Core Viewpoint - The company emphasizes the importance of market value management and aims to enhance company quality while exploring compliant and effective methods for shareholder returns through regular dividends [1] Group 1: Company Strategy - The company has implemented multiple dividend distributions over the past year to enhance investor satisfaction [1] - The stock price is influenced by various factors including fundamentals, market conditions, industry trends, and investor preferences, showing objective volatility [1] - The company is committed to compliant operations and is focused on promoting high-quality development [1] Group 2: Current Status - There are currently no undisclosed matters that should be disclosed by the company [1] - The recent stock price trend aligns with the overall industry sector [1]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The resonance of the central bank's outright reverse repurchase and the stock - bond seesaw effect has led to a recovery in the net inflow of bond ETFs. The high - level correction of the equity market last week boosted the bond market, with most types of bond ETFs seeing net inflows [2][5]. - The share of convertible bond ETFs, which had shrunk for many weeks, turned positive significantly. It is expected to be a contrarian position - adding operation during the equity correction period in a slow - bull trend [2][17]. - The overall share of benchmark market - making credit bond ETFs had a small outflow, while the net value increased across the board, which is related to the year - end chasing - up market of underlying credit bonds [2][30]. - The overall share of science and technology innovation bond ETFs increased slightly compared with the previous week, and the net value trend was flat [35][37]. - Funds were buying convertible bond ETFs on dips, as the net value of convertible bond ETFs led the decline while the net inflow ranked high [38]. Summary According to the Directory 1.1 各类债券 ETF 资金净流入情况 - The net inflow of bond ETFs recovered. Last week, the net inflow of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs was +37.39 billion yuan, +65.43 billion yuan, and +35.52 billion yuan respectively, with a total net inflow of 138.34 billion yuan in the bond ETF market. As of November 21, 2025, the bond ETF fund scale was 718.778 billion yuan, up 1.77% from the previous week's close and 299.83% from the beginning of the year, accounting for 12.82% of the total market ETF scale [2][5]. - Most types of bond ETFs saw net inflows, with treasury bond ETFs leading in net inflow for three consecutive weeks. Only policy - financial bond ETFs (-0.97 billion yuan) and benchmark market - making credit bond ETFs (-3.23 billion yuan) had small net outflows [2][6]. 1.2 各类债券 ETF 份额走势 - The share of convertible bond ETFs, which had shrunk for many weeks, turned positive significantly. As of the close last week, the shares of treasury bond, policy - financial bond, local bond, credit bond, and convertible bond ETFs increased by 4.83%, -0.20%, 0.95%, 2.32%, and 5.49% respectively compared with the previous week, and the share of bond - type ETFs increased by 3.5% [2][17]. - After continuous net outflows for many weeks, funds flowed into convertible bond ETFs, and it is expected to be a contrarian position - adding operation during the equity correction period in a slow - bull trend [2][17]. 1.3 主要债券 ETF 份额及净值走势 - The shares of major bond ETFs generally increased. As of the close on November 21, 2025, the shares of selected targets changed by 5.15 million shares, -0.15 million shares, no change, 117.60 million shares, and 197.40 million shares respectively compared with the previous week's close [21]. - The 30 - year treasury bond ETF was bought on dips. Affected by long - term interest rate fluctuations and the equity market, the 30 - year treasury bond ETF and convertible bond ETF corrected, with the latter having a more significant decline. The net value of the 30 - year treasury bond ETF turned down while the share showed a net inflow, which may be related to its safe - haven asset attribute during the stock market correction and the central bank's liquidity - caring behavior [2][26]. 1.4 基准做市信用债 ETF 份额及净值走势 - The overall share of benchmark market - making credit bond ETFs had a small outflow. As of the close on November 21, 2025, the shares of 8 credit bond ETFs had little change or a small decrease [27][30]. - The net value of benchmark market - making credit bond ETFs increased across the board, which is related to the year - end chasing - up market of underlying credit bonds. Due to the difficult - to - mine long - end interest - rate bond returns this year, the year - end performance demand promoted credit bond allocation, especially the 3 - 5 - year credit bonds with higher yields, which pushed up the net value of benchmark market - making credit bond ETFs since October [2][30]. 1.5 科创债 ETF 份额及净值走势 - The overall share of science and technology innovation bond ETFs increased slightly compared with the previous week. The net inflow of shares last week was 17.99 million shares, an increase of 0.72% compared with the previous week. Some products had significant net inflows or outflows [35]. - The net value trend of science and technology innovation bond ETFs was flat. As of the close on November 21, 2025, the average net values of the first - batch and second - batch science and technology innovation bond ETFs changed little compared with the previous week [37]. 1.6 单只债券 ETF 市场表现情况 - Funds were buying convertible bond ETFs on dips. Last week, the net values of convertible bond ETFs and Shanghai - Stock - Exchange convertible bond ETFs led the decline due to the adjustment of the equity market. In terms of the premium - discount rate, benchmark treasury bond ETFs, convertible bond ETFs, and 30 - year treasury bond ETFs led in premium rates [38]. - In terms of scale changes, convertible bond ETFs (+26.78 billion yuan), short - term financing ETFs (+25.83 billion yuan), and benchmark treasury bond ETFs (+20.12 billion yuan) ranked in the top three in net inflow, which confirmed the logic of funds allocating convertible bond ETFs on dips [38].

