山西证券股份有限公司 2023 年面向专业投资者公开发行次 级债券更名公告 中信证券股份有限公司 2025 年 9 月2 3 日 山西证券股份有限公司（以下简称"发行人"）2023 年面向专业 投资者公开发行次级债券（以下简称"本次债券"）的申请已于 2023 年 10 月 9 日获得中国证券监督委员会证监许可【2023】2288 号文， 同意发行人公开发行 40 亿元次级债券（以下简称"本次债券"）。 本次债券申报时命名为"山西证券股份有限公司 2023 年面向专 业投资者公开发行次级债券"，鉴于本次债券采用分期发行的方式， 按照公司债券命名惯例，本次发行人拟发行的规模不超过（含）人民 币 15 亿元的次级债券名称确定为"山西证券股份有限公司 2025 年面 向专业投资者公开发行次级债券（第二期）"（以下简称"本期债券"）。 本期债券名称变更不改变原签订的与本次公司债券发行相关的 法律文件效力，原签署的相关法律文件对更名后的公司债券继续具有 法律效力。前述法律文件包括但不限于《山西证券股份有限公司 2023 年面向专业投资者公开发行次级债券受托管理协议》《山西证券股份 有限公司 2023 年面向专业投资者公 ...

2024 年度 山西证券股份有限公司 信用评级报告 编号：CCXI-20243564M-01 招商证券2022年年 报.pdf 2024 年度山西证券股份有限公司信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2024 年 10 月 8 日 * [16] A. A. K. 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易 ...

Group 1 - The core viewpoint of the article is that Shanxi Securities has given a "buy" rating to Guanghe Tong (300638.SZ) based on several positive factors [1] - The global IoT industry is experiencing a continuous recovery, with edge AI and smart modules emerging as new directions [1] - The company maintains high investment levels and is expanding its product line to capture new industry demands [1] - The embodied intelligence market is vast, and the company has gained a first-mover advantage [1]

Core Points - As of September 19, 2025, the number of shareholders for Shanxi Securities is reported to be 109,557 [1]

Group 1 - The core viewpoint is that securities firms are accelerating the integration of branch offices to enhance operational efficiency and optimize resource allocation amid ongoing digital transformation in the industry [1][3] - As of September 19, 2023, a total of 114 branch offices have been announced for closure by 25 securities firms this year, including 11 subsidiaries and 103 business offices [2] - The firms with the highest number of closures include Guosen Securities with 21, followed by Founder Securities with 13, and Industrial Securities with 12 [2] Group 2 - The integration of branch offices is driven by the need to reduce operational costs and adapt to the shift of investor services to online channels due to advancements in financial technology [3] - Concurrently, securities firms are establishing new subsidiaries in regions with significant potential to enhance wealth management services and improve service quality [4] - The establishment of new regional subsidiaries helps firms integrate local resources, deepen cooperation with local governments and enterprises, and expand service coverage [4]

Group 1 - Honghe Technology plans to increase capital by 300 million yuan to its wholly-owned subsidiary Huangshi Honghe through debt-to-equity conversion, raising its registered capital from 700 million yuan to 1 billion yuan [1] - Huaxia Happiness has completed debt restructuring amounting to approximately 192.67 billion yuan, with a total of 24 billion yuan in overdue debts as of August 31 [1] - Chengyi Pharmaceutical's controlling shareholder plans to reduce its stake by up to 1.18%, amounting to 387,560 shares [1][2] Group 2 - Yuanwang Valley received a warning letter from the Shenzhen Securities Regulatory Bureau for failing to halt trading when its controlling shareholder's stake changed to a multiple of 5% [2] - Gongjin Co. received government subsidies of 8.9 million yuan, accounting for 11.13% of its latest audited net profit [3] - Maiwei Biotech's application for the listing of 9MW0813 injection has been accepted by the National Medical Products Administration [4] Group 3 - Jianfeng Group plans to repurchase shares worth between 20 million and 40 million yuan at a maximum price of 12.42 yuan per share [6] - Ankai Micro plans to invest 20 million yuan to acquire a 4% stake in Shiqi Future [7] - Pinming Technology's stock will continue to be suspended as it is actively pursuing a significant matter that may lead to a change in control [8] Group 4 - China Communications has signed new contracts worth 256.34 billion yuan from January to August, with domestic contracts totaling 206.05 billion yuan [18] - Round Express reported a revenue of 5.39 billion yuan in August, a year-on-year increase of 9.82% [38] - China Pacific Insurance's original insurance premium income reached 217.05 billion yuan from January to August, up 13.2% year-on-year [39] Group 5 - *ST Chuangxing's chairman is under investigation, and the general manager will act as the chairman during this period [40] - Fengshan Group signed a technical development contract with Tsinghua University for a project related to sodium-ion battery electrolytes [40] - Yongxin Optical stated that its optical components related to lithography machines account for less than 1% of its revenue [41] Group 6 - Tianyuan Dike's subsidiary received a government subsidy of 3.77 million yuan, representing 16.27% of its latest audited net profit [42] - Huaxiang Co. plans to issue convertible bonds to raise no more than 1.308 billion yuan for various projects [43] - Wolong Electric Drive reported that its robot-related products accounted for only 2.71% of total revenue in the first half of the year [44]

