北京中伦（成都）律师事务所 关于华西证券股份有限公司 2025 年第一次临时股东大会的 二〇二五年十一月 北京中伦（成都）律师事务所 关于华西证券股份有限公司 2025年第一次临时股东大会的 法律意见书 法律意见书 致：华西证券股份有限公司 华西证券股份有限公司（以下简称"公司"）2025年第一次临时股东大会（以 下简称"本次会议"）于2025年11月17日15时00分在成都市高新区天府二街198 号公司会议中心4楼召开，北京中伦（成都）律师事务所（以下简称"本所"） 接受公司委托，指派律师出席本次会议，并出具本法律意见书。 本所律师在会议召开前和召开过程中，审查了有关本次股东大会的全部材料， 并对出席本次会议人员及会议召集人的资格、本次会议的召集、召开程序等重要 事项的合法性进行了现场核验，在此基础上，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、中国证券监督管理委员会《上市公司股东会规则》、 《律师事务所从事证券法律业务管理办法》等相关法律、法规及《华西证券股份 有限公司章程》（以下简称"《公司章程》"）的相关要求，按照律师行业公认 的业务标准、道德规范和勤勉尽责精神，发表法律意见如下： 一、 ...

Group 1 - Zhangjiagang Bank (SZ 002839) announced that it will accept investor research on November 14, 2025, with participation from the board office head Tao Ying and others [1] - For the first half of 2025, the bank's revenue composition shows that interest income accounted for 75.14%, while non-interest income accounted for 2.73% [1] - As of the report date, Zhangjiagang Bank's market capitalization is 11.2 billion yuan [2]

南财智讯11月17日电，华西证券股份有限公司公告，"23华股03"将于2025年11月24日付息，债权登记日 为2025年11月21日。本次付息计息期间为2024年11月23日至2025年11月22日，票面利率为2.98%。每10 张"23华股03"派发利息29.80元（含税），扣税后个人、证券投资基金债券持有人实际每10张派发利息 23.84元，非居民企业（包括QFII、RQFII）债券持有人扣税后实际每10张派发利息29.80元。本次付息 对象为截至2025年11月21日收市后在中国证券登记结算有限责任公司深圳分公司登记在册的全体"23华 股03"持有人。 ...

证券简称：华西证券 证券代码：002926 公告编号：2025-046 债券代码：148519 债券简称：23 华股 03 华西证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第三期） 2025 年付息公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要提示： 债券简称：23 华股 03 债券代码：148519 债权登记日：2025 年 11 月 21 日 付息日：2025 年 11 月 24 日 计息期间：2024 年 11 月 23 日至 2025 年 11 月 22 日 2023 年面向专业投资者公开发行公司债券（第三期）（以下简称："本期 债券"）2025 年 11 月 24 日支付 2024 年 11 月 23 日至 2025 年 11 月 22 日期间 的利息。为保证付息工作的顺利进行，现将有关事项公告如下： 一、本期债券的基本情况 1．发行人：华西证券股份有限公司。 2．债券名称：华西证券股份有限公司 2023 年面向专业投资者公开发行公 司债券（第三期）。 3．债券简称：23 华股 03 4．债券代码：148519 5．债券 ...

智通财经APP获悉，华西证券发布研报称，古茗（01364）凭借其高质价比产品策略、区域加密的门店 网络及自建冷链供应链，组成了规模与效率的正向循环。公司业绩持续增长稳健，未来有望通过品类拓 展与品牌力提升支撑单店销售，同时加盟政策优化将驱动门店规模实现翻倍以上增长空间，预计2025 年-2027年EPS分别为1.16/1.21/1.45元，对应PE分别为17.4/16.7/14.0倍，首次覆盖给予公司"买入"评级。 投资建议 华西证券主要观点如下： 市场规模 自创立以来，古茗致力于提供新鲜美味、口味一致、价格亲民的高品质饮品，历经15年稳步发展现已成 为茶饮行业的头部品牌之一;截至2025年6月底，全国门店总数达11179家，覆盖200余个城市。公司以加 盟模式为主，收入主要来自向加盟商销售货品及设备以及提供服务，2025H1，实现收入56.63亿 元/+41.2%，经调整净利润10.86亿元/+42.4%，经调整净利率19.2%/+0.2pct。 竞争壁垒 不同于其他茶饮品牌，公司具有独特的战略打法——采用货架型高频上新的产品策略和区域加密扩张的 门店策略，并自建冷链物流体系打造供应链壁垒。区域加密扩张策略 ...

