截至2025年10月24日收盘，西南证券（600369）报收于4.82元，较上周的4.65元上涨3.66%。本周，西 南证券10月24日盘中最高价报4.84元。10月20日盘中最低价报4.64元。西南证券当前最新总市值320.29 亿元，在证券板块市值排名37/50，在两市A股市值排名576/5160。 公司自营坚持"稳中求进"投资风格，适度加大权益类资产配置。固收类投资规模占比较高，主要配置债 券、非权益类基金、国债期货等。公司为场外期权二级交易商，具备开展客需场外衍生品业务资格，拥 有完善的人员、系统和组织架构，通过场外衍生品、收益凭证等提供综合金融服务。 公募基金改革背景下，公司加快财富管理转型：强化全品类资产配置，优化产品生态，打造以"白名 单"、"区域特色"、"资管FOF"为核心的私募产品货架；推进投顾业务转型，实现客群稳步增长；推动 财富管理数字化与标准化建设。 研究业务由传统卖方研究向"卖方研究+内部赋能+智库建设"转型，完善对财富、产业及机构客户的研 究服务体系；深挖内部投研需求，赋能公司业务；组建新发展研究部门，开展产业研究服务，输出具重 庆辨识度的研究成果，打造服务重庆的智库品牌。 本周关 ...

据数据统计，截至10月23日，已有16家上市券商发布年中分红公告，累计分红金额接近80亿元，为投资 者送上"中期红包"。 各机构之间差距明显。上半年，国泰海通现金分红总额超过26亿元，现金分红率达16.8%；中原证券 （601375）分红总额为0.37亿元，分红率达14.27%；东吴证券（601555）、红塔证券（601236）的现金 分红率均超过35%。 受访人士表示，投资者若仅依据分红数据作决策，易陷入"价值陷阱"。建议综合考量ROE（净资产收益 率）的持续性等指标。同时，投资者需明确，券商股属强周期品种。从券商角度看，需在高分红与自身 发展资金需求间求平衡，并依业务扩张及成熟阶段灵活调整分红策略。 80亿元现金红包 数据显示，截至10月23日，已有16家上市券商披露了2025年中期现金分红情况，累计金额达79.74亿 元。 上市券商年中分红哪家强？ "投资券商股，本质上是在投资强周期股票。券商业绩波动较大，不仅易受市场环境影响，还与券商自 身的业务能力、资源获取能力密切相关。"郭施亮认为，投资者需密切关注市场环境及交易量的变化， 以此提升投资决策的准确性。 陈兴文指出，"从投资者角度看，单纯追逐分红数据 ...

证券之星消息，2025年10月21日山推股份（000680）发布公告称富国基金孙彬 徐斌 冯升、西南证券戴剑 箫于2025年10月21日调研我司。 山推股份2025年中报显示，公司主营收入70.04亿元，同比上升3.02%；归母净利润5.68亿元，同比上升 8.78%；扣非净利润5.59亿元，同比上升36.48%；其中2025年第二季度，公司单季度主营收入37.03亿元， 同比上升3.17%；单季度归母净利润2.96亿元，同比上升4.66%；单季度扣非净利润2.9亿元，同比上升 44.31%；负债率66.96%，投资收益1473.52万元，财务费用-571.33万元，毛利率20.16%。 该股最近90天内共有6家机构给出评级，买入评级6家；过去90天内机构目标均价为13.04。 问：公司下一步增长战略： 答：依托核心产业链自主优势，持续丰富产品矩阵并提升市场份额；以 I 战略为引领，深化智慧施工业务 布局，不断迈进智能化的新征程；加强全球布局，在国际化趋势中继续保持领先身位；不断升级公司商业 模式，围绕工程机械全生命周期打造业务闭环。 问：公司新产品布局情况： 答：公司坚持以市场为导向、以质量为驱动、以智能技 ...

