Core Viewpoint - The article emphasizes the importance of inclusive finance as a key approach for the securities industry to serve the real economy and fulfill social responsibilities, particularly in the context of the "Five Major Articles" in finance [2][3]. Group 1: Inclusive Finance as a Strategic Focus - Southwest Securities has elevated inclusive finance to a strategic level, establishing a comprehensive system that integrates top-level mechanisms with frontline services to effectively reach and serve clients [3][4]. - The company has formed a dedicated task force to coordinate efforts related to inclusive finance, ensuring collaboration among various departments to implement detailed measures [3][4]. Group 2: Multi-Dimensional Service Framework - The service framework includes enhancing customer service scenarios through digital means, providing full-cycle financial support to small and micro enterprises via investment banking services, and promoting financial education across various community sectors [3][5]. - Southwest Securities has provided a total of 3 billion yuan in financing to small and micro enterprises through bond financing this year [5]. Group 3: Innovation as a Core Driver - Innovation is viewed as the core engine for sustainable development in inclusive finance, with the company exploring unique tools and models such as intellectual property securitization and multi-capital collaboration [5][6]. - In the agricultural sector, Southwest Futures, a subsidiary, is conducting 161 "insurance + futures" projects nationwide, with a total project amount exceeding 1.9 billion yuan [6]. Group 4: Digital Transformation and Investor Education - The company is leveraging technology to enhance service efficiency and improve financial literacy among investors, aiming to increase accessibility and investor satisfaction [7]. - Southwest Securities has implemented a digital customer operation system that has reached over 14 million clients through various service notifications and updates [7].

Core Viewpoint - Inclusive finance is becoming a crucial path for the securities industry to serve the real economy and fulfill social responsibilities, as emphasized by Yang Yusong, General Manager of Southwest Securities [1][2]. Group 1: Strategic Implementation of Inclusive Finance - Southwest Securities has elevated inclusive finance to a strategic level, establishing a systematic approach that integrates top-level mechanisms with frontline services to ensure effective outreach [2]. - A dedicated task force has been created to coordinate efforts related to inclusive finance, with clear responsibilities assigned to various departments to facilitate collaboration and implementation [2]. - The company has developed a multi-dimensional service framework that includes enhancing customer service scenarios through digital means, providing comprehensive financial support to small and micro enterprises, and promoting investment education across various communities [2][3]. Group 2: Addressing the Needs of Small and Micro Enterprises - The company focuses on practical solutions for small and micro enterprises, emphasizing the importance of understanding their actual needs rather than offering superficial services [4]. - Key characteristics of these enterprises include a lack of understanding of compliance paths and financing methods, a preference for comprehensive services that cover governance to expansion, and a demand for integrated financial services [4][5]. - In 2023, Southwest Securities provided a total of 3 billion yuan in financing to small and micro enterprises through bond financing [5]. Group 3: Innovation as a Driving Force - Innovation is viewed as a core engine for the sustainable development of inclusive finance, with the company exploring unique tools and models such as intellectual property securitization and multi-capital collaboration [5]. - The company has launched innovative financial products, including the "Shark Fin + Multi-Asset Combination Structure," which raised approximately 2 billion yuan for private enterprises and small businesses, serving around 9,000 clients [5]. - In the agricultural sector, the company plans to implement 161 "insurance + futures" projects nationwide, with a total project amount exceeding 1.9 billion yuan [5]. Group 4: Digital Transformation and Investor Education - The company aims to enhance service efficiency for investors through digital means and systematic investment education, focusing on improving accessibility and investor satisfaction [6]. - A digital customer operation system has been established, managing over 14 million customer interactions through various service scenarios [6]. - The company has conducted over 2,000 investment education activities in 2024, integrating these efforts into the national education system to make financial knowledge more accessible to the public [6].

