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 牵头主承销商/簿记管理人 （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 年 9 月 8 日 发行人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。 重 要 提 示 1、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。 本次债券采用分期发行方式，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"）为本次债券的第二期发行。本期 债券简称为"25山证C1"、债券代码为"524405"。 2、本期债券发行规模为不超过人民币10亿元，每张面值为100元，发行数量为 不超过10,000,000张，发行价格为人民币100元/张。 3、本期债券仅面向专业投资者中的机构投资者发行，普通投资者和专 ...

Core Viewpoint - The report highlights a strong rebound in order volume for XianDao Intelligent (300450) in H1 2025, driven by increased operational rates of leading domestic battery companies and a steady recovery in production expansion plans, alongside a high-quality advancement of its globalization strategy [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 6.61 billion yuan, a year-on-year increase of 14.92%, and a net profit attributable to shareholders of 740 million yuan, up 61.19% [1]. - In Q2 2025, revenue reached 3.51 billion yuan, reflecting a year-on-year growth of 43.85%, while net profit surged to 375 million yuan, marking a 456.29% increase [1]. Business Segments - The lithium battery intelligent equipment segment generated revenue of 4.55 billion yuan in H1 2025, a year-on-year increase of 16.40%, maintaining the company's leading position in the industry [2]. - The non-lithium business, particularly in photovoltaic intelligent equipment, achieved revenue of 531 million yuan, up 32.04%, with its revenue share increasing to 8.04% [2]. Global Strategy - The company's overseas business revenue reached 1.15 billion yuan in H1 2025, a year-on-year increase of 5.42%, with a gross margin improvement of 1.00 percentage points to 40.27% [3]. - The company is deepening strategic partnerships with global leading clients, focusing on high-quality capacity upgrades and expanding into markets such as Japan, Southeast Asia, and North America [3]. Technological Innovation - The company is positioned as a provider of complete solid-state battery production line solutions, with significant advancements in technology and product iterations expected to drive future revenue growth [3][4]. - Solid-state battery equipment is anticipated to increasingly contribute to the company's business, with successful collaborations established with major battery manufacturers and automotive companies [3]. Investment Outlook - The company forecasts net profits of 1.59 billion yuan, 2.08 billion yuan, and 2.43 billion yuan for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 455.5%, 31.0%, and 16.4% [4]. - The company has been rated "Buy" by multiple institutions, reflecting strong confidence in its growth trajectory and market position [4].

Group 1 - The U.S. HHS and FDA announced a plan to phase out petroleum-based synthetic food colorings, leading to a potential surge in demand for natural colorants [1] - The FDA will establish national standards and a timeline to encourage the industry to transition from synthetic to natural colorants, with a goal to eliminate six major synthetic colorants by the end of 2026 [1] - Sensient Technologies stated that the transition from synthetic to natural colorants represents the largest opportunity in the company's history, with over half of U.S. states initiating legislative activities regarding synthetic colorants [2] Group 2 - Natural colorant usage is expected to increase by 4-12 times compared to synthetic colorants due to lower color concentration in natural options [3] - For example, the demand for sunset yellow in the U.S. is projected to be around 2,500 tons in 2025, which would require at least an additional 10,000 tons of natural colorants if replaced [3] - The market for replacing synthetic colorants with natural alternatives is significant, particularly for colors like temptation red, sunset yellow, and lemon yellow, with various natural substitutes available [3]

