1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The monetary policy will maintain its supportive stance and continue to safeguard liquidity. The central bank may shift its focus from "preventing capital idling" to "stabilizing financing" and "promoting demand," and continue to protect inter - bank liquidity. The new mention of "strengthening interest rate policy implementation and supervision to reduce bank liability costs" in the third - quarter monetary policy report may create more room for the overall decline of the bond market [4][94]. - From November to December, the market may show a narrow - range oscillatory downward trend before the loose expectation significantly boosts the bond market. Short - term liquidity disturbances have passed, and liquidity is expected to be loose within the year. The market's expectation of overall loosening may gradually rise, but it is difficult to form a "synergy" to drive the bond market down before it significantly increases. The lower limits of the yields of 30 - year and 10 - year (old bonds) treasury bonds are conservatively estimated to be around 1.9% and 1.7% respectively [2][95]. 3. Summary According to the Directory 3.1 Important Matters - The central bank aims to restrict "involution - style competition" in the financial industry and maintain a reasonable profit margin. It will conduct an 800 - billion - yuan 6 - month (182 - day) buy - back repurchase operation on November 17, 2025, with a net investment of 50 billion yuan [7]. - In October 2025, the year - on - year decline in credit data was significant. From January to October, the cumulative increase in social financing scale was 30.9 trillion yuan, 3.83 trillion yuan more than the same period last year. However, the increase in RMB loans to the real economy was 1.16 trillion yuan less year - on - year [10]. - The third - quarter monetary policy report was released on November 11, 2025. Compared with the second - quarter report, it removed the statement about "preventing capital idling" and emphasized "maintaining relatively loose social financing conditions." It also added the mention of "strengthening interest rate policy implementation and supervision to reduce bank liability costs" [4][14]. 3.2 Money Market 3.2.1 Open Market Operations and Fund Rate Trends - From November 10 to 14, 2025, the central bank injected 112.2 billion yuan through 7 - day reverse repurchase operations, with 49.58 billion yuan due, resulting in a net injection of 62.62 billion yuan. From November 17 to 21, it is expected that 124.2 billion yuan of base currency will be withdrawn, including 112.2 billion yuan from reverse repurchase and 12 billion yuan from treasury cash deposits [19]. - Due to the tax period, the fund rate fluctuated last week. As of November 14, R001, R007, DR001, and DR007 were 1.430%, 1.495%, 1.373%, and 1.467% respectively, with changes of 3.80BP, 2.68BP, 4.08BP, and 5.43BP compared to November 7 [25]. 3.2.2 Certificate of Deposit (CD) Rate Trends and Repurchase Transaction Volume - In the primary market, the issuance scale of inter - bank CDs last week was 710.22 billion yuan, with a maturity scale of 751.84 billion yuan and a net financing scale of - 41.62 billion yuan. As of the 46th week of 2025, the cumulative issuance scale of inter - bank CDs for the year reached 29.74 trillion yuan [30]. - The issuance rate of inter - bank CDs increased last week. The average issuance rates of 3 - month and 1 - year CDs of state - owned banks were 1.59% and 1.64% respectively, with changes of 1.75BP and 0.58BP compared to the previous week [34]. - In the secondary market, the yields of inter - bank CDs of all maturities continued to rise. The yield of 1 - month AAA - rated CDs rose 2.28BP to 1.49%, and the 1Y - 3M spread was at the 52.95% quantile level [36]. 3.3 Bond Market 3.3.1 Primary Market - Last week, the supply of discount treasury bonds and long - term and ultra - long - term treasury bonds increased. The number of interest - rate bond issuances was 96, with an actual issuance amount of 726.866 billion yuan and a net financing amount of 403.531 billion yuan. From January to November, the net financing rhythm of local government bonds was faster than that of treasury bonds. As of November 14, the cumulative net financing scale of various treasury bonds in 2025 was about 6.09 trillion yuan, and that of local bonds was about 6.67 trillion yuan [38]. - Last week, the supply scale of local bonds increased significantly. The number of treasury bond issuances was 6, with an actual issuance amount of 309.32 billion yuan and a net financing amount of 244.32 billion yuan; the number of local bond issuances was 73, with an actual issuance amount of 285.066 billion yuan and a net financing amount of 256.001 billion yuan; the number of policy - bank bond issuances was 17, with an actual issuance amount of 132.48 billion yuan and a net financing amount of - 96.79 billion yuan [45]. 3.3.2 Secondary Market - Affected by the tax period, the volatility of the fund market increased, and interest rates showed an oscillatory trend. The liquidity premium of active bonds was generally stable. The average spread between the active and sub - active bonds of 10 - year China Development Bank bonds was about - 6BP [38]. - The 10 - year - 1 - year treasury bond term spread narrowed slightly to 40.36BP, at the 30.17% quantile level since 2022; the 30 - year - 1 - year treasury bond term spread narrowed 1.59BP to 73.77BP, at the 36.60% quantile level since 2022 [61]. - The long - term local - treasury spread narrowed, while the ultra - long - term local - treasury spread widened. As of November 14, the spread between 10 - year local bonds and 10 - year treasury bonds was 15.60BP, narrowing 4.98BP compared to the previous week and at the 30.64% quantile level since 2022; the spread between 30 - year local bonds and 30 - year treasury bonds was 22.19BP, widening 2.00BP compared to the previous week and at the 73.53% quantile level since 2022 [63]. 3.4 Institutional Behavior Tracking - Last week, the scale of leveraged trading declined, with an average of about 7.44 trillion yuan. In the cash - bond market, the buying intensity of state - owned banks continued to weaken, with a buying scale of 46.28 billion yuan for treasury bonds within 5 years. Rural commercial banks were at the buying - selling critical point, preferring to increase holdings of treasury bonds over 5 years and 5 - 10 - year policy - bank bonds. The承接 forces of insurance and funds weakened, and their preferences for duration became more differentiated. Insurance increased its net buying of local bonds over 10 years, accounting for 92% of the net buying of interest - rate bonds, while funds mainly increased holdings of policy - bank bonds within 5 years [65][77]. - The current average position - adding cost of major trading desks is generally below 1.825% (except for funds). The position - adding costs of rural commercial banks, securities firms, funds, and other products are about 1.823%, 1.822%, 1.831%, and 1.824% respectively [65][78]. 3.5 High - Frequency Data Tracking - Last week, the settlement price of rebar futures decreased 0.55% week - on - week, the settlement price of wire rod futures remained unchanged, the settlement price of cathode copper futures increased 1.27%, the cement price index increased 0.03%, and the Nanhua Glass Index decreased 5.41%. The CCFI index increased 3.39%, and the BDI index decreased 1.28%. The wholesale price of pork decreased 0.93%, and the wholesale price of vegetables decreased 0.35%. The settlement prices of Brent crude oil futures and WTI crude oil futures decreased 0.97% and 1.77% respectively. The central parity rate of the US dollar against the RMB was 7.08 [88]. 3.6 Future Outlook - The monetary policy will maintain its supportive stance and continue to safeguard liquidity. The central bank may shift its focus to "stabilizing financing" and "promoting demand," and continue to protect inter - bank liquidity. The new mention of reducing bank liability costs may create more room for the bond market to decline. The weakening financial data in October also indicates the necessity of maintaining a supportive monetary policy [94]. - From November to December, the market may show a narrow - range oscillatory downward trend before the loose expectation significantly boosts the bond market. Short - term liquidity disturbances have passed, and liquidity is expected to be loose within the year. The market's expectation of overall loosening may gradually rise, but it is difficult to form a "synergy" to drive the bond market down before it significantly increases. The lower limits of the yields of 30 - year and 10 - year (old bonds) treasury bonds are conservatively estimated to be around 1.9% and 1.7% respectively [2][95].