Core Viewpoint - During the "14th Five-Year Plan" period, the capital market's ability to serve the real economy has been continuously enhanced, with Southwest Securities playing a crucial role as a service provider and facilitator for economic development [1][2]. Group 1: Service to the Real Economy - Southwest Securities has actively participated in various financial services, including corporate listings, financing, mergers and acquisitions, and risk management, significantly supporting local industrial upgrades and economic structure optimization [2]. - The company served as an independent financial advisor for Guangdong Songfa Ceramics Co., Ltd.'s major asset restructuring, which was the first approved cross-industry merger project since the release of the "merger six guidelines" [2]. - From 2021 to June 2025, Southwest Securities has cumulatively served over 260 billion yuan, with over 95 billion yuan specifically for the Chengdu-Chongqing economic circle, exceeding its "14th Five-Year Plan" targets ahead of schedule [3][4]. Group 2: Regional Economic Development - Southwest Securities has signed strategic cooperation agreements with 22 districts and counties in Chongqing, providing investment and risk management services exceeding 54 billion yuan [4]. - The company has engaged with 33 key state-owned enterprises in Chongqing, offering comprehensive services in mergers, bonds, and capital operations totaling over 6 billion yuan [4]. - The firm has initiated a "Walk into Listed Companies" campaign, providing over 16 billion yuan in financing services to listed companies in Chongqing [4]. Group 3: Business Growth and Innovation - In the first half of the year, Southwest Securities saw a 40-fold increase in new customer accounts compared to the previous year, indicating significant growth in its brokerage business [7]. - The company has successfully issued multiple asset-backed securities (ABS) products, totaling over 3 billion yuan, showcasing its strength in asset securitization [7]. - The firm has implemented digital transformation initiatives, reducing customer onboarding times significantly and enhancing compliance efficiency [7][8]. Group 4: Future Outlook - Southwest Securities aims to enhance its service capabilities through a multi-level cooperation system, focusing on tailored services for different regions and enterprises [5]. - The company is committed to high-quality development, continuously improving its core competitiveness across various business segments, including securities and futures brokerage, investment banking, and asset management [6][8]. - The firm plans to fully implement new development concepts and contribute more significantly to the real economy's growth [8].

Group 1 - The core point of the announcement is the change of the controlling shareholder of Southwest Securities, with Chongqing Yufu Holding Group Co., Ltd. acquiring 1,960,661,852 shares, representing 29.51% of the total share capital, from Chongqing Yufu Capital Operation Group Co., Ltd. [2] - Following the acquisition, Yufu Capital will no longer hold shares in the company, and Yufu Holding will become the controlling shareholder, while the actual controller remains the Chongqing State-owned Assets Supervision and Administration Commission [2] - As of the announcement date, the acquisition is pending administrative approval and requires compliance confirmation from the Shanghai Stock Exchange before proceeding with the share transfer registration, indicating uncertainty in the process [3] Group 2 - The company will continue to monitor the progress of the controlling shareholder change and fulfill its information disclosure obligations as required [3] - Investors are advised to pay attention to investment risks associated with this change [3]

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2025－043 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 ...

Core Insights - The implementation of the "Six Merger Rules" by the China Securities Regulatory Commission (CSRC) has significantly boosted the capital market, particularly in cross-industry mergers and acquisitions (M&A) [1][4] - The number of disclosed M&A plans has surged, with 77 cases reported in the first eight months of the year, marking a nearly fivefold increase year-on-year [4] - The first cross-industry M&A project post-implementation of the "Six Merger Rules" by Southwest Securities involved a transaction scale exceeding 8 billion yuan, setting a new record for private enterprise restructuring [5] Group 1: Market Activity and Trends - The M&A market has seen heightened activity, especially in technology sectors such as semiconductors, AI computing, and robotics [4] - Diverse payment tools, including targeted convertible bonds and M&A loans, are increasingly utilized to alleviate cash pressure on enterprises and enhance transaction flexibility [4] Group 2: Challenges in Cross-Industry M&A - The primary challenge in cross-industry M&A is the difficulty in asset control due to significant differences in industry rules, technical systems, and business models [6][7] - Integration capability is a major concern, as regulatory bodies closely scrutinize whether companies possess the necessary skills to integrate acquired assets effectively [7] - There is often a mismatch in valuation expectations between the acquiring and target companies, complicating negotiations [7] Group 3: Strategies for Identifying Quality Targets - Southwest Securities identifies quality targets based on three dimensions: industry potential, core competitiveness, and integration feasibility [8] - Risk control measures include phased payment structures, encouraging target teams to extend share lock-up periods, and retaining original management teams to ensure smooth transitions [8] Group 4: Competitive Strategy in M&A - The company emphasizes a full-service capability in M&A, covering all aspects from target selection to post-merger integration [9] - A strong focus on industry integration M&A, particularly in strategic emerging sectors, is central to the company's approach [11] Group 5: Future Outlook and Recommendations - The current market environment is favorable for M&A transactions, with stable investor sentiment and rational valuation expectations [12] - Recommendations for regulatory improvements include expedited review processes for small and medium-sized projects and increased flexibility in non-related party transactions [13]

