Group 1 - Shanghai Wanyue Medical Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] - The exclusive sponsor for the listing is Everbright Securities International [1]

Core Viewpoint - The article discusses the first-instance judgment of the Jin Tong Ling Securities false statement liability dispute, where the Nanjing Intermediate Court ordered Jin Tong Ling to compensate over 43,300 investors nearly 775 million yuan in losses, along with related legal fees and case acceptance fees [1][4]. Group 1: Legal Proceedings and Outcomes - The court will continue to hear civil compensation claims against Everbright Securities and 25 other defendants, with a separate ruling document to be produced [4]. - The China Securities Regulatory Commission (CSRC) highlighted that the Jin Tong Ling case is the latest to apply the special representative litigation procedure, following similar cases like Kangmei Pharmaceutical and Zeda Yisheng [5]. - The CSRC emphasized the effectiveness of the special representative litigation system in collectively protecting investors' rights and deterring potential violations in the securities market [8]. Group 2: Financial Implications and Penalties - Jin Tong Ling's financial fraud spanned six years, leading to penalties for four securities firms and one accounting firm involved [12]. - The Jiangsu Securities Regulatory Bureau issued seven fines against the involved firms and personnel, with specific penalties including warning letters and suspensions of business qualifications [13]. - The audit intermediary, Dahua, faced a total fine of 44.02 million yuan and a six-month suspension from providing securities services due to severe financial manipulation by Jin Tong Ling [14]. Group 3: Financial Manipulation Details - Jin Tong Ling's fraudulent activities resulted in a total of over 1.1 billion yuan in inflated revenue and over 400 million yuan in inflated profits across several years, with significant discrepancies in reported profits [14]. - The manipulation of profits was particularly severe in 2019, where the profit reduction exceeded 57 times, indicating a high level of concealment and severity of the fraudulent behavior [14].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 1 本公司將密切關注訴訟案件的進展情況，及時履行信息披露義務。 （股份代號：6178） 重大訴訟進展公告 茲提述光大證券股份有限公司（「本公司」）日期為2024年12月17日、2024年12月 20日、2024年12月30日及2025年1月1日之公告，內容有關針對金通靈科技集團 股份有限公司（「金通靈公司」，證券代碼：300091）及相關人士和專業機構的訴訟 （「訴訟案件」）。本公司作為金通靈公司2018年發行股份購買資產並募集配套資金 項目的獨立財務顧問，為訴訟案件的26名被告之一。 2025年12月31日，本公司收到江蘇省南京市中級人民法院（「中級法院」）民事判 決書，判決如下：1.被告金通靈公司於訴訟案件判決發生法律效力之日起十日內 賠償原告葉小明等43,269名投資者投資損失共計人民幣774,785,993.38元，並承擔 相關律師費、案件受理費等。2.對本公司等其他25名被告承擔民事賠償責任的 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 光大證券股份有限公司 Everbright Securities Company Limited （於中華人民共和國註冊成立的股份有限公司） （股份代號：6178） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，光大證券股份有限公司（「本公司」）在上海 證券交易所網站( www.sse.com.cn )刊發了《光大證券股份有限公司第七屆董事會第 十二次會議決議公告》。茲載列如下，僅供參閱。 承董事會命 光大證券股份有限公司 董事長 趙陵 证券代码：601788 股票简称：光大证券 公告编号：临 2026-001 H 股代码：6178 H 股简称：光大证券 光大证券股份有限公司 第七届董事会第十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法 ...

证券代码：601788 股票简称：光大证券 公告编号：临 2026-002 H 股代码：6178 H 股简称：光大证券 2025 年 12 月 31 日，公司收到南京中院民事判决书，判决如下： 光大证券股份有限公司重大诉讼进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性 承担法律责任。 重要内容提示： 案件所处的诉讼阶段：一审判决。 上市公司所处的当事人地位：光大证券股份有限公司（以下简 称公司）作为金通灵科技集团股份有限公司（以下简称金通灵公司） 2018 年发行股份购买资产并募集配套资金项目独立财务顾问，为本 案的 26 名被告之一。 涉案的金额：被告金通灵公司应赔偿原告叶小明等 43269 名投 资者投资损失共计 774785993.38 元。 是否会对上市公司损益产生负面影响：鉴于对公司等其他 25 名被告承担民事赔偿责任的诉讼请求将继续审理并另行制作裁判文 书，公司最终涉诉金额存在不确定性，暂无法判断对公司本期利润或 期后利润的影响。 公司前期披露了金通灵公司证券虚假陈述责任纠纷案（以下简称 本案）相关诉讼情况（详见公司公 ...

证券代码：601788 股票简称：光大证券 公告编号：临 2026-001 H 股代码：6178 H 股简称：光大证券 特此公告。 光大证券股份有限公司董事会 光大证券股份有限公司 董事赵陵先生、梁毅先生、刘秋明先生回避表决。 议案表决情况：同意 10 票，反对 0 票，弃权 0 票。 本议案已经公司董事会薪酬、提名与资格审查委员会审议通过。 董事薪酬尚需提交公司股东会。 第七届董事会第十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 光大证券股份有限公司（以下简称公司）第七届董事会第十二次 会议通知于 2025 年 12 月 26 日以电子邮件方式发出。会议于 2025 年 12 月 31 日以通讯方式召开。本次会议应到董事 13 人，实到董事 13 人。本次会议的召开符合有关法律、行政法规、部门规章和公司章程 的有关规定。 公司董事经认真审议，通过了《关于公司董事及高管 2021-2023 年度递延绩效方案的议案》。 2026 年 1 月 1 日 1 ...

