Core Points - Shanxi Securities reported that as of October 10, 2025, the number of shareholders is 108,103 [1] Summary by Category - **Company Information** - Shanxi Securities has confirmed that the total number of shareholders will reach 108,103 by October 10, 2025 [1]

Core Insights - The three major indices opened high but closed lower, with the ChiNext Index dropping over 2%, while the precious metals sector led gains and the technology sector saw declines [3] Group 1: ETF Performance - The broker ETF fund (515010) rose by 0.42%, with its holdings such as Guoyuan Securities increasing by 5.10% [3] - The broker ETF fund has seen continuous net inflows over the past four days, totaling 57.6868 million yuan, with the latest share count reaching 1.262 billion and a total scale of 1.811 billion yuan, both hitting record highs since inception [3] Group 2: New Account Openings - In September, the number of new A-share accounts reached 2.9372 million, marking a year-on-year increase of 60.73% and a month-on-month increase of 10.83%, making it the second-highest monthly figure this year, following March's 3.0655 million [3] - Among the new accounts in September, 2.9263 million were individual accounts and 10,900 were institutional accounts, with institutional openings surpassing 10,000 for the first time this year [3] Group 3: Broker ETF Fund Characteristics - The broker ETF fund (515010) tracks the securities company index (code 399975), with the top ten constituent stocks accounting for 60.1% of the index weight, allowing for direct exposure to leading brokerages benefiting from the A-share market recovery [3] - The combined management and custody fee rate for the fund is 0.2%, making it the lowest fee investment option currently available in the market [3]

Group 1 - The core point of the article is that Shanxi Securities reported on October 10 that the number of shareholders is expected to reach 108,579 by September 30, 2025 [1]

Core Viewpoint - Shanxi Securities initiates a "Buy-B" rating for 3SBio (01530), projecting revenues of 17.456 billion, 10.746 billion, and 11.335 billion yuan for 2025-2027, with net profits of 8.289 billion, 2.860 billion, and 3.163 billion yuan respectively, and PE ratios of 8.1, 23.4, and 21.2 [1] Group 1 - The SSGJ-707 is considered a potential cornerstone drug for oncology, with the global PD-(L)1 monoclonal antibody market expected to reach 99 billion dollars by 2029 [1] - SSGJ-707, a tetravalent PD-1/VEGF bispecific antibody, shows enhanced binding affinity to PD-1 by 100 times in the presence of VEGF, and its unique IgG4 Fc design aims to reduce immune-related side effects [1] - Clinical efficacy and safety of SSGJ-707 are outstanding, particularly in non-small cell lung cancer (NSCLC) and colorectal cancer (CRC), with a 23.5% rate of grade 3 or higher treatment-related adverse events (TRAEs) and a 2.9% discontinuation rate due to TRAEs [1] Group 2 - SSGJ-707 demonstrates breakthrough overall response rates (ORR) in first-line NSCLC II clinical trials, achieving a cORR of 64.7% in low PD-L1 expressing NSCLC, with ORRs of 62% and 77% in PD-L1 TPS 1-49% and ≥50% respectively [2] - In first-line NSCLC without EGFR/ALK mutations, SSGJ-707 combined with chemotherapy shows ORRs of 81.3% for squamous NSCLC and 58.3% for non-squamous NSCLC [2] Group 3 - SSGJ-707 also exhibits breakthrough ORR efficacy in later-line CRC II clinical trials, achieving an ORR of 33.3% in third-line RAS mutant or BRAFV600E mutant non-MSI-H/pMMR colorectal cancer [3]

为满足广大投资者的理财需求，根据中航基金管理有限公司与山西证券股份有限公司(以下简称"山西证 券")签署的基金代理销售协议,山西证券自2025年10月9日起办理中航航行宝货币市场基金（基金代码： A类：004133，B类：015972）的销售相关业务。 一、投资者可通过以下途径了解或咨询相关情况： 1、山西证券股份有限公司 公司网址：www.i618.com.cn 客服电话：95573 二、风险提示 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保证 最低收益。投资者投资于上述基金时应认真阅读上述基金的基金合同、招募说明书、基金产品资料概要 等资料。敬请投资者留意投资风险。 本公告解释权归属本公司。 特此公告。 中航基金管理有限公司 2025年10月9日 2、中航基金管理有限公司 公司网址：www.avicfund.cn 客服电话：400-666-2186 ...

Core Viewpoint - Shanxi Securities experienced a decline of 0.77% in stock price on September 30, with a trading volume of 191 million yuan, indicating a challenging market environment for the company [1] Financing Summary - On September 30, Shanxi Securities had a financing buy-in amount of 26.72 million yuan and a financing repayment of 39.78 million yuan, resulting in a net financing outflow of 13.06 million yuan [1] - The total financing and securities lending balance reached 1.203 billion yuan, with the financing balance of 1.199 billion yuan accounting for 5.16% of the circulating market value, which is above the 50th percentile level over the past year, indicating a relatively high level [1] - The company had no shares repaid in securities lending on September 30, with 16,600 shares sold, amounting to 107,400 yuan at the closing price, and a securities lending balance of 4.33 million yuan, exceeding the 80th percentile level over the past year [1] Business Overview - Shanxi Securities, established on July 28, 1988, and listed on November 15, 2010, is based in Taiyuan, Shanxi Province, and engages in various securities-related businesses including brokerage, proprietary trading, asset management, and financial advisory [2] - The revenue composition of the company includes fixed income business (37.32%), securities brokerage (29.65%), entrusted asset management (12.08%), commodity trading and risk management (8.42%), futures brokerage (5.46%), investment banking (5.37%), and other proprietary investments (1.43%) [2] - As of September 19, the number of shareholders was 109,600, a decrease of 0.47%, while the average circulating shares per person increased by 0.47% to 32,766 shares [2] - For the first half of 2025, Shanxi Securities reported zero operating revenue but a net profit attributable to shareholders of 524 million yuan, reflecting a year-on-year growth of 64.47% [2] Dividend Information - Since its A-share listing, Shanxi Securities has distributed a total of 4.393 billion yuan in dividends, with 1.149 billion yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 85.6819 million shares, an increase of 23.403 million shares from the previous period [3] - The Guotai CSI All-Index Securities Company ETF (512880) was the seventh largest circulating shareholder, holding 33.2453 million shares, a decrease of 3.4339 million shares from the previous period [3] - The Southern CSI 500 ETF (510500) was the eighth largest circulating shareholder, holding 32.1554 million shares, an increase of 4.4784 million shares from the previous period [3] - The Huabao CSI All-Index Securities Company ETF (512000) was the ninth largest circulating shareholder, holding 25.7553 million shares, a decrease of 4.5106 million shares from the previous period [3]

