化学原料 合成生物产业深度报告之一 领先大市-B(维持) 工程化合成万物，生物经济颠覆性力量 2024年4月2日 行业研究/行业深度分析 化学原料板块近一年市场表现 投资要点：  工程化合成生物，提高生物产品竞争力。合成生物制造按照特定目标对 生物体理性设计、改造乃至从头重新合成生物体系，通过生物学的工程化来 造福人类。CBInsights 预测2024年全球合成生物学市场规模或达到189亿 美元，2019-2024年期间CAGR或为28.8%，麦肯锡预测2025年合成生物学 产生的全球经济影响将达到1000亿美元。  合成生物制造相比传统化学工程三大优势：1）原料可再生，反应条件 资料来源：最闻 温和，有效降低排放。2）工艺优化潜力大，降本空间显著。3）技术平台性 强，研发经验和设备可迁移，拓品空间广阔。 首选股票 评级  合成生物仍处于发展早期，未来两大驱动因素：1）欧盟碳关税造成“绿 688639.SH 华恒生物 买入-B 色贸易壁垒”，生物基材料渗透率有望提升。CBAM与欧盟内外碳排放成本 688065.SH 凯赛生物 增持-B 差额及碳排放量挂钩，未来CBAM将提升欧盟外地区出口至欧盟的成本， ...

Investment Rating - The report assigns a "Buy" rating to Shanxi Securities (002500) for the first time, with a target price based on a P/B ratio of 1.04x and 1.01x for 2024 and 2025, respectively [2][3] Core Views - Shanxi Securities has shown resilience in its brokerage business, with net brokerage commission income outperforming the industry despite a decline [3] - The company's bond underwriting business has significantly grown, offsetting the decline in equity financing [3] - Asset management business has expanded rapidly, with public fund assets under management (AUM) growing substantially [3] - The company has a strong regional investment banking advantage in Shanxi and has developed a differentiated competitive edge in FICC and asset management [3] Financial Performance - In 2023, Shanxi Securities achieved revenue of 3.47 billion yuan, a year-on-year decrease of 16.58%, while net profit attributable to shareholders increased by 7.88% to 620 million yuan [3] - In Q1 2024, revenue was 631 million yuan, down 44.64% year-on-year, and net profit attributable to shareholders was 159 million yuan, down 36.72% year-on-year [3] - The company's return on equity (ROE) was 3.53% in 2023, an increase of 0.21 percentage points year-on-year [3] Business Segments Brokerage Business - In 2023, net brokerage commission income was 452 million yuan, down 4.44% year-on-year, but outperformed the industry average [9] - The number of wealth management clients increased by 11.33%, and AUM grew by 28.32% [9] - Institutional brokerage business saw a 71.38% increase in professional institutional clients and a 137.27% increase in AUM [9] Investment Banking - In 2023, net investment banking commission income was 394 million yuan, down 5.74% year-on-year [10] - Equity financing underwriting volume dropped by 65.53% to 2.15 billion yuan, while bond underwriting volume surged by 143.69% to 81.20 billion yuan [10][11] Asset Management - In 2023, net asset management commission income was 245 million yuan, up 19.51% year-on-year [13] - Public fund AUM grew by 123.16 billion yuan, reaching 299.63 billion yuan, while private fund AUM increased by 61.51 billion yuan to 357.85 billion yuan [13] Investment Income - In 2023, investment income (including fair value changes) was 1.75 billion yuan, up 20.80% year-on-year [15] - Fixed-income investment maintained a high level of return, while equity investment reduced portfolio volatility [15] Margin Financing and Stock Pledging - In 2023, margin financing balance increased by 6.09% to 6.77 billion yuan, while stock pledge business decreased by 19.55% to 1.15 billion yuan [16] Future Outlook - The company is expected to achieve EPS of 0.15 yuan and 0.18 yuan in 2024 and 2025, respectively, with BVPS of 5.04 yuan and 5.18 yuan [3] - The P/B ratio is projected to be 1.04x and 1.01x for 2024 and 2025, respectively, based on the closing price of 5.25 yuan on April 30, 2024 [3]

