Core Viewpoint - The current round of national subsidies is more focused compared to 2025, with stricter energy efficiency standards, which will help promote product structure upgrades in the industry, benefiting leading companies with a more complete layout of mid-to-high-end products [1]. Group 1: Policy Announcement - On December 29, 2025, the National Development and Reform Commission (NDRC) announced the implementation of a large-scale equipment update and consumer goods replacement policy for 2026, explicitly supporting the replacement of old home appliances [2]. - On December 30, 2025, the NDRC announced that the first batch of 625 billion yuan in ultra-long-term special government bonds to support consumer goods replacement has been allocated in advance [2]. Group 2: Funding and Subsidy Details - The first batch of 625 billion yuan in support funds for the replacement program has been allocated, with the subsidy categories being more focused compared to 2025. The scale is slightly reduced from the 810 billion yuan allocated in the first batch for 2025 [3]. - The total scale of special government bonds for consumer goods replacement in 2025 was 3000 billion yuan, distributed in four batches, with the first batch accounting for approximately 27%. The estimated total subsidy scale for 2026 is around 2300 billion yuan [3]. Group 3: Subsidy Categories and Standards - The subsidy categories for 2026 have been narrowed from 12 categories in 2025 to 6 categories, focusing on essential appliances such as refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [3]. - The subsidy for 2026 is limited to first-level energy efficiency products, with a uniform subsidy rate of 15%. Each consumer can receive a subsidy for one unit of each product category, with a maximum subsidy of 1500 yuan per unit [4]. - In comparison, the 2025 subsidy standards allowed for second-level energy efficiency products with a subsidy of 15% of the sales price, and first-level products with a 20% subsidy, capped at 2000 yuan per unit [4]. Group 4: Investment Recommendations - Recommendations include leading white goods companies such as Midea Group, Hisense Home Appliances, and Haier Smart Home; and leading black goods companies such as Hisense Home Appliances and TCL Electronics [4].

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 中信证券：人心思涨，预计开年市场震荡向上 从机构的赚钱效应来看，2025年在过去10年里能排到第三，过去20年里排到第六。在一个回头来看巨大 的结构性牛市当中，实际上市场既享受了预期差带来的"估值的钱"，也挣到了"业绩的钱"，预期差来自于 对中国自主科技能力的重估以及中美关系，而结构性的超预期业绩来自复杂贸易环境下外需的韧性以及AI 推理需求爆发，这些因素站在2025年初来看并不是那么理所应当会发生。增量流动性只是预期差和业绩 兑现过程中的结果，或者是用于后验的解释牛市形成的理由，投资者过于高估了增量资金对市场的影响。 增量资金入市不会是2026年市场上一个新台阶的主要因素。2026年最大的预期差来自于外需与内需的平 衡，对外"征税"、补贴内需应是大势所趋，今年是个重要的开端。站在开年，考虑到去年末的资金热度并 不算高，人心思涨的环境下开年后市场震荡向上的概率更高。 国泰海通：一年之计在于春 在市场持续反弹之际，中国股市有望跨越与站稳重要关口。海外流动性的宽松，叠加春节前结汇，有望推 动人民币的稳定与升值。以A500E ...

（一）被告金通灵公司于本判决发生法律效力之日起十日内赔偿原告叶小明等43,269名投资者投资 损失共计774,785,993.38元； （二）被告金通灵公司于本判决发生法律效力之日起十日内向原告代表人中证中小投资者服务中心 有限责任公司给付律师费25万元； 中国经济网北京1月3日讯 华西证券(002926.SZ)近日披露《重大诉讼进展公告》。 公告称，华西证券作为金通灵科技集团股份有限公司（以下简称金通灵公司）证券虚假陈述责任纠 纷案（以下简称本案）的共同被告之一，此前披露了本案的相关诉讼情况。 2025年12月31日，公司获悉江苏省南京市中级人民法院（以下简称南京中院）就本案作出先行判 决，对金通灵公司出具《民事判决书》。具体判决如下： 华西证券表示，本次判决是针对金通灵公司作出的先行判决，南京中院将对原告要求除金通灵公司 以外的其他25名被告承担民事赔偿责任的诉讼请求继续审理。公司尚未收到南京中院关于本案涉及公司 的判决，因此暂无法判断对公司本期利润或期后利润的影响。 (责任编辑：魏京婷) 如未按本判决指定的期间履行给付金钱义务，应当依照《中华人民共和国民事诉讼法》第二百六十 四条规定，加倍支付迟延履行期 ...

