转自：证券时报 人民财讯2月13日电，西南证券(600369)2月13日公告，公司拟向特定对象发行A股股票募集资金总额不 超过60亿元。前述资金将全部用于补充公司资本金，优化资本结构，加快相关业务发展。本次发行对象 为包括渝富控股及其一致行动人重庆水务环境集团在内的不超过35名(含35名)特定对象。 ...

西南证券(600369.SH)公告称，公司拟向包括重庆渝富控股集团及其一致行动人 重庆水务环境控股集团 在内的特定对象发行A股股票，募集资金总额不超过60亿元，扣除发行费用后拟全部用于补充公司资本 金，具体用于 财富管理业务、投资 银行业务、资产管理业务、证券投资业务、增加子公司投入、信息 技术与合规风控建设、偿还债务及补充其他营运资金。 ...

西南证券发布研报称，商业航天正式迈入建设期，通信行业开启"星座级Capex"新周期，是2026年最具 确定性的核心主线。商业航天已从前期技术验证与主题探索阶段，进入以规模化星座部署为核心的建设 期。在国家战略高度持续提升、"十五五"规划明确指引的背景下，低轨卫星作为6G"空天地一体化"网络 的关键基础设施，其发展具备明显的政策刚性。同时，低轨轨道与频谱资源高度稀缺且不可再生，全球 可用容量有限，中国在发射与规划层面持续推进，行业具备"必须做、且要抢时间"的战略特征。由此， 商业航天投资逻辑由主题驱动，明确切换至以网络建设为核心的Capex周期。 当前阶段，火箭回收与发射体系完善推动发星成本下降、效率提升，使星座部署由"可行"迈向"可持 续";发射频率提升后，卫星通信质量与覆盖能力同步改善，带动应用场景向更多行业渗透;应用规模扩大 后，收入增长将反哺产业链，推动商业航天由主题投资向可验证的产业周期演进。阶段上看，前期市场 已更多关注"火箭回收"的降本逻辑，后续有望逐步向运载能力提升、发射基地配套及终端侧轮动。 高速光连接是AI算力基础设施升级的重要组成部分，确定性持续增强 随着算力集群规模扩大与通信带宽需求提升 ...

第四季度报告作为年度收官和"十五五"开局前瞻，对国内外经济形势的分析更为全面，西南证券首席经 济学家叶凡认为，应积极主动把握以下几点内容：一是确认全年GDP增长5%等主要目标顺利实现，"十 四五"圆满收官。金融数据表明，适度宽松的货币政策有效支持了实体经济，融资成本低位下行，信贷 结构持续优化。这为下一阶段政策延续提供了实证基础，也坚定了政策定力。二是明确"继续实施好适 度宽松的货币政策"，确保社会融资条件"相对宽松"，使金融总量增长与经济增长、物价预期目标"相匹 配"。这传递了政策连续性和稳定性的明确信号，旨在稳定市场预期。三是将"扎实做好金融'五篇大文 章'"置于突出位置。不仅回顾了科技、绿色、普惠、养老、数字金融等领域贷款的快速增长，更通过专 栏和具体工具描述，揭示了政策重心从总量宽松向结构优化深化的路径。特别是通过再贷款、风险分担 工具与财政贴息、担保的协同，直接激励和引导金融资源流向科技创新、中小微企业、服务消费等扩大 内需和高质量发展的关键领域。四是强调深化利率市场化改革，引导融资成本"低位运行"。重申有管理 的浮动汇率制度，强调"风险中性"和"基本稳定"。宏观审慎与金融稳定委员会的设立、对重点领 ...

