外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.37%。 2025年4月30日，爱旭股份(600732.SH)发布2025年第一季报。截至2025年4月30日，共有30个机构投资 者披露持有爱旭股份A股股份，合计持股量达5.75亿股，占爱旭股份总股本的31.43%。其中，前十大机 构投资者包括珠海横琴舜和企业管理合伙企业(有限合伙)、和谐天明投资管理(北京)有限公司-义乌奇光 股权投资合伙企业(有限合伙)、香港中央结算有限公司、上海新达浦宏投资合伙企业(有限合伙)、广发 证券股份有限公司、义乌市衡英企业管理合伙企业(有限合伙)、上海浦东发展银行股份有限公司-广发高 端制造股票型发起式证券投资基金、中国银行股份有限公司-华泰柏瑞中证光伏产业交易型开放式指数 证券投资基金、交通银行-汇丰晋信动态策略混合型证券投资基金、易方达环保主题混合A，前十大机 构投资者合计持股比例达29.81%。相较于上一季度，前十大机构持股比例合计下跌了1.40个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计7个，主要包括光伏ETF、汇丰晋信时代先锋混 合A、鹏华新能源精选混 ...

Group 1 - The central political bureau meeting emphasized the importance of maintaining a "sustained, stable, and active capital market," indicating a strong commitment from the government towards capital market development [2][3][4] - Securities firms are actively supporting the stock market through share buyback and shareholder increase plans, reflecting confidence in the long-term investment value of A-shares [6][7] - The meeting's focus on "sustained stability and active capital markets" suggests that new policies aimed at enhancing market activity are expected to be implemented soon, which will further promote high-quality development in the capital market [8][9] Group 2 - Insurance companies are planning to increase their equity asset allocation, focusing on core A-share assets and sectors such as banking, transportation, public utilities, telecommunications, and pharmaceuticals [12][14] - The first quarter saw insurance funds increasing their holdings in sectors like pharmaceuticals, steel, and home appliances, indicating a strategic shift towards sectors with growth potential [13] - Insurance funds are expected to inject significant capital into the market, with projections of annual inflows of approximately 600 billion to 800 billion yuan over the next three years, driven by a demand for high-dividend stocks [15] Group 3 - Public funds are optimistic about the capital market, planning to increase their A-share allocations and focus on structural opportunities in technology and consumption sectors [16][18] - The meeting's emphasis on stability and activity in the capital market is seen as a positive signal for future policy measures, which are expected to support economic growth and enhance market liquidity [17][19] - Fund managers are identifying six key investment opportunities, including technology innovation, consumption upgrades, infrastructure, real estate transformation, green economy, and capital market reforms [19]

证券代码：600369 证券简称：西南证券 公告编号：临2025－013 西南证券股份有限公司 关于控股股东变更及相关权益变动的进展公告 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、控股股东变更的进展情况 1 2025 年 1 月，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）1,960,661,852股，占公司总股本的29.51%。 本次收购完成后，渝富资本将不再持有公司股权，渝富控股将直接持有公司 1,960,661,852 股，占公司总股本的 29.51%，为公司控股股东。公司实际控制人 仍为重庆市国有资产监督管理委员会（以下简称重庆市国资委）。 更登记手续已办理完成。 公司本次控股股东变更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。 二、相关权益变动的进展情况 2025 年 2 月，渝富控股通过 ...

