Group 1 - The core viewpoint of the article is that Southwest Securities has given a "buy" rating to Zai Sheng Technology (603601.SH) based on its strong growth potential and focused product offerings [1] - The company is strengthening its growth momentum by focusing on high-efficiency energy-saving materials [1] - There is a continuous expansion in downstream demand, which is leading to a rapid optimization of the company's channel system [1] Group 2 - The report highlights potential risks including macroeconomic fluctuations, trade friction, and the possibility that business development may not meet expectations [1]

本次收购完成后，渝富资本将不再持有公司股权，渝富控股将直接持有公司 1,960,661,852 股，占公司总股本的 29.51%，为公司控股股东。公司实际控制人 仍为重庆市国有资产监督管理委员会。 二、本次控股股东变更进展情况 截至本公告日，上述收购事项正按规定申请行政许可，且需待取得上海证券 交易所的合规确认后向中国证券登记结算有限责任公司上海分公司申请办理股 份转让过户登记，具有不确定性。 公司将持续关注本次控股股东变更的进展情况，并按规定履行信息披露义务。 敬请广大投资者注意投资风险。 西南证券股份有限公司 关于控股股东变更进展情况的公告 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。 一、本次控股股东变更的基本情况 证券代码：600369 证券简称：西南证券 公告编号：临2025－028 2025 年 1 月，为深入贯彻落实党的二十届三中全会精神和重庆市委六届四 次五次六次全会精神及重庆市委、市政府关于突出主责主业强化核心功能整合优 化改革攻坚的工作部署，重庆渝富控股集团有限公司（以下简称渝富控股）通过 国有股权 ...

Market Performance - On August 5, the Chongqing state-owned enterprise reform sector rose by 1.15% compared to the previous trading day, with Shanghai Sanmao leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Stock Performance - Shanghai Sanmao (600689) closed at 13.04, up 6.02% with a trading volume of 114,200 shares and a turnover of 147 million yuan [1] - Qianli Technology (601777) closed at 8.65, up 3.10% with a trading volume of 826,100 shares and a turnover of 719 million yuan [1] - Other notable stocks include: - Dengkang Dental (001328) at 44.44, up 2.56% [1] - Yushansha A (000565) at 8.63, up 1.77% [1] - ST Huicheng (002168) at 3.87, up 1.04% [1] Capital Flow - The Chongqing state-owned enterprise reform sector saw a net inflow of 15.70 million yuan from main funds, while retail funds had a net inflow of 50.19 million yuan [2] - However, speculative funds experienced a net outflow of 65.90 million yuan [2] Individual Stock Capital Flow - Qianli Technology (601777) had a main fund net inflow of 29.63 million yuan, while speculative funds saw a net outflow of 42.24 million yuan [3] - Other stocks with significant capital flow include: - Jieling Pickled Vegetables (002507) with a main fund net inflow of 10.84 million yuan [3] - Sanfeng Environment (601827) with a main fund net inflow of 7.61 million yuan [3] - Notably, Chongqing Water (601158) had a main fund net inflow of 1.09 million yuan, while retail funds saw a net outflow of 3.13 million yuan [3]

Demand Side - The real estate transaction prices are showing signs of stabilization and recovery, with 14 out of 70 major cities in China reporting a month-on-month increase in new residential property prices as of June 2025, an increase of 1 city compared to May and 10 cities year-on-year compared to June 2024 [2] - The decline in housing transaction area is gradually narrowing, indicating that the demand side is expected to stabilize and recover as macroeconomic policies become more accommodative [2] Cement and Concrete - The construction sector remains robust, supported by urban renewal demands and proactive supply-side measures, which are expected to stabilize cement prices [3] - The cost of cement clinker, primarily driven by coal prices, is predicted to remain relatively low, leading to further cost reductions and potential profit recovery in the cement and concrete industry by 2025 [3] Glass Fiber - The application fields for glass fiber are continuously expanding, with a long-term positive trend in consumption volume due to increasing penetration rates in certain sectors [4] - The supply structure is experiencing an oversupply, but demand for wind power yarn, electronic yarn, and thermosetting products remains strong, particularly for low-dielectric electronic cloth, which is in short supply, supporting overall price increases and profit recovery in the industry [4] Consumer Building Materials - Policies stimulating demand for commercial housing, such as "stabilizing prices" and "ensuring delivery," are expected to support the completion and sales of commercial housing [5] - The demand in the stock market for secondary renovations is continuously being released, and as the downstream demand shifts from B-end to C-end, companies with strong brand and channel advantages are likely to see an increase in market share [5]

