21智讯1月15日电，西南证券公告，预计2025年全年归属于上市公司股东的净利润为10.28亿元到10.98亿 元，同比预增47.00%—57.00%；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为 10.13亿元到10.82亿元，同比预增47.00%—57.00%；主要变动原因为：2025年，公司坚守金融服务实体 经济本源，深耕金融"五篇大文章"，深化业务创新与布局，持续深入打造一流区域投行、特色投行、精 品投行，推动各项业务高质量发展。报告期内，资本市场活跃度回升，公司积极主动把握市场机遇，核 心业务板块经营表现良好，其中财富管理业务、证券投资业务、投资银行业务同比大幅增长，推动公司 整体经营业绩显著提升。 ...

西南证券公告，经公司财务部门初步测算，预计2025年度实现归属于母公司所有者的净利润10.28亿元 到10.98亿元，与上年同期相比，将增加3.29亿元到3.99亿元，同比增加47%到57%。预计2025年度实现 归属于母公司所有者的扣除非经常性损益的净利润10.13亿元到10.82亿元，与上年同期相比，将增加 3.24亿元到3.93亿元，同比增加47%到57%。报告期内，资本市场活跃度回升，公司积极主动把握市场 机遇，核心业务板块经营表现良好，其中 财富管理业务、证券投资业务、投资 银行业务同比大幅增 长，推动公司整体经营业绩显著提升。 ...

西南证券(600369.SH)公告称，西南证券发布2025年度业绩预告，预计归属于母公司所有者的净利润为 10.28亿元到10.98亿元，与上年同期相比增加47%到57%。报告期内，资本市场活跃度回升，公司积极 把握市场机遇， 财富管理、证券投资、投资 银行业务同比大幅增长，推动整体经营业绩显著提升。 ...

Core Insights - The report from Southwest Securities highlights that by 2025, overseas cloud providers will emphasize "cloud service shortages" and "expanding data centers based on demand signals," while increasingly focusing on the commercialization of AI applications. AI investment is transitioning from FOMO CapEx to ROI CapEx [1][2] Group 1: AI Investment Trends - Overseas tech giants are expected to see significant capital expenditure growth in 2024-2025, with increased investment from AI startups and an upward revision of future spending expectations. The industry is currently facing cash flow pressures, prompting tech firms to explore various data center construction methods and financing options [1] - In 2024, some overseas cloud providers indicate that the risk of under-investment in AI is far greater than the risk of over-investment, with AI investments accompanied by FOMO sentiment [2] Group 2: Data Center Efficiency - Data centers are facing power capacity limitations, leading cloud providers to emphasize maximizing tokens output efficiency per watt. This involves optimizing hardware components such as chips, storage, and communication, as well as software stacks and system architectures to enhance computational efficiency [3] - Cloud providers are increasingly focusing on the versatility and flexibility of data center construction to accommodate various generations of GPUs and electrical components, allowing for a flexible switch between training and inference workloads [3] Group 3: AI Model Development - The engineering capabilities of large AI models are continuously improving, with a growing demand for commercializing AI products. Future iterations of AI models will focus on long text, multimodal capabilities, logical reasoning, and tool usage [4] - As the Scaling Law extends from pre-training to reinforcement learning and continuous learning, the requirements for training datasets will evolve, leading to differentiated model capabilities and the emergence of various AI use cases [4] Group 4: Cloud Business Growth - By 2025, overseas AI cloud services are expected to enter a "super large orders + long-term infrastructure" phase, with cloud order amounts ranging from billions to hundreds of billions. The remaining contract amounts for overseas cloud providers are also experiencing rapid growth, indicating a potential acceleration in AI cloud service expansion [5] - The revenue growth of cloud businesses will heavily depend on the pace of capacity rollout, with expectations for accelerated growth as computational capacity is gradually released by 2026 [5]