Group 1: Industry Overview - In 2024, the brokerage industry experienced significant recovery and growth due to policy support and improved market conditions [1] - Southwest Securities, a leading brokerage firm in the western region, reported impressive operating results [1] Group 2: Financial Performance - The company achieved operating revenue of 2.566 billion yuan, a year-on-year increase of 10.17% [1] - Profit before tax reached 836 million yuan, reflecting a year-on-year growth of 58.48% [1] - The net profit margin improved to 27.26%, indicating a stable and positive profitability trend [1] Group 3: Business Growth - The brokerage business saw significant growth in client asset scale, financing business, and institutional accounts [1] - By the end of 2024, the total number of clients exceeded 2.1 million, a year-on-year increase of approximately 27% [1] - Total client assets surpassed 480 billion yuan, with a year-on-year growth of about 11% [1] - The balance of financing business increased by approximately 21% year-on-year [1] - The number of new institutional accounts grew by about 48% year-on-year [1] Group 4: Proprietary and Asset Management Business - The proprietary business generated operating revenue of 545 million yuan, a year-on-year increase of 70.95% [1] - The gross profit margin for proprietary business remained high at 81.10% [1] - The asset management business expanded with 44 ongoing asset management plans, managing a total net value of 13.799 billion yuan by the end of 2024 [1] Group 5: Investor Protection and Dividend Policy - The company has been recognized as "Excellent" in investor protection work for five consecutive years by the China Securities Regulatory Commission [2] - The company plans to distribute a cash dividend of 0.65 yuan per 10 shares for the 2024 fiscal year, with a payout ratio exceeding 60% [2] - Over the past three years, the total cash dividends (including buybacks) amounted to approximately twice the average annual profit during that period [2] Group 6: Future Outlook - The company aims to deepen reforms, enhance development and safety coordination, and boost confidence in growth [2] - The goal is to solidify the recovery trend and achieve high-quality progress towards becoming "Western Leading, Nationally Positioned, and Recognizable in Chongqing" [2]

Group 1: Company Performance and Strategy - The company aims for long-term business sustainability, rejecting short-term competition and low-quality products [2] - In 2024, the company plans to restore high-quality products, with positive consumer feedback on new packaging and quality [2] - As of April 2025, the company has nearly 1,000 online stores, with 400 newly opened in 2025, aiming to reach around 2,000 by year-end [2] Group 2: Product and Market Development - The company’s light luxury series includes men's, women's, and underwear categories, with over 2,600 SKUs from franchise partners [4] - The company expects high-quality growth in GMV for 2025 compared to 2024 [4] - The company plans to open its first fixed store in June 2025, focusing on a limited number of high-quality products [3] Group 3: Marketing and Sales Channels - The company will adopt a more rational approach to marketing expenditures in 2025, aiming to enhance efficiency [6] - The overall GMV growth for the brand remains around 30%, with a significant increase in sales on the Alibaba platform [7] - The company is exploring partnerships with retail formats in Shanghai and surrounding areas for multi-category stores [8] Group 4: Financial Performance - The gross profit margin for the company's sales in 2024 is projected to be around 10% [6] - The company reported a net profit of 3,335.74 million yuan for the previous year [8] - The company’s GMV profit conversion rate is not directly comparable to previous years due to changes in revenue structure [6]

原材料成本压力增大拖累毛利，盈利亟待修复。1、24年毛利率28.8%，同比+2.0pp；25Q1毛利率19.5%， 同比-11.0pp。25Q1毛利率下滑较多主要系原材料成本压力，受内蒙水灾影响葵花籽价格虽然Q1环比有所 下降但是依然高于去年同期，部分坚果原材料如巴旦木、腰果受关税影响价格上涨。2、24年销售费用率 10.0%，同比+0.9pp；25Q1销售费用率10.6%，同比-1.8pp。24年管理费用率4.3%，同比+0.1pp；25Q1管理 费用率4.6%，同比+0.9pp。规模效应虽有减弱，但费用率基本保持平稳。3、24年净利率11.9%，同比 +0.1pp；25Q1净利率4.9%，同比-8.3pp；由于费用管控得当，净利率下滑幅度小于毛利率。 经营节奏稳健，静待龙头穿越周期。渠道方面，公司拓展下沉市场专业经销商、探索核心城市联合业代模 式，瓜子业务与餐饮、零食专营等新兴渠道深度合作，坚果业务加大年节坚果团购及礼盒渠道终端开拓迎 合行业礼赠场景修复。成本方面，公司加码上游原料布局强化原料掌控，国葵种植面积进一步提升，新采 购季葵花籽原材料价格后续有望回落带来成本改善，坚果业务规模效应逐步凸显以及原材 ...

