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 - Guodu Securities is embroiled in a significant bond default dispute involving a claim of 475 million yuan due to the default of the "20 Fusheng 01" bond issued by Fujian Fusheng Group, which has raised concerns about its financial performance and potential liabilities [1][3][4]. Financial Performance - Guodu Securities reported a revenue of 749 million yuan for the first half of the year, a year-on-year decrease of 4.42%, and a net profit attributable to shareholders of 358 million yuan, down 8.1% year-on-year [1][12]. - In contrast, Zheshang Securities, the controlling shareholder of Guodu Securities, achieved a net profit of 1.149 billion yuan, a 46.49% increase year-on-year, but its revenue fell by 23.66% to 6.107 billion yuan [12]. Legal and Regulatory Context - The lawsuit initiated by Wukuang International Trust against Guodu Securities and Fusheng Group is based on allegations of "securities false statements" due to the failure to detect significant debt defaults and major lawsuits [3][4]. - Legal experts suggest that Guodu Securities may bear 10%-30% of the liability for the damages claimed, depending on the court's assessment of its diligence and involvement in the bond issuance process [10][11]. Industry Trends - The bond default cases in the real estate sector have been increasing since 2020, with intermediary institutions like Guodu Securities facing heightened scrutiny and potential liability for their roles in bond issuances [8][11]. - The precedent set by the "Wuyang Bond" case, where an intermediary was held liable for full compensation due to fraud, has influenced subsequent rulings regarding the responsibilities of securities firms in bond defaults [8][11]. Business Segmentation - Guodu Securities' business lines showed mixed results, with brokerage income increasing by 6.73% to 125 million yuan, while proprietary trading and investment banking revenues declined significantly [13][14]. - The company is also facing additional lawsuits related to contract disputes and alleged false statements in bond underwriting, which could further impact its financial standing [14][16].