证券代码：002500 证券简称：山西证券 公告编号：临2025-028 山西证券股份有限公司 2025年中期权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 山西证券股份有限公司（以下简称"公司""本公司"）2025 年 中期权益分派方案已经 2025 年 5 月 20 日召开的 2024 年度股东大会 授权，并经 2025 年 8 月 26 日召开的第四届董事会第二十六次会议审 议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案等情况 1.公司 2025 年 5 月 20 日召开 2024 年度股东大会，审议通过了 《关于 2024 年度利润分配方案暨 2025 年中期利润分配授权的议案》， 同意授权董事会在公司同时满足当期盈利、各项风险控制指标持续符 合监管要求且不存在重大资金需求的前提条件下，决定并实施公司 2025 年中期利润分配方案。 2.公司 2025 年 8 月 26 日召开第四届董事会第二十六次会议审议 通过的 2025 年中期利润分配方案具体内容为：以 2025 年 6 月 30 日 总股本 3,589,7 ...

格隆汇9月18日丨山西证券(002500.SZ)公布，为进一步优化营业网点布局，山西证券股份有限公司决定 撤销北京国贸证券营业部。公司将按照《中华人民共和国证券法》《证券公司分支机构监管规定》和 《关于取消或调整证券公司部分行政审批项目等事项的公告》（证监会公告[2020]18号）等相关规定要 求，妥善处理分支机构客户资产，结清分支机构业务并终止经营活动，办理工商注销等相关手续，并向 证券营业部所在地中国证券监督管理委员会派出机构备案。 ...

格隆汇9月18日丨山西证券(002500.SZ)公布，为进一步优化营业网点布局，山西证券股份有限公司决定 撤销北京国贸证券营业部。公司将按照《中华人民共和国证券法》《证券公司分支机构监管规定》和 《关于取消或调整证券公司部分行政审批项目等事项的公告》（证监会公告[2020]18号）等相关规定要 求，妥善处理分支机构客户资产，结清分支机构业务并终止经营活动，办理工商注销等相关手续，并向 证券营业部所在地中国证券监督管理委员会派出机构备案。 ...

关于撤销北京国贸证券营业部的公告 证券代码：002500 证券简称：山西证券 公告编号：临2025-027 山西证券股份有限公司 2025 年 9 月 19 日 为进一步优化营业网点布局，山西证券股份有限公司（以下简称 "公司"）决定撤销北京国贸证券营业部。公司将按照《中华人民共 和国证券法》《证券公司分支机构监管规定》和《关于取消或调整证 券公司部分行政审批项目等事项的公告》（证监会公告[2020]18 号） 等相关规定要求，妥善处理分支机构客户资产，结清分支机构业务并 终止经营活动，办理工商注销等相关手续，并向证券营业部所在地中 国证券监督管理委员会派出机构备案。 特此公告 山西证券股份有限公司董事会 | 本公司及董事会全体成员保证信息披露的内容真实、准确、完 | | --- | | 整，没有虚假记载、误导性陈述或重大遗漏。 | ...

Core Viewpoint - Shanxi Securities experienced a decline in stock price, with a current trading price of 6.55 CNY per share and a market capitalization of 23.513 billion CNY, reflecting a net outflow of funds [1] Financial Performance - For the first half of 2025, Shanxi Securities reported a net profit of 524 million CNY, representing a year-on-year growth of 64.47% [2] - The company has distributed a total of 4.214 billion CNY in dividends since its A-share listing, with 969 million CNY distributed in the last three years [3] Stock Market Activity - As of September 18, 2023, Shanxi Securities' stock price has increased by 5.14% year-to-date, but has seen a decline of 1.50% over the past five trading days and 1.06% over the past 20 days [1] - The company has a total of 110,100 shareholders, with an average of 32,612 shares held per shareholder, showing a slight decrease in shareholder numbers by 0.47% [2] Business Segments - The main revenue sources for Shanxi Securities include fixed income business (37.32%), securities brokerage (29.65%), and entrusted asset management (12.08%) [1] - The company operates in various sectors including financial technology, futures, and margin financing [2]