Core Insights - The current mainstream antidepressants face challenges such as slow onset, limited efficacy (40%-65%), insufficient long-term tolerability, and low patient adherence [1][2] - The domestic antidepressant market is still dominated by traditional SSRIs, but local innovative drug development is entering a harvest period, with micro-innovative drugs like Trospium and Venlafaxine showing promise [1] - Future development directions focus on precision treatment and personalized medication [1] Current Treatment Shortcomings - Depression is one of the most common mental disorders, characterized by persistent low mood, anhedonia, and decreased energy, with unclear etiology [1] - Existing first-line antidepressants like SSRIs have limited efficacy, with about one-third of patients not achieving relief after multiple treatment steps [1] - Current antidepressants have a slow onset, typically requiring 1-4 weeks for improvement and 4-8 weeks to reach treatment goals, posing risks of suicide during acute phases [1] - There is room for improvement in precision treatment for different subtypes and special populations, as well as addressing issues like patient-initiated drug discontinuation [1] Efficacy and Long-term Use - The efficacy of existing antidepressants ranges from 40% to 65%, with variations based on the heterogeneity of depression and specific patient characteristics [2] - Long-term use highlights the importance of safety and tolerability, with common adverse effects including gastrointestinal reactions, CNS effects, and sexual dysfunction [2] - Some drugs, like Escitalopram and Venlafaxine, have lower adverse event rates, while certain adverse effects may benefit specific patients [2] Domestic Market Overview - In 2024, the sales of antidepressants in China exceeded 8 billion yuan, with SSRIs accounting for 3.58 billion yuan (43.44%) of the market [3] - SNRIs and traditional Chinese medicine also hold significant market shares, with the top-selling antidepressants including Escitalopram and Agomelatine [3] - Generic drugs are expected to maintain a considerable market share due to price advantages, while innovative drugs will benefit patients through improved safety and efficacy [3] Development of Domestic Antidepressants - Currently, there is one approved innovative antidepressant in China, with over twenty in clinical trials, indicating a harvest period ahead [4] - The only marketed local innovative drug is Trospium (Ruxinlin), which is expected to see growth after entering the medical insurance system in 2025 [4] - Promising candidates in various stages of clinical trials include monoamine neurotransmitter antidepressants and NMDA antagonists [4]

