华西证券公告称，持有公司6.79%股份的股东剑南春公司，原计划于2025年9月25日披露公告之日起15 个交易日后的3个月内，合计减持不超2625万股，即不超总股本1%。截至2026年1月26日减持期限届 满，剑南春公司通过集中竞价交易减持1312.5万股，占总股本0.5%，减持均价9.56元/股，减持价格区间 为9.17 - 10.55元/股。减持后，剑南春公司持股降至16520.46万股，占总股本6.29%。本次减持未违规， 不会导致公司控制权变更。 ...

证券代码：524644 证券简称：26 华股 02 西南证券股份有限公司 2026 年 月 日 发行人将按上述票面利率于 2026 年 1 月 28 日至 2026 年 1 月 29 日面向专业 机构投资者网下发行本期债券。具体认购方法请参考 2026 年 1 月 23 日刊登在深 圳证券交易所网站（http://www.szse.cn）、巨潮资讯网（http://www.cninfo.com.cn） 上的《华西证券股份有限公司 2026 年面向专业投资者公开发行公司债券（第二 期）发行公告》。 特此公告。 （本页无正文，为《华西证券股份有限公司 2026 年面向专业投资者公开发行公 司债券（第二期）票面利率公告》之盖章页） 华西证券股份有限公司 年 月 日 （本页无正文，为《华西证券股份有限公司 2026 年面向专业投资者公开发行公 司债券（第二期）票面利率公告》之盖章页） 华西证券股份有限公司 2026 年面向专业投资者公开发行公司债券 （第二期）票面利率公告 本公司及其董事、高级管理人员保证公告内容真实、准确和完整，并对公告 中的虚假记载、误导性陈述或者重大遗漏承担责任。 华西证券股份有限公司（以下简称 ...

因簿记建档日部分投资者履行程序的原因，经簿记管理人、发行人及投资人 协商一致，现将簿记建档结束时间由 2026 年 1 月 27 日 18:00 延长至 2026 年 1 月 27 日 19:00。 特此公告。 （以下无正文） 关于延长华西证券股份有限公司 2026 年面向专业投资者公开发 行公司债券（第二期）簿记建档时间的公告 华西证券股份有限公司（以下简称"发行人"或"公司"）已于 2025 年 2 月 27 日获得中国证券监督管理委员会证监许可〔2025〕366 号文注册公开发行面值不 超过 100.00 亿元的公司债券。 根据《华西证券股份有限公司 2026 年面向专业投资者公开发行公司债券（第 二期）发行公告》，发行人和簿记管理人将于 2026 年 1 月 27 日 15:00 至 18:00 以簿记建档的方式向网下投资者进行利率询价，并根据簿记建档结果在预设的利 率区间内确定本期债券的最终票面利率。 （本页无正文，为《关于延长华西证券股份有限公司 2026 年面向专业投资者公 开发行公司债券（第二期）簿记建档时间的公告》之签章页） 发行人：华西证券股份有限公司 年 月 日 （本页无正文，为《关于延 ...

（文章来源：第一财经） 华西证券指出，中长期视角下，对比A股历次牛市，本轮行情仍处中段，"慢牛"趋势有望延续。行业配 置上，建议关注：（1）科技产业行情扩散：如AI算力、AI应用、机器人、太空光伏、存储、港股互联 网等；（2）受益于"反内卷"与涨价方向，如化工、有色金属等；（3）年报业绩预告高增行业：如电 子、机械设备、医药等。 ...

Core Viewpoint - The A-share market is characterized by "structural differentiation and simultaneous repair," with various institutions noting that despite ongoing redemption pressure on broad-based ETFs, sectors such as consumer chains, real estate chains, and resource products are entering a repair window [1][2]. Group 1: Market Trends - The broad-based ETF redemption pressure continues to grow, with significant differences in the承接力 (support capacity) among different industries and stocks [2]. - The consumer chain is expected to see an increase in allocation leading up to the Two Sessions, with the real estate chain also likely to experience noticeable recovery during this period [2]. - The spring market is supported by ample liquidity and policy backing, which may sustain the ongoing spring rally, although caution is advised regarding the marginal contraction of profit effects at high levels [1][3]. Group 2: Investment Focus - The consensus among institutions is to focus on technology (AI, semiconductors) and resource products (non-ferrous metals, chemicals) as key investment directions [1][7]. - There is growing attention on cyclical sectors showing signs of bottom reversal, such as power grid equipment and lithium batteries, as well as non-bank sectors [1][3]. - The current market environment is conducive to exploring basic combinations centered around chemicals, non-ferrous metals, new energy, and power equipment, while also considering low allocation in non-bank sectors like securities and insurance [2][4]. Group 3: Performance and Earnings - As the annual report forecast disclosure period peaks, the impact of earnings on market structure is expected to become more pronounced, with a focus on sectors with earnings highlights [4][11]. - The performance of sectors such as AI hardware, batteries, pharmaceuticals, steel, and non-bank financials is anticipated to improve, given their relatively low price increases [4][12]. - The market is likely to experience a rotation among sectors, with a focus on high-growth areas and those benefiting from price increases [12][14]. Group 4: Future Outlook - The market is expected to continue its slow bull trend, with the potential for a correction after reaching a phase high between 4200 and 4300 points [6][10]. - The spring market is seen as an extension of the structural bull market, with a likelihood of a consolidation phase following the current rally [3][5]. - The focus for 2026 includes a clearer dual mainline of asset allocation towards physical assets and Chinese assets, with thematic investments becoming essential [9][10].

