西南证券股份有限公司 关于副总经理辞职的公告 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 司副总经理的书面报告。根据相关任命文件，李军先生担任中共西南证券股份有 限公司委员会副书记，具体如下： | | 离任职务 | 离任时间 | 原定任期 | 离任 | 是否继续在上 | | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | | | 到期日 | 原因 | 市公司及其控 股子公司任职 | 具体职务 | 履行完毕的 公开承诺 | | 李军 | 副总经理 | 2025.7.4 | 2026.12.24 | 职务 变动 | 是 | 中共西南证券股 份有限公司委员 会副书记、公司 董事 | 否 | 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副总经理期间为公司发展所做出的贡献表示 衷心感谢！ 证券代码：6003 ...

Core Viewpoint - The China Securities Association has announced the second batch of companies for on-site inspections for initial public offerings (IPOs) in 2025, with a total of 12 companies selected for review [1] Group 1: Selected Companies - The companies selected for the on-site inspections include: - Changyu Group with 700 million - Yisiwei with 1.214 billion - Hengyun Chang with 1.55 billion - Xinmi Technology with 785 million - Aiteke with 1.5 billion - Tianyuan Biochemical with 630 million - Zhenshi Co. with 3.981 billion - Kangrui New Materials with 1.105 billion - Future Materials with 2.446 billion - Electric Science Blue Sky with 1.5 billion - Huigu New Materials with 900 million - Huike Co. with 8.5 billion [1] Group 2: Underwriters - The IPOs are sponsored by various securities firms, including: - Southwest Securities - Guotou Securities - CITIC Securities - Guojin Securities - Huatai United Securities - Guohai Securities - CICC - Guotai Junan - CITIC Securities - CITIC JianTou - CITIC Securities - CICC [1] Group 3: IPO Distribution - The majority of the selected companies are from the main board, with a total of 6 companies listed [1]

Group 1 - Southwest Securities is currently recruiting a Chief Information Officer (CIO) to formulate IT development strategies and participate in business development decisions related to IT [2][3] - The current CIO, Hua Ming, is 59 years old and nearing retirement, having served in the role since August 2022 [3] - The recruitment criteria include a maximum age of 45 for applicants, a bachelor's degree in IT or related fields, and over ten years of relevant work experience [3] Group 2 - The rapid development of information technology is accelerating the digital transformation of the securities industry, with a focus on intelligent and agile business operations [4] - Domestic securities firms are increasing their investment in digital construction and financial technology ecosystems to enhance product design and customer service [4] - Southwest Securities has invested 284 million yuan in IT in 2024, focusing on system construction, daily IT expenses, and personnel salaries [3] Group 3 - There has been a notable trend of changes in CIO positions across several securities firms, including Guolian Minsheng, Hualin Securities, Huaxi Securities, and others [5][6] - Recent appointments include Wu Zherui at Guolian Minsheng, Wu Weizhong at Hualin Securities, and Li Jun at Huaxi Securities, indicating a shift in leadership within the sector [5][6] - The trend of appointing CIOs is seen as a strategic move to enhance financial technology development within these firms [6]

证券时报记者刘艺文 券商人士向证券时报记者表示，此举影响很大。此前，有券商为了留住客户，对投资者的转户申请故意 设置障碍，投资者遭遇转户难题。上述新规要求当日办结，且要提供线上方式办理，一些服务不佳的券 商或面临客户流失的风险，券商之间的客户争夺或将更加激烈。 转户申请要求当日办结 今年5月，上交所发布了《上海证券交易所证券交易业务指南第11号——指定交易业务》，自2025年6月 23日起行。据悉，此举是为提高指定交易业务办理的规范性和便利性。 通俗而言，指定交易，就是要求投资者指定一家券商营业部来买卖上交所的证券，深交所则没有这项制 度。一名投资者最多只能开3个沪A证券账户、3个深A证券账户。如果想在第4家券商用到沪A证券账 户，就要撤销原先在某家券商的指定交易，然后通过新的券商办理指定交易。指定交易可以理解为与某 家券商绑定关系，而撤指定交易则是解除与该券商的绑定关系。 上交所上述新规，最受关注之处，就是明确了券商办理撤销指定交易业务的相关要求。新规称，券商为 投资者办理撤销指定交易业务，应当遵守以下要求： 一是要求当日办结。除投资者未履行交易交收义务等情况外，应当在投资者提出申请的当日为其办理撤 销指定 ...