西南证券股份有限公司 章程 （2009 年 3 月，公司 2009 年第一次临时股东大会第一次修订；2009 年 6 月，公 司 2009 年第二次临时股东大会第二次修订；2010 年 7 月，公司 2010 年第三次 临时股东大会第三次修订；2010 年 9 月，公司 2010 年第四次临时股东大会第四 次修订；2011 年 11 月，公司 2011 年第一次临时股东大会第五次修订；2012 年 8 月，公司 2012 年第四次临时股东大会第六次修订；2013 年 1 月，公司 2013 年第一次临时股东大会第七次修订；2013 年 11 月，公司 2013 年第五次临时股 东大会第八次修订；2014 年 2 月，根据公司 2012 年度股东大会对公司 2013 年 度非公开发行股票事宜的相关授权进行第九次修订；2015 年 4 月，公司 2015 年 第二次临时股东大会第十次修订；2015 年 9 月，公司 2015 年第四次临时股东大 会第十一次修订；2017 年 9 月，公司 2017 年第三次临时股东大会第十二次修订； 2018 年 5 月，公司 2017 年年度股东大会第十三次修订；2019 年 ...

证券代码：600369 证券简称：西南证券 公告编号：临2025-050 西南证券股份有限公司 关于完成公司章程备案的公告 注册资本：陆拾陆亿肆仟伍佰壹拾万零玖仟壹佰贰拾肆元整 成立日期：1990 年 06 月 07 日 住所：重庆市江北区金沙门路 32 号 经营范围：许可项目：证券业务。（依法须经批准的项目，经相关部门批准 后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准） 修订后的《公司章程》详见上海证券交易所网站（www.sse.com.cn）。 特此公告。 西南证券股份有限公司董事会 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 9 月 26 日召开 2025 年 第一次临时股东会，审议通过《关于修订公司章程及相关议事规则的议案》（详 见 2025 年 9 月 27 日公司刊载于《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）的《2025 年第一次临时股东会决议公 告》）。 近日，公司已完成《公司 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-049 西南证券股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2025 年 12 月 1 日（星期一）14:00-15:00 会议召开地点： 上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 24 日（星期一）至 11 月 28 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dshb@swsc.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 西南证券股份有限公司（以下简称公司）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季 度经营成果、财务状况，公司计划于 2025 年 12 月 1 日（星期一）14 ...

Market Overview - On November 21, the Chongqing state-owned enterprise reform sector fell by 2.76% compared to the previous trading day, with Yuzhong Sanxia A leading the decline [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable stock performances include: - Shanghai Sanmao (600689) closed at 14.35, up 0.49% with a trading volume of 65,500 shares and a turnover of 93.68 million yuan [1] - Yuzhong Sanxia A (000565) closed at 7.15, down 6.04% with a trading volume of 214,100 shares [2] - Chongqing Port (600279) closed at 5.01, down 5.29% with a trading volume of 188,900 shares [2] Capital Flow - The Chongqing state-owned enterprise reform sector experienced a net outflow of 191 million yuan from main funds, while retail funds saw a net inflow of 119 million yuan [2] - The capital flow for individual stocks shows: - Chuan Yi Co. (603100) had a main fund net inflow of 15.78 million yuan [3] - Shanghai Sanmao (600689) had a main fund net inflow of 6.36 million yuan [3] - Chongqing Water (601158) had a main fund net inflow of 1.68 million yuan [3]

