Group 1 - The core point of the article is that Shanxi Securities reported on September 11 that the number of shareholders is expected to reach 110,075 by September 10, 2025 [2]

Core Points - As of September 10, 2025, the number of shareholders for Shanxi Securities is projected to be 110,075 [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） 发行结果公告 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。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（第一期）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（第一期）（以下简称"本期债 券"）发行规模为不超过 10 亿元，发行价格为每张 100 元，采取网下面向专业机 构投资者询价配售的方式发行。 本期债券发行时间自 2025 年 9 月 10 日至 2025 年 9 月 11 日，实际发行规模 10 亿元，最终票面利率为 2.30%，认购倍数为 1.77 倍。本次募集资金扣除发行 费用后，拟全部用于偿还公司债券。 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合 ...

Group 1 - The A-share market saw a significant rise in brokerage stocks, with Guohai Securities increasing by over 8% [1] - Other notable performers included Hualin Securities and Zhongyuan Securities, both rising by over 3% [1] - Several other brokerage firms such as Guosheng Financial Holdings, Pacific Securities, Changjiang Securities, Bank of China Securities, Southwest Securities, and Shanxi Securities experienced gains exceeding 2% [1] Group 2 - Guohai Securities reported a rise of 8.52%, with a total market capitalization of 30.9 billion and a year-to-date increase of 13.99% [2] - Hualin Securities increased by 3.96%, with a market cap of 46 billion and a year-to-date rise of 11.53% [2] - Zhongyuan Securities saw a 3.31% increase, with a market cap of 21.7 billion and a year-to-date rise of 8.81% [2] - Guosheng Financial Holdings rose by 2.95%, with a market cap of 37.1 billion and a year-to-date increase of 46.52% [2] - Pacific Securities increased by 2.92%, with a market cap of 33.7 billion and a year-to-date rise of 15.96% [2] - Changjiang Securities saw a 2.27% increase, with a market cap of 44.8 billion and a year-to-date rise of 21.61% [2] - Bank of China Securities increased by 2.24%, with a market cap of 41.9 billion and a year-to-date rise of 35.19% [2] - Southwest Securities rose by 2.11%, with a market cap of 32.1 billion and a year-to-date increase of 4.76% [2] - Shanxi Securities saw a 2.02% increase, with a market cap of 23.5 billion and a year-to-date rise of 5.35% [2]

Core Viewpoint - The A-share market has seen a significant rise in brokerage stocks, with notable increases in share prices for several companies, indicating a positive trend in the sector [1]. Group 1: Stock Performance - Guohai Securities experienced a rise of 8.52%, with a total market capitalization of 30.9 billion and a year-to-date increase of 13.99% [2]. - Hualin Securities saw an increase of 3.96%, with a market cap of 46 billion and a year-to-date rise of 11.53% [2]. - Zhongyuan Securities rose by 3.31%, with a market value of 21.7 billion and a year-to-date increase of 8.81% [2]. - Guosheng Jinkong increased by 2.95%, with a market cap of 37.1 billion and a year-to-date rise of 46.52% [2]. - Pacific Securities rose by 2.92%, with a market capitalization of 33.7 billion and a year-to-date increase of 15.96% [2]. - Changjiang Securities increased by 2.27%, with a market cap of 44.8 billion and a year-to-date rise of 21.61% [2]. - Bank of China Securities saw a rise of 2.24%, with a market value of 41.9 billion and a year-to-date increase of 35.19% [2]. - Southwest Securities increased by 2.11%, with a market capitalization of 32.1 billion and a year-to-date rise of 4.76% [2]. - Shanxi Securities rose by 2.02%, with a market cap of 23.5 billion and a year-to-date increase of 5.35% [2].

Group 1 - The announcement details the addition of new sales institutions for the funds managed by the company, effective from September 11, 2025 [1][2][4] - The new sales institutions include Huafu Securities Co., Ltd. and Shanxi Securities Co., Ltd., with specific contact information provided for each [1][2][4] - The company emphasizes that investors should refer to the relevant business rules and processes of the sales institutions when conducting transactions [1][2] Group 2 - The announcement also includes the addition of CITIC Bank as a sales agent for the company's fund, specifically the Jianxin Stable Income A fund, starting from September 11, 2025 [4] - Investors can access information about the funds through the respective sales institutions' customer service and websites [4] - The company reiterates the importance of reading legal documents such as the fund contract and prospectus before investing [1][4]

