SHANXI SECURITIES(SZ:002500) Xin Lang Cai Jing·2025-09-25 01:33Core Viewpoint - Shanxi Securities has shown a mixed performance in trading and financing activities, with notable fluctuations in both financing and margin trading balances, indicating a relatively high level of market activity and investor interest [1][2]. Financing Summary - On September 24, Shanxi Securities recorded a financing buy-in amount of 19.66 million yuan and a financing repayment of 23.16 million yuan, resulting in a net financing outflow of 3.50 million yuan [1]. - The total financing and margin trading balance reached 1.199 billion yuan, with the financing balance accounting for 5.24% of the circulating market value, which is above the 50th percentile level over the past year, indicating a high position [1]. - The margin trading activities included a repayment of 1,500 shares and a sell-out of 18,900 shares, with a sell-out amount of 120,000 yuan, while the margin balance stood at 4.014 million yuan, exceeding the 80th percentile level over the past year [1]. Business Overview - Shanxi Securities, established on July 28, 1988, and listed on November 15, 2010, operates in various securities-related businesses, including brokerage, proprietary trading, asset management, and financial advisory [2]. - The revenue composition includes fixed income business (37.32%), securities brokerage (29.65%), entrusted asset management (12.08%), commodity trading and risk management (8.42%), futures brokerage (5.46%), investment banking (5.37%), and other proprietary investments (1.43%) [2]. - As of September 19, the number of shareholders was approximately 109,600, a decrease of 0.47%, while the average circulating shares per person increased by 0.47% to 32,766 shares [2]. Profitability and Dividends - For the first half of 2025, Shanxi Securities reported zero operating revenue but achieved a net profit attributable to shareholders of 524 million yuan, reflecting a year-on-year growth of 64.47% [2]. - Since its A-share listing, Shanxi Securities has distributed a total of 4.393 billion yuan in dividends, with 1.149 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 85.6819 million shares, an increase of 23.403 million shares from the previous period [3]. - The top ten circulating shareholders also included the Guotai CSI All-Index Securities Company ETF, which held 33.2453 million shares, a decrease of 3.4339 million shares, and the Southern CSI 500 ETF, which increased its holdings by 4.4784 million shares to 32.1554 million shares [3].