Group 1 - Shanxi Securities experienced a 5.08% increase in stock price, reaching 6.62 CNY per share, with a trading volume of 287 million CNY and a turnover rate of 1.24%, resulting in a total market capitalization of 23.764 billion CNY [1] - The company, established on July 28, 1988, and listed on November 15, 2010, is based in Taiyuan, Shanxi Province, and its main business includes securities brokerage, proprietary trading, asset management, and financial advisory services [1] - The revenue composition of Shanxi Securities is as follows: 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%, proprietary investment in stocks and others 1.43%, and unallocated projects and others 0.26% [1] Group 2 - Xiyin Fund has one fund heavily invested in Shanxi Securities, specifically the Xiyin CSI 500 Index Enhanced A (010253), which increased its holdings by 3,900 shares in the second quarter, totaling 65,400 shares, representing 0.48% of the fund's net value, making it the ninth largest holding [2] - The Xiyin CSI 500 Index Enhanced A fund was established on March 1, 2021, with a current scale of 31.8202 million CNY, achieving a year-to-date return of 28.48% and ranking 1770 out of 4221 in its category, while its one-year return is 45.19%, ranking 1742 out of 3836 [2] Group 3 - The fund manager of Xiyin CSI 500 Index Enhanced A is Weng Zichen, who has been in the position for 1 year and 66 days, managing a total fund size of 521 million CNY, with the best fund return during his tenure being 92.08% and the worst being -4.53% [3]

Core Viewpoint - Shanxi Securities has shown a mixed performance in stock price and financial metrics, with a notable increase in net profit year-on-year, indicating potential growth opportunities in the financial sector [1][2]. Financial Performance - As of September 29, Shanxi Securities' stock price increased by 2.06% to 6.43 CNY per share, with a total market capitalization of 23.08 billion CNY [1]. - The company reported a year-to-date stock price increase of 4.05%, with a 1.10% rise over the last five trading days, a 1.68% decline over the last 20 days, and a 10.67% increase over the last 60 days [1]. - For the first half of 2025, Shanxi Securities achieved a net profit of 524 million CNY, representing a year-on-year growth of 64.47% [2]. Business Segments - The main revenue sources for Shanxi Securities include 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 self-operated investments (1.43%) [1]. Shareholder Information - As of September 19, the number of shareholders for Shanxi Securities was approximately 109,600, a decrease of 0.47% from the previous period, while the average number of circulating shares per person increased by 0.47% to 32,766 shares [2]. - The company has distributed a total of 4.393 billion CNY in dividends since its A-share listing, with 1.149 billion CNY distributed in the last 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 top ten circulating shareholders include various ETFs, with notable changes in holdings among them, indicating active institutional interest [3].

债券代码：524458 债券简称：25 山证 C2 山西证券股份有限公司 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。 本期债券承销机构中德证券有限责任公司及其关联方未参与本期债券认购。 本期债券承销机构中信证券股份有限公司及其关联方认购并获配 2.3 亿元。前述 认购报价公允，报价程序符合相关法律法规的规定。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》、《深圳证券 交易所公司债券上市规则（2023 年修订）》、《深圳证券交易所债券市场投资者适 当性管理办法（2023 年修订）》及《关于进一步规范债券发行业务有关事项的通 知》等各项有关要求。 特此公告。 （本页无正文，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（第二期）发行结果公告》之签章页） 年 月 日 2025 9 26 2025 年面向专业投资者公开发行次级债券（第二期） 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"、"公司"或"山西证券"）公 ...

Core Insights - The report from Shanxi Securities indicates a shift in coal market sentiment due to policy changes aimed at reducing "involution," leading to an improved risk appetite in the short term [1] - The coal market is expected to see improvements in the third quarter, particularly in thermal coal, as long-term contract price discrepancies are resolved [1] Group 1: Coal Market Trends - The cumulative import volume of coal from January to August has decreased by 12.2%, continuing a trend of contraction, although the rate of decline is slowing [1] - In August, the total coal import price was $66 per ton, reflecting a year-on-year decline, with a slight month-on-month decrease of $0.84 per ton [1] - All coal types showed positive month-on-month growth in August, with thermal coal and coking coal maintaining negative year-on-year growth [1] Group 2: Domestic Supply and Demand - Domestic coal prices experienced fluctuations in August, with a slight increase in production compared to the previous month, but overall production remains contracted year-on-year [2] - The domestic supply gap continues to support the demand for imported coal, with all four major coal types showing an increase in imports [2] Group 3: Price Dynamics and Import Outlook - The price difference between domestic and imported coal is expected to drive further imports, especially if domestic supply continues to contract [3] - Although the import price did not increase in August, the reduction in the rate of price decline suggests potential for future price recovery [3]