Core Viewpoint - The home appliance industry in China is expected to remain in a recovery phase in 2026, influenced by high base effects and demand being pre-consumed, while facing a new normal due to "national subsidies" and "tariffs" [1][4] Group 1: 2025 Review - The Shenwan Home Appliance Index rose by 9.1% in 2025, ranking 24th among Shenwan industries [1] - In the first half of 2025, the national subsidy policy was seamlessly extended, enhancing convenience in the online market, leading to a performance alignment with the CSI 300 [1] - In the second half of 2025, the home appliance index lagged behind the market due to a decline in domestic subsidies and uncertainties regarding export tariffs [2] Group 2: 2026 Outlook - Domestic demand is expected to be impacted by high base effects until mid-2026, but a turning point may emerge later [3] - Export-oriented home appliance companies are likely to experience valuation recovery despite uncertainties in Sino-U.S. trade relations [3] - The supply side remains stable, but overseas capacity construction may pressure domestic capacity utilization, leading to potential oversupply in 2026 [3] Group 3: Investment Themes - **Theme One: Focus on Leading Companies** Leading companies are expected to demonstrate resilience in adversity, with high dividend yields becoming attractive as competition intensifies [5][6] - **Theme Two: Focus on Overseas Expansion** Chinese home appliance companies are enhancing their global presence, with traditional markets becoming less sensitive to tariff impacts and emerging markets offering significant growth potential [7] - **Theme Three: Long-term Consumption Upgrade** The trend of consumption upgrade continues, with a focus on innovative product categories and enhanced consumer experiences, despite a temporary slowdown in economic growth [8]

Core Viewpoint - The report from Southwest Securities indicates that the performance of the light industry sector in 2025 is expected to be flat, with cyclical and traditional manufacturing valuations under pressure, while packaging, exports, and personal care sectors show differentiated performance [1] 2025 Sector Review - In 2025, the light industry sector experienced relatively flat performance, with traditional cyclical and manufacturing companies facing valuation pressure. However, the packaging and printing sectors benefited from price increases and cross-industry transformations, leading to better stock performance [1] - The export sector showed some differentiation due to tariff policy disruptions, with companies that have balanced production capacity, strong demand resilience, and low tariff impact performing better [1] - The personal care sector achieved excess returns in the first half of the year but entered a valuation digestion phase in the second half due to intensified competition in e-commerce channels. However, domestic brands are expected to continue their growth trajectory due to product structure optimization and channel expansion [1] 2026 Stock Selection Strategy - The focus will be on undervalued cyclical assets as valuation recovery is anticipated amid changes in the bulk commodity cycle, gradually realizing allocation value [2] - There is a need to balance the valuation and growth potential of new consumption and export sectors, favoring high-growth or low-valuation, high-safety stocks [2] - Four main lines of focus for stock selection include: 1. Gradually emphasizing undervalued cyclical stocks, particularly in the paper sector, which is expected to see price increases driven by "anti-involution" and traditional peak season factors, with net profit per ton likely to recover [2] 2. Export stocks with strong demand resilience and manufacturing capabilities are still considered valuable for allocation, especially those with good growth potential in niche categories and minimal tariff impact [2] 3. Domestic personal care brands are expected to see upward trends in market share and growth potential due to rapid product iteration and competitive pricing [2] 4. New consumption trends in AI glasses, new tobacco products, pet supplies, and trendy toys are expected to continue their upward trajectory, contributing to the growth of the consumption sector [2] Recommended Stocks - Recommended stocks include Sun Paper, Bohui Paper, Weigao Medical, Baiya Co., Nobon Co., Yiyi Co., Mengbaihe, and Gujia Home [3]

证券代码：600369 证券简称：西南证券 公告编号：临2026－001 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）1,960,661,852 股股份，占公司总股 本的 29.51%（有关内容详见相关信息披露义务人于 2025 年 1 月 8 日在上海证券 交易所网站披露的《西南证券股份有限公司收购报告书》）。 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。 ...

Core Viewpoint - The AI medical market has significant potential, and iFlytek Medical Technology (02506) possesses a self-developed foundational large model, continuously enhancing its performance ceiling. The company is the most prominent player in the AI medical sector, benefiting from policy incentives and national projects, warranting ongoing attention [1]. Group 1: Shareholder Actions - Major shareholders, including the parent company iFlytek Co., Ltd. and key investors, voluntarily extended the lock-up period for their shares by one year until December 29, 2026, committing not to reduce their holdings during this period. As of the announcement date, these shareholders collectively held 52,758,395 H-shares, accounting for 68.25% of the total H-share capital and 72.86% of the total share capital [2]. - The voluntary extension of the lock-up period reflects the high recognition of the company's future development by key stakeholders, indirectly confirming the AI medical strategy and long-term growth potential. The high shareholding ratio of core shareholders helps stabilize market growth expectations and supports stock prices positively [3]. Group 2: Technological Advancements - In March 2025, the company launched the "iFlytek Spark Medical Model X1," the only medical deep reasoning model fully trained using domestically produced computing power. In real-world testing, its general auxiliary diagnosis accuracy reached 94.0%. By July 2025, the model's capabilities were upgraded, with the general auxiliary diagnosis accuracy improving to 95.0%, health consultation response rate to 91.5%, and major cardiovascular diagnosis accuracy to 91.2%. The model significantly outperformed international counterparts like OpenAI o3 and DeepSeek R1 in key medical tasks [4]. - The deep integration of the self-developed "Spark" model provides the company with a strong technological barrier, ensuring data security and autonomous control, which are critical for government and large public hospitals. This creates a significant entry advantage in the G-end and B-end markets [4]. Group 3: Market Outlook and Financial Projections - The integration of AI in healthcare is a clear direction for policy growth, with the company positioned to benefit as a leading player. Despite traditional medical IT investments facing pressure, the government emphasizes using AI to enhance grassroots diagnosis and optimize resource allocation, as outlined in various policy documents [5]. - Revenue forecasts for the company are projected at 930 million yuan, 1.21 billion yuan, and 1.58 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-sales ratios of 8.5x, 6.5x, and 5x [5].