Group 1 - The core viewpoint of the report is that Huadian Technology (601226.SH) is rated as "Hold" due to its strategies in reducing costs and increasing efficiency in offshore wind development [1] - The company is leveraging large-scale wind turbines, lightweight blades, and large-scale development to accelerate the growth of offshore wind energy in China [1] - Green hydrogen and ammonia have emerged as significant future industries in China, attracting considerable attention [1] Group 2 - New contracts signed by the company are beginning to show results, indicating a potential acceleration in profit release [1] - The report highlights the importance of monitoring various risks, including a decline in downstream construction demand and fluctuations in exchange rates and raw material costs [1]

Group 1 - Key Point 1: Three key analysts from Guosheng Securities Research Institute, including co-director Zheng Zhenxiang, assistant director and pharmaceutical chief Zhang Jinyang, and computer chief Liu Gaochang, have submitted their resignation applications and are set to leave for new opportunities [2][3][4][5]. - Key Point 2: Zheng Zhenxiang, who returned to Guosheng Securities in January 2023, is expected to transition from sell-side to buy-side roles, having over 15 years of experience in the industry and recognized as a top analyst in the electronics sector [3]. - Key Point 3: Zhang Jinyang, with a decade of experience in pharmaceutical investment research, is reportedly moving to become the deputy director at Guolian Minsheng Securities Research Institute [4]. Group 2 - Key Point 1: Liu Gaochang, the youngest chief analyst in the computer industry, is set to join Dongfang Caifu Securities Research Institute, having achieved significant recognition in the field of artificial intelligence and data research [5]. - Key Point 2: Guosheng Securities Research Institute, under the leadership of Yang Tao, became a leading force in the sell-side research market, achieving comprehensive coverage of institutional seats within a year [6]. - Key Point 3: The upcoming public fund fee rate reform in July 2024 is expected to significantly reduce the total pool of commissions available for research payments, adversely affecting smaller brokerage firms, including Guosheng Securities [6].

Group 1 - The core viewpoint of the report is that Southwest Securities has given China Petroleum (601857.SH, latest price: 9.88 yuan) a "buy" rating based on several factors [1] - The company has a leading position in oil and gas reserves due to its upstream and downstream collaborative layout [1] - Despite pressure on crude oil prices, the growth rate of natural gas sales remains stable [1] - The new materials business is expanding, contributing to steady growth in natural gas sales [1]

