Core Points - The Central Economic Work Conference held on December 10-11, 2025, outlined key strategies for economic work in 2026, emphasizing the need to fully tap economic potential and focus on high-quality development [1] - The conference identified five "musts" for economic work, with a strong emphasis on internal demand and innovation as primary growth drivers [1] Group 1: Internal Demand and Consumption - The conference highlighted the importance of releasing consumption potential through various measures, including the implementation of special actions to boost consumption and the removal of unreasonable restrictions in the consumption sector [2] - The "14th Five-Year Plan" aims to significantly increase the resident consumption rate, focusing on enhancing consumption capacity, willingness, and optimizing supply structure [2] - Policies introduced by six departments aim to provide a clear path for consumption growth, emphasizing service consumption and targeted supply for different demographics [2][3] Group 2: Investment and Infrastructure - The conference addressed the decline in infrastructure investment in the second half of 2025, proposing an increase in central budget investment and optimizing the implementation of key projects [4] - Infrastructure investment in 2026 is expected to focus on high-quality development, with emphasis on new infrastructure, regional coordination, and enhancing public service infrastructure [4] Group 3: Supply and Demand Dynamics - The conference called for optimizing supply and addressing "involution" competition, with a focus on expanding effective supply and improving industry governance [5][6] - The establishment of a unified national market and the elimination of local protectionism are key strategies to enhance competition and improve market conditions [6] Group 4: Macroeconomic Policy - The conference outlined two main directions for macroeconomic policy: increasing counter-cyclical adjustments and enhancing the quality and efficiency of policies [7] - The fiscal policy will remain proactive, with a projected fiscal deficit rate of around 4% and a focus on multiple objectives, including stabilizing growth and supporting innovation [8] - Monetary policy is expected to be moderately accommodative, balancing the need for economic stability and reasonable price recovery while supporting fiscal policy efforts [9]

Core Viewpoint - The margin trading market has been heating up since 2025, prompting frequent adjustments by brokerage firms to meet strong credit trading demand and optimize their business layout [1] Group 1: Brokerage Adjustments - As of November, three brokerages have made adjustments to their margin trading businesses: Dongwu Securities announced a credit limit adjustment to no more than 600% of its net capital, while Changjiang Securities set its credit business limit to 300% of its audited consolidated net capital by the end of 2024 [1] - Earlier, on November 27, Dongfang Securities disclosed plans to revise its margin trading management measures [1] Group 2: Industry Trends - A total of nine brokerages have optimized their margin trading business layout in 2025 by increasing business limits and adjusting credit management models, including Dongwu Securities, Changjiang Securities, Dongfang Securities, Huatai Securities, China Merchants Securities, Hualin Securities, Shanxi Securities, Industrial Securities, and Zheshang Securities [1]

Core Insights - The digital economy is characterized by data resources as a key element, evolving into the fifth production factor alongside land, labor, capital, and technology [1] - The data industry has transitioned from a supporting role in the industrial value chain to a strategic engine driving high-quality development in the digital economy [1] Industry Research Focus - Shanxi Securities Research Institute's industry research team emphasizes the importance of data and computing power as new production factors, leading to the creation of the 2025 "Digital Economy Research Report Collection" [1] - The report collection is structured with a "total-subdivision-special" framework, featuring a comprehensive report on the data industry and detailed reports on specific segments such as data resources, infrastructure, data annotation, data storage, and data application [1] Regional Development Insights - The report presents a comprehensive overview of the national data industry development status and trends, while also incorporating targeted insights on the development of the data industry in Shanxi [1] - Shanxi Securities aims to enhance research on the regional economy and characteristic industries, contributing to high-quality economic development in Shanxi through solid research efforts [1]