Group 1 - The core viewpoint highlights that Dazhenlin (603233.SH) is expanding its network through franchising, leading to an optimized store structure [1] - The company is dynamically adjusting its product category structure, showcasing resilience in high-margin businesses [1] - Significant results have been achieved in cost reduction and efficiency enhancement, with an ongoing increase in market concentration among leading players [1]

Group 1 - The core viewpoint of the report is that Nanjing Julong (300644.SZ) is rated as "Buy" with a target price of 42.90 yuan, driven by the high potential of the modified plastics industry and its shift towards high-end domestic alternatives [1] - The modified plastics industry is expected to have broad application scenarios in the future, particularly in high-performance modified plastics [1] - Nanjing Julong is actively entering emerging sectors such as robotics, aerospace, and low-altitude economy, indicating a strategy of diversified and collaborative development [1]

Core Insights - The performance of listed securities firms in the first three quarters of this year has been impressive, with a total revenue of 452.22 billion yuan, representing a year-on-year growth of 41.05%, and a net profit attributable to shareholders of 183.09 billion yuan, up 61.96% [1] Group 1: Performance Highlights - Securities firms have shown significant revenue and profit growth, with 50 listed companies achieving a combined revenue of 452.22 billion yuan and a net profit of 183.09 billion yuan in the first three quarters [1] - The active trading environment and strategic business layouts have contributed to the substantial growth in revenue and net profit for firms like 兴业证券, which reported a revenue of 9.28 billion yuan and a net profit of 2.52 billion yuan, reflecting year-on-year increases of 39.96% and 90.98% respectively [2] Group 2: Dividend Distribution - Six securities firms have announced mid-term profit distribution plans, with a total cash dividend payout of approximately 1.37 billion yuan, in line with the policy of "multiple dividends within a year" [1] - 兴业证券 plans to distribute a cash dividend of 0.50 yuan per 10 shares, totaling 432 million yuan, which is 17.13% of its net profit for the first three quarters [2] - 财通证券 intends to distribute a cash dividend of 0.60 yuan per 10 shares, amounting to 276 million yuan, which represents 13.55% of its net profit [3] - 首创证券 will distribute a cash dividend of 0.10 yuan per share, totaling 273 million yuan, accounting for 34.01% of its net profit [3] - 东北证券 plans to distribute a cash dividend of 0.10 yuan per share, totaling 234 million yuan, which is 21.94% of its net profit [3] - 西南证券 aims to distribute a cash dividend of 0.10 yuan per 10 shares, totaling approximately 66.45 million yuan, representing 23.52% of its net profit [4] Group 3: Policy Influence - The regulatory environment encourages securities firms to adopt a "multiple dividends within a year" approach, as outlined in the revised regulations by the China Securities Regulatory Commission [6] - The emphasis on shareholder returns and cash dividends is expected to attract more long-term capital inflows, thereby stabilizing the securities market and enhancing investor confidence [6]

