周沐曾任恒生前海基金管理有限公司股票投资部基金经理助理，恒生前海基金管理有限公司专户业务部 副主管，恒生前海基金管理有限公司同业业务部经理，华西证券（002926）股份有限公司研究所行业研 究员，天风证券（601162）股份有限公司研究所行业研究员。现任恒生前海沪港深新兴产业精选混合型 证券投资基金基金经理。 恒生产港深新兴产业精选混合成立于2017年04月01日，截至2026年01月14日，其今年来收益率为 5.31%，成立来收益率为52.12%，累计净值为1.5212元。 中国经济网北京1月15日讯今日，恒生前海基金公告，恒生前海沪港深新兴产业精选混合增聘周沐。 | Annual Property Controller Company of Children 甚金名称 | 恒生前海沪港深新兴产业精选混合型证券投资基金 | | --- | --- | | 甚全间标 | 恒生前海沪港深新兴产业精选混合 | | 基金主代码 | 004332 | | 基金管理人名称 | 恒生前海基金管理有限公司 | | 公告依据 | 公开幕集正券投资基金信息按露管理办法》、《基金管理公司投资管理人员管理指导 意见》等有关法律法规 ...

Core Viewpoint - Huaxi Securities experienced a decline in stock price, with a current trading price of 9.12 yuan per share and a total market capitalization of 23.94 billion yuan [1] Group 1: Stock Performance - As of January 15, Huaxi Securities' stock price dropped by 2.04%, with a year-to-date decline of 1.72% and a 60-day decline of 6.94% [1] - The trading volume reached 265 million yuan, with a turnover rate of 1.10% [1] Group 2: Financial Performance - For the period from January to September 2025, Huaxi Securities reported operating revenue of 3.493 billion yuan, representing a year-on-year growth of 56.52%, and a net profit attributable to shareholders of 1.059 billion yuan, reflecting a significant increase of 316.89% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of Huaxi Securities' shareholders increased to 90,400, up by 10.61%, while the average circulating shares per person decreased by 9.59% [2] - The company has distributed a total of 1.591 billion yuan in dividends since its A-share listing, with 538 million yuan distributed over the past three years [3]

Recent Events - Company announced on January 12 that it has signed an exclusive licensing agreement with AbbVie for its self-developed PD-1/VEGF bispecific antibody drug RC148, granting AbbVie exclusive rights for development, production, and commercialization outside Greater China. The company will receive an upfront payment of $650 million and is eligible for up to $4.95 billion in milestone payments, as well as double-digit royalties on net sales outside Greater China [1] Product Development and International Collaboration - The recent licensing agreement further validates the company's speed in international expansion, following the external authorization of its core products RC18 and RC28 by 2025. As of January 2026, there are 17 PD-(L)1/VEGF bispecific antibody drugs in clinical trials globally, with several signed BD agreements, showcasing the company's strong R&D capabilities [2] - AbbVie, as an international MNC, has a diverse product pipeline including the first FRα-targeting ADC drug Elahere and others, which will strategically complement RC148 and expand its global reach [2] Clinical Data and Efficacy - At the 2025 ESMO-IO conference, the company disclosed promising data for RC148, showing an objective response rate (ORR) of 61.9% and a disease control rate (DCR) of 100% for monotherapy. For combination therapy, the ORR reached 66.7% and the DCR was 95.2%, indicating initial clinical advantages and manageable safety profiles [3] - Early clinical studies have shown that RC148, when used in combination with antibody-drug conjugates (ADCs), exhibits promising anti-tumor activity, with the company actively advancing related clinical trials [3]

Core Viewpoint - The A-share market is experiencing a bullish trend, with significant trading volume and inflows into securities ETFs, indicating strong investor participation and potential for continued growth in the brokerage sector [2][3]. Group 1: ETF Performance - As of January 14, 2026, the Securities ETF (159841) saw a subscription of 155 million units, with a turnover rate of 8.07% and a total transaction volume of 832 million yuan [1]. - Over the past week, the Securities ETF (159841) experienced a growth of 59.08 million yuan in scale and an increase of 19.8 million units in shares, reflecting significant growth [2]. - The latest net inflow into the Securities ETF (159841) was 60.64 million yuan, with a total of 386 million yuan attracted over the last five trading days [2]. Group 2: Market Trends - The A-share market's trading volume reached 3.94 trillion yuan on January 14, marking an increase of 290.4 billion yuan from the previous trading day, maintaining high trading activity [2]. - Despite fluctuations in major indices, the overall trading enthusiasm remains strong, indicating robust market participation [2]. Group 3: Institutional Perspectives - Huaxi Securities maintains a bullish outlook, suggesting that the A-share market is in a favorable position for growth, with expectations of increased external capital inflows [3]. - UBS expresses optimism for the A-share market in the first quarter, citing loose liquidity and potential for valuation recovery throughout 2026, supported by strong innovation and policy backing [3].

