Core Insights - Shanxi Securities experienced a decline of 0.94% in stock price on November 17, with a trading volume of 148 million yuan [1] - The company reported a net financing outflow of 236.46 million yuan on the same day, with a total financing and securities lending balance of 1.205 billion yuan [1] - For the period from January to September 2025, Shanxi Securities achieved a net profit of 732 million yuan, reflecting a year-on-year growth of 37.34% [2] Financing and Securities Lending - On November 17, Shanxi Securities had a financing buy-in of 32.02 million yuan, with a current financing balance of 1.199 billion yuan, accounting for 5.29% of its market capitalization [1] - The financing balance is above the 60th percentile of the past year, indicating a relatively high level [1] - The company repaid 27,900 shares in securities lending on November 17, with a remaining securities lending balance of 6.1234 million yuan, exceeding the 90th percentile of the past year [1] Shareholder and Dividend Information - As of November 10, the number of shareholders for Shanxi Securities was 107,900, a decrease of 0.47% from the previous period [2] - The company has distributed a total of 4.393 billion yuan in dividends since its A-share listing, with 1.149 billion yuan distributed in the last three years [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [2]

Core 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].

分红方面，山西证券A股上市后累计派现42.14亿元。近三年，累计派现9.69亿元。 融资方面，山西证券当日融资买入7361.42万元。当前融资余额12.34亿元，占流通市值的5.08%，融资 余额超过近一年80%分位水平，处于高位。 融券方面，山西证券8月26日融券偿还2.41万股，融券卖出2.13万股，按当日收盘价计算，卖出金额 14.40万元；融券余量82.58万股，融券余额558.26万元，超过近一年90%分位水平，处于高位。 资料显示，山西证券股份有限公司位于山西省太原市府西街69号山西国际贸易中心东塔楼，成立日期 1988年7月28日，上市日期2010年11月15日，公司主营业务涉及证券经纪、证券自营、资产管理、财务 顾问等证券相关业务。主营业务收入构成为：固定收益业务37.32%，证券经纪业务29.65%，受托资产 管理业务12.08%，大宗商品交易及风险管理业务8.42%，期货经纪业务5.46%，投资银行业务5.37%，股 票等其他自营投资业务1.43%，未分配项目及其他0.26%。 截至8月20日，山西证券股东户数11.35万，较上期增加0.22%；人均流通股31631股，较上期减少 0.22 ...