2024 年度 山西证券股份有限公司 信用评级报告 编号：CCXI-20243564M-01 招商证券2022年年 报.pdf 2024 年度山西证券股份有限公司信用评级报告 声 明 * [16] A. A. K. 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 中诚信国际不对任何 ...

Core Viewpoint - The announcement details a partnership between Sinvo Fund Management Co., Ltd. and Shanxi Securities Co., Ltd. for fund sales, effective from May 30, 2025, allowing investors to open accounts and conduct transactions through Shanxi Securities [1]. Group 1: Applicable Funds - The announcement specifies that the agreement pertains to certain funds managed by Sinvo Fund, although the specific funds are not listed [1]. Group 2: Regular Investment Business - Investors engaging in regular investment through Shanxi Securities must adhere to the minimum deduction amount set by Shanxi Securities [1]. - It is emphasized that regular investment does not eliminate inherent investment risks and does not guarantee returns, distinguishing it from traditional savings methods [1]. Group 3: Fee Rate Discount Activities - Starting from May 30, 2025, investors will benefit from fee rate discounts on fund subscriptions through Shanxi Securities, with no discount limits specified [1]. - The specific discount rates will be determined by promotional activities conducted by Shanxi Securities, and any new fund products sold through Shanxi Securities will also be eligible for these discounts upon their launch [1]. Group 4: Important Reminders - Investors must follow Shanxi Securities' regulations regarding transaction times, fee discount activities, and procedures for fund investments [3]. - Detailed information about the funds can be found in the legal documents available on Sinvo Fund's website [3]. Group 5: Contact Information - Investors can reach out to Shanxi Securities at their customer service number 95573 or visit their website [4]. - Sinvo Fund can be contacted at 400-698-9988 or through their website [4].

Group 1 - The company has signed sales agreements with multiple securities firms, including GF Securities and Guolian Minsheng Securities, to offer fund subscription, redemption, and investment activities starting from May 28, 2025 [1][17][31] - The company will also launch a systematic investment plan (SIP) for its funds, allowing investors to set up automatic investments through the securities firms [2][19][33] - The minimum investment amount for the SIP is set at 10 yuan per period, and investors can choose their investment frequency and amount [5][22][36] Group 2 - Fund conversion services will be available starting May 28, 2025, allowing investors to convert between different funds under the same registration institution [17][31] - The minimum number of shares for conversion is 500, and conversion fees will be based on the redemption fees of the outgoing fund and the subscription fees of the incoming fund [18][32] - The company will offer promotional fee rates for fund subscriptions through these securities firms, with specific discounts to be announced by the firms [13][28][43]

Group 1 - The company has signed a fund sales agreement with Shanghai LianTai Fund Sales Co., Ltd., allowing investors to open accounts, subscribe (including regular investment), and redeem the New Wo Zhongzhai 0-3 Year Policy Financial Bond Index Securities Investment Fund starting from May 30, 2025 [1] - Investors should be aware of the differences between regular investment and other savings methods, as regular investment does not guarantee returns and cannot replace savings [1][7] Group 2 - From May 30, 2025, investors can enjoy fee rate discounts when subscribing to the fund through Shanghai LianTai, with specific discount rates determined by Shanghai LianTai's promotions [2] - The fee rate discount period and rules will be based on Shanghai LianTai's arrangements, and any changes will not be separately announced by the company [3] Group 3 - Investors are advised to follow Shanghai LianTai's regulations for specific transaction times, fee discount activities, business rules, and procedures when handling fund investments [4] - Detailed information about the fund products can be found on the company's website [4] Group 4 - The company has also signed a fund sales agreement with Shanxi Securities Co., Ltd., allowing investors to handle fund-related transactions through Shanxi Securities starting from May 30, 2025 [7] - Similar to Shanghai LianTai, investors should understand the differences in investment methods and the associated risks when using Shanxi Securities for fund investments [7][10] Group 5 - Fee rate discounts will also apply to fund subscriptions through Shanxi Securities, with specific rates determined by their promotional activities [8] - Investors are encouraged to read the fund contracts, prospectuses, and other legal documents available on the company's website for detailed information [10]

