每股分配比例 A 股每股现金红利0.01元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/12/29 | － | 2025/12/30 | 2025/12/30 | 差异化分红送转：否 一、通过分配方案的股东会届次和日期 证券代码：600369 证券简称：西南证券 公告编号：临 2025-054 西南证券股份有限公司 2025年第三季度权益分派实施公告 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。 重要内容提示： 西南证券股份有限公司（以下简称公司）2025 年 6 月 20 日的2024年年度股东 大会审议通过《关于公司 2024 年年度利润分配预案和 2025 年中期利润分配授权 的议案》，同意授权公司董事会根据相关监管规定和《公司章程》规定，在符合中 期利润分配的条件下，制定和实施公司 2025 年中期利润分配方案。公司 2025 年 第三季度利润分配方案已经公司 2025 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 格隆汇12月23日丨西南证券(600369.SH)发布2025年第三季度权益分派实施公告，本次利润分配以方案 实施前的公司总股本66.45亿股为基数，每股派发现金红利0.01元（含税），共计派发现金红利6645.11 万元。 本次权益分派股权登记日为：2025年12月29日，除权除息日为：2025年12月30日。 ...

Group 1 - The core focus of the national 14th Five-Year Plan is on accelerating the development of the aerospace and low-altitude economy industries, with approximately 30 provinces and cities incorporating "low-altitude economy" into their plans [1] - Local governments are actively promoting low-altitude economic development, with specific plans from Jiangxi, Jiangsu, Hainan, and Shaanxi highlighting the growth of low-altitude applications and infrastructure [1] - Zero Gravity has secured an order for 66 aircraft models RX1E-A, RX1E-S, and ZG-ONE, aimed at promoting the large-scale application of green aviation products in cultural tourism scenarios [1] Group 2 - High Domain and Southern Test Field have established a national-level flying car test and inspection base, officially recognized at the 2025 World Drone Conference [2] - The Ark80 unmanned aerial system developed by SF Group's Fengyi Technology has received a type certificate from the Civil Aviation Administration of China, marking it as the world's first lift-wing multi-rotor drone to achieve this certification [2] - Changsha has established a low-altitude industry development company and three subsidiaries to manage and implement the city's low-altitude economic development strategy [2] Group 3 - Jianghuai Automobile, Beijing Institute of Technology, and Alter Automotive have officially formed a "Flying Car Joint Laboratory," marking a significant step in low-altitude transportation in Hefei [3] - The Saudi Arabian General Authority of Civil Aviation (GACA) has signed an agreement with Archer Aviation to accelerate the deployment of electric air taxi services nationwide [3]

Industry Overview - The Chinese medical artificial intelligence industry has significant growth potential, driven by policy support for rapid development [1] - The market size of China's medical AI is projected to grow from 2.7 billion RMB in 2019 to 8.8 billion RMB in 2023, with a compound annual growth rate (CAGR) of 33.8%. It is expected to reach 315.7 billion RMB by 2033, with a CAGR of 43.1% from 2023 to 2033 [1] Company Capabilities - The company has developed its own foundational large model, the "Xunfei Xinghuo Medical Large Model X1," which is the only medical deep reasoning model trained entirely on domestic computing power. In real-world testing, its general auxiliary diagnosis accuracy reached 94.0% [2] - As of July 2025, the X1 model's performance has been upgraded, achieving a general auxiliary diagnosis accuracy of 95.0%, with improvements in various metrics such as health consultation response rate at 91.5% [2] Product and Service Development - By the end of 2024, the company has provided products and services to over 70,000 grassroots medical institutions across more than 30 provinces and 670 districts, including over 40 of China's top 100 hospitals [3] - The company's revenue from grassroots medical services grew by 52.3% in the first half of 2025, while the revenue from regional management platform solutions surged by 178.1% [3] - The company's To C business, which includes imaging cloud platforms and post-diagnosis management, saw a revenue growth of 10% in the first half of 2025 [3] Financial Projections - Revenue forecasts for 2025 to 2027 are estimated at 850 million RMB, 1.01 billion RMB, and 1.21 billion RMB, corresponding to price-to-sales (PS) ratios of 10.7x, 9x, and 7.5x respectively [4]

