华夏时报（www.chinatimes.net.cn）记者 张智 石家庄、崇左摄影报道 "越南榴莲，19块一斤，要不要来看看？"广西凭祥友谊关口岸之外，水果商贩大声招呼着往来游客。 在凭祥，来自东盟的水果随处可见，这里是中国与东盟水果进出口贸易最大的口岸城市，同时，凭祥站也是全国 首个可以办理进出口水果直通运输业务的铁路口岸车站。 6月4日，一列运载174吨榴莲、山竹等水果的中越跨境货物列车，从越南同登站经凭祥口岸抵达中国，随后在铁路 凭祥站发往全国各地。 与此同时，千里之外的石家庄国际陆港专用线内，巨大的龙门吊在轰鸣声中伸出长长的吊钩，将装满货物的集装 箱抓起，从货运堆场运送至中欧班列车体上。当一节一节车体全部装满集装箱后，工作人员一声令下，不远处的 火车头倒退着向车体靠拢，伴随着咔嗒一声，车头和车体无缝连接，在铁路工人固定并检查无误后，铁路发车正 式进入倒计时。 6月11日11时58分，这列满载着机械设备、汽车零配件、服装等货物的中欧班列，正式从石家庄国际陆港专用线出 发，几天以后，它将经过二连浩特口岸，最终驶向俄罗斯首都莫斯科。 这样的一进一出，彰显出我国对外贸易的活力。 而从全国范围来看，东盟也是我国 ...

Core Viewpoint - The management change at Renfu Pharmaceutical is part of a broader transition following the approval of a restructuring plan by its controlling shareholder, which is expected to bring new growth opportunities and challenges for the company [4][5]. Management Changes - Three senior executives, including Director Li Jie, President Deng Xiafei, and Vice President Li Li'e, have resigned due to age-related retirement, with Du Wentao appointed as the new President [1][2][4]. Company Background - Renfu Pharmaceutical, founded in 1993, is a well-established pharmaceutical company primarily engaged in industrial production and pharmaceutical commerce, with a diverse product portfolio including anesthetics and medical devices [5][6]. Financial Performance - In 2024, Renfu Pharmaceutical reported a revenue of 25.435 billion yuan, a year-on-year increase of 3.71%, while net profit attributable to shareholders decreased by 37.70% to 1.33 billion yuan due to factors such as medical insurance cost control and increased expenses [5][8]. Challenges Ahead - The new management faces significant challenges, including the need to innovate and launch new products, optimize cost structures, and enhance profitability amid increasing competition and regulatory pressures [6][8]. Strategic Goals - For 2025, the company aims to achieve revenue exceeding 27 billion yuan and a comprehensive gross profit margin of over 45%, while also focusing on international market expansion [8]. International Market Expansion - Renfu Pharmaceutical's overseas revenue reached 3.235 billion yuan in 2024, growing by 19.88% and accounting for 12.72% of total revenue, with a strong emphasis on the U.S. generic drug market [8]. R&D Investment - The company invested 1.630 billion yuan in R&D in 2024, representing 6.41% of its revenue, to support product upgrades and technological innovation [8].

股票代码：002750 股票简称：龙津退 公告编号：2025-053 昆明龙津药业股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、聘请主办券商的情况说明 昆明龙津药业股份有限公司（以下简称"公司"）于 2025 年 5 月 28 日收到 深圳证券交易所（以下简称"深交所"）送达的《关于昆明龙津药业股份有限公 司股票终止上市的决定》（深证上〔2025〕518 号），深交所决定终止公司股票 上市。 根据深交所《股票上市规则》《关于退市公司进入退市板块挂牌转让的实施 办法》等有关规定，公司股票终止上市后，将转入全国股转公司代为管理的退市 板块（以下简称"退市板块"）进行股份转让。公司应聘请股份转让服务机构， 委托该机构提供进入退市板块挂牌转让服务，并授权其办理证券交易所市场登记 结算系统的股份退出登记、股份重新确认、退市板块的股份初始登记及公司股票 进入退市板块挂牌转让等事宜，保证公司股票在摘牌之日起四十五个交易日内可 以转让。 近日，公司与西南证券股份有限公司（以下简称"西南证券"）签订了《委 托股票转让协议》，委托西南证券作为主办券商，提供股份 ...

Group 1 - The strategic cooperation agreement was signed between Tongliang District People's Government and Southwest Securities Co., Ltd. on June 9, aiming to enhance collaboration in various sectors such as project planning, investment financing, and asset revitalization [1][2] - Tongliang District is focusing on economic development, innovation, and cultural positioning, seeking to leverage the partnership with Southwest Securities to boost industrial upgrades and support state-owned enterprise transformations [1][2] - Southwest Securities, as a comprehensive securities company registered in Chongqing, aims to provide high-quality financial services to support the economic and social development of Chongqing, emphasizing its commitment to deepen cooperation with Tongliang in areas like investment attraction and high-quality investment banking services [2]

自债券市场"科技板"上线以来，市场呈现出积极活跃态势。Wind资讯数据显示，自5月7日至6月9日期 间，全市场科技创新债券发行规模已超4000亿元，其中25家券商成功发行科技创新债券，发行规模合计 达264亿元。 具体来看，截至6月9日，招商证券已发行科技创新债券50亿元，规模居首；中信证券、国泰海通发行规 模均为20亿元，东吴证券发行规模为12亿元，中国银河、中信建投、光大证券、广发证券、国信证券、 申万宏源证券、华西证券、平安证券、西部证券、兴业证券、东方证券发行规模均为10亿元，财通证 券、华泰证券发行规模分别为8亿元、7亿元，华安证券、长城证券、西南证券、万联证券、山西证券、 华福证券、国联民生发行规模均为5亿元，国元证券发行规模为2亿元。 近年来，科技创新在国家发展战略中的重要性愈发凸显。当前，债券市场"科技板"落地已满一月，在此 期间，券商积极响应政策号召，大力推动科技创新债券的申报和发行工作，同时充分利用自身专业优 势，从承销、做市、投资、研究等多个环节服务科技创新债券市场的构建与完善。 截至6月9日，券商合计已发行科技创新债券264亿元，并在承销、做市等多环节持续发力，为科技创新 企业提供精准 ...

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：524286.SZ 证券简称：25 华股 K1 华西证券股份有限公司 2025 年面向专业投资者公开发行科技创 新公司债券（第一期）发行结果公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，并 对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 华西证券股份有限公司（以下简称"发行人"或"公司"）发行不超过100亿元 公司债券已获得中国证券监督管理委员会证监许可〔2025〕366号文注册。根据 《华西证券股份有限公司2025年面向专业投资者公开发行科技创新公司债券（第 一期）发行公告》，华西证券股份有限公司2025年面向专业投资者公开发行科技 创新公司债券（第一期） 本期债券承销机构西南证券股份有限公司及其关联方未参与本期债券的认 购。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》、《深圳证 券交易所公司债券上市规则（2023年修订）》、《深圳证券交易所债券市场投资 者适当性管理办法（2023年修订）》及《关于进一步规范债券发行业务有关事项 的通知》等各项有关要求。 特此公告。 （本页以下无正文） （本页无正文，为《华西证券股份有限公司 2025 年面向专业投资者公 ...