| 证券代码：002673 证券简称：西部证券 | 公告编号：2026-008 | | --- | --- | | 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（以下简称"公司"）于 2025 年 2 月 21 日发行了公司 2025 年度第一期短期融资券，发行金额为人民币 7 亿 元，票面利率为 2.05%，发行期限为 339 天，兑付日为 2026 年 1 月 29 日。 2026 年 1 月 29 日，公司兑付了 2025 年度第一期短期融资券本 息共计人民币 ...

2026年度第一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。 西部证券股份有限公司2026年度第一期短期融资券已于2026年 1 月 28 日发行，缴款日为 2026 年 1 月 29 日，相关发行情况如下： | 证券代码：002673 证券简称：西部证券 | 公告编号：2026-007 | | --- | --- | | 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 | 短期融资券全称 | ...

Core Viewpoint - The recent visit by MBA students from Xi'an Jiaotong University to Western Securities highlights the company's commitment to industry practice and talent development, showcasing its digital transformation achievements and educational collaboration with universities [3][10]. Group 1: Event Overview - A group of 25 MBA students from Xi'an Jiaotong University visited Western Securities for an event themed "Entering Western Securities, Insight into Industry Practice" [3][10]. - The event included executive speeches, professional sharing, site visits, and interactive Q&A sessions, establishing a strong communication bridge between academia and industry [3][10]. Group 2: Company Strategy and Digital Transformation - Western Securities has positioned digital transformation as a core strategy to overcome growth bottlenecks and reconstruct competitive advantages, implementing a CRM system for comprehensive customer lifecycle management [4][11]. - The company has adopted a flexible organizational model in its investment banking sector and introduced a strategic management PMO mechanism to enhance resource optimization and collaboration [4][11]. Group 3: Educational Collaboration and Talent Development - Western Securities has received appreciation letters from Xi'an Jiaotong University and Shanghai University of Finance and Economics for its support in talent cultivation and high-quality employment for graduates [7][14]. - The company emphasizes a talent philosophy of "those who work hard will be rewarded," actively engaging in campus recruitment, providing internships, and conducting professional theme sharing to foster a collaborative talent development model [7][14].

Group 1 - The core idea of the article emphasizes the construction of an AI ecosystem centered on "technology empowering the future," aiming for a digital transformation that supports the real economy and contributes to building a strong financial nation [1][19] - The company has developed the West Securities APP, which has undergone multiple iterations and reached version 5.0, enhancing customer acquisition efficiency and engagement, with over 83% of its features developed in-house [2][20] - The company has initiated a comprehensive intelligent construction of the West Securities APP, utilizing large model capabilities to accurately identify customer intentions and provide intelligent services throughout the entire process [2][21] Group 2 - The company has established the VSignals intelligent decision-making system to enhance research efficiency and decision quality, addressing challenges in traditional investment research such as high data processing costs and risk identification difficulties [4][23] - The "Shumou Platform" has been created as a new generation data management service system, supporting over 700 active users monthly and facilitating the development of more than 50 business scenarios [6][25] - The company is focusing on three core elements for its digital transformation: practical value scenarios, iterative AI capabilities, and a culture that fully embraces AI [8][27] Group 3 - The company has reinforced its infrastructure to support rapid business growth, successfully expanding its resource pool by 30% to alleviate virtualization resource pressure [10][28] - A core network upgrade project was initiated to meet future business growth and low-latency trading architecture needs, completing the transition of 86 devices within a tight timeframe [10][29] - The security team has established a multi-layered defense system to protect customer assets and company data, successfully intercepting millions of attacks and demonstrating the effectiveness of its security measures [12][30] Group 4 - The company actively participates in research and innovation projects with regulatory bodies, leading to the successful completion of eight financial technology research projects [14][33] - Various technology awards have been pursued, enhancing the company's influence in financial technology while contributing to the digital transformation of the regional and industry landscape [14][33] - The company has implemented a "Party Building + Technology" integration model to foster a culture of innovation and support the development of young technology professionals [16][34] Group 5 - The digital transformation experience has been distilled into three core elements: cultural leadership, technology-driven initiatives, and collaboration between business and technology, forming a solid foundation for the company's digital transformation [18][36] - The company aims to continue advancing in AI applications, enhancing data value, and strengthening security measures to contribute significantly to the real economy and the construction of a strong financial nation [18][36]