西南证券8月4日发布研报称，给予道道全（002852.SZ，最新价：11.38元）买入评级。评级理由主要包 括：1）点评：原材料成本下行，盈利能力大幅修复；2）核心业务稳健增长，渠道拓展成效显著；3） 产能布局优化，拓展西北市场。风险提示：极端天气、自然灾害、原材料成本升高、消费端需求不及预 期等风险。 （文章来源：每日经济新闻） ...

投资要点 西南证券股份有限公司徐卿,赵磐近期对道道全（002852）进行研究并发布了研究报告《2025年中报点 评：主业稳健增长，渠道扩张成效显现》，给予道道全买入评级。 道道全 风险提示：极端天气、自然灾害、原材料成本升高、消费端需求不及预期等风险。 最新盈利预测明细如下： | 报告日期 机构简称 研究员 近三年业绩 | 2025预测 净利润（元） 净利润（元） 净利润（元） (元) | | 2026预测 | 2027预测 | 目輕松 | | --- | --- | --- | --- | --- | --- | | 2025-05-14 西南证券 徐卿 | | 2.24亿 | 2.84亿 | 3.50亿 | 16.25 | | 2025-05-06 中泰证券 姚雪梅 | 2.22 Z | | 2.85 Z | 3.50 Z | | 该股最近90天内共有1家机构给出评级，买入评级1家；过去90天内机构目标均价为16.25。 业绩总结：公司发布2025年半年度报告，2025年上半年公司实现营收27.92亿元，同比增长1.16%；归母净 利润1.81亿元，同比增长563.15%；扣非后归母净利润1.57亿元，同 ...

（文章来源：每日经济新闻） 西南证券8月4日发布研报称，给予宁德时代（300750.SZ，最新价：266.48元）买入评级。评级理由主 要包括：1）费用控制较Q1有所提升，净利率创新高；2）港交所挂牌加快全球化战略布局，持续推出 创新产品，夯实其寡头地位。风险提示：宏观经济与市场波动风险；市场竞争加剧风险；新产品和新技 术开发风险；原材料价格波动及供应风险。 ...

Industry Insights - The supply-demand gap in the copper industry is expanding, indicating a long-term upward trend in copper prices [2] - The company is experiencing an increase in both copper production and prices, with the Yulong Copper Mine being a significant source of profit [2] - The third phase of the Yulong project is actively progressing [2] Company Analysis - Southwest Securities has issued a "buy" rating for Western Mining (601168.SH) with a latest price of 17.28 yuan [2]

Group 1 - The company has signed a sales agreement with GF Securities to start selling certain funds from August 4, 2025 [1] - The announcement includes details about the applicable funds and their business opening status, indicating that the ability to conduct regular investment and conversion business depends on the sales institution's arrangements [1][2] - Investors can inquire about details through the customer service of both the company and GF Securities [4][5] Group 2 - The company has announced that GF Securities will serve as a sales agent for certain funds, with specific operational details provided [2][3] - The company has also added Southwest Securities as a primary trading dealer for some of its funds, effective from August 4, 2025 [7][8] - The announcement includes the contact information for Southwest Securities, emphasizing the importance of investor inquiries for further details [8]

Group 1 - The core viewpoint of the report is that Dongpeng Beverage (605499.SH) is rated as a "buy" due to its solid foundation in energy drinks and rapid growth in electrolyte water [2] - The company is making steady progress in its national expansion and is continuously strengthening its platform-based foundation [2] - Cost advantages and economies of scale are resonating, leading to increased expenditure on marketing and promotions [2]