Group 1 - The Chongqing state-owned enterprise reform sector increased by 0.61% compared to the previous trading day, with Qianli Technology leading the gains [1] - On the same day, the Shanghai Composite Index closed at 4131.98, up 0.09%, while the Shenzhen Component Index closed at 14160.93, down 0.35% [1] - The trading volume and turnover for Qianli Technology were 347,300 shares and 369 million yuan, respectively, with a price increase of 2.22% [1] Group 2 - The net outflow of main funds in the Chongqing state-owned enterprise reform sector was 2.3995 million yuan, while retail investors saw a net inflow of 4.728 million yuan [2] - The trading data indicates that Qianli Technology had a net inflow of 25.4663 million yuan from main funds, while retail investors had a net outflow of 1.3324 million yuan [3] - The overall performance of stocks in the sector showed mixed results, with some stocks like Qianli Technology and Sanfeng Environment experiencing gains, while others like Chongqing Port and Chongqing Water experienced losses [3]

Group 1 - The core transaction details indicate that Southwest Securities executed a block trade of 780,000 shares on February 10, with a total transaction value of 3.354 million yuan, representing 2.69% of the total trading volume for that day [1][2] - The transaction price was set at 4.3 yuan per share, which reflects a discount of 6.52% compared to the market closing price of 4.6 yuan [1][2] - The buying party for this transaction was Tianfeng Securities Co., Ltd. Shenzhen Branch, while the selling party was Zhongshan Securities Co., Ltd. Hubei Branch [2]

Market Overview - The Chongqing state-owned enterprise reform sector declined by 0.7% compared to the previous trading day, with Chongqing Pharmaceutical Holdings leading the decline [1] - The Shanghai Composite Index closed at 4128.37, up 0.13%, while the Shenzhen Component Index closed at 14210.63, up 0.02% [1] Stock Performance - Notable stock performances include: - Shanghai Sanmao (600689) closed at 14.29, up 0.78% with a trading volume of 30,300 shares and a turnover of 43.27 million yuan - Chongqing Construction (600939) closed at 3.23, up 0.31% with a trading volume of 133,800 shares and a turnover of 43.05 million yuan - Chongqing Pharmaceutical Holdings (000950) closed at 5.90, down 1.83% with a trading volume of 366,700 shares and a turnover of 218 million yuan [1][2] Capital Flow - The Chongqing state-owned enterprise reform sector experienced a net outflow of 119 million yuan from institutional investors, while retail investors saw a net inflow of 62.65 million yuan [2] - The capital flow for individual stocks shows: - Jieling Pickled Vegetables (002507) had a net inflow of 5.71 million yuan from institutional investors, but a net outflow of 13.01 million yuan from retail investors [3] - Chongqing Water (601158) had a net outflow of 3.40 million yuan from institutional investors, with a net inflow of 1.18 million yuan from retail investors [3]

Core Insights - The report from Southwest Securities indicates that first-line treatment for driver gene-negative NSCLC (non-small cell lung cancer) patients primarily relies on PD(L)-1 ± chemotherapy, with projected market sizes for immune drugs in this segment reaching approximately 7.5 billion yuan in China and 18 billion yuan in the U.S. by 2030 [1] Group 1: Market Overview - The driver gene-negative segment accounts for 31% of newly diagnosed NSCLC patients in both China and the U.S. [1] - The projected market size for immune drugs used in first-line treatment of driver gene-negative NSCLC is estimated to be around 7.5 billion yuan in China and 18 billion yuan in the U.S. by 2030 [1] Group 2: Next-Generation Immunotherapy - Next-generation immunotherapy options for NSCLC are advancing, including bispecific antibodies and IO+ADC (immuno-oncology plus antibody-drug conjugates) [2] - Current PD(L)-1 drugs, such as Pembrolizumab and Atezolizumab, have established their clinical position but face limitations in long-term efficacy, particularly in patients with low PD-L1 expression [2] Group 3: Bispecific Antibody Treatment - Bispecific antibodies can bind to two antigens or epitopes, balancing safety and efficacy, with the approval of Ivorisumab in 2024 expected to stimulate interest in PD-(L)1/VEGF therapies [3] - The clinical data and technological pathways for bispecific antibodies are gaining recognition, with the potential for tri-specific antibodies to become a new trend in immuno-oncology treatment [3] Group 4: IO+ADC Treatment - ADCs combine cytotoxic drugs with monoclonal antibodies targeting tumors, offering precise delivery and effective treatment with lower toxicity [3] - Clinical results for TROP2 ADC combined with K-drug show comparable ORR and PFS data to K-drug plus chemotherapy, providing new solutions for patients intolerant to chemotherapy [3]

