长江商报消息●长江商报记者 徐佳 重庆市第一家上市金融机构西南证券（600369.SH）抛出大手笔再融资计划。 而西南证券控股股东渝富资本为渝富控股的全资子公司，重庆水务环境集团为渝富控股的控股子公司，渝富控股 及重庆水务环境集团为西南证券的关联方，因此本次发行构成关联交易。 资料显示，渝富控股的主营业务包括金融领域、战略新兴产业领域和其他有投资价值领域的资本运营等；重庆水 务环境集团的主营业务聚焦城乡供排水、环境综合治理服务、水利水电建设运营三大产业。两家公司最终实控人 均为重庆市国资委。 作为重庆市第一家上市金融机构，西南证券本次定增获得地方国资真金白银支持，也为其增强服务地方经济的"造 血"能力提供重要支撑。 西南证券同时表示，通过补充资本金，破解资本约束难题，增强经营韧性，为公司后续深度服务实体经济发展， 积极融入成渝地区双城经济圈建设、西部陆海新通道建设、西部金融中心建设等国家及区域重大战略提供资本支 持；助力公司持续夯实发展基础，抢抓行业发展机遇，切实将资本优势转化为发展优势、服务优势，推动公司在 服务国家战略与地方经济中实现高质量可持续发展，充分发挥本土上市金融机构的标杆引领作用，践行金融企业 ...

近期，西南证券发布2026年度A股定增预案，拟募资不超过60亿元，扣除发行费用后将全部用于增加公 司资本金。其中，国资股东合计拟认购25亿元。 从发行方案来看，西南证券本次定增发行数量不超过19.94亿股，占发行前公司总股本的30%，发行对 象包括渝富控股及其一致行动人重庆水务环境集团在内的不超过35名特定对象。其中，渝富控股拟认购 15亿元，重庆水务环境集团拟认购10亿元，两家公司合计拟认购金额达25亿元，占本次拟募资规模的 42%，且承诺本次认购股份自发行结束之日起60个月内不得转让。 股权结构显示，西南证券控股股东渝富资本为渝富控股的全资子公司，重庆水务环境集团为渝富控股的 控股子公司。此次国资股东的鼎力加持，不仅传递出国有资本对券商主业高质量发展的认可，也有效保 障了公司控制权的稳定性。西南证券在定增预案中明确表示，本次发行完成后，渝富资本仍为西南证券 控股股东，重庆市国资委仍为西南证券实际控制人。 东吴证券非银金融首席分析师孙婷表示："2025年以来券商再融资持续活跃，从认购结构看，大股东认 购比例普遍较高，体现了大股东对券商发展前景的看好。" 近年来，监管层优化再融资机制、完善净资本监管指标，一系 ...

今天分享的是：西南证券：新经济、新动能行业洞察系列（二）：新消费演进中的价格与产业洞察 报告共计：26页 本报告为西南证券新经济新动能行业洞察系列第二篇，聚焦新消费演进对宏观经济、价格体系及产业发展的多维影响，指出新消费以信 息技术为驱动、以品质化个性化为导向，是内需大循环的战略支柱，其战略地位随政策持续加码不断提升。 新消费成为宏观经济结构升级的核心动力，2023年以来最终消费支出对GDP贡献率稳居首位，2025年我国消费对GDP拉动率稳定在3%左 右，显著高于发达经济体。服务消费增长动能突出，2025年服务零售额增速超商品零售额1.7个百分点，商品零售中通讯器材、文化办公 用品等新消费品类增速领跑，旅游、观影等服务消费呈现节日爆发式增长特征。同时，新消费推动传统职业迭代，2025年新增多个消费 升级相关职业与工种，灵活就业成为就业增收重要途径，且灵活就业群体消费倾向更高，形成就业与消费的良性互动。 新消费推动CPI权重重构与价格结构性修复，2021-2025年居住、交通通信CPI权重显著提升，食品烟酒、生活用品及服务权重下降，反映 居民消费从基础刚需向品质升级转变。CPI品类价格呈现分化修复态势，衣着、医 ...

Core Viewpoint - The recent 60 billion yuan private placement plan by Southwest Securities marks a significant event in the brokerage industry, indicating a revival in the refinancing market following new policies introduced by the Shanghai and Shenzhen Stock Exchanges [2][5]. Group 1: Market Trends - The brokerage refinancing market has shifted from a low point to recovery, with several firms successfully completing private placements in 2025, including Guolian Minsheng Securities (2 billion), Guotai Junan Securities (10 billion), and others totaling 60 billion yuan [2][4]. - The total amount raised through private placements by brokerages in 2025 reached 716.89 billion yuan, a fivefold increase compared to 2024 [10]. Group 2: Capital Utilization - The funds raised through private placements are increasingly being allocated to a balanced development strategy rather than solely focusing on proprietary trading, with Southwest Securities planning to invest in securities investment and debt repayment, each not exceeding 15 billion yuan [7][8]. - Other brokerages, such as Tianfeng Securities and Nanjing Securities, have also shown a trend towards diversifying their capital allocation, focusing on wealth management, technology, and compliance [8][9]. Group 3: Strategic Support - The involvement of controlling shareholders in underwriting and committing to long-term holdings has become a common practice, as seen with Southwest Securities and other firms, which enhances market confidence [5][6]. - The regulatory environment has shifted towards differentiated easing, encouraging brokerages to enhance their operational quality and efficiency rather than merely expanding in scale [12].

