Core Viewpoint - Shanxi Securities emphasizes the importance of corporate culture and strategic clarity in driving high-quality development, focusing on serving the real economy and differentiating its services [1][2][3]. Group 1: Corporate Culture and Values - The company promotes a corporate culture rooted in the spirit of honesty, innovation, and collaboration, encapsulated in its core values of "integrity, stability, regulation, innovation, and efficiency" [1]. - Shanxi Securities aims to embody the principles of compliance, integrity, professionalism, and stability in its operations, reflecting the unique financial culture of China [1][10]. Group 2: Strategic Development - The company has identified "serving the real economy" and "differentiated development" as its two main strategic lines since the beginning of the 13th Five-Year Plan, focusing on deepening its engagement in Shanxi [2]. - A dedicated working group was established in 2016 to enhance services for the real economy, covering a comprehensive range of financial services including IPOs, mergers, and asset securitization [2]. Group 3: Financial Services and Innovations - Shanxi Securities is committed to high-quality development by integrating into the new development pattern and focusing on key economic strategies and sectors [3]. - The company has developed a three-pronged green finance service system, which includes product innovation, full lifecycle services, and ecological collaboration [4]. Group 4: Green Finance Initiatives - The company has launched various green financial products, such as low-carbon transition bonds and green ABS, to support the dual carbon goals [4]. - Shanxi Securities has successfully facilitated the issuance of innovative financial instruments, including the first low-carbon transition bond in Shanxi, to assist traditional industries in financing their transformation [5]. Group 5: Support for Technological and Traditional Industries - The company has issued a total of 12 technology innovation bonds for local enterprises, amounting to 11.8 billion yuan, to meet the funding needs for technological innovation [7]. - Shanxi Securities actively supports the transformation of traditional industries by utilizing various capital market tools and providing comprehensive advisory services [6][8]. Group 6: Commitment to National Development Goals - The company aligns its strategies with the national goals outlined in the 14th Five-Year Plan, focusing on building a modern industrial system and enhancing the foundation of the real economy [6][9]. - Shanxi Securities aims to play a significant role in the construction of a financial power by enhancing its service capabilities and supporting the development of new productive forces [9][10].

Core Viewpoint - Shanxi Securities emphasizes the importance of corporate culture and strategic clarity in driving high-quality development, focusing on serving the real economy and differentiating its services [1][2][8]. Group 1: Corporate Culture and Values - The company promotes a corporate culture rooted in the "Jin merchant spirit," emphasizing honesty, innovation, and collaboration, while adhering to the principles of compliance, integrity, professionalism, and stability [1]. - Shanxi Securities has distilled its operational philosophy into core values of "benefiting through righteousness, collaboration and inclusiveness, and pursuing excellence" [1]. Group 2: Strategic Development - The company has identified "serving the real economy" and "differentiated development" as its two main strategic lines since the beginning of the 13th Five-Year Plan, focusing on deepening its engagement with the Shanxi economy [2]. - A dedicated working group was established in 2016 to enhance services for the Shanxi real economy, creating a comprehensive service system covering various financial services [2]. Group 3: Financial Services and Innovations - Shanxi Securities is committed to high-quality development, integrating new development concepts and focusing on key economic strategies to enhance the effectiveness and sustainability of its financial services [2][3]. - The company has developed a three-pronged green finance service system, which includes product innovation, full lifecycle services, and ecological collaboration [4]. Group 4: Green Finance Initiatives - The company has initiated several green finance projects, including the issuance of low-carbon transition bonds and ABS for urban heating services, contributing to environmental protection and energy transition [5]. - Shanxi Securities is actively working on the first public REITs project in Shanxi, aimed at supporting the energy revolution and transformation [5]. Group 5: Support for Innovation and Traditional Industries - The company supports the integration of innovation, industry, and finance, focusing on the needs of technology-driven enterprises and providing comprehensive services throughout their lifecycle [6]. - Shanxi Securities has facilitated the issuance of 12 technology innovation bonds for local enterprises, totaling 11.8 billion yuan, to meet funding needs for technological advancements [6]. Group 6: Commitment to Financial Development - The company aims to align its operations with the national strategy for building a modern industrial system and enhancing the real economy, as outlined in the 14th Five-Year Plan [8]. - Shanxi Securities is dedicated to fostering a financial culture that supports the real economy and adheres to the principles of the "Five Musts and Five Must Nots" [9].

证券日报网讯12月22日，山西证券在互动平台回答投资者提问时表示，截至2025年12月19日，公司股东 人数为106529户。 ...

