西部证券股份有限公司董事会 2026 年 1 月 5 日 西部期货有限公司（以下简称"西部期货"）为西部证券股份有 限公司的全资子公司。 近日，原西部期货总经理赵耀先生因个人原因辞去西部期货总经 理职务，辞职后将继续在西部期货担任公司顾问、产业业务总部总经 理职务。西部期货董事长王宝辉先生代为履行总经理职责，代职期不 超过六个月。 特此公告。 证券代码：002673 证券简称：西部证券 公告编号：2026-001 西部证券股份有限公司 关于全资子公司西部期货有限公司 主要负责人辞职的公告 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。 ...

Group 1 - The core viewpoint of the article highlights that the cash flow ETF (159399) has risen over 0.4% due to expectations of policy and liquidity improvements supporting valuation recovery [1] - The manufacturing sector's free cash flow in A-shares has been recovering for three consecutive quarters, primarily benefiting from the "anti-involution" policy that started in July 2024, which constrains CAPEX in manufacturing [1] - In the context of de-globalization, industrial capacity is viewed as a potential for warfare, making China's stable cash flow in manufacturing a core global security asset [1] Group 2 - The article notes that with the Federal Reserve's interest rate cuts driving cross-border capital inflows, the cash flow statements of the manufacturing sector are gradually recovering, which will systematically enhance industry valuations [1] - Currently, China's manufacturing sector is a crucial part of the broader AI supply chain and is recognized as a safe asset with stable cash flows, further reinforcing its cash flow advantages [1] - Investors are encouraged to pay attention to the cash flow ETF (159399), which has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1]

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 ...

（原标题：中国经济增速目标几何｜请回答，2026） "十四五"时期，中国GDP总量接连跨越110万亿元、120万亿元、130万亿元三个大台阶，2020—2024年 的年均实际增速为5.5%，远高于同期全世界3.9%的年均增速。中国2025年前三季度GDP增速达5.2%， 全年增速大概率在5%及以上。 作为"十五五"开局之年，2026年能否创造良好开局将深刻影响着未来五年的宏观经济增长走势。其中， 值得关注的一个焦点便是GDP增速目标几何。 此外，2035年中国远景目标是人均国内生产总值达到中等发达国家水平，即经济总量或人均收入较2020 年翻一番。据测算，要实现该目标，2026—2035年GDP年均增速需保持在4.4%以上。这些都客观要求 要保持一定经济增速。 过去的数年，宏观经济和微观感受的"温差"是经济运行中一个值得关注的现象。今年中央经济工作会议 进一步释放了这样的信号：增长依然是重要的，但在增长之外，具体的问题和市场主体的感受也很重 要，需要政策着力解决、改善。会议提出："要全面贯彻明年经济工作的总体要求和政策取向，坚持积 极务实的目标导向，着力解决存在的困难问题，在质的有效提升上取得更大突破，增强居 ...

Core Viewpoint - The regulatory scrutiny on Founder Securities has intensified due to its failure to fulfill due diligence obligations as the continuous sponsor for Jingyuan Environmental Protection's convertible bonds, leading to administrative penalties and a decline in its investment banking business performance [1][2]. Group 1: Regulatory Issues - Founder Securities received a warning letter from the Jiangsu Securities Regulatory Bureau for not detecting the improper use of raised funds and inaccurate disclosures during its role as the continuous sponsor for Jingyuan Environmental Protection's 2022 convertible bonds [1][2]. - This marks the second regulatory penalty for Founder Securities' investment banking business since 2025, with previous issues including inadequate due diligence and incomplete disclosures in bond projects [2]. Group 2: Business Performance Decline - The number of registered sponsors at Founder Securities decreased from 72 in 2023 to 51 by early 2026, resulting in a drop in industry ranking from 28th to 33rd [3]. - The company's equity underwriting amount was only 1.1 billion in 2025, representing a market share of 0.11%, and further declined to 250 million in 2024 with a market share of 0.07% [3]. - Investment banking revenue plummeted by 59.36% in 2023 to 217 million, and the business line reported a loss of 370 million in 2024 [3]. Group 3: Talent and Revenue Challenges - Founder Securities has experienced significant talent turnover, with key analysts leaving for other firms, impacting its research capabilities [4][5]. - The commission income from brokerage services has consistently declined, dropping from 541 million in 2021 to 307 million in 2023, with a ranking fall from 16th to 24th in the industry [5]. Group 4: Overall Financial Performance - Despite challenges in investment banking and research, Founder Securities reported a significant revenue increase of 52.14% in the first half of 2025, reaching 5.663 billion, with a net profit growth of 76.43% to 2.384 billion [7]. - Wealth management has become a crucial revenue source, generating 3.317 billion in the first half of 2025, although this reliance poses risks if market conditions deteriorate [7]. - The company is actively selling assets to improve cash flow, including a 730 million sale of assets related to Zhengzhou Yuda International Trade Building and plans to divest its stake in Credit Suisse Securities for an expected cash recovery of 857 million [7].

日前，中国银行间市场交易商协会（以下简称"交易商协会"）正式发布《关于2025年非金融企业债务融 资工具承销业务相关会员申请从事承销相关业务市场评价结果的公告》（下称《公告》），宣布新增一 批会员机构获得非金融企业债务融资工具承销业务资格。 本次扩容共纳入24家会员单位，涵盖多家银行机构，进一步丰富了市场参与主体，增强了金融体系对实 体经济特别是科技创新与地方经济的服务支撑能力。 三类承销商名单扩充 公告显示，交易商协会于2025年11月14日发布公告，启动了2025年非金融企业债务融资工具承销业务相 关会员申请从事承销相关业务市场评价工作。截至申请截止日2025年11月28日，共有37家会员提交了申 请材料，交易商协会秘书处依据市场评价标准组织审核工作，形成评价结果。本次资格调整新增三类业 务主体： 1．新增非金融企业债务融资工具一般主承销商8家，其中包括财通证券股份有限公司等机构。 | 序号 | 机构名称 | | --- | --- | | 1 | 财通证券股份有限公司 | | 2 | 第一创业证券承销保存有限责任公司 | | ﺗﻤﺎ | 华创证券有限责任公司 | | 4 | 华泰联合证券有限责任公司 | ...