Industry Commentary - The automotive industry is expected to benefit from new materials opportunities as eight departments issued a "Work Plan for Stabilizing Growth in the Automotive Industry" [1] Company Commentary - Kingdee International (00268.HK) is experiencing resilient growth driven by its cloud subscription business, with accelerated commercialization of AI [1] - Zhongji Xuchuang (300308.SZ) reported that the increase in 1.6T volume will further enhance profitability, maintaining its position as a global leader in optical module delivery [1] Industry Commentary - The photovoltaic industry chain is witnessing price increases upstream, indicating potential market shifts [1]

Group 1 - The core viewpoint of the report is that Shanxi Securities has given a "buy" rating for Zhongji Xuchuang (300308.SZ) based on strong performance indicators [1] - The second quarter showed a rapid increase in revenue growth rate and significant improvement in gross margin, attributed to accelerated procurement from major clients and an increased proportion of high-speed silicon optical products [1] - The company's strong delivery capability is highlighted as a significant competitive advantage [1] Group 2 - Risks mentioned include potential underperformance of AI application deployment affecting North American capital expenditures [1] - The introduction of new suppliers by major clients could lead to a decrease in the company's existing supply share [1] - Supply capacity may be impacted by shortages of key raw materials such as EML, and exchange rate fluctuations could affect profitability [1]

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）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，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）符合深圳证券交易所债券上市条件，将于 2025 年 9 月 17 日起在深圳证券交易所上市，并面向专业投资者中的机构投资者交易，交易方式包括匹配成 交、点击成交、询价成交、竞买成交和协商成交。债券相关要素如下： | 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 | | --- | --- | | | （第一期） | | 债券简称 | 25 山证 C1 | | 债券代码 | 524405 | | 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） | 10 | | 债券期限 | 3 年 | | 票面年利率（％） | 2.30 | | 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 10 日至 2025 年 9 月 ...

Core Viewpoint - The financial industry must prioritize cultural construction as a strategic foundation for sustainable development, with risk culture being a core component of China's financial culture system, essential for high-quality and sustainable growth [1] Group 1: Risk Management Culture - Shanxi Securities adheres to the principle of "if it is unclear and unmanageable, do not expand," emphasizing a prudent culture that incorporates awareness and determination to maintain risk boundaries [2] - The company has established a four-tier risk management organization involving the board, management, internal control, and business departments to set and enforce risk preferences and bottom lines [2] - For new businesses, the company identifies major risks and implements corresponding control measures, refusing to enter businesses with unclear risks, prioritizing cautious advancement over blind expansion [2] Group 2: Practical and Problem-Oriented Culture - Shanxi Securities emphasizes substance over form in risk management, rejecting formalism that prioritizes procedures over effectiveness [3] - The company has implemented a "supervision system" to actively regulate its operations, with dedicated internal control personnel in all departments to enhance risk management effectiveness [3] - This approach allows the company to focus on the essence of business risks, predict potential risks, and effectively manage existing risks to ensure healthy operations [3] Group 3: Innovative Culture - With the ongoing reform of the capital market, Shanxi Securities recognizes the need for digital transformation in risk management due to increasing risk complexity and concealment [4] - The company is developing a risk management ecosystem centered around a big data center, launching systems for market risk management and unified client management to enhance risk visibility and management agility [4] - This digital approach significantly improves the company's ability to foresee and penetrate risks, establishing a robust digital risk defense for sustainable development [4] Group 4: Professional Culture - Shanxi Securities has developed a comprehensive risk management talent training system, focusing on both ideological guidance and professional development [5] - The company promotes a culture of risk awareness among employees through regular training and communication, fostering an environment where everyone prioritizes risk control [5] - Over 66% of the headquarters' risk management personnel hold financial risk management certifications, enhancing the professional capabilities of employees in understanding financial regulations and solving complex issues [5]

Group 1 - The core viewpoint of the article is that Shanxi Securities has given a "buy" rating for Sungrow Power Supply Co., Ltd. (300274.SZ) based on its strong performance in the photovoltaic inverter and energy storage system sectors [1] - In the photovoltaic inverter segment, the company has maintained revenue growth and continues to enhance its global competitiveness [1] - The energy storage system revenue has doubled year-on-year, and the company's profitability remains high [1] - The company is increasing its research and development investment and is comprehensively laying out its AIDC (Artificial Intelligence Data Center) strategy [1]