居民资金入市趋势强化，资金抢筹证券板块，2月10日，证券ETF（512880）微幅上涨，近10日资金净 流入超20亿元。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从沪深市场中选取业务与证券市场紧密 相关的上市公司证券作为指数样本，涵盖经纪、承销、自营等业务，以反映证券行业相关上市公司证券 的整体表现。该指数具有较高的行业集中度和周期性特征。 西部证券指出，2026年1月上交所A股新开户数为491.58万户，新开户同环比增速高于1月ADT和新发权 益型基金，表征居民资金入市的趋势进一步加强。资金因素成为影响板块股价的核心矛盾。基本面上， 券商盈利于2025年出现实质性修复且2026年修复趋势确定性强。政策面上，未来潜在的衍生品政策放松 将 ...

Group 1 - The core viewpoint is that Western Securities (002673) believes in the long-term competitive stability of the industry and sees significant advantages in the brand and manufacturing of Cirrus Aircraft (02507), expecting sustained market share and robust growth capabilities [1] - The company is gradually expanding production capacity and enhancing its service network, which is anticipated to accelerate performance as delivery capabilities and product matrix diversity improve [1] - Net profit projections for the company are estimated at $160 million, $190 million, and $240 million for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 18.4, 15.3, and 12.4, indicating a positive outlook for valuation recovery and maintaining a "buy" rating [1] Group 2 - Cirrus Aircraft has launched the VisionJet G3, marking a significant upgrade after five years, focusing on consumer-oriented features such as upgraded avionics, enhanced cabin space, and improved performance metrics [2] - The target customer base for Cirrus is high-net-worth individuals rather than professional pilots, emphasizing the importance of smart and safety performance upgrades to address pain points during flights [2] - The company expects to improve order acquisition and delivery capabilities due to increased production capacity and the introduction of new models, which will enhance the overall product structure and profitability [2]

Core Viewpoint - The long-term competitive landscape of the industry is stable, and the brand and manufacturing advantages of the company are significant, which is expected to maintain its market share and support steady growth in the long term [1]. Group 1: Financial Performance and Projections - The company is gradually expanding its production capacity and service network, which is expected to enhance its delivery capabilities and product matrix, leading to accelerated performance [1]. - Projected net profits for the company are estimated at $160 million, $190 million, and $240 million for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 18.4, 15.3, and 12.4 [1]. Group 2: Product Development and Market Strategy - The company launched the VisionJet G3, which features significant upgrades in consumer orientation, including a fully upgraded avionics system and enhanced cabin comfort [2]. - The target customer base is high-net-worth individuals rather than professional pilots, focusing on smart and safe performance upgrades to address pain points during flights [2]. - The delivery structure is expected to improve with the expansion of production capacity and the introduction of new products, leading to better order fulfillment and higher profitability [2].

"证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 扎根中国资本市场二十五载，西部证券步履坚实地从西北热土走向全国舞台。在"十五五"开局之年，公 司以学习贯彻党的二十届四中全会精神为引领，经营发展稳中有进，服务实体经济质效持续提升，正朝 着建设一流上市综合型投资银行的战略目标稳步前行。 这份稳健进取的态势，是国有券商服务国家战略的主动体现，更是深化改革、差异化发展的缩影。西部 证券党委书记、董事长徐朝晖日前在接受中国证券报记者专访时，结合公司实践，深入阐释了对行业使 命和自身发展路径的思考。 "深入学习贯彻党的二十届四中全会精神，奋进金融强国新征程，是时代赋予我们的光荣使命。"徐朝晖 表示，"对于西部证券而言，'一流'意味着必须立足自身资源禀赋，走出一条特色化、专业化、数字化 的发展道路，在服务国家大局、区域经济和人民福祉中彰显独特价值。"西部证券正以此为蓝图，全面 开启高质量发展的新篇章，立志在金融强国建设的壮阔征程中展现西部力量、作出西部贡献。 筑牢高质量发展根基 谈及公司行稳致远的根本保证，徐朝晖首先强调了坚持党的全面领导的重要性。她认为，在以中国式现 代化全面推进中华民族伟大复兴的关键阶段，推动金 ...

