Macro and Strategy - The fixed income investment strategy focuses on long-term bond wave operations, with a significant decline in default amounts in December, indicating a potential recovery in credit markets [7][8] - Domestic economic growth is expected to slow down, with GDP growth forecasted at approximately 4.3% for Q4 2025, remaining within the government's target range of around 5% [7][8] - The monetary policy meeting in Q4 removed references to "low price operation," indicating a shift in focus towards addressing supply-demand imbalances in the economy [8] Industry and Company - In the transportation sector, improvements in oil exchange rates are beneficial for the airline sector, while leading express companies are strengthening their competitive advantages [3][20] - The banking sector is expected to perform well leading up to the Spring Festival, with historical data showing a high success rate for bank stocks during this period [24][25] - The mechanical industry is seeing significant developments, with the establishment of a standardization committee for humanoid robots and ByteDance planning to invest $23 billion in AI [26][27] - The social services sector has seen a notable increase in duty-free sales in Hainan, with a 54.9% year-on-year growth, indicating strong consumer demand [33][34] - The express delivery industry is benefiting from price increases due to anti-involution policies, with major players like ZTO and YTO showing improved growth rates [22][23]

Core Viewpoint - The China Interbank Market Dealers Association announced the results of market evaluations for members applying to engage in underwriting non-financial corporate debt financing tools, adding 8 general lead underwriters, 1 technology innovation lead underwriter, and 15 underwriters [1]. Group 1: New General Lead Underwriters - Eight new members have been added as general lead underwriters for non-financial corporate debt financing tools, including Caitong Securities Co., Ltd., First Capital Securities Co., Ltd., and Huachuang Securities Co., Ltd. [2] - The complete list of new general lead underwriters includes: 1. Caitong Securities Co., Ltd. 2. First Capital Securities Co., Ltd. 3. Huachuang Securities Co., Ltd. 4. Huatai United Securities Co., Ltd. 5. Shanxi Securities Co., Ltd. 6. Western Securities Co., Ltd. 7. JPMorgan Chase Bank (China) Co., Ltd. 8. DBS Bank (China) Ltd. [2] Group 2: New Technology Innovation Lead Underwriter - Zhongyin International Securities Co., Ltd. has been added as the lead underwriter for technology innovation non-financial corporate debt financing tools, which includes supporting technology innovation bonds [2]. Group 3: New Underwriters - Fifteen new members have been added as underwriters for non-financial corporate debt financing tools, including Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd., Bohai Securities Co., Ltd., and Founder Securities Co., Ltd. [3] - The complete list of new underwriters includes: 1. Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd. 2. Luzhou Bank Co., Ltd. 3. Rizhao Bank Co., Ltd. 4. Weifang Bank Co., Ltd. 5. Bohai Securities Co., Ltd. 6. Debon Securities Co., Ltd. 7. Founder Securities Co., Ltd. 8. Guohai Securities Co., Ltd. 9. Guolian Minsheng Securities Co., Ltd. 10. Guoxin Securities Co., Ltd. 11. Huaxin Securities Co., Ltd. 12. Huayuan Securities Co., Ltd. 13. Shanghai Securities Co., Ltd. 14. Shiji Securities Co., Ltd. 15. Southwest Securities Co., Ltd. [3] Group 4: Regulatory Requirements - The qualifications for engaging in non-financial corporate debt financing tool underwriting are limited to legal entities participating in the market evaluation [4]. - Lead underwriters and underwriters are required to establish relevant departments, equip dedicated personnel, and develop operational procedures, risk management, and internal control systems for underwriting activities [4]. - Lead underwriters must collaborate with independent lead underwriters to conduct underwriting business and may independently engage in underwriting after gaining sufficient experience [4].

