募集说明书 | 注册金额： | 不超过 100 亿元（含） | | --- | --- | | 发行金额： | 不超过 亿元（含） 20 | | 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 声明 发行人将及时、公平地履行信息披露义务。 发行人及其全体董事、高级管理人员或履行同等职责的人员保证募集说明 书信息披露的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 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） 主承销商已对募集说明书及其摘要进行了核查，确认不存在虚假记载、误 导性陈述和重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 发行人承诺在本期债券发行环节，不直接或者间 ...

Group 1 - The core viewpoint of the news is that the Penghua Science and Technology Innovation Bond ETF (551030) has shown a positive performance with a 0.07% increase, marking its fourth consecutive rise, indicating active market trading with a turnover of 37.77% and a transaction volume of 7.922 billion yuan [1] - The People's Bank of China announced a 900 billion yuan MLF (Medium-term Lending Facility) renewal for January, resulting in a net injection of 700 billion yuan after accounting for the 200 billion yuan maturing MLF, alongside an additional 300 billion yuan in excess 6-month reverse repos, leading to a total net injection of 1 trillion yuan for January [1] - The central bank's actions signal a strong willingness to support liquidity in the market, especially in a non-risk shock period, utilizing structural monetary policies and conventional tools to bolster the economy and liquidity [1] Group 2 - Penghua Fund has established a long-term strategy for "fixed income tool-type products" since the second half of 2018, actively developing in areas such as interest rate bond index products, ETFs, credit bond indices, and certificate of deposit indices, aiming to become a domestic "fixed income index expert" [2] - The company emphasizes its professional bond index investment management capabilities and extensive product operation experience, committing to provide high-quality bond index investment tools for investors [2]

每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 （记者 王晓波） 每经AI快讯，中科三环发布公告称，2026年1月23日，中科三环接受华西证券等投资者调研，公司田文 斌、王依涵参与接待，并回答了投资者提出的问题。 ...

黄金又双叒叕创历史新高了！ 国内品牌金饰价格更是单日大幅跳涨，1月23日老庙黄金足金报价1548元/克，单日上涨52元/克；周生 生报价1545元/克，单日上涨53元/克；老凤祥报价1538元/克，单日上涨43元/克，均站上历史高位。 1月，伦敦现货黄金从每盎司4300美元附近一路上扬，23日盘中一度超过每盎司4960美元，月内涨幅近 15%。 受此影响，上海黄金交易所现货黄金价格、上海期货交易所上市的黄金期货主力合约23日盘中均突破每 克1110元，多家品牌金店的足金饰品报价突破每克1500元关口，一些品牌的足金饰品报价达每克1548 元，较前一日单克上涨超50元，再创历史新高。 国际银价也迎来突破，现货白银站上96美元/盎司。 在美联储降息预期、地缘政治风险等多重因素推动下，各大机构纷纷上调黄金目标价，金价向5000美元 关口发起冲击，贵金属市场迎来历史性行情。 内外金价齐创新高 1月23日早盘，现货黄金直线拉涨，盘中最高触及4967美元/盎司，纽约期金同步突破4960美元/盎司。 回溯行情，当地时间22日尾盘现货黄金已突破4900美元/盎司，日内涨超2%，本周涨幅超7%、涨超300 美元/盎司，1月以来 ...

消息面上，国际金价大幅飙升，现货黄金一举站上4950美元/盎司关口，刷新历史最高纪录。COMEX黄 金期货价格同步走强，最高触及4970美元/盎司，距离5000美元整数关口一步之遥。国际金价的飙升迅 速传导至国内市场，国内多数知名金饰品牌报价刷新1500元/克。 华西证券（002926）指出，过去三年，黄金价格势如破竹，节节攀升，收益属性远超历史。美联储货币 政策的预期依然是决定金价趋势的主要因素，而地缘政治冲突、美国自身风险以及由此衍生的对美元信 用担忧，则成为加大金价涨幅的新催化剂。此外，全球央行的持续购金行为，为稳定金价底部提供有力 支撑。参考历史规律，2026年金价涨幅或介于10%-35%区间。受美联储降息预期、美元信用不稳、美国 中期选举以及地缘政治不确定性的影响，金价有望进一步上涨。（全景网 龚璨） 1月23日，四川黄金（001337）（001337）周内再次以涨停价报收，全周涨幅达46.74%收报50.23元/ 股，一举刷新其历史新高。 ...