Core Viewpoint - Southwest Securities has shown a mixed performance in stock price and financial metrics, with a notable increase in net profit year-on-year despite a decrease in shareholder numbers [1][2]. Group 1: Stock Performance - As of September 29, Southwest Securities' stock price increased by 2.15% to 4.75 CNY per share, with a trading volume of 135 million CNY and a turnover rate of 0.43%, resulting in a total market capitalization of 31.564 billion CNY [1]. - Year-to-date, the stock price has risen by 3.15%, with a slight increase of 0.42% over the last five trading days, a decrease of 2.06% over the last 20 days, and a rise of 10.34% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Southwest Securities reported a net profit of 423 million CNY, representing a year-on-year growth of 24.36%, while the operating revenue was reported as 0.00 CNY [2]. - The company has distributed a total of 7.182 billion CNY in dividends since its A-share listing, with 1.063 billion CNY distributed over the past three years [2]. Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders decreased by 3.94% to 121,500, while the average number of tradable shares per person increased by 4.11% to 51,991 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 132 million shares, an increase of 40.73 million shares from the previous period, while the Guotai CSI All-Index Securities Company ETF holds 61.57 million shares, a decrease of 6.28 million shares [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The listing of the second batch of Science and Technology Innovation Bond ETFs led to a sharp increase in the share of credit - bond ETFs, while other types of bond ETFs faced different challenges. The performance of existing ETFs was under pressure, possibly due to the diversion of funds by new - issued ETFs, and the net value of bond ETFs adjusted due to the upward pressure on bond market yields [2][4][9]. Summary by Directory 1.1 各类债券 ETF 份额走势 - The listing of the second batch of 14 Science and Technology Innovation Bond ETFs on September 24, 2025, led to a significant increase in the share of credit - bond ETFs. Other types of bond ETFs, such as treasury - bond, policy - financial - bond, local - bond, and convertible - bond ETFs, either had small changes or declines in share. As of September 26, 2025, the shares of treasury - bond, policy - financial - bond, local - bond, credit - bond, and convertible - bond ETFs were 684.71 million, 443.12 million, 80.18 million, 6869.38 million, and 5310.15 million respectively, with a total of 13387.53 million shares for bond - type ETFs. Compared with September 19, 2025, the changes were 12.28 million, - 17.61 million, no change, 1193.45 million, and - 78.70 million respectively, with a total change of 1109.42 million shares [2][4][9]. 1.2 主要债券 ETF 份额及净值走势 - The performance of existing major bond ETFs was under pressure, possibly because the market focused more on new - issued Science and Technology Innovation Bond ETFs, causing a siphon effect on funds. As of September 26, 2025, the shares of selected major bond ETFs (30 - year treasury - bond ETF, policy - financial - bond ETF, 5 - year local - bond ETF, urban - investment - bond ETF, and convertible - bond ETF) changed by - 0.14 million, - 17.72 million, no change, 0.10 million, and - 11.80 million respectively compared with September 19, 2025. - Due to the upward pressure on bond market yields, the net value of major bond ETFs adjusted. As of September 26, 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 changed by - 0.48%, - 0.17%, - 0.03%, - 0.13%, and 0.88% respectively compared with September 19, 2025 [12][15]. 1.3 做市信用债 ETF 份额及净值走势 - The share of 8 existing market - making credit - bond ETFs continued to flow out. As of September 26, 2025, the share changes compared with September 19, 2025 were - 2.00 million, - 5.20 million, - 0.30 million, no change, - 3.00 million, 3.10 million, no change, and - 2.30 million respectively. - The net - value decline of 8 credit - bond ETFs narrowed marginally. As of September 26, 2025, the net - value changes compared with September 19, 2025 were - 0.24%, - 0.24%, - 0.26%, - 0.20%, - 0.34%, - 0.32%, - 0.34%, and - 0.32% respectively. - Last week, the repeated inclusion of individual bonds in the PCF list of credit - bond ETFs was 24 Zhongmei K2. The product of the excess - return change and the corresponding duration of each expanded bond was the highest for 24 Jingtou K6 (1.93%) and the lowest for 24 Zhongmei K2 (- 0.25%) [19][20][22]. 1.4 科创债 ETF 份额及净值走势 - On September 24, 2025, the second batch of 14 Science and Technology Innovation Bond ETFs were officially listed, with a total issuance scale of 40.786 billion yuan. The ETFs tracking the CSI AAA Science and Technology Innovation Bond, SSE AAA Science and Technology Innovation Bond, and Shenzhen AAA Science and Technology Innovation Bond indexes were 10, 3, and 1 respectively. - The net - purchase scale of the second - batch Science and Technology Innovation Bond ETFs showed differentiation. Since the listing on the 24th, the market activity of the second - batch products was significantly higher than that of the first - batch products. The three - day average turnover rates of the first and second batches were 26.0% and 66.7% respectively, and the total net - purchase shares were 72 million and 690 million respectively. The top three products with the most net - purchase inflows last week were Science and Technology Innovation Bond ETF Industrial Bank, Science and Technology Innovation Bond ETF ICBC, and Science and Technology Innovation Bond ETF Huatai - PineBridge, with net - purchase amounts of 10.2 billion, 8.48 billion, and 8.11 billion yuan respectively. - The products corresponding to the CSI AAA Science and Technology Innovation Bond index performed relatively better. In terms of premium and discount, in the first 3 working days after listing, the overall performance of the second - batch Science and Technology Innovation Bond ETFs was better than that of the first - batch products, with a three - day average premium - discount rate of - 0.02%, 0.15bp higher than that of the first batch. - The share increase of Science and Technology Innovation Bond ETFs came from new - issued funds. As of September 26, 2025, the top three products in terms of share were Science and Technology Innovation Bond ETF Harvest, Science and Technology Innovation Bond ETF Penghua, and Science and Technology Innovation Bond ETF China Merchants, with shares of 198.23 million, 191.38 million, and 184.67 million respectively, and the share changes compared with September 19, 2025 were - 0.38 million, 17.60 million, and 39.05 million respectively. As of September 26, the cumulative share of new - issued products was 1296.6 million. - The net values of the second - batch products were generally in the forefront. As of September 26, 2025, the top three products in terms of net value among 24 Science and Technology Innovation Bond ETFs were Science and Technology Innovation Bond ETF Yongying, Science and Technology Innovation Bond ETF Yin Hua, and Science and Technology Innovation Bond ETF Taikang, with net values of 0.9988, 0.9984, and 0.9983 respectively [25][26][28]. 1.5 部分债券 ETF 净流入情况 - In terms of weekly inflows, the top three bond ETFs with the highest cumulative inflows this week were Treasury - bond ETF Dongcai, Benchmark Treasury - bond ETF, and National - Development - Bond ETF, with inflows of 8.98 million, 8.42 million, and 0.17 million yuan respectively. - In terms of monthly inflows, the top three bond ETFs with the highest cumulative inflows this month were Urban - investment - bond ETF, 30 - year Treasury - bond ETF, and Benchmark Treasury - bond ETF, with inflows of 84.65 million, 15.31 million, and 14.37 million yuan respectively. - In terms of cumulative inflows in trading days, the top three bond ETFs with the highest cumulative inflows in the past 10 trading days were Treasury - bond ETF Dongcai (9.59 million yuan), Benchmark Treasury - bond ETF (6.02 million yuan), and Urban - investment - bond ETF (4.58 million yuan); the top three in the past 20 trading days were Urban - investment - bond ETF (84.65 million yuan), 30 - year Treasury - bond ETF (15.31 million yuan), and Benchmark Treasury - bond ETF (14.37 million yuan) [5][30].