Industry Overview - The Chinese medical artificial intelligence industry has significant growth potential, driven by policy support for rapid development [2] - The market size of China's medical AI is projected to grow from 2.7 billion RMB in 2019 to 8.8 billion RMB in 2023, with a compound annual growth rate (CAGR) of 33.8%. It is expected to reach 315.7 billion RMB by 2033, with a CAGR of 43.1% from 2023 to 2033 [2] Company Capabilities - The company has developed its own foundational large model, the "Xunfei Spark Medical Model X1," which is the only medical deep reasoning model trained entirely on domestically sourced computing power. In real-world testing, its general auxiliary diagnosis accuracy reached 94.0% [3] - As of July 2025, the Xunfei Spark Medical Model achieved further performance upgrades, with the general auxiliary diagnosis accuracy increasing to 95.0%, and other metrics such as health consultation response rate reaching 91.5% [3] Product Matrix and Market Reach - By the end of 2024, the company had provided products and services to over 70,000 grassroots medical institutions across more than 30 provinces and 670 districts, including over 40 of China's top 100 hospitals [4] - The company's revenue from grassroots medical services grew by 52.3% in the first half of 2025, while the revenue from regional management platform solutions surged by 178.1% [4] - The company's To B business saw a 10% revenue decline due to ongoing updates to the large model, while the To C business experienced a 10% revenue growth [4] Revenue Forecast - Projected revenues for 2025, 2026, and 2027 are 850 million RMB, 1.01 billion RMB, and 1.21 billion RMB, respectively, with corresponding price-to-sales (PS) ratios of 10.7x, 9.0x, and 7.5x [5]

Group 1 - The Shanghai Composite Index closed at 3915.20 points, above the annual line, with a change of 0.64% [1] - The total trading volume of A-shares reached 1,198.987 billion yuan [1] - A total of 105 A-shares have surpassed the annual line today, with notable stocks including Tianye Co., Keda Control, and Hainan Highway showing significant deviation rates of 20.54%, 10.05%, and 8.68% respectively [1] Group 2 - The stocks with the highest deviation rates from the annual line include: - Tianye Co. with a price increase of 29.23% and a deviation rate of 20.54% [1] - Keda Control with a price increase of 13.09% and a deviation rate of 10.05% [1] - Hainan Highway with a price increase of 10.03% and a deviation rate of 8.68% [1] - Other stocks that have just crossed the annual line include Weifeng Electronics, Southwest Securities, and China Automotive Research, with smaller deviation rates [1]

Core Viewpoint - Changyu Group has been approved for its initial public offering (IPO) on the Shanghai Stock Exchange, marking it as the 97th company to receive approval this year [1]. Company Overview - Changyu Group primarily engages in the research, production, and sales of zirconium products, specialty nylon products, and fine chemical products [2]. - As of the signing date of the prospectus, Liu Qiyong directly holds 38.90% of Changyu Group's shares, while Liu Ce holds 9.36% directly and has indirect control over an additional 4.94% through partnerships, making them the controlling shareholders with a combined ownership of 53.20% [2]. - The company plans to raise 700 million yuan (approximately 70 million) through its IPO, which will be allocated to projects including 45,000 tons of ultra-pure oxygen zirconium chloride and deep processing, 10,000 tons of high-performance nylon elastomer products, and 1,000 tons of bioceramics and functional ceramics [2]. Key Questions from the Listing Committee - The committee inquired about the trends in gross profit margins for zirconium and specialty nylon products, as well as the differences in sales margins between domestic and international markets, and the potential risks of significant declines in overall operating performance due to decreasing product margins [3]. - The committee also requested clarification on adjustments related to accounting errors, the effectiveness of internal controls regarding revenue recognition, inventory management, and R&D expenses, along with the company's corrective measures [3].

