Core Viewpoint - Shanxi Securities experienced a decline in stock price, with a current trading price of 6.55 CNY per share and a market capitalization of 23.513 billion CNY, reflecting a net outflow of funds [1] Financial Performance - For the first half of 2025, Shanxi Securities reported a net profit of 524 million CNY, representing a year-on-year growth of 64.47% [2] - The company has distributed a total of 4.214 billion CNY in dividends since its A-share listing, with 969 million CNY distributed in the last three years [3] Stock Market Activity - As of September 18, 2023, Shanxi Securities' stock price has increased by 5.14% year-to-date, but has seen a decline of 1.50% over the past five trading days and 1.06% over the past 20 days [1] - The company has a total of 110,100 shareholders, with an average of 32,612 shares held per shareholder, showing a slight decrease in shareholder numbers by 0.47% [2] Business Segments - The main revenue sources for Shanxi Securities include fixed income business (37.32%), securities brokerage (29.65%), and entrusted asset management (12.08%) [1] - The company operates in various sectors including financial technology, futures, and margin financing [2]

Industry Commentary - The automotive industry is expected to benefit from new materials opportunities as eight departments issued a "Work Plan for Stabilizing Growth in the Automotive Industry" [1] Company Commentary - Kingdee International (00268.HK) is experiencing resilient growth driven by its cloud subscription business, with accelerated commercialization of AI [1] - Zhongji Xuchuang (300308.SZ) reported that the increase in 1.6T volume will further enhance profitability, maintaining its position as a global leader in optical module delivery [1] Industry Commentary - The photovoltaic industry chain is witnessing price increases upstream, indicating potential market shifts [1]

Group 1 - The core viewpoint of the report is that Shanxi Securities has given a "buy" rating for Zhongji Xuchuang (300308.SZ) based on strong performance indicators [1] - The second quarter showed a rapid increase in revenue growth rate and significant improvement in gross margin, attributed to accelerated procurement from major clients and an increased proportion of high-speed silicon optical products [1] - The company's strong delivery capability is highlighted as a significant competitive advantage [1] Group 2 - Risks mentioned include potential underperformance of AI application deployment affecting North American capital expenditures [1] - The introduction of new suppliers by major clients could lead to a decrease in the company's existing supply share [1] - Supply capacity may be impacted by shortages of key raw materials such as EML, and exchange rate fluctuations could affect profitability [1]

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（第一期）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，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（第一期）符合深圳证券交易所债券上市条件，将于 2025 年 9 月 17 日起在深圳证券交易所上市，并面向专业投资者中的机构投资者交易，交易方式包括匹配成 交、点击成交、询价成交、竞买成交和协商成交。债券相关要素如下： | 债券名称 | 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 | | --- | --- | | | （第一期） | | 债券简称 | 25 山证 C1 | | 债券代码 | 524405 | | 信用评级 | 主体信用评级 AAA，本期债券未设置评级 | | 评级机构 | 中诚信国际信用评级有限责任公司 | | 发行总额（亿元） | 10 | | 债券期限 | 3 年 | | 票面年利率（％） | 2.30 | | 利率形式 | 固定利率 | | 付息频率 | 按年付息 | | 发行日 | 本期债券发行期限为 2025 年 9 月 10 日至 2025 年 9 月 ...