Core Viewpoint - Chongqing Sanfeng Environment Group Co., Ltd. plans to use idle self-owned funds of RMB 100 million to purchase fixed-income certificates issued by Southwest Securities, which constitutes a related party transaction but does not qualify as a major asset restructuring [1][3][12]. Group 1: Transaction Overview - The company intends to invest in fixed-income certificates to enhance the efficiency of idle funds while ensuring operational capital needs and overall financial safety [3][11]. - The transaction has been approved by the company's board of directors and does not require shareholder approval as it does not meet the threshold for significant transactions [3][12]. Group 2: Related Party Information - Southwest Securities, the issuer of the fixed-income certificates, is a related party, with the company holding 0.37% of its shares [4][5]. - As of September 30, 2025, Southwest Securities reported total assets of RMB 96.53 billion and net profit of RMB 705.74 million for the first three quarters of 2025 [6]. Group 3: Financial Product Details - The fixed-income certificates are expected to provide a stable return with a low risk profile, and the company has a history of successful transactions with Southwest Securities [8][10]. - The investment aims to avoid idle funds and promote the optimization of state-owned assets [11]. Group 4: Approval Process - The transaction was reviewed and approved by the company's independent directors and the audit committee before being presented to the board for final approval [12][19].

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！ 证券代码：600369 证券简称：西南证券 公告编号：临2025-055 西南证券股份有限公司 第十届董事会第二十二次会议 决议公告 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法律责任。 西南证券股份有限公司（以下简称公司）第十届董事会第二十二次会议于2025年12月18日以电子邮件方 式发出会议通知和相关材料，于2025年12月23日、12月26日发出相关补充通知及材料，于2025年12月30 日在公司总部大楼以现场和视频方式召开。本次会议应出席董事9人，实际出席董事9人，姜栋林董事 长、杨雨松董事和李军董事现场出席本次会议，张敏董事、谭鹏董事、龚先念董事、黄琳独立董事、徐 秉晖独立董事和付宏恩独立董事视频出席本次会议。公司部分高级管理人员列席本次会议。本次会议由 姜栋林董事长主持，会议的召集、召开及表决程序符合《中华人民共和国公司法》《公司章程》等有关 规定。 本次会议以记名投票方式审议以下议案： 一、关于公司管理层人员2024年度考核结果的议案 分项表决 ...

中证报中证网讯（王珞）2025年12月31日，西南证券股份有限公司（600369.SH，下称"西南证券"）集 中披露多项公告，公司通过董事会决议落地管理层考核薪酬、内部机构调整、自营投资额度设定等治理 举措，同步完成首席信息官聘任及审计签字注册会计师变更，全方位夯实公司合规运营与高质量发展基 础。 高管团队优化同步推进。公告显示，华明因工作调整辞去首席信息官职务，后续将担任信息技术部级资 深经理，公司董事会对其任职期间贡献表示感谢；同时聘任具备丰富金融科技及证券行业信息技术管理 经验的何江为新任首席信息官，任期至本届董事会届满，其履历覆盖国金证券、广发证券、华泰证券等 多家机构，无违规任职情形。 审计合规保障持续强化。公司披露，因审计机构天健会计师事务所内部工作调整，原2025年度审计签字 注册会计师肖桂春由唐薛钦接替，变更后签字组合为李斌与唐薛钦。资料显示，唐薛钦自2022年起参与 西南证券审计工作，近三年连续签署公司2022-2024年度审计报告，具备充分行业经验，且无违反独立 性要求及不良诚信记录，本次变更已完成工作交接，不会对年度审计工作产生不利影响。 公司治理层面，同意新设投资银行事业部并购融资一部 ...

近日，公司收到天健出具的《关于变更签字注册会计师的函》，现将相关变 更情况公告如下： 证券代码：600369 证券简称：西南证券 公告编号：临2025－057 西南证券股份有限公司 关于变更签字注册会计师的公告 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）于 2025 年 8 月 14 日召开第十届董 事会第十八次会议，于 2025 年 9 月 26 日召开公司 2025 年第一次临时股东会审 议通过《关于选聘公司 2025 年财务报告及内部控制审计项目中介机构的议案》， 同意聘请天健会计师事务所（特殊普通合伙）（以下简称天健）为公司 2025 年财 务报告及内部控制审计项目中介机构，费用共计 88 万元（含异地差旅费）（详见 公司于 2025 年 8 月 15 日、2025 年 9 月 27 日在《中国证券报》《上海证券报》《证 券时报》及上海证券交易所网站（www.sse.com.cn）披露的《续聘会计师事务所 公告》《2025 年第一次临时股东会决议公告》）。 三、其他说明 ...

