股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國聯民生證券股份有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01456 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 442,640,000 | RMB | | | 1 RMB | | 442,640,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 442,640,000 | RMB | | | 1 RMB | | 442,640,000 | | 2. 股份分類 | 普通股 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The integration of Minsheng Securities has significantly driven the company's performance, with a remarkable increase in net profit attributable to shareholders, which reached 2.01 billion yuan in 2025, representing a year-on-year growth of 405% [1] - The company has adjusted its market trading volume and price fluctuation assumptions, leading to revised profit forecasts for 2026-2028, with expected net profits of 2.2 billion, 2.5 billion, and 2.7 billion yuan respectively, reflecting year-on-year growth of 11%, 11%, and 8% [1] - The current stock price corresponds to a price-to-book ratio (PB) of 1.0 for 2025, and 0.9 for 2026 and 2027, indicating a favorable valuation as the integration progresses and business synergies enhance profitability and growth potential [1] Financial Performance Summary - In 2025, the company's net income from brokerage business reached 2.1 billion yuan, up 193% year-on-year, with significant contributions from securities brokerage, seat trading, and distribution services [2] - The investment banking segment generated a net income of 900 million yuan, a 165% increase year-on-year, completing 10 equity financing projects, including 5 IPOs [2] - Asset management net income was 780 million yuan, reflecting a 19% year-on-year increase, with total entrusted funds in securities asset management reaching 196 billion yuan, a 38% increase [2] - Investment income, including fair value changes, was 3.46 billion yuan, up 254% year-on-year, with a self-operated investment return rate of 5.11% [3] - The company’s total revenue is projected to grow from 7.67 billion yuan in 2025 to 10.22 billion yuan in 2028, with a compound annual growth rate (CAGR) of approximately 8.1% [4][7] Valuation Metrics - The company’s earnings per share (EPS) is expected to increase from 0.35 yuan in 2025 to 0.47 yuan in 2028, with a corresponding price-to-earnings (P/E) ratio decreasing from 25.9 to 19.3 [4][7] - The return on equity (ROE) is projected to stabilize around 4.2% to 4.7% from 2026 to 2028, indicating a steady improvement in profitability [4][7] - The gross margin is expected to remain stable at approximately 33% over the forecast period, reflecting effective cost management [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has achieved a significant increase in net profit attributable to shareholders, with a year-on-year growth of over 400% in 2025, reaching 2.01 billion yuan. The annualized weighted average ROE is 4.16%, up by 1.97 percentage points [1] - The integration of Minsheng Securities has driven a leap in performance, with various business revenues experiencing substantial growth. The company has adjusted its market trading volume and price fluctuation assumptions, leading to revised profit forecasts for 2026-2028 [1] - The company expects net profits attributable to shareholders to be 2.2 billion yuan in 2026, 2.5 billion yuan in 2027, and 2.7 billion yuan in 2028, reflecting year-on-year growth of 11%, 11%, and 8% respectively [1] Financial Performance Summary - In 2025, the company's net income from brokerage business reached 2.1 billion yuan, a year-on-year increase of 193%, with significant contributions from securities brokerage, seat trading, and distribution [2] - The investment banking segment generated a net income of 900 million yuan, up 165% year-on-year, completing 10 equity financing projects, including 5 IPOs [2] - Asset management net income was 780 million yuan, a 19% increase year-on-year, with total entrusted funds in securities asset management reaching 196 billion yuan, up 38% [2] - Investment income, including fair value changes, was 3.46 billion yuan, a 254% increase year-on-year, with a self-operated investment return rate of 5.11% [3] - The company’s total revenue for 2025 was 7.673 billion yuan, with a gross profit margin of 32.5% and a net profit margin of 26.2% [4][7] Valuation Metrics - The company’s projected P/E ratios for 2026, 2027, and 2028 are 23.3, 20.9, and 19.3 respectively, while the P/B ratios are expected to be 1.0, 0.9, and 0.9 [4][6] - The expected EPS for 2026, 2027, and 2028 are 0.39, 0.44, and 0.47 yuan respectively [4][7] - The company’s total assets are projected to grow from 203.2 billion yuan in 2025 to 245.4 billion yuan in 2028 [6]

| 高超（分析师） | 卢崑（分析师） | | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | lukun@kysec.cn 证书编号：S0790524040002 并表民生证券，整合驱动业绩跃升 2025 年公司归母净利润 20.1 亿元，同比+405%，年化加权平均 ROE 4.16%，同 比+1.97pct，期末杠杆率（扣客户保证金）3.08 倍，较年初-1.28 倍。并表民生证 券，各项业务收入实现跨越式增长。我们下调市场交易量、涨跌幅假设，下调 2026、2027 年并新增 2028 年盈利预测，预计 2026-2028 年归母净利润为 22、25、 27 亿元（2026、2027 年调前 23、27 亿元），同比+11%/+11%/+8%。当前股价对 应 PB 分别为 1.0/0.9/0.9 倍，公司并表民生证券增强综合实力、夯实资本金，随 着整合不断推进，业务协同下盈利能力与成长空间有望进一步释放，维持"买入" 评级。 整合效应释放，经纪投行高增，资管规模稳步扩张 非银金融/证券Ⅱ 国联民生（601456.SH） 归母净利润同比增长超 4 倍 ...