光大证券公告称，其作为金通灵公司2018年相关项目独立财务顾问，是26名被告之一。2025年12月31 日，公司收到南京中院一审判决，被告金通灵公司需赔偿叶小明等43269名投资者投资损失7.75亿元， 并承担相关费用。对公司等其他25名被告承担民事赔偿责任的诉讼请求将继续审理并另制文书。因最终 涉诉金额不确定，暂无法判断对公司利润的影响。截至公告日，公司及控股子公司无应披露未披露的重 大诉讼、仲裁事项。 ...

Group 1: PMI Overview - The manufacturing PMI for December 2025 is reported at 50.1%, up 0.9 percentage points from the previous month and exceeding the market expectation of 49.6%[2] - The non-manufacturing PMI stands at 50.2%, an increase from the previous value of 49.5%[2] Group 2: Economic Drivers - The recovery in PMI indicates effective implementation of incremental policies in Q4, leading to an expansion in investment activities, particularly in the construction sector[4] - A temporary easing of the US-China trade conflict has contributed to a positive trend in exports[4] - Year-end inventory preparations by enterprises have led to a rebound in production and inventory indices[4] Group 3: Sector Performance - In December, the production index rose by 1.7 percentage points to 51.7%, and the new orders index increased by 1.6 percentage points to 50.8%[5] - High-tech manufacturing PMI surged by 2.4 percentage points to 52.5%, while equipment manufacturing and consumer goods sectors also entered the expansion zone[14] - Large enterprises saw a PMI increase of 1.5 percentage points to 50.8%, while small enterprises experienced a decline of 0.5 percentage points to 48.6%[6] Group 4: Trade and Pricing - The new export orders index rose by 1.4 percentage points to 49.0%, indicating sustained export demand[19] - The raw material purchase price index decreased by 0.5 percentage points to 53.1%, while the factory price index increased by 0.7 percentage points to 48.9%[23] Group 5: Construction Sector - The construction PMI increased by 3.2 percentage points to 52.8%, indicating accelerated expansion in construction activities[29] - The new orders index for construction rose by 1.3 percentage points to 47.4%, with a business expectation index of 57.4%[29]

Core Viewpoint - Chengda Pharmaceutical (301201.SZ) is currently experiencing a decline in stock price, closing at 40.70 yuan with a drop of 3.85%, indicating it is in a state of breaking below its initial public offering price [1] Group 1: IPO and Financials - Chengda Pharmaceutical was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on January 20, 2022, with an initial public offering of 24,174,035 shares at a price of 72.69 yuan per share [1] - The highest price recorded on the first day of trading was 188.00 yuan, marking the peak since its listing [1] - The total funds raised from the IPO amounted to 1,757.21 million yuan, with a net amount of 1,621.45 million yuan after deducting issuance costs [1] - The actual net fundraising exceeded the original target by 1,108.17 million yuan, with the initial target set at 513.28 million yuan for projects including pharmaceutical intermediates, raw materials, and R&D center expansion [1] Group 2: Shareholder Returns - On July 3, 2023, Chengda Pharmaceutical announced its 2022 annual equity distribution plan, which includes a cash dividend of 3.00 yuan for every 10 shares and a capital reserve increase of 6.00 shares for every 10 shares held [2] - The record date for this equity distribution was set for July 6, 2023, with the ex-dividend date on July 7, 2023 [2] Group 3: Management - The actual controllers of Chengda Pharmaceutical are Ge Jianli, Lu Gang, and Lu Jin, with Lu Jin holding Canadian permanent residency [2]

Core Viewpoint - The supply of tungsten concentrate in China is expected to continue tightening, with stable demand and growth points in military and photovoltaic sectors. Despite a potential short-term price correction, tungsten prices are projected to remain high in 2026-2027, benefiting related listed companies [1]. Group 1: Supply Dynamics - China's tungsten concentrate production accounted for 80.77% of global output in 2023, with reserves making up 52.27%, both ranking first in the world [1]. - The mining of tungsten is subject to control and quota systems, with the first batch of tungsten mining quotas for 2025 down 6.45% year-on-year, indicating a long-term trend of slowing quotas [2]. - The proportion of over-extracted tungsten in China's total production has decreased from 35.78% in 2015 to 12.63% in 2024 [2]. - The grade of tungsten ore has been declining, with the average grade dropping from 0.42% in 2004 to 0.28% in 2016 [2]. Group 2: Demand Factors - In 2024, domestic tungsten demand is expected to be divided as follows: hard alloys (58.51%), tungsten materials (22.61%), tungsten special steel (15.05%), and tungsten chemicals (3.83%) [3]. - Demand for hard alloys has been steadily increasing, and military spending is expected to drive further growth in tungsten demand due to ongoing global conflicts [3]. - Photovoltaic tungsten wire, while small in volume, is anticipated to grow rapidly [3]. Group 3: Price and Substitution Effects - Short-term price increases in tungsten may lead to some substitution, with alternatives for hard alloy tools including high-speed steel and ceramics, and for photovoltaic tungsten wire, steel wire [4]. - The position of hard alloys in the tool industry is expected to remain strong due to advancements in digitalization and better management practices [4]. - As silicon prices stabilize, the cost-effectiveness of tungsten wire is expected to improve, leading to a recovery in affected demand [4]. Group 4: Supply-Demand Balance - Future supply-demand balance assessments indicate that both China's and global tungsten markets will remain in a tight balance, with supply-demand gaps projected at -3.78%, -4.61%, and -1.46% for 2025, 2026, and 2027 respectively [5]. - The global supply-demand gaps are projected at -3.11%, -3.78%, and -1.48% for the same years [5]. - Rising mining costs due to environmental pressures are expected to support high tungsten prices [5].