Core Conclusions - The report suggests that 2025 may be just the "prelude" to a bull market, with the Federal Reserve likely to restart interest rate cuts, leading to a rapid return of cross-border capital to China, which will help various price indices (PPI + CPI) emerge from "deflation" [1] - The report anticipates that in 2026, China will experience a period of prosperity similar to Japan in 1978, driven by the appreciation of the RMB, which will enhance cash flow statements and balance sheets in the real economy [1] Group 1: China’s Economic Outlook - China entered the current Kondratiev wave downturn in 2019, but the external constraints are gradually being lifted, allowing for a return to prosperity [1] - The report indicates that the Federal Reserve's interest rate cuts in 2025 will facilitate the recovery of cash flow statements for enterprises and households in China [1] - The anticipated quantitative easing (QE) by the Federal Reserve in 2026 will open up policy space for the People's Bank of China to implement similar measures, further aiding the recovery of balance sheets [1] Group 2: U.S. Economic Conditions - The report highlights that the U.S. is currently in a Kondratiev wave downturn, with the stock market and economy on the brink of crisis due to over-reliance on AI investment narratives [2] - It notes that the U.S. stock market is at a "crisis edge," and the potential for liquidity shocks is high as cross-border capital begins to flow out of the U.S. [2] - The report warns that if AI investment expectations fall short, it could lead to a negative narrative impacting U.S. consumption and economic stability [2] Group 3: Global Liquidity Trends - The report predicts that the Federal Reserve is likely to shift towards QE, resulting in an increase in global liquidity [3] - It emphasizes that the primary goal of the Federal Reserve is to prevent liquidity shocks in the U.S. market, which will influence global capital flows [3] - The report suggests that the current tight liquidity in the U.S. is pressuring the Federal Reserve to adopt "quasi-QE" measures [6] Group 4: Currency and Capital Flows - Following the Federal Reserve's interest rate cuts, cross-border capital is expected to accelerate its return to China, shifting the A-share market from a tech-focused trend to a cyclical recovery [7] - The report anticipates that the RMB exchange rate will likely break previous highs of 6.8 and 6.3, entering a long-term appreciation cycle [7] - It highlights that the RMB's appreciation will create a positive feedback loop, encouraging further capital inflows into China [7] Group 5: Commodity Supercycle - The report discusses a potential supercycle in commodities driven by de-globalization and a dollar crisis, with supply constraints likely to emerge as resource-rich countries tighten supply [9][10] - It suggests that the demand for commodities will remain resilient due to strategic stockpiling and supply chain improvements in various countries [10] - The report indicates that this supercycle could last for several years, with precious metals leading the way in revaluation [11] Group 6: Sectoral Opportunities - The report identifies key sectors for investment, including non-ferrous metals, consumer goods, and high-end manufacturing, which are expected to benefit from the recovery of cash flow and balance sheets [13] - It emphasizes the importance of focusing on sectors that are likely to achieve new highs, particularly in the context of the anticipated economic recovery [13] - The report suggests that the manufacturing sector will see a systematic recovery in valuations as cash flow statements improve [11]

格隆汇1月4日丨西部证券(002673.SZ)公布，近日，中国银行间市场交易商协会发布《关于2025年非金 融企业债务融资工具承销业务相关会员申请从事承销相关业务市场评价结果的公告》（〔2025〕25 号）。根据上述公告，西部证券股份有限公司可开展银行间债券市场非金融企业债务融资工具一般主承 销业务（简称"主承销业务"）。公司将按照《银行间债券市场非金融企业债务融资工具管理办法》《银 行间债券市场非金融企业债务融资工具中介服务规则》及其他相关自律规则，设立主承销业务相关部 门，配备专职主承销业务人员，建立健全主承销业务操作规程、风险管理和内部控制制度，并将规范开 展非金融企业债务融资工具主承销业务。 ...

公司将按照《银行间债券市场非金融企业债务融资工具管理办法》 《银行间债券市场非金融企业债务融资工具中介服务规则》及其他相 关自律规则，设立主承销业务相关部门，配备专职主承销业务人员， 建立健全主承销业务操作规程、风险管理和内部控制制度，并将规范 开展非金融企业债务融资工具主承销业务。 特此公告。 西部证券股份有限公司董事会 证券代码：002673 证券简称：西部证券 公告编号：2025-099 西部证券股份有限公司 关于获得非金融企业债务融资工具 一般主承销业务资格的公告 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。 近日，中国银行间市场交易商协会发布《关于2025年非金融企业 债务融资工具承销业务相关会员申请从事承销相关业务市场评价结 果的公告》（〔2025〕25号）。根据上述公告，西部证券股份有限公 司（以下简称"公司"）可开展银行间债券市场非金融企业债务融资 工具一般主承销业务（以下简称"主承销业务"）。 2025年12月31日 ...

Core Viewpoint - The company has received approval to conduct general underwriting business for non-financial corporate debt financing instruments in the interbank bond market, as announced by the China Interbank Market Dealers Association [1] Group 1 - The company will establish a dedicated department for underwriting business in accordance with relevant regulations [1] - The company plans to equip this department with specialized personnel to ensure effective operation [1] - The company aims to enhance its business procedures, risk management, and internal control systems to standardize its underwriting activities [1]