格隆汇8月6日｜山西证券研报称，2025年6月，金银珠宝社零同比增长6.1%，终端需求保持稳健增长。 根据中国黄金协会，2025年上半年，我国黄金消费量505.205吨，同比下降3.54%。其中：黄金首饰 199.826吨，同比下降26.00 %；金条及金币264.242吨，同比增长23.69%。高金价抑制黄金首饰消费，轻 克重、设计感强、附加值高的首饰产品仍然受青睐，这类产品使得商家盈利情况较好。金店金条需求仍 然旺盛，但利润较低。地缘冲突加剧与经济不确定性使得黄金避险保值的功能进一步凸显，民间金条和 金币投资需求大幅度增长。工业用金因金盐需求回升，呈现出小幅上涨趋势短期角度，建议积极关注中 报业绩确定性高的公司，推荐潮宏基、老铺黄金，建议关注菜百股份、曼卡龙。预计传统黄金珠宝公司 二季度同店销售改善、营收降幅有所收窄，目前估值水平偏低。若黄金珠宝终端景气度显著恢复，此类 公司基于渠道规模、加盟商资源，有望迎来修复。结合产品结构选股、跟踪终端销售拐点，建议关注周 大生、老凤祥、周六福。 ...

Core Viewpoint - The brokerage sector in A-shares is experiencing significant growth, with the brokerage index rising over 25% since April 8, and many brokerages reporting substantial increases in net profit for the first half of the year, driven by a recovering capital market and favorable policies [1][2][3][8]. Performance Summary - At least 28 listed brokerages have released performance forecasts for the first half of the year, with most reporting a year-on-year net profit growth exceeding 50%, and some large brokerages, such as Shenwan Hongyuan and Guotai Junan, expecting over 100% growth [2][5][6]. - The overall increase in brokerage performance is attributed to the active trading environment in the capital market, which has significantly boosted self-operated investment income and brokerage fee income [8][9]. Factors Supporting Growth - **Fundamental Support**: The active trading environment is expected to continue benefiting brokerage performance, with most brokerages forecasting net profit growth of over 50% for the second half of the year [3][13]. - **Capital Support**: The allocation of equity funds to non-bank financials has increased slightly, indicating potential for further investment in brokerages [14]. - **Policy Support**: Recent policy changes encourage brokerages to focus on improving return on equity (ROE), which may enhance their performance [15]. - **Valuation Levels**: Most brokerages have a price-to-book ratio just above 1, with only about 10 listed brokerages exceeding a ratio of 2, suggesting room for valuation growth [16]. Dividend Yield and Valuation - Several brokerages offer dividend yields above 2%, which is higher than the yield on 10-year government bonds, making them attractive for income-focused investors [1][16][18].

山西证券股份有限公司 2025 年面向专业投资者公开发行 公司债券（第二期）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，山西证券股份有限公司 2025 年面向专业投 资者公开发行公司债券（第二期）符合深圳证券交易所债券上市条件，将于 2025 年 7 月 25 日起在深圳证券交易所上市，并面向专业投资者中的机构投资者交易，交易方式包括匹配成 交、点击成交、询价成交、竞买成交和协商成交。债券相关要素如下： | 债券名称 | 山西证券股份有限公司 2025年面向专业投资者公开发行公司债券 | | --- | --- | | | （第二期） | | 债券简称 | 25 山证 02 | | 债券代码 | 524373 | | 信用评级 | 主体信用评级 AAA，本期债券未设置评级 | | 评级机构 | 中诚信国际信用评级有限责任公司 | | 发行总额（亿元） | 10 | | 债券期限 | 3 年 | | 票面年利率（％） | 1.83 | | 利率形式 | 固定利率 | | 付息频率 | 按年付息 | | 发行日 | 本期债券发行期限为 2025 年 7 月 18 日至 2025 年 7 月 ...

