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].

Group 1 - Shanxi Securities experienced a decline of 1.02% on August 26, with a trading volume of 299 million yuan [1] - The financing buy-in amount for Shanxi Securities on the same day was 73.61 million yuan, while the financing repayment was 45.88 million yuan, resulting in a net financing buy-in of 27.73 million yuan [1] - As of August 26, the total margin balance for Shanxi Securities was 1.239 billion yuan, with the financing balance accounting for 5.08% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - Shanxi Securities, established on July 28, 1988, and listed on November 15, 2010, is based in Taiyuan, Shanxi Province, and its main business includes securities brokerage, proprietary trading, asset management, and financial advisory [2] - The revenue composition of Shanxi Securities 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 August 20, the number of shareholders for Shanxi Securities was 113,500, an increase of 0.22% from the previous period, with an average of 31,631 circulating shares per person, a decrease of 0.22% [2] Group 3 - Since its A-share listing, Shanxi Securities has distributed a total of 4.214 billion yuan in dividends, with 969 million yuan distributed over the past three years [3] - As of March 31, 2025, the largest circulating shareholder of Shanxi Securities was Hong Kong Central Clearing Limited, holding 62.279 million shares, a decrease of 4.468 million shares from the previous period [3] - The Guotai CSI All-Share Securities Company ETF (512880) was the sixth largest circulating shareholder, increasing its holdings by 5.280 million shares to 36.679 million shares [3]