Core Insights - The retail sales of gold and jewelry are expected to grow by 6.1% year-on-year by June 2025, indicating stable demand at the end-user level [1] Industry Summary - In the first half of 2025, China's gold consumption reached 505.205 tons, a decrease of 3.54% year-on-year [1] - Gold jewelry consumption fell significantly by 26.00% to 199.826 tons, while demand for gold bars and coins increased by 23.69% to 264.242 tons [1] - High gold prices have suppressed gold jewelry consumption, but products with lighter weight, strong design, and high added value remain popular, benefiting merchants' profitability [1] - Demand for gold bars remains strong, although profit margins are low [1] - Geopolitical tensions and economic uncertainties have enhanced gold's role as a safe-haven asset, leading to a substantial increase in demand for gold bars and coins for investment [1] - Industrial gold demand has shown a slight upward trend due to the recovery in gold salt demand [1] Company Recommendations - Companies with high certainty in mid-year performance are recommended for active monitoring, including Chao Hong Ji and Lao Pu Gold [1] - Attention is also suggested for Cai Bai Co., Ltd. and Man Ka Long [1] - Traditional gold and jewelry companies are expected to see improved same-store sales and a narrowing revenue decline in Q2, with current valuation levels being relatively low [1] - If the terminal market for gold and jewelry significantly recovers, these companies could benefit from their channel scale and franchise resources [1] - Stock selection should focus on product structure and tracking terminal sales turning points, with recommendations for Zhou Daxing, Lao Fengxiang, and Zhou Liu Fu [1]

薪酬方面，汤建雄的年薪为75.44万元，在36位同行中排名第34位，处于行业下游水平。这一薪酬不仅 与头部券商差距巨大，如东方财富黄建海332.24万元的年薪，也低于多数同行，2024券商行业CFO薪酬 平均数为132万元，谭志华薪酬相当于行业平均水平的57%。薪酬变化上，他的薪酬较上年大幅下降 63.58万元。 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监（CFO）群体薪酬规模合计达42.70亿元，平均年薪 为81.48万元。 专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在2024年证券公司财务总监群体中，山西证券CFO汤建雄的各项指标呈现出鲜明的行业特征，其薪酬变 动尤为引人注目。 1996年12月至2001年9月期间曾任山西省信托投资公司上海证券部财务经理、清算部副总经理；2001年9 月至2019年7月期间曾任公司资产管理部副总经理兼总监理、计划财务部总经理、人力资源部总经理； ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 669109 | 路安休能 | 13.72 | -4.85% | 93.69万 | | 12.88 ZI | | 601001 | XD晋控煤 | 13.06 | -4.39% | 38.26万 | | 5.00亿 | | 000983 | 山西焦煤 | 7.05 | -4.21% | 138.42万 | | 9.82 6 | | 600546 | 山煤国际 | 9.59 | -4.20% | - 43.84万 | | 4.24亿 | | 600281 | 华阳新材 | 6.78 | -3.56% | 24.91万 | | 1.70亿 | | 000737 | 北方铜业 | 10.63 | -3.54% | 85.52万 | | 9.13 (Z | | 600809 | 山西汾酒 | 179.00 | -3.30% | 11.56万 | | 20.81亿 | | 600740 | 山西焦化 | 3.90 | -3.23% | 36. ...

Group 1 - The core viewpoint of the report is that Anpeilong (301413.SZ) is rated as "buy" due to its strong position in the thermal resistor and temperature sensor market, as well as its potential for expansion into new industries like automotive [2] - The company specializes in the research, production, and sales of thermal resistors, temperature sensors, oxygen sensors, and pressure sensors [2] - Home appliances are identified as the company's primary strength in thermal resistors and temperature sensors, with promising opportunities in new sectors such as automotive [2] - The company is rapidly developing pressure sensors through multiple technological routes, with robotics emerging as another significant application area [2] - Initially, the company's oxygen sensors were used in home appliances, but they have successfully expanded into automotive and medical industries [2]

Core Viewpoint - The brokerage sector in A-shares is experiencing significant growth, with the brokerage index rising over 25% since April 8, and many brokerages reporting substantial increases in net profit for the first half of the year, driven by a recovering capital market and favorable policies [1][2][3][8]. Performance Summary - At least 28 listed brokerages have released performance forecasts for the first half of the year, with most reporting a year-on-year net profit growth exceeding 50%, and some large brokerages, such as Shenwan Hongyuan and Guotai Junan, expecting over 100% growth [2][5][6]. - The overall increase in brokerage performance is attributed to the active trading environment in the capital market, which has significantly boosted self-operated investment income and brokerage fee income [8][9]. Factors Supporting Growth - **Fundamental Support**: The active trading environment is expected to continue benefiting brokerage performance, with most brokerages forecasting net profit growth of over 50% for the second half of the year [3][13]. - **Capital Support**: The allocation of equity funds to non-bank financials has increased slightly, indicating potential for further investment in brokerages [14]. - **Policy Support**: Recent policy changes encourage brokerages to focus on improving return on equity (ROE), which may enhance their performance [15]. - **Valuation Levels**: Most brokerages have a price-to-book ratio just above 1, with only about 10 listed brokerages exceeding a ratio of 2, suggesting room for valuation growth [16]. Dividend Yield and Valuation - Several brokerages offer dividend yields above 2%, which is higher than the yield on 10-year government bonds, making them attractive for income-focused investors [1][16][18].

山西证券股份有限公司 2025 年面向专业投资者公开发行 公司债券（第二期）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 资者公开发行公司债券（第二期）符合深圳证券交易所债券上市条件，将于 2025 年 7 月 25 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公司债券 | | --- | --- | | | （第二期） | | 债券简称 | 25 山证 02 | | 债券代码 | 524373 | | 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（％） | 1.83 | | 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 7 月 18 日至 2025 年 7 月 ...