智通财经APP获悉，西部证券发布研报称，2025年欧洲强车型周期+中性政策周期步入电动车销量快速 修复阶段;2026年补贴政策加持+产品周期共振，电动车渗透率有望达35%。2026年核心市场补贴政策超 预期，将驱动电动车渗透率拐点。中国锂电产业链抓取欧洲市场崛起机遇，实现竞争格局的巩固与突 破。推荐锂电产业链各环节出海受益核心标的。 西部证券主要观点如下： 锂电产业链从出口到出海，出海加速下重构全球贸易秩序 2022年底开启新一轮定点高峰决定2025年后格局，结构创新与材料迭代持续构筑中系锂电核心竞争力， 宁德时代、亿纬锂能、国轩高科均已切入车企核心电平台供应链。围绕锂电产能规模投建，2022年以来 中国锂电池企业开始加速海外设厂的步伐，同时海外锂电材料企业正逐步构建完备供应链体系：聚焦欧 洲与东南亚区域，摩洛哥、匈牙利等地，正形成材料—电池—整车协同的先进制造业集群。产能出海领 先的锂电环节有望率先享受海外扩张红利，如锂电池、正极材料、结构件、智能制造装备。 风险提示：电动车销量不及预期;技术升级不及预期;假设条件不及预期。 供给侧 2025年欧系车企聚焦3万欧元以下价格带激活消费潜力。欧系车企将依托全新纯 ...

Core Viewpoint - The securities industry is transitioning from a transaction-oriented approach to a comprehensive ecosystem, emphasizing brand building as a new competitive advantage in the market [1][5]. Group 1: Importance of Brand Building - The importance of brand building has been increasingly recognized, with regulatory guidance emphasizing the shift from "Chinese manufacturing" to "Chinese branding" [1][2]. - The State-owned Assets Supervision and Administration Commission (SASAC) has issued opinions to enhance brand management across central enterprises, aiming for high-quality brand development to improve core competitiveness [1][2]. Group 2: Current Industry Trends - Securities firms are enhancing brand awareness and leveraging their reputations to create unique value propositions, thus reinforcing brand as a "soft power" for high-quality development [2][6]. - Industry observers note that the brand development in the securities sector is lagging behind other financial sectors, indicating a significant opportunity for early adopters to gain a competitive edge [2][6]. Group 3: Differentiated Brand Strategies - Several leading securities firms have initiated brand renewals, employing distinctive propositions and innovative communication strategies to reshape market perceptions [2][3]. - China International Capital Corporation (CICC) has established a comprehensive brand activity system, including the "CICC Wealth 1018 Release Conference," to enhance brand influence and client engagement [3]. - China Galaxy Securities has launched the "Star Family Office" service brand, integrating various wealth management modules to expand service boundaries [4]. Group 4: Future of Brand Competition - The shift towards brand competition is becoming inevitable, driven by the need for service transformation, high-quality development, internationalization, and differentiation in the securities industry [5][6]. - Brand building is seen as essential for establishing trust and showcasing the industry's role in supporting the real economy and promoting social value recognition [6][7]. - Companies that can create a brand system combining professional expertise and emotional connection are likely to lead in the upcoming industry upgrades [7].

Group 1 - The National Equities Exchange and Quotations (NEEQ) announced the results of the market maker evaluation for Q4 2025, with 12 market makers receiving transaction fee exemptions for their outstanding performance [1] - Notable small and medium-sized brokerages are gaining a leading position in the competitive NEEQ market, with Northeast Securities, Kaiyuan Securities, and Shanghai Securities ranking in the top 5% and receiving full transaction fee exemptions [1] - The competitive landscape remained stable compared to Q3 2025, with Northeast Securities, Kaiyuan Securities, and Shanghai Securities maintaining their top positions, while Guotai Junan's ranking improved significantly [1] Group 2 - As of January 28, 59 brokerages are serving as market makers in the NEEQ, with Northeast Securities leading in the number of market-making stocks at 67 [2] - In Q4 2025, both Kaiyuan Securities and Northeast Securities achieved cumulative market-making transaction amounts exceeding 10 billion yuan, indicating strong trading activity [2] - The NEEQ market continues to expand, with 5,966 listed companies and a total share capital of 467.8 billion shares, providing ample business opportunities for brokerages [2] Group 3 - The growth in business demands from NEEQ companies, such as listings, supervision, and mergers, offers significant opportunities for brokerages, particularly smaller firms [3] - Brokerages can leverage the connection between NEEQ and the Beijing Stock Exchange to provide multi-tiered capital market services for technology-driven growth enterprises [3] - This strategy aims to enhance the market share and project quality of the Beijing Stock Exchange-related businesses, laying a foundation for sustained growth in investment banking performance [3]

