Financial Performance - Total operating revenue for Q3 2024 reached ¥766,333,620, an increase of 31.50% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥214,217,075, with a year-to-date net profit of ¥532,862,887, reflecting a 57.83% increase year-on-year[2] - Basic earnings per share for Q3 2024 was ¥0.06, with a year-to-date figure of ¥0.15, representing a 66.67% increase[4] - Net profit for the third quarter of 2024 reached CNY 512.76 million, compared to CNY 314.28 million in the same period last year, marking a year-over-year increase of about 63.1%[30] - Operating income for the third quarter of 2024 was CNY 2.17 billion, down from CNY 2.47 billion in the previous year, reflecting a decrease of approximately 12.5%[29] - The net income from investment banking services decreased to CNY 221.12 million, down from CNY 237.08 million, indicating a decline of about 6.7%[29] - The company reported a comprehensive income total of CNY 500.43 million for the quarter, compared to CNY 360.16 million in the previous year, reflecting an increase of approximately 39.0%[32] Assets and Liabilities - Total assets as of the end of Q3 2024 amounted to ¥83,570,384,039, a 7.71% increase from the end of the previous year[4] - Total liabilities increased to CNY 65.30 billion as of September 30, 2024, compared to CNY 59.44 billion at the end of 2023, reflecting an increase of approximately 9.8%[28] - The company’s total equity attributable to shareholders increased to ¥17,944,287,878, a 1.11% rise from the previous year[4] - The total equity attributable to shareholders increased to CNY 17.94 billion, compared to CNY 17.75 billion, showing a growth of approximately 1.1%[28] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥7,809,221,649[4] - The net cash flow from operating activities for the first nine months of 2024 was ¥7,809,221,649, a significant increase compared to a net outflow of ¥2,312,525,587 in the same period of 2023[10] - Total cash inflow from operating activities reached ¥15,711,972,766, up from ¥10,809,897,012 in the previous period, indicating a growth of approximately 45.5%[33] - The ending cash balance for the current period is ¥30,544,812,170, up from ¥22,143,891,712 in the previous period, representing an increase of approximately 37.8%[34] - The company reported a net increase in cash of ¥6,627,123,467, contrasting with a net decrease of ¥4,005,222,592 in the previous period[34] Investment and Financing Activities - The company reported a significant increase in financial instrument investment income, totaling ¥1,156,338,104, which is considered part of its main business operations[6] - The net cash flow from investing activities decreased by 86.28% to ¥86,676,542, primarily due to new investments in joint ventures and fixed-term deposits[10] - The net cash flow from financing activities was -¥1,265,057,451, showing an improvement from -¥2,336,459,825 in the previous year[10] - The company issued bonds, receiving cash of ¥3,500,000,000, which is an increase from ¥1,999,000,000 in the previous period[34] Shareholder and Management Changes - The company plans to distribute cash dividends of 0.50 RMB per 10 shares, totaling 179,488,577 RMB, based on a total share capital of 3,589,771,547 shares as of September 30, 2024[25] - The company has appointed two new vice presidents, effective from September 18, 2024, as part of its management restructuring[18] - The company has announced the closure of two securities branches to optimize its network layout[19] - The company has implemented a "Quality Return Dual Improvement" action plan to enhance shareholder value and support high-quality development in the capital market[24] - The company is focused on maintaining compliance with regulations and enhancing shareholder rights through its profit distribution plan[26] Risk and Compliance - The liquidity coverage ratio decreased to 138.53%, down from 157.08% in the previous year, indicating a decline of 18.55 percentage points[11] - The company's risk coverage ratio was 210.04%, down from 216.38% in the previous year, reflecting a decrease of 6.34 percentage points[11] - The company reported a significant impact from market fluctuations on the fair value changes of other equity and debt investments, with losses of ¥15,485,883 and ¥1,524,966 respectively[10] Other Notable Events - The company completed the issuance of corporate bonds (second phase) on July 22, 2024, with a total issuance scale of 1.7 billion RMB and a coupon rate of 2.14%[17] - The company has successfully completed interest payments for its bonds on multiple occasions in 2024, demonstrating its commitment to financial obligations[16][17] - The company has seen changes in its top 10 shareholders due to securities lending activities, reflecting shifts in ownership dynamics[15] - The company has completed the relocation of several branches, including the Beijing Guomao Securities Branch and the Shanghai Changning District Kaixuan Road Securities Branch[22][23] - The company has not yet audited the third-quarter report for 2024[35]

