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].

Core Viewpoint - The article discusses the increasing cross-border financial needs as Chinese enterprises expand internationally, highlighting how regional brokerages like Shanxi Securities are positioning themselves to serve both local economies and achieve their own breakthroughs [1][2]. Group 1: Dual Service Mission - Shanxi Securities' Hong Kong subsidiary, Shan Zheng International, aims to build a "dual service" bridge, providing comprehensive financial services such as cross-border listings, bond issuance, and mergers for local Shanxi enterprises while attracting overseas capital to invest in quality assets in Shanxi and China [2][3]. - The company is leveraging the advantages of Hong Kong as an international financial center to facilitate local enterprises' participation in the Belt and Road Initiative and to promote the economic transformation of Shanxi [2]. Group 2: Differentiated Development Strategy - Shan Zheng International focuses on its core strengths and regional advantages rather than attempting to compete broadly with foreign investment banks, emphasizing deep engagement with local enterprises' cross-border needs [3][4]. - The company aims to provide tailored, full-cycle services to Shanxi and inland enterprises, understanding their specific development characteristics and challenges in the cross-border process [3]. Group 3: Business Focus Areas - The company concentrates its resources on three key areas: FICC (Fixed Income, Currency, and Commodities), cross-border investment banking, and specialized asset management, aiming to create a "sharp advantage" in these sectors [4]. - In the FICC sector, Shan Zheng International is committed to enhancing pricing capabilities, product innovation, and risk management to establish this business as a flagship product in the Hong Kong market [4]. Group 4: Support from Parent Company - Shanxi Securities provides systematic support to Shan Zheng International, focusing on enhancing cross-border service capabilities and aiding the group's internationalization efforts through capital, business, research, and technology [6][7]. - The parent company plans to inject HKD 1 billion into Shan Zheng International to strengthen its capital base and reduce financing costs, thereby enhancing its international operational capabilities [6]. - Shanxi Securities employs a model of "business capability transfer and cross-border innovation adaptation" to integrate its FICC expertise into Shan Zheng International's operations, ensuring effective competition in overseas markets [6]. Group 5: Resource Sharing - The parent company facilitates a "dual referral" mechanism for client resources, creating a closed loop of "domestic demand + overseas service" by leveraging its extensive network of quality clients [7]. - Research resources are shared between the parent and subsidiary, providing precise analysis for clients regarding the value of Chinese assets, combining insights from domestic policy and corporate fundamentals [7]. - Shanxi Securities applies its digital transformation achievements to Shan Zheng International, supporting the establishment of a digital financial service management platform to enhance operational efficiency and risk management in cross-border business [7].

债券简称：23 山证 C1 债券代码：115126.SZ 债券简称：23 山证 C3 债券代码：115127.SZ 债券简称：23 山证 C4 债券代码：148498.SZ 债券简称：24 山证 01 债券代码：148788.SZ 债券简称：24 山证 02 债券代码：148823.SZ 债券简称：24 山证 04 债券代码：148934.SZ 债券简称：24 山证 05 债券代码：524053.SZ 债券简称：25 山证 K1 债券代码：524290.SZ 债券简称：25 山证 01 债券代码：524329.SZ 债券简称：25 山证 02 债券代码：524373.SZ 债券简称：25 山证 C1 债券代码：524405.SZ 债券简称：25 山证 C2 债券代码：524458.SZ 中信证券股份有限公司 关于山西证券股份有限公司取消监事会并修订《公司章程》的 受托管理事务临时报告 发行人 （山西省太原市府西街 69 号山西国际贸易中心东塔楼 29 层） 债券受托管理人 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 2025 年 12 月 1 中信证券股份有限公司（以下简称"中信证券"）作 ...

Core Insights - The A-share market's margin trading balance has reached a historical high, prompting securities firms to frequently raise their margin business limits [1][4][6] - As of December 9, the margin trading balance in the A-share market stood at 25,105.72 billion, an increase of over 6,500 billion since the beginning of the year [1] - The number of new margin trading accounts opened in September surged by 288% year-on-year, reaching a monthly record high [1][2] Securities Firms' Actions - Multiple securities firms, including China Merchants Securities and Zheshang Securities, have raised their margin trading limits, with increases as high as 1,000 billion in a single adjustment [1][4] - Longjiang Securities and Dongwu Securities announced adjustments to their margin business limits on December 9, while Dongfang Securities had already revised its management methods for margin trading [4][6] - Huayin Securities has also increased its credit business limits twice within six months, demonstrating a proactive approach among smaller firms [4][5] Market Demand and Regulatory Support - The surge in demand for margin trading is attributed to a combination of policy support, market enthusiasm, and the need for industry transformation [6][7] - The China Securities Regulatory Commission has indicated a willingness to expand capital space and leverage limits for quality institutions, providing essential support for margin trading expansion [6] - Analysts predict that the margin trading scale could exceed 30 trillion, with long-term funds entering the market, which will support blue-chip stocks and the sci-tech sector [8][9] Risk Management and Future Outlook - The balance between expanding margin trading and managing risks is a critical challenge for securities firms, with a focus on maintaining a dynamic balance [6][8] - The average guarantee ratio for margin clients has remained within a safe range, indicating manageable risk levels [7][8] - The securities sector is expected to see a significant increase in net profits in 2025, with a projected 51% year-on-year growth [8][9]

Core Insights - The securities sector experienced an increase of 0.61% on December 12, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3889.35, up 0.41%, while the Shenzhen Component Index closed at 13258.33, up 0.84% [1] Securities Sector Performance - Guolian Minsheng (601456) closed at 10.89, with a rise of 2.93% and a trading volume of 1.7592 million shares [1] - Northeast Securities (000686) rose by 1.86% to 9.30, with a trading volume of 625,100 shares [1] - GF Securities (000776) increased by 1.65% to 20.95, with a trading volume of 455,400 shares [1] - Zhongyuan Securities (601375) saw a 1.40% increase to 4.35, with a trading volume of 390,900 shares [1] - Huatai Securities (601688) rose by 1.37% to 22.16, with a trading volume of 1.2342 million shares [1] - Shanxi Securities (002500) increased by 1.34% to 6.07, with a trading volume of 209,900 shares [1] - Guojin Securities (600109) rose by 1.31% to 9.25, with a trading volume of 272,800 shares [1] - Caitong Securities (601108) increased by 1.19% to 8.50, with a trading volume of 388,000 shares [1] - Huaxi Securities (002926) rose by 1.18% to 9.43, with a trading volume of 154,100 shares [1] - China Galaxy (601881) increased by 1.15% to 15.90, with a trading volume of 313,000 shares [1] Capital Flow Analysis - The securities sector saw a net inflow of 1.326 billion yuan from institutional investors, while retail investors experienced a net outflow of 580 million yuan [3] - Speculative funds recorded a net outflow of 746 million yuan [3]