Meeting Overview - The shareholder meeting was held on September 26, 2025, at the headquarters of Southwest Securities [1] - The meeting was chaired by Chairman Jiang Donglin, and both on-site and online voting methods were utilized [1] - All 9 current directors attended the meeting, along with the company secretary and other senior management [1] Resolutions Passed - The proposal to amend the company's articles of association and related rules was approved, resulting in the dissolution of the supervisory board and the removal of certain supervisors [1] - The proposal to revise the remuneration and assessment management methods for directors and supervisors was also approved [1] - The proposal to appoint an intermediary for the 2025 financial report and internal control audit was approved [1][2] Legal Compliance - The meeting was witnessed by Shanghai Jintiancheng (Chongqing) Law Firm, confirming that the meeting's procedures and resolutions complied with relevant laws and regulations [2]

（以下简称《公司章程》）《西南证券股份有限公司信息披露事务管理规定》，制 定本规定。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会（以下简称中国证监会）和上海证 券交易所规定或者要求披露的内容，适用本规定。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第二章 适用情形与条件 第四条 公司和其他信息披露义务人有确实充分的证据证明拟披露的信息涉 及国家秘密或者其他因披露可能导致违反国家保密规定、管理要求的事项（以下 统称国家秘密），依法豁免披露。 西南证券股份有限公司 信息披露暂缓与豁免管理规定 第一章 总则 第一条 为了规范西南证券股份有限公司（以下简称公司）和其他信息披露 义务人信息披露暂缓、豁免行为，加强信息披露监管，保护投资者合法权益，根 据《中华人民共和国保守国家秘密法》《中华人民共和国证券法》《上市公司信息 披露管理办法》等法律法规、规章、规范性文件和《西南证券股份有限公司章程》 第五条 公司和其他信息披露义 ...