Core Viewpoint - The company disclosed its cumulative new borrowing situation as of January 2026, indicating a significant increase in debt levels relative to its net assets, which may impact its financial stability and operational capacity [1]. Financial Data Overview - As of December 31, 2025, the company's unaudited net assets were RMB 32.008 billion, with a borrowing balance of RMB 45.936 billion. By January 31, 2026, the borrowing balance increased to RMB 54.002 billion, with a cumulative new borrowing of RMB 8.066 billion, representing 25.20% of the previous year's net assets, exceeding the 20% threshold [1]. New Borrowing Classification - **Bank Loans**: As of January 31, 2026, the company's subsidiary bank loan balance increased by RMB 0.74 billion compared to the end of 2025, accounting for 0.23% of the previous year's net assets, primarily due to an increase in short-term borrowings [2]. - **Corporate Bonds**: The company’s bond balance increased by RMB 8.06 billion as of January 31, 2026, representing 2.52% of the previous year's net assets, mainly due to the issuance of corporate bonds and short-term financing bonds [3]. - **Other Borrowings**: The balance of other borrowings increased by RMB 71.86 billion as of January 31, 2026, accounting for 22.45% of the previous year's net assets, primarily due to increased funds borrowed, repurchase of financial assets, and growth in income certificates [5]. Impact on Debt Servicing Ability - The new borrowings are in compliance with relevant laws and regulations and fall within the company's normal operational activities. The company maintains a stable financial condition, with all debts being repaid on time, indicating that the new borrowings will not adversely affect its operational situation or debt servicing ability [6].

根植西部 服务全国 以特色化发展助力金融强国建设 ■ "证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 西部证券党委书记、董事长徐朝晖： 扎根中国资本市场二十五载，西部证券步履坚实地从西北热土走向全国舞台。在"十五五"开局之年，公 司以学习贯彻党的二十届四中全会精神为引领，经营发展稳中有进，服务实体经济质效持续提升，正朝 着建设一流上市综合型投资银行的战略目标稳步前行。 这份稳健进取的态势，是国有券商服务国家战略的主动体现，更是深化改革、差异化发展的缩影。西部 证券党委书记、董事长徐朝晖日前在接受中国证券报记者专访时，结合公司实践，深入阐释了对行业使 命和自身发展路径的思考。 筑牢高质量发展根基 谈及公司行稳致远的根本保证，徐朝晖首先强调了坚持党的全面领导的重要性。她认为，在以中国式现 代化全面推进中华民族伟大复兴的关键阶段，推动金融高质量发展、加快建设金融强国，必须始终坚持 和加强党的全面领导，自觉将"两个结合"贯穿于金融工作的各方面和全过程。 "西部证券始终牢牢把握国有金融企业的政治属性，切实把党的领导的政治优势、组织优势转化为公司 高质量发展效能。"徐朝晖表示，公司党委坚决贯彻党对金融工作的集中统 ...

北京商报讯（记者 刘宇阳 实习生 姚榕琰）2月5日，西部证券（002673）发布公告称，截至2025年12月31日，西部证券未经审计的净资产为320.08亿元，借 款余额为459.36亿元。截至2026年1月31日，其借款余额为540.02亿元，累计新增借款80.66亿元，占上年末净资产比例为25.2%，超20%。 公告显示，西部证券子公司银行贷款余额较2025年末增加0.74亿元，公司债券余额增加8.06亿元，其他借款余额增加71.86亿元。西部证券表示新增借款属正 常经营，目前所有债务均按时还本付息，不会对偿债能力产生不利影响。 ...

