北京商报讯（记者 郝彦）9月25日，西南证券发布2025年半年度权益分派实施公告表示，将在10月13日进行现金红利发 放，本次利润分配以方案实施前公司总股本66.45亿股为基数，每股派发现金红利0.01元（含税），共计派发现金红利 6645.11万元。 | 股份类别 | 股权登记日 最后交易日 | 除权(息)日 现金红利发放日 | | | --- | --- | --- | --- | | A 股 | 2025/10/10 | 2025/10/13 | 2025/10/13 | ...

Group 1 - The core point of the announcement is that Southwest Securities has declared a cash dividend of 0.01 yuan per share (tax included) for the first half of 2025 [1] - The record date for the dividend is set for October 10, 2025 [1] - The ex-dividend date and the date of cash dividend distribution are both scheduled for October 13, 2025 [1]

证券代码：600369 证券简称：西南证券 公告编号：临 2025-041 西南证券股份有限公司 2025年半年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.01元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/10/10 | － | 2025/10/13 | 2025/10/13 | 差异化分红送转：否 一、通过分配方案的股东大会届次和日期 西南证券股份有限公司（以下简称公司）2025 年 6 月 20 日的2024年年度股 东大会审议通过《关于公司 2024 年年度利润分配预案和 2025 年中期利润分配授 权的议案》，同意授权公司董事会根据相关监管规定和《公司章程》规定，在符 合中期利润分配的条件下，制定和实施公司 2025 年中期利润分配方案。公司 2025 年半年度利润分配方案已经公司 2025 年 ...

Core Viewpoint - The digital transformation in the securities industry is being actively pursued, with companies establishing dedicated leadership and teams to facilitate this process [1] Group 1: Digital Transformation Initiatives - A digital transformation leadership group has been established within the company, led by the chairman and president [1] - A specialized office for digital transformation is responsible for organizing, coordinating, promoting, and evaluating the digital transformation efforts [1] - Each department and line of business has its own digital transformation working group to implement specific initiatives [1]

下游多领域需求回暖，收入盈利能力改善。1)营收端：公司25H1营业收入同比增长25.8%，主要是公司 积极推进下游产品落地，扫地机器人、智能汽车电子、智能视觉等主要细分领域营业收入同比实现较快 增长。2)利润端：公司25H1归母净利润同比增长35.4%，主要是因为公司销量提升规模效应带动利润率 提升，高价值量产品量产并落地，收入增速快于费用增速。公司毛利率进一步改善，毛利率为33.0%， 同比提升0.1pp；净利率为12.1%，同比提升0.9pp。3)费用端：25H1公司期间费用率较上年同期同比缩 窄，销售费用率为1.7%，同比下降0.5pp；管理费用率为2.1%，同比下降0.5pp；研发费用率为20.6%， 同比下降4.3pp，研发投入同比增长4.3%，主要因为公司重视研发、聚焦智能终端应用处理器芯片的技 术迭代。 盈利预测与投资建议。预计2025-2027年公司归母净利润3.5/4.9/6.7亿元。给予公司2026年105倍PE，对 应目标价63元。首次覆盖，给予"买入"评级。 风险提示：市场竞争风险加剧风险；技术研发遭遇瓶颈的风险；晶圆材料价格波动的风险；汇率波动的 风险。 （来源：研报虎） 打造高技术 ...

Core Viewpoint - The recent administrative regulatory measures disclosed by the Hunan Securities Regulatory Bureau highlight ongoing compliance issues within the brokerage industry, signaling a need for improved regulatory adherence and risk management practices [1][6]. Group 1: Regulatory Actions - Hunan Securities Regulatory Bureau issued three administrative measures involving two brokerages, emphasizing the importance of compliance in the brokerage sector [1]. - Huabao Securities' Changsha branch received a warning letter for irregularities in client account solicitation and failure to cooperate with inspections, leading to accountability for the responsible person [2]. - Dong Zhimei, an investment advisor at Northeast Securities' Hunan branch, was warned for investing in external companies and facilitating individual investors in off-market stock options trading [5]. Group 2: Prevalence of Violations - Numerous violations have been reported in the brokerage industry this year, covering various aspects such as account opening, product sales, margin financing, and off-market options [6]. - Specific cases include Shen Gang Securities' failure to diligently verify investor materials during new three-board account openings and Southwest Securities' improper client solicitation practices [6]. - Violations in product sales are also notable, with instances of misleading statements and promotion of fraudulent financial products leading to significant investor losses [6]. Group 3: Underlying Issues - The low entry barriers for the securities industry contribute to a lack of professional competence and compliance awareness among some practitioners, exacerbated by high performance pressures [7]. - The number of new accounts opened reached approximately 17.21 million in the first eight months of the year, a year-on-year increase of about 48%, indicating a surge in brokerage activities and highlighting gaps in investor suitability management [7]. Group 4: Need for Enhanced Suitability Management - The legal obligation of "suitability" requires brokerage firms to ensure that the risk levels of financial products match the risk tolerance of investors [8]. - Previous cases have shown failures in conducting adequate financial status reviews and verifying professional investor qualifications, leading to potential legal repercussions for brokerages [8]. - Strengthening compliance management through staff training and process control is essential for mitigating risks and protecting both investor rights and the brokerage's reputation [8][9].

