Investment Banking and Brokerage

SWSC

SWSC released FY2026 Q1 earnings on April 28 Pre-Market (BJT), actual revenue CNY 775.08 M, actual EPS CNY 0.05

SWSC to Release FY2026 Q1 Earnings Report on April 30 Pre-Market (BJT)

SWSC to release FY2025 earnings on March 31, 2026 (BJT), forecast revenue CNY 3.238 B, EPS CNY 0.12

Chongqing Jianyuan X zs Private Equity Investment Fund Partnership Founded

SWSC released FY2025 Q3 earnings on October 30 Pre-Market (BJT), actual revenue CNY 1.029 B, actual EPS CNY 0.0549

SWSC released FY2025 9 Months Earnings on October 30 Pre-Market (BJT), actual revenue CNY 2.518 B, actual EPS CNY 0.1172

SWSC to Release FY2025 Q3 Earnings Report on October 31 Pre-Market BJT

SWSC released FY2025 Semi-Annual earnings on August 14 Pre-Market (BJT), actual revenue CNY 1.489 B, actual EPS CNY 0.06

SWSC released FY2025 Q2 earnings on August 14 Pre-Market (BJT), actual revenue CNY 889.47 M, actual EPS CNY 0.0222

SWSC to Release FY2025 Semi-Annual Earnings on August 15, 2025 (BJT)

Southwest Securities Maintains BBB ESG Rating

SWSC released FY2024 Annual Earnings on April 25 Post-Market (BJT), actual revenue CNY 2.536 B (forecast CNY 2.396 B), actual EPS CNY 0.11 (forecast CNY 0.1)

SWSC released FY2024 Q4 earnings on April 25, 2025 (BJT) with actual revenue of CNY 772.08 M and actual EPS of CNY 0.0457

Southwest Securities Net Profit Up 16.13% in 2024

SWSC released FY2025 Q1 earnings on April 25 During-Market (BJT), actual revenue CNY 613.67 M, actual EPS CNY 0.04

SWSC to Release FY2025 Q1 Earnings Report on April 26 During-Market BJT

SWSC to release FY2024 earnings on April 26, 2025 (BJT), forecast revenue CNY 2.396 B, EPS CNY 0.1

Launch of the Chinese Version of the Stabilization Fund Boosts Confidence in the Capital Market

China Securities Regulatory Commission Imposes Corrective Administrative Supervision Measures on Southwest Securities

SWSC released FY2024 9 Months Earnings on October 30 After-Market (BJT), with actual revenue of 1.764 B CNY and EPS of 0.0687 CNY

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The large financial sector of A-shares saw localized movements, with HTGF hitting the daily limit, and Bohai Leasing, CNPCCCL, FCSC, SWSC, GUOSHENG SECURITIES, and others following the rise

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As of February 6, 28 securities firms have issued 157 bonds this year, raising a total of 419.35 billion yuan, a year-on-year increase of 457.65%. Among them, there are 97 securities company bonds, raising 293.53 billion yuan; 18 subordinated bonds, raising 46.62 billion yuan; and 42 short-term financing bonds, raising 79.2 billion yuan. Since February, several securities firms have been approved to issue bonds at the 10 billion yuan level, including Southwest Securities and CICC

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Yinhua CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

Guotai CSI All Share Investment Banking & Brokerage ETF

The scale of domestic bond issuance by securities firms within the year exceeded 419.3 billion yuan, a year-on-year increase of 458%

SWSC believes that the current market is in a dangerous and divided moment driven by "fiscal dominance," where traditional macro logic has failed, and U.S. stocks and gold have both become tools to hedge against fiat currency credit risk. SWSC's analysis points out that the market implies an interest rate gap of up to 600 basis points, with fiscal risk currently priced in by the extreme rise of gold; the future release of this risk will rely on a path of "gold falling, copper rising, and interest rates declining" for marginal alleviation, and investors should closely monitor the relative changes among these three

- The market is currently in a dangerous and divided phase, with a new "fiscal dominance" stage emerging since 2023, disrupting traditional macroeconomic logic.  
- Key indicators such as gold, copper, and interest rates are essential for assessing systemic risk, as asset pricing now incorporates significant "fiscal risk premiums."  
- Future scenarios include a mild recovery, potential inflationary pressures, or a liquidity crisis, with the U.S. dollar's strength stemming from relative fiscal weaknesses in other economies.

The K-shaped divergence in the pricing of major asset classes – the subsequent evolution of "fiscal risk premium"

According to the Zhitong Finance APP, SWSC announced that the company recently received the "Approval on the Registration of Southwest Securities Co., Ltd. for Public Issuance of Subordinated Corporate Bonds to Professional Investors" (Zheng Jian Xu Ke [2025] No. 2403) issued by the China Securities Regulatory Commission, approving the company's application to publicly issue subordinated corporate bonds with a total face value of no more than 2.4 billion yuan to professional investors

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SWSC has been approved to issue subordinated corporate bonds of no more than 2.4 billion yuan

SWSC announced that its revenue for the third quarter was 1.015 billion yuan, a year-on-year increase of 77.10%; net profit was 283 million yuan, a year-on-year increase of 97.95%. Revenue for the first three quarters was 2.518 billion yuan, a year-on-year increase of 42.75%; net profit was 706 million yuan, a year-on-year increase of 46.11%

SWSC: Net profit in the third quarter was 283 million yuan, a year-on-year increase of 97.95%

On August 22nd, SWSC stated on the interactive platform that the company has established a subsidiary in Hong Kong and is conducting business in accordance with overseas regulations. Currently, the company has not yet engaged in stablecoin-related businesses. At the same time, under the premise of compliance, the company is actively exploring and researching various business opportunities based on its actual situation

SWSC: Has not yet launched any stablecoin-related business

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Brokerage stocks fluctuated and fell, with Changcheng Securities dropping over 6%, and HTGF, SWSC, and Xiangcai Securities also declining

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Brokerage stocks fluctuate lower, Changcheng Securities falls over 6%

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As of August 18, the first batch of brokerage firms' semi-annual reports has been released, with Guosheng Finance, EASTMONEY, HTGF, SWSC, and Yuekai Securities all achieving double growth in revenue and net profit. HTGF's subsidiary, Jianghai Securities, saw a year-on-year net profit increase of 1311.60%. The brokerage sector has attracted attention due to the hot secondary market, and it is expected to enter a new growth period. EASTMONEY's revenue of 6.856 billion yuan ranks first, Jianghai Securities' proprietary business revenue surged by 211.77%, while Yuekai Securities' proprietary business revenue declined by 31.98%

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The first batch of brokerage firms' semi-annual reports is out: 5 brokerage firms saw both revenue and net profit increase, while proprietary trading performance varied

SWSC released its half-year performance for 2025, with revenue of 1.504 billion yuan, a year-on-year increase of 26.23%; net profit attributable to shareholders of 423 million yuan, a year-on-year increase of 24.36%; net profit excluding non-recurring items of 398 million yuan, a year-on-year increase of 14.21%; basic earnings per share of 0.06 yuan. The company plans to distribute a cash dividend of 0.1 yuan (including tax) for every 10 shares to all shareholders

SWSC released its semi-annual performance report, with a net profit attributable to shareholders of 423 million yuan, a year-on-year increase of 24.36%

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