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]

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于山西证券股份有限公司 本法律意见书仅供公司 2024 年度股东大会见证之目的使用，不得用作其他任 何目的。 本所律师已经对与出具法律意见书有关的所有文件材料及证言进行审查判 断，并据此出具法律意见如下： 1 国浩律师（上海）事务所 法律意见书 一、本次股东大会的召集、召开程序 2024 年度股东大会的法律意见书 致：山西证券股份有限公司 山西证券股份有限公司（以下简称"公司"）2024 年度股东大会（以下简称 "本次股东大会"）于 2024 年 5 月 20 日 14:30 在山西省太原市杏花岭区府西街 69 号山西国际贸易中心 A 座 27 层会议室召开。国浩律师（上海）事务所（以下 简称"本所"）接受公司的委托，指派本所律师出席会议见证，并依据《中华人 民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公司法》（以 下简称"《公司法》"）、中国证券监督管理委员会（以下简称"中国证监会"） 《上市公司股东会规则》和《山西证券股份有限公司章程》（以下简称"《公司 章程》"）出具本法律意见书。 根据对事实的了解和对法律的理解，本所律师已经 ...

2024年度股东大会决议公告 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： 1、本次股东大会以现场表决与网络投票相结合的方式召开； 2、本次会议无增减、修改、否决议案的情况； 证券代码：002500 证券简称：山西证券 公告编号：临2025-015 山西证券股份有限公司 3、本次会议不涉及变更以往股东大会已通过的决议； 4、为尊重中小投资者利益，本次股东大会所提议案均对中小投 资者的表决单独计票。 一、会议召开情况 1、会议时间： （1）现场会议召开时间：2025年5月20日（周二）14时30分 （2）网络投票时间：2025年5月20日 其中，通过深圳证券交易所交易系统进行投票的具体时间为： 2025年5月20日9:15-9:25,9:30-11:30和13:00-15:00；通过深圳证券 交易所互联网投票系统进行投票的具体时间为2025年5月20日9:15至 15:00期间的任意时间。 2、会议方式：现场表决与网络投票相结合的方式 3、现场会议召开地点：山西省太原市杏花岭区府西街69号山西 国际贸易中心A座27层会议室 4、会议召集人：公司董 ...

Group 1 - The company has signed an agreement with Shanxi Securities to add it as a sales agency for certain funds starting from May 20, 2025, allowing for regular investment, conversion services, and participation in fee discount activities [1][2] - Investors can enjoy fee discounts when subscribing and regularly investing in the specified funds through Shanxi Securities' trading system, with the specific discount rates and activity duration to be announced by Shanxi Securities [2][3] Group 2 - Fund conversion allows investors to directly convert their holdings in one open-end fund to another managed by the same fund management company without redeeming the original fund first [3][4] - The conversion can only occur within the same sales agency, and both funds must be managed by the same fund management company and registered with the same registrar [3][5] - The conversion process involves specific rules regarding the status of the funds, timing for confirmation, and the ability to redeem after conversion [3][9] Group 3 - The conversion fee consists of the redemption fee from the outgoing fund and the subscription fee for the incoming fund, calculated based on the net asset value on the day of application [6][7] - A detailed calculation formula for the conversion process is provided, including steps for determining the amounts and fees involved [7][8] Group 4 - The fund management company can suspend the conversion business under certain circumstances, such as force majeure events or significant market fluctuations leading to large redemptions [10][11][12] - Upon suspension, the fund management company must notify the regulatory authority and publish a notice regarding the resumption of conversion services [12] Group 5 - Investors are encouraged to read the fund contracts and prospectuses for detailed information about each fund [12][13] - Contact information for both the fund management company and Shanxi Securities is provided for further inquiries [13]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 3.152 billion yuan, with a net profit attributable to shareholders of 712 million yuan, representing a year-on-year growth of 14.86% [3] - In Q1 2025, the company reported operating revenue of 752 million yuan, a year-on-year increase of 19.15%, and a net profit of 250 million yuan, up 57.39% year-on-year [3] Group 2: Bond Issuance - The company received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to 7 billion yuan within 24 months [2] - The issuance scale and term of the bonds will be determined based on actual funding needs, adhering to relevant regulations [2] Group 3: Strategic Development - The company aims to enhance its core competitiveness and operational quality through potential external development opportunities, including mergers and acquisitions [2] - The strategic focus includes differentiation, integration, platformization, and digitalization, with an emphasis on customer-centric approaches and long-termism [4] Group 4: Industry Outlook - The overall performance of the securities industry showed steady growth in 2024, with increases in both operating revenue and net profit [4] - The company is committed to optimizing its strategic planning and fostering new growth drivers to ensure sustainable and robust business development [4]

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]