Core Viewpoint - Shanxi Securities Co., Ltd. is issuing its third phase of corporate bonds aimed at professional investors, with a scheduled interest and principal payment date on July 25, 2025 [2][3]. Group 1: Bond Issuance Details - The bond, referred to as "22 Shan Zheng 05" with code 148001.SZ, has been registered for public issuance by the China Securities Regulatory Commission [2]. - The bond has a coupon rate of 2.89%, with a total interest payment of RMB 1,028.90 per bond (including tax) for each RMB 1,000 face value [2][3]. - The interest payment period is from July 25, 2024, to July 24, 2025, with the payment to be made on July 25, 2025 [2]. Group 2: Payment and Taxation Information - The bondholders registered with the China Securities Depository and Clearing Corporation Limited (Shenzhen Branch) as of July 24, 2025, will be eligible for interest and principal payments [3]. - The company will entrust the China Securities Depository and Clearing Corporation to handle the payment process, ensuring funds are transferred to the designated bank account prior to the payment date [3][4]. - Individual bondholders are subject to a 20% personal income tax on the interest earned, which will be withheld at the time of payment [4]. Group 3: Bond Trading and Listing - The bond will be delisted on July 25, 2025, with the last trading day being July 24, 2025 [5]. - The bond's trading will cease after the close of the market on the last trading day, in accordance with the Shenzhen Stock Exchange regulations [5]. Group 4: Company Information - The legal representative of Shanxi Securities is Wang Yili, with the company's registered address located at 69 Fuxi Street, Shanxi International Trade Center, East Tower, Taiyuan City [5][6].

证券代码：002500 证券简称：山西证券 公告编号：临2025-022 债券代码：148001.SZ 债券简称：22山证05 山西证券股份有限公司 2022 年面向专业投资者 公开发行公司债券（第三期） 2025 年兑付兑息暨摘牌公告 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。 特别提示 山西证券股份有限公司 2022 年面向专业投资者公开发行公司债 券（第三期）（债券简称：22 山证 05，债券代码：148001.SZ，以下 简称"本期债券"）本次兑付的债权登记日及最后交易日为 2025 年 7 月 24 日，债券摘牌日为 2025 年 7 月 25 日。凡在 2025 年 7 月 24 日前（含当日）买入本期债券的投资者，根据其在 2025 年 7 月 24 日 收市后中国证券登记结算有限责任公司深圳分公司登记在册的本期 债券数量，享有获得本次派发的利息和本金的权利。 山西证券股份有限公司（以下简称"公司""本公司"）2022 年面向专业投资者公开发行公司债券（第三期）经中国证券监督管理 委员会"证监许可〔2022〕1216 号"文注册公开发行。本期 ...

Core Viewpoint - The successful launch of the first batch of 203 enterprises on Shanxi's "Specialized, Refined, Characteristic, and Innovative" board represents a significant step in promoting financial supply-side structural reform and supporting new quality productivity development in Shanxi Province [1][3]. Group 1: Event Overview - The launch ceremony was themed "Set Sail for a New Journey, Compose a New Chapter" and was attended by over 200 participants, including officials from various financial and industrial departments [1][2]. - The event featured the awarding of plaques to 60 representatives from the first batch of enterprises on the board, emphasizing the commitment to the specialized and innovative development path [2]. Group 2: Financial Products and Services - Customized financial products such as "Special Board Investment," "Special Board Loans," and "Science and Technology Innovation - Specialized and Innovative Insurance" were introduced to support the enterprises [2]. - A comprehensive financial support system was established, integrating credit, guarantees, and equity investment to cover the entire lifecycle of specialized and innovative enterprises [2][4]. Group 3: Market Integration and Support - The event included the signing of agreements for the "Green Channel" project for the New Third Board, facilitating smoother access to capital markets for participating companies [2]. - Experts from various financial institutions provided insights on the integration of the New Third Board and the services available on the "Specialized and Innovative" board, helping enterprises to better navigate capital market opportunities [2][3]. Group 4: Future Development Plans - Shanxi Financial Investment Holding Group plans to implement targeted cultivation and precise services for the listed enterprises, including regular investment and financing matchmaking events and expert consultations [4]. - The establishment of a listing support system aims to enhance the growth of technology enterprises, leveraging various financial tools to provide comprehensive services throughout their lifecycle [4].

近日，新浪财经首届上市券商领军人物领导力TOP榜结果出炉，山西证券总经理王怡里获成长发展券商第 19名。 "上市券商领军人物领导力TOP榜"由新浪财经发起，旨在表彰各大券商领军人物的卓越贡献与深远影响 力。该榜单盘点最近一个完整年度的券商领袖管理成就，以行业数据、同业评价、网络声量多维度综合评 价体系为基础，以创造经济与社会价值为核心标准，表彰杰出领袖，助力金融行业持续健康发展。 个人简介 王怡里 1973年6月出生，中共党员，本科学历。 于2002年3月加入山西证券，现任公司党委副书记、副董事长、总经理、执行委员会委员、董事会秘书。 自2010年4月起担任公司董事会秘书；2020年8月起担任公司党委副书记；2020年12月起担任公司副董事 长、总经理、执行委员会委员。 TOP榜评比全景图 评审委员会: 由券商研究所、独立财富管理机构、媒体等高级管理人员组成。 领导力评估模型: 前瞻力 行业发展的判断力等 (20%) | | 前瞻力 | | | 溶制力 (20%) | 公司控制力、人员管 理能力等 | | --- | --- | --- | --- | --- | --- | | | | | | | 创新力 ...