智通财经APP获悉，西南证券发布研报称，民营火箭发射情况以及政策的支持力度对板块走势影响较 大。当前我国商业航天还处于初步发展阶段，民营火箭企业发展情况受到市场极高的关注，民营火箭运 载能力的拓展在一定程度上决定了我国商业航天产业链的发展速度，同时国家政策的支持能够有效破解 行业发展关键难题，助力商业航天发展，该行建议投资者持续关注板块发展，推荐相关标的霍莱沃 (688682.SH)。 西南证券主要观点如下： 民营火箭公司活跃，助力我国卫星组网 当前计划的数量和当下发射规模、实际运载能力存在数量级上的差距，"星多箭少"问题凸显。中国商业 航天市场竞争格局为"国家队+民间队"双线发展。2024年，中国共完成68次火箭发射，其中国家队占比 82.4%，民营火箭公司占比17.65%。2025年开始我国多款民营火箭进入首飞，逐步解决运力问题，同时 在可回收火箭领域，民营企业正在积极布局，12月3日朱雀三号(蓝箭航天研制的可重复使用液氧甲烷火 箭)，完成首飞，按程序完成飞行任务且二级进入预定轨道。蓝箭航天公司创始人、CEO张昌武曾预 测，随着可回收火箭技术成熟，中国商业航天运输成本将降至每公斤3万元以下，较传统火箭的每 ...

Group 1 - The core viewpoint of the report emphasizes that the development of private rocket companies and the support from policies significantly impact the commercial aerospace sector in China [1] - The commercial aerospace industry in China is still in its early stages, with high market attention on the development of private rocket companies, which influences the speed of the industry chain's growth [1] - The report suggests that investors should continue to monitor the sector's development and recommends the stock of Holoway (688682.SH) as a potential investment opportunity [1] Group 2 - In 2024, a total of 263 space launch missions were executed globally, marking an 18% year-on-year increase, with China and the U.S. accounting for 86% of the total launches [1] - By the end of 2024, the U.S. is expected to have 75.9% of the total spacecraft in orbit globally, while China will have 1,094 spacecraft, representing only 9.4% of the global total [1] - The competition for satellite orbital positions and key frequency resources is governed by the "first come, first served" principle, and China is accelerating its efforts to catch up with initiatives like the "G60 Star Chain" and GW constellation projects [1] Group 3 - The current disparity between planned rocket launches and actual launch capacity highlights the "many stars, few rockets" issue in China's commercial aerospace market [2] - In 2024, China completed 68 rocket launches, with the national team accounting for 82.4% and private rocket companies for 17.65% [2] - Starting in 2025, several private rockets are expected to make their maiden flights, gradually addressing the capacity issue, while private companies are actively developing reusable rocket technology [2]

江苏锡华新能源科技股份有限公司（以下简称"发行人"）首次公开发行人民币普通股（Ａ股）并在主板 上市（以下简称"本次发行"）的申请已经上海证券交易所上市审核委员会审议通过，并已经中国证券监 督管理委员会同意注册（证监许可〔２０２５〕２１０２号）。 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人（联席主承销商）"）担任本次发行的保荐 人及联席主承销商，西南证券股份有限公司（以下简称"西南证券"）担任本次发行的联席主承销商（国 泰海通及西南证券以下合称"联席主承销商"）。 敬请广大投资者关注。 １、网上路演时间：２０２５年１２月１１日（Ｔ－１日，周四）１４：００－１７：００ ２、网上路演网址： 上证路演中心：ｈｔｔｐ：／／ｒｏａｄｓｈｏｗ．ｓｓｅｉｎｆｏ．ｃｏｍ 上海证券报·中国证券网：ｈｔｔｐｓ：／／ｒｏａｄｓｈｏｗ．ｃｎｓｔｏｃｋ．ｃｏｍ／ ３、参加人员：发行人董事会及管理层主要成员和联席主承销商相关人员。 本次发行的《江苏锡华新能源科技股份有限公司首次公开发行股票并在主板上市招股意向书》全文及相 关资料可在上海证券交易所网站（ｈｔｔｐ：／／ｗｗｗ．ｓｓｅ．ｃｏｍ．ｃｎ）查询。 本次发行采用向参与战略 ...

