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]

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 ...