Group 1 - The article highlights the transformation of Shanxi's economy from a coal-centric model to a more diversified and innovative landscape, driven by emerging technology companies [17][19][20] - Companies like Shanxi Securities, Keda Control, and Jinbo Biotech are leading this shift by focusing on niche markets and innovative solutions, contributing to the optimization of the industrial structure in Shanxi [17][24][40] - The article emphasizes the importance of capital market support for technology-driven enterprises, with initiatives aimed at enhancing the listing and financing opportunities for these companies [23][24][30] Group 2 - Shanxi Securities has established itself as a key player in the local financial market, focusing on serving the needs of regional enterprises and facilitating direct financing exceeding 110 billion yuan during the 14th Five-Year Plan period [33][35] - The company has adopted a differentiated strategy, expanding its service offerings beyond traditional brokerage to include asset management, public funds, and international business [32][34] - In 2024, Shanxi Securities reported a revenue of 3.152 billion yuan and a net profit of 712 million yuan, reflecting a year-on-year growth of 14.86% [35] Group 3 - Jinbo Biotech has achieved significant milestones in the field of recombinant human collagen, holding three class III medical device registration certificates, and is recognized as a leader in this niche market [40][42] - The company has developed a comprehensive product matrix, including freeze-dried fibers, solutions, and gels, and is focused on maintaining its competitive edge through continuous innovation [41][44] - Jinbo Biotech is actively involved in setting international standards for biomedical materials, enhancing its influence in the global market [43] Group 4 - Keda Control is transforming the mining industry through the integration of smart technologies and robotics, aiming to enhance safety and efficiency in coal mining operations [47][48] - The company has developed various robotic solutions for underground inspections and has established itself as a leader in the smart mining sector, being the first to list on the Beijing Stock Exchange [47][49] - Keda Control's revenue from its community charging business has seen exponential growth, indicating a successful diversification strategy beyond traditional mining operations [52][53]

Core Insights - The awards for financial bond underwriting and market-making have been announced, recognizing various banks and securities firms for their outstanding performance in the industry [1][2][3][4][5][6][7] Group 1: Outstanding Underwriters - The title of "Outstanding Underwriter" was awarded to several banks, including CITIC Bank, Shanghai Pudong Development Bank, and Industrial and Commercial Bank of China [1][2] - A total of 10 banks were recognized as "Excellent Underwriters," highlighting their contributions to the financial bond market [1] Group 2: Excellent Market Makers - The "Excellent Market Maker" category included firms such as Huatai Securities and CITIC Securities, showcasing their role in enhancing market liquidity [2][4] - A diverse range of banks, including Ping An Bank and Industrial Bank, were acknowledged for their market-making capabilities [2][4] Group 3: Special Awards - Special awards were given for various categories, including "Debt Sea Rising Award" and "Green Low Carbon Award," recognizing banks like Agricultural Bank of China and Postal Savings Bank of China for their innovative approaches [3] - The "Technology Innovation Award" was awarded to banks that demonstrated significant advancements in financial technology [3] Group 4: Individual Recognitions - Individual awards were presented to key personnel from various banks, such as CITIC Bank's Sun Wei and China Everbright Bank's Liu Yan, acknowledging their leadership in driving financial bond initiatives [4][5] - The "Outstanding Underwriting Supervisor" category highlighted individuals from major banks, emphasizing the importance of leadership in underwriting processes [5]

Group 1 - The core point of the article is that Shanxi Securities announced the convening of its 28th meeting of the fourth board of directors on December 5, 2025, to discuss the cancellation of the supervisory board and related matters [1] - For the first half of 2025, the revenue composition of Shanxi Securities is as follows: securities brokerage business accounted for 39.46%, fixed income business 27.59%, securities investment business 11.56%, asset management business 7.99%, investment banking business 5.6%, and futures brokerage business 5.21% [1] - As of the time of reporting, the market capitalization of Shanxi Securities is 21.9 billion yuan [1]

