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]

Group 1 - Morgan Fund Management (China) Co., Ltd. has signed a fund sales agency agreement with China Everbright Bank Co., Ltd. to add it as a sales agency for the Morgan 30-Day Holding Period Bond Fund (Class A code: 023315; Class C code: 023316) [1] - Morgan Fund Management (China) Co., Ltd. has signed a fund sales agency agreement with Southwest Securities Co., Ltd. to add it as a sales agency for the Morgan 30-Day Holding Period Bond Fund (Class A code: 023315; Class C code: 023316) [2] - Morgan Fund Management (China) Co., Ltd. has signed a fund sales agency agreement with Ping An Bank Co., Ltd. to add it as a sales agency for the Morgan 30-Day Holding Period Bond Fund (Class A code: 023315; Class C code: 023316) [3] Group 2 - The specific sales details of the Morgan 30-Day Holding Period Bond Fund can be found in the fund's prospectus, product summary, and related legal documents [1][2][3] - Investors can contact the respective banks or Morgan Fund Management (China) Co., Ltd. for further inquiries regarding the fund [1][2][3]

| | | | | | | | | | | | 离任 | 是否继续在上 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | | | 离任时间 | | | 原定任期到期日 | | | | 原因 | 市公司及其控 | 履行完毕的 | | | | | | | | | | | | | | 股子公司任职 | 公开承诺 | | 江峡 | 第十届董事会董 事、战略与 | ESG | 2025 | 年 5 | 月 | 日 23 | 年 2026 24 | 12 | 月 | 日 | 到龄 退休 | 否 | 否 | | | 委员会委员 | | | | | | | | | | | | | 根据《公司法》《公司章程》等规定，江峡女士的离任未导致公司董事会成 员低于法定最低人数，不会影响公司董事会的正常运作，其辞职报告自送达公司 董事会之日起生效。公司将按照有关规定尽快完成董事补选工作。 证券代码：600369 证券简称：西南证券 公告编号：临 2025-016 西南证 ...

Investment Thesis - The company is expected to benefit from a decline in raw material costs, leading to a significant recovery in profitability, with packaging oil gross margin increasing by 2.28 percentage points to 13.51% and meal gross margin increasing by 3.20 percentage points to 4.65% in 2024 [1][2] - The company plans to expand its distribution channels, with a net increase of 103 distributors to a total of 1,305 in 2024, and online direct sales revenue is projected to grow by 30.22% [1][2] - The company is investing 1 billion yuan to establish a 1 million tons/year edible oil processing project in Weinan, Shaanxi, to capture the consumption upgrade opportunities in the northwest market [1][2] Financial Performance - The company's revenue decreased by 15.12% year-on-year, despite a 3.30% increase in the sales volume of its food processing business, indicating that the revenue decline was primarily due to lower product prices following raw material cost reductions [2] - The company is expected to maintain a favorable gross margin level due to a continued easing of raw material supply and demand in 2025 [2] Product and Market Strategy - The company is focusing on product marketing and market development, optimizing its sales organization, and establishing special teams for recruitment, while also introducing new products such as sesame oil and promoting high-value products like high oleic canola oil and tea oil [2] - The company has five production bases with reasonable capacity utilization, and ongoing projects in Maoming and Changsha are still under construction [2] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.65 yuan, 0.83 yuan, and 1.02 yuan respectively, with corresponding dynamic PE ratios of 15, 12, and 9 times [3] - The company is given a target price of 16.25 yuan based on a 25 times PE for 2025, with a "buy" rating assigned [3]

证券代码：600369 证券简称：西南证券 公告编号：临 2025-015 西南证券股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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。 重要内容提示：? 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度及 2025 年第 一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 5 月 29 日（星期四）10:00-11:00 （二）会议召开地点：上证路演中心 ?会议召开时间：2025 年 5 月 29 日（星期四）10:00-11:00 ?会议召开地点： 上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） ?会议召开方式：上证路演中心网络互动 ?投资者可于 2025 年 5 月 22 日（星期四）至 5 月 28 日（星期三）16:00 前 登录上证路演中心网站首页点 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-015 西南证券股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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。 重要内容提示： 会议召开方式：上证路演中心网络互动 （二）会议召开地点：上证路演中心 投资者可于 2025 年 5 月 22 日（星期四）至 5 月 28 日（星期三）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 dshb@swsc.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 西南证券股份有限公司（以下简称公司）已于 2025 年 4 月 26 日发布公司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者更全面深入地了解 公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 29 日（星期四）10:00-11:00 举行 2024 年度 ...

Group 1 - Recent significant asset restructuring plans have been initiated by several ST or *ST companies, including ST United, *ST Yushun, and *ST Huawang, marking a rare occurrence in the market in recent years [1] - The asset restructuring approaches vary, with *ST Yushun opting for cash acquisitions of three target companies involved in the Enyun Data Center project, while ST United is pursuing asset injection through a well-known mineral water brand [1] - The market's expectations for ST companies are changing, as some companies are facing *ST status due to new delisting regulations, and successful asset acquisitions before the end of 2025 could help them avoid delisting [1][2] Group 2 - The feasibility of mergers and acquisitions for ST companies is gaining attention, as regulatory scrutiny has eased, allowing these companies to participate in the current wave of mergers and acquisitions [2] - The operations of ST stocks can be categorized into two types: those that are designated as *ST after announcing acquisitions and those that are already under *ST status before announcing mergers [2] - The "merger six guidelines" introduced last year have stimulated enthusiasm in the capital market for mergers and acquisitions, with expectations for more benchmark cases to emerge by 2025 [2] Group 3 - ST companies often face challenges such as poor operating conditions and internal control issues, but many are still functioning businesses that can mitigate delisting risks through operational improvements and restructuring [3] - The willingness to improve operations and enhance quality to mitigate delisting risks has notably increased, especially with the new delisting regulations providing a one-year window [3] - It is important to differentiate between asset restructuring and stock price speculation, as past cases have shown that some restructuring efforts led to inflated stock prices without sustainable outcomes [3][4] Group 4 - While market expectations for ST companies' asset restructuring are changing, it is crucial to adopt a comprehensive and rational view of the associated risks, particularly regarding cash transactions that do not require regulatory approval [4] - For ST stocks that have already reached high valuations, achieving lasting valuation support may require significant effort and time [4]