Western Securities(SZ:002673) Xin Lang Cai Jing·2026-02-13 23:42Group 1 - The core point of the article highlights the intense competition among securities firms during the upcoming Spring Festival holiday, with some firms scheduling numerous roadshows despite the holiday period [1][2][5] - A specific securities firm, Western Securities, has planned a full schedule of roadshows from the evening of New Year's Eve to the end of the holiday, indicating a trend of "internal competition" within the industry [5][17] - Another firm, Kaiyuan Securities, is also actively participating with two to three roadshows daily from the first day of the new year, although they provided a break for analysts on New Year's Eve [19][21] Group 2 - Financial performance data reveals that Western Securities achieved a revenue of 4.335 billion with a year-on-year decline of 2.17%, while profits increased by 70.63% to 1.243 billion [9][21] - However, the research department's income has been on a continuous decline over the past four years, dropping from over 100 million in mid-2022 to only 27.14 million in mid-2025, reflecting issues such as salary cuts, layoffs, and analyst turnover [9][21] - Kaiyuan Securities has also seen a significant drop in research income, with mid-2025 figures falling to less than 60 million, nearly halving compared to previous years [11][23]