Financial Performance - Total revenue for Q1 2024 was ¥631,429,731, a decrease of 44.64% compared to ¥1,140,570,820 in the same period last year[3] - Net profit attributable to shareholders was ¥158,560,105, down 36.72% from ¥250,552,230 year-on-year[3] - Basic earnings per share decreased by 42.86% to ¥0.04 from ¥0.07 in the previous year[3] - The company reported a diluted earnings per share of ¥0.04 based on the latest total share capital of 3,589,771,547 shares[5] - The company reported a decrease in investment banking service fee income to 48,809,282 CNY from 76,181,754 CNY year-over-year[20] - The total comprehensive income attributable to shareholders of the parent company was 165,718,243 CNY, compared to 243,450,122 CNY in the previous year[21] - The company experienced a significant reduction in operating expenses, which were 457,923,519 CNY, down from 827,882,495 CNY in the previous year[21] Cash Flow - Net cash flow from operating activities improved significantly to ¥1,272,722,110, compared to a negative cash flow of ¥565,124,186 in the same period last year[3] - Total cash inflow from operating activities is ¥6,500,540,494, down from ¥12,911,199,239 in the previous period[23] - Cash outflow from operating activities totaled ¥5,227,818,384, compared to ¥13,476,323,425 in the previous period[23] - The net cash flow from investing activities is negative at ¥24,895,635, compared to a negative cash flow of ¥11,672,855 in the previous period[23] - Cash inflow from financing activities is ¥1,000,000,000, significantly higher than ¥54,240,000 in the previous period[24] - The net cash flow from financing activities is negative at ¥823,487,329, compared to a negative cash flow of ¥705,729,458 in the previous period[24] - The ending balance of cash and cash equivalents is ¥24,342,460,291, compared to ¥24,858,987,948 in the previous period[24] - The company reported a decrease in cash and cash equivalents of ¥424,771,588, contrasting with a decrease of ¥1,290,126,356 in the previous period[24] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥79,389,460,753, reflecting a 2.32% increase from ¥77,590,229,317 at the end of the previous year[4] - The total liabilities increased significantly from ¥37,579,000,000 to ¥39,000,000,000, representing an increase of approximately 3.8%[18] - The total equity attributable to shareholders of the parent company rose to 17,912,550,749 CNY from 17,746,832,505 CNY[19] - The company’s financial investments totaled ¥37,861,652,442, an increase from ¥37,276,438,415, showing a growth of about 1.57%[18] - The company’s goodwill remained stable at ¥476,939,901, unchanged from the previous reporting period[18] Investment and Income - Investment income from financial instruments and long-term equity investments amounted to ¥349,871,509, classified as regular income due to the company's main business operations[7] - Investment income fell by 31.91% to 190,509,333 from 279,780,875, reflecting a decrease in overall investment returns[8] - Net income from asset management fees increased by 174.36% to 52,334,885 from 19,075,280, showing growth in asset management revenue[8] - The company reported a significant increase in trading financial liabilities, which rose to ¥4,484,087,766 from ¥1,512,007,369, reflecting a growth of approximately 196.5%[18] Regulatory and Compliance - The company has undertaken corrective measures in response to regulatory warnings, enhancing internal controls and operational quality in investment banking[15] - The company has completed the issuance of subordinated bonds on February 19, 2024, and March 21, 2024, as scheduled, indicating strong compliance with financial obligations[14] - The company has not undergone an audit for the first quarter report[24] - The company has implemented new accounting standards starting from 2024, but it is not applicable for the current report[24] Shareholder Information - The total number of common shareholders at the end of the reporting period was 123,844, with the largest shareholder holding 31.77% of the shares[10] - The company’s major shareholders engaged in securities lending, with China Agricultural Bank lending 1,850,900 shares, representing 0.0516% of total shares[12]