Group 1 - The U.S. HHS and FDA plan to phase out petroleum-based synthetic food colorings, leading to a potential surge in demand for natural colorants [1] - The FDA will establish national standards and timelines to encourage the transition from synthetic to natural colorants, with a goal to eliminate six major synthetic colorants by the end of 2026 [1] - Natural colorant companies, such as Morning Glory Biological, are expected to benefit from this transition, focusing on products like paprika red, lycopene, and lutein [1] Group 2 - The transition to natural colorants in the U.S. is anticipated to be comprehensive, similar to the EU's experience where synthetic colorants were nearly eliminated from food and beverage products [2] - Over half of U.S. states have initiated legislative activities regarding synthetic colorants, prompting major food brands to plan for a transition to natural colorants by the end of 2027 [2] - The penetration rate of natural colorants is over 80% in Europe, while the U.S. is close to one-third, indicating significant replacement potential in both the U.S. and Latin America [2] Group 3 - The usage of natural colorants is expected to increase by 4-12 times compared to synthetic colorants due to lower color concentration [3] - For example, the demand for sunset yellow in the U.S. is projected to be around 2,500 tons in 2025, which would require at least an additional 10,000 tons of natural colorants if replaced [3] - The market for replacing synthetic colorants like temptation red and sunset yellow with natural alternatives such as beet red, cochineal red, paprika red, lycopene, and lutein is substantial [3]

Group 1 - The announcement from Shan Zheng (Shanghai) Asset Management regarding the appointment of Lan Ye as an additional fund manager for Shan Zheng Asset Management Yu Ze Bond Initiated Fund [1] - Lan Ye has a background in bond trading and investment management, having worked at Everbright Securities and Tai Ping Fund Management [1] - The Yu Ze Bond Initiated Fund was established on December 21, 2022, with a year-to-date return of 0.51% and a cumulative net value of 1.0729 yuan as of August 29, 2025 [1] Group 2 - The fund is classified as a bond-type initiated securities investment fund, managed by Shan Zheng (Shanghai) Asset Management Co., Ltd. [2] - The fund manager change is categorized as an additional appointment, with Lan Ye joining Liu Lingyun in managing the fund [2] - The fund's main code is 016885, and the announcement is made in accordance with the "Measures for the Disclosure of Information on Publicly Raised Securities Investment Funds" [2]

Core Viewpoint - The report highlights the strong financial performance of Zhao Wei Electromechanical (003021) in Q2 2025, with significant revenue and profit growth, and emphasizes the ongoing development of its robotic dexterous hand products and global expansion efforts [1][2][3]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 790 million yuan, a year-on-year increase of 21.9%, and a net profit attributable to shareholders of 110 million yuan, up 20.7% year-on-year [1]. - For Q2 2025, the company reported operating revenue of 420 million yuan, reflecting a year-on-year growth of 25.9% and a quarter-on-quarter increase of 14.0%. The net profit for the same period was 60 million yuan, representing a year-on-year increase of 52.3% and a quarter-on-quarter rise of 7.0% [1][2]. Product Performance - Revenue from the micro drive system reached 500 million yuan, contributing 63.3% to total revenue, with a gross margin of 27.6%, down 2.1 percentage points year-on-year. Precision parts generated 240 million yuan, accounting for 30.4% of revenue, with a gross margin of 43.8%, up 5.8 percentage points year-on-year. Revenue from precision molds and others surged to 50 million yuan, a year-on-year increase of 88.5%, contributing 6.3% to total revenue, with a gross margin of 18.6%, up 15.7 percentage points year-on-year [1][2]. Cost and Efficiency - In Q2 2025, the company's gross margin and net margin were 32.2% and 14%, respectively, reflecting increases of 2.5 percentage points and 2.4 percentage points year-on-year. The total expense ratio decreased by 4.0 percentage points year-on-year to 18.0% [2]. R&D and Product Development - The company is actively advancing the research and development of its robotic dexterous hand and core components. In July, it launched new dexterous hand products, DM17 and LM06, utilizing differentiated technology routes for various operational scenarios [2]. - The company has completed technical breakthroughs for a 4mm brushless hollow cup motor and is progressing with small-batch production of small-diameter products [2]. Global Expansion - The company is successfully advancing its globalization strategy, having initiated capacity construction in Thailand and filed for an H-share listing on the Hong Kong Stock Exchange [2]. It plans to invest up to 100 million USD in the new factory [2]. Investment Outlook - The company is positioned as a global leader in micro drive and drive system solutions, benefiting from trends in miniaturization, automation, and intelligence across various sectors including smart vehicles, consumer and medical technology, and advanced manufacturing [3]. - EPS forecasts for 2025, 2026, and 2027 are projected at 1.12, 1.43, and 1.81 yuan, respectively, with corresponding PE ratios of 108.8, 85.4, and 67.3 [3].