Core Insights - The landscape of IPO underwriting has changed significantly in the first half of the year, with Guotai Junan Securities and Haitong Securities leading the market with 26 IPO projects accepted, surpassing CITIC Securities, which had held the top position for many years [2][3] Group 1: Market Dynamics - A total of 177 IPO projects were accepted by 38 securities firms in the first half of the year, with the top 12 firms accounting for 73% of the market share [2] - Guotai Junan's projects were primarily focused on the Beijing Stock Exchange, with 18 out of 26 projects coming from this market, representing nearly 70% [3] - CITIC Securities had a more balanced portfolio with 22 accepted projects, including 9 from the Beijing Stock Exchange and 7 from the Sci-Tech Innovation Board [3] Group 2: Competitive Landscape - Other notable firms included Zhongtai Securities and CICC, ranking third and fourth with 14 and 10 accepted projects, respectively [4] - Smaller firms struggled to compete, with 21 firms having accepted fewer than 3 projects, accounting for 56% of the total [5] Group 3: Challenges for Smaller Firms - Many smaller firms lack sufficient project reserves, often resulting in lower quality submissions and difficulties in competing for high-tech projects against larger firms [5][6] - Despite the challenges, some smaller firms managed to secure significant projects in the Shanghai and Shenzhen IPO markets [6] Group 4: Future Strategies - Many firms are focusing on expanding their presence in the Beijing Stock Exchange and New Third Board, viewing these as key growth areas [7] - There is a consensus among firms to enhance their merger and acquisition (M&A) capabilities, with several firms planning to strengthen their resources in this area [7]

Core Viewpoint - The bond market has shifted from a bull market to a volatile market due to various factors including changes in monetary policy, liquidity conditions, and geopolitical events [2][6]. Group 1: Market Trends - The recent rebound in the A-share market has improved market risk sentiment, leading to a decline in government bond futures [1]. - As of June 30, the 30-year government bond futures experienced a significant drop of 0.5%, marking the largest pullback since June 23, with a total decline exceeding 1% [1][4]. - On July 1, the 30-year government bond futures rebounded, rising over 0.3% [1]. Group 2: Influencing Factors - The decline in the bond market is attributed to a tightening of the funding environment, a recovery in risk appetite, and an increase in bond supply [1]. - The net financing amount for interest rate bonds in June was 17,070 million, a slight decrease of 878 million from May, but an increase of 8,612 million compared to the same period in 2024 [5]. Group 3: Future Outlook - Analysts expect the bond market to gradually strengthen in July, despite a weak fundamental backdrop and a loose liquidity environment [1]. - The bond market is anticipated to exhibit a volatile upward trend, with the 10-year and 30-year government bond yields facing resistance levels of 1.6% and 1.8%, respectively [7]. - The liquidity situation is expected to remain stable, supported by the central bank's actions, although fluctuations in funding rates may occur due to tax payments and government bond settlements [8].

对于今年6月以来的债市，西部证券认为，大行持续买短债，央行买断式逆回购有力呵护，叠加基本面数 据表现偏弱、地缘政治冲突加剧，债市利好因素累积增多，收益率基本处于下行通道，但止盈情绪升温制 约债市进一步上涨空间，市场博弈利差挖掘行情。 在近期A股市场震荡走高之际，市场风险情绪好转，国债期货各品种均有所回落。 6月30日，30年期国债期货盘中大跌0.5%，自6月23日以来最大回撤幅度超过1%。不过，7月1日，30年 期国债期货价格有所反弹，一度涨超0.3%。 分析人士指出，近期期债市场回落主要是受资金面收敛、风险偏好回升以及债券供应放量等因素影响。进 入7月份，在基本面偏弱和流动性偏宽松的情况下，债市或逐步走强。 债市进入震荡市 今年以来，在货币政策节奏变化、市场流动性松紧转换以及海外事件驱动等多因素作用下，债市告别单边 牛市，进入震荡市。 今年6月下旬，随着中东局势降温，市场避险情绪走弱，风险偏好再度回归，股债跷跷板打压债市，国债 期货各品种均有所回落。 30年期国债期货自6月23日以来，最大回撤幅度超过1%，10年期国债期货回撤幅度接近0.3%，5年期国 债期货和2年期国债期货也出现了不同程度回撤。 7月1日 ...

