Huaxi Securities(SZ:002926) Zheng Quan Ri Bao Wang·2025-11-19 09:14Core 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]