西南证券在公告中解释称，西证国际证券经营规模较小，占公司整体比重较低，不会对公司日常经营活 动构成重大影响。公司已提前做好相关预案，积极谋划境外业务转型发展。 21世纪经济报道记者注意到，西证国际证券此次退市，尽管受限于规模对西南证券整体影响有限，但对 其境外业务显然还是造成了不小影响。作为西南证券推进国际战略布局的关键一步，西证国际证券被收 入麾下已有十年，但该公司表现始终未能达到预期，近十年已累计亏损超10亿港元。 "摘牌有利于公司境外业务轻装上阵，更聚焦、更高效。"西南证券有关人士回应记者称，公司已提前做 好相关预案，积极谋划境外业务转型发展，下一步将以现有的西证国际投资有限公司为平台，在政策允 许、风险可控的前提下，通过境内境外协同，实现境外业务良性循环发展。 记者丨孙永乐 编辑丨巫燕玲 连年亏损且停牌逾一年后，西南证券（600369.SH）境外子公司的上市之旅正式画上句号。 9月15日，西南证券公告，公司全资子公司西证国际投资有限公司之控股子公司西证国际证券 （0812.HK）因未能于2025年9月3日复牌截止日前达成复牌指引，根据联交所相关上市规则，将自2025 年9月29日起不再具有上市地位。 ...

Core Insights - The core viewpoint of the articles highlights the financial performance of Southwest Securities in the first half of 2025, indicating significant growth in overall revenue and net profit, but a concerning decline in asset management income and profitability [1][2]. Financial Performance - In the first half of 2025, 42 listed securities firms achieved a total operating revenue of 251.9 billion yuan, a year-on-year increase of 31%, and a net profit attributable to shareholders of 104 billion yuan, up 65% [1]. - Southwest Securities reported an operating income of 1.504 billion yuan, a year-on-year increase of 26.23%, and a net profit of 423 million yuan, up 25.76% [2]. Business Segment Analysis - The asset management business of Southwest Securities saw a net income decline of 3.02%, with a total of 21.195 billion yuan in fees [1]. - The brokerage and proprietary trading segments are heavily reliant on market conditions, contributing 84.97% of total revenue, with brokerage income at 819 million yuan and proprietary trading income at 459 million yuan [3][4]. - The asset management segment's net income was only 962.36 million yuan, down 34.72% year-on-year, despite a 28% increase in managed assets to 17.659 billion yuan [4]. Investment Banking Performance - The investment banking segment's net income increased by 88.17% to 99 million yuan in the first half of 2025, but remains significantly lower than historical highs [6]. - Southwest Securities has not had any IPO sponsorship projects approved for over three and a half years, which has negatively impacted its underwriting revenue [7]. Regulatory Issues - The decline in investment banking revenue is attributed to quality control issues, with the company facing regulatory scrutiny for past violations in sponsorship practices [7].

Group 1 - The core viewpoint of the report highlights the performance of Blu-ray Technology (002765.SZ) across three main business segments: power transmission, touch display, and robotics [1] Group 2 - In the power transmission business, the company is experiencing pressure on performance, but is driven by high growth in the new energy sector [1] - The touch display business is seeing a recovery in profitability, with the automotive sector emerging as a new highlight [1] - The robotics business is focusing on technology migration to establish a new growth avenue, creating a second growth curve for the company [1]

连年亏损且停牌逾一年后，西南证券（600369.SH）境外子公司的上市之旅正式画上句号。 9月15日，西南证券公告，公司全资子公司西证国际投资有限公司之控股子公司西证国际证券（0812.HK）因未能于2025年9月3日复牌截止日前达成复牌指 引，根据联交所相关上市规则，将自2025年9月29日起不再具有上市地位。 西南证券在公告中解释称，西证国际证券经营规模较小，占公司整体比重较低，不会对公司日常经营活动构成重大影响。公司已提前做好相关预案，积极谋 划境外业务转型发展。 21世纪经济报道记者注意到，西证国际证券此次退市，尽管受限于规模对西南证券整体影响有限，但对其境外业务显然还是造成了不小影响。作为西南证券 推进国际战略布局的关键一步，西证国际证券被收入麾下已有十年，但该公司表现始终未能达到预期，近十年已累计亏损超10亿港元。 "摘牌有利于公司境外业务轻装上阵，更聚焦、更高效。"西南证券有关人士回应记者称，公司已提前做好相关预案，积极谋划境外业务转型发展，下一步将 以现有的西证国际投资有限公司为平台，在政策允许、风险可控的前提下，通过境内境外协同，实现境外业务良性循环发展。 与此同时，西南证券近期在重庆联合产 ...