责任编辑：栎树 A股市场券商股拉升，其中，国海证券涨超8%，华林证券、中原证券涨超3%，国盛金控、太平洋、长 江证券、中银证券、西南证券、山西证券涨超2%。 | 代码 | 名称 | | 涨幅%↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 000750 | 国海证券 | 家 | 8.52 | 309亿 | 13.99 | | 002945 | 华林证券 | 1 | 3.96 | 460亿 | 11.53 | | 601375 | 中原证券 | + | 3.31 | 217亿 | 8.81 | | 002670 | 国盛金控 | | 2.95 | 371亿 | 46.52 | | 601099 | 太平洋 | | 2.92 | 337亿 | 15.96 | | 000783 | 长汀证券 | 资 | 2.27 | 448亿 | 21.61 | | 601696 | 中银证券 | 1 | 2.24 | 419亿 | 35.19 | | 600369 | 西南证券 | | 2.11 | 321亿 | 4.76 | | 002500 | 山西证 ...

Group 1 - The announcement details the addition of new sales institutions for the funds managed by the company, effective from September 11, 2025 [1][2][4] - The new sales institutions include Huafu Securities Co., Ltd. and Shanxi Securities Co., Ltd., with specific contact information provided for each [1][2][4] - The company emphasizes that investors should refer to the relevant business rules and processes of the sales institutions when conducting transactions [1][2] Group 2 - The announcement also includes the addition of CITIC Bank as a sales agent for the company's fund, specifically the Jianxin Stable Income A fund, starting from September 11, 2025 [4] - Investors can access information about the funds through the respective sales institutions' customer service and websites [4] - The company reiterates the importance of reading legal documents such as the fund contract and prospectus before investing [1][4]

Core Insights - In the first half of 2025, 42 listed securities firms reported a total operating revenue of 251.9 billion yuan, a year-on-year increase of 31%, and a net profit attributable to shareholders of 104 billion yuan, up 65% [1] - The brokerage business generated a net income of 63.45 billion yuan, reflecting a growth of 43.98%, with all firms experiencing an increase in brokerage income [1] - The distribution of financial products by these firms reached 5.568 billion yuan, marking a 32.09% increase year-on-year, indicating a shift towards comprehensive wealth management services [5] Brokerage Business Performance - The brokerage business saw a significant increase in revenue, with all 42 firms reporting growth in this segment [1] - Notably, the fastest growth in brokerage income was observed in Nanjing Securities, which surged by 191.28%, while Shanxi Securities experienced the largest decline at -44.9% [1][3] Shanxi Securities Analysis - Shanxi Securities reported a revenue of 1.641 billion yuan, a year-on-year increase of 17.22%, and a net profit of 524 million yuan, up 64.47% [2] - The firm’s investment income reached 1.057 billion yuan, a substantial increase of 173.13%, with self-operated business income accounting for 50.87% of total revenue [3] - However, the firm faced a significant drop in financial product distribution income, which fell to 18 million yuan, the lowest among the 42 firms [3][6] Market Position of Leading Firms - Leading firms in the financial product distribution sector included CITIC Securities, with 838 million yuan, followed by CICC and Guotai Junan, indicating a strong competitive position in the market [7] Regulatory and Legal Challenges - Shanxi Securities' subsidiary, Zhongde Securities, has been embroiled in a lawsuit related to the LeEco financial fraud case, which could impose significant financial liabilities on the firm [8][9] - The ongoing legal issues have hindered Zhongde Securities' ability to secure IPO sponsorship projects, with a withdrawal rate of 90%-100% over the past three years [9][10]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [6][33]. Core Views - The company has shown significant growth in brokerage and investment banking businesses, with a stable performance in proprietary trading [4][5]. - The wealth management business is deepening its buyer advisory transformation, enhancing asset potential [6]. - The company has established a differentiated competitive advantage based on its resource endowment across various main business areas [6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.641 billion yuan, a year-on-year increase of 17.22%, and a net profit attributable to shareholders of 524 million yuan, up 64.47% [4][8]. - Basic earnings per share (EPS) reached 0.15 yuan, reflecting a 66.67% increase year-on-year [4][8]. - The weighted average return on equity (ROE) was 2.88%, an increase of 1.09 percentage points year-on-year [4][8]. Business Segments - The brokerage business's net income and interest income proportions increased, while the investment banking and asset management business's net income proportions decreased [5][9]. - The company saw a significant increase in net income from agency trading, with a year-on-year growth of 47.04% in brokerage fees [5][11]. - The investment banking business experienced a notable recovery in equity financing and rapid growth in debt financing, with a year-on-year increase of 45.69% in investment banking fees [5][14]. Asset Management - The asset management business is accelerating its diversified layout, with a total management scale of 601.99 billion yuan, a 6.34% increase from the end of 2024 [15]. - The company is focusing on strategic emerging industries and has significantly increased its revenue from private equity funds [15][22]. Proprietary Trading - The proprietary trading segment maintained a non-directional investment strategy, achieving a year-on-year increase of 13.96% in investment income [21][22]. - The fixed income proprietary trading significantly outperformed market indices, effectively managing bond market volatility [21][22]. Future Projections - The company expects EPS of 0.24 yuan and 0.26 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 5.17 yuan and 5.36 yuan [6][30]. - Based on the closing price of 6.46 yuan on September 9, the price-to-book (P/B) ratios are projected to be 1.25 and 1.21 for 2025 and 2026, respectively [6][30].