Financial Performance - The company reported a total registered capital of CNY 3,589,771,547 as of December 31, 2023[12]. - The net capital of the company reached CNY 12,166,857,887 by the end of 2023[12]. - The company reported a revenue increase of 15% year-over-year, reaching $1.2 billion in Q4 2023[43]. - Total revenue for 2023 was CNY 3,470,696,161, a decrease of 16.58% compared to CNY 4,160,555,009 in 2022[55]. - Net profit attributable to shareholders increased by 7.88% to CNY 619,761,504 from CNY 574,465,725 in the previous year[55]. - The company reported a net profit margin of 20%, up from 15% in the previous year[44]. - The company achieved a revenue of $1.5 billion in the last quarter, representing a 10% increase compared to the previous quarter[50]. - The company reported a significant increase in other comprehensive income, with a net amount of CNY 20,166,564, up 156.11% from CNY 7,874,078 in 2022[55]. - The company reported a significant decrease in cash and cash equivalents, with a net decrease of $2,231,425,601[120]. - The company reported a customer retention rate of 90%, indicating strong user loyalty[50]. Dividends and Shareholder Returns - The board proposed a cash dividend of CNY 0.90 per 10 shares (including tax) to all shareholders, pending approval at the annual general meeting[3]. - Basic earnings per share for 2023 were CNY 0.17, a 6.25% increase from CNY 0.16 in 2022[57]. - The fully diluted earnings per share for the latest share capital is CNY 0.17[58]. Risk Management - The company has established a comprehensive risk management system to address major risks including policy, liquidity, market, credit, operational, and reputational risks[4]. - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[4]. - Major risks include policy, liquidity, credit, market, operational, compliance, IT system, reputation, and talent risks, with corresponding countermeasures established[180][181]. - The liquidity coverage ratio and net stable funding ratio continue to meet regulatory requirements, indicating overall liquidity risk is manageable[184]. - Credit risk management includes internal rating systems and strict monitoring of client and transaction counterparty risks, with average maintenance margin for margin financing at 254.17%[187][188]. Business Expansion and Development - The company has expanded its business scope to include securities asset management and public fundraising for securities investment funds[17]. - The company is focused on technological advancements and new product development to improve its competitive edge in the market[24]. - The company is actively pursuing market expansion and enhancing its service offerings through new strategies and technologies[40]. - The company is committed to maintaining sustainable development within controllable risk limits[4]. - The company aims to enhance its wealth management capabilities and expand market share by optimizing service capabilities and focusing on customer acquisition[174]. Operational Efficiency - The company is implementing new strategies to improve operational efficiency, aiming for a 5% reduction in costs[50]. - The transition of asset management business is part of a broader strategy to streamline operations and improve efficiency[37]. - The company has established a comprehensive financial service system, covering wealth management, investment management, asset management, investment banking, and international business[85]. Market Position and Competitive Edge - The company has been actively involved in mergers and acquisitions, enhancing its market position and service offerings[24]. - The company completed the acquisition of all shares of Green Futures and merged it with Dahua Futures, resulting in a registered capital of 5.8018 billion RMB for the newly named Green Dahua Futures Co., Ltd.[27]. - The company is focusing on expanding its business framework centered around key cities, covering Shanxi and aiming for national reach[40]. - The company has been the top underwriter for corporate bonds in Shanxi Province for four consecutive years, with direct financing exceeding 22 billion yuan in 2023[89]. Technological Investments - The company invested $50 million in R&D for new technologies aimed at enhancing user experience[44]. - The company established a financial technology subsidiary, Shanxi Securities Technology (Shenzhen) Co., Ltd., with a registered capital of 200 million RMB in March 2020[30]. - Shanzheng Technology is enhancing its core capabilities by integrating big data, cloud computing, and artificial intelligence with financial services, aiming to create a differentiated competitive advantage[165]. Regulatory Compliance - The company maintained compliance with industry regulations, ensuring all business operations were compliant and overall compliance risk was controllable[197]. - The company has obtained various business qualifications from regulatory bodies, including securities investment consulting and online securities brokerage[20]. Financial Health - Total assets increased by 12% to $2.5 billion, reflecting strong financial health[43]. - The company's total assets amounted to 77.590 billion yuan, a year-on-year decrease of 6.42%[99]. - The company's cash management product net asset scale increased by 89.08 billion yuan, enhancing brand influence in this area[105].

证券代码：002500 证券简称：山西证券 公告编号：临2024-003 山西证券股份有限公司 关于第四届董事会第二十次会议决议的公告 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。 一、董事会会议召开情况 根据《公司章程》规定，山西证券股份有限公司（以下简称"公 司"）于 2024 年 3 月 18 日以电子邮件结合电话提示的方式发出了召 开第四届董事会第二十次会议的通知及议案等资料。2024 年 3 月 26 日，本次会议在山西省太原市山西国际贸易中心东塔 27 层会议室以 现场结合视频电话会议方式召开。 会议由董事长侯巍先生主持，本次会议应出席董事 11 人，实际出 席董事 11 人（其中，现场出席的有侯巍董事长、王怡里副董事长、 刘鹏飞董事、李小萍董事；视频参会的有周金晓董事、夏贵所董事、 李海涛独立董事、邢会强独立董事、朱祁独立董事、郭洁独立董事、 乔俊峰职工董事）。公司部分监事、高级管理人员列席本次会议。 会议召开及表决程序符合法律、行政法规、部门规章、规范性文件 和《公司章程》的有关规定，会议合法有效。 山西证券股份有限公司董事会 二、董事会会议 ...