Core Viewpoint - The A-share market's active trading has led to a collective positive performance among brokerage firms in their 2025 mid-year reports, with many reporting significant revenue and profit growth [2][3][12]. Group 1: Financial Performance - As of August 28, 2025, 14 listed brokerages have released their mid-year reports, primarily small and medium-sized firms [2]. - Among these, 10 brokerages, including Zheshang Securities, Dongwu Securities, and Guoyuan Securities, reported revenues exceeding 2 billion yuan, with net profits surpassing 1 billion yuan for six of them [2][4]. - Notably, Huaxi Securities experienced a net profit surge of 11 times, while Northeast Securities and Hualin Securities saw net profit growth of 2 times and over 1 time, respectively [2][7]. - In terms of revenue, Zheshang Securities, Dongwu Securities, and Guoyuan Securities achieved revenues of 6.107 billion yuan, 4.428 billion yuan, and 3.397 billion yuan, respectively, with net profits of 1.149 billion yuan, 1.932 billion yuan, and 1.405 billion yuan [5][6]. Group 2: Revenue and Profit Growth - All 14 listed brokerages reported a year-on-year increase in net profit for the first half of 2025, with Huaxi Securities, Northeast Securities, and Hualin Securities showing exceptional growth rates of 1195.02%, 225.90%, and 172.72%, respectively [7][8]. - Two brokerages reported a decline in revenue but an increase in net profit, while 12 brokerages achieved simultaneous growth in both metrics [9][10]. - The overall brokerage industry saw a significant increase in trading volume, with a 60.9% year-on-year rise, contributing to the revenue growth [12][14]. Group 3: Business Drivers - Brokerage and proprietary trading businesses emerged as the main drivers of revenue growth in the securities industry [13][14]. - Nine brokerages, including Huaxi Securities and Guoyuan Securities, reported a year-on-year increase in brokerage fee income exceeding 40% [14]. - Investment income also showed a positive trend, with several brokerages, including Dongwu Securities and Zheshang Securities, reporting over 100% growth in investment net income [16][19]. Group 4: Investment Banking and Asset Management - The investment banking sector showed signs of recovery, with 11 out of 14 brokerages reporting a year-on-year increase in investment banking fee income [20][21]. - However, asset management business has been a drag on performance, with only Dongwu Securities and Changcheng Securities reporting growth in asset management fee income [23][24]. Group 5: Market Outlook - The brokerage sector's investment value is gaining attention due to significant performance recovery, supported by favorable policies and capital influx [25]. - The industry is focusing on developing high-value-added businesses, particularly wealth management and institutional services, to enhance revenue stability and profitability [25].

