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].

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]