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index up by 0.33%, the Shenzhen Component Index up by 0.79%, and the ChiNext Index up by 0.63% [1] - Small-cap stocks outperformed, with the North Securities 50 Index rising by 3.82%, the CSI 500 Index up by 2.42%, and the CSI 1000 Index up by 1.94% [1] Solar Energy Sector - The solar energy sector surged due to news related to space photovoltaic technology, with over 30 stocks including Junda Co., Ltd. and GCL-Poly Energy Holdings Ltd. hitting the daily limit [3] - Longi Green Energy Technology Co., Ltd. saw a significant increase, closing at 19.35 yuan per share with a trading volume of 9.394 billion yuan and a total market capitalization of 146.6 billion yuan [3][4] Commercial Aerospace Sector - The commercial aerospace sector experienced a substantial rise, with stocks like Goldwind Science & Technology Co., Ltd. and Runbei Aerospace Technology Co., Ltd. hitting the daily limit [5][6] - Recent catalysts for the commercial aerospace sector include the upcoming Beijing International Commercial Aerospace Exhibition and the launch of several platforms aimed at supporting the industry [9][10] Solid-State Battery Sector - The solid-state battery sector showed strong performance, with companies like Oke Technology Co., Ltd. and Shanghai Washba Co., Ltd. hitting the daily limit [11] - Recent developments include advancements in solid-state battery technology by major automotive manufacturers, with plans for mass production expected by 2030 [15][16]

Core Viewpoint - International gold prices have been rising since the beginning of the year, nearing the $5000 mark, driven by geopolitical uncertainties and strong demand for gold as a safe-haven asset [1][3][4]. Group 1: Gold Price Trends - As of January 23, the London spot gold price exceeded $4960 per ounce, marking a nearly 15% increase within the month [1]. - The Shanghai Gold Exchange's spot gold price and the main gold futures contract on the Shanghai Futures Exchange both surpassed 1110 yuan per gram on January 23, reaching new highs [3]. - Several gold jewelry brands reported prices for pure gold jewelry exceeding 1500 yuan per gram, with some reaching 1548 yuan, an increase of over 50 yuan from the previous day [3]. Group 2: Influencing Factors - Geopolitical uncertainties, particularly actions by U.S. President Trump regarding Venezuela, Iran, and other international issues, are contributing to the long-term support for gold prices [3]. - Fluctuations in the U.S. dollar and U.S. Treasury yields are increasing the demand for gold as a safe-haven asset [3]. - Analysts predict that gold prices may rise further due to factors such as expectations of U.S. Federal Reserve interest rate cuts and ongoing geopolitical uncertainties [4]. Group 3: Investment Products - In response to rising gold prices, structured deposits linked to gold have become popular investment options, with several listed companies announcing subscriptions [5]. - Major banks have introduced structured deposits linked to gold, with some experiencing high demand and limited availability [5]. - Despite the strong gold price trend, the overall yield of these structured deposits is not particularly high, with most products offering annualized returns not exceeding 2% [5][6]. Group 4: Structured Deposit Details - An example of a structured deposit product from a bank offers a yield ranging from 0.5% to 3.2%, depending on the performance of gold prices during the observation period [6]. - The product's maximum yield is contingent on gold prices not exceeding a 6% increase; otherwise, the yield is capped at 1.7% [6]. - Investors are advised to consider the conditions for achieving the highest yields and the implications of the minimum yield in case of unfavorable price movements [7].

Core Viewpoint - Eagle Precision (01286) has seen its stock price rise over 12%, reaching a new high of 7.17 HKD since its listing, driven by the demand surge in AI data centers and related power shortages in the U.S. [1] Industry Insights - The rapid development of AI is expected to significantly increase electricity consumption, leading to sustained high demand for electrical equipment. Key focus areas include transformers and gas turbines, particularly in developed markets like Europe and the U.S., which exhibit high profitability and entry barriers. Companies with superior channel resources and technological capabilities are likely to benefit greatly [1][1][1]. Company Performance - Eagle Precision's products are utilized across various sectors, including high-power engines, construction machinery, agricultural machinery, recreational boats, passenger vehicles, commercial vehicles, aviation, energy, and healthcare. The overall demand is steadily increasing, with high profitability observed in segments like high-power engines and robotics [1][1]. - The demand for high-power engines has been boosted by AIDC, with the company providing sand-cast engine blocks to major clients like Caterpillar and Cummins. In the first half of 2025, revenue from this segment is projected to grow by 48.3% year-on-year to 530 million CNY, accounting for 21.8% of total revenue [1][1]. - The company has also entered the supply chain for Da Vinci surgical robots and is in discussions with overseas humanoid robot companies, enhancing its long-term growth potential [1][1].