Core Viewpoint - Shanxi Securities Co., Ltd. is issuing its third phase of corporate bonds aimed at professional investors, with a scheduled interest and principal payment date on July 25, 2025 [2][3]. Group 1: Bond Issuance Details - The bond, referred to as "22 Shan Zheng 05" with code 148001.SZ, has been registered for public issuance by the China Securities Regulatory Commission [2]. - The bond has a coupon rate of 2.89%, with a total interest payment of RMB 1,028.90 per bond (including tax) for each RMB 1,000 face value [2][3]. - The interest payment period is from July 25, 2024, to July 24, 2025, with the payment to be made on July 25, 2025 [2]. Group 2: Payment and Taxation Information - The bondholders registered with the China Securities Depository and Clearing Corporation Limited (Shenzhen Branch) as of July 24, 2025, will be eligible for interest and principal payments [3]. - The company will entrust the China Securities Depository and Clearing Corporation to handle the payment process, ensuring funds are transferred to the designated bank account prior to the payment date [3][4]. - Individual bondholders are subject to a 20% personal income tax on the interest earned, which will be withheld at the time of payment [4]. Group 3: Bond Trading and Listing - The bond will be delisted on July 25, 2025, with the last trading day being July 24, 2025 [5]. - The bond's trading will cease after the close of the market on the last trading day, in accordance with the Shenzhen Stock Exchange regulations [5]. Group 4: Company Information - The legal representative of Shanxi Securities is Wang Yili, with the company's registered address located at 69 Fuxi Street, Shanxi International Trade Center, East Tower, Taiyuan City [5][6].

证券代码：002500 证券简称：山西证券 公告编号：临2025-022 债券代码：148001.SZ 债券简称：22山证05 山西证券股份有限公司 2022 年面向专业投资者 公开发行公司债券（第三期） 2025 年兑付兑息暨摘牌公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示 山西证券股份有限公司 2022 年面向专业投资者公开发行公司债 券（第三期）（债券简称：22 山证 05，债券代码：148001.SZ，以下 简称"本期债券"）本次兑付的债权登记日及最后交易日为 2025 年 7 月 24 日，债券摘牌日为 2025 年 7 月 25 日。凡在 2025 年 7 月 24 日前（含当日）买入本期债券的投资者，根据其在 2025 年 7 月 24 日 收市后中国证券登记结算有限责任公司深圳分公司登记在册的本期 债券数量，享有获得本次派发的利息和本金的权利。 山西证券股份有限公司（以下简称"公司""本公司"）2022 年面向专业投资者公开发行公司债券（第三期）经中国证券监督管理 委员会"证监许可〔2022〕1216 号"文注册公开发行。本期 ...

Core Viewpoint - The successful launch of the first batch of 203 enterprises on Shanxi's "Specialized, Refined, Characteristic, and Innovative" board represents a significant step in promoting financial supply-side structural reform and supporting new quality productivity development in Shanxi Province [1][3]. Group 1: Event Overview - The launch ceremony was themed "Set Sail for a New Journey, Compose a New Chapter" and was attended by over 200 participants, including officials from various financial and industrial departments [1][2]. - The event featured the awarding of plaques to 60 representatives from the first batch of enterprises on the board, emphasizing the commitment to the specialized and innovative development path [2]. Group 2: Financial Products and Services - Customized financial products such as "Special Board Investment," "Special Board Loans," and "Science and Technology Innovation - Specialized and Innovative Insurance" were introduced to support the enterprises [2]. - A comprehensive financial support system was established, integrating credit, guarantees, and equity investment to cover the entire lifecycle of specialized and innovative enterprises [2][4]. Group 3: Market Integration and Support - The event included the signing of agreements for the "Green Channel" project for the New Third Board, facilitating smoother access to capital markets for participating companies [2]. - Experts from various financial institutions provided insights on the integration of the New Third Board and the services available on the "Specialized and Innovative" board, helping enterprises to better navigate capital market opportunities [2][3]. Group 4: Future Development Plans - Shanxi Financial Investment Holding Group plans to implement targeted cultivation and precise services for the listed enterprises, including regular investment and financing matchmaking events and expert consultations [4]. - The establishment of a listing support system aims to enhance the growth of technology enterprises, leveraging various financial tools to provide comprehensive services throughout their lifecycle [4].