证券代码：600369 证券简称：西南证券 公告编号：临2025－056 西南证券股份有限公司 关于首席信息官变动的公告 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）董事会于近日收到华明先生辞去公 司首席信息官的书面报告，具体如下： | 姓名 | 离任职务 | 离任时间 | 原定任期 | 离任 | 是否继续在上 | | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 到期日 | 原因 | 市公司及其控 股子公司任职 | 具体职务 | 履行完毕的 公开承诺 | | 华明 | 首席信息官 | 2025.12.30 | 2026.12.24 | 工作 | 是 | 信息技术部 一级资深经 | | | | | | | 调整 | | | 否 | | | | | | | | 理 | | 根据《中华人民共和国公司法》《公司章程》等规定，华明先生的辞职报告 自送达公司董事会之日起生效。 公司董事会对华明先生在担任首席 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-055 西南证券股份有限公司 第十届董事会第二十二次会议决议公告 （二）杨雨松先生 2024 年度考核结果 表决结果：[ 8 ]票同意，[ 0 ]票反对，[ 0 ]票弃权，审议通过该事项。 杨雨松董事回避该事项的表决。 （三）李军先生 2024 年度考核结果 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法律责任。 西南证券股份有限公司（以下简称公司）第十届董事会第二十二次会议于 2025 年 12 月 18 日以电子邮件方式发出会议通知和相关材料，于 2025 年 12 月 23 日、12 月 26 日发出相关补充通知及材料，于 2025 年 12 月 30 日在公司总部 大楼以现场和视频方式召开。本次会议应出席董事 9 人，实际出席董事 9 人，姜 栋林董事长、杨雨松董事和李军董事现场出席本次会议，张敏董事、谭鹏董事、 龚先念董事、黄琳独立董事、徐秉晖独立董事和付宏恩独立董事视频出席本次会 议。公司部分高级管理人员列席本次会议。本次会议由姜栋林董事长主持，会议 的召 ...

三峰环境公告称，公司拟使用1亿元自有闲置资金，购买西南证券发行的"西南证券收益凭证汇沣 2025003期"固定收益凭证，期限3个月，预计年化收益率1.9%，收益47.5万元。因西南证券为关联方， 本次交易构成关联交易，已获相关会议通过，无需股东大会审议。2025年8月公司曾购其1亿元同类产 品，到期收回本金及47.5万元收益。过去12个月无其他关联理财交易。 ...

Group 1 - The article reports on the dividend distribution announcements from three A-share listed companies: Heshun Petroleum, Southwest Securities, and Sanyuan Bio, with specific payout details provided [1] - Heshun Petroleum will distribute a dividend of 1.00 yuan per 10 shares (after tax 0.90 yuan) [1] - Southwest Securities will distribute a dividend of 0.10 yuan per 10 shares (after tax 0.09 yuan) [1] - Sanyuan Bio will distribute a dividend of 5.00 yuan per 10 shares (after tax 4.50 yuan) [1] Group 2 - The article lists several companies with their respective dividend record dates, including Guangzhou Restaurant, Fujian Expressway, New Media Co., Runhe Software, Huangshan Capsule, Province Advertising Group, and Suihengyun A [1] - Guangzhou Restaurant will have a record date for a dividend of 1.00 yuan per 10 shares (after tax 0.90 yuan) [1] - Fujian Expressway will have a record date for a dividend of 0.50 yuan per 10 shares (after tax 0.45 yuan) [1] - New Media Co. will have a record date for a dividend of 11.00 yuan per 10 shares (after tax 9.90 yuan) [1] - Runhe Software will have a record date for a dividend of 0.70 yuan per 10 shares (after tax 0.63 yuan) [1] - Huangshan Capsule will have a record date for a dividend of 0.33 yuan per 10 shares (after tax 0.297 yuan) [1] - Province Advertising Group will have a record date for a dividend of 0.11 yuan per 10 shares (after tax 0.099 yuan) [1] - Suihengyun A will have a record date for a dividend of 0.60 yuan per 10 shares (after tax 0.54 yuan) [1]