Core Insights - The domestic PCB market is projected to grow from $41.213 billion to $49.704 billion from 2024 to 2029, with a CAGR of 3.8% [1] - The fastest-growing downstream sector for PCBs is servers/data storage, expected to have a CAGR of 11.6% during the same period [1] Group 1: PCB Market Growth - The demand for PCBs is driven by explosive growth in computing power, particularly in AI servers and switches, which require higher performance [1] - The requirements for PCB materials are evolving, with a focus on low Dk/Df properties for core materials like resin, fiberglass, and copper foil [1] Group 2: Resin Demand and Supply - PPO and hydrocarbon resins are ideal for high-frequency and high-speed applications, with expected global demand reaching 4,558 tons and 1,216 tons by 2025, reflecting year-on-year growth of 41.89% and 41.62% respectively [2] - Major global suppliers of PPO and hydrocarbon resins include Sabic, Asahi Kasei, and Mitsubishi Gas, while domestic companies like Dongcai Technology and Shengquan Group are rapidly improving their product performance and production capabilities [2] Group 3: Low-DK Electronic Fabrics - Low-DK electronic fabrics are essential for M7 and above CCL, with the market expected to reach $2.3 billion by 2033, growing at a CAGR of 7.50% from 2024 to 2033 [3] - The supply of low-DK electronic fabrics is concentrated among Japanese, Taiwanese, and domestic companies, with domestic firms accelerating their production capabilities [3] Group 4: HVLP Copper Foil - HVLP copper foil is a core material for high-frequency PCBs, with a projected market growth from $2 billion to $5.95 billion between 2024 and 2032, achieving a CAGR of 14.6% [4] - The high-end copper foil market is currently dominated by Japanese and Korean companies, but domestic firms like Defu Technology and Tongguan Copper Foil are making significant advancements [4] Group 5: Key Companies - Notable companies to watch include Shengquan Group (605589.SH), Dongcai Technology (601208.SH), Zhongcai Technology (002080.SZ), Honghe Technology (603256.SH), International Composite Materials (301526.SZ), Defu Technology (301511.SZ), Tongguan Copper Foil (301217.SZ), and Longyang Electronics (301389.SZ) [5]

Core Viewpoint - The primary goal of the anti-involution initiative is to reverse the deflation trend, with the transmission chain being "deflation → anti-involution → profit improvement → inflation" [1] Group 1: Economic Context - The anti-involution approach aims to restore confidence and break the deflation cycle by ensuring reasonable profits across various sectors [1] - In the coal industry, short-term focus is on supply control, while medium to long-term focus is on demand recovery [1] Group 2: Market Analysis - Recent accelerated decline in coal prices has raised market concerns; however, the anti-involution remains a key economic agenda for the coming year [1] - If coal prices fall to excessively low levels, policies aimed at stabilizing expectations are anticipated [1] Group 3: Investment Instruments - The coal ETF (515220) tracks the CSI Coal Index (399998), which selects listed companies involved in coal mining, processing, and related services to reflect the overall performance of the coal industry [1] - The index is considered highly representative of the industry and focuses on coal-related investments [1]

为了满足投资者资金的快速周转需求，提升资金使用效率，自2025年12月18日起，鑫元基金管理有限公 司(以下简称"本公司")与山西证券股份有限公司(以下简称"山西证券")合作推出鑫元安鑫宝货币市场基 金A(以下简称"鑫元安鑫宝A"或"货币基金")的T+0快速赎回业务(以下简称"快速赎回业务")，现将有关 事项公告如下： 一、快速赎回业务 快速赎回业务是指根据投资者与山西证券签署的快速赎回服务协议的约定，本公司与山西证券合作共同 为投资者提供的流动性支持增值服务。 二、适用范围 本业务适用的基金范围为鑫元安鑫宝A(基金代码：001526)，服务对象为符合相关法律法规、基金合同 和山西证券的规定，在山西证券指定平台开立交易账户并投资鑫元安鑫宝A的个人投资者。 如未来本公司和山西证券协商一致调整快速赎回业务的适用范围的，届时将由本公司或山西证券另行公 告。 三、业务规则 1、快速赎回业务的具体业务规则以投资者与山西证券签署的快速赎回服务协议的约定为准。该服务非 法定义务，快速赎回有条件，依约可暂停。 2、投资者通过山西证券指定平台办理快速赎回业务的申请时间以山西证券交易系统页面提示为准。本 公司与山西证券有权根据实 ...

Core Viewpoint - The report from Shanxi Securities highlights a focus on the recovery of coal profitability, noting a shift in coal prices from rising to falling in November, with seasonal price trends consistent across 2023, 2024, and 2025, indicating "not a dull off-season" and "not a strong peak season" [1][5]. Supply - From January to November 2025, the cumulative output of raw coal reached 4.402 billion tons, a year-on-year increase of 1.4%, but the growth rate is marginally declining. In November alone, the output was 427 million tons, a year-on-year decrease of 0.5% but a month-on-month increase of 4.93% [1]. Demand - The terminal demand has been on a downward trend from January to November 2025, with fixed asset investment decreasing by 2.6% year-on-year. Specific sectors showed varied performance: manufacturing investment increased by 1.9%, infrastructure investment decreased by 1.1%, and real estate investment fell by 15.9%. Cumulative growth rates for electricity generation, coke, pig iron, and cement were -0.7%, 3.2%, -2.3%, and -6.9% respectively [2]. Imports - Coal imports saw a month-on-month decline in November, maintaining a contraction trend from January to November 2025, with cumulative imports at 432 million tons, down 12.0% year-on-year. November's imports were 44.05 million tons, a year-on-year decrease of 19.88% but a month-on-month increase of 5.55% [3]. Prices - In November, coal prices unexpectedly increased month-on-month. Despite adjustments in average prices for Shanxi mixed 5500 thermal coal, Jingtang port coking coal, and Tianjin port secondary metallurgical coke since the beginning of 2025, all three categories saw month-on-month price increases in November [4]. Commentary - Coal prices shifted from rising to falling in November, primarily due to power plants completing their inventory replenishment. The seasonal price trends for 2023, 2024, and 2025 show similar patterns, indicating a need for mean reversion after previous price surges. The report emphasizes that the core macro goal of reversing deflation remains unchanged, suggesting that a balanced approach to supply control in the short term and demand recovery in the medium to long term is necessary. The recent rapid decline in coal prices has raised market concerns, but the ongoing focus on reversing deflation is expected to influence future policy directions positively [5].

