智通财经APP获悉，西部证券发布研报称，汽零企业有望成为液冷系统上游部件供应商，部分企业具备 Tier1供货能力。一看商务能力：英伟达引领AIDC液冷变革方向，其核心供应商多为欧美、中国台湾企 业为主，国内汽零厂商有望凭借原有客户基础&强商务能力，与中国台湾及本土厂商合作切入供应体 系。二看技术能力：二次侧管路核心组件CDU+液冷板+Manifold+UQD(含管路)与汽零相关企业生产原 材料、核心成型工艺、生产流程存在较高一致性，预计相关技术领先汽零公司有望在新领域实现突破。 西部证券主要观点如下： AI算力需求持续增加，单芯片功耗&机柜密度持续提升，数据中心制冷难度升级，液冷技术有望成为主 流制冷方案。其主要原因：1)传统风冷方案无法满足高功率(>25kW)机柜散热需求，液冷技术利用液体 高比热容/蒸发潜热优势，实现对发热元器件精准散热;2)液冷利用液体高导热、高传热特性，在进一步 缩短传热路径的同时充分利用自然冷源，可是实现PUE小于1.25的节能效果，符合政策导向。 二次侧管路核心组件为主要升级迭代方向，且价值量占比更高 目前，冷板式液冷为行业主流方案，浸没式液冷制冷效率更佳，但短期受限于冷却液成本高 ...

Core Viewpoint - On January 19, a total of 17 listed companies had their restricted shares unlocked, with a total market value of approximately 8.181 billion yuan [1]. Summary by Category Restricted Share Unlocking - The following companies had restricted shares unlocked: - Vanadium Titanium Co., Ltd. (Stock Code: 000629) - 4.0126 million shares from equity incentive [1] - Guodian NARI Technology Co., Ltd. (Stock Code: 600406) - 11.883 million shares from equity incentive [1] - Huayi Group Co., Ltd. (Stock Code: 600623) - 356,100 shares from equity incentive [1] - Western Securities Co., Ltd. (Stock Code: 002673) - 360 million shares from A-share issuance to original shareholders [1] - Chang Aluminum Co., Ltd. (Stock Code: 002160) - 237 million shares from A-share issuance to legal persons [1] - Hikvision Digital Technology Co., Ltd. (Stock Code: 002415) - 29.2208 million shares from equity incentive [1] - Jieshun Technology Co., Ltd. (Stock Code: 002609) - 258,100 shares from equity incentive [1] - Yaoji Technology Co., Ltd. (Stock Code: 002605) - 975,000 shares from equity incentive [1] - Subote Co., Ltd. (Stock Code: 603916) - 629,000 shares from equity incentive [1] - Yipin Hong Co., Ltd. (Stock Code: 300723) - 150,000 shares from equity incentive [1] - Shandong Fiberglass Group Co., Ltd. (Stock Code: 605006) - 112,200 shares from equity incentive [1] - Keta Bio-Pharmaceutical Co., Ltd. (Stock Code: 300858) - 2.0053 million shares from A-share issuance to legal persons [1] - Xinlei Co., Ltd. (Stock Code: 301317) - 112 million shares from pre-issuance restrictions [1] - Zhiwei Intelligent Co., Ltd. (Stock Code: 001339) - 293,500 shares from equity incentive [1] - Demingli Co., Ltd. (Stock Code: 001309) - 247,500 shares from equity incentive [1] - Jiuzhou Yigui Co., Ltd. (Stock Code: 688485) - 600,000 shares [1] - Yingfang Software Co., Ltd. (Stock Code: 688435) - 36.3174 million shares [1]