Core Viewpoint - Jiangsu Xihua New Energy Technology Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A shares) and will be listed on the main board of the Shanghai Stock Exchange [1][2]. Group 1: IPO Details - The stock name is "Xihua Technology" with the stock code "603248" [2]. - The IPO will involve a total issuance of 100 million shares at a price of RMB 10.10 per share, representing 21.74% of the total share capital post-issuance [2][3]. - The initial strategic placement was set at 30 million shares, which is 30% of the total issuance, with the final strategic placement amounting to approximately 28.50% of the total issuance [3][4]. Group 2: Subscription and Allocation - The final allocation after the strategic placement resulted in 5,050.4951 million shares for offline issuance and 2,100 million shares for online issuance [3][4]. - The online subscription saw an initial effective subscription multiple of 7,423.41 times, leading to the activation of a mechanism to adjust the allocation between offline and online investors [4]. - The final online issuance quantity was 49,602,000 shares, accounting for 69.37% of the adjusted total, while the offline issuance was 2,190,295.51 shares, making up 30.63% [4][5]. Group 3: Financial Aspects - The total expenses for the IPO amounted to RMB 84.2343 million, including underwriting fees, audit fees, legal fees, and other costs [11]. - The underwriting fees were RMB 55.5 million, while audit and legal fees were RMB 1.33962 million and RMB 0.64151 million, respectively [11]. - The underwriting firm will cover all shares that were not subscribed by investors, totaling 307,509 shares, which is 0.31% of the total issuance [10].

Group 1 - The economic growth target for 2026 is expected to remain around 5%, with an actual growth rate of approximately 4.9% and a nominal GDP growth rate rising to about 4.2% [1][12][49] - Investment in the manufacturing sector is projected to grow by 5.2% driven by high-end and intelligent upgrades, while infrastructure investment is expected to increase by 6% due to major projects [1][30] - Real estate investment is anticipated to see a narrowing decline to -10%, with a focus on stabilizing new housing supply under the "good housing" standard [33][37] Group 2 - The consumer market is expected to grow significantly, with an optimistic forecast of a 5% increase in retail sales, particularly in county-level consumption and services such as healthcare and education [1][43][51] - The CPI and PPI are projected to rebound to 0.5% and a range of -1% to 0, respectively, indicating a focus on price stability [1][12] - The policy environment will continue to be supportive, with fiscal policies maintaining a loose stance, including a budget deficit rate potentially exceeding 4% and an expansion of special bond issuance [1][2][30] Group 3 - Global capital flows are shifting towards a geopolitical orientation, with China transitioning from a recipient of foreign investment to an exporter, particularly in future industries and critical metals [2][30] - The domestic development model is shifting from "investment in things" to "investment in people," aiming for a dynamic balance between efficiency and equity, with a projected increase of nearly 8 trillion yuan in consumer scale during the "14th Five-Year Plan" [2][30] - The economic landscape is showing structural differentiation, with the U.S. experiencing a cooling job market and Europe showing varied economic strength, while emerging markets face slowing growth [2][30]

Core Viewpoint - Southwest Securities (600369) has been awarded the "2025 China Securities Industry Retail Wealth Service Provider Jun Ding Award" by Securities Times, highlighting its significant influence and reputation in the financial sector [1] Group 1: Award Significance - The "Jun Ding Award," initiated by Securities Times under the supervision of the People's Daily, has become a prestigious recognition in the financial industry since its establishment in 2006, acknowledged for its authority, fairness, and industry impact [1] Group 2: Company Strategy and Initiatives - Since 2025, Southwest Securities has implemented national financial strategies and actively promoted the practical application of the "Five Major Articles" in finance, fulfilling its core mission of "financial services for the real economy" [1] - The company emphasizes inclusive finance and customer-centric service, aligning with the new "National Nine Articles" policy requirements [1] - Southwest Securities is enhancing its retail wealth management business transformation through various measures, including strengthening comprehensive financial asset allocation capabilities and optimizing product supply ecosystems [1] - The company has established a product brand matrix centered around "West Securities 50," "West Securities E68," "West Securities Selected," and "West Securities Youyu," while also developing a private equity product shelf focused on "whitelist," "regional characteristics," and "asset management FOF" [1] Group 3: Future Goals - Looking ahead, Southwest Securities aims to continue following the guidance of the "Five Major Articles" in finance, focusing on its primary responsibilities and deepening the transformation of wealth management business [1] - The company seeks to enhance the new productive forces of wealth management and improve residents' wealth management experience, striving to achieve its strategic goals of "leading in the West, advancing nationally, and enhancing recognition in Chongqing" [1]