华西证券（002926） 先晓玲 金融业的本质是经营风险。证券公司的稳健经营，犹如在浩瀚金融海洋中航行，既需要把握市场机遇的 罗盘，更需构筑风险防控的压舱石。而深厚的风险文化，恰是这艘航船最核心的导航系统——它融入企 业血脉，成为全员自觉的行为准则，确保企业能一次次在业务扩张与风险防控之间找到最佳平衡点。 流动性风险管理，作为证券公司稳健经营的重要一环，与风险文化的联系尤为紧密。正如江河奔涌不 息，既依赖源头活水的持续补给，也需河床的稳固与流向的合理调控，证券公司流动性风险管理的关键 是维持资金的持续流入与合理运用的动态平衡。这一平衡的实现，离不开风险文化的深度渗透，唯有如 此，方能确保资金流动始终运行在安全可控的轨道上。 以风险文化平衡筹资与投资 证券公司的筹资总额包括权益资金（含股东投资及盈利积累）和负债资金两类，是其主要资金流入来 源。在偿付到期债务、履行其他支付义务后，可用资金规模直接决定了业务投资的上限，而风险文化的 深度决定了这一上限的合理性。若企业盲目追求规模扩张，忽视资金来源的稳定性与成本，便如同无源 之水，即使能澎湃一时，也终将快速枯竭。 近年来，金融监管机构对证券公司债务融资工具的监管政策 ...

Core Viewpoint - The company conducted its fourth consecutive liquidity emergency drill to test and improve its liquidity risk management emergency plan, focusing on the end of the third quarter and spanning five trading days [1][2]. Group 1: Emergency Drill Overview - The emergency drill consisted of three parts: practical exercises, process rehearsals, and simulation analysis [1]. - Practical exercises targeted daily open products, monitoring asset allocation, liquidity risk indicators, product redemptions, and asset trading to assess liquidity management capabilities [1]. - Process rehearsals involved simulating extreme scenarios to ensure departments are familiar with emergency procedures, including client communication and regulatory reporting [1][2]. - Simulation analysis evaluated the company's response capabilities under systemic liquidity risk scenarios [1][2]. Group 2: Risk Management Enhancements - The drill covered key aspects such as risk monitoring, response mechanisms, and collaborative handling, providing quantifiable and optimizable practices for liquidity risk management [2]. - The company improved its identification and control of liquidity risks, refined emergency response processes, and enhanced cross-departmental crisis management efficiency [2]. - A comprehensive liquidity risk management system was established, focusing on investment portfolio liquidity management, investor liquidity needs, liquidity risk stress testing, and emergency planning [2]. Group 3: Future Plans - The company plans to refine its liquidity early warning monitoring system, optimize emergency response processes, and enhance liquidity risk management levels based on the experiences gained from the drill [3]. - The goal is to cultivate differentiated competitive advantages and support the high-quality development of its wealth management business [3].