在该民事诉讼中，3家券商、1家会计师事务所作为联席被告，是否对赔偿承担连带责任还不确定。而华 西证券则是在金通灵财务造假案中，唯一一家被暂停保荐资格6个月、两名保荐代表人被禁业2年的券 商。 暂停保荐资格，对于券商投行业务的影响是直接且具有连锁效应的。叠加A股IPO与再融资节奏阶段性 放缓、监管审核趋严的影响，近几年华西证券投行业务收入持续缩水，2025年前三季度为0.56亿元，同 比下降近4成。金通灵案仍未完结，后续将会对华西证券造成什么影响？ 1 金通灵被判赔偿7.75亿元，券商将承担多少连带责任？根据2025年12月31日南京中院出具的判决结果， 金通灵需要向原告4.3万名投资者赔偿7.75亿元投资损失，驳回5万多名原告其他诉讼请求，律师费25万 元、案件受理费391.57万元由金通灵公司负担。金通灵需要在发生法律效力的10日内赔偿。 专题：涉金通灵财务造假案，光大、国海、华西三券商同被告，中介机构"连带责任"风险持续加码 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者 | 刘银平编辑 | 付影来源 | 独角金融 2025年最后一天，华西证券（002926.SZ）披露了一 ...

Core Viewpoint - Nanhua Futures (603093) shares have risen over 4%, currently trading at HKD 10.58 with a transaction volume of HKD 26.6181 million, following the announcement of its inclusion in the Hong Kong Stock Connect on January 19, 2024, without the need for a waiting period after the price stabilization period ends [1] Group 1: Company Performance - Nanhua Futures' overseas business is identified as its core competitive advantage, with projected overseas financial business revenue reaching RMB 654 million in 2024, representing a year-on-year growth of 15.3% [1] - The overseas financial business is expected to account for 48.3% of total revenue, significantly higher than its peers [1] Group 2: Market Position - Nanhua Futures, along with its subsidiary Honghua International, holds derivative trading and clearing licenses in major markets including Hong Kong, the United States, the United Kingdom, and Singapore, achieving full coverage of major global futures trading hours [1]

中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 华西证券指出，地缘冲突加剧，长期不确定性支撑贵金属价格。本周美军对委内瑞拉的打击引发避险情 绪，短期金价波动有限，但需警惕局势升级风险。长期来看，全球"去美元化"趋势加速，央行和投资者 持续购金，黄金受益于债务和货币宽松的交易方向。美国债务总额突破38.5万亿美元，财政赤字高企， 降息趋势下国债利率上涨，体现对债务规模的担忧，看好未来黄金价格。白银方面，ETF资金强劲流 入，全球现货库存紧张，甚至出现交割困难，尽管需求回落，但供应端缺口突出，预计未来几年供需缺 口将持续扩大。宽松周期下工业复苏需求使得白银弹性高于黄金，看好未来白银价格。基本金属方面， 铜作为能源转型关键金属，供给端全球主要矿山事故频发，预计2025Q4供给减少20万吨产量，宏观环 境支撑铜价。铝价方面，铜铝比失调，国内电解铝供给刚性，AI领域爆发式增长占据电力优先级，供 应端扰动待落地，看好铝价补涨。 （文章来源：每日经济新闻） ...

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].

Group 1 - The core viewpoint is that the market is expected to experience a震荡向上 (upward fluctuation) trend at the beginning of the year, driven by factors such as improved investor sentiment and liquidity conditions [2][3][4] - The anticipated market performance in 2025 is positioned as the third-best in the last decade and sixth-best in the last twenty years, indicating a significant structural bull market [2] - The balance between external and internal demand is highlighted as a key factor for 2026, with expectations of policies aimed at boosting domestic demand [2][3] Group 2 - The spring market is expected to continue its upward trend, supported by improved PMI data, abundant micro liquidity, and positive policy signals [4][6] - The market is likely to see a "开门红" (opening red) at the start of the year, with a strong performance from sectors such as technology, non-bank financials, and consumer goods [3][7] - The focus on new growth areas such as AI, energy storage, and solid-state batteries is emphasized, with a shift in demand patterns away from traditional sectors [3][10] Group 3 - The investment sentiment is high, with a strong supply of funds and supportive economic data, indicating a favorable environment for the spring market [5][6] - The potential for a "牛市" (bull market) in 2026 is reinforced by multiple positive factors, including macroeconomic policy support and a recovery in corporate earnings [9][12] - Recommendations for sector allocation include emerging growth themes and cyclical opportunities, particularly in AI, robotics, and renewable energy [10][12][13]

（来源：经济参考报） 华夏基金表示，此次《规定》出台，作为费率改革的"最后关键一步"，标志着我国公募基金行业费率改 革平稳落地。这场以投资者利益为核心的改革，它的深远意义不仅在于"降费"，更在于"优化机 制"和"重塑生态"，切实提升投资者体验与获得感。 南开大学金融发展研究院院长田利辉对记者表示，此次《规定》的制度安排，将"以投资者利益为核 心"转化为一套精细、可执行、可验证的经济激励与约束系统。《规定》从三个方面实现对于代理人问 题的约束和保护投资者利益。一是显性的成本削减；二是隐性的权益保障，例如将赎回费全额计入基金 财产，让短期交易行为的外部成本内部化，补偿给长期持有的投资者；三是根本的行为引导，通过"持 有一年以上免收销售服务费"和"提高短期赎回费率"等举措，修正了投资者与销售机构之间的激励错 位。 田利辉进一步表示，本轮改革令中国公募基金行业的发展范式发生了根本转向，从过去某种程度上依 赖"渠道霸权"和"流量变现"的规模竞赛，转向未来围绕投资者实际获得感和资产配置专业能力的服务竞 争。对于资本市场而言，此举极大降低了公众进行普惠金融投资的入门门槛和长期持有成本，有助于培 育更为稳定、理性的中长期资金 ...

历时两年多，公募基金费率改革正式收官。 业内人士表示，相较于征求意见稿，《规定》进一步完善了产品分类，使规则更贴合实际，并未改变整 体大幅让利于投资者的改革初衷。 另一方面，赎回费安排更优化，兼顾监管导向与投资者需求。 与征求意见稿相比，《规定》多项条款得以优化完善，监管的精准度和有效性显著提升，旨在切实堵漏 洞、补空白、提效能，全力维护公募基金销售市场的健康秩序。 一方面，产品分类更科学，让利导向更清晰。针对认（申）购费、销售服务费，《规定》进一步细化了 产品分类标准与费率上限，体现了精准施策的监管智慧：主动偏股型基金，认（申）购费不高于 0.8%；其他混合型基金，认（申）购费不高于0.5%；指数型基金、债券型基金认（申）购费不高于 0.3%。销售服务费方面，主动偏股及混合型基金不高于0.4%/年，指数型基金与债券型基金不高于0.2%/ 年，货币基金不高于0.15%/年。 2025年12月31日，为进一步降低基金投资者投资成本，规范公募基金销售市场秩序，保护基金投资者合 法权益，中国证监会对《开放式证券投资基金销售费用管理规定》进行了修订，并更名为《公开募集证 券投资基金销售费用管理规定》（以下简称《规定》 ...

（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].