Group 1 - The core viewpoint of the reports indicates that with the launch and market penetration of products like Naisukan, Yijia, Iqumod, and EVER001, the expected revenue for Cloudtop New Medicine (01952) will reach 1.47 billion, 3.07 billion, and 4.2 billion yuan in 2025, 2026, and 2027 respectively [1] - Naisukan is the first and only approved drug for IgA nephropathy in China, with a projected peak sales of 5 billion yuan. It was approved by the National Medical Products Administration in November 2023, filling a significant clinical gap [1] - The patient population for IgA nephropathy in China is estimated to be between 4 to 5 million, with Naisukan expected to generate 350 million yuan in revenue in 2024, and a peak sales potential of 5 billion yuan [1] Group 2 - Iqumod is a new oral treatment for ulcerative colitis, with a peak sales potential of 2 billion yuan. The incidence of ulcerative colitis in China has been rising, with an estimated 918,000 patients by 2030 [2] - The phase III clinical study data for Iqumod showed that 89.6% of patients completed the 40-week maintenance period, significantly higher than the 51.9% in the placebo group [2] - EVER001 is a new generation of covalent reversible BTK inhibitor, showcasing significant potential for international licensing. It is positioned as a potential best-in-class product with high selectivity and efficacy [2] - There are currently no approved drugs for primary membranous nephropathy globally, and the patient population in China is expected to reach 2.7 million by 2032, indicating a substantial unmet clinical need that could drive the international potential for EVER001 [2]

证券代码：600369 证券简称：西南证券 公告编号：临2025－021 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 2025 年 6 月 7 日 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）1,960,661,85 ...

Group 1 - Southwest Securities is the only national comprehensive securities company registered in Chongqing, with 39 branches and 68 business departments nationwide, providing services to over 20,000 clients in Nanchuan since 1997 [3] - The agreement aims to leverage Nanchuan's economic advantages and comprehensive financial services to promote economic and social development through resource integration and complementary advantages [3] - Nanchuan is focusing on the construction goals of "six districts and one highland" and aims to become an important node city in the western land-sea new passage, an advanced manufacturing base, a preferred destination for cultural tourism and health, and a modern agricultural demonstration area [3] Group 2 - The chairman of Southwest Securities, Jiang Donglin, highlighted Nanchuan's obvious geographical advantages, clear industrial planning, and enormous development potential [4] - The company plans to focus on equity financing, investment attraction, and asset revitalization, aiming to provide comprehensive financial services tailored to Nanchuan's actual needs [4] - Nanchuan will offer the utmost sincerity, optimal environment, and practical measures to support Southwest Securities' business expansion in the region [3][4]

Core Viewpoint - The introduction of T0 algorithm trading services by various securities firms marks a significant shift towards personal investors, providing them with automated trading solutions to capitalize on intraday stock price fluctuations [1][6]. Group 1: T0 Algorithm Services Overview - Zhongtai Securities has launched the Qifutong T0 algorithm, designed for high-net-worth clients, enabling intraday trading based on existing holdings [1]. - The T0 algorithm service has been adopted by over 20 securities apps, including Tianfeng Securities and Southwest Securities, with more mid-sized firms preparing to launch similar services [1][5]. - Southwest Securities has introduced the "T0+" algorithm, which optimizes strategies to enhance investment performance and reduce holding costs through AI-driven trading [4]. Group 2: Benefits of T0 Algorithm Trading - T0 algorithm trading aims to increase investment returns by allowing multiple intraday trades to accumulate small price differences, enhancing overall investment returns even in stagnant markets [7]. - The strategy also helps reduce holding costs for investors, particularly those with losing positions, by enabling high sell and low buy operations throughout the day [7]. - Securities firms benefit from increased commission income due to higher trading frequency associated with T0 algorithm services [7]. Group 3: Target Audience and Accessibility - T0 services are primarily targeted at high-net-worth individuals, requiring a minimum asset threshold of 1 million yuan for account opening and a risk tolerance of C3 or higher [8]. - Specific requirements vary among firms, with Tianfeng Securities and招商证券 also setting asset and risk tolerance criteria for clients [8]. Group 4: Market Trends and Competition - The growing trend of T0 algorithm services reflects a competitive landscape among securities firms, with many actively promoting these offerings as a key part of their business strategy [2][5]. - The T0 algorithm service is seen as a significant tool for attracting clients, particularly in a market where technology is increasingly democratizing trading capabilities [2].