第一条 为适应公司战略发展需要，增强公司核心竞争力，确定 公司发展规划，健全决策程序，加强决策科学性，提高重大决策的效 益和决策质量，完善公司治理结构，根据《中华人民共和国公司法》 《中华人民共和国证券法》《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，公司特设立董事会 战略与 ESG 委员会，并制定本实施细则。 第二条 董事会战略与 ESG 委员会是按照《公司章程》的规定而 设立的专门工作机构，对董事会负责，主要负责对公司长期发展战略 和重大投资决策进行研究并提出建议。 第二章 人员组成 第四条 战略与 ESG 委员会委员由董事长、二分之一以上独立董 事或者全体董事的三分之一以上提名，并由董事会选举产生。 第五条 战略与 ESG 委员会设主任委员一名，负责主持委员会工 作；主任委员由战略与 ESG 委员会选举产生。 第六条 战略与 ESG 委员会委员任期与董事任期一致，委员任期 届满，连选可以连任。期间如有委员不再担任公司董事职务，自动失 去委员资格，并由委员会根据上述第三条至第五条规定补足委员人数。 董事会战略与 ESG 委员会实施细则 山西证券股份有限公司 董事会战略 ...

董事会秘书工作细则 山西证券股份有限公司董事会秘书工作细则 （2025 年 12 月） 第一章 总则 第一条 为规范公司董事会秘书的行为，保护投资者合法权益， 根据《中华人民共和国公司法》（以下简称《公司法》）《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》）《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，制定本细则。 第二章 任职条件及任免程序 第二条 董事会秘书应具备的基本条件： （一）正直诚实，品行良好； （二）熟悉证券法律、行政法规、规章以及其他规范性文件，具 备履行职责所必需的经营管理能力； 1 董事会秘书工作细则 （三）从事证券工作 3 年以上，或者金融、法律、会计工作 5 年 以上； （四）具有证券从业资格； （五）具有大学本科以上学历或取得学士以上学位； （六）曾担任证券机构部门负责人以上职务不少于 2 年，或者曾 担任金融机构部门负责人以上职务不少于 4 年，或者具有相当职位管 理工作经历； （七）通过监管部门认可的资质测试。 第三条 公司董事会秘书应当具备履行职责所必需的财务 ...

信息披露事务管理制度 山西证券股份有限公司 信息披露事务管理制度 (2025 年 12 月) 第五节 信息披露的档案管理 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）的信息 披露行为，确保公司信息披露内容的真实、准确、完整，切实维护公 司、股东及投资者的合法权益，根据《中华人民共和国公司法》《中 华人民共和国证券法》（以下简称《证券法》）《上市公司信息披露 管理办法》《公司信用类债券信息披露管理办法》《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 5 号——信息披露事务管理》（以下简称《5 1 目 录 第一章 总则 第二章 信息披露的基本原则和一般规定 第三章 信息披露事务管理制度的制定、实施与监督 第四章 信息披露的内容和标准 第一节 定期报告 第二节 临时报告 第五章 信息披露的事务管理 第一节 信息披露内容的编制、审议、披露流程 第二节 信息披露义务人的职责 第三节 未公开信息的报告、传递、审核与披露流程 第四节 财务管理和会计核算的内部控制及监督机制 第六章 其他对外发布信息的规定 第七章 保密措施及责任追究 第八章 附则 信息 ...

独立董事专门会议工作细则 山西证券股份有限公司独立董事专门会议工作细则 （2025 年 12 月） 第一章 总则 第一条 为进一步完善山西证券股份有限公司（以下简称公司）法人治理 结构，提升公司规范运作水平，保障独立董事有效地履行职责，根据《中华 人民共和国公司法》《上市公司独立董事管理办法》《深圳证券交易所股票 上市规则》《深圳证券交易所上市公司自律监管指引第1号——主板上市公司 规范运作》等有关法律、行政法规、部门规章、规范性文件及《山西证券股 份有限公司章程》（以下简称《公司章程》）《山西证券股份有限公司独立 董事制度》等有关规定，结合公司实际情况，制定本工作细则。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及公 司主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响 其进行独立客观判断关系的董事。 独立董事对公司及全体股东负有忠实与勤勉义务。在董事会中发挥参与 决策、监督制衡、专业咨询的作用，维护公司整体利益，保护中小股东合法 权益。 第三条 独立董事专门会议是指全部由公司独立董事参加的，审议本工作 细则和相关法律、行政法规、中国证监会规定等以及《公司章程》所规定的 有关 ...