Investment Rating - The report assigns a "Neutral" rating to the company with a target price of 11.18 CNY [2][11]. Core Insights - The report emphasizes the company's core competitive advantages built on the "three pillars" of wealth management, investment banking, and investment management, which are expected to drive revenue growth [8][9]. - The company has shown significant recovery in revenue and profitability, achieving record highs in recent quarters, driven by active brokerage and proprietary trading businesses [35][33]. Financial Summary - Total revenue is projected to grow from 3,920 million CNY in 2024 to 5,870 million CNY in 2027, with a compound annual growth rate (CAGR) of 23% in 2024 and 33% in 2025 [3]. - Net profit attributable to shareholders is expected to increase from 728 million CNY in 2024 to 1,512 million CNY in 2027, reflecting a growth rate of 71% in 2024 and 78% in 2025 [3]. - Earnings per share (EPS) is forecasted to rise from 0.28 CNY in 2024 to 0.58 CNY in 2027, with a price-to-earnings (P/E) ratio decreasing from 33.4 in 2024 to 16.2 in 2027 [3]. Company Overview - The company, Huaxi Securities, is a comprehensive securities firm rooted in Southwest China, focusing on wealth management, investment banking, and investment management as its main business pillars [15][18]. - It has a strong shareholder structure, with significant stakes held by local state-owned enterprises, ensuring stable control [18][19]. Business Analysis - The brokerage and proprietary trading segments are the main drivers of revenue, with brokerage income accounting for 47.2% of total revenue in 2025, significantly above the industry average [27][51]. - The company has seen a substantial increase in client funds, reaching a historical high of 330.9 million CNY, with a market share of 1.7% [58][60]. - The investment banking segment has faced challenges due to regulatory issues but is expected to recover as the company focuses on debt financing and restructuring its operations [62][64]. Market Position - The company has gradually regained market share, with total revenue reaching 34.9 billion CNY in the first three quarters of 2025, reflecting a year-on-year increase of 56.5% [33][35]. - The asset scale has also grown, with total assets and net assets increasing by 17.3% and 6.2% year-on-year, respectively, providing a solid foundation for future business expansion [33][34].

有消息称，覃汉目前已经因此事被监管部门立案调查。就此，南都·湾财社记者尝试联系浙商证券方 面，但截至目前未获回应。 为拉票故意不翻空 朋友圈吐嘈引买方众怒 2025年12月17日，2025年新财富最佳分析师评选结果出炉。根据公告，覃汉带领的团队斩获固收研究第 五名，创下其个人职业生涯最佳成绩。 一条朋友圈，将固收首席送上了舆论的风口。 | | | 固定收益研究 | | | --- | --- | --- | --- | | | 名次 机构 | 团队 | 总分 | | 1 | 华泰证券 | 研究小组(张继强、仇文竹、殷超、吴 宇航、陶冶、文晨听、吴靖、朱沁宜、 | 40340.296 | | | | 方翔宇、王晓宇) | | | 2 | 华西证券 | 研究小组(刘郁、姜丹、田乐蒙、肖金 川、黄晓曦、郑日诚、黄佳苗、董远、 | 31481.596 | | | | 曾禹童、钱青静) | | | 3 | 甲万宏源址券 | 研究小组(黄伟平、栾强、杨雪芳、徐 | 29564.247 | | | | 47) | | | 4 | | 研究小组(周冠南、张晶晶、许洪波、 | | | | 华创证券 | 靳晓航、宋琦、王紫宇、张 ...

方正证券认为，1)火电：2025年多地长协电价承压下行已获高层关注，随着广东等多地出台批零价差约 束等政策组合拳以遏制非理性竞争，以及2026年起容量电价补偿比例普遍上调，电价单边下行的最大利 空正逐步出清。2)水电：盈利韧性与成本改善，凸显高股息稀缺价值。2025年我国水电发电量企稳回 升，特别是9—10月单月同比增幅近30%，呈现边际好转。展望未来，随着存量机组折旧陆续到期及财 务费用减少，水电公司盈利能力有望进一步提升。3)核电：尽管受市场化交易电量增长以及年度长协电 价下滑影响，核电公司的上网电价或有所降低，且核电税收优惠有所调整，对未来新投产核电机组或形 成一定压力，但考虑到近年来我国核电核准节奏稳健，新机组投运带来的发电量提升有望在一定程度上 实现以量补价。 华西证券（002926）认为，电力系统作为算力发展的基石，其价值和生态有望获得重塑。AI技术迭代 和AI应用加速渗透带动算力需求激增，推动人工智能数据中心(AIDC)大规模建设。本轮AI产业趋势主 升浪将从两大需求(发电量需求增长、供电质量要求提升)和三大端侧(发电侧、电网侧和用户侧)对电力 系统价值和生态带来重塑。1)发电侧：数据中心规模化 ...