Core Viewpoint - The article highlights the recent interactions between securities firms and investors, focusing on performance disclosures, dividend policies, mergers, and strategic initiatives in response to market conditions [1][2]. Dividend and Market Value Management - Several securities firms, including Shanxi Securities and Changjiang Securities, have announced their dividend plans, with Shanxi Securities proposing a cash dividend of 0.9 yuan per 10 shares for 2023 and 1 yuan for 2024, representing 50.43% of net profit attributable to shareholders [3][4]. - Changjiang Securities plans to distribute 1.50 yuan per 10 shares for the 2024 fiscal year, emphasizing a commitment to stable and sustainable returns for investors [3][4]. - Shanxi Securities aims to increase its cash dividend payout ratio from at least 10% to at least 30% over the next three years [3]. Mergers and Shareholding Changes - West Securities is in the process of acquiring control of Guorong Securities, with the acquisition currently under regulatory review [5]. - Guosheng Jinkong has received approval from the CSRC for its absorption merger with Guosheng Securities, which will lead to the dissolution of Guosheng Securities [5][6]. - Changjiang Securities is undergoing a potential share transfer that could make Hubei State-owned Assets the largest shareholder, pending regulatory approval [6]. Research Business Adaptation - Changjiang Securities has risen to third in commission income rankings amid declining public fund commission rates, focusing on expanding services to non-public clients and enhancing research capabilities [7]. - West Securities plans to establish an industry research institute to better serve local economies and key industries, aiming to enhance its research brand [7]. Financial Technology Transformation - Shenwan Hongyuan is advancing its digital transformation by integrating technology into its services, including the development of wealth management and client service platforms [8]. - Shanxi Securities has deployed AI technologies, including the DeepSeek model, to enhance operational efficiency and improve client services through various applications [9].

Group 1: Investor Relations Activity Overview - The investor relations activity included a site visit and discussions on May 22, 2025, with participation from regulatory bodies and individual investors [1] - Key personnel from Shanxi Securities included the Chairman and various executives [1] - Activities included watching a promotional video and visiting the financial service center [1] Group 2: AI Implementation and Future Plans - The company deployed DeepSeek-R1, enhancing customer service, employee efficiency, and quality control through AI [2] - The AI platform, built on Alibaba's Qianwen model, has four applications: knowledge base, document analysis, digital employees, and bond trading robots [2] - Future AI applications will focus on expanding intelligent scenarios and increasing computing power [3] Group 3: Financial Performance and Dividend Policy - In 2023, the company distributed cash dividends of 0.90 CNY per 10 shares, and plans for 2024 include a total of 1.00 CNY per 10 shares, representing 50.43% of net profit [3][4] - The company aims to increase the proportion of profits distributed as cash dividends from at least 10% to at least 30% from 2024 to 2026 [3][4] Group 4: Strategic Arrangements in Response to Policy Changes - The company is adapting to the "National Nine Articles" and "1+N" policy frameworks, focusing on core values and customer-centric strategies [5] - Key strategies include enhancing digital transformation, maintaining a comprehensive service mechanism, and improving operational efficiency [5] Group 5: Wealth Management Business Development - The wealth management sector has seen a customer increase to 2.97 million, a growth of 11%, and managed assets of 698.9 billion CNY, up 13% [6][7] - The company aims to enhance its wealth management capabilities and improve customer service through technology and operational upgrades [7] Group 6: Market Value Management Measures - The company established a market value management system to enhance shareholder returns and maintain stable performance [7] - Strategies include optimizing dividend policies, increasing interaction with investors, and considering share buybacks to stabilize market value [7]

Core Viewpoint - Tianfu Communication is expected to maintain steady operational rhythm, with new momentum anticipated from major clients' 1.6T and CPO products, leading to a "Buy" rating [1] Financial Performance - In 2024, the company achieved revenue of 3.25 billion yuan, a year-on-year increase of 67.7%, and a net profit attributable to shareholders of 1.34 billion yuan, up 84.1% [2] - For Q4 2024, revenue was 860 million yuan, with quarter-on-quarter growth of 17.0% and year-on-year growth of 2.2%; net profit was 370 million yuan, with quarter-on-quarter growth of 26.2% and year-on-year growth of 13.9% [2] - In Q1 2025, revenue reached 950 million yuan, with quarter-on-quarter growth of 29.1% and year-on-year growth of 10.2%; net profit was 340 million yuan, with quarter-on-quarter growth of 21.1% but a year-on-year decline of 8.0% [2] Product Line Insights - In 2024, revenue from active products was 1.66 billion yuan (up 121.9% year-on-year) and from passive products was 1.58 billion yuan (up 33.2% year-on-year) [3] - The demand for passive components is expected to surge due to the AI data communication market, while telecom markets face pressure [3] - The company is focusing on high-speed data communication and silicon photonics products, with various high-specification components already in small-scale delivery [3] Production and Supply Chain - The company's factory in Thailand has commenced production, providing a unique advantage in the silicon photonics supply chain [4] - The first phase of the factory was delivered and operational last year, with the second phase progressing as planned [4] - The company is developing customized passive components and is expected to expand production following customer certification [4] Market Position and Future Outlook - The company is a key participant in NVIDIA's CPO supply chain, which is expected to contribute to new growth as the market expands [5] - NVIDIA's CPO switches are projected to significantly reduce energy consumption and improve network reliability [5] - The CPO market is forecasted to reach $5 billion by 2030, with major players like NVIDIA and Broadcom driving early adoption [5] Profit Forecast and Investment Recommendation - The company anticipates a significant rebound in active business growth in the second half of the year, with projected net profits of 2.08 billion yuan, 2.88 billion yuan, and 3.24 billion yuan for 2025-2027, respectively [6] - The current valuation is considered to be at a historical low, maintaining a "Buy-A" rating [6]

