering a "super cycle" driven by AI, with a significant increase in demand for high-end products like DDR5 and HBM, while supply is constrained by capacity construction cycles, leading to continuous price increases [1] Group 1: Supply and Demand Dynamics - The supply-demand gap is expected to widen further, with the global storage market entering a super cycle driven by AI [1] - DRAM and NAND demand is projected to increase significantly, with an estimated additional demand of 9EB and 200EB by 2025, potentially doubling in 2026 [1] - The construction cycle for wafer fabs is approximately 2-3 years, and with limited new capacity expected, supply growth will lag behind demand growth [1] Group 2: Domestic Expansion in China - The core logic for the expansion of the storage industry in mainland China is self-sufficiency, with significant capital expenditure expected from companies like Changxin and Changchun [2] - By 2026, the combined expansion of these two companies is projected to reach 10-12 million wafers, with total capital expenditure exceeding $16 billion [2] - The domestic storage chip demand gap is expected to be more severe than overseas, indicating a pressing need for expansion in mainland China [2] Group 3: Valuation and Market Performance - A-share storage equipment is currently undervalued, with significant price increases observed in the storage equipment sector compared to wafer fabs and modules [3] - As of November 7, 2025, companies like Tuojing Technology and Zhongwei Company have year-to-date increases of 128% and 71%, respectively, which are significantly lower than module price increases [3] - The combined market capitalization of certain A-share storage equipment companies is 311 billion, which is lower than the module segment's market capitalization of 500 billion [3] Group 4: Investment Recommendations - The global storage super cycle presents a bullish outlook for A-share semiconductor equipment, with specific recommendations for companies benefiting from high exposure to storage [4] - Key recommended stocks include Tuojing Technology, Jingyi Equipment, and Zhongwei Company, which are expected to benefit from the ongoing trends in the storage industry [4] - Additional recommendations include companies like Beifang Huachuang and Huahai Qingke, which are also positioned to benefit from the super cycle [4]

Core Insights - The beauty sector during the Double 11 shopping festival has continued its recovery trend observed since the beginning of the year, with various platforms implementing measures to stabilize and boost the market [1] - Foreign brands have shown improvement this year, while domestic brands have also performed steadily, with leading brands maintaining their positions at the top of various rankings [1] - Domestic brands that possess core technology, ingredient backing, and highlight Eastern cultural characteristics, along with strong brand power, product quality, and operational capabilities, are expected to continue leading and stand out in the competitive landscape [1]

Core Insights - The beauty sector during the Double 11 shopping festival continues to show recovery trends observed since the beginning of the year, with various platforms implementing measures to stabilize and boost the market [1] - Foreign brands have shown improvement this year, while domestic brands have also performed steadily, with leading brands maintaining top positions on major rankings [1] - Domestic brands that possess core technology, ingredient backing, and highlight Eastern cultural characteristics, along with strong brand power, product quality, and operational capabilities, are expected to continue leading and stand out in the competitive landscape [1]

Core Viewpoint - Huaxi Securities has shown a positive stock performance with a year-to-date increase of 22.07%, despite a recent decline over the past 60 days [1] Company Overview - Huaxi Securities, established on July 13, 2000, and listed on February 5, 2018, is located in Chengdu, Sichuan Free Trade Zone. The company primarily engages in brokerage and wealth management, credit business, investment banking, asset management, and other investment activities [1] - The revenue composition of Huaxi Securities includes brokerage and wealth management (55.07%), credit business (20.85%), investment business (18.30%), investment banking (2.02%), other business (1.66%), and asset management (1.65%) [1] Financial Performance - As of September 30, 2025, Huaxi Securities reported a net profit of 1.059 billion yuan, representing a year-on-year growth of 316.89% [2] - The company has distributed a total of 1.486 billion yuan in dividends since its A-share listing, with 433 million yuan distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 90,400, a rise of 10.61% from the previous period, while the average circulating shares per person decreased by 9.59% to 29,047 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Guotai Junan CSI Securities Company ETF, with significant increases in their holdings [3]

Core Viewpoint - The beauty sector during this year's Double Eleven has continued its recovery trend from earlier in the year, with both foreign and domestic brands showing stable performance, and domestic brands making significant progress [1] Group 1: Market Overview - The overall market growth is stable, with impressive performance in instant retail. The total e-commerce sales during Double Eleven in 2025 are projected to reach 16,950 billion yuan, a year-on-year increase of 14.2% [1] - Instant retail sales during Double Eleven reached 670 billion yuan, a year-on-year increase of 138.4%, indicating a growing consumer habit and potential for future expansion [1] Group 2: Beauty Sector Performance - The beauty sector outperformed the overall e-commerce market, with skincare sales reaching 991 billion yuan and makeup sales at 334 billion yuan, both showing double-digit year-on-year growth [2] - The beauty sector's growth is attributed to an extended promotional period, with significant improvements noted in October sales figures [2] Group 3: Brand Performance - Domestic brands are maintaining strong positions, with five domestic brands in the top 20 beauty rankings on Tmall for Double Eleven 2025, including Proya and Maogeping [3] - International brands are recovering, with mid-range brands like L'Oreal experiencing a decline, while brands like Drunk Elephant and Estée Lauder have shown double-digit growth [3] Group 4: Douyin Platform Insights - On Douyin, domestic brands dominate the top 10 beauty rankings, with Han Shu and Proya holding the top two positions, and several other domestic brands making significant gains [4] - The top five skincare brands on Douyin include only one foreign brand, indicating the competitive advantage of domestic brands in marketing and channel adaptation [4]

Meeting Overview - The first extraordinary general meeting of shareholders for 2025 was held on November 17, 2025, combining on-site and online voting methods [4][5][6] - The meeting was convened by the company's board of directors and presided over by Chairman Zhou Yi [6] Attendance - The meeting was attended by company directors, some supervisors, the board secretary, and certain senior management personnel, along with a witnessing lawyer [7] Voting Results - Proposal 1: The mid-term profit distribution plan for 2025 was approved with 1,293,351,593 shares in favor, representing 99.9547% of the valid votes [9] - The plan includes a cash dividend of 0.40 yuan per 10 shares, totaling 10,500 million yuan, based on a total share capital of 262,500 million shares [9] - Proposal 2: The amendment of the company's articles of association and the cancellation of the supervisory board was also approved with 1,260,006,412 shares in favor, accounting for 97.3776% of the valid votes [10][11] Legal Compliance - The meeting's procedures were confirmed to comply with the Company Law and the company's articles of association, ensuring the legality and validity of the resolutions passed [12]