Core Viewpoint - Southwest Securities has faced regulatory penalties due to compliance failures at its Heilongjiang branch, highlighting issues in management and operational oversight [3][4][5]. Compliance Issues - The Heilongjiang branch of Southwest Securities received two regulatory warnings for inadequate compliance management and failure to enforce employee reporting requirements for mobile phone usage [4][5]. - The branch was also cited for allowing employees to engage in unethical practices, including improper financial gains [5][15]. Regulatory Actions - The Heilongjiang Securities Regulatory Bureau issued a warning letter requiring the branch to enhance compliance education and submit a written rectification report within 30 days [5][15]. - The direct responsible individual, Liu Li, was also warned for not reporting her actual mobile phone number and for receiving excessive performance bonuses [5][15][16]. Management Changes - The Heilongjiang branch has undergone two leadership changes within the year, indicating instability in management [8][18]. - The current head, Liu Wei, has been with Southwest Securities since 2004 and obtained investment advisor qualifications in 2015 [18][19]. Performance Decline - Despite being headquartered in Chongqing, Southwest Securities has seen a decline in performance in the Northeast region, with negative operating profits reported for 2023 and 2024 [9][20]. - In 2021, the Northeast region contributed 6.379 million yuan in revenue, with profits of 632,000 yuan, but profits have since decreased significantly [10][20].

（文章来源：证券日报） 证券日报网讯 12月8日，西南证券在互动平台回答投资者提问时表示，公司坚持合规运营，通过提升公 司质量，积极推进公司价值的合理市场表现。 ...

Core Viewpoint - The Chongqing state-owned enterprise reform sector experienced a slight decline of 0.03% on December 8, with the leading stock, Yuzhong Sanxia A, falling by 2.44% [1][2]. Market Performance - The Shanghai Composite Index closed at 3924.08, up by 0.54% - The Shenzhen Component Index closed at 13329.99, up by 1.39% [1]. Stock Performance in Chongqing State-Owned Enterprises - Key stocks in the Chongqing state-owned enterprise reform sector showed mixed performance, with notable declines in several stocks: - Qianli Technology (601777) rose by 1.17% to 10.42 - ST Huicheng (002168) increased by 1.08% to 3.73 - Southwest Securities (600369) rose by 0.67% to 4.52 - Yuzhong Sanxia A (000565) fell by 2.44% to 7.61, leading the decline [1][2]. Trading Volume and Value - The trading volume and value for key stocks included: - Qianli Technology: 275,200 shares traded, with a transaction value of 289 million - ST Huicheng: 44,200 shares traded, with a transaction value of 16.44 million - Yuzhong Sanxia A: 148,700 shares traded, with a transaction value of 114 million [1][2]. Capital Flow Analysis - On the same day, the Chongqing state-owned enterprise reform sector saw a net outflow of 3.6685 million from institutional investors and 4.7398 million from speculative funds, while retail investors had a net inflow of 8.4084 million [2][3]. Individual Stock Capital Flow - Notable capital flows for individual stocks included: - Qianli Technology had a net inflow of 38.1921 million from institutional investors - ST Huicheng experienced a net outflow of 2.1304 million from institutional investors - Yuzhong Sanxia A had a significant net outflow of 13.3430 million from institutional investors [3].

中国经济网北京12月8日讯 黑龙江证监局日前发布关于对西南证券（600369）股份有限公司黑龙江分公 司采取出具警示函措施的决定、关于对刘利采取出具警示函措施的决定。 经查，西南证券黑龙江分公司存在以下问题：一是合规管理不到位，未有效落实员工在用手机报备的公 司制度要求，二是员工管理不到位，存在违反廉洁从业规定谋取不正当利益的情形。 上述行为违反了《证券公司和证券投资基金管理公司合规管理办法》第十条、《证券基金经营机构董 事、监事、高级管理人员及从业人员监督管理办法》第二十二条、《证券期货经营机构及其工作人员廉 洁从业规定》第十条第六项。根据《证券公司和证券投资基金管理公司合规管理办法》第三十二条、 《证券基金经营机构董事、监事、高级管理人员及从业人员监督管理办法》第五十一条、《证券期货经 营机构及其工作人员廉洁从业规定》第十八条规定，黑龙江证监局决定对西南证券黑龙江分公司采取出 具警示函的行政监管措施。西南证券黑龙江分公司应切实强化合规管理，做好合规教育、廉洁从业教 育，严守合规底线，杜绝此类问题再次发生。 经查，黑龙江证监局发现刘利在西南证券有限公司黑龙江分公司任职期间，未按公司要求报备本人实际 使用的手 ...

