研报掘金丨华创证券：首予华西证券“中性”评级，目标价11.18元

Group 1 - The core viewpoint of the report indicates that Huaxi Securities has a high concentration of equity, with the actual controller being the State-owned Assets Supervision and Administration Commission of Luzhou City [1] - The company is experiencing a steady expansion of its balance sheet, with revenue market share gradually recovering and profitability significantly rebounding [1] - Increased trading activity has led to growth in brokerage business, with notable success in acquiring new clients [1] Group 2 - The company is focusing on seizing market opportunities to release flexibility, with fixed-income assets being the core allocation direction for proprietary trading [1] - Historical analysis shows that the company's regulatory indicators are overall stable, and its funding and capital structure remain sound [1] - Given the intensified competition in the industry and the need for time to validate the company's transformation effectiveness, the firm assigns a 1.15 times PB valuation for Huaxi Securities' 2026 performance, with a target price of 11.18 yuan, initiating coverage with a "neutral" rating [1]