1月30日，山西证券香港子公司山证国际助力吉安城投控股集团有限公司成功发行1.7368亿美元绿色债 券，成为山西证券学习贯彻中央金融工作会议部署、做好五篇大文章的开年第一单。 做好科技金融、绿色金融、普惠金融、养老金融、数字金融五篇大文章，是中央金融工作会议作出的重 要部署，为金融高质量服务实体经济指明了方向。山西证券作为立足山西、面向全国、布局海外的综合 类上市券商，提升站位意识，全面融入国家和区域发展大局，聚焦五篇大文章，以ESG工作为抓手，发 挥专业化综合金融服务优势，探索推动绿色金融服务体系与工作机制有机结合，为"好金融"写下绿色底 色，全面助力实现"双碳"目标。 深入践行绿色发展理念。山西证券设立可持续发展委员会，构建"董事会—管理层——执行层"ESG管理 架构，持续将ESG议题纳入公司治理，明确治理层面ESG管理职责，优化完善ESG管理体系，高质量编 制发布首份ESG管理报告。公司连续第三年入选中国上市公司协会《上市公司ESG优秀实践案例》。 创新绿色金融产品服务体系。积极发展绿色债、科创债、低碳转型债、创新创业债、GDR等金融产 品，大力发展公募REITs、资产证券化等特色融资业务。甘做"店小二 ...

证券时报网讯，山西证券研报指出，5年期LPR调降不改收益率下行趋势。1月PMI及通胀数据显示经济 动能依然偏弱，且当前经济偏弱原因不仅源于需求端，也在于供给快于需求，导致价格低位波动。5年 期LPR超预期调降显示政策层面稳定需求和预期的信心。货币政策稳健偏松基调未变，5年期LPR利率 调降后MLF利率依然有较强的调降预期。上半年债市顺风环境未变，但需要考虑金融传导效率的提升 和央行关注的信贷结构优化对货币政策节奏带来扰动。 海量资讯、精准解读，尽在新浪财经APP ...

证券代码：002500 证券简称：山西证券 公告编号：临2023-046 山西证券股份有限公司 山西证券股份有限公司董事会 2023 年 12 月 29 日 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。 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"）决定撤销寿阳朝阳街证券营业部。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 关于撤销寿阳朝阳街证券营业部的公告 ...

一、独立董事专门会议召开情况 证券代码：002500 证券简称：山西证券 公告编号：临2023-045 山西证券股份有限公司 关于第四届董事会独立董事第一次专门会议决议的公告 作为公司独立董事，我们一致同意公司《关于向山西股权交易中 心有限公司增资暨关联交易的议案》，并将本议案提交公司第四届董 事会第十九次会议审议，关联董事需按规定回避表决。本次关联交易 不需公司股东大会审议。 特此公告 山西证券股份有限公司（以下简称"公司"）于 2023 年 12 月 14 日以电子邮件结合电话提示的方式发出了召开第四届董事会独立董 事第一次专门会议的通知及议案等资料。2023 年 12 月 22 日，本次 会议在山西省太原市山西国际贸易中心东塔 30 层会议室以现场结合 视频电话会议方式召开。本次会议应出席独立董事 4 人，实际出席 4 人（其中，视频出席会议的独立董事 4 人）。独立董事共同推举郭洁 女士为本次独立董事专门会议的召集人和主持人。全体独立董事基于 客观、独立的立场对拟提交公司第四届董事会第十九次会议的事项进 行审议。 本次会议的召集、召开和表决程序符合有关法律法规和《上市公 司独立董事管理办法》等相关规定 ...

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。 一、董事会会议召开情况 根据《公司章程》规定，山西证券股份有限公司（以下简称"公 司"）于 2023 年 12 月 14 日以电子邮件结合电话提示的方式发出了召 开第四届董事会第十九次会议的通知及议案等资料。2023 年 12 月 22 日，本次会议在山西省太原市山西国际贸易中心东塔 27 层会议室以 现场结合视频电话会议方式召开。 会议由董事长侯巍先生主持，本次会议应出席董事 11 人，实际出 席董事 11 人（其中，现场出席的有侯巍董事长、王怡里副董事长、 刘鹏飞董事；视频出席的有李小萍董事、周金晓董事、夏贵所董事、 李海涛独立董事、邢会强独立董事、朱祁独立董事、郭洁独立董事、 乔俊峰职工董事）。公司部分监事、高级管理人员列席本次会议。 会议召开及表决程序符合法律、行政法规、部门规章、规范性文 件和《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 证券代码：002500 证券简称：山西证券 公告编号：临2023-042 山西证券股份有限公司 关于第四届董事会第十九次会议决议的公告 表决结果：8 ...