证券时报网讯，山西证券研报指出，1）智谱发布端侧AI智能体AutoGLM，开启人机交互全新模式和应 用新蓝海。 10月25日，智谱AI推出自主智能体AutoGLM，能够代替用户在手机和网页上完成各种操作，如点外 卖、发微信、写点评、写摘要、电商下单等。 端侧Agent能力进化将开启人机交互全新方式，能力有望延伸至智能眼镜、XR、智能耳机、智能家居 等，由于对本地NPU能力的要求有望持续带来换机动力。 2）AI大模型具备使用工具能力，Agent时代来临。 海外方面，苹果此前发布的Ferret UI有望逐步集成到apple intelligence，实现类似功能；Claude 3.5 Sonnet展现"computer use"能力，同时编码能力大幅提升；OpenAI开源多智能体框架Swarm开启多Agent 协同工作能力。 UI Agent已初步具备三级AI能力，AI应用快速丰富将拉动算力需求持续增长，对于AI基础设施投资持续 性保持乐观。 3）CPO概念引发关注，光模块厂商在CPO时代仍将扮演重要地位。 近期，CPO概念在OCP2024国际会议上引发热烈讨论，同时英伟达有望在2025年推出CPO形态的首款交 ...

关于注销上海资产管理分公司的公告 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。 根据中国证券监督管理委员会(以下简称"中国证监会")《关于 核准山西证券股份有限公司设立资产管理子公司的批复》（证监许可 〔2021〕1700 号），山西证券股份有限公司（以下简称"公司"） 获准设立全资资产管理子公司，即"山证（上海）资产管理有限公司" （以下简称"山证资管"）从事资产管理相关业务。山证资管已于 2023年8月31日取得中国证监会颁发的《经营证券期货业务许可证》， 并承继公司上海资产管理分公司业务。 目前，上海资产管理分公司的全部业务已平移至山证资管，资产 管理业务管理人变更已全部完成，上海资产管理分公司已不再展业并 已于 2024 年 10 月 14 日完成了工商注销登记。 本次上海资产管理分公司的注销，不会对公司整体业务发展和盈 利水平产生不利影响，也不存在损害公司及股东，特别是中小股东利 益的情形。 特此公告 证券代码：002500 证券简称：山西证券 公告编号：临2024-030 山西证券股份有限公司董事会 山西证券股份有限公司 2024 年 10 月 ...

债券代码：148933.SZ 债券简称：24 山证 03 债券代码：148934.SZ 债券简称：24 山证 04 山西证券股份有限公司 2024 年面向专业投资者 公开发行公司债券（第三期）发行结果公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记 载、误导性陈述或者重大遗漏负连带责任。 山西证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面值总 额不超过人民币 60 亿元公司债券已获得中国证券监督管理委员会证监许可【2024】 668 号文注册。根据《山西证券股份有限公司 2024 年面向专业投资者公开发行公司 债券（第三期）发行公告》，山西证券股份有限公司 2024 年面向专业投资者公开发 行公司债券（第三期）（以下简称"本期债券"）分为两个品种，品种一为 2 年期， 品种二为 3 年期，设品种间回拨选择权，回拨比例不受限制，发行总规模不超过 20 亿元（含 20 亿元），发行价格为每张 100 元，采取网下面向专业机构投资者询价配 售的方式发行。 本期债券发行时间自2024年10月16日至2024年10月17日，品种二实际发行规模 为18亿元，最终票面利率为2.25 ...