Core Viewpoint - The report highlights the positive outlook for Pop Mart (泡泡玛特) following its share buyback announcements, indicating strong confidence in its development and upgrading the rating from "Accumulate" to "Buy" [1][6]. Group 1: Share Buyback and Financial Performance - Pop Mart has conducted multiple share buybacks, including 1.4 million shares at prices ranging from HKD 177.7 to 181.2, totaling HKD 250 million, and 500,000 shares at an average price of HKD 192.9791, totaling HKD 96.49 million [1]. - The buyback shares are intended for cancellation to enhance earnings per share [1]. Group 2: Business Growth and IP Performance - The overall business performance is expected to exceed expectations, with a focus on offline shopping experiences and store operations, which may positively influence revenue growth despite online sales being affected by strategic channel balancing [2]. - In the first half of 2025, five major IPs generated over 1 billion yuan in revenue, with significant year-on-year growth rates for various IPs, including THEMONSTERS (+668.0%) and MOLLY (+73.5%) [3]. - The introduction of multi-IP product series has increased exposure and cross-selling opportunities among different IPs, contributing to strong sales performance [3]. Group 3: IP Development and Market Trends - The company continuously attracts top IP artists, ensuring a steady flow of design inspiration and maintaining a leading position in product development and IP management [4]. - The emotional consumption trend among youth is expected to drive the demand for collectible toys, with the market projected to reach a scale of 100 billion yuan by 2025 [5]. Group 4: Financial Forecast and Valuation - The revenue forecasts for 2025-2027 have been revised upwards, with expected revenues of 38.384 billion, 52.768 billion, and 65.698 billion yuan, respectively, and net profits of 13.291 billion, 18.599 billion, and 23.91 billion yuan [6]. - The latest stock price corresponds to a price-to-earnings ratio of 19, 14, and 11 for the years 2025, 2026, and 2027, respectively, reflecting a positive investment outlook [6].

Core Viewpoint - The company has demonstrated confidence in its growth by continuously repurchasing shares, which is expected to enhance earnings per share. The rating has been upgraded from "Accumulate" to "Buy" [1][6]. Group 1: Share Buyback and Financial Performance - The company repurchased 1.4 million shares at a price range of HKD 177.7-181.2, totaling HKD 250 million on January 19, and 500,000 shares at an average price of HKD 192.9791, totaling HKD 96.49 million on January 21 [1]. - The company aims to cancel the repurchased shares to improve earnings per share [1]. Group 2: Business Growth and IP Performance - The company’s overall business performance is expected to exceed expectations, with a focus on enhancing in-store shopping experiences and consumer engagement [2]. - In the first half of 2025, five major IPs generated over 1 billion yuan in revenue, with significant year-on-year growth rates for various IPs, including THEMONSTERS (+668.0%) and MOLLY (+73.5%) [3]. - The company has successfully launched multi-IP product series to increase exposure and cross-selling opportunities among its IPs [3]. Group 3: Market Trends and Consumer Behavior - The emotional consumption trend among youth is growing, with 56.3% of young consumers willing to spend for emotional value, an increase of 16.2 percentage points from 2024 [5]. - The collectible toy market is projected to reach a scale of 100 billion yuan by 2025, indicating sustained high demand in the emotional consumption era [5]. Group 4: Investment Recommendations - The company has revised its revenue forecasts for 2025-2027, expecting revenues of 38.384 billion, 52.768 billion, and 65.698 billion yuan, respectively, with corresponding net profits and earnings per share also adjusted upwards [6]. - The latest stock price corresponds to a price-to-earnings ratio of 19, 14, and 11 for the years 2025, 2026, and 2027, respectively [6].