Core Viewpoint - The brokerage industry is intensifying efforts to upgrade their apps and enhance marketing strategies ahead of the upcoming holiday season, aiming to capture user engagement and optimize functionalities in response to previous market trends [1][2][11]. Group 1: App Upgrades and Innovations - Over 30 brokerages have launched significant updates to their apps, focusing on enhancing user experience and functionality [1]. - Shanxi Securities has introduced the "Huitong Qifu" App 8.0, marking a new phase in its digital transformation with AI integration [2][4]. - Huayuan Securities has revamped its app following the acquisition of Zhongzhi Fund, integrating resources to create a new user experience [2][6]. Group 2: AI Integration - AI continues to be a central theme in app upgrades, with brokerages like Shanxi Securities and Ping An Securities embedding AI across various functionalities, enhancing user engagement and decision-making [7][12]. - The industry consensus is shifting towards a comprehensive AI approach that spans trading, advisory, and information services, moving from passive to proactive user engagement [12][13]. Group 3: Enhanced Trading Tools - The introduction of advanced trading tools, including T0 trading algorithms, is becoming standard among brokerages, aimed at improving trading efficiency and reducing user monitoring costs [8][14]. - Notable updates include West Securities' launch of the "Shunying Algorithm T0 Strategy," which facilitates day trading and automates various trading conditions [8][14]. Group 4: Targeting Younger Investors - Brokerages are increasingly focusing on the needs of younger investors, particularly the Z generation, by offering personalized, convenient, and intelligent services [9][23]. - Features such as real-time event tracking and low entry barriers for investments are being implemented to attract younger users [23][24]. Group 5: Comprehensive Advisory Services - Many brokerages are enhancing their advisory services through app upgrades, creating a closed-loop service model that includes content viewing, product selection, and advisory consultations [9][10][16]. - Shanxi Securities and other firms are developing specialized advisory brands and integrating AI to improve service efficiency and user experience [21][22].

| 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次级债券 | | --- | --- | | | （第二期） | | 债券简称 | 25 山证 C2 | | 债券代码 | 524458 | | 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） | 15 | | 债券期限 | 3 年 | | 票面年利率（％） | 2.43 | | 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 9 月 25 日至 2025 年 9 月 26 日，共 | | | 2 个交易日。 | | 起息日 | 2025 年 9 月 26 日 | | 上市日 | 2025 年 10 月 9 日 | | 到期日 | 2028 年 9 月 26 日，如遇法定及政府指定节假日或休息日，则顺延 | | | 至其后的第 1 个交易日，顺延期间不另计息。 | | 债券面值 | 100 元 | | 开盘参考价 | 100 元 | （以下无正文） 发行人：山西证券股份有限公司 2025 年 ...

Core Points - On September 29, 2025, the company announced that its controlling shareholder, Yabao Investment, received a notice of pledge release [1] - Yabao Investment repurchased 13,650,000 unrestricted circulating shares that were pledged to Shanxi Securities Co., Ltd. through a stock pledge repurchase transaction [1] - Following the completion of the repurchase transaction, the corresponding shares' pledge was released [1]

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [3][38]. Core Views - The A-share margin trading balance has reached a new high of 2.44 trillion yuan, reflecting a robust demand in the margin trading market. The financing balance accounts for 2.54% of the circulating market value, and the financing buy-in amount represents 11.80% of the A-share trading volume [2]. - The current PB valuation of the brokerage sector is 1.42 times, which is near the 40th percentile of 2020, indicating a historical low [1]. - Regulatory encouragement for industry consolidation is evident, with mergers and acquisitions seen as effective means for brokerages to achieve external growth and enhance competitiveness [3][6]. Summary by Sections Brokerage Weekly Data Tracking - The average daily trading volume for A-shares was 23,132 billion yuan, down 8.13% week-on-week, with a daily turnover rate of 3.78%, a decrease of 0.48 percentage points [11]. - As of September 26, 2025, the total equity financing scale reached 876.615 billion yuan, with IPOs contributing 75 billion yuan and additional financing at 757.9 billion yuan [13]. Insurance Weekly Data Tracking - The total insurance premium income for July 2025 was 42,085.29 billion yuan, reflecting a year-on-year increase of 6.75%. The life insurance sector accounted for 33,202.78 billion yuan, up 7.53% year-on-year [27]. - The insurance sector is seeing a surge in new product launches, with 993 life insurance products and 652 annuity products introduced this year, indicating a shift towards more competitive offerings [7]. Industry Dynamics - Recent announcements from regulatory bodies support the development of bond repurchase business for foreign investors, enhancing the attractiveness of RMB-denominated bonds [31]. - Measures to foster the growth of digital economy innovation enterprises have been introduced, aiming to accelerate the listing and financing of high-quality companies in this sector [32].