Group 1 - The company has signed a sales agreement with Jinshan Bank to sell certain funds starting from December 17, 2025 [1] - The sales process, opening status, handling time, methods, and fee discounts will be determined by Jinshan Bank [1] - Investors can inquire about details through the company's customer service [3] Group 2 - The company has also signed a sales agreement with China Postal Savings Bank to sell certain funds through the "You Ni Tong Ying" platform starting from December 17, 2025 [6] - Similar to the agreement with Jinshan Bank, the sales process and fee discounts will be based on the platform's arrangements [6] - Investors can consult details through the customer service of China Postal Savings Bank [8] Group 3 - The company has entered into a sales agreement with Shanxi Securities to sell the "Jingshun Changcheng Jingying Shuangli Bond Fund" starting from December 17, 2025 [10] - The sales process and fee discounts will be determined by Shanxi Securities [10] - Investors can inquire about details through the customer service of Shanxi Securities [13] Group 4 - The company has appointed Wang Gaobin as an assistant fund manager for two specific funds, effective immediately [16] - Wang Gaobin holds a master's degree in economics and has 7 years of experience in the securities and fund industry [17]

无独有偶，湘财证券、广发证券、中信证券、信达证券、东吴证券等多家券商相继发布了关于"取 消监事会"的公告。 据不完全统计，已有超过40家上市券商进行了撤销监事会的改革，将核心职责向董事会审计委员会 全面移交。 值得注意的是，改革浪潮正快速扩散至整个金融行业。 银行业的动作尤为密集。12月10日，浙商银行与渝农商行便同步官宣拟取消监事会计划。据不完全 统计，年内已有工商银行、建设银行、招商银行等超20家银行陆续披露撤销监事会方案或完成调整。 基金业改革亦破冰。7月，英大基金率先撤销监事会，成为公募行业首家撤销监事会的基金公司。 随后，益民基金、方正富邦基金等中小型公募纷纷跟进。 监管大限倒计时，金融业监督体系改革全力冲刺。 近日，山西证券发布公告称，董事会审议通过了《关于取消监事会及相关事项的议案》，同意公司 不再设置监事会，原监事会的法定职权由董事会审计委员会行使。 山西证券撤销监事会并非孤例。据不完全统计，目前已有超过40家上市券商进行监事会撤销改革， 将核心职责向董事会审计委员会全面移交。与此同时，银行、基金等领域的机构也正密集跟进，一场覆 盖全金融行业的治理结构优化浪潮已然成型。 集中撤销监事会 山西证 ...

Core Viewpoint - The article discusses the internationalization of Chinese securities firms, particularly focusing on Shanxi Securities' subsidiary, Shan Zheng International, which aims to connect local enterprises with global capital markets while enhancing its own capabilities in cross-border services [1][2]. Group 1: Mission and Strategy - Shan Zheng International's primary mission is to build a "two-way service" bridge, providing comprehensive financial services such as cross-border listings, bond issuance, and mergers and acquisitions for local Shanxi enterprises [2]. - The firm also aims to attract foreign capital by promoting high-quality assets in Shanxi and across China, acting as a "window" for overseas investors [2]. Group 2: Competitive Positioning - In the competitive landscape of Hong Kong's financial market, Shan Zheng International focuses on its core strengths rather than trying to compete broadly with all foreign investment banks [4]. - The company emphasizes deep engagement with local enterprises' cross-border needs, providing tailored services that address specific industry challenges [4]. Group 3: Business Focus - Shan Zheng International concentrates on three key areas: Fixed Income, Currencies, and Commodities (FICC), cross-border investment banking, and specialized asset management, aiming to develop "sharp advantages" in these sectors [5]. Group 4: Support from Parent Company - Shanxi Securities provides strategic support to Shan Zheng International, focusing on enhancing cross-border service capabilities and facilitating the group's internationalization [7]. - The parent company plans to inject HKD 1 billion into Shan Zheng International to strengthen its capital base and reduce financing costs [7]. - Shanxi Securities also shares client resources and research capabilities with Shan Zheng International, creating a closed loop of "domestic demand + overseas service" [8].