Core Viewpoint - Company has established itself as a leading brand in the tea beverage industry through a high-quality price ratio product strategy, a regionally encrypted store network, and a self-built cold chain supply chain, resulting in a positive cycle of scale and efficiency [1] Market Size - Since its establishment, the company has focused on providing fresh, delicious, consistent, and affordable high-quality beverages, growing steadily over 15 years to become one of the top brands in the tea beverage industry; as of June 2025, the total number of stores nationwide is expected to reach 11,179, covering over 200 cities [1] - The company primarily operates through a franchise model, generating revenue mainly from selling goods and equipment to franchisees and providing services; in the first half of 2025, it achieved revenue of 5.663 billion yuan, a year-on-year increase of 41.2%, with an adjusted net profit of 1.086 billion yuan, up 42.4%, and an adjusted net profit margin of 19.2%, an increase of 0.2 percentage points [1] Competitive Barriers - The company differentiates itself from other tea beverage brands by employing a high-frequency product launch strategy and a regionally encrypted expansion strategy, along with a self-built cold chain logistics system to create supply chain barriers [2] - The dense store network resulting from the regional encryption strategy helps shorten transportation distances, reduce warehousing and logistics costs, and ensure high-frequency delivery of ingredients, achieving a "two-day delivery" service in the industry, fulfilling the brand's "freshness" promise; cost savings from improved supply chain efficiency can be directly converted into pricing advantages, supporting the brand's high-quality price ratio strategy and enhancing franchisee profitability, which in turn promotes further store growth and cost dilution [2] Future Outlook - Although the company, as a brand owner, does not directly participate in the revenue sharing of franchise stores, its revenue is closely related to the GMV of franchise stores, making the improvement of single-store sales and the increase in the number of stores the core drivers of the company's performance growth [3] - In the short term, single-store sales are expected to grow rapidly due to the external delivery competition; even if delivery subsidies slow down, the company can still support single-store sales through product and scenario expansion and brand enhancement [3] - Following a policy adjustment in February this year that boosted confidence among new franchisees, the pace of store openings has accelerated significantly; with continued regional encryption and penetration into untapped areas, the company is projected to have over 35,000 store openings in mainland China, indicating more than double the current growth potential [3] Investment Recommendations - The company is expected to achieve revenues of 12.458 billion yuan, 15.677 billion yuan, and 18.434 billion yuan from 2025 to 2027, representing year-on-year growth of 41.7%, 25.8%, and 17.6%, respectively; net profit attributable to the parent company is projected to be 2.768 billion yuan, 2.888 billion yuan, and 3.450 billion yuan, with year-on-year growth of 87.3%, 4.3%, and 19.5% [4] - EPS is expected to be 1.16 yuan, 1.21 yuan, and 1.45 yuan, with the latest stock price (closing price on November 14 at 22.3 HKD, exchange rate 1 HKD = 0.91 CNY) corresponding to PE ratios of 17.4, 16.7, and 14.0 times [4] - The company is given a "buy" rating for the first coverage [4]

Group 1 - The A-share market experienced a decline on November 17, with most stocks falling, while Xiangcai Co. rose over 2% [1] - The brokerage sector's performance is expected to improve significantly, supported by four key factors: continuous inflow of new funds, upward index breakthroughs, deepening interconnectivity, and ongoing supply-side reforms [3] - The brokerage ETF (512000) saw a net inflow of 433 million yuan last week, leading among 14 similar ETFs [4] Group 2 - The brokerage ETF (512000) reached a historical fund size of over 40 billion yuan on November 6, with an average daily trading volume exceeding 1 billion yuan this year [5] - The brokerage sector is anticipated to maintain a high level of activity, with potential for valuation recovery as the capital market is expected to trend upward [3] - The ETF serves as an efficient investment tool, tracking the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks [3]