Market Overview - The futures concept sector experienced a decline of 0.14% compared to the previous trading day, with Suhao Fashion leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the futures concept sector included: - Yuanda Environmental (600292) with a closing price of 13.50, up 6.13%, and a trading volume of 451,800 shares, totaling 608 million yuan [1] - Quzhou Development (600208) closed at 4.53, up 1.57%, with a trading volume of 926,400 shares, totaling 418 million yuan [1] - Xinda Securities (601059) closed at 18.82, up 1.29%, with a trading volume of 409,000 shares, totaling 773 million yuan [1] - Conversely, significant decliners included: - Shisuo Fashion (600287) closed at 6.09, down 2.40%, with a trading volume of 83,700 shares, totaling 51.23 million yuan [2] - Meihu Co. (603319) closed at 37.57, down 2.39%, with a trading volume of 134,400 shares, totaling 510 million yuan [2] - Zhongke Jincai (002657) closed at 35.80, down 1.57%, with a trading volume of 303,400 shares, totaling 1.104 billion yuan [2] Capital Flow - The futures concept sector saw a net outflow of 380 million yuan from main funds, while retail funds experienced a net inflow of 269 million yuan [2] - The main fund inflows for notable stocks included: - Xinda Securities (601059) with a net inflow of 47.42 million yuan, accounting for 6.14% of total inflows [3] - Yuanda Environmental (600292) with a net inflow of 45.33 million yuan, accounting for 7.45% of total inflows [3] - In contrast, significant outflows were observed in: - Yuanda Environmental (600292) with a net outflow of 51.45 million yuan from retail investors, accounting for -6.66% [3] - Dahuang Technology (600288) with a net outflow of 72.80 million yuan from retail investors, accounting for -22.97% [3]

债券代码：524405 债券简称：25 山证 C1 山西证券股份有限公司 2025 年面向专业投资者公开发行次级债券（第一期） 票面利率公告 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。 （此页无正文，为《山西证券股份有限公司 2025 年面向专业投资者公开发行次级债券 （第一期）票面利率公告》之盖章页） 山西证券股份有限公司 2025 年9 9月 日 （此页无正文，为《山西证券股份有限公司 2025 年面向专业投资者公开发行次级债券 （第一期）票面利率公告》之盖章页） 中德证券有限责任公司 年 9 月 日 （此页无正文，为《山西证券股份有限公司 2025 年面向专业投资者公开发行次级债券 （第一期）票面利率公告》之盖章页） 山西证券股份有限公司（以下简称"发行人"、"公司"或"山西证券"）公开发行不 超过 40 亿元人民币次级公司债券（以下简称"本次债券"）已经中国证监会证监许可【2023】 2288 号文件同意注册。 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次级债券（第一期） 发行公告》，山西证券股份有限公司2025年面 ...

