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 股股份，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 证券代码：600369 证券简称：西南证券 公告编号：临2025－052 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 ...

Group 1 - The report discusses a significant shift in the pricing paradigm of major assets, characterized by a "K-shaped divergence" where traditional macroeconomic anchors have failed, leading to a decoupling of asset prices from economic fundamentals [4][10][37] - The report quantifies the extent of K-shaped divergence, revealing that the S&P 500 has deviated by approximately 141% from employment data, while gold has shown an extreme deviation of over 400%, indicating a fundamental shift from a "monetary-dominated" phase to a "fiscal-dominated" phase [4][20][37] - The analysis highlights the relationship between interest rates, copper, and gold, noting that since 2022, the nominal interest rates have diverged significantly from implied rates derived from copper and gold, with a maximum gap of 660 basis points [4][38][41] Group 2 - The report introduces a unique "gold coordinate system" perspective, suggesting that in this framework, the S&P 500 aligns more closely with employment data, indicating that the stock market has transformed into a "gold-like" asset that hedges against currency depreciation [4][42][46] - The analysis of various asset models shows that the extreme divergence of the S&P 500 and gold reflects a deep-seated fiscal risk premium embedded in asset prices, with a notable 600 basis point gap between actual interest rates and implied equilibrium rates [4][59][54] - The report outlines potential macro paths for the future evolution of K-shaped divergence, including scenarios of moderate recovery, inflationary pressures leading to political shocks, and recessionary pathways, emphasizing the need for vigilance regarding mid-term recession risks [4][61][69]

Group 1 - The Chongqing Jianyuan West Securities Private Equity Investment Fund Partnership (Limited Partnership) has been established with a capital contribution of 1 billion yuan, focusing on private equity investments [1] - The fund is jointly funded by Southwest Securities' wholly-owned subsidiary, West Securities Equity Investment Co., Ltd., and China Construction Bank's wholly-owned subsidiary, Jianxin Financial Asset Investment Co., Ltd. [1] - The fund's business scope includes engaging in private equity investments, which requires registration with the Asset Management Association of China before commencing operations [2]

人民财讯12月4日电，企查查APP显示，近日，重庆建源西证私募股权投资基金合伙企业（有限合伙） 成立，出资额10亿元，经营范围包含以私募基金从事股权投资。企查查股权穿透显示，该企业由西南证 券全资子公司西证股权投资有限公司、建设银行全资子公司建信金融资产投资有限公司等共同出资。 ...

天眼查工商信息显示，11月27日，重庆建源西证私募股权投资基金合伙企业（有限合伙）成立，执行事 务合伙人为西证股权投资有限公司、建信金投私募基金管理（北京）有限公司，出资额10亿人民币，经 营范围为以私募基金从事股权投资。股权全景穿透图显示，该基金由建信金融资产投资有限公司、建信 金投私募基金管理（北京）有限公司、重庆飞华新材料集团有限公司、重庆产业投资母基金合伙企业 （有限合伙）、西南证券（600369）旗下西证股权投资有限公司共同出资。 ...

Core Viewpoint - The fire at Hong Kong's Tai Po Wang Fuk Court has left 1,900 residents homeless, prompting significant public concern and support for disaster relief efforts [1] Company Actions - Southwest Securities, a state-owned financial enterprise in Chongqing, has expressed solidarity with the affected Hong Kong residents by quickly responding to the disaster [1] - The company has decided to donate a total of 2 million RMB to support the resettlement and community rebuilding efforts for the victims of the fire [1] - This donation is made in collaboration with its subsidiaries, Yinhua Fund and Xizheng International Investment Company, demonstrating a collective effort to assist the affected community [1]

证券代码：600369 证券简称：西南证券 公告编号：临 2025-051 西南证券股份有限公司 第十届董事会第二十一次会议决议公告 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）第十届董事会第二十一次会议于 2025 年 12 月 1 日以电子邮件方式发出会议通知和相关材料，于 2025 年 12 月 1 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。公司全体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《关于援助香港火灾及灾后重建工作专项捐赠 的议案》： 同意向香港大埔宏福苑火灾灾后重建捐赠资金人民币 100 万元，专项授权公 司经理层全权办理本次捐赠相关事宜。 表决结果：[ 9 ...