根据《山西证券股份有限公司 2024 年面向专业投资者公开发行公司债券（第三 期）发行公告》，山西证券股份有限公司 2024 年面向专业投资者公开发行公司债券 （第三期）（以下简称"本期债券"）分为两个品种，品种一为 2 年期，品种二为 3 年期，设品种间回拨选择权，回拨比例不受限制，发行总规模不超过 20 亿元（含 20 亿元）。 债券代码：148933.SZ 债券简称：24 山证 03 债券代码：148934.SZ 债券简称：24 山证 04 山西证券股份有限公司 2024 年面向专业投资者 公开发行公司债券（第三期）票面利率公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记 载、误导性陈述或者重大遗漏负连带责任。 山西证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面值总 额不超过人民币 60 亿元公司债券已获得中国证券监督管理委员会证监许可【2024】 668 号文注册。 2024 年 10 月 15 日，发行人和主承销商在网下向专业机构投资者进行了票面利 率询价。根据网下专业机构投资者询价结果，经发行人和主承销商协商一致，最终 确定本期债券品种二的票面利率为 2. ...

Investment Rating - The report maintains a "Buy" rating for Shanxi Securities (002500) [2][3] Core Views - Shanxi Securities achieved revenue of 1.4 billion yuan in H1 2024, a year-on-year decrease of 26%, with net profit attributable to shareholders of 319 million yuan, down 17.96% year-on-year [5] - The company's brokerage, asset management, and investment income (including fair value changes) accounted for a higher proportion of revenue, while investment banking, interest, and other income saw a decline [6] - Brokerage business net revenue increased by 13.96% year-on-year, driven by growth in commission, seat, and distribution net income [7] - Asset management business net revenue grew by 31.97% year-on-year, with a focus on fixed income products [11] - Investment banking business net revenue decreased by 25.16% year-on-year, mainly due to a significant drop in equity financing, while debt financing remained relatively stable [9] - The company's investment income (including fair value changes) decreased by 25.90% year-on-year, as it reduced directional exposure and adopted a low-volatility, low-drawdown strategy [12] - The company's margin financing balance decreased by 11.79% compared to the end of 2023, while stock pledge scale increased by 5.38% [13] Business Performance Summary Brokerage Business - Brokerage business net revenue increased by 13.96% year-on-year to 253 million yuan [7] - The number of investment advisory clients increased by 11.02%, and product AUM grew by 35.4% year-on-year [7] - Commission, seat, and distribution net income increased by 8.50%, 19.44%, and 51.91% year-on-year, respectively [8] Investment Banking Business - Investment banking business net revenue decreased by 25.16% year-on-year to 116 million yuan [9] - Equity financing underwriting amount dropped by 72.33% year-on-year to 280 million yuan [9] - Debt financing underwriting amount decreased by 6.02% year-on-year to 31.032 billion yuan, with the company maintaining a leading position in Shanxi province [9] Asset Management Business - Asset management business net revenue increased by 31.97% year-on-year to 161 million yuan [11] - The company's asset management subsidiary, Shanxi Securities Asset Management, managed a total of 65.93 billion yuan, with private asset management and public fund sizes of 34 billion yuan and 31.9 billion yuan, respectively [11] Investment Business - Investment income (including fair value changes) decreased by 25.90% year-on-year to 738 million yuan [12] - The company reduced directional exposure and adopted a low-volatility, low-drawdown strategy [12] - The company's private equity subsidiary, Shanxi Securities Investment, achieved revenue of 3 million yuan, up 3.64% year-on-year [12] Margin Financing and Stock Pledge - The company's margin financing balance decreased by 11.79% compared to the end of 2023 to 5.976 billion yuan [13] - Stock pledge scale increased by 5.38% compared to the end of 2023 to 1.213 billion yuan [13] Financial Forecast - The company is expected to achieve EPS of 0.16 yuan and 0.18 yuan in 2024 and 2025, respectively, with BVPS of 5.04 yuan and 5.18 yuan [15] - The P/B ratio is expected to be 1.21x and 1.18x in 2024 and 2025, respectively [15]