Group 1 - The coronary business shows steady growth with continuous improvement in profitability [1] - The neurointerventional business demonstrates resilience, with significant new products entering the harvest phase [1] - The internationalization strategy is accelerating, leading to key breakthroughs in overseas markets [1]

Group 1 - The core viewpoint of the article is that Southwest Securities has given a "buy" rating to Rongsheng Petrochemical (002493.SZ) with a target price of 13.33 yuan, based on its strong industry position and effective cost control [1] - The report highlights that Rongsheng Petrochemical has a comprehensive layout in the refining and chemical industry, indicating its leadership in the sector [1] - It notes that while crude oil prices are declining, which may pressure refining products in the short term, the company's profitability is improving due to good expense management [1] Group 2 - The report mentions potential risks, including the risk of falling crude oil prices, rapid increases in refining capacity, and declining downstream demand [1]

Report Information - The report is a weekly fixed - income regular report on bond ETFs from November 3rd to November 7th, 2025, titled "Bond ETF Weekly Tracking (11.3 - 11.7): Market Net Inflow Growth Marginal Narrowing" [1] Core Viewpoint - The overall net inflow growth of the bond ETF market has narrowed marginally, with the increment mainly coming from interest - rate bond ETFs. The net inflow of convertible bond ETFs is negative [4][7] Industry Investment Rating - No industry investment rating information is provided in the report Summary by Directory 1.1 各类债券 ETF 资金净流入情况 - The overall net inflow growth of bond ETFs has narrowed marginally, and the increment mainly comes from interest - rate bond ETFs. Last week, the net inflow funds of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs were 4.914 billion yuan, 1.394 billion yuan, and - 1.574 billion yuan respectively, with a total net inflow of 4.734 billion yuan in the bond ETF market. As of November 7, 2025, the bond ETF fund scale was 70.6121 billion yuan, up 0.87% from the previous week's close and 292.79% from the beginning of the year, accounting for 12.28% of the total market ETF scale, up 1bp from the previous weekend [4][7] - Treasury bond ETFs led the net inflow, and the growth of short - term financing and local bond ETFs continued. Last week, treasury bond ETFs (+ 2.698 billion yuan), short - term financing ETFs (+ 2.553 billion yuan), and local bond ETFs (+ 2.223 billion yuan) ranked top three in net inflow amount. Convertible bond ETFs, science and technology innovation bond ETFs, and benchmark market - making credit bond ETFs had negative net inflows, with - 1.574 billion yuan, - 1.390 billion yuan, and - 0.515 billion yuan respectively [7] 1.2 各类债券 ETF 份额走势 - The share inflows of interest - rate bond and credit bond ETFs improved marginally, and the local bond ETFs had a steep growth. As of the close on November 7, 2025, the shares of treasury bond, policy - financial bond, local bond, credit bond, and convertible bond ETFs were 683.88 million shares, 442.47 million shares, 127.08 million shares, 7185.08 million shares, and 4954.95 million shares respectively, with a total of 13393.45 million shares for bond - type ETFs. Compared with the close on October 31, 2025, they changed by 22.53 million shares, - 0.08 million shares, 19.41 million shares, 35.81 million shares, and - 116.90 million shares respectively, with a total change of - 39.22 million shares [21] 1.3 主要债券 ETF 份额及净值走势 - Convertible bond ETFs had a large - scale share outflow. As of the close on November 7, 2025, the shares of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 279.89 million shares, 379.37 million shares, 31.73 million shares, 2635.48 million shares, and 4241.99 million shares respectively. Compared with the close on October 31, 2025, they changed by 11.78 million shares, - 0.06 million shares, no change, 27.80 million shares, and - 99.70 million shares respectively [24] - The net value performance was differentiated, and some interest - rate bond ETFs turned down. As of the close on November 7, 2025, the net values of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 1.2549, 1.1502, 1.2577, 1.4377, and 1.3610 respectively, changing by - 0.37%, - 0.10%, 0.06%, 0.06%, and 0.85% respectively compared with the close on October 31, 2025 [27] 1.4 基准做市信用债 ETF 份额及净值走势 - The share change was not obvious, and