Group 1 - The core point of the article is that 康龙化成 (Kanglong Chemical) has seen a significant decline in its stock price, dropping over 5% in a single day and more than 15% in the month due to a share reduction announcement by major shareholders [1] - As of the report, 康龙化成's stock is trading at 22.04 HKD with a trading volume of 129 million HKD [1] - The shareholders, 深圳市信中康成投资合伙企业 and its acting party, plan to reduce their holdings by up to 26.67 million shares, which represents 1.5% of the company's total share capital [1] Group 2 - 华西证券 (Huaxi Securities) has released a report indicating that 康龙化成's third-quarter performance meets expectations, with new orders accelerating [1] - The report suggests that due to the rapid growth in orders and ongoing cost reduction efforts, 康龙化成 is expected to maintain its revenue guidance of 12% to 16% over the next 25 years, indicating a trend of marginal improvement in future performance [1]

Core Viewpoint - The People's Bank of China (PBOC) is actively managing liquidity through various monetary policy tools, indicating a commitment to maintaining stable financial conditions amid multiple market disturbances [1][3][4] Group 1: Monetary Policy Operations - On November 17, the PBOC conducted a 283 billion yuan 7-day reverse repurchase operation and an 800 billion yuan buyout reverse repurchase operation, resulting in a net injection of 963.1 billion yuan [1] - The total net injection from the PBOC's open market operations for the week of November 10-14 was 626.2 billion yuan, reflecting ongoing liquidity support despite earlier large-scale net withdrawals [1][2] - The PBOC's continued net injections and the announcement of an 800 billion yuan 6-month buyout reverse repurchase operation suggest a sustained effort to stabilize the funding environment [2][3] Group 2: Market Reactions and Expectations - The interbank funding rates, particularly DR001, experienced fluctuations, initially rising to 1.51% before stabilizing around 1.3% following the PBOC's interventions [1][2] - Analysts expect that the central bank's supportive stance will help mitigate the impact of tax payment periods and government bond repayments on liquidity, with overnight funding costs likely to remain below 1.55% during the tax period [3] - The average DR001 rate for November has risen to 1.37%, aligning with the central tendency observed since the third quarter, indicating a controlled approach to managing liquidity [2][3] Group 3: Broader Economic Implications - The PBOC's recent monetary policy report emphasizes the need for a coordinated approach between monetary and fiscal policies to support economic growth and maintain reasonable growth in social financing and money supply [3][4] - The report signals a strong commitment to stabilizing growth through enhanced credit support and improved interest rate transmission mechanisms, which may lead to a decrease in overall financing costs [3][4] - Analysts suggest that the PBOC's focus on maintaining liquidity and supporting growth reflects a shift towards a more proactive monetary policy stance, potentially paving the way for future easing measures [4]

Core Viewpoint - The recent performance of the CSI 500 Quality Growth Index shows a decline, with specific stocks leading gains and losses, indicating market volatility and sector-specific movements [1][2]. Group 1: Market Performance - As of November 17, 2025, the CSI 500 Quality Growth Index (930939) decreased by 1.26%, with Jiuli Special Materials (002318) leading the gainers and Shanghai Electric (600021) leading the decliners [1]. - The CSI 500 Quality Growth ETF (560500) experienced a turnover rate of 0.46%, with a trading volume of 2.1469 million yuan [1]. Group 2: Sector Analysis - CITIC Securities noted increased volatility in the computing power sector, emphasizing the ongoing AI industrial revolution and the need for a long-term perspective on its impact [2]. - Quantum technology is highlighted as a key future industry, with recent advancements such as the joint development of a superconducting quantum computer by China Telecom Quantum Group and Guoshield Quantum [2]. Group 3: Fund and Index Composition - The CSI 500 Quality Growth Index selects 100 companies from the CSI 500 Index based on profitability, sustainability, and cash flow, providing diverse investment options [2]. - As of October 31, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 21.64% of the index, with Huagong Technology (000988) having the highest weight at 3.37% [3][5].