SWSC(SH:600369)2024-10-17 07:35Group 1: Company Overview - Southwest Securities has 39 branches across 28 provinces and municipalities in China as of December 31, 2023 [1] - The company operates 71 securities business offices, with 41 located in Chongqing, achieving full coverage in the region [1] Group 2: Financial Performance - In the first half of 2024, the brokerage business revenue reached 5.614 billion CNY, with a year-on-year growth of 2.51% [2] - The total number of clients increased to 1.7255 million, reflecting a year-on-year growth of 70.60% [2] - The company's credit business revenue saw a decline of 29.07% in the first half of 2024, with 43 brokerages reporting similar trends [2] Group 3: Market Trends and Strategies - The brokerage industry is experiencing a trend of mergers and acquisitions, with Southwest Securities positioned as a key player due to its status as a state-owned enterprise in Chongqing [3] - The new public fund commission regulations have led to a significant decline in commission income, with a reported drop of approximately 30% across the industry [3] - Southwest Securities aims to enhance its research capabilities and service offerings to improve market share and client engagement [3]