Core Viewpoint - The AI medical market has significant potential, and iFlytek Medical Technology (02506) possesses a self-developed foundational model, continuously enhancing its performance ceiling. The company is the primary beneficiary of policy dividends and national projects in the AI medical sector, warranting ongoing attention [1]. Group 1: Shareholder Actions - Major shareholders, including the parent company iFlytek (002230) and key investors, voluntarily extended the lock-up period for their shares by one year until December 29, 2026, committing not to reduce their holdings during this period. As of the announcement date, these shareholders collectively held 52,758,395 H-shares, accounting for 68.25% of the total H-share capital and 72.86% of the total share capital [1][2]. Group 2: Technology and Product Development - In March 2025, the company launched the "iFlytek Spark Medical Model X1," the only medical deep reasoning model fully trained using domestically produced computing power. In real-world testing, its general auxiliary diagnosis accuracy reached 94.0%. By July 2025, the model's capabilities were upgraded, with the general auxiliary diagnosis accuracy improving to 95.0%, and other performance metrics also showing significant enhancements [3]. - The company’s deep reliance on its self-developed "Spark" model, based entirely on domestic computing power, provides two core advantages: strong market entry barriers due to data security and autonomy, especially in government and large public hospitals, and a feedback loop for continuous improvement of the model through accumulated data and application experience [3]. Group 3: Market and Policy Environment - The AI+medical sector is a clear direction for policy growth, with the company positioned to benefit significantly from this trend. Amid tightening fiscal and healthcare cost controls, traditional medical IT investments face pressure, while AI is recognized as a means to enhance grassroots diagnosis and optimize resource allocation, supported by various national policies [4]. - Revenue forecasts for the company are projected at 930 million yuan, 1.21 billion yuan, and 1.58 billion yuan for 2025-2027, with corresponding price-to-sales ratios of 8.5x, 6.5x, and 5x [4].

Core Viewpoint - The announcement by the Interbank Market Dealers Association regarding the evaluation results for member applications to engage in underwriting non-financial corporate debt financing tools for 2025 highlights the approval of several institutions for relevant business qualifications [1][2]. Group 1: Institutions Approved - Institutions such as Huatai United Securities, JPMorgan Chase Bank (China), DBS Bank (China), Shanxi Securities, and Caitong Securities have received qualifications as general underwriters for non-financial corporate debt financing tools [1][2]. - Eight new members, including Caitong Securities and Huatai United Securities, have been designated as general underwriters for non-financial corporate debt financing tools [2]. - Bank of China International Securities has been approved as a special underwriter for technology innovation non-financial corporate debt financing tools [2]. Group 2: Application Process - The evaluation process for the 2025 underwriting business qualifications began on November 14, 2025, with a deadline for applications set for November 28, 2025, during which 37 members submitted their application materials [2]. - The evaluation results were approved by the fifth Bond Market Professional Committee and the fourth Board of Directors of the Association, and subsequently reported to the People's Bank of China [2]. Group 3: Regulatory Requirements - Underwriters are required to establish dedicated departments for underwriting business, appoint specialized personnel, and develop operational procedures, risk management, and internal control systems [4]. - Main underwriters must collaborate with independent main underwriters to conduct underwriting business and can independently engage in underwriting after gaining sufficient experience [4]. Group 4: Membership Classification - The Association classifies underwriters into main underwriters, underwriting members, and intending underwriting members, with main underwriters further divided into general and specialized categories [6][7]. - General main underwriters can engage in all categories of non-financial corporate debt financing tools, while specialized main underwriters can only handle specific categories [6].