Core Points - The Chongqing Municipal People's Congress approved the "Chongqing Local Financial Regulations," which will take effect on March 1, 2026, marking a significant step in local financial governance [1][2][3] - The regulations consist of seven chapters and fifty-one articles, covering the establishment and change of local financial organizations, consumer rights protection, compliance operations, and prohibited activities [1][2] - The regulations aim to enhance the regulatory framework for local financial organizations, improve risk warning and prevention mechanisms, and support the construction of a western financial center [1][2][3] Summary by Sections Regulatory Framework - The regulations establish a comprehensive regulatory system for local financial organizations, addressing the entire lifecycle from entry to exit [1] - They clarify the regulatory responsibilities at both municipal and district levels, aiming to eliminate "lost" and "shell" financial organizations [2][3] Financial Development - The regulations are designed to support the development of the western financial center, aligning with the goals of the Chengdu-Chongqing economic circle [2][3] - They provide a clear path for financial institutions, including banks and securities firms, to contribute to regional economic development and high-quality growth [2][3] Legal Responsibilities - The regulations specify legal responsibilities for illegal financial activities and violations, ensuring effective implementation of the regulatory framework [2] - They fill a legislative gap in local financial governance in Chongqing, marking a new phase of legal and high-quality development in local financial regulation [3]

Core Insights - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] Group 1: Analyst Awards - The first place in the 7th Sina Finance Golden Unicorn Elite Analyst Awards for the agriculture, forestry, animal husbandry, and fishery sector was awarded to the Guosen Securities Research Team, led by Chief Analyst Lu Jiarui, with team members Li Ruinan and Jiang Haihang [2] - The second place was awarded to the Guotai Junan Securities Research Team, led by Chief Analyst Lin Yidan and Co-Chief Wang Yanjun, with team members Gong Jian and Cai Zimu [2] - The third place went to the Guosheng Securities Research Team, led by Chief Analyst Zhang Binmei, with team members Fan Jiamin and Shen Jiayan [2] - The fourth place was awarded to the Industrial Securities Research Team, led by Chief Analyst Ji Yuze, with team members Cao Xinrui, Pan Jiangying, and Chen Yongjie [2] - The fifth place was secured by the Southwest Securities Research Team, led by Chief Analyst Xu Qing, with team member Zhao Pan [2]

Core Insights - The investment banking sector is experiencing a recovery with significant growth in net income and IPO activities, particularly in A-shares and H-shares [1][2][3] Group 1: Market Performance - In the first three quarters of 2025, listed brokers achieved a net investment banking income of 251.5 billion yuan, a year-on-year increase of 24% [1][2] - A-shares and H-shares IPO scales grew by 61% and 237% respectively, with Hong Kong IPOs ranking first globally [1][2] - The top five companies in the investment banking sector accounted for 52% of the market share, with several mid-sized brokers experiencing growth rates exceeding 50% [1][3] Group 2: Future Outlook - The investment banking industry anticipates that hard technology, mergers and acquisitions, and green finance will be core hotspots in 2026 [1][4] - The deepening of the registration system and the demand for cross-border financing are expected to drive market expansion [1][3] Group 3: Strategic Initiatives - Companies are enhancing their organizational mechanisms and focusing on industry-specific strategies to improve service efficiency and client support [5][6] - Investment banks are actively responding to policy changes, such as the "Eight Articles of the Sci-Tech Innovation Board" and "Six Articles of Mergers and Acquisitions," to capitalize on market opportunities [5][6] - Firms are building comprehensive platforms for merger opportunities and establishing dedicated departments to streamline merger and acquisition processes [6][8] Group 4: Cross-Border Expansion - Major investment banks are strengthening their presence in the Hong Kong market, leveraging cross-border integration advantages to enhance service capabilities [7][8] - Companies like Huatai have completed numerous Hong Kong IPO projects, positioning themselves among the top in the market [7]