Core Viewpoint - Hebei Keli Automotive Equipment Co., Ltd. demonstrates unique advantages and development potential in the automotive equipment sector through recent institutional research activities [1][2]. Group 1: Company Overview - The company held an investor activity on September 19, 2025, attended by representatives from Shanxi Securities and company executives, including Chairman Zhang Wanwu and Secretary Zhang Jing [1]. - The company introduced its basic situation, industry overview, investment highlights, and development prospects during the event [1]. Group 2: Technological Advancements - The company has achieved a full-process technological breakthrough in its anti-VOC pollution light-absorbing coating technology, which is set to be gradually mass-produced based on market demand [1]. - New technologies in the field of assisted driving are expected to gain further popularity with the increasing penetration of new energy vehicles, with successful project switches to major clients like Volkswagen, Geely, and Chery [1]. Group 3: Strategic Development - The company adopts a dual-driven strategy of "smart driving components leader + new materials technology engine," focusing on enhancing customer stickiness and global business layout to increase market share [2]. - With the gradual increase in new energy vehicle penetration, the company's products are expected to see both volume and price increases, alleviating capacity shortages post-investment project implementation [2]. Group 4: Competitive Advantages - The company's gross margin is significantly higher than the industry average due to its technological advantages, having developed multiple first-time applications for brands like BMW, Volvo, and NIO [3]. - The company has established deep supply chain collaborations with leading glass manufacturers, allowing it to secure high-difficulty orders at relatively higher prices [3]. - The early adoption of information management systems and intelligent operation systems has led to a unique production model, enabling continuous management improvement and cost advantages [3].

Group 1 - The core viewpoint of the report is that Shanxi Securities has given a "buy" rating for Xinyi Technology (300502.SZ) based on its strong performance and growth prospects [1] - The company has significantly increased its production capacity in the first half of the year, maintaining excellent delivery capabilities, resulting in both revenue and profit growth [1] - New product outlook includes rapid volume increase of 1.6T products, gradual rise in silicon photonics proportion, and layouts in AEC and CPO [1] Group 2 - The North American ASIC custom chip market is expected to continue growing by 2026, with the company positioned as a core supplier benefiting from major clients [1] - Potential risks include changes in tariff policies or US-China trade tensions leading to lower-than-expected capital expenditures in North America, introduction of new suppliers by downstream major clients affecting shipment volumes, and rising upstream material costs impacting gross margins [1] - The company may face technological risks if it falls behind in the research and development of next-generation optical communications such as CPO and OIO [1]

关于撤销北京国贸证券营业部的公告 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002500 证券简称：山西证券 公告编号：临2025-027 山西证券股份有限公司 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。 为进一步优化营业网点布局，山西证券股份有限公司（以下简称 "公司"）决定撤销北京国贸证券营业 部。公司将按照《中华人民共和国证券法》《证券公司分支机构监管规定》和《关于取消或调整证券公 司部分行政审批项目等事项的公告》（证监会公告[2020]18号）等相关规定要求，妥善处理分支机构客 户资产，结清分支机构业务并终止经营活动，办理工商注销等相关手续，并向证券营业部所在地中国证 券监督管理委员会派出机构备案。 特此公告 山西证券股份有限公司董事会 2025年9月19日 ...

Core Viewpoint - Shanxi Securities is actively implementing the "Five Major Articles" strategy to enhance its service to the local economy, focusing on innovation and financial support for traditional industries and technology-driven enterprises [1][2]. Group 1: Organizational Structure and Strategy - Shanxi Securities has developed a three-year action plan regarding the "Five Major Articles," which includes top-level design and deep integration of business operations [2]. - A dedicated task force led by the chairman has been established to oversee the implementation of the strategy, ensuring comprehensive coordination of major decisions and resource allocation [4]. - The company has formed five major business committees and a technology governance committee to integrate the "Five Major Articles" requirements into daily operations, enhancing cross-departmental collaboration [4]. Group 2: Focus on Technology Finance - Technology finance is identified as a core area in the three-year action plan, with a comprehensive financial service matrix covering the entire lifecycle of technology enterprises [6]. - Shanxi Securities has established specialized teams in high-end manufacturing, healthcare, and renewable energy sectors to support technology enterprises, particularly those in critical technology fields [6][7]. - The company has implemented a collaborative model of "industrial investment banking + patient capital" to support early-stage enterprises with significant R&D investments, some exceeding 15% of their revenue [7]. Group 3: Green Finance Initiatives - Shanxi Securities is prioritizing green finance to support the dual carbon goals, creating a three-pronged service system that includes product innovation, full lifecycle services, and ecological collaboration [9][10]. - The company has developed innovative green financial products, such as the low-carbon transition-linked corporate bond for Yangcheng Guotou, which set a historical low interest rate for similar-rated bonds in Shanxi [9][10]. - Shanxi Securities has underwritten nearly 10 billion yuan in various green bonds, establishing a strong position in the green finance sector [10].