Core Viewpoint - The report outlines the verification of the listing and circulation of restricted shares for Southwest Securities Co., Ltd. following its non-public issuance in 2019, confirming compliance with relevant regulations and the fulfillment of lock-up commitments by shareholders [1][2]. Group 1: Restricted Shares Details - The restricted shares listed for circulation include 330 million shares held by Chongqing Yufu Capital Operating Group Co., Ltd., which represents 4.97% of the total share capital [3][4]. - The listing date for these restricted shares is set for July 22, 2025 [3]. Group 2: Company Capital Structure - Following the non-public issuance, the total share capital of the company increased to 6,645,109,124 shares, all of which are ordinary shares [2]. - There have been no changes in the number of shares due to rights issues or capital increases since the formation of the restricted shares [2]. Group 3: Compliance and Commitments - The shareholders have adhered to the lock-up commitments, with no violations affecting the listing of the restricted shares [2]. - The underwriting institution, Huafu Securities, confirmed that the company’s information disclosure regarding the restricted shares is accurate and complete [2].

证券代码：600369 证券简称：西南证券 公告编号：临 2025-027 西南证券股份有限公司 非公开发行限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 330,000,000股。 本次股票上市流通总数为330,000,000股。 本次股票上市流通日期为2025 年 7 月 22 日。 一、本次限售股上市类型 根据中国证券监督管理委员会（以下简称中国证监会）2020 年 6 月 7 日出具 的《关于核准西南证券股份有限公司非公开发行股票的批复》（证监许可〔2020〕 1090 号），西南证券股份有限公司（以下简称公司）于 2020 年 7 月非公开发行 10 亿股人民币普通股（以下简称本次发行），并于 2020 年 7 月 22 日在中国证券登记 结算有限责任公司上海分公司办理了股份登记、托管及限售手续。其中，重庆市 城市建设投资（集团）有限公司、重庆发展投资有限公司、重庆市地产集团有限 公司认购的合计 6.7 亿股公司 ...

华福证券有限责任公司 关于西南证券股份有限公司 非公开发行限售股上市流通事项的核查意见 华福证券有限责任公司（以下简称"华福证券"）作为西南证券股份有限公 司（以下简称"西南证券"、"公司"）2019 年非公开发行的保荐机构，根据 《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上海证 券交易所上市公司自律监管指引第 11 号—持续督导》等相关规定的要求，对西 南证券非公开发行限售股上市流通情况进行了审慎核查，现将核查情况报告如 下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会（以下简称中国证监会）2020 年 6 月 7 日出 具的《关于核准西南证券股份有限公司非公开发行股票的批复》（证监许可 〔2020〕1090 号），西南证券于 2020 年 7 月非公开发行 10 亿股人民币普通股 （以下简称本次发行），并于 2020 年 7 月 22 日在中国证券登记结算有限责任公 司上海分公司办理了股份登记、托管及限售手续。其中，重庆市城市建设投资 （集团）有限公司、重庆发展投资有限公司、重庆市地产集团有限公司认购的 合计 6.7 亿股公司股票自本次发行结束之日起 36 个月内不得转 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-026 西南证券股份有限公司（以下简称公司）第十届监事会第九次会议，于2025 年7月4日以电子邮件方式发出会议通知和相关材料，于2025年7月11日在公司总 部大楼以现场和视频相结合方式召开。本次会议应出席监事3人，实际出席监事3 人，倪月敏监事会主席、陈林监事现场出席本次会议，严洁监事视频出席本次会 议。本次会议由倪月敏监事会主席主持，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《关于对李军先生进行离任审计的议案》： 表决结果：[ 3 ]票同意，[ 0 ]票反对，[ 0 ]票弃权，审议通过本议案。 特此公告。 西南证券股份有限公司监事会 2025 年 7 月 12 日 1 西南证券股份有限公司 第十届监事会第九次会议决议公告 本公司监事会及全体监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。 ...

Group 1 - The Ministry of Human Resources and Social Security and the Ministry of Finance announced an increase in basic pension levels for retirees starting January 1, 2025, with an overall adjustment level of 2% based on the average monthly basic pension of retirees in 2024 [2] - The Chinese government is taking measures to combat the smuggling of strategic minerals such as antimony and gallium, with a special action launched in May to prevent illegal outflows [2] - A new agreement between the Chinese and Malaysian governments will allow visa-free travel for holders of ordinary passports for stays of up to 30 days, effective July 17, 2025 [3] Group 2 - The China Automobile Industry Association reported that the automotive industry saw significant growth in the first half of the year, with production and sales exceeding 15 million units, and new energy vehicle sales reaching 6.968 million units, a year-on-year increase of 41.4% [4] - The Beijing Municipal Government aims for an average annual growth of around 5% in total market consumption by 2030, with plans to create 2-3 consumption landmarks worth over 100 billion [4] - U.S. stock indices saw collective gains, with the S&P 500 and Nasdaq reaching new highs, indicating a positive market sentiment [4] Group 3 - Companies such as Tianbao Infrastructure reported a significant net profit increase of 1581.8% to 2329.27% year-on-year for the first half of the year [6] - East Sunshine projected a net profit increase of 157.48% to 192.81% for the first half of the year [7] - Southwest Securities noted that the profitability of thermal power companies is improving due to declining fuel costs, with a recovery of 11% in stock prices since late January [8] Group 4 - Zhongyuan Securities highlighted that the ongoing anti-involution policies in the chemical industry may lead to a better industry structure, recommending attention to the pesticide, organic silicon, and polyester filament sectors [9]

