【导读】沪市上市公司 2024 至 2025 年度信披工作评价结果公布 中国基金报记者 孙越 近日，上海证券交易所（以下简称上交所）正式发布《沪市上市公司信息披露工作评价结果 （ 2024—2025 ）》，工作考核覆盖了 30 家上市券商及上市券商主体。 其中，共 10 家评价结果为 A 类，分别是中信证券、国金证券、中泰证券、东方证券、招商 证券、财通证券、兴业证券、东吴证券、华泰证券、国投资本；共 18 家评价结果为 B 类， 分别是西南证券、财达证券、华安证券、信达证券、首创证券、天风证券、东兴证券、国泰 海通、红塔证券、中原证券、中银证券、光大证券、浙商证券、中国银河、方正证券、南京 证券、华创云信、哈投股份；共 2 家评价结果为 C 类，分别是湘财股份、太平洋证券。 | 评价结果 | 上市券商及上市券商主体 | | --- | --- | | A类(共10家) | 中信证券、国金证券、中泰证券、东方证券、招商证券、财通证券、兴业证券、东吴证券、 兴业证券、东吴证券、华泰证券、国投资本 | | B类(共18家) | 四国北芬、 财防止分、 华安证券、信达证券、 首创让券、大风证券 东兴证券、国泰海通、 ...

西南证券股份有限公司 2025年10月27日 西南证券双喜增利现金管理型集合资产管理计划2025年第3季度报告全文于2025年10月27日在本公司网 站（www.swsc.com.cn）和中国证监会基金电子披露网站（http://eid.csrc.gov.cn/fund）披露，供投资者查 阅。如有疑问可拨打本公司客服电话（95355）咨询。 本集合计划管理人承诺以诚实信用、勤勉尽责的原则管理和运用集合计划资产，但不保证本集合计划一 定盈利，也不保证最低收益。请充分了解本集合计划的风险收益特征，审慎做出投资决定。 特此公告 ...

每经头条（nbdtoutiao）——金价大"崩盘"：12年来最大单日跌幅背后，四大指标早已预警！后市怎么 走？华尔街吵翻了 每经AI快讯，西南证券10月26日发布研报称，给予国际复材（301526.SZ，最新价：6.14元）"买入"评 级，目标价格为7.20元。评级理由主要包括：1）行业改善趋势延续，盈利水平显著恢复；2）经营势能 强劲，业绩弹性十足；3）未来增长路径：技术优势强化经营势能，持续挖掘长期增长动能。风险提 示：经济大幅下滑风险；下游需求或不及预期风险；地缘政治风险。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 （记者 王瀚黎） ...

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 ...

Core Viewpoint - Kangfang Biopharma's drug Iwosimab (PD-1/VEGF dual antibody) has shown significant improvement in progression-free survival (PFS) compared to Tislelizumab in a Phase III clinical trial for advanced squamous non-small cell lung cancer (sq-NSCLC) [1][2] Group 1: Clinical Trial Results - The HARMONi-6 study demonstrated that Iwosimab combined with chemotherapy significantly extends PFS, achieving a median PFS of 11.14 months compared to 6.90 months for Tislelizumab, with a hazard ratio of 0.60 (P<0.0001), resulting in an absolute difference of 4.24 months [1] - The new indication application for Iwosimab in treating sq-NSCLC based on the HARMONi-6 study results has been accepted for review by the National Medical Products Administration (NMPA) [1] Group 2: Drug Approvals and Pipeline - Iwosimab has been included in the national medical insurance drug list, with 13 Phase III clinical trials currently in progress, covering various cancers including lung cancer and cholangiocarcinoma [2] - Iwosimab has received approval for two indications in China, with the first being for EGFR-mutant locally advanced or metastatic non-squamous NSCLC after EGFR-TKI treatment, and the second for PD-L1 positive locally advanced or metastatic NSCLC [2] Group 3: Other Drug Developments - Cardunili has received approval for a new indication in first-line treatment of cervical cancer, with approximately 10 Phase III or registration clinical trials actively advancing [3] - Cardunili is pursuing around 20 indications through combination therapies, with three indications currently approved in China [3]

Core Viewpoint - Kangfang Biopharma (09926) announced that its drug Iwosimab (PD-1/VEGF dual antibody) combined with chemotherapy achieved the primary endpoint of progression-free survival (PFS) in a Phase III clinical study for advanced squamous non-small cell lung cancer (sq-NSCLC), outperforming the comparator drug Tislelizumab combined with chemotherapy [1] Group 1: Clinical Research and Results - The HARMONi-6 study demonstrated that Iwosimab combined with chemotherapy significantly extended PFS compared to Tislelizumab combined with chemotherapy, with a median PFS of 11.14 months for Iwosimab versus 6.90 months for Tislelizumab (HR=0.60, P<0.0001), resulting in an absolute difference of 4.24 months [1] - Based on the positive results from the HARMONi-6 study, the supplemental new drug application (sNDA) for Iwosimab combined with chemotherapy for sq-NSCLC was accepted by the National Medical Products Administration (NMPA) in July 2025 and is currently under review [1] Group 2: Drug Approvals and Pipeline - Iwosimab has been included in the National Medical Insurance Drug List, with 13 Phase III clinical studies ongoing, covering various cancers including lung cancer, cholangiocarcinoma, and head and neck squamous cell carcinoma [2] - Iwosimab has received approval for two indications in China, with the first being for locally advanced or metastatic non-squamous NSCLC after progression on EGFR-TKI therapy, which has been successfully included in insurance; the second indication for PD-L1 positive locally advanced or metastatic NSCLC is expected to receive NMPA approval in April 2025 [2] - The drug Kadunili has also received approval for a new indication in first-line treatment of cervical cancer, with approximately 10 Phase III or registration clinical trials actively progressing [2]

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]