Core Viewpoint - The global financial market witnessed a historic milestone as spot gold prices surpassed $5000 per ounce for the first time on January 26, 2026, driven by strategic asset allocation by central banks and a declining attractiveness of dollar assets due to the Federal Reserve's interest rate cuts [1][2]. Group 1: Gold Price Surge - Spot gold prices reached a high of $5020.440 per ounce, reflecting a 0.78% increase from previous levels [2]. - The surge in gold prices is primarily supported by central banks' strategic asset allocation needs, as the attractiveness of holding dollar assets diminishes during the Fed's rate-cutting cycle [2][3]. Group 2: Central Bank Gold Purchases - Global central banks are entering a new gold-buying spree, with China's gold reserves reported at 74.15 million ounces as of December 2025, marking the 14th consecutive month of increases [3]. - This trend is expected to instill long-term confidence in the market as central banks continue to bolster their gold reserves [3]. Group 3: Economic and Geopolitical Factors - Strong expectations for Fed rate cuts persist, with Goldman Sachs predicting a potential cut exceeding market expectations due to deteriorating employment conditions and rising unemployment rates [4]. - Geopolitical risks, including tensions surrounding Greenland and the situation in Iran, are contributing to increased demand for gold as a safe-haven asset [4][5]. Group 4: Future Outlook - Goldman Sachs has raised its year-end gold price target from $4900 to $5400 per ounce, citing growing demand from both private investors and central banks [4]. - The market anticipates that central banks will purchase approximately 60 tons of gold monthly, with increased holdings in gold ETFs as a result of the Fed's rate cuts [4]. Group 5: Investment Risks and Opportunities - While there may be short-term technical pullback risks for gold prices, the long-term outlook remains positive due to ongoing geopolitical risks, central bank purchasing behavior, and the continuation of the Fed's rate-cutting cycle [5][6]. - Analysts suggest that the price of gold could increase between 10% and 35% in 2026, with some forecasts reaching as high as $6600 per ounce [7].

Group 1 - The core viewpoint of the article emphasizes the ongoing recovery of market confidence, with potential for sector and stock recovery, particularly in consumer and real estate chains before the Two Sessions [2] - The article highlights the significant outflow of funds from broad-based ETFs, with a notable impact on sectors and stocks that are underweight by institutions [2] - It suggests that sectors with strong fundamentals and logical narratives, particularly those not heavily weighted in broad-based indices, are likely to see recovery [2] Group 2 - The spring market is characterized by a transition towards a more stable phase, with the potential for a perfect spring market driven by increased profitability [3] - The article notes that the overall profitability effect is nearing a high point, indicating that the market may face limitations in time and space for further growth [3] - It anticipates a correction phase following the spring market, where the focus will shift to clearer industrial trends and performance digestion [3] Group 3 - The article discusses the supportive role of abundant liquidity in driving the current spring market, stemming from various factors including insurance capital and foreign fund inflows [4] - It emphasizes the importance of focusing on fundamental performance as companies begin to disclose annual reports, with particular attention to sectors like AI hardware, batteries, and pharmaceuticals [5] Group 4 - The article identifies the current market phase as a structural bull market, transitioning from the second consolidation phase to the third upward phase [6] - It suggests that the market may face a correction after reaching a temporary high between 4200 and 4300 points, with a focus on the support levels and core sectors [6] Group 5 - The article advocates for a dual focus on technology and resource sectors, highlighting the importance of macroeconomic conditions and liquidity in shaping investment strategies [7] - It identifies key sectors such as semiconductors, AI, and new energy as central to current market trends, with a positive outlook for resource industries [7] Group 6 - The article suggests that the market's optimism is necessary, particularly in light of the recent volatility and the need to consider the relationship between market optimism and regulatory cooling [8] - It emphasizes the importance of focusing on physical assets and Chinese assets in investment strategies, with a recommendation for sectors like equipment exports and consumer recovery [9] Group 7 - The article indicates that the current market is entering a phase of high volatility and differentiation, with expectations for policy-driven demand expansion [10] - It highlights the potential for the non-ferrous metals sector to benefit from both industrial trends and financial attributes, particularly in light of geopolitical factors [11] Group 8 - The article notes that the A-share market is returning to a slow bull trend, with an increasing importance of sector rotation and fundamental performance [12] - It emphasizes the need to focus on structural investment opportunities, particularly in technology innovation and manufacturing sectors [12] Group 9 - The article suggests that the current market may be entering the latter half of the spring market, with a focus on sectors with strong performance and clear industrial trends [13] - It highlights the potential for price increases in sectors like basic chemicals and new energy materials, as well as opportunities in export-driven sectors [13] Group 10 - The article maintains that the slow bull trend is likely to continue, with a focus on technology, resource sectors, and industries with high growth potential [14] - It suggests that the current market conditions provide ample opportunities for investment, particularly in sectors with strong earnings forecasts [14]

