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]

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]

Group 1 - The core viewpoint of the article emphasizes the collaboration between Zhongou Wealth and Shanxi Securities to launch multiple investment advisory strategies aimed at providing a comprehensive solution for investors seeking stable financial management amidst recent market volatility [1][2][4]. Group 2 - Zhongou Wealth and Shanxi Securities have introduced several investment advisory strategies, including "Zhongou Step by Step to Profit," "Zhongou Multi-Dimensional Stable Income+," and "Happy Small Goals," to meet the diverse investment needs of clients [2][3]. - "Zhongou Step by Step to Profit" is a low-volatility fixed income enhancement strategy that aims to generate higher returns than pure bond funds while maintaining controlled risk, suitable for investors looking for stable asset growth [2]. - "Zhongou Multi-Dimensional Stable Income+" offers a one-stop solution for asset diversification, incorporating seven categories of low-correlation assets, and aims to enhance risk resistance through continuous monitoring of asset correlations and volatility [2]. - "Happy Small Goals" is designed for investors with timing concerns, focusing on fixed income assets to build a safety cushion while flexibly allocating equity assets to increase return potential, with an automatic profit-taking mechanism triggered at an annualized return of 3.28% [3]. Group 3 - Zhongou Wealth is one of the first institutions in China to pilot fund advisory services, having over five years of experience in this field, and aims to improve user investment experiences through product iterations and service optimizations [4]. - Shanxi Securities, established over thirty years ago, is recognized for its stable operations and comprehensive service offerings across various sectors, including wealth management and asset management [4]. - The launch of these strategies marks the beginning of a close collaboration between Zhongou Wealth and Shanxi Securities, focusing on user needs and investment challenges to explore more fund advisory solutions in the future [4].

4月26日，山西证券（002500）（002500.SZ）公告称，因年龄原因，乔俊峰申请辞去公司执行委员会委 员职务，闫晓华申请辞去公司首席风险官、执行委员会委员职务。辞职后，乔俊峰继续担任公司职工董 事和山证（上海）资产管理有限公司（下称"山证资管"）副总经理职务，闫晓华继续担任山证资管监事 职务。 乔俊峰和闫晓华都是山西证券的"老将"，已接近退休年龄。 乔俊峰出生于1965年11月，于1994年加入山西证券，曾担任山西证券职工董事、党委委员、副总经理等 职位；2016年1月至2024年8月曾任山证国际金融控股有限公司董事长；2017年6月至2024年10月曾任上 海资产管理分公司总经理；2021年10月至2025年1月曾任山证资管总经理。 山证资管是山西证券旗下的资管子公司。2025年1月18日，山证资管公布管理层换届选举的结果，乔俊 峰由总经理一职调整为副总经理，新任总经理李宏宇同日到位。李宏宇曾任浦银安盛基金副总经理兼首 席市场营销官。 山西证券4月26日发布的一季度报告显示，2025年前三个月，山西证券实现营业收入7.52亿元，同比增 长19.15%；归属于上市公司股东的净利润2.50亿元，较上年同 ...

Group 1 - The scale of securities asset management approaches 5.5 trillion yuan, driven by a bull market in bonds, with a year-on-year growth rate of 3.04% in 2024 [1] - CITIC Securities, as the leading firm in asset management, reported an investment income of 32.486 billion yuan, a significant year-on-year increase of 71.76% [1] - Despite the growth of leading securities firms, nearly half of the securities asset management firms experienced a decline in income, indicating increased industry differentiation [1] Group 2 - The total number of public fund managers has surpassed 4,000, marking a new phase in the industry with an influx of new generation fund managers [2] - The departure of underperforming senior fund managers highlights the intensifying competition within the industry, prompting firms to strengthen their research and investment systems [2] - The transition in fund managers may lead to changes in investment styles, which investors should monitor closely [2] Group 3 - First Capital recently announced the appointment of Qing Meipingcuo and Chen Xingzhu as executive vice president and vice president, respectively, indicating a shift towards a younger and more professional management team [3] - Qing Meipingcuo, at 38 years old, brings extensive financial industry experience, which may enhance market confidence in the company [3] - Chen Xingzhu's nearly 25 years of experience in the investment banking sector is expected to further solidify the company's position in the securities industry [3] Group 4 - Shanxi Securities announced the resignation of two senior executives, which may raise concerns about the stability of the company's management [4] - The resignations were attributed to age, but they could impact investor sentiment and introduce uncertainty in the competitive securities sector [4] - The increasing regulatory scrutiny in the securities industry may exacerbate concerns regarding risk management following such executive changes [4]