Group 1 - The report from Huaxi Securities highlights that under global restructuring, Chinese assets are expected to present long opportunities, particularly in the AI sector driven by advancements like Google's Gemini 3.0 and the emergence of new technologies such as OCS optical switches and liquid cooling becoming standard by 2026 [1] - The introduction of next-generation chips like RUBIN and the listing of domestic AI chip manufacturers such as Moer and Muxi indicate that the domestic AI industry is accelerating its catch-up with overseas counterparts [1] - By the end of 2025, traditional internet companies represented by Google and Alibaba are expected to surpass emerging models like OpenAI and DeepSeek, marking a new height in the competition of large models [1] Group 2 - The Lingguang APP has successfully created 12 million flash applications as of December 26, indicating strong user engagement and growth in the AI assistant market [2] - Ant Group's AI health assistant, Antifufu, has exceeded 15 million monthly active users since its launch on December 16, showcasing the demand for AI-driven health solutions [2] Group 3 - ByteDance is increasing its investment in terminal devices, with the launch of the Doubao model 1.8 and the Doubao video generation model Seedance 1.5pro, which has seen a tenfold increase in daily token volume, reaching over 50 trillion tokens by December 2025 [3] - Lenovo plans to unveil an "AI super intelligent agent" at the 2026 CES, which will offer comprehensive AI capabilities and cross-device connectivity, further solidifying its partnership with ByteDance's Doubao and Huoshan Engine [3] Group 4 - The report anticipates that by early 2026, AI models and applications will flourish as companies like Zhiyu and Minimax prepare to enter the Hong Kong stock market, leading to a capital frenzy in the AI sector [4] - The evolution of AI capabilities is expected to lead to a surge in industrial applications, with robots transitioning from mechanical competition to brain and control capabilities, and smart driving nearing practical implementation [4] Group 5 - The report notes that the upcoming IPO of SpaceX in 2026 is likely to position space computing as a new technological battleground between China and the U.S. [5]

Core Viewpoint - The article discusses the potential for a "good start" in the Chinese economy for 2026, emphasizing the need for careful evaluation of fiscal income, debt issuance, and project investments as indicators of economic performance [2][3]. Group 1: Income "Good Start"? - The logic states that fiscal expenditure equals fiscal income plus debt, and the assessment of fiscal income's upward momentum at the beginning of 2026 is crucial [4][21]. - The conclusion indicates that fiscal income at the beginning of 2026 may not show significant upward movement, particularly for land sales revenue, which is expected to face downward risks [5][23]. - The analysis highlights that the "income tail effect" from 2025 may not be significant, leading to insufficient upward momentum for Q1 2026 income [6][24]. Group 2: Debt "Good Start"? - The logic reiterates that fiscal expenditure equals fiscal income plus debt, focusing on the issuance scale of government bonds at the beginning of 2026 [8][31]. - The conclusion suggests that the scale of new government debt issuance at the beginning of 2026 may not be significantly high [9][33]. - The analysis indicates that new local government debt issuance in Q1 2026 is unlikely to exceed that of Q1 2025, based on the disclosure of local debt issuance plans [10][36]. Group 3: Project "Good Start"? - The logic emphasizes that "funds follow projects," and the performance of local projects at the beginning of the year is a key reference for fiscal efforts [12][44]. - The conclusion presents a pragmatic qualitative assessment, with quantitative indicators from central authorities showing moderate expectations, while major provinces' project confirmations are pending until mid-January [13][45]. - The analysis focuses on whether there will be significant net expansion in major provinces' budgets in January and whether the investment growth rate of major projects in 2026 can improve [16][47].

格隆汇12月31日｜华西证券公告，其作为金通灵科技证券虚假陈述责任纠纷案共同被告之一，2025年12 月31日，南京中院就本案对金通灵公司作出先行判决，判决金通灵公司赔偿43269名投资者投资损失 7.75亿元，给付原告代表人律师费25万元，驳回50835名投资者其他诉讼请求，案件受理费391.57万元由 金通灵公司负担。南京中院将继续审理原告要求其他25名被告担责诉求，公司未收到涉己判决，暂无法 判断对利润影响。 ...

证券代码：002926 证券简称：华西证券 公告编号：2025-050 华西证券股份有限公司 重大诉讼进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 华西证券股份有限公司（以下简称公司、华西证券）作为金通灵科技集团股份有 限公司（以下简称金通灵公司）证券虚假陈述责任纠纷案（以下简称本案）的共同被 告之一,此前披露了本案的相关诉讼情况（详见公告编号：2024-047、2024-048、 2024-050、2025-001）。2025 年 12 月 31 日，公司获悉江苏省南京市中级人民法院（以 下简称南京中院）就本案作出先行判决，对金通灵公司出具《民事判决书》。现将相 关情况公告如下： 一、诉讼进展情况 （三）驳回原告叶小明等 50,835 名投资者对被告金通灵公司的其他诉讼请求。 如未按本判决指定的期间履行给付金钱义务，应当依照《中华人民共和国民事诉 讼法》第二百六十四条规定，加倍支付迟延履行期间的债务利息。 案件受理费 3,915,730 元，由被告金通灵公司负担。 二、是否有其他尚未披露的诉讼仲裁事项 截至本公告出具之日，公司及控股子公司不存在应 ...