西南证券股份有限公司龚梦泓近期对德尔玛（301332）进行研究并发布了研究报告《水健康增长良好，降 本增效成果明显》，给予德尔玛增持评级。 风险提示：原材料价格反弹、海外需求不及预期、汇率波动等风险。 证券之星数据中心根据近三年发布的研报数据计算，东北证券赵哲研究员团队对该股研究较为深入，近三 年预测准确度均值为56.05%，其预测2025年度归属净利润为盈利2.02亿，根据现价换算的预测PE为 22.75。 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 沂一年山德 | 研报数 覆盖时长 | | 2025 预测 | 2026 页测 | 2027 面测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | 净利润(元) | 净利润(元) | 净利润(元) | (70) | | 2025-04-25 | 华泰证券 | 樊俊豪 | - | -- | 1 | 1.65亿 | 1.77亿 | 1.87 Z | 11.16 | | 2025-04-25 | 申万宏源 | 刘正 ...

Core Viewpoint - The establishment of the "Guojin Future 2025-11" knowledge property asset-backed special plan marks the sixth knowledge property ABS launched in 2023, indicating a growing trend in the knowledge property securitization market in China [1][2]. Industry Development - Knowledge property securitization involves institutions issuing securities backed by their intellectual property or related debts, which has gained momentum since 2015 due to supportive policies [2]. - As of April 25, 2023, a total of 128 knowledge property ABS have been issued in China, with a cumulative issuance scale of 21.751 billion yuan, and six new ABS issued this year totaling 734 million yuan [3]. Market Trends - The issuance of knowledge property ABS is becoming more diverse, with an increasing number of participating institutions, now totaling 32 [3]. - The concentration of issuance is notable, with three main institutions dominating the market, particularly Shenzhen High-tech Investment Microfinance Co., which has issued 43 knowledge property ABS totaling 9.183 billion yuan, accounting for 42.22% of the market [4]. Product Characteristics - Due to the lower credit ratings of underlying small and medium-sized tech enterprises, many knowledge property ABS incorporate both internal and external credit enhancements to meet issuance requirements [4]. - The complexity of knowledge property valuation and its weak correlation with cash flows from underlying assets pose challenges for independent credit ratings, necessitating reliance on external credit enhancement [6][7]. Future Outlook - The Chinese government is committed to enhancing the innovation environment, which is expected to drive rapid growth in knowledge property projects and improve valuation standards and legal protections [5]. - Recommendations for overcoming current challenges include improving the intellectual property valuation system, innovating asset models, and optimizing the market environment to enhance liquidity [8].

证券代码：600369 证券简称：西南证券 公告编号：临 2025-010 （二）陈林监事履职考核事项 西南证券股份有限公司（以下简称公司）第十届监事会第八次会议，于2025 年4月15日以电子邮件方式发出会议通知和相关材料，于2025年4月25日在公司总 部大楼以现场方式召开。本次会议应出席监事3人，实际出席监事3人，陈林监事 因工作原因未能亲自出席本次会议，委托倪月敏监事会主席出席会议并代为行使 表决权及签署相关文件。本次会议由倪月敏监事会主席主持，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并通过以下议案： 一、关于确认公司监事2024年度履职考核结果的议案 西南证券股份有限公司 第十届监事会第八次会议决议公告 本议案分3项表决，表决情况如下： 本公司监事会及全体监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）倪月敏监事会主席履职考核事项 重要内容提示： 陈林监事因工作原因未能亲自出席本次监事会会议。 表决结果：[ 2 ]票同意，[ 0 ]票反对，[ 0 ]票弃权 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-009 西南证券股份有限公司 第十届董事会第十五次会议决议公告 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）第十届董事会第十五次会议于 2025 年 4 月 15 日以电子邮件方式发出会议通知和相关材料，于 2025 年 4 月 25 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 9 人，实际出席董事 9 人，姜栋林董事长、杨雨松董事、李军董事、张敏董事、谭鹏董事、江峡董事、 黄琳独立董事、付宏恩独立董事出席现场会议，徐秉晖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、关于公司 2024 年度董事会工作报告的议案 表决结果：[ 9 ]票同意，[ 0 ]票反对，[ 0 ]票弃权，审议通过该议案。 本议案尚需提交公司股东大会审议。 二、 ...