国资股东合计认购25亿元 根据2月13日西南证券发布的定增预案，本次公司计划向特定对象发行A股股票数量不超过19.94亿股，募集资 金总额不超过60亿元。 又一家券商宣布定增。 2月13日，西南证券发布定增预案，公司计划募集资金不超过60亿元。这是近三年来，除涉及券业并购的定增 案例之外，第5家发布定增方案的上市券商，募集资金将用于业务拓展、信息技术与合规风控建设、优化债务 结构等。 与过往其他券商向大股东发起定增相似，西南证券此次定增也涉及关联交易，发行对象包括渝富控股及其一致 行动人重庆水务环境集团，两家关联方合计认购25亿元。值得注意的是，渝富控股是西南证券现有控股股东渝 富资本的全资控股股东，西南证券目前正处于控股股东变更进程，若后续推进顺利，渝富控股将成为新任控股 股东。 此次定增的推进，既反映出券商破解资本约束、谋求业务扩张的内生需求，也释放出重庆国资持续加码支持西 南证券的明确信号。 西南证券定增预案提示，上述渝富控股、重庆水务环境集团的认购动作，将会触发《上市公司收购管理办法》 规定的要约收购义务。 据悉，本次发行前，渝富控股不直接持有西南证券的股份，其通过渝富资本、重庆水务环境集团及重庆轻纺 ...

Core Viewpoint - Southwest Securities announced a 6 billion yuan private placement just four days after the new refinancing policy was implemented, marking the first deal in the securities industry under the new regulations, which is seen as a significant move to test the waters [1][2][11] Fund Allocation - The 60 billion yuan will be allocated as follows: - Securities investment: up to 1.5 billion yuan - Debt repayment and working capital: up to 1.5 billion yuan - Asset management: up to 900 million yuan - Information technology and compliance risk control: up to 750 million yuan - Investment in subsidiaries: up to 600 million yuan - Wealth management: up to 500 million yuan - Investment banking: up to 250 million yuan - The two largest allocations are for securities investment and debt repayment, indicating that the brokerage is increasing its trading activities and addressing previous debts [4][15] Major Investors - The funding will involve up to 35 investors, with Chongqing state-owned assets committing 2.5 billion yuan, including 1.5 billion yuan from Yufu Holdings and 1 billion yuan from Chongqing Water Environment Group, indicating strong support from major stakeholders [6][16] Lock-up Period - The lock-up period for the investment is set at 60 months, signaling a long-term commitment rather than a short-term speculative approach, which is crucial in the current lukewarm market for brokerage stocks [17] Industry Context - This private placement is part of a broader trend in the securities industry, with several firms having already engaged in similar fundraising efforts since 2025, indicating a recovery in capital raising activities [18][20] - The move reflects a continued "capital replenishment wave" in the industry, with firms preparing for competition in proprietary trading, asset management, and investment banking [20] Regulatory Significance - The timing of this placement, shortly after the new refinancing policy aimed at supporting quality enterprises, suggests that regulators are endorsing this direction, potentially leading to more similar actions from other brokerages [20][21]

Financial Data - In January, China's social financing increased by 7.22 trillion yuan, up by 166.2 billion yuan year-on-year, while RMB loans rose by 4.71 trillion yuan, with a total balance of 276.62 trillion yuan, reflecting a year-on-year growth of 6.1% [1] - The weighted average interest rate for new corporate loans in January was approximately 3.2%, down by about 20 basis points year-on-year, while the rate for personal housing loans remained stable at 3.1% [3] - The M2 money supply grew by 9% year-on-year, and M1 increased by 4.9% [1] Real Estate Market - Data from the National Bureau of Statistics indicated that the month-on-month decline in second-hand housing prices in 70 cities narrowed, with first, second, and third-tier cities seeing reductions of 0.4, 0.2, and 0.1 percentage points respectively [1] - Year-on-year, new and second-hand housing prices in 70 major cities continued to decline, with the rate of decrease further widening [1] Stock Market Performance - The A-share market showed a positive trend in the post-Spring Festival period, with the Shanghai Composite Index rising by 4.85% in the first five trading days of 2024, marking the highest increase in nearly a decade [2] - The Shanghai Composite Index closed down by 1.26% at 4082.07 points on the last trading day before the Spring Festival, with a total market turnover of 2 trillion yuan [4] Regulatory Developments - The China Securities Regulatory Commission (CSRC) imposed strict penalties on Tianfeng Securities for illegal financing and information disclosure violations, with fines totaling 25 million yuan [4] - The State Administration for Market Regulation and the Ministry of Commerce announced enhanced supervision of cross-border e-commerce retail imports, focusing on recall regulations [3] Corporate News - Meituan projected a loss of over 23 billion yuan for the previous year, with continued losses expected in the first quarter of this year, primarily due to a significant decline in operating profit in its core local business segment [6] - The Hong Kong Stock Exchange is considering expanding the scope of confidentiality applications beyond technology and biotech sectors to include traditional industries [5]