Core Viewpoint - The announcement details the addition of several sales institutions for various funds managed by Ping An Fund Management Co., Ltd., effective from January 19, 2026, allowing investors to perform various transactions through these institutions [1][8][16][23][26]. Group 1: Sales Institutions - Ping An Fund Management Co., Ltd. has signed sales agreements with Dongfang Securities Co., Ltd., Xibu Securities Co., Ltd., Founder Securities Co., Ltd., Guojin Securities Co., Ltd., and Huaxi Securities Co., Ltd. to act as sales agents for its funds starting January 19, 2026 [1][8][16][23][26]. - Investors will be able to open accounts, subscribe, redeem, invest regularly, and convert funds through these institutions from the specified date [2][9][17][27]. Group 2: Fee Discounts - Investors who subscribe or regularly invest through these sales institutions will enjoy fee discounts, with the specifics of the discount determined by the sales institutions [4][11][18][28]. - The company does not impose restrictions on the discount limits for subscription fees, regular investment fees, and conversion fees, which will be managed based on the sales institutions' provided discount rates [4][11][18][28]. Group 3: Important Notes - Regular investment is a method of fund subscription where investors can set up automatic deductions for fund purchases, with minimum deduction amounts specified in the fund's prospectus [5][12][19][29]. - Fund conversion allows investors to exchange their holdings in one fund for shares in another fund managed by the same management company, subject to the rules outlined in the fund contract [5][12][19][29]. Group 4: Contact Information - Investors can consult details through the respective sales institutions, including customer service numbers and websites for Dongfang Securities, Xibu Securities, Founder Securities, Guojin Securities, and Huaxi Securities [7][14][21][24][31].

Macro and Financial - The central bank has injected medium-term liquidity into the market through reverse repos for the eighth consecutive month [2] - The State Grid's fixed asset investment plan for the "15th Five-Year Plan" period is set at 4 trillion yuan, a 40% increase from the "14th Five-Year Plan" [9] - The financing margin ratio has returned to 100% after two years, but historical data shows that changes in this ratio do not significantly impact market trends [2][17] - Several photovoltaic listed companies are expected to report losses [22] Capital Market - The China Securities Regulatory Commission is seeking public opinion on the first derivative trading supervision regulations [13] - Over 460 billion yuan in market value of restricted shares will be unlocked next week, with the largest unlocks from companies like Xingtu Measurement and Shanxi Coking Coal [18] - Three new stocks will be issued next week, including Zhenstone Co., Ltd. and Nongda Technology [18] - The first annual report for 2025 will be released by WoHua Pharmaceutical, projecting a net profit of 80 million to 115 million yuan, a year-on-year increase of 119.76% to 215.90% [19] Business and Industry - A record financing of 1 billion yuan was completed by a private nuclear fusion company, Xinghuan Jieneng [20] - Strong Brain Technology is rumored to have secretly submitted an IPO application to the Hong Kong Stock Exchange [20] - The sixth batch of high-value medical consumables centralized procurement has been opened, with 202 companies' products expected to be selected [21] - China's automotive production and sales are projected to exceed 34 million units in 2025, with new energy vehicles accounting for over 50% of domestic sales [21] - Multiple photovoltaic companies, including Tongwei Co., Ltd. and Longi Green Energy, are expected to report significant losses in 2025, with estimated losses of 9 to 10 billion yuan and 6 to 6.5 billion yuan, respectively [23]

Group 1 - On January 15, Western Securities experienced a decline of 1.35% with a trading volume of 382 million yuan, and the net financing purchase was 8.17 million yuan, indicating low financing activity [1] - As of January 15, the total margin balance of Western Securities was 1.752 billion yuan, with a financing balance of 1.747 billion yuan, accounting for 5.30% of the circulating market value, which is below the 40th percentile level over the past year [1] - The company reported a total of 18.58 million shareholders as of September 30, a decrease of 3.32%, while the average circulating shares per person increased by 3.44% to 22,118 shares [2] Group 2 - For the period from January to September 2025, Western Securities achieved an operating income of 4.335 billion yuan, a year-on-year decrease of 2.17%, while the net profit attributable to shareholders increased by 70.63% to 1.243 billion yuan [2] - The company has distributed a total of 4.598 billion yuan in dividends since its A-share listing, with 1.202 billion yuan distributed in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders included notable increases and decreases in holdings, with the Guotai CSI All-Index Securities Company ETF being the fourth largest shareholder, increasing its holdings by 27.93 million shares [3]