Group 1: Historical Evolution of the Dollar's Credit Anchor - The dollar's rise was initially supported by gold, with the U.S. holding 62% of global gold reserves by 1945[1] - The Bretton Woods system (1944-1973) faced challenges due to the Triffin dilemma, leading to a collapse of the gold-dollar peg[2] - The transition to the petrodollar system (1973-2008) created a credit loop of "oil-dollar-U.S. debt," but also exposed vulnerabilities during financial crises[3] Group 2: Current Trends and Future Outlook - In the short term (within 1 year), the dollar is expected to experience weak fluctuations, primarily due to anticipated interest rate cuts by the Federal Reserve[4] - The medium-term (1-3 years) outlook indicates a structural depreciation of the dollar, driven by fiscal sustainability concerns and diversification trends[5] - Long-term (over 3 years), the dollar's share is projected to align more closely with economic strength, with a shift towards a multipolar currency system[6] Group 3: Asset Allocation Recommendations - Emerging market equities and bonds are becoming increasingly attractive, with foreign capital inflows likely to boost domestic demand-driven stocks[7] - Gold remains a strong asset allocation choice, supported by weak dollar pricing, central bank demand, and geopolitical risk premiums[8] - Risks include potential deterioration in global liquidity and unexpected advancements in AI technology impacting financial markets[9]

Core Points - Shanxi Securities Co., Ltd. has successfully issued corporate bonds with a total scale of up to RMB 10 billion, with the final issuance amount being RMB 1 billion [1] - The bonds were issued at a price of RMB 100 per bond, with a final coupon rate of 1.83% and a subscription multiple of 2.89 times [1] - The funds raised will be used entirely for repaying existing corporate bonds after deducting issuance costs [1] Summary by Sections - **Issuance Details** - The corporate bonds were registered under the approval number 815 from the China Securities Regulatory Commission [1] - The issuance period was from July 18, 2025, to July 21, 2025 [1] - **Investor Participation** - The bond underwriting institution, Zhongde Securities Co., Ltd., and its affiliates did not participate in the subscription [2] - CITIC Securities Co., Ltd. and its affiliates subscribed and were allocated RMB 20 million [2] - **Regulatory Compliance** - All investors participating in the bond issuance met the requirements set forth in relevant regulations, including the Company Bond Issuance and Trading Management Measures and the Shenzhen Stock Exchange's updated rules [2]

山西证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第二期） 债券代码：524373 债券简称：25 山证 02 发行结果公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假 记载、误导性陈述或者重大遗漏负连带责任。 山西证券股份有限公司（以下简称"发行人"）公开发行不超过人民币 70 亿 元公司债券已获得中国证券监督管理委员会证监许可【2025】815 号文注册。根 据山西证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第二期） 发行公告，山西证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第 二期）（以下简称"本期债券"）发行规模为不超过 10 亿元，发行价格为每张 100 元，采取网下面向专业机构投资者询价配售的方式发行。 本期债券发行时间自 2025 年 7 月 18 日至 2025 年 7 月 21 日，实际发行规 模 10 亿元，最终票面利率为 1.83%，认购倍数为 2.89 倍。本次募集资金扣除发 行费用后，拟全部用于偿还公司债券。 发行人的董事、监事、高级管理人员、持股比例超过 5%的股东以及其他关 联方未参与本期债券认购。 本期 ...

Group 1 - The closing price of Shanxi Securities (002500) on July 18, 2025, was 6.12 yuan, down 0.33%, with a turnover rate of 0.64% and a trading volume of 230,300 shares, amounting to 141 million yuan [1][2]. - On July 18, the net outflow of main funds was 12.16 million yuan, while the net inflow from speculative funds and retail investors was 8.05 million yuan and 4.12 million yuan, respectively [2][4]. Group 2 - Shanxi Securities announced the public issuance of corporate bonds (second phase) aimed at professional investors for 2024, with a total issuance amount of 1.7 billion yuan and a bond term of 3 years [2][4]. - The bond's interest rate is set at 2.14%, with a payment amount of 2.14 yuan per bond, and the first interest payment date is July 22, 2025 [2][4].