2025年以来，西南证券深入贯彻国家金融战略部署，全面推进金融"五篇大文章"落地实践，切实履 行"金融服务实体经济"核心使命。公司坚守普惠金融本源，坚守客户至上服务初心，严格对标新"国九 条"政策要求，多措并举推动零售财富管理业务转型：一是持续强化全品类金融资产配置能力，优化产 品供给生态，搭建以"西证50""西证E68""西证精选""西证有渝"为核心的公募特色产品品牌矩阵，打造 以"白名单""区域特色""资管FOF"为核心的私募产品货架，同步推进机构理财业务布局。 未来，西南证券将持续以金融"五篇大文章"为指引，聚焦主责主业，深化财富管理业务转型，夯实财富 管理新质生产力，持续提升居民财富管理获得感，全力实现"西部领先、全国进位和重庆辨识度"的战略 目标。 作为由人民日报社主管主办的《证券时报》发起的权威奖项，"君鼎奖"自2006年创办以来，已成为财经 领域影响力最大、口碑最卓著的权威评选，其权威性、公正性与行业影响力广受市场各方认可，是金融 机构彰显综合实力的重要荣誉象征。 西南证券（600369）荣膺《证券时报》"2025中国证券业零售财富服务商君鼎奖"。 ...

Investment Rating - The report maintains a "Buy" rating for the company in both A and H shares [7]. Core Insights - The company reported a significant improvement in Q3 performance, with total revenue for the first three quarters reaching 18.244 billion yuan, a year-on-year increase of 27.76%, and a net profit attributable to shareholders of 8.871 billion yuan, up 24.08% year-on-year [1]. - The brokerage business showed remarkable growth, with net income for the first three quarters reaching 6.6 billion yuan, a substantial increase of 80% year-on-year [2]. - Investment income improved, with total investment income for the first three quarters at 7.334 billion yuan, a 2% increase year-on-year, and Q3 alone showing a 33% year-on-year increase [3]. - The investment banking and asset management segments also demonstrated steady growth, with investment banking net income increasing by 22% year-on-year and asset management net income rising by 30% year-on-year [4]. Summary by Sections Q3 Performance - In Q3, the company achieved revenue of 7.723 billion yuan, a year-on-year increase of 64.89% and a quarter-on-quarter increase of 33% [1]. - The net profit for Q3 was 3.686 billion yuan, reflecting a year-on-year growth of 53.45% and a quarter-on-quarter growth of 28.05% [1]. Brokerage Business - The average daily trading volume for the market increased significantly to 1.93 trillion yuan, up 110% year-on-year [2]. - The company is actively transforming its wealth management business, focusing on a digital-driven integrated approach [2]. Investment Income - The company’s financial investment assets reached 382.2 billion yuan by the end of Q3, a 6% increase from the end of Q2 [3]. - The proportion of self-owned equity securities and derivatives to net capital increased to 26.37% from 22.35% at the end of Q2 [3]. Investment Banking and Asset Management - The company’s investment banking revenue for the first three quarters was 510 million yuan, a 22% increase year-on-year, with equity financing reaching 14.1 billion yuan, up 32% year-on-year [4]. - The asset management segment reported net income of 653 million yuan for the first three quarters, a 30% increase year-on-year [4]. Profit Forecast and Valuation - The report adjusts profit forecasts for 2025-2027, estimating net profits of 12.429 billion yuan, 14.307 billion yuan, and 16.511 billion yuan respectively, with corresponding EPS of 1.43, 1.65, and 1.90 yuan [5]. - The target price is set at 25.33 yuan for A shares and 22.57 HKD for H shares, based on a PB valuation of 1.6x and 1.3x for 2025 [5].

Core Viewpoint - Dongguan Securities has updated its IPO progress and revealed its expected operating performance for the first three quarters of 2025, indicating significant revenue and profit growth, but with uneven development across its business segments [1][4]. Financial Performance - For the period from January to September 2025, Dongguan Securities anticipates total operating revenue between 2.344 billion and 2.591 billion yuan, representing a year-on-year growth of 44.93% to 60.18% [1]. - The net profit attributable to shareholders is expected to be between 862 million and 953 million yuan, reflecting a year-on-year increase of 77.77% to 96.48% [1]. - In the first half of 2025, the net income from brokerage business increased by approximately 65%, while investment banking and asset management revenues showed a decline [4][5]. Business Segments - Brokerage business remains the largest revenue contributor, accounting for 49.43% of total operating income in the first half of 2025, with net income from brokerage fees reaching 715.12 million yuan [5][6]. - The self-operated business generated a total income of 105.36 million yuan in the first half of 2025, marking a year-on-year increase of about 14% [4][6]. - Investment banking and asset management revenues have been declining, with investment banking net income at 54.16 million yuan and asset management net income at 27.52 million yuan in the first half of 2025 [6]. Shareholder Structure - The recent update on shareholder structure indicates that Dongguan Securities has undergone significant changes, with major shareholders including Dongguan Investment Control Group and Dongguan Holdings, which collectively hold 75.40% of the shares [9][11]. - The company does not have a controlling shareholder, as no single entity can unilaterally control shareholder meetings [11]. Management Changes - Dongguan Securities has seen changes in its executive team, with new appointments including Yang Yang as President and Wang Wei as Vice President, both bringing extensive experience from other financial institutions [13]. Strategic Focus - The company plans to enhance its wealth management capabilities, focusing on digital transformation, professional team building, and product innovation [15]. - The strategic direction emphasizes a diversified business ecosystem, with a focus on expanding in the Guangdong-Hong Kong-Macao Greater Bay Area and other economically developed coastal regions [15].

