董事会议事规则 山西证券股份有限公司 董事会议事规则 （经 2024 年 5 月公司 2023 年度股东大会审议通过） 第一条 宗旨 为了进一步规范山西证券股份有限公司（以下简称"公司"）董 事会的议事方式和决策程序，促使董事和董事会有效地履行其职责， 提高董事会规范运作和科学决策水平，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司治理准则》《深圳证券交易所股 票上市规则》（以下简称"《股票上市规则》"）、《山西证券股份有限公 司章程》（以下简称"《公司章程》"）以及其他有关法律、法规的规定， 并结合公司实际情况，制定本规则。 第二条 董事会职权 董事会行使下列职权： （五）制订公司的利润分配方案和弥补亏损方案； （六）制订公司增加或者减少注册资本、发行债券或其他证券及 上市方案； （七）拟订公司重大收购、公司因《公司章程》第二十八条第（一） 项、第（二）项规定的情形收购本公司股份或者合并、分立、分拆、 解散及变更公司形式的方案； （十二）制订公司的基本管理制度； （十三）制订《公司章程》的修改方案； （八）决定公司因《公司章程》第二十八条第（三）项、第（五） 项、第（六）项规定的情形收购本 ...

证券代码：002500 证券简称：山西证券 公告编号：临2024-015 山西证券股份有限公司 2023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； 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：2024年5月24日14:30 （2）网络投票时间：2024年5月24日 5、会议主持人：侯巍董事长 1 6、会议召集、召开程序符合《公司法》《深圳证券交易所股票上 市规则》等相关法律、行政法规、部门规章、规范性文件和《公司章 程》的规定，会议合法合规。 二、会议出席情况 出席本次会议的股东及股东授权委托代表共17人，代表股份 1,833,270,291股，占公司有表决权股份总数的51.0693%。其中： 1、出席现场会议的股东及股东授权委托代表4人，代表股份 1,166,506,594股，占 ...

山西证券股份有限公司章程 山西证券股份有限公司章程 (2024 年 5 月修订) 目 录 第二节 监事会 1 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东大会 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第五章 公司党组织 第六章 董事会 第一节 董事 第二节 独立董事 第三节 董事会 第四节 董事会专门委员会 第五节 董事会秘书 第七章 总经理、执行委员会及其他高级管理人员 第八章 监事会 第一节 监事 山西证券股份有限公司章程 第九章 财务、会计和审计 第一节 财务会计制度 第二节 内部稽核（审计） 第三节 会计师事务所的聘任 第二节 公告 2 第十章 通知和公告 第一节 通知 第十一章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十二章 章程修改 第十三章 附则 山西证券股份有限公司章程 第一章 总则 第一条 为维护山西证券股份有限公司（以下简称"公司"）、 股东和债权 ...

《中华人民共和国证券法》（以下简称"《证券法》"）、《深圳证 券交易所股票上市规则》（以下简称"《股票上市规则》"）、《 深 圳证券交易所上市公司自律监管指引第7号——交易与关联交易》（以 下简称"《交易与关联交易》"）、《山西证券股份有限公司章程》 （以下简称"《公司章程》"）以及其他有关法律、法规的规定，并 结合公司实际情况，制定本制度。 第二条 关联交易应遵循以下基本原则： （一）诚实信用原则； （二）不损害公司及非关联股东合法权益的原则； （三）关联股东及董事回避原则； 山西证券股份有限公司关联交易管理制度 （经 2024 年 5 月公司 2023 年度股东大会审议通过） 第一章 总则 第一条 为规范山西证券股份有限公司（以下简称"公司"）的 关联交易，保证公司关联交易的公允性，维护公司及公司全体股东的 合法权益，保证公司与关联人之间的关联交易符合公开、公平、公正 的原则，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 关联交易管理制度 （四）公开、公平、公正的原则。 第三条 公司交易与关联交易行为应当定价公允、审议程序合规、 信息披露规范。 公司交易与关联交易行为应当合法合规，不得隐瞒关联 ...

? 煤炭 行业周报（20240513-20240519） 领先大市-A(维持 山西复产，顺势而为 2024年5月20日 行业研究/行业周报 煤炭行业近一年市场表现 投资要点  动态数据跟踪  动力煤：旺季补库需求启动，港口煤价仍相对强势。煤炭产地安监严格常 态化，产地煤炭供应维持政正常水平，但山西会议引发复产预期，后续日产量 或有所增长。需求方面，高温天气开启，火电负荷有所提高；下游迎峰度夏补 库需求有所释放，而宏观政策面延续向好，地产企业资金面有所改善，非电行 业备库需求提升，提振了煤炭需求。但水电出力增加，影响煤炭需求增量，港 口调入大于调出，港口煤炭库存增加。综合影响下，产地、港口动力煤价格维 资料来源：最闻 持相对强势。展望后期，稳经济政策措施继续出台，预计工业用电及非电用煤 需求仍有增长空间；山西复产增量空间有限，国内供给以小幅增长为主；同时， 国际煤价高位，进口煤价差不高，后期进口煤增量预期仍存变数，预计国内动 相关报告： 力煤价格回落空间不大。截至5月17日，广州港山西优混Q5500库提价980 【山证煤炭】供给收缩，制造业投资延 元/吨，周持平；广州港澳洲煤库提价973元/吨，周变化-0. ...

农林牧渔 农业行业周报 同步大市-A(维持) 看好生猪养殖股、圣农发展、海大集团在当前的配置时机 2024年5月20日 行业研究/行业周报 农林牧渔行业近一年市场表现  本周（5月13日-5月19日）沪深300指数涨跌幅为+0.32%，农林牧渔 板块涨跌幅为+1.29%，板块排名第7，子行业中果蔬加工、动物保健、畜禽 饲料、肉鸡养殖以及生猪养殖市场表现位居前五。  本周（5月13日-5月19日）猪价继续上涨。根据跟踪的重点省市猪价 来看，截至 5 月 17 日，四川/广东/河南外三元生猪均价分别为 15.15/16.00/15.35元/公斤，环比上周分别上涨 1.34%/1.59%/0.99%；平均猪 肉价格为20.76元/公斤，环比上周上涨1.71%；仔猪平均批发价格24.71元/ 公斤，环比上周上涨2.66%；二元母猪平均价格为31.00元/公斤，环比上周 资料来源：最闻 下跌0.03%；自繁自养利润为-15.21元/头，外购仔猪养殖利润为132.17元/ 首选股票 评级 头。截至5月17日，白羽肉鸡周度价格为7.75元/公斤，环比下跌1.15%； 002311.SZ 海大集团 买入-A 肉鸡苗价格为 ...

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].