智通财经APP获悉，西南证券发布研报称，康方生物(09926)宣布依沃西(PD-1/VEGF双抗)联合化疗，对 比替雷利珠单抗联合化疗一线治疗晚期鳞状非小细胞肺癌(sq-NSCLC)的注册性III期临床研究(AK112- 306/HARMONi-6)达到PFS主要研究终点，数据在柳叶刀&ESMO发布。随着公司研发的逐步聚焦，管线 的逐步落地，公司业绩长期增长动力充足。该行预计公司2025-2027年收入分别为33.1、53.6和77.9亿 元。 西南证券主要观点如下： HARMONi-6研究是依沃西在对比帕博利珠单抗一线治疗PD-L1表达阳性NSCLC取得成功之后，进一步 对比PD-1联合化疗一线治疗sq-NSCLC中取得阳性结果的III期临床研究。研究结果显示，依沃西联合化 疗较替雷利珠联合化疗显著延长患者无进展生存期，依沃西联合化疗一线治疗sq-NSCLC的mPFS达 11.14个月，对照组替雷利珠单抗联合化疗的mPFS为6.90个月(HR=0.60，P<0.0001)，两组间mPFS绝对 值差值达4.24个月。2025年7月，基于HARMONi-6研究的优异成果，依沃西联合化疗一线治疗sq- NSCLC ...

西南证券发布研报称，康方生物(09926)宣布依沃西(PD-1/VEGF双抗)联合化疗，对比替雷利珠单抗联合 化疗一线治疗晚期鳞状非小细胞肺癌(sq-NSCLC)的注册性III期临床研究(AK112-306/HARMONi-6)达到 PFS主要研究终点，数据在柳叶刀&ESMO发布。随着公司研发的逐步聚焦，管线的逐步落地，公司业 绩长期增长动力充足。该行预计公司2025-2027年收入分别为33.1、53.6和77.9亿元。 目前，卡度尼利共三个适应症在国内获批。2025年5月，卡度尼利联合化疗联合或不联合贝伐珠单抗一 线治疗持续、复发或转移性宫颈癌的适应症获NMPA批准，填补国内一线宫颈癌免疫治疗的空白。卡度 尼利通过联合用药布局约20个适应症，约10项Ⅲ期/注册性临床试验积极推进中。 西南证券主要观点如下： 依沃西联合化疗较替雷利珠联合化疗显著延长患者无进展生存期 HARMONi-6研究是依沃西在对比帕博利珠单抗一线治疗PD-L1表达阳性NSCLC取得成功之后，进一步 对比PD-1联合化疗一线治疗sq-NSCLC中取得阳性结果的III期临床研究。研究结果显示，依沃西联合化 疗较替雷利珠联合化疗显著延长患者无 ...

Group 1 - The core viewpoint of the article is that Southwest Securities has given Fuyao Glass (600660.SH) a "buy" rating based on several positive factors [1] Group 2 - The company's gross margin remains stable, indicating strong operational efficiency [1] - Fuyao Glass is accelerating technological innovation, which is expected to increase the proportion of high value-added products [1] - The company is expanding its production capacity, with improved profitability from its U.S. factory [1] - The completion of the chairman's change is noted as a significant corporate governance event [1]

Core Viewpoint - Southwest Securities announced the election of Mr. Li Jun as the employee director of the company's tenth board of directors during the 23rd meeting of the second employee representative assembly [1] Group 1 - The company held the second session of the second employee representative assembly [1] - The election of Mr. Li Jun was approved by the assembly [1]

特此公告。 西南证券股份有限公司董事会 2025 年 10 月 17 日 西南证券股份有限公司 关于职工董事任职的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 西南证券股份有限公司（以下简称公司）董事会于近日收到李军先生的书面 辞职报告，因职务变动，李军先生提出辞去公司第十届董事会董事、风险控制委 员会委员职务，继续担任公司党委副书记。 根据《西南证券股份有限公司章程》（以下简称《公司章程》），公司设职 工董事 1 名。近日，公司召开第二届职工代表大会第二十三次会议，同意选举李 军先生为公司第十届董事会职工董事（简历附后），任期自本次职工代表大会审 议通过之日（2025 年 10 月 16 日）起至本届董事会届满之日止。 本次选举职工董事工作完成后，公司第十届董事会中兼任公司高级管理人员 职务的董事以及由职工代表担任的董事，总计未超过公司董事总数的 1/2，符合 有关法律法规、规范性文件及《公司章程》的规定。 证券代码：600369 证券简称：西南证券 公告编号：临2025－044 1 李军先生简历 1973 年 ...