Group 1 - The core viewpoint is that securities firms are accelerating the integration of branch offices to enhance operational efficiency and optimize resource allocation amid ongoing digital transformation in the industry [1][3] - As of September 19, 2023, a total of 114 branch offices have been announced for closure by 25 securities firms this year, including 11 subsidiaries and 103 business offices [2] - The firms with the highest number of closures include Guosen Securities with 21, followed by Founder Securities with 13, and Industrial Securities with 12 [2] Group 2 - The integration of branch offices is driven by the need to reduce operational costs and adapt to the shift of investor services to online channels due to advancements in financial technology [3] - Concurrently, securities firms are establishing new subsidiaries in regions with significant potential to enhance wealth management services and improve service quality [4] - The establishment of new regional subsidiaries helps firms integrate local resources, deepen cooperation with local governments and enterprises, and expand service coverage [4]

Core Viewpoint - Western Securities has announced the cancellation of its Bai Shui Cang Jie Road securities business department to enhance the efficiency of its branch operations and support the transformation and rapid development of its wealth management business [1] Group 1 - The decision to close the Bai Shui Cang Jie Road securities business department is part of a broader strategy to improve operational efficiency within the company [1] - The company will handle customer assets, settle securities business, terminate operations, and complete business deregistration in accordance with relevant regulations [1] - This follows a previous announcement in July of the last year regarding the closure of another securities business department located on Donggang East Road in Lanzhou [1]

Core Points - The company has decided to revoke the operations of the Bai Shui Cang Jie Road Securities Business Department to enhance the efficiency of its branch operations and promote the rapid development of its wealth management business [1][2]. Group 1 - The company will handle customer assets, settle securities business, terminate operations, and complete the necessary procedures for business deregistration in accordance with relevant regulations [1]. - The decision aligns with the company's strategy to transform and develop its wealth management services [1].

Core Viewpoint - The company is undergoing a transformation and rapid development of its wealth management business by closing the Bai Shui Cang Jie Road Securities Business Department to improve operational efficiency of its branches [1] Group 1 - The company will handle customer assets, settle securities business, terminate operations, and complete business deregistration in accordance with relevant regulations [1] - The decision to close the business department is part of a broader strategy to enhance the company's operational efficiency [1] - The company will file a record with the local branch of the China Securities Regulatory Commission regarding the closure [1]

Group 1 - The core point of the news is that Western Securities Co., Ltd. has announced the closure of its Bai Shui Cang Jie Road Securities Business Department to enhance operational efficiency and support its wealth management business transformation [1] - The Bai Shui Cang Jie Road Securities Business Department was established in 2017 and is located in Shaanxi Weinan Bai Shui [1] - The company will handle customer assets, settle securities business, terminate operations, and complete business deregistration in accordance with relevant regulations [1] Group 2 - Western Securities recently released its 2025 semi-annual report, showing operating revenue of 2.789 billion yuan, a year-on-year decrease of 16.23% [2] - The net profit attributable to the parent company was 785 million yuan, reflecting a year-on-year increase of 20.09% [2] - The basic earnings per share increased by 20.31% to 0.1759 yuan [2] - The net cash flow from operating activities significantly deteriorated, changing from 3.464 billion yuan in the same period last year to -930 million yuan, a decline of 126.83% [2] - The company attributed this decline to changes in self-operated business investment scale, bond lending business, and repurchase business scale [2]

Core Points - Western Securities announced the decision to close its Baishui Cangjie Road Securities Business Department to promote the transformation and rapid development of its wealth management business [1] - The company aims to improve the operational efficiency of its branches through this closure [1] - The company will handle customer assets, settle securities business, terminate operations, and complete the necessary business deregistration procedures [1] - The closure will be reported to the local branch of the China Securities Regulatory Commission [1]

Core Viewpoint - Western Securities Co., Ltd. is restructuring its wealth management business by closing the Bai Shui Cang Jie Road securities branch to enhance operational efficiency [1] Company Actions - The company has decided to revoke the Bai Shui Cang Jie Road securities branch as part of its strategy to promote rapid development in wealth management [1] - Western Securities will handle customer assets, settle securities business, terminate operations, and complete business deregistration in accordance with relevant regulations [1] - The company will file a record with the local branch of the China Securities Regulatory Commission regarding the closure [1]