Group 1 - Xinhua Media achieved a net profit of 32.34 million yuan in the first half of 2025, a year-on-year increase of 9.29% [1] - Xinhua Media's operating income for the first half of 2025 was 631 million yuan, a year-on-year growth of 2.45% [1] - China Galaxy reported a net profit of 6.488 billion yuan, up 47.86% year-on-year, with an operating income of 137.47 billion yuan, a 37.71% increase [2] Group 2 - Lek Electric's net profit decreased by 29.01% to 428 million yuan, despite a slight revenue increase of 0.65% to 4.781 billion yuan [3] - Honghui Fruits and Vegetables reported a net profit of 6.9243 million yuan, down 44.82%, with revenue of 470 million yuan, up 7.86% [4] - Bull Group's net profit fell by 8% to 2.06 billion yuan, with a revenue decline of 2.6% to 8.168 billion yuan [5] Group 3 - Nanshan Aluminum achieved a net profit of 2.625 billion yuan, a year-on-year increase of 19.95%, with operating income of 17.274 billion yuan, up 10.25% [6] - Zhujiang Beer reported a net profit of 612 million yuan, a 22.51% increase, with revenue of 3.198 billion yuan, up 7.09% [8] - Baolong Technology's net profit decreased by 9.15% to 135 million yuan, with revenue growth of 24.06% to 3.95 billion yuan [10] Group 4 - Jindi Co. reported a net profit of 75.93 million yuan, a year-on-year increase of 32.86%, with operating income of 835 million yuan, up 40.57% [12] - China Vision Media turned a profit with a net profit of 19.9811 million yuan, compared to a loss of 18.4349 million yuan in the previous year, despite a revenue decline of 10.75% to 229 million yuan [14] - Botao Bio's net profit fell by 82.82% to 12.4024 million yuan, with revenue down 23.91% to 203 million yuan [16] Group 5 - Caitong Securities reported a net profit of 1.083 billion yuan, a year-on-year increase of 16.85%, with operating income of 2.959 billion yuan, down 2.19% [18] - Yili Group's net profit decreased by 4.39% to 7.2 billion yuan, with revenue growth of 3.49% to 61.777 billion yuan [19] - Springlight Technology achieved a net profit of 7.3787 million yuan, a year-on-year increase of 83.73%, with revenue of 251 million yuan, up 39.6% [20] Group 6 - China Haifeng reported a net profit of 94.5739 million yuan, a year-on-year increase of 25.48%, with operating income of 1.385 billion yuan, up 19.64% [21] - Zhongke Titanium White's net profit decreased by 14.83% to 259 million yuan, with revenue growth of 19.66% to 3.77 billion yuan [23] - Huasheng Tiancai turned a profit with a net profit of 14 million yuan, compared to a loss in the previous year, despite a revenue decline of 10.75% to 226 million yuan [25] Group 7 - Shen Zhou Cell reported a net loss of 33.7711 million yuan, with revenue down 25.50% to 972 million yuan [26] - Meihu Co. achieved a net profit of 101 million yuan, a year-on-year increase of 10.26%, with operating income of 1.075 billion yuan, up 10.74% [28] - Jifeng Technology plans to apply for a comprehensive credit of 170 million yuan to supplement working capital [29] Group 8 - Foton Motor reported a net profit of 777 million yuan, a year-on-year increase of 87.57%, with operating income of 30.371 billion yuan, up 26.71% [41] - BOE Technology achieved a net profit of 3.247 billion yuan, a year-on-year increase of 42.15%, with operating income of 110.278 billion yuan, up 8.45% [42] - CIMC reported a net profit of 1.278 billion yuan, a year-on-year increase of 47.63%, with operating income of 76.09 billion yuan, down 3.82% [43]

Group 1 - Nvidia is set to launch the Spectrum-XGS Ethernet DCI product, which aims to redefine "scale across" and accelerate the construction of computing power network interconnections [1] - The Spectrum-XGS product will connect geographically dispersed data centers to create a billion-watt AI super factory, addressing communication latency, congestion, and synchronization issues in cross-regional GPU clusters [1] - Key beneficiaries of this development include long-distance optical modules, L3 switches, and DCI transponders, with new fiber types like hollow-core fiber and G654E expected to play a significant role in new DCI projects [1] Group 2 - The release of DeepSeek V3.1 introduces a hybrid inference architecture and improved performance for programming and search agents, with a focus on optimization for the next generation of domestic chips [2] - DeepSeek V3.1 demonstrates significant performance improvements over its predecessor, indicating that reinforcement learning post-training remains an effective expansion method [2] - The market anticipates that domestic chips will evolve from being merely functional to being highly efficient, with the Ascend 910's next-generation performance expected to approach mainstream international levels [2] Group 3 - Recommended companies to watch in the DCI sector include Dekor, Guangku Technology, Zhongji Xuchuang, and others [3] - In the OCS sector, companies such as Guangku Technology, Lingyun Light, and Tengjing Technology are highlighted [3] - For domestic super-node developments, companies like Shengke Communication, Luxshare Precision, and Huafeng Technology are suggested for attention [3]

Group 1 - Shanxi Securities issued a report on August 27, giving Runfeng Co., Ltd. (301035.SZ) a buy rating due to its growth in both revenue and profitability [1] - The company is successfully advancing in four growth directions, showing resilience even at the industry's low point [1] - Global operations are driving growth and establishing a core competitive advantage in registration capabilities [1]