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]

Group 1: Company Performance - In 2024, the company achieved operating revenue of 534 million, a year-on-year increase of 9.77%, but net profit attributable to shareholders decreased by 34.44% to 85.47 million [1] - For Q1 2025, the company reported operating revenue of 145 million, a significant year-on-year growth of 44.61%, and net profit attributable to shareholders increased by 39.99% to 25.45 million [1] - The decline in net profit in 2024 was attributed to factors such as low downstream demand and intense industry competition, while Q1 2025 showed a recovery with over 40% growth in revenue and net profit [1][2] Group 2: Financial Ratios - In 2024, the company's gross profit margin and net profit margin were 41.06% and 16.57%, respectively, both showing declines compared to the previous year [2] - For Q1 2025, the gross profit margin improved to 40.17%, and the net profit margin slightly increased to 18.62% [2] - The significant drop in net profit margin in 2024 was mainly due to non-operating income from land sales in 2023 and increased depreciation from ongoing projects [2] Group 3: Production Capacity and Projects - The company is steadily advancing its production base construction projects, including the completion of the "South China Headquarters Intelligent Manufacturing Center" and "South China Headquarters R&D Center" [3] - Ongoing projects in Kunshan and Thailand are expected to enhance the production scale of precision connector products and improve the company's ability to respond to market demand [3] - The expansion of production capacity is anticipated to lay a solid foundation for the continuous optimization of the company's profitability [3] Group 4: Investment Outlook - The company is projected to achieve revenues of 653 million, 797 million, and 963 million from 2025 to 2027, with year-on-year growth rates of 22.2%, 22.0%, and 20.9% respectively [4] - Net profits are expected to reach 123 million, 145 million, and 178 million during the same period, with growth rates of 44.3%, 17.7%, and 22.6% [4] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 1.12, 1.32, and 1.62, with corresponding price-to-earnings (PE) ratios of 35.4X, 30.1X, and 24.6X [4]

Core Insights - The report highlights the financial performance and capital metrics of 42 A-share listed securities firms in China for the year 2024, revealing significant variations in net capital and leverage ratios among these firms [1][4]. Group 1: Net Capital Analysis - Among the 42 firms, CITIC Securities reported the highest net capital at 142.5 billion yuan, while Huayin Securities had the lowest at 4.874 billion yuan [1]. - China Galaxy experienced the largest increase in net capital, rising by 10.99 billion yuan, while Guosen Securities saw the most significant decrease, dropping by 7.863 billion yuan [1]. Group 2: Capital Leverage Ratios - Pacific Securities had the highest capital leverage ratio at 66.83%, while GF Securities recorded the lowest at 11.98% [3][7]. - GF Securities' capital leverage ratio has been declining for two consecutive years, from 13.04% in 2022 to 11.98% in 2024, attributed to rapid asset expansion outpacing core net capital growth [7][8]. Group 3: Revenue and Profitability - GF Securities reported a revenue increase of 16.74% to 27.199 billion yuan and a net profit growth of 38.11% to 9.637 billion yuan for 2024, despite a significant rise in investment income [8]. - The asset management business of GF Securities faced challenges, with a 10.9% decline in net income from fees, primarily due to a reduction in public fund fees [8]. Group 4: Liquidity Coverage Ratios - Pacific Securities also led in liquidity coverage ratio at 1963.29%, while Shanxi Securities had the lowest at 144.26% [3][9]. - Shanxi Securities reported a 9.18% decline in operating income for 2024, contrasting with the overall industry trend of growth, raising concerns about its short-term liquidity risk [13][14].

证券代码：002500 证券简称：山西证券 公告编号：临2025-014 山西证券股份有限公司 关于举行2024年度暨2025年第一季度 网上业绩说明会的公告 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。 山西证券股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日披露了《2024 年年度报告》《2024 年年度报告摘要》和《2025 年第 一季度报告》。为方便广大投资者进一步了解公司财务状况和经营管 理情况，公司决定举行 2024 年度暨 2025 年第一季度网上业绩说明 会，现将具体事项公告如下： 一、时间：2025 年 5 月 16 日（星期五）15:00-17:00 为提升业绩说明会的交流效果，公司现向投资者提前公开征集问 题，欢迎广大投资者于 2025 年 5 月 13 日（星期二）11:30 前，将有 关问题通过电子邮件的形式发送至公司邮箱：sxzq@i618.com.cn，公 司将在业绩说明会上对投资者普遍关注的问题进行交流，欢迎广大投 资者积极参与。 特此公告 山西证券股份有限公司董事会 2025 年 5 月 9 日 二、方式 ...

Group 1: Cloud Computing and AI Infrastructure - The outlook for capital expenditure from cloud giants is positive, with significant growth observed in core companies such as optical modules and copper connections in Q1 [1][2] - Google's Q1 2025 report indicated a 28% year-on-year increase in cloud revenue, with capital expenditure reaching $17.2 billion (up 43% year-on-year) and an expected annual capital expenditure of $75 billion [1] - Amazon clarified that its recent adjustments in data center leasing are part of routine capacity management and do not indicate a reduction in overall data center construction plans [1] Group 2: Domestic Computing Power and AIDC Sector - The AIDC sector is driven by expectations as new capacity investments take time to convert into revenue, with significant growth in fixed assets and construction projects reported by companies like Runze Technology and Aofei Data [3] - Changes in H20 sales regulations are expected to accelerate the adoption of domestic computing power in the second half of the year, with companies like Ascend, Haiguang, and Cambricon being highlighted as key players [3] Group 3: Optical Communication and Copper Connection - Strong capital expenditure is leading to high certainty in performance for sectors such as optical modules, PCB, copper connections, and power supplies, with companies like Zhongji Xuchuang and Xinyi Sheng reporting substantial profit increases [2] - In the copper connection sector, companies like Wolong Nuclear Materials and Dingtong Technology reported year-on-year profit increases of 39% and 212%, respectively [2] Group 4: Military Information Technology - The recovery of orders in military information technology is notable, with satellite internet projects expected to drive demand for new satellite payloads and ground terminal equipment [4] Group 5: Recommended Stocks - Key stocks to watch in the optical communication sector include Zhongji Xuchuang, Xinyi Sheng, and Shijia Photon [5] - In the copper connection sector, recommended stocks include Wolong Nuclear Materials and Dingtong Technology [6] - For domestic computing power, companies like Cambricon and Haiguang are highlighted, while in military information technology, stocks such as Chengchang Technology and Zhenlei Technology are recommended [6]