Core Viewpoint - The report from Huaxi Securities expresses optimism about the securities industry serving as a financing intermediary for new productive forces and long-term capital allocation, recommending attention to securities firms with expected industry mergers, well-established overseas business layouts, and those with strong retail brokerage and effective wealth management transformations [1] Group 1: Industry Performance - From the beginning of 2025 to December 28, the non-bank financial sector increased by 12.12%, ranking 19th among 31 Shenwan primary industries, underperforming the Shanghai Composite Index by 6.13 percentage points [1] - The non-bank financial sector's price-to-earnings ratio stands at 11.62 times, ranking 23rd among primary industries, while the weighted price-to-book ratio is 1.79 times, marking the lowest 37th percentile in the past decade [1] Group 2: Earnings Outlook - In the first three quarters of 2025, 46 comparable listed securities firms achieved adjusted revenue of 432.6 billion yuan and net profit attributable to shareholders of 179 billion yuan, representing year-on-year increases of 45% and 62% respectively [2] - The high growth in brokerage net income and proprietary net income supports the industry's performance in 2025 [2] - In the same period, five A-share listed insurance companies reported a total net profit attributable to shareholders of 426 billion yuan, a year-on-year increase of 33.5% from a high base last year [2] - The expectation for the fourth quarter of 2025 is that the equity market will perform better than the same period last year, leading to a continued double-digit growth in net profit for listed insurance companies throughout 2025 [2] Group 3: Policy Overview - On April 25, 2025, the Central Committee of the Communist Party of China emphasized the need to "maintain a stable and active capital market," signaling positive developments [3] - In 2026, the "14th Five-Year" plans from various regulatory bodies and local financial sectors will gradually clarify and implement policies for the securities industry [3] - Multiple initiatives from various departments aim to promote the entry of long-term funds into the market, addressing barriers for social security, insurance, and wealth management funds to facilitate "long money, long investment" [3]

华西证券（002926）发布研报称，林清轩(02657)主攻高端抗皱紧致赛道，创造性提出"以油养肤"理 念，看好其品牌价值释放、品类及渠道扩张、经营效率优化，叠加此次上市带来的资源加持，公司有望 在精华油领域的优势基础上，进一步强化在国货高端护肤市场的领先地位，持续打开市场空间。首次覆 盖，暂不评级。 华西证券主要观点如下： 高端国货护肤品领导者，开创"以油养肤"新赛道 2003年林清轩创立，初期主打草本手工皂，2014年推出首款山茶花润肤油，开创"以油养肤"赛道；2016 年正式转型为高端护肤品牌，公司目前已实现原料、研发、生产、销售的闭环运作，成为国货高端护肤 的代表品牌。2022-2024年公司营收CAGR达32.29%，2023年扭亏为盈后净利润维持高增，高毛利精华 油产品放量及规模效应释放推动收入和利润持续高增。 护肤市场：中国高端护肤前景广阔，精华油市场快速扩张 护肤品市场K型分化明显，大众市场增长缓慢，高端市场快速扩容且存在较大的渗透率提升空间；根据 灼识咨询数据，2024年中国高端护肤品市场规模达1144亿元，2019-2024年CAGR达8.84%，2024-2029年 CAGR预计为13. ...

智通财经APP获悉，华西证券发布研报称，林清轩(02657)主攻高端抗皱紧致赛道，创造性提出"以油养 肤"理念，看好其品牌价值释放、品类及渠道扩张、经营效率优化，叠加此次上市带来的资源加持，公 司有望在精华油领域的优势基础上，进一步强化在国货高端护肤市场的领先地位，持续打开市场空间。 首次覆盖，暂不评级。 华西证券主要观点如下： 高端国货护肤品领导者，开创"以油养肤"新赛道 2003年林清轩创立，初期主打草本手工皂，2014年推出首款山茶花润肤油，开创"以油养肤"赛道；2016 年正式转型为高端护肤品牌，公司目前已实现原料、研发、生产、销售的闭环运作，成为国货高端护肤 的代表品牌。2022-2024年公司营收CAGR达32.29%，2023年扭亏为盈后净利润维持高增，高毛利精华 油产品放量及规模效应释放推动收入和利润持续高增。 护肤市场：中国高端护肤前景广阔，精华油市场快速扩张 护肤品市场K型分化明显，大众市场增长缓慢，高端市场快速扩容且存在较大的渗透率提升空间；根据 灼识咨询数据，2024年中国高端护肤品市场规模达1144亿元，2019-2024年CAGR达8.84%，2024-2029年 CAGR预计为1 ...