Group 1 - The winning bid for the infrastructure public REITs fund management and special plan management service selection project by Shaanxi Energy Investment Co., Ltd. was awarded to Western Securities Co., Ltd. [1] - The bid price quoted by Western Securities Co., Ltd. is 0.20% per year, with a total bid amount of 0.00 yuan [1] - The project is supervised by the internal control audit department of Shaanxi Energy Investment Co., Ltd. [1] Group 2 - The contact information for the bidding party includes Shaanxi Energy Investment Co., Ltd. located at No. 45 Tangyan Road, Xi'an, and the contact person is Mr. Yu from the management department [1] - The bidding agency is Shaanxi Investment Group Huashan Bidding Co., Ltd., located at No. 258 Dongxin Street, Xi'an, with Mr. Li Yang as the contact person [1]

Core Insights - The "2026 Global and China Capital Market Outlook Forum and the Golden Kylin Best Wealth Management Institutions and Best Investment Advisors Ceremony" was held on January 15, 2026, featuring top experts and thought leaders discussing macro ecology, market strategies, and investment outlooks for 2026 [1][2] - The event also announced the 2025 Golden Kylin Best Wealth Management Institutions honors [1][2] Summary by Category - **Event Overview** - The forum aimed to outline the prospects for 2026 from multiple dimensions, including macroeconomic conditions and investment strategies [1] - **Awards Announcement** - The ceremony recognized the 2025 Golden Kylin Best Wealth Management Institutions, highlighting the growth and achievements within the wealth management sector [2]

Group 1 - The "2026 Global and China Capital Market Outlook Forum and the Golden Kylin Best Wealth Management Institution and Best Investment Advisor Ceremony" was held on January 15, 2026, featuring top experts and thought leaders discussing macro ecology, market strategies, and investment outlooks for 2026 [1] - The event also announced the honors for the 2025 Golden Kylin Best Wealth Management Institutions [1] Group 2 - The list of the 2025 Golden Kylin Annual Best Digital Service Platform Awards was presented [2]

Group 1 - The "Second Sina Finance Golden Unicorn Best Investment Advisor" selection commenced in June 2025, attracting over 70 institutions and more than 15,000 investment advisors nationwide [1][4] - The evaluation process lasted over six months, involving multi-dimensional assessments and competitions, resulting in over a hundred top elite investment advisors emerging [1][4] - The awards for the "Second Sina Finance Golden Unicorn Best Investment Advisor Service Institution" were also announced [1][4] Group 2 - The honor list for the "Second Sina Finance Golden Unicorn Emerging Investment Advisor Service Institutions" was released [5]

证券代码：002673 证券简称：西部证券 公告编号：2026-004 西部证券股份有限公司 关于非公开发行股份解除限售上市流通的提示性公告 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： 1.本次解除限售股份的数量为 360,387,097 股，占公司总股本的 8.06%； 2.本次解除限售股份可上市流通的日期为 2026 年 1 月 19 日（星期一）。 一、本次解除限售股份的基本情况 | 序号 | 发行对象 | 认购股数（股） | 认购金额（元） | 锁定期（月） | | --- | --- | --- | --- | --- | | 1 | 陕西投资集团有限公司 | 360,387,097 | 2,793,000,001.75 | 60 | | 2 | 西安投资控股有限公司 | 19,354,838 | 149,999,994.50 | 6 | | 3 | 李怡名 | 70,451,618 | 546,000,039.50 | 6 | | 4 | 第一创业证券股份有限公司 | 30,838,709 | 238,999,994.75 | 6 ...