Core Viewpoint - The article discusses how artificial intelligence, particularly large models, is reshaping the financial services ecosystem, with a focus on how securities firms are embracing technological transformation [1]. Group 1: AI Implementation in Securities Firms - Securities firms are increasingly exploring the application of large models to enhance service efficiency and innovate business models, with significant progress being made [5]. - Shanxi Securities has integrated large models into its existing digital strategy, focusing on successful scenarios such as text generation and compliance retrieval, achieving a tenfold increase in efficiency for certain trading processes [7]. - Guoyuan Securities has developed a six-layer architecture centered on AI, encompassing everything from computational power to customer-facing applications, aiming to enhance various capabilities [9]. - Huafu Securities has allocated approximately 25% of its annual IT investment to AI-related initiatives and has established performance metrics to assess AI project implementation [11]. Group 2: Challenges and Recommendations for Regulation - As the application of large models deepens, there is a consensus on the need to improve regulatory frameworks within the industry [16]. - Recommendations include establishing a certification system for AI financial service capabilities, clarifying responsibilities and disclosure requirements, and promoting data usage standards to ensure customer privacy and data security [16][17]. - There is a call for industry collaboration to create a shared knowledge center and a data-sharing platform to enhance the capabilities of large models [17]. Group 3: Future Outlook and Industry Evolution - The rapid evolution of technology and its integration with business needs may lead to significant changes in service models and operational logic within the securities industry [18]. - There is an expectation that the next couple of years may see a disillusionment phase for large model applications, but they will continue to serve as powerful productivity tools [18]. - The future value of large models may lie in their ability to facilitate intelligent decision-making by abstracting various elements into logical entities and incorporating external market changes [19]. - The industry anticipates a shift towards AI-native applications and an increase in the use of domestic computational power, which is expected to surpass other heterogeneous computing resources [19].

Key Recommendations - The report highlights the social services industry, particularly focusing on the chain restaurant sector, recommending leading brands that offer good value for money in the dining and tea beverage segments [7] - The construction industry report emphasizes the necessity of cleanroom engineering as a critical component of AI infrastructure, with global demand for construction rapidly increasing [11] Industry and Company Insights - In the restaurant sector, the report notes that in September 2025, the stock prices of major restaurant brands faced pressure, with notable increases for brands like Xiaobai Xiaobai (+33%) and Yum Brands (+4%) [7] - The mid-year financial summary indicates that the tracked chain restaurant leaders saw a 29% increase in net profit attributable to shareholders in the first half of 2025, with a 16% revenue growth, outperforming the overall retail dining market growth of 4% [7] - The cleanroom engineering market is driven by the need for controlled environments in precision product manufacturing, with investments in cleanroom engineering typically accounting for 10-20% of total project costs [11] - The global cleanroom market is expected to grow due to increasing demands for semiconductor manufacturing and data center construction, particularly in North America, which is identified as a market with significant potential [11] Market Dynamics - The report indicates that in September 2025, the domestic restaurant revenue showed a slight year-on-year increase of 1%, recovering from previous months' declines [7] - The cleanroom engineering demand is expected to rise as companies like TSMC ramp up investments in the U.S., with TSMC planning an additional $100 billion investment, indicating a robust growth trajectory for the cleanroom sector [11] Investment Recommendations - The report suggests focusing on leading companies in the cleanroom engineering space, such as Shenghui Integration and Yaxiang Integration, which are expected to benefit from the global semiconductor supply chain restructuring [12] - In the restaurant sector, it recommends investing in brands like Xiaobai Xiaobai, Gu Ming, and Mi Xue Group, which are positioned to capitalize on the recovery and growth in the dining market [9]