Core Insights - In the first half of 2025, 42 listed securities firms reported a total operating revenue of 251.9 billion yuan, a year-on-year increase of 31%, and a net profit attributable to shareholders of 104 billion yuan, up 65% [1] - The brokerage business generated a net income of 63.45 billion yuan, reflecting a growth of 43.98%, with all firms experiencing an increase in brokerage income [1] - The distribution of financial products by these firms reached 5.568 billion yuan, marking a 32.09% increase year-on-year, indicating a shift towards comprehensive wealth management services [5] Brokerage Business Performance - The brokerage business saw a significant increase in revenue, with all 42 firms reporting growth in this segment [1] - Notably, the fastest growth in brokerage income was observed in Nanjing Securities, which surged by 191.28%, while Shanxi Securities experienced the largest decline at -44.9% [1][3] Shanxi Securities Analysis - Shanxi Securities reported a revenue of 1.641 billion yuan, a year-on-year increase of 17.22%, and a net profit of 524 million yuan, up 64.47% [2] - The firm’s investment income reached 1.057 billion yuan, a substantial increase of 173.13%, with self-operated business income accounting for 50.87% of total revenue [3] - However, the firm faced a significant drop in financial product distribution income, which fell to 18 million yuan, the lowest among the 42 firms [3][6] Market Position of Leading Firms - Leading firms in the financial product distribution sector included CITIC Securities, with 838 million yuan, followed by CICC and Guotai Junan, indicating a strong competitive position in the market [7] Regulatory and Legal Challenges - Shanxi Securities' subsidiary, Zhongde Securities, has been embroiled in a lawsuit related to the LeEco financial fraud case, which could impose significant financial liabilities on the firm [8][9] - The ongoing legal issues have hindered Zhongde Securities' ability to secure IPO sponsorship projects, with a withdrawal rate of 90%-100% over the past three years [9][10]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [6][33]. Core Views - The company has shown significant growth in brokerage and investment banking businesses, with a stable performance in proprietary trading [4][5]. - The wealth management business is deepening its buyer advisory transformation, enhancing asset potential [6]. - The company has established a differentiated competitive advantage based on its resource endowment across various main business areas [6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.641 billion yuan, a year-on-year increase of 17.22%, and a net profit attributable to shareholders of 524 million yuan, up 64.47% [4][8]. - Basic earnings per share (EPS) reached 0.15 yuan, reflecting a 66.67% increase year-on-year [4][8]. - The weighted average return on equity (ROE) was 2.88%, an increase of 1.09 percentage points year-on-year [4][8]. Business Segments - The brokerage business's net income and interest income proportions increased, while the investment banking and asset management business's net income proportions decreased [5][9]. - The company saw a significant increase in net income from agency trading, with a year-on-year growth of 47.04% in brokerage fees [5][11]. - The investment banking business experienced a notable recovery in equity financing and rapid growth in debt financing, with a year-on-year increase of 45.69% in investment banking fees [5][14]. Asset Management - The asset management business is accelerating its diversified layout, with a total management scale of 601.99 billion yuan, a 6.34% increase from the end of 2024 [15]. - The company is focusing on strategic emerging industries and has significantly increased its revenue from private equity funds [15][22]. Proprietary Trading - The proprietary trading segment maintained a non-directional investment strategy, achieving a year-on-year increase of 13.96% in investment income [21][22]. - The fixed income proprietary trading significantly outperformed market indices, effectively managing bond market volatility [21][22]. Future Projections - The company expects EPS of 0.24 yuan and 0.26 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 5.17 yuan and 5.36 yuan [6][30]. - Based on the closing price of 6.46 yuan on September 9, the price-to-book (P/B) ratios are projected to be 1.25 and 1.21 for 2025 and 2026, respectively [6][30].

Market Overview - The futures concept sector experienced a decline of 0.14% compared to the previous trading day, with Suhao Fashion leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the futures concept sector included: - Yuanda Environmental (600292) with a closing price of 13.50, up 6.13%, and a trading volume of 451,800 shares, totaling 608 million yuan [1] - Quzhou Development (600208) closed at 4.53, up 1.57%, with a trading volume of 926,400 shares, totaling 418 million yuan [1] - Xinda Securities (601059) closed at 18.82, up 1.29%, with a trading volume of 409,000 shares, totaling 773 million yuan [1] - Conversely, significant decliners included: - Shisuo Fashion (600287) closed at 6.09, down 2.40%, with a trading volume of 83,700 shares, totaling 51.23 million yuan [2] - Meihu Co. (603319) closed at 37.57, down 2.39%, with a trading volume of 134,400 shares, totaling 510 million yuan [2] - Zhongke Jincai (002657) closed at 35.80, down 1.57%, with a trading volume of 303,400 shares, totaling 1.104 billion yuan [2] Capital Flow - The futures concept sector saw a net outflow of 380 million yuan from main funds, while retail funds experienced a net inflow of 269 million yuan [2] - The main fund inflows for notable stocks included: - Xinda Securities (601059) with a net inflow of 47.42 million yuan, accounting for 6.14% of total inflows [3] - Yuanda Environmental (600292) with a net inflow of 45.33 million yuan, accounting for 7.45% of total inflows [3] - In contrast, significant outflows were observed in: - Yuanda Environmental (600292) with a net outflow of 51.45 million yuan from retail investors, accounting for -6.66% [3] - Dahuang Technology (600288) with a net outflow of 72.80 million yuan from retail investors, accounting for -22.97% [3]

债券代码：524405 债券简称：25 山证 C1 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） 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。 （此页无正文，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 （第一期）票面利率公告》之盖章页） 山西证券股份有限公司 2025 年9 9月 日 （此页无正文，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 （第一期）票面利率公告》之盖章页） 中德证券有限责任公司 年 9 月 日 （此页无正文，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 （第一期）票面利率公告》之盖章页） 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（第一期） 发行公告》，山西证券股份有限公司2025年面 ...