Group 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]

Core Viewpoint - Western Securities has received approval from the China Securities Regulatory Commission (CSRC) to conduct market-making trading for listed securities, specifically for stocks on the Beijing Stock Exchange [2] Group 1 - The company will amend its articles of association in accordance with relevant laws and the approval received from the CSRC [2] - Western Securities is required to complete business registration changes and apply for a new securities and futures business license in a timely manner [2] - The company plans to prepare in terms of personnel, business facilities, information systems, and operational locations to ensure the smooth launch of this new business [2]

Core Viewpoint - Western Securities has received approval from the China Securities Regulatory Commission (CSRC) for its market-making business qualifications for listed securities, specifically for trading on the Beijing Stock Exchange [1] Group 1 - The approval is documented in the CSRC's official notice, indicating the regulatory endorsement of the company's market-making capabilities [1] - The qualification is limited to market-making for stocks listed on the Beijing Stock Exchange, suggesting a focused strategy in this specific market [1]

证券代码：002673 证券简称：西部证券 公告编号：2026-012 西部证券股份有限公司 关于上市证券做市交易业务资格获批的公告 公司将按照有关法律法规和上述批复要求，修改公司章程，按时 完成工商变更登记并申请换发经营证券期货业务许可证。公司将在人 员、业务设施、信息系统和经营场所等方面做好准备工作，加强信息 技术安全管理及业务动态风险监测，切实保障该项业务顺利开展。 特此公告。 西部证券股份有限公司董事会 2026年2月13日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 西部证券股份有限公司（以下简称"公司"）于近日收到中国证 券监督管理委员会（以下简称"中国证监会"）出具的《关于核准西 部证券股份有限公司上市证券做市交易业务资格的批复》（证监许可 〔2026〕273号），中国证监会核准公司上市证券做市交易（限于北 京证券交易所股票做市交易）业务资格。 ...

债券简称：24 西部 02 债券代码：148753.SZ 债券简称：24 西部 03 债券代码：148865.SZ 债券简称：24 西部 04 债券代码：148924.SZ 债券简称：24 西部 05 债券代码：524008.SZ 债券简称：25 西部 01 债券代码：524106.SZ 债券简称：25 西部 02 债券代码：524164.SZ 债券简称：25 西部 K1 债券代码：524283.SZ 债券简称：25 西部 03 债券代码：524317.SZ 债券简称：24 西部 01 债券代码：148699.SZ 债券简称：25 西部 04 债券代码：524525.SZ 国元证券股份有限公司 关于西部证券股份有限公司 公司债券 2026 年第一次临时受托管理事务报告 住所：安徽省合肥市梅山路18号 签署日期：2026年2月 1 声明 本报告依据《公司债券发行与交易管理办法》（以下简称"管理办法"）、《深 圳证券交易所公司债券上市规则》（以下简称"上市规则"）、《深圳证券交易所公 司债券存续期监管业务指引第 2 号——临时报告》相关信息披露文件以及西部证 券股份有限公司出具的公告等，由西部证券股份有限公司发行 ...

东方证券股份有限公司关于西部证券股份有限公司 当年累计新增借款超过上年末净资产的百分之二十的 一、公司主要财务数据概况（合并口径） 截至 2025 年 12 月 31 日，公司未经审计的净资产为人民币 320.08 亿元，借款余额为人民币 459.36 亿元。截至 2026 年 1 月 31 日，公 司借款余额为人民币 540.02 亿元，累计新增借款人民币 80.66 亿元， 累计新增借款占上年末净资产比例为 25.20%，超过 20%，触发"发 行人当年累计新增借款或对外提供担保超过上年末净资产的百分之 二十"的重大事项。 二、新增借款的分类披露 （一）银行贷款 临时受托管理事务报告 东方证券股份有限公司（以下简称"东方证券"）作为西部证券股 份有限公司（以下简称"发行人"或"公司"）发行公司债券（债券代 码：148339.SZ/148391.SZ/148424.SZ，债券简称：23 西部 03/23 西部 04/23 西部 05）的受托管理人，持续密切关注对债券持有人权益有重 大影响的事项。根据《公司债券发行与交易管理办法》、《公司债券 受托管理人执业行为准则》等相关规定及上述债券受托管理协议的约 定， ...