Core Viewpoint - Shanxi Securities has demonstrated strong financial performance in 2024, with significant growth in both revenue and net profit, and plans to continue enhancing shareholder returns through increased cash dividends [3][6]. Financial Performance - In 2024, Shanxi Securities achieved operating revenue of 3.152 billion yuan and net profit of 712 million yuan, marking a net profit growth of 14.86% [3]. - The first quarter of 2025 showed even stronger results, with operating revenue of 752 million yuan, a year-on-year increase of 19.15%, and net profit of 250 million yuan, up 57.39% [3]. Business Segments - Shanxi Securities operates five main business segments: Wealth Management, Corporate Finance, Asset Management, FICC, and Equity [4]. - Wealth Management and Investment Banking segments have shown robust growth, with Wealth Management generating total revenue of 1.041 billion yuan and an operating profit margin increase of 11.19% year-on-year [4]. - The Investment Banking segment generated total revenue of 290 million yuan, with an operating profit margin increase of 19.32% year-on-year [4][5]. Shareholder Returns - The company plans to distribute a cash dividend of 0.50 yuan per share, totaling 179 million yuan, which represents 25.22% of the net profit attributable to shareholders for 2024 [6]. - Shanxi Securities has a history of consistent cash dividends, with a total of 4.034 billion yuan distributed since its listing in 2010, and aims to increase the annual cash distribution from 10% to 30% of the distributable profit [6]. Future Development Strategy - The company is committed to executing its "14th Five-Year Plan" and focuses on a strategy of differentiation, integration, platformization, and digitalization [7]. - Shanxi Securities aims to align with national strategies and regional development, emphasizing service to the real economy and wealth management transformation [7].

中访网数据 山西证券 股份有限公司（证券代码：002500）于2025年5月20日召开2024年度股东大会，会 议以现场表决与网络投票相结合的方式举行。本次股东大会共有439名股东及股东代表参与，代表股份 1,687,090,840股，占公司有表决权股份总数的46.9972%。 会议审议通过了包括《公司2024年度董事会工作报告》《公司2024年度监事会工作报告》《公司2024年 年度报告及其摘要》在内的多项议案。其中，2024年度利润分配方案获得高票支持，同意股份占比达 97.8434%，拟向股东分配利润，并授权董事会决定2025年中期利润分配事项。 本次股东大会的召集、召开程序及表决结果均符合相关法律法规和《公司章程》的规定，国浩律师（上 海）事务所出具的法律意见书确认会议决议合法有效。 山西证券此次股东大会的顺利召开，为公司2025年的经营发展奠定了坚实基础，利润分配方案的实施有 望进一步提升股东回报。 特别声明：以上内容仅代表作者本人的观点或立场，不代表新浪财经头条的观点或立场。如因作品内 容、版权或其他问题需要与新浪财经头条联系的，请于上述内容发布后的30天内进行。 在关联交易方面，股东大会逐项审议 ...

Meeting Details - The shareholders' meeting of Shanxi Securities Co., Ltd. is scheduled for May 20, 2025, at 14:30 [1] - Voting will occur both on-site and online, with specific times for each method outlined [1] Attendance - A total of 439 shareholders and their authorized representatives attended the meeting, representing 179,447,982 shares, which accounts for a significant portion of the total voting rights [1] Voting Results - The meeting adopted a combination of on-site and online voting methods for the resolutions [1] - Detailed voting results, including the number of shares and percentages for approvals, rejections, and abstentions, were recorded but not specified in the provided text [2][3][4] Related Transactions - Certain related party transactions were discussed, with specific shareholders abstaining from voting due to conflicts of interest [2][3] - The controlling shareholder, Shanxi Financial Investment Holding Group Co., Ltd., abstained from voting on specific resolutions due to its significant shareholding [2][3] Legal Compliance - The legal opinions provided confirm that the meeting and voting procedures complied with relevant laws, regulations, and the company's articles of association [4]