some products had a small - scale outflow. As of the close on November 7, 2025, among the 8 existing benchmark market - making credit bond ETFs, the shares of some products changed by no change, no change, no change, no change, - 2.11 million shares, - 1.00 million shares, no change, - 2.00 million shares respectively compared with the close on October 31, 2025 [30] - The upward momentum of the net value weakened. As of the close on November 7, 2025, the net values of the 8 credit bond ETFs changed by 0.06%, 0.05%, 0.06%, 0.03%, 0.05%, 0.04%, 0.04%, 0.05% respectively compared with the close on October 31, 2025. Looking at each single day, the net value showed a turning trend at the end of last week, and the growth momentum showed signs of weakening after continuous upward movement for many weeks [33] 1.5 科创债 ETF 份额及净值走势 - Last week, the shares of science and technology innovation bond ETFs decreased more than they increased. The net inflow of shares of the 24 existing science and technology innovation bond ETFs was - 10.56 million shares, a decrease of 0.42% compared with the previous week. The top three products in terms of share net inflow were Science and Technology Innovation Bond ETF China Merchants (+ 2.00 million shares), Science and Technology Innovation Bond ETF Penghua (+ 1.39 million shares), and Science and Technology Innovation Bond ETF Huaxia (+ 1.25 million shares). The top three products in terms of share net outflow were Science and Technology Innovation Bond ETF Boshi (- 7.00 million shares), Science and Technology Innovation Bond ETF Fuguo (- 3.85 million shares), and Science and Technology Innovation Bond ETF Southern (- 2.12 million shares) [36] - The net value was higher than the previous week's closing price, but showed an "inverted U" trend during the week. As of the close on November 7, 2025, the average net values of the first - batch and second - batch science and technology innovation bond ETFs increased by 0.05% and 0.03% respectively compared with the previous week's close, but the net value of each science and technology innovation bond ETF showed a decline at the weekend [37] 1.6 单只债券 ETF 市场表现情况 - The 0 - 4 local bond ETF led the net inflow for two consecutive weeks, and the convertible bond - type ETF led the net value increase. Last week, the net values of 30 - year treasury bond ETF Boshi and 30 - year treasury bond ETF turned down after leading the increase for several consecutive weeks, with - 0.41% and - 0.39% respectively. Convertible bond ETF and Shanghai - Stock - Exchange Convertible Bond ETF benefited from the excellent performance of the equity market, with their net value increases ranking among the top, at + 0.85% and + 0.83% respectively [40] - In terms of the premium - discount rate, 30 - year treasury bond ETF, 30 - year treasury bond ETF Boshi, and benchmark treasury bond ETF led with 0.08%, 0.07%, and 0.02% respectively, reflecting the market capital preference. In terms of scale change, short - term financing ETF (+ 2.553 billion yuan), 0 - 4 local bond ETF (+ 2.100 billion yuan), and 30 - year treasury bond ETF (+ 1.413 billion yuan) ranked top three in net inflow amount, while the convertible bond ETF had a significantly higher net outflow amount than other products, at - 1.353 billion yuan [40]

Group 1 - MSCI announced the results of its November index review, which includes the addition of 17 new A-shares and the removal of 16 A-shares [2][3] - The newly added A-shares include companies such as Qianli Technology, Dongyangguang, and Changchuan Technology, while the removed A-shares include companies like Zhongzhi Co., Bertley, and Dong'a Ejiao [1][3] - The adjustments will take effect after the market closes on November 24 [2] Group 2 - In addition to A-shares, MSCI also included 9 new Hong Kong stocks in its indices, such as Zijin Mining International and GF Securities, while removing 4 Hong Kong stocks [3][4] - The largest new additions to the MSCI Global Standard Index include companies like CoreWeave, Nebius Group, and Insmed, indicating a focus on sectors like cloud services and biopharmaceuticals [4] - MSCI conducts four routine adjustments to its indices each year, with the November review being one of the two major semi-annual assessments [5]

证券代码：600369 证券简称：西南证券 公告编号：临2025－048 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。 特此公告。 西南证券股份有限公司董事会 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 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 ...