Core Viewpoint - The launch of the new AI service brand "AI Xiao Xi" by Western Securities marks a significant step in the company's transformation towards an intelligent wealth management platform, integrating AI capabilities into its existing APP to enhance user experience and service efficiency [1][2]. Group 1: AI Integration and User Experience - The core of the APP upgrade is a comprehensive reconstruction of intelligent investment services through AI, allowing users to interact via natural dialogue and receive clear, understandable answers from the company's proprietary research knowledge base [1][2]. - "AI Xiao Xi" features a 24/7 intelligent monitoring system that proactively captures key market signals, helping users shift from passive refreshing to intelligent perception [1]. Group 2: Decision Support and Investment Advisory - "AI Xiao Xi" integrates deeply with the company's research framework, providing multi-dimensional intelligent stock selection scenarios, aiding users in systematically identifying investment targets that align with their strategies [2]. - The upgrade enhances the company's investment advisory services, entering a new phase of "AI + advisory" dual-driven development, where AI expands service breadth and response efficiency while advisory deepens service quality [2]. Group 3: Emotional Engagement and Compliance - "AI Xiao Xi" features a personalized interaction approach through various stylized IP representations, reflecting the company's understanding of emotional engagement in wealth management [2]. - The system is built on a hybrid cloud architecture, ensuring financial-grade data security and compliance while maintaining service efficiency and stability, showcasing the company's commitment to technology-driven and inclusive finance [2]. Group 4: Business Growth and Future Outlook - Western Securities has experienced significant growth in its wealth management business, with professional asset allocation and advisory services becoming core drivers [3]. - The introduction of "AI Xiao Xi" is expected to further enhance service effectiveness and long-term value, injecting sustainable professional momentum into the company's customer-centric wealth management strategy [3].

Economic Outlook - The weighted economic growth target for 2026 has decreased from 5.28% in 2025 to 5.04%[7] - Only one province, Jiangxi, has increased its target, while 18 regions have lowered their targets or set them as ranges, indicating a focus on structural adjustments and new industry development[10] Labor Market Analysis - The January ADP employment report showed an increase of 22,000 jobs, below the expected 45,000 and the previous month's increase of 41,000[14] - The decline in job vacancies and a surge in layoffs suggest that the Federal Reserve may have underestimated the risks in the labor market[14] Monetary Policy Insights - In January, the central bank's net liquidity injection totaled 1.27 trillion yuan, ensuring ample liquidity at the start of the year[18] - The expectation for comprehensive interest rate cuts has weakened, despite increased liquidity measures[18] International Developments - The Japanese ruling party achieved a two-thirds majority in the House of Representatives, potentially initiating a constitutional amendment agenda, although challenges remain in the Senate[19] - The geopolitical risks in Japan have increased due to rising fiscal pressures and a shift towards a more conservative society[19] Market Performance - The Shanghai Composite Index fell by 1.27% last week, with the majority of major indices in decline, reflecting a cautious market sentiment ahead of the holiday[25] - The U.S. stock market showed mixed results, with the Nasdaq down 1.84% while the Dow Jones increased by 2.50%[27] Bond Market Trends - The 10-year U.S. Treasury yield decreased by 3 basis points to 4.21%, influenced by weak labor market data[29] - European bond yields showed varied movements, with German 10-year bonds yielding 2.84%[29] Commodity Market Movements - WTI crude oil prices fell by 2.55% to $63.6 per barrel, while gold prices increased by 1.43% to $4,964.4 per ounce[32] - The decline in oil prices is attributed to reduced geopolitical risks, while gold rebounded from previous lows[32] Currency Fluctuations - The U.S. dollar index rose by 0.66% to 97.6, while the onshore yuan appreciated by 0.32% to 6.94[34] - The appreciation of the yuan is driven by pre-holiday settlement demand[34] Risk Factors - Potential risks include unexpected changes in global macroeconomic data, geopolitical developments, and the pace of technological advancements[36]

格隆汇2月10日丨西部证券(002673.SZ)公布，西部证券股份有限公司2026年度第二期短期融资券已于 2026年2月6日发行，缴款日为2026年2月9日。短期融资券全称：西部证券股份有限公司2026年度第二期 短期融资券，短期融资券简称：26西部证券CP002，短期融资券代码：072610039，期限：123天，兑付 日：2026年6月12日，实际发行总额：10亿元人民币，票面利率：1.66%。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

| 证券代码：002673 证券简称：西部证券 | 公告编号：2026-011 | | --- | --- | | 债券代码：148339 | 债券简称：23西部03 | | 148391 | 23西部04 | | 148424 | 23西部05 | | 148699 | 24西部01 | | 148753 | 24西部02 | | 148865 | 24西部03 | | 148924 | 24西部04 | | 524008 | 24西部05 | | 524106 | 25西部01 | | 524164 | 25西部02 | | 524283 | 25西部K1 | | 524317 | 25西部03 | | 524525 | 25西部04 | 西部证券股份有限公司 2026年度第二期短期融资券发行结果公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特此公告。 西部证券股份有限公司董事会 2026 年 2 月 10 日 西部证券股份有限公司2026年度第二期短期融资券已于2026年 2 月 6 日发行，缴款日为 2026 年 2 月 9 日，相关发行情况如 ...