Report's Investment Rating for the Industry No relevant content provided. Core Viewpoints of the Report - Last week, the net inflow of funds into the bond ETF market shrank again, likely due to the suppression of the rising stock market. The net inflow of funds into interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs was 1.208 billion yuan, - 0.366 billion yuan, and - 1.395 billion yuan respectively, with a total net inflow of - 0.553 billion yuan in the bond ETF market. The scale of bond ETF funds increased by 0.02% compared to the previous week's closing, mainly due to the downward oscillation of bond market yields in a loose - money environment, which led to a slight increase in the overall net value of the bond ETF market [2][5]. - The net inflow of treasury bond ETFs led again. The net inflow amounts of treasury bond ETFs (+1.101 billion yuan), short - term financing ETFs (+0.682 billion yuan), and corporate bond ETFs (+0.417 billion yuan) ranked in the top three [2][5]. - The share redemption of convertible bond ETFs may be related to the conversion of underlying assets. The continuous large - scale outflow of convertible bond ETF shares for many weeks may be due to the strong motivation of funds to convert shares when the stock market is strong, and the underlying convertible bonds are redeemed and converted into shares [2][16]. - In a loose - money environment, the net value of bond ETFs increased slightly. The recent restart of treasury bond trading by the central bank and the positive net investment of reverse repurchase funds last week provided short - term support for the bond market, driving a slight increase in the net value of bond ETFs [2][23]. Summary According to the Directory 1.1 各类债券 ETF 资金净流入情况 - The net inflow of funds into the bond ETF market shrank again last week, affected by the rising stock market. The net inflow of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs was 1.208 billion yuan, - 0.366 billion yuan, and - 1.395 billion yuan respectively, with a total net inflow of - 0.553 billion yuan in the bond ETF market. As of November 14, 2025, the scale of bond ETF funds was 70.629 billion yuan, up 0.02% from the previous week's closing and 292.88% from the beginning of the year, accounting for 12.32% of the total market ETF scale, with a 4bp increase from the previous weekend [5]. - Treasury bond ETFs had the highest net inflow again. The net inflow amounts of treasury bond ETFs, short - term financing ETFs, and corporate bond ETFs ranked in the top three, while the net inflows of benchmark market - making credit bond ETFs, convertible bond ETFs, and science and technology innovation bond ETFs were negative [5]. 1.2 各类债券 ETF 份额走势 - As of November 14, 2025, the shares of treasury bond, policy - financial bond, local government bond, credit bond, and convertible bond ETFs changed by 8.94 million shares, - 0.22 million shares, 1.11 million shares, 21.39 million shares, and - 102.70 million shares respectively compared to November 7, 2025, with a total change of - 71.48 million shares in bond - type ETFs. The continuous large - scale outflow of convertible bond ETF shares may be related to the conversion of underlying convertible bonds [16]. 1.3 主要债券 ETF 份额及净值走势 - The share net inflows of 30 - year treasury bond ETF and urban investment bond ETF led. As of November 14, 2025, the shares of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local government bond ETF, urban investment bond ETF, and convertible bond ETF changed by 8.66 million shares, 0.39 million shares, no change, 28.90 million shares, and - 89.70 million shares respectively compared to November 7, 2025 [19]. - In a loose - money environment, the net value of bond ETFs increased slightly. As of November 14, 2025, the net values of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local government bond ETF, urban investment bond ETF, and convertible bond ETF changed by 0.11%, 0.08%, 0.06%, 0.02%, and 0.53% respectively compared to November 7, 2025 [23]. 1.4 基准做市信用债 ETF 份额及净值走势 - Some products had a significant increase in redeemed shares. As of November 14, 2025, the shares of 8 existing benchmark market - making credit bond ETFs changed by no change, no change, no change, no change, - 4.82 million shares, - 1.80 million shares, - 2.07 million shares, and - 7.08 million shares respectively compared to November 7, 2025 [26]. - The net value performance was differentiated, and most products declined. As of November 14, 2025, the net values of 8 credit bond ETFs changed by 0.02%, 0.01%, no change, no change, - 0.02%, - 0.04%, - 0.03%, and - 0.04% respectively compared to November 7, 2025 [27]. 1.5 科创债 ETF 份额及净值走势 - The overall shares of science and technology innovation bond ETFs were basically the same as the previous week. The net inflow of shares last week was - 1.70 million shares, a decrease of 0.07% from the previous week. The shares of science and technology innovation bond ETFs of Harvest, Penghua, and China Merchants ranked in the top three. The net inflow of shares of science and technology innovation bond ETFs of China Merchants, Guotai, and Penghua ranked in the top three, while those of GF, Boshi, and Tianhong had the largest net outflows [31]. - The net value trend was flat. As of November 14, 2025, the average net values of the first - batch and second - batch science and technology innovation bond ETFs increased by 0.01% compared to the previous week's closing, basically the same as the previous week [31]. 1.6 单只债券 ETF 市场表现情况 - The 30 - year treasury bond ETF had the highest net inflow again, and convertible bond - type ETFs led in net value growth. Last week, the net values of convertible bond ETF and Shanghai Stock Exchange convertible bond ETF increased by 0.53% and 0.33% respectively, ranking in the top. In terms of premium/discount rates, the 30 - year treasury bond ETF, urban investment bond ETF, and corporate bond ETF had the highest premium rates [35]. - In terms of scale changes, the 30 - year treasury bond ETF (+1.037 billion yuan), short - term financing ETF (+0.682 billion yuan), and science and technology innovation bond ETF of Harvest (+0.419 billion yuan) had the top - three net inflow amounts, while the convertible bond ETF had a significantly higher net outflow amount than other products, reaching - 1.228 billion yuan [35].