Group 1: Global Economic Outlook - The report highlights the exposure of fiscal risks, indicating potential global liquidity shocks [3][7][18] - A shift from globalization to confrontation has disrupted the stable state of the global economy, with the long-term downward trend of 10-year US Treasury yields being broken [7][18] - The divergence between US Treasury yields and the dollar reflects an extreme pricing of fiscal risks [9][14] Group 2: Domestic Economic Conditions - Domestic deflation expectations are easing, activating a persistent accumulation of excess liquidity [3][57] - The report notes that actual interest rates are declining from high levels, which alleviates the financing costs for various economic sectors [78] - The report indicates that the actual dollar index is building a mid-term top, which may relieve external pressures on the economic cycle [82] Group 3: A-Share Market Dynamics - The A-share market is experiencing rapid rotation within a narrow range, driven by excess liquidity [3][57] - Small-cap stocks are expected to outperform due to the accumulation of excess liquidity since 2024 [118][121] - The report identifies key sectors for investment, including AI, robotics, and military industries, which have shown resilience amid trade tensions [117] Group 4: Industry Allocation Insights - The report emphasizes the correlation between excess liquidity and sectoral excess returns, particularly in sectors like electrical machinery and chemical materials [121][124] - The report suggests that the market is not driven by improved economic expectations but rather by key technological breakthroughs that shift deflation expectations [91] - The report indicates that the speed of industry rotation has increased, suggesting a dynamic market environment [104]

Core Viewpoint - The announcement details the partnership between Hai Futong Fund Management Co., Ltd. and Southwest Securities Co., Ltd. for the sale of certain open-end mutual funds, effective from July 11, 2025, including a promotional fee rate activity for investors [1][4]. Group 1: Applicable Funds - The announcement specifies that certain open-end funds managed by Hai Futong will be available for purchase through Southwest Securities [1]. Group 2: Business Opening Time - Investors can start opening accounts, subscribing, and redeeming the specified open-end funds at Southwest Securities from July 11, 2025 [2]. Group 3: Applicable Investor Scope - The investment opportunity is available to investors who meet the legal and contractual requirements outlined in the fund agreements [3]. Group 4: Fee Rate Promotion - From July 11, 2025, investors who subscribe to the specified open-end funds through Southwest Securities will benefit from a fee rate promotion, with no discount limits on subscription fees, except for fixed fee subscriptions [4][8]. Group 5: Promotion Duration - The duration of the fee rate promotion will be determined by the announcements on the Southwest Securities official website [6]. Group 6: Important Notes - Investors are advised to read the fund contracts, prospectuses, and related legal documents for detailed information about the funds [7]. - The fee rate promotion applies only to the front-end fee model of the funds during their normal subscription period at Southwest Securities [8]. - The promotion will also apply to any new fund products sold through Southwest Securities during the promotional period [5].

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Southwest Securities, which closed at 4.43 yuan with a PE ratio of 41.15 times, significantly higher than the industry average of 30.70 times [1][2] - As of the first quarter of 2025, Southwest Securities reported a revenue of 6.14 billion yuan, reflecting a year-on-year increase of 5.10%, and a net profit of 2.46 billion yuan, up by 6.98% year-on-year [1] - The total market capitalization of Southwest Securities is 294.38 billion yuan, with 10 institutions holding a combined total of 423,298.47 million shares valued at 183.71 billion yuan [1] Group 2 - The average PE ratio for the securities industry is 30.70 times, with a median of 24.97 times, positioning Southwest Securities at the 37th rank within the industry [1][2] - The PE (TTM) for Southwest Securities is 41.15, while the static PE is 42.09, and the price-to-book ratio is 1.13 [2] - The main business segments of Southwest Securities include securities and futures brokerage, investment banking, proprietary trading, and asset management [1]

Core Viewpoint - In the first half of 2025, all 13 companies that submitted merger and acquisition projects for review in the A-share market were approved, resulting in a 100% approval rate [1]. Group 1: Independent Financial Advisors Performance Ranking - A total of 13 independent financial advisory firms participated in the 13 approved merger and acquisition projects [2]. - The top-ranked independent financial advisor was Dongfang Securities with 3 projects, followed by Huatai United Securities with 2 projects [3][4]. Group 2: Legal Advisors Performance Ranking - Ten law firms were involved in the legal services for the 13 approved merger and acquisition projects [5]. - The leading law firm was King & Wood Mallesons with 3 projects, while Guohao (Shanghai) and Shanghai Jintiancheng both ranked second with 2 projects each [6][7]. Group 3: Audit Firms Performance Ranking - Eleven accounting firms provided auditing services for the 13 approved merger and acquisition projects [8]. - The top audit firm was Tianjian with 3 projects, followed by Daxin and Xinyong Zhonghe, both with 2 projects [9]. Group 4: Asset Evaluation Firms Performance Ranking - Eleven asset evaluation firms were involved in the asset evaluation services for the 13 approved merger and acquisition projects [10]. - The leading asset evaluation firm was Jinzheng (Shanghai) with 3 projects, followed by Zhonglian Evaluation with 2 projects [11].

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。 特此公告。 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 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 国有股权无偿划转受让重庆渝富资本运营集团有限公司（以下简称渝富资本）持 有的西南证券股份有限公司（以下简称公司）1,960,661,852 股，占公司总股本的 29.51%（有关内容详见相关信息披露义务人于 2025 年 1 月 8 日在上海证券交易 所网站披露的《西南证券股份有限公司收购报告书》）。 本次收购完成后，渝富资本将不再持有公司股权，渝富 ...