经查，西南证券黑龙江分公司存在以下问题：一是合规管理不到位，未有效落实员工在用手机报备 的公司制度要求，二是员工管理不到位，存在违反廉洁从业规定谋取不正当利益的情形。 上述行为违反了《证券公司和证券投资基金管理公司合规管理办法》第十条、《证券基金经营机构 董事、监事、高级管理人员及从业人员监督管理办法》第二十二条、《证券期货经营机构及其工作人员 廉洁从业规定》第十条第六项。根据《证券公司和证券投资基金管理公司合规管理办法》第三十二条、 《证券基金经营机构董事、监事、高级管理人员及从业人员监督管理办法》第五十一条、《证券期货经 营机构及其工作人员廉洁从业规定》第十八条规定，黑龙江证监局决定对西南证券黑龙江分公司采取出 具警示函的行政监管措施。西南证券黑龙江分公司应切实强化合规管理，做好合规教育、廉洁从业教 育，严守合规底线，杜绝此类问题再次发生。 经查，黑龙江证监局发现刘利在西南证券有限公司黑龙江分公司任职期间，未按公司要求报备本人 实际使用的手机号码、超额领取公司发放的绩效奖金。 上述行为违反了《证券公司和证券投资基金管理公司合规管理办法》第十条、《证券基金经营机构 董事、监事、高级管理人员及从业人员监督管理 ...

Group 1 - Southwest Securities Co., Ltd. was issued a warning letter by the Heilongjiang Securities Regulatory Bureau due to inadequate compliance management and violations of integrity regulations [1] - Liu Li, an employee at Southwest Securities Heilongjiang branch, failed to report his actual mobile phone number and improperly received performance bonuses, leading to administrative measures against him [1] - The company has faced multiple regulatory penalties this year, including a warning letter from the Dalian Securities Regulatory Bureau for improper client solicitation practices [1][2] Group 2 - The main business of Southwest Securities includes securities and futures brokerage, investment banking, proprietary trading, and asset management [1] - The company is controlled by Chongqing Yufu Capital Operation Group Co., Ltd., with the actual controller being the Chongqing State-owned Assets Supervision and Administration Commission [1] - As of December 5, the stock price of Southwest Securities increased by 1.81%, closing at ¥4.49 per share, with a total market capitalization of ¥298.37 billion [3][4]

| 索 引 号 | | bm56000001/2025-00014086 | से 荣 | 行政监管措施;行政执法 | | --- | --- | --- | --- | --- | | 发布机构 | | | 发文日期 | 2025年12月05日 | | 名 | 称 | 关于对西南证券股份有限公司黑龙江分公司采取出具警示函措施的决定 | | | | 文 | 름 | 监管措施〔2025〕53号 | 主题词 | | 北京商报讯（记者刘宇阳）12月5日，黑龙江证监局发布公告表示，经查，西南证券股份有限公司黑龙江分公司（以下简称"西南证券黑龙江分公司"）存在 合规管理不到位，未有效落实员工在用手机报备的公司制度要求；员工管理不到位，存在违反廉洁从业规定谋取不正当利益的情形。 黑龙江证监局指出，上述行为违反了相关规定，决定对西南证券黑龙江分公司采取出具警示函的行政监管措施，并要求西南证券黑龙江分公司应切实强化合 规管理，做好合规教育、廉洁从业教育，严守合规底线，杜绝此类问题再次发生。 同时，黑龙江证监局表示，经查，发现刘利在西南证券黑龙江分公司任职期间，未按公司要求报备本人实际使用的手机号码、超额领取公司发放的绩效奖 ...