Group 1 - Company Jianhui Information plans to acquire 38% equity in Boke Guoxin for RMB 73.71 million, increasing its stake from 32% to 70%, making Boke Guoxin a subsidiary [1] - Company Guangshengtang's innovative drug GST-HG141 for hepatitis B has completed the enrollment of 578 participants in its Phase III clinical trial [2] - Company Hongjing Optoelectronics is establishing a partnership with a target scale of RMB 290 million, contributing RMB 3 million as a limited partner [3] Group 2 - Company Hongchang Technology intends to acquire 21% equity in Liangzhi Joint, which will make it the controlling shareholder with a 51% stake [4] - Company Xiexin Integrated has not yet received any orders in the "space photovoltaic" sector, which remains in the exploratory phase [5] - Company Xianheng International plans to reduce its shareholding by up to 3%, amounting to a maximum of 12.28 million shares [6] Group 3 - Company Furuijia plans to reduce its repurchased shares by up to 2%, totaling 18.93 million shares [7] - Company Tianqimo is planning to issue shares and pay cash to acquire assets, leading to a temporary suspension of its stock [8] - Company Shuangqiang Technology's director plans to reduce his holdings by up to 0.32% [9] Group 4 - Company Bairun plans to adjust the conversion price of its bonds due to stock prices falling below 85% of the conversion price [11] - Company Dongnan Network has won an EPC project worth RMB 994 million [12] - Company Anhui Energy has appointed Xu Wengong as the new general manager following the resignation of Fang Shiqing [13] Group 5 - Company Lijun plans to invest up to USD 3 million to establish subsidiaries in Hong Kong and Peru [14] - Company Zhenghe Ecology has signed a strategic cooperation agreement with the government of Beijing's Miyun District [15] - Company First Venture has elected Guo Chuan as the chairman of its board [16] Group 6 - Company Changxin Bochuang's shareholder has terminated an agreement to transfer 14.5 million shares [17] - Company Hengrui Medicine's HR091506 tablet application has been accepted by the National Medical Products Administration [18] - Company Hengrui Medicine's SHR-1894 injection has received approval for clinical trials [20] Group 7 - Company Longshen Rongfa has obtained a medical device production license [21] - Company Western Securities reported that its new borrowings exceeded 20% of its net assets [22] - Company Rongfa Nuclear Power's subsidiary has won a project worth RMB 101 million [23] Group 8 - Company Taiji Industry's subsidiary has a pre-bid for the Huahong FAB9B project with a bid amount of RMB 3.778 billion [24] - Company Suzhou High-tech plans to increase its investment in a subsidiary by RMB 780 million through a debt-to-equity swap [26] - Company Electric Power Investment's vice president has resigned due to work changes [27] Group 9 - Company Hengwei Technology reported a 30.13% increase in net profit for 2025 [28] - Company Fangsheng Pharmaceutical's subsidiary has received a drug production license [29] - Company Pilin Bio's subsidiary has received a notice for clinical trial acceptance for a hemostatic drug [31] Group 10 - Company Zhongxin Fluorine Material has received approval for a stock issuance to specific investors [32] - Company Shanhe Intelligent expects a total transaction amount with related parties to be RMB 1.197 billion in 2026 [33] - Company Warner Pharmaceutical's partner has completed Phase I clinical trials for a new drug [34]

| 证券代码：002673 证券简称：西部证券 | 公告编号：2026-009 | | --- | --- | | 债券代码：148177 | 债券简称：23西部02 | | 148339 | 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 2023年面向专业投资者公开发行公司债券 （第一期）（品种二）2026年兑付兑息暨摘牌公告 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。 特别提示： 西部证券股份有限公司 2023 年面向专业投资者公开发行公司债 券（第一期）（品种二）（债券简称：23 西部 ...

Core Viewpoint - The article emphasizes the strategic opportunity for the securities industry in China to enhance its capabilities and contribute to national development, with West Securities aiming to become a leading comprehensive investment bank while adhering to the principles of the 20th National Congress of the Communist Party of China [1][2]. Group 1: Company Development Strategy - West Securities is committed to a development path that is characterized by specialization, differentiation, and digitalization, aiming to showcase its unique value in serving the national agenda and regional economies [2]. - The company is focused on high-quality development, integrating the leadership of the Communist Party into its governance structure to enhance operational effectiveness [3]. Group 2: Cultural Integration and Values - The company promotes a unique financial culture that combines traditional Chinese values with modern financial practices, fostering a corporate culture that supports high-quality development [4][5]. - West Securities emphasizes the importance of cultural heritage in its operations, integrating regional cultural characteristics into its corporate identity [4]. Group 3: Commitment to the Real Economy - West Securities positions itself as a key player in the capital market, dedicated to serving the real economy by focusing on technological innovation and industrial upgrades [6]. - The company has established a comprehensive financial service system that supports the entire lifecycle of technology enterprises, demonstrating its commitment to national economic goals [6]. Group 4: Regional Economic Development - The company has a clear strategy to support regional economic development, particularly in Shaanxi Province, by facilitating bond issuances and financing for local enterprises [7][8]. - West Securities has successfully integrated into various regional capital markets, enhancing its service capabilities and brand influence across multiple sectors [7][8]. Group 5: Wealth Management Innovations - The company has developed a collaborative wealth management system centered on investor needs, enhancing service delivery through innovative platforms and digital tools [9][10]. - West Securities aims to democratize access to high-quality financial services for retail investors, leveraging technology to improve service efficiency and accessibility [10][11]. Group 6: Future Outlook - Looking ahead, West Securities plans to deepen its commitment to the principles of the 20th National Congress, focusing on enhancing its financial service capabilities and contributing to the modernization of China's economy [12].