Group 1 - On July 1, Yinglian Co., Ltd. experienced a decline of 10.02%, with a deviation of 7% in daily drop, attracting notable speculative buying [1] - The top five buying entities collectively purchased 96.97 million yuan, while the top five selling entities sold 105 million yuan, resulting in a net outflow of 7.69 million yuan [1] - Major buying entities included Guojin Securities Co., Ltd. Ningbo Jiangcheng South Road Securities Business Department, Zhejiang Merchants Securities Co., Ltd. Hangzhou Wuxing Road Securities Business Department, and Southwest Securities Co., Ltd. Chongqing Jinyu Avenue Securities Business Department, with purchases of 23.17 million yuan, 21.03 million yuan, and 13.81 million yuan respectively [1] Group 2 - The largest buying entity, Guojin Securities, had a net purchase of 23.17 million yuan, while the largest selling entity, an institutional proprietary account, had a net sale of 31.71 million yuan [2] - Other significant selling entities included Wanlian Securities Co., Ltd. Guangzhou Zhujiang New Town Securities Business Department and another institutional proprietary account, with net sales of 17.80 million yuan and 4.87 million yuan respectively [2] - The data indicates a significant disparity between buying and selling activities, highlighting potential volatility in Yinglian Co., Ltd.'s stock performance [2]

Core Viewpoint - Hong Kong's digital asset development is entering a new phase, transitioning from institutional preparation to technological integration and scenario advancement, as highlighted in the "Digital Asset Development Policy Declaration 2.0" [1][2] Group 1: Policy Framework - The "LEAP" framework proposed in the policy focuses on optimizing legal and regulatory frameworks, expanding tokenized product categories, promoting application scenarios and cross-sector collaboration, and developing talent and partnerships [1] - The policy emphasizes the importance of stablecoin regulation, with a clear timeline for implementation by August 1, 2025, positioning Hong Kong as a leading jurisdiction for stablecoin legalization and standardization [2] - Tokenization of Real World Assets (RWA) is identified as a key development direction, aiming to bridge the gap between virtual and real economies [2][3] Group 2: Market Implications - The announcement of the first tokenized securities by HashKey Chain in collaboration with GF Securities (Hong Kong) indicates immediate market activity following the policy declaration [3] - The potential for tokenization of commodities such as gold and renewable energy assets is highlighted, which could enhance Hong Kong's role in global commodity finance [3] - The global stablecoin market is projected to reach between $3.7 trillion and $3.9 trillion by 2030, indicating significant growth potential [4] Group 3: Industry Perspectives - Industry leaders express that Hong Kong's proactive approach to stablecoin application signifies its willingness to be a pioneer in financial innovation and public service optimization [5] - The clarity of regulatory design for stablecoin issuers, including reserve management and risk requirements, is expected to broaden market acceptance and integration into financial systems [5] - Future regulatory focus may include detailed guidelines for digital asset service providers and the trading rules for tokenized assets, which are crucial for market entry and liquidity [5]

Market Overview - A-shares experienced a high-to-low reversal today, with banking stocks leading the decline and brokerage stocks showing unusual activity. AI hardware and non-ferrous metal concept stocks surged. The total trading volume for A-shares was 1.58 trillion, down from 1.62 trillion the previous day [1] Banking Sector - The banking sector saw a collective drop, with nearly 20 banking stocks falling over 3%. The banking index closed at 7446.95, down 219.00 points or 2.86% [2][3] - Specific banks that experienced significant declines include Hangzhou Bank (-4.56%), Qingdao Bank (-4.36%), and China Merchants Bank (-3.47%) [2][3] - The decline in banking stocks may be attributed to three factors: profit-taking by market participants, a shift in market style leading to adjustments in high-priced stocks, and increasing expectations of interest rate cuts by the Federal Reserve, which could pressure banks' profit margins [3] Brokerage Sector - The brokerage sector showed signs of collective rallying but ultimately faced a pullback. The brokerage index closed at 10635.91, down 5.19 points or 0.05% [4] - Notable performers in the brokerage sector included Tianfeng Securities (+7.89%) and Nanjing Futures (+6.99%) [4][5] Bull Market Sentiment - Analysts from various brokerages are increasingly optimistic about a potential bull market. Citic Securities predicts a significant bull market for Chinese equity assets, citing synchronized economic and policy cycles in major economies [6][7] - The key strategies suggested for the upcoming period include increasing allocations to Hong Kong stocks, focusing on core assets, and targeting industries less affected by trade tensions [7] - Guotai Junan Securities notes that the current market resembles the conditions of 2019, with improving sentiment towards new and old economic drivers [8] Investment Opportunities - The current bull market phase is characterized by a focus on sectors with high growth potential, including AI hardware, human-like robots, solid-state batteries, and new consumption trends [10] - Analysts suggest that the market is likely to see a significant shift in investment styles, favoring high-quality stocks with potential for valuation recovery [9][10]