Group 1 - The A-share market has shown a strong upward trend since the beginning of 2026, with the financing balance of the two markets exceeding 2.6 trillion yuan, prompting leading brokerage firms to issue bonds to support business development [1][3] - Major brokerages have actively engaged in bond issuance, with China Galaxy announcing a public bond issuance of up to 30 billion yuan and East Money Securities planning to issue up to 20 billion yuan in subordinated bonds [1][3] - The bond financing scale for brokerages has experienced explosive growth, with a total issuance amount of 81.3 billion yuan in early 2026, a nearly 70% increase compared to the same period in 2025 [3][4] Group 2 - The surge in bond financing is driven by a combination of factors, including increased market activity, rising capital demands, and a favorable low-interest-rate environment that makes bond financing more attractive than equity financing [6][7] - Brokerages are using the proceeds from bond issuances primarily for replenishing working capital and repaying maturing debts, which is crucial for their operational stability and growth [5][6] - The trend of bond issuance is expected to continue in 2026, with a focus on capital supplement bonds and a shift towards longer-term financing to match the capital needs of margin trading and proprietary investment [8][9]

证券代码：524620 证券简称：26 华股 01 （本页无正文，为《华西证券股份有限公司 2026 年面向专业投资者公开发行公 司债券（第一期）票面利率公告》之盖章页） 西南证券股份有限公司 2026 年 月 日 华西证券股份有限公司 2026 年面向专业投资者公开发行公司债券 （第一期）票面利率公告 本公司及其董事、高级管理人员保证公告内容真实、准确和完整，并对公告 中的虚假记载、误导性陈述或者重大遗漏承担责任。 华西证券股份有限公司（以下简称"发行人"或"公司"）发行不超过 100 亿元 公司债券已获得中国证券监督管理委员会证监许可〔2025〕366 号文注册。华西 证券股份有限公司 2026 年面向专业投资者公开发行公司债券（第一期）（以下 简称"本期债券"）发行规模为不超过 20.00 亿元（含 20.00 亿元）。 2026 年 1 月 13 日，发行人和主承销商在网下向专业机构投资者进行了票面 利率询价，利率询价区间为 1.50%-3.50%。根据网下向专业机构投资者询价结果， 经发行人和主承销商充分协商和审慎判断，最终确定本期债券的票面利率为 1.95%。 发行人将按上述票面利率于 2026 ...

Core Viewpoint - The A-share market has shown a strong upward trend since the beginning of 2026, leading to a significant increase in the financing balance of the two markets, which has surpassed 2.6 trillion yuan, prompting major brokerage firms to issue bonds to support their business development [1][3]. Group 1: Bond Issuance by Brokerages - Major brokerages have actively issued bonds, with the total bond issuance amount reaching 813 billion yuan in early 2026, a nearly 70% increase compared to 484 billion yuan in the same period of 2025 [3][11]. - Specific bond issuances include China Galaxy's application for 300 billion yuan in bonds approved by the CSRC, and Orient Securities' approval for 200 billion yuan in subordinated bonds [1][3]. - The bond issuance structure shows that 672 billion yuan was from securities company bonds, accounting for over 80% of the total, while short-term financing bonds accounted for nearly 20% [3]. Group 2: Market Conditions and Drivers - The rapid growth in bond financing is driven by multiple factors, including a rising market sentiment, increased margin trading balances, and a low-interest-rate environment that favors bond financing over equity financing and bank loans [8][9]. - The active trading environment in the A-share market has led to a significant increase in trading volumes and margin balances, with the two markets' financing balance reaching a historical high of 2.6 trillion yuan [9][11]. - Brokerages are using bond proceeds primarily for replenishing working capital and repaying maturing debts, which is crucial for their operational stability and competitive positioning [7][8]. Group 3: Future Outlook - The bond issuance by brokerages is expected to continue its growth trend in 2026, although at a slower pace compared to 2025, with a focus on optimizing the structure of debt instruments [11][12]. - The average coupon rate for bonds issued by brokerages is around 1.90%, with some high-rated firms achieving rates as low as 1.70%, indicating a favorable financing environment [12]. - The market is likely to see a differentiation between leading brokerages and smaller firms, with top firms maintaining a competitive edge in bond issuance due to their credit ratings and client bases [12][13].