证券代码：600369 证券简称：西南证券 公告编号：临2025－020 西南证券股份有限公司董事会 2025 年 5 月 30 日 1 2023 年 8 月 31 日，西南证券股份有限公司（以下简称公司）收到重庆渝富 控股集团有限公司（以下简称渝富控股）转发的《重庆市国有资产监督管理委员 会关于无偿划转重庆水务环境控股集团有限公司 80%股权的通知》（渝国资〔2023〕 351 号），重庆市国有资产监督管理委员会将其持有的重庆水务环境控股集团有 限公司（以下简称重庆水务环境）80%股权无偿划转渝富控股。本次无偿划转事 项完成后，将导致渝富控股间接收购重庆水务环境持有的公司 1.50%股权（详见 公司于 2023 年 9 月 1 日和 9 月 8 日在上海证券交易所网站披露的《关于股东权 益变动的提示性公告》《收购报告书》）。 近日，公司收到《重庆渝富资本运营集团有限公司关于权益变动进展的告知 函》，上述无偿划转事项的相关变更登记手续已办理完成。 特此公告。 西南证券股份有限公司 关于股东权益变动的提示性公告 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 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-018 西南证券股份有限公司 关于董事会秘书变动的公告 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。 西南证券股份有限公司（以下简称公司）董事会于近日收到李军先生辞去公 司董事会秘书的书面报告，具体如下： | | 离任职务 | 离任时间 | 原定任期 | 离任 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | | | 到期日 | 原因 | | | 履行完毕的 | | | | | | | 股子公司任职 | | 公开承诺 | | 李军 | 董事会秘书 | 2025.5.29 | 2026.12.24 | 分工 | 是 | 公司董事、 | 否 | | | | | | 调整 | | 副总经理 | | 根据《中华人民共和国公司法》《公司章程》等规定，李军先生的辞职报告 自送达公司董事会之日起生效。 公司董事会对李军先生在担任董事会秘书期间为 ...

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： 股东大会召开日期：2025年6月20日 证券代码：600369 证券简称：西南证券 公告编号：临 2025-019 西南证券股份有限公司 关于召开2024年年度股东大会的通知 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 一、召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 20 日 14 点 召开地点：西南证券总部大楼 402 会议室（重庆市江北区金沙门路 32 号） (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 20 日 至2025 年 6 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-017 西南证券股份有限公司 第十届董事会第十六次会议决议公告 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）第十届董事会第十六次会议于 2025 年 5 月 23 日以电子邮件方式发出会议通知和相关材料，于 2025 年 5 月 29 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 8 人，实际出席董事 8 人，姜栋林董事长、杨雨松董事、李军董事出席现场会议，张敏董事、谭鹏董 事、黄琳独立董事、徐秉晖独立董事、付宏恩独立董事以视频方式出席会议。公 司部分监事和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以下议案： 一、关于增补公司第十届董事会董事的议案 （一）同意中国建银投资有限责任公司提名，增补龚先念先生（简历附后） 为公司第十届董事会董事，任期自公司股东大会审议通过之日起至本届董事会届 ...

在债市"科技板"建设中大有可为 姜栋林 ◎记者 王彦琳 近期，中国人民银行、国家金融监督管理总局、中国证监会联合推出一揽子金融政策，从货币政策、金 融监管、资本市场建设等多维度发力，贯彻落实中央政治局会议"持续稳定和活跃资本市场"的决策部 署。 西南证券党委书记、董事长姜栋林在接受上海证券报记者专访时表示，近期出台的系列资本市场改革政 策，围绕"稳定市场，服务实体，深化改革"主线，形成多层次、立体化的政策"组合拳"，对资本市场高 质量发展将产生深远、积极的影响。 券商作为资本市场"看门人"和"服务商"，未来如何担当作为？姜栋林表示，西南证券将坚定不移贯彻党 中央决策部署，全力服务国家战略、护航投资者权益、赋能实体经济升级，为构建规范、透明、开放、 有活力、有韧性的资本市场贡献更大力量。 主动融入改革大局 姜栋林表示，此次资本市场新政的出台，是深化金融供给侧结构性改革、服务国家战略的关键举措。作 为资本市场的重要力量，证券行业必须主动融入改革大局。具体来说： 一是坚持服务国家战略，当好科技创新的"助推器"。券商应深度聚焦集成电路、人工智能、新能源等战 略性新兴产业，打造"投资+投行+研究"的大投行生态圈，建立科 ...

Group 1 - The core viewpoint is that the rapid development of artificial intelligence (AI) is reshaping the investment logic in the technology sector, transitioning from a narrative of "value stocks" to "growth stocks" [1][25][26] - The investment strategy in the technology sector is evolving, emphasizing a combination of top-down and bottom-up approaches to capture fundamental changes and opportunities within the industry [1][28] - The proportion of holdings in "hard technology" within public funds has increased significantly, with the share of Sci-Tech Innovation Board stocks rising from 10.31% in H1 2021 to 41.78% in H2 2023, indicating a shift in investment focus [1][29] Group 2 - Active technology funds have shown superior long-term performance compared to passive funds, with an annualized return of 8.98% from January 2014 to April 2025, significantly outperforming passive technology indices [2][10] - A timing strategy based on the CSI TMT Index has been developed, utilizing five effective indicators, achieving a total success rate of 52.36% and an excess annualized return of 11.39% [2][10] - The differentiation in technology sub-sectors is increasing, with a higher degree of industry dispersion, which poses greater challenges for fund managers who previously relied on concentrated positions in single sectors for returns [1][39][42] Group 3 - The investment strategies of active technology funds are categorized into five types, each suited to different market phases, including Beta-type funds focusing on high positions, Alpha-type funds selecting high-growth stocks, and flexible rotation funds [3][11] - The market sentiment, as reflected by financing balances, indicates a shift towards left-side layout trends, with a significant increase in financing balances for AI indices, suggesting a growing bullish sentiment [1][35][33] - The performance of technology stocks is increasingly driven by their ability to convert R&D investments into cash flow and technological barriers, marking a transition from speculative narratives to application-driven evaluations [1][27][26]