Core Viewpoint - The recent increase in financing business limits by several securities firms, including Zheshang Securities, reflects the booming demand for margin trading in the A-share market, with the total margin trading balance reaching a historical high of 24,310.59 billion yuan as of September 24 [3][9]. Financing Business Expansion - Zheshang Securities announced an increase in its financing business limit from 40 billion yuan to 50 billion yuan to promote the development of credit business and manage financing business scale [5][6]. - Other securities firms, such as Huayin Securities and Xingye Securities, have also raised their financing business limits, indicating a trend among brokers to expand their credit business in response to market demand [7][9]. Market Dynamics - As of September 24, the A-share market's margin trading balance reached 24,310.59 billion yuan, with a financing balance of 24,140.84 billion yuan and a securities lending balance of 169.75 billion yuan, marking the third trading day this year where the financing balance exceeded 24 trillion yuan [3][9]. - The proportion of margin trading transactions to total A-share trading volume reached 12.25%, the highest since July 14, 2020, indicating increased investor participation [10]. Investor Engagement - In August, 180,000 new margin trading accounts were opened, a year-on-year increase of 381%, bringing the total number of margin trading accounts to 15.11 million by the end of August [4][11]. - The average maintenance guarantee ratio for clients with margin trading is 280.87%, suggesting a controlled risk environment despite the increased trading activity [6][11]. Future Outlook - Industry experts believe that the increase in financing business limits will not be a short-term trend but rather a regular occurrence driven by market demand and regulatory conditions, with expectations that 10 to 15 more securities firms may follow suit by the end of 2026 [12].

Core Viewpoint - The brokerage sector is experiencing active trading, with significant inflows into the top brokerage ETF, indicating a potential investment opportunity despite recent market corrections [1][3]. Group 1: Market Performance - The brokerage sector has seen a cumulative decline of 8.5% in the China Securities Company Index over the past month, with the price-to-book ratio dropping to 1.53, which is at a low level compared to the past decade [3]. - The average daily trading volume and margin financing scale have been increasing, suggesting a recovery in equity financing and a positive trend in the brokerage sector's fundamentals [3]. Group 2: Fund Inflows and ETF Performance - The top brokerage ETF (512000) has recorded a net inflow of 6.972 billion yuan over the last 20 trading days, reaching a total size of 35.226 billion yuan, marking a historical high [3][4]. - The ETF has consistently attracted significant capital, with an average daily trading volume exceeding 1 billion yuan this year, positioning it as one of the leading ETFs in A-shares [3]. Group 3: Analyst Insights - Analysts from Kaiyuan Securities express optimism about strategic allocation opportunities in the brokerage sector, highlighting its high profitability and favorable valuation [4]. - Shanxi Securities notes that ongoing capital market reforms and supportive financial policies are contributing to a stable recovery in the brokerage sector, with potential for steady growth through both internal and external development strategies [5].

Core Viewpoint - Shanxi Securities announced the issuance of subordinated bonds with a coupon rate of 2.43% for professional investors, indicating a strategic move to raise capital in the market [1] Group 1: Bond Issuance Details - The bond issuance scale is set to not exceed 1.5 billion yuan [1] - The bonds will have a maturity period of 3 years [1] - The issuance is scheduled for September 25-26, 2025, targeting professional institutional investors [1]

Core Viewpoint - Shanxi Securities has shown a mixed performance in trading and financing activities, with notable fluctuations in both financing and margin trading balances, indicating a relatively high level of market activity and investor interest [1][2]. Financing Summary - On September 24, Shanxi Securities recorded a financing buy-in amount of 19.66 million yuan and a financing repayment of 23.16 million yuan, resulting in a net financing outflow of 3.50 million yuan [1]. - The total financing and margin trading balance reached 1.199 billion yuan, with the financing balance accounting for 5.24% of the circulating market value, which is above the 50th percentile level over the past year, indicating a high position [1]. - The margin trading activities included a repayment of 1,500 shares and a sell-out of 18,900 shares, with a sell-out amount of 120,000 yuan, while the margin balance stood at 4.014 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, operates in various securities-related businesses, including brokerage, proprietary trading, asset management, and financial advisory [2]. - The revenue composition 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 approximately 109,600, a decrease of 0.47%, while the average circulating shares per person increased by 0.47% to 32,766 shares [2]. Profitability and Dividends - For the first half of 2025, Shanxi Securities reported zero operating revenue but achieved a net profit attributable to shareholders of 524 million yuan, reflecting a year-on-year growth of 64.47% [2]. - 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 top ten circulating shareholders also included the Guotai CSI All-Index Securities Company ETF, which held 33.2453 million shares, a decrease of 3.4339 million shares, and the Southern CSI 500 ETF, which increased its holdings by 4.4784 million shares to 32.1554 million shares [3].

山西证券股份有限公司 债券代码：524458 债券简称：25 山证 C2 2025 年面向专业投资者公开发行次级债券（第二期） 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。 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次级债券（第二期） （以下简称"本期债券"）发行规模不超过 15 亿元，债券期限为 3 年期。 2025 年 9 月 24 日，发行人和主承销商在网下向专业机构投资者进行了票面利率询 价。根据网下专业机构投资者询价结果，经发行人和主承销商协商一致，最终确定本期 债券的票面利率为 2.43%。 发行人将按上述票面利率于 2025 年 9 月 25 日-2025 年 9 月 26 日面向专业机构投资 者网下发行。具体认购方法请 ...

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（第二期）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。 开发行次级债券（第二期）簿记建档时间的公告》之盖章页） 山西证券股份有限公司 年 月 日 2025 9 24 （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（第二期）簿记建档时间的公告》之盖章页） 中德证券有限责任公司 年 月 日 24 （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 中信证券股份有限公司 2025 9 24 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 二期）发行公告》，本期债券原定于 2025 年 9 月 24 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 ...