此次定增不仅是西南证券在行业转型关键期的重要资本布局，更是2025年以来券商定增破冰后的又一重 要进展，可以看出，在新政落地与证券行业竞争加剧背景下，券商对于补充资本、夯实主业的需求迫 切。 2025年以来，天风证券、中泰证券、南京证券先后完成大额定增落地，西南证券此次在新政发布仅4日 内便推出预案，募资将聚焦证券投资、资产管理、财富管理等七大主业领域，若顺利发行，将为自身服 务区域战略、提升行业竞争力提供支撑。 根据西南证券发布的定增预案，本次向特定对象发行股票数量不超过发行前总股本的30%，即不超过 19.94亿股，募集资金总额上限为60亿元。此次定增预案具体情况如下： 一是募集资金具体投向七大业务板块：从资金分配来看，证券投资、债务偿还两大领域成为募资重点， 同时兼顾业务拓展与风控建设。 财富管理业务：不超过5亿元 投资银行业务：不超过2.5亿元 资产管理业务：不超过9亿元 证券投资业务：不超过15亿元 西南证券2月13日披露60亿元定增预案，成为沪深北交易所2月9日推出优化再融资一揽子措施后，首家 披露大额定增预案的上市券商。 为何推出此次定增？ 增加子公司投入：不超过6亿元 信息技术与合规风控建设： ...

Financial Data - As of the end of January, the social financing scale increased by 8.2% year-on-year, and the broad money supply (M2) grew by 9.0%, significantly higher than the nominal GDP growth rate, creating a favorable monetary environment for economic recovery [3]. Stock Market Adjustments - The Hang Seng Index will increase its constituent stocks from 88 to 90, with the inclusion of CATL, Luoyang Molybdenum, and Laopu Gold, while Zhongsheng Holdings will be removed. These changes will take effect after the market closes on March 6 and will be implemented on March 9 [3]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) announced administrative penalties and market bans against Tianfeng Securities for alleged violations related to financing and information disclosure for Wuhan Contemporary Technology Industry Group [3]. Company News - Southwest Securities plans to issue A-shares to specific investors, raising up to 6 billion yuan to supplement its capital for various business operations [7]. - SAIC Group's subsidiary, SAIC Jin控, will establish a private equity fund with an initial subscription of 2.5 billion yuan, focusing on solid-state batteries and other advanced technologies [8]. - KOTAI Power has decided to terminate its H-share issuance preparations, stating that this decision will not significantly impact its operations [8]. - YG Chip received a notice from the CSRC regarding an investigation for suspected information disclosure violations, while its business activities continue normally [8]. - Meituan expects a loss of 23.3 billion to 24.3 billion yuan for the fiscal year 2025, primarily due to a shift from a profit of approximately 52.4 billion yuan in 2024 to an operational loss in 2025, alongside increased investments in overseas operations [9]. - Zongshen Power plans to swap motorcycle engine-related assets with Longxin General's assets to resolve competition issues and promote clearer business development [9]. Industry Insights - Huatai Securities believes that the advancement of a unified national electricity market will benefit the new power system construction from multiple dimensions, focusing on the accelerated development of energy storage, continuous construction of the main grid, and structural growth in renewable energy demand [11].

Group 1 - Southwest Securities plans to raise up to 6 billion yuan through a private placement of A-shares to supplement its capital [1] - The funds will be used to optimize the company's capital structure and enhance its comprehensive financial service capabilities, market competitiveness, and risk resistance [1] - The issuance will not lead to significant changes in the company's main business operations [1] Group 2 - Hongta Securities has listed properties for sale on the Beijing Property Exchange, with a total value of 263 million yuan [2] - The properties have a book value of only 29.12 million yuan, indicating a substantial appreciation rate of 802.17% [2] - If the sale is completed at the assessed value, Hongta Securities expects to achieve a total profit of 187 million yuan [2] Group 3 - Shouchuang Securities appointed He Feng as the Executive Vice President and Cheng Jialin as the Vice President [3] - The appointments are effective from the date of the board's approval until the end of the current board's term [3] - Both appointees have extensive backgrounds in various roles within the company and related organizations [3]