华西证券股份有限公司 （住所：中国（四川）自由贸易试验区成都市高新区天府二街 198 号） 2026 年面向专业投资者公开发行公司债券 （第二期） 募集说明书摘要 | 注册金额： | 不超过 亿元（含） 100 | | --- | --- | | 发行金额： | 不超过 20 亿元（含） | | 担保情况： | 本期债券无增信措施 | | 信用评级结果： | AAA/AAA | | 发行人： | 华西证券股份有限公司 | | 主承销商/受托管理人/簿记管理人： | 西南证券股份有限公司 | | 信用评级机构： | 联合资信评估股份有限公司 | 签署日期：2026 年 月 日 华西证券股份有限公司 2026 年面向专业投资者公开发行公司债券（第二期）募集说明书摘要 声明 本募集说明书摘要的目的仅为向投资者提供有关本次发行的简要情况，并 不包括募集说明书全文的各部分内容。募集说明书全文同时刊载于深圳证券交 易所网站（http://www.szse.com.cn）。投资者在做出认购决定之前，应仔细阅读 募集说明书全文，并以其作为投资决定的依据。 除非另有说明或要求，本募集说明书摘要所用简称和相关用语与募集说明 书相 ...

华西证券股份有限公司 2026 年面向专业投资者公开发行公司债券 （第二期） 发行公告 发行人 华西证券股份有限公司 （住所：成都市高新区天府二街 198 号） 主承销商 西南证券股份有限公司 （住所：重庆市江北区金沙门路 32 号） 2026 年 1 月 23 日 本公司及其董事及高级管理人员保证公告内容真实、准确和完整，并对公 告中的虚假记载、误导性陈述或者重大遗漏承担责任。 重要事项提示 1、华西证券股份有限公司（以下简称"发行人"或"公司"）已于 2025 年 2 月 27 日获得中国证券监督管理委员会"证监许可〔2025〕366 号"文注册公开发行 面值不超过 100.00 亿元的公司债券（以下简称"本次债券"）。 本次债券采取分期发行的方式，截至本公告披露日，本次债券已发行 69.00 亿元，本期债券为第五期发行，发行规模为不超过 20.00 亿元。 2、本期债券发行规模为不超过人民币 20.00 亿元，每张面值为 100 元，发 行数量为 2,000.00 万张，发行价格为人民币 100 元/张。 3、根据《证券法》等相关规定，本期债券仅面向专业投资者中的机构投资 者发行，普通投资者和专业投资者 ...

| 信用评级报告 | | --- | | www.lhratings.com | 联合〔2026〕430 号 联合资信评估股份有限公司通过对华西证券股份有限公司及其 2026 年面向专业投资者公开发行公司债券（第二期）的信用状况进 行综合分析和评估，确定华西证券股份有限公司主体长期信用等级 为 AAA，华西证券股份有限公司 2026 年面向专业投资者公开发行 公司债券（第二期）信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 华西证券股份有限公司 2026 年面向专业投资者 公开发行公司债券（第二期） 信用评级报告 二、本报告系联合资信接受华西证券股份有限公司（以下简称"该公 司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关 系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客观、 公正的关联关系。 三、本报告引用的资料主要由该公司或第三方相关主体提供，联合资 信履行了必要的尽职调查义务，但对引用资料的真实性、准确性和完整性 不作任何保证。联合资信合理采信其他专业机构出具的专业意见，但联合 资信不对专业机构出具的专业意见承担任何责任。 四、本次信用 ...