Core Viewpoint - The company is centralizing its financial management functions at its headquarters to enhance operational efficiency and support business development [1] Group 1: Financial Management Strategy - The company has established a financial shared service center under its finance department to streamline financial operations [1] - The company is implementing technologies such as OCR intelligent recognition, one-click tax reporting, bank-enterprise direct connection, and imaging systems to improve the standardization and automation of financial processes [1] Group 2: Digital Transformation - The company aims to continuously optimize its financial management system in response to external environmental changes and internal management needs [1] - The focus is on accelerating the digital transformation of finance to enhance automation and intelligence, thereby promoting high-quality development [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The bond market is continuously recovering, with the net inflow of interest - rate bond ETFs turning positive. The scale of interest - rate bond and credit - bond ETFs may increase in the future. Short - term financing ETFs are favored due to year - end cash withdrawal and redemption needs, and there may be an opportunity for incremental funds in science - innovation bond ETFs and benchmark market - making credit - bond ETFs after the Chinese New Year [2][6]. 3. Summary According to Relevant Catalogs 3.1 各类债券 ETF 资金净流入情况 (Net Inflow of Funds for Various Bond ETFs) - The bond market is in continuous recovery, and the net inflow of interest - rate bond ETFs has turned positive. Last week, the net inflow of funds for interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs was +1.268 billion yuan, - 7.003 billion yuan, and +1.096 billion yuan respectively, with a total net inflow of - 4.639 billion yuan in the bond ETF market. The scale of the bond ETF market is 721.328 billion yuan, down 0.57% from the previous week's close and 13.01% from the beginning of the year, but its proportion in the total ETF market has increased by 28bp [2][5]. - Short - term financing ETFs, treasury - bond ETFs, and convertible - bond ETFs led in terms of net inflow of funds last week, with amounts of +3.256 billion yuan, +1.293 billion yuan, and +1.096 billion yuan respectively. Science - innovation bond ETFs and benchmark market - making credit - bond ETFs had relatively large net outflows, with amounts of - 8.056 billion yuan and - 2.453 billion yuan respectively [6]. 3.2 各类债券 ETF 份额及代表产品净值走势 (Share and Net Value Trends of Representative Products of Various Bond ETFs) - The shares of short - term financing ETFs and treasury - bond ETFs have increased. As of February 6, 2026, the shares of treasury - bond, policy - financial bond, local - bond, benchmark market - making credit - bond, science - innovation bond, corporate - bond, short - term financing, urban investment - bond, and convertible - bond ETFs changed by +1.8%, 0.0%, - 0.2%, - 2.3%, - 2.8%, 0.0%, +5.0%, +0.9%, and +1.5% respectively compared to the previous week's close, with a total change of +0.3% for bond - type ETFs [12][20]. - The net values of major bond ETFs generally increased, while the net value of convertible - bond ETFs declined. As of February 6, 2026, the net values of 30 - year treasury - bond ETF, policy - financial bond ETF, 0 - 4 - year local - bond ETF, corporate - bond ETF, short - term financing ETF, urban investment - bond ETF, and convertible - bond ETF changed by 0.68%, 0.23%, 0.06%, 0.03%, 0.04%, 0.03%, and - 0.02% respectively compared to the close on January 30, 2026 [21]. 3.3 各基准做市信用债 ETF 份额及净值走势 (Share and Net Value Trends of Each Benchmark Market - Making Credit - Bond ETF) - The shares of existing 8 credit - bond ETFs continued to have a net outflow. As of February 6, 2026, the shares changed by - 2.82%, no change, - 0.91%, no change, - 4.95%, - 1.48%, - 3.74%, and - 2.70% respectively compared to the close on January 30, 2026 [26]. - The net values of the 8 credit - bond ETFs increased slightly. As of February 6, 2026, the net values changed by 0.03%, 0.03%, 0.02%, 0.03%, 0.02%, 0.01%, 0.02%, and 0.01% respectively compared to the close on January 30, 2026 [27]. 