Core Viewpoint - *ST Shengxun (003004.SZ) forecasts a net profit attributable to shareholders of the parent company for 2025 to be between -6 million and -12 million yuan, showing an improvement from -51.2 million yuan in the same period last year [1] Financial Performance Summary - The company expects 2025 annual revenue to be between 365 million and 415 million yuan [1] - The projected net profit after deducting non-recurring gains and losses for 2025 is estimated to be between -7.3 million and -13.3 million yuan, compared to -55.3 million yuan in the previous year [1] - The total profit for 2025 is expected to be between -6 million and -3 million yuan, reflecting an 88.9% increase compared to the previous year [2] - The net profit attributable to shareholders is projected to improve by 75.56% compared to last year, with estimates between -12 million and -6 million yuan [2] - The net profit after deducting non-recurring gains and losses is expected to show a 75.93% increase, with estimates between -13.3 million and -7.3 million yuan [2] Historical Financial Data - In 2024, the company achieved a revenue of 302 million yuan, a year-on-year increase of 7.85% [2] - The net profit attributable to shareholders for 2024 was -51 million yuan, compared to 25 million yuan in the previous year [2] - The net cash flow from operating activities for 2024 was -5.6 million yuan, down from -0.1 million yuan in the previous year [2] Company Background - *ST Shengxun was listed on the Shenzhen Stock Exchange on November 26, 2020, with an initial public offering of 20.46 million shares at a price of 20.26 yuan per share [3] - The total amount raised from the IPO was 415 million yuan, with a net amount of 378 million yuan after expenses [3] - The company issued 2.8 million convertible bonds in December 2022, raising a total of 280 million yuan [3]

Core Viewpoint - The bond issuance by securities firms has accelerated significantly at the beginning of 2026, with a total of 2,650 billion yuan approved for issuance, reflecting a 216.53% increase compared to the same period in 2025 [1][5][6]. Group 1: Bond Issuance Overview - On January 27, Guolian Minsheng Securities announced the approval to issue bonds totaling 180 billion yuan and its subsidiary Minsheng Securities 80 billion yuan, with approvals valid for 24 months [2][3]. - As of January 26, 2026, securities firms have cumulatively issued bonds amounting to 2,380.3 billion yuan, a significant increase from 752 million yuan in the same period of 2025 [5][6]. - The bond issuance includes various types such as perpetual subordinated bonds and technology innovation bonds, indicating a diversification in the types of bonds being issued [6][7]. Group 2: Market Dynamics and Trends - The surge in bond issuance is attributed to favorable market conditions and the increasing capital needs of securities firms, driven by the overall positive trend in the capital market [5][6]. - The current low interest rate environment provides an advantageous window for securities firms to engage in debt financing, allowing them to enhance their capital adequacy and invest in diversified business areas [5][6]. - The issuance of technology innovation bonds has gained momentum, supported by regulatory policies that encourage financial institutions to fund technology innovation [6][7]. Group 3: Future Outlook - Analysts suggest that the concentrated bond issuance at the beginning of the year is a common practice among securities firms to secure operational capital for the year ahead [7]. - With expectations of a prolonged bull market in China's capital market, securities firms will require more capital to support diversified business operations [7]. - The trend of "Matthew Effect" is evident, where leading securities firms continue to expand their issuance scale, while smaller firms face constraints in financing capabilities [7].

每经记者｜陈晨 每经编辑｜彭水萍 2026年开年伊始，A股市场持续活跃，不仅点燃了投资者的热情，也让身处资本市场核心的证券公司面临资金考验。1月26日晚间，东北证券与西部证券分 别获批100亿元和180亿元的公司债注册申请，正式加入券商这场开年"补血"大军。此外，Wind数据显示，仅在1月1日至26日不足一个月的时间里，券商发 债规模已高达2480.2亿元，较去年同期增长了近230%。 记者进一步梳理发现，2026年开年以来，券商融资节奏明显加快。除了上述两家券商外，首创证券、东方财富、长江证券、申万宏源和广发证券等机构的债 券注册申请也先后获批。其中，头部券商的融资规模尤为引人注目：1月13日，申万宏源证券获批发行不超过600亿元公司债；1月22日，广发证券更是拿到 了不超过700亿元的巨额批文。 | 序号 | 类别 7 | 发行只数 T | 只数比重(%)了 | 发行额( | | --- | --- | --- | --- | --- | | 1 | 证券公司债 | 65 | 2.06 | | | 2 | 证券公司短期融资券 | 27 | 0.86 | | | 总和 | | 92 | 2.92 | 2 | ...