Core Viewpoint - The financial industry must prioritize cultural construction as a strategic foundation for sustainable development, with risk culture being a core component of China's financial culture system, essential for high-quality and sustainable growth [1] Group 1: Risk Management Culture - Shanxi Securities adheres to the principle of "if it is unclear and unmanageable, do not expand," emphasizing a prudent culture that incorporates awareness and determination to maintain risk boundaries [2] - The company has established a four-tier risk management organization involving the board, management, internal control, and business departments to set and enforce risk preferences and bottom lines [2] - For new businesses, the company identifies major risks and implements corresponding control measures, refusing to enter businesses with unclear risks, prioritizing cautious advancement over blind expansion [2] Group 2: Practical and Problem-Oriented Culture - Shanxi Securities emphasizes substance over form in risk management, rejecting formalism that prioritizes procedures over effectiveness [3] - The company has implemented a "supervision system" to actively regulate its operations, with dedicated internal control personnel in all departments to enhance risk management effectiveness [3] - This approach allows the company to focus on the essence of business risks, predict potential risks, and effectively manage existing risks to ensure healthy operations [3] Group 3: Innovative Culture - With the ongoing reform of the capital market, Shanxi Securities recognizes the need for digital transformation in risk management due to increasing risk complexity and concealment [4] - The company is developing a risk management ecosystem centered around a big data center, launching systems for market risk management and unified client management to enhance risk visibility and management agility [4] - This digital approach significantly improves the company's ability to foresee and penetrate risks, establishing a robust digital risk defense for sustainable development [4] Group 4: Professional Culture - Shanxi Securities has developed a comprehensive risk management talent training system, focusing on both ideological guidance and professional development [5] - The company promotes a culture of risk awareness among employees through regular training and communication, fostering an environment where everyone prioritizes risk control [5] - Over 66% of the headquarters' risk management personnel hold financial risk management certifications, enhancing the professional capabilities of employees in understanding financial regulations and solving complex issues [5]

Group 1 - The core viewpoint of the article is that Shanxi Securities has given a "buy" rating for Sungrow Power Supply Co., Ltd. (300274.SZ) based on its strong performance in the photovoltaic inverter and energy storage system sectors [1] - In the photovoltaic inverter segment, the company has maintained revenue growth and continues to enhance its global competitiveness [1] - The energy storage system revenue has doubled year-on-year, and the company's profitability remains high [1] - The company is increasing its research and development investment and is comprehensively laying out its AIDC (Artificial Intelligence Data Center) strategy [1]

证券日报网讯山西证券9月11日在互动平台回答投资者提问时表示，截至2025年9月10日，公司股东人数 为110，075人。 （文章来源：证券日报） ...

证券日报网讯 山西证券（002500）9月11日在互动平台回答投资者提问时表示，截至2025年9月10日， 公司股东人数为110，075人。 ...

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（第一期） 发行结果公告 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 40 亿元人民币次级公司债券（以下简称"本次债券"）已经中国证 监会证监许可【2023】2288 号文件同意注册。根据《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（第一期）发行公告》，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（第一期）（以下简称"本期债 券"）发行规模为不超过 10 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 2025 年 9 月 10 日至 2025 年 9 月 11 日，实际发行规模 10 亿元，最终票面利率为 2.30%，认购倍数为 1.77 倍。本次募集资金扣除发行 费用后，拟全部用于偿还公司债券。 发行人的董事、监事、高级管理人员、持股比例超过 5%的股东以及其他关 联方未参与本期债券认购。 本期债券承销机构中德证券有限责任公司及其关联方未参与本期债券认购。 本期债券承销机构中信证券股份有限公司及其关联方合 ...

Group 1 - The A-share market saw a significant rise in brokerage stocks, with Guohai Securities increasing by over 8% [1] - Other notable performers included Hualin Securities and Zhongyuan Securities, both rising by over 3% [1] - Several other brokerage firms such as Guosheng Financial Holdings, Pacific Securities, Changjiang Securities, Bank of China Securities, Southwest Securities, and Shanxi Securities experienced gains exceeding 2% [1] Group 2 - Guohai Securities reported a rise of 8.52%, with a total market capitalization of 30.9 billion and a year-to-date increase of 13.99% [2] - Hualin Securities increased by 3.96%, with a market cap of 46 billion and a year-to-date rise of 11.53% [2] - Zhongyuan Securities saw a 3.31% increase, with a market cap of 21.7 billion and a year-to-date rise of 8.81% [2] - Guosheng Financial Holdings rose by 2.95%, with a market cap of 37.1 billion and a year-to-date increase of 46.52% [2] - Pacific Securities increased by 2.92%, with a market cap of 33.7 billion and a year-to-date rise of 15.96% [2] - Changjiang Securities saw a 2.27% increase, with a market cap of 44.8 billion and a year-to-date rise of 21.61% [2] - Bank of China Securities increased by 2.24%, with a market cap of 41.9 billion and a year-to-date rise of 35.19% [2] - Southwest Securities rose by 2.11%, with a market cap of 32.1 billion and a year-to-date increase of 4.76% [2] - Shanxi Securities saw a 2.02% increase, with a market cap of 23.5 billion and a year-to-date rise of 5.35% [2]