（本页无正文，为《关于延长山西证券股份有限公司 2025 年面向专业投资者公 开发行次级债券（第一期）簿记建档时间的公告》之盖章页） 特此公告。 （以下无正文） （本页无正文，为《关于延长山西证券股份有限公司 2025 年面向专业投资者公 开发行次级债券（第一期）簿记建档时间的公告》之盖章页） 山西证券股份有限公司 2025 年 9 月 9 日 关于延长山西证券股份有限公司 2025 年面向专业投资者公开发行次 级债券（第一期）簿记建档时间的公告 山西证券股份有限公司（以下简称"发行人"、"公司"或"山西证券"）公 开发行不超过 40 亿元人民币次级公司债券（以下简称"本次债券"）已经中国证 监会证监许可【2023】2288 号文件同意注册。 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次级债券（第 一期）发行公告》，本期债券原定于 2025 年 9 月 9 日 15:00 至 18:00 簿记发行。 根据本期债券簿记建档过程及投资者申购情况，经发行人、簿记管理人、主承销 商及已申购投资者协商一致，现将本期债券簿记建档结束时间由 18:00 延长至 19:00。 中德证券有限责任公司 年 月 ...

山西证券股份有限公司 2023 年面向专业投资者公开发行次 级债券更名公告 山西证券股份有限公司（以下简称"发行人"）2023 年面向专业 投资者公开发行次级债券（以下简称"本次债券"）的申请已于 2023 年 10 月 9 日获得中国证券监督委员会证监许可【2023】2288 号文， 同意发行人公开发行 40 亿元次级债券（以下简称"本次债券"）。 本次债券申报时命名为"山西证券股份有限公司 2023 年面向专 业投资者公开发行次级债券"，鉴于本次债券采用分期发行的方式， 按照公司债券命名惯例，本次发行人拟发行的规模不超过（含）人民 币 10 亿元的次级债券名称确定为"山西证券股份有限公司 2025 年面 向专业投资者公开发行次级债券（第一期）"（以下简称"本期债券"）。 本期债券名称变更不改变原签订的与本次公司债券发行相关的 法律文件效力，原签署的相关法律文件对更名后的公司债券继续具有 法律效力。前述法律文件包括但不限于《山西证券股份有限公司 2023 年面向专业投资者公开发行次级债券受托管理协议》《山西证券股份 有限公司 2023 年面向专业投资者公开发行次级债券债券持有人会议 规则》等文件。 特此公告 ...

2024 年度 山西证券股份有限公司 信用评级报告 编号：CCXI-20243564M-01 招商证券2022年年 报.pdf 2024 年度山西证券股份有限公司信用评级报告 声 明 跟踪评级安排 2024 年度山西证券股份有限公司信用评级报告 | 评级对象 | 山西证券股份有限公司 | | --- | --- | | 主体评级结果 | AAA/稳定 | | 评级观点 | 中诚信国际肯定了山西证券股份有限公司（以下简称"山西证券"或"公司"）较强的 | | 股东实力、突出的区域竞争优势、较强的综合金融服务能力以及畅通的融资渠道等正面 | | | 因素对公司业务发展及信用水平的良好支撑作用；同时，中诚信国际关注到，行业竞争 | | | 日趋激烈、市场波动对盈利稳定性构成压力以及行政处罚后相关业务合规风控体系的 | | | 运作情况对公司经营及信用状况形成的影响。 | | | 评级展望 | 中诚信国际认为，山西证券股份有限公司信用水平在未来 12~18 个月内将保持稳定。 | | 调级因素 | 可能触发评级上调因素：不适用。 | | 可能触发评级下调因素：公司治理和内部控制出现重大漏洞和缺陷；财务状况的恶 | | ...

股票代码：002500.SZ 股票简称：山西证券 山西证券股份有限公司 2025 年面向专业投资者公开发行 次级债券（第一期）募集说明书 （太原市府西街 69 号山西国际贸易中心东塔楼） | 本期债券发行金额： | 不超过人民币10亿元（含10亿元） | | --- | --- | | 担保情况： | 无担保 | | 信用评级结果： | 发行人主体信用等级为AAA，未设债项评级 | | 发行人： | 山西证券股份有限公司 | | 主承销商： | 中德证券有限责任公司、中信证券股份有限公司 | | 信用评级机构： | 中诚信国际信用评级有限责任公司 | 牵头主承销商/簿记管理人 发行人如有董事、监事、高级管理人员、持股比例超过5%的股东及其他关 联方参与本期债券认购，发行人将在发行结果公告中就相关认购情况进行披 露。 （北京市朝阳区建国路 81 号华贸中心 1 号写字楼 22 层） 联席主承销商/受托管理人 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 签署日期：2025 9 年 月 日8 山西证券股份有限公司 2025 年面向专业投资者公开发行次级债券（第一期）募集说明书 声 明 发行人将及 ...