联席主承销商/受托管理人 2024 10 14 信用评级机构： 中诚信国际信用评级有限责任公司 （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） 股票代码：002500.SZ 股票简称：山西证券 山西证券股份有限公司 2024 年面向专业投资者公开发行 公司债券（第三期）募集说明书 | （太原市府西街 | 69 号山西国际贸易中心东塔楼） | | --- | --- | | 本期债券发行金额： | 不超过人民币20亿元（含20亿元） | | 担保情况： | 无担保 | | 信用评级结果： | 发行人主体信用等级为AAA，未设债项评级 | | 发行人： | 山西证券股份有限公司 | | 主承销商： | 中德证券有限责任公司、中信证券股份有限公司 | 牵头主承销商/簿记管理人 （北京市朝阳区建国路 81 号华贸中心 1 号写字楼 22 层） 签署日期： 年 月 日 山西证券股份有限公司 2024 年面向专业投资者公开发行公司债券（第三期）募集说明书 声 明 主承销商已对募集说明书进行了核查，确认不存在虚假记载、误导性陈述 和重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 发行人承诺在本期 ...

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. 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 项目负责人：苗 祺 qmiao01@ccxi.com.cn 项目组成员：高萌露 mlgao@ccxi.com.cn 评级总监： 电话：(010)66428877 传真：(010)66426100 2 2024 年度山西证券股份有限公司信用评级报告 财务概况 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 ...

山西证券股份有限公司 2024年面向专业投资者公开发行 公司债券（第三期） 发行公告 牵头主承销商/簿记管理人 （北京市朝阳区建国路 81 号华贸中心 1 号写字楼 22 层） 联席主承销商/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） 签署日期：2024 年 10 月 14 日 发行人及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假 记载、误导性陈述或者重大遗漏负连带责任。 重 要 提 示 1、山西证券股份有限公司（以下简称"发行人"、"公司"或"山西证券"）公开发 行不超过60亿元人民币公司债券（以下简称"本次债券"）已获得中国证券监督管理 委员会证监许可【2024】668号文注册。本次债券采用分期发行方式，山西证券股份 有限公司2024年面向专业投资者公开发行公司债券（第三期）（以下简称"本期债券"） 为本次债券的第三期发行。本期债券品种一简称为"24山证03"、债券代码为 "148933"； 品种二简称为"24山证04"、债券代码为"148934"。 2、本期债券分为两个品种，设品种间回拨选择权，回拨比例不受限制，发行人 和主承销商将根据本期债券发行申购情况， ...

证券代码：002500 证券简称：山西证券 公告编号：临2024-028 山西证券股份有限公司 关于"质量回报双提升"行动方案的公告 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。 为深入贯彻党的二十大、二十届三中全会和中央经济工作会 议、中央金融工作会议精神，积极践行金融工作的政治性、人民 性，推进金融强国建设，服务资本市场高质量发展，山西证券股 份有限公司（以下简称"公司"）根据国务院《关于加强监管防 范风险推动资本市场高质量发展的若干意见》、中国证监会《关 于加强上市公司监管的意见（试行）》和深圳证券交易所"质量 回报双提升"专项行动号召，深入践行"以投资者为本"的理念， 维护全体股东利益，基于对公司价值和未来发展的信心，结合公 司愿景目标，制定"质量回报双提升"行动方案，具体举措如下： 一、聚焦主责主业，发挥功能作用，打造核心竞争力 公司始终把金融服务实体经济和人民生活视为使命、责任和 自身健康可持续发展的核心要务。公司立足自身资源禀赋，聚焦 功能发挥，锚定主责主业，明确了全方位推动差异化高质量发展 的战略路径和目标任务。公司较早组建服务实体经济工作组 ...