3.4 各科创债 ETF 份额及净值走势 (Share and Net Value Trends of Each Science - Innovation Bond ETF) - Most science - innovation bond ETF products had a net outflow of shares. The total net inflow of shares last week was - 67.16 million, a 2.36% decrease from the previous week. The top three products in terms of share size were Science - Innovation Bond ETF Jiashi, Science - Innovation Bond ETF Yinhua, and Science - Innovation Bond ETF Penghua. The top three products with net outflows were Science - Innovation Bond ETF Jiashi, Science - Innovation Bond ETF Huitianfu, and Science - Innovation Bond ETF Fuguo [32][33]. - The net values of science - innovation bond ETFs continued to rise. As of February 6, 2026, the top - ranked products in terms of net value were Science - Innovation Bond ETF Wanjia, Science - Innovation Bond ETF Yongying, and Science - Innovation Bond ETF Huatai Bairui. The median net values of the first - batch and second - batch science - innovation bond ETFs increased by 0.02% and 0.03% respectively compared to the previous week's close [34]. 3.5 上周单只债券 ETF 市场表现情况 (Market Performance of Single Bond ETFs Last Week) - Convertible - bond ETFs led in terms of decline. Most bond ETF product net values increased last week, with 30 - year treasury - bond ETF and 30 - year treasury - bond ETF Boshi leading the increase, up 0.93% and 0.92% respectively. Only convertible - bond ETF and Shanghai - Stock - Exchange Convertible - Bond ETF had a slight decline in net value, down 0.30% and 0.23% respectively [37]. - In terms of premium - discount rates, 30 - year treasury - bond ETF Boshi, 30 - year treasury - bond ETF, and treasury - bond ETF had leading premium rates. Among science - innovation bond ETFs, the premium - discount performance of each product was differentiated, with Science - Innovation Bond ETF Yinhua and Science - Innovation Bond ETF Fuguo having a slight premium [37]. - In terms of scale changes, short - term financing ETF (+3.256 billion yuan), 30 - year treasury - bond ETF (+842 million yuan), and 30 - year treasury - bond ETF Boshi (+831 million yuan) had the highest net inflow of funds [37]. 3.6 基准做市信用债和科创债 ETF 的 PCF 清单边际变化 (Marginal Changes in the PCF Lists of Benchmark Market - Making Credit - Bond and Science - Innovation Bond ETFs) - The estimated change in the modified duration of Credit - Bond ETF Haifutong was relatively large (- 0.14 years). The average modified duration of new bonds added to the PCF lists of Corporate - Bond ETF Nanfang and Credit - Bond ETF Huaxia was 4.35 years and 1.64 years respectively. For products tracking the Shenzhen - Market - Made Corporate - Bond Index, the average modified duration of new bonds added to the PCF lists of Credit - Bond ETF Guangfa, Credit - Bond ETF Boshi, and Credit - Bond ETF Dacheng was 2.78 years, 2.72 years, and 0.21 years respectively [39]. - Bonds such as 26 Zhongjin K1, Shanmei KY07, and 24 Yankuang K4 were repeatedly included in the PCF lists of benchmark market - making credit - bond ETFs, mainly from industries such as Coal II, Non - Banking Finance, Construction, and Public Utilities II. Bonds such as 24 Baju K1, 24 Zhongmei K2, and 25 Zhaozheng K2 were repeatedly removed from the PCF lists of benchmark market - making credit - bond ETFs [40]. - The estimated changes in the modified durations of Science - Innovation Bond ETF Tianhong and Science - Innovation Bond ETF Jiashi were relatively large, - 0.12 years and - 0.09 years respectively. The average modified duration of new bonds added to the PCF list of Science - Innovation Bond ETF Tianhong was significantly longer than that of similar bonds, at 6.53 years. The average modified duration of new bonds added to the PCF list of Science - Innovation Bond ETF Boshi was significantly shorter than that of similar bonds, at 2.26 years [43]. - Bonds such as 25 Zhezi K2, 25CHNG2K, and Jingzi K14 were repeatedly included in the PCF lists of science - innovation bond ETFs, while bonds such as 23 Yuehuanbao K1, 24TCLK1, and 25 Jingzi K2 were removed from multiple science - innovation bond ETFs [45].