| 关于本报告 | 02 | | --- | --- | | 走进山西证券 | 04 | | 董事会可持续发展管理声明 | 06 | | 专题：可持续发展 | 08 | | 2024 年度荣誉 | 16 | 坚持党建引领 优化公司治理 全面风险管理 合规管理 规范商业行为 反洗钱 反垄断与反不正当竞争 稳健经营 夯实治理基础 01 20 24 28 35 37 40 41 03 金融为民 助力绿色转型 | 应对气候变化 | 66 | | --- | --- | | 发展绿色金融 | 68 | | 坚持绿色运营 | 73 | | 守护绿色生态 | 75 | 聚焦主业 提升服务质效 02 | 服务实体经济发展 | 44 | | --- | --- | | 金融科技赋能 | 48 | | 信息安全与客户隐私保护 | 53 | | 落实客户责任 | 58 | | 投资者教育 | 60 | | 负责任营销 | 63 | 04 保护员工权益 员工发展与培训 注重员工关怀 以人为本 共享发展成果 78 79 84 助力乡村振兴 开展公益活动 87 91 目 录 CONTENTS 附录 | ESG 管理绩效表 | 93 | ...

山西证券股份有限公司 高级管理人员 2024 年度履职情况、绩效考核情况及 薪酬情况专项说明 高级管理人员 2024 年度履职情况、 绩效考核情况及薪酬情况专项说明 2024 年度高管人员基本薪酬按月计提发放。绩效薪酬已按照相 关规定计提,将根据年度考核结果进行发放，高管人员绩效薪酬 40% 1 根据《证券公司治理准则》的相关规定,结合 2024 年度公司高级 管理人员(以下简称"高管人员")实际履职情况，现将公司高管人员 2024 年度履职、绩效考核及薪酬情况说明如下: 一、2024 年高管人员履职情况 2024 年度，公司全体高管人员勤勉尽责,认真履职。严格执行股 东大会、董事会、监事会的各项决议，积极作为，克难攻坚，协同业 务经营和服务实体，保持了公司持续、健康发展。 二、2024 年高管人员考核情况 2024 年度，公司高管人员考核包括绩效考核、个人综合考评、合 规专项考核三部分。其中，绩效考核指标主要依据分管条线的指标任 务完成情况，同时结合公司整体绩效情况确定；个人综合考评依据高 管考评方案确定；合规考核依据高管人员合规专项考核方案确定。 高管人员考核结果与绩效薪酬挂钩。 三、2024 年度高管人 ...

董事、监事 2024 年度薪酬执行情况及 2025 年度薪酬发放方案 山西证券股份有限公司 董事、监事 2024 年度薪酬执行情况及 2025 年度薪酬发放方案 根据《公司章程》《证券公司治理准则》《公司董事、监事薪酬 管理制度》等相关规定，结合2024年度公司董事、监事实际履职情况、 公司2024年度经营业绩及2025年度经营目标，现将公司董事、监事 2024年度薪酬执行情况及2025年度薪酬发放方案汇报如下： 第一部分 2024年度董事、监事薪酬执行情况 | 姓 名 | 职 务 | 性 | 任职 | 从公司获得的报酬总额 | | --- | --- | --- | --- | --- | | | | 别 | 状态 | （万元） | | 侯 巍 | 董事长、执行委员会主任委员 | 男 | 现任 | - | | 王怡里 | 副董事长、总经理、执行委员会 | 男 | 现任 | 87.40 | | | 委员、董事会秘书 | | | | | 刘鹏飞 | 董事 | 男 | 现任 | - | | 李小萍 | 董事 | 女 | 现任 | 81.69 | | 周金晓 | 董事 | 男 | 现任 | - | | 夏贵所 | ...

证券代码：002500 证券简称：山西证券 公告编号：临2025-009 山西证券股份有限公司 2024年度募集资金存放与实际使用情况专项报告 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。 根据中国证券监督管理委员会发布的《上市公司监管指引第 2 号 ——上市公司募集资金管理和使用的监管要求》《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》等有关规定 要求，现就山西证券股份有限公司（以下简称"公司"）2024 年募 集资金的存放与实际使用情况报告如下： 一、募集资金基本情况 （一）2024 年募集资金基本情况 2024 年 4 月,公司收到中国证券监督管理委员会《关于同意山西 证券股份有限公司向专业投资者公开发行公司债券注册的批复》（证 监许可〔2024〕668 号），同意公司面向专业投资者发行面值不超过 （含）60 亿元的公司债券注册的申请。报告期内，公司分别于 6 月、 7 月、10 月、12 月共计发行债券四期，合计 60 亿元，实际到账金额 5,988,000,000.00 元，募集资金主要用于 2021 年发行的 4 只债 ...