华泰联合证券有限责任公司 关于国联民生证券股份有限公司发行股份购买资产 并募集配套资金暨关联交易之 （二）限售股登记情况 国联民生发行股份购买资产新增股份共计 2,640,269,065 股，已于 2025 年 1 月 3 日在中国证券登记结算有限责任公司上海分公司办理完毕股份登记手续。 1 （三）限售股锁定期安排 国联民生发行股份购买资产新增 2,640,269,065 股股份的锁定期详见国联民 生于 2025 年 1 月 7 日披露的《关于发行股份购买资产之发行结果暨股本变动公 告》及 2025 年 4 月 17 日披露的《关于控股股东延长股份锁定期的公告》。其 中，本次办理限售股上市流通的股份总数为 8,592,272 股，具体数量及限售期情 况如下： 发行股份购买资产部分限售股上市流通的核查意见 华泰联合证券有限责任公司（以下简称"独立财务顾问""华泰联合证券"） 作为国联民生证券股份有限公司（以下简称"国联民生"、"公司"或"上市公 司"）发行股份购买资产并募集配套资金项目的独立财务顾问，根据《上市公司 重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》等有关法 律、法规和规范性文件的规 ...

证券代码：601456 证券简称：国联民生 公告编号：2026-014 号 国联民生证券股份有限公司 发行股份购买资产并募集配套资金暨关联交易之 发行股份购买资产部分限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、本次限售股上市类型 国联民生证券股份有限公司（以下简称"公司"或"国联民生"）本次限售股 上市流通类型为发行股份购买资产并募集配套资金暨关联交易之发行股份购买资 产部分限售股，具体如下： （一）发行股份购买资产股份注册情况 2024 年 12 月 27 日，公司收到中国证券监督管理委员会出具的《关于同意国 联证券股份有限公司发行股份购买资产并募集配套资金注册、核准国联证券股份 有限公司和民生证券股份有限公司变更主要股东、民生基金管理有限公司和民生 期货有限公司变更实际控制人等的批复》（证监许可〔2024〕1911 号），同意公司 向无锡市国联发展（集团）有限公司等 45 名交易对方发行股份购买相关资产，详 见公司于 2024 年 12 月 28 日披露的《关于发行股份购买资 ...

國聯民生證券股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：01456） （於中華人民共和國成立的股份有限公司） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條作出。 如下公告已於上海證券交易所網站刊發，僅供參閱。 特此公告。 承董事會命 董事長 顧偉 中國江蘇省無錫市 2026年3月30日 截至本公告日期，本公司執行董事為葛小波先生；本公司非執行董事為顧偉先生、 周衛平先生、吳衛華先生及楊振興先生；本公司職工董事為陳興君先生；及本公司 獨立非執行董事為高偉先生、郭春明先生及徐慧敏女士。 证券代码：601456 证券简称：国联民生 公告编号：2026-014 号 国联民生证券股份有限公司 发行股份购买资产并募集配套资金暨关联交易之 发行股份购买资产部分限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承 ...

Investment Rating - The investment rating for Guolian Minsheng (601456) is "Buy" (maintained) [1] Core Views - The report highlights that Guolian Minsheng's performance in 2025 saw a significant increase in revenue and net profit, driven by integration benefits and favorable market conditions. The company achieved total revenue of 7.67 billion yuan, a year-on-year increase of 186%, and a net profit attributable to shareholders of 2.01 billion yuan, up 405.5% [1][7] - The integration with Minsheng Securities has led to a substantial increase in customer base and revenue from brokerage services, which grew by 192.8% to 2.1 billion yuan, accounting for 27.4% of total revenue [1][7] - The investment banking business has also seen remarkable growth, with revenue increasing by 165.2% to 900 million yuan, and the company has ranked 18th in equity underwriting [1][7] - The asset management business has expanded steadily, with revenue reaching 780 million yuan, a year-on-year increase of 18.6%, and total assets under management growing by 38% to 196 billion yuan [1][7] - Investment income surged by 254.2% to 3.46 billion yuan, indicating strong performance in this area [1][7] - The report projects a slight upward adjustment in profit forecasts for 2026 and 2027, with net profits expected to be 2.29 billion yuan and 2.43 billion yuan, respectively, reflecting growth rates of 14% and 6% [1][7] Summary by Relevant Sections Financial Performance - In 2025, Guolian Minsheng reported total revenue of 7.67 billion yuan, a 186% increase year-on-year, and a net profit of 2.01 billion yuan, up 405.5% [1][7] - The fourth quarter alone saw revenue of 1.64 billion yuan, a 141.1% increase year-on-year, while net profit reached 250 million yuan, a staggering 15611.7% increase [1][7] Business Segments - Brokerage revenue reached 2.1 billion yuan, a 192.8% increase, with a total customer base of 3.46 million, up 77% post-merger [1][7] - Investment banking revenue was 900 million yuan, with a 165.2% increase, and the company ranked 18th in equity underwriting [1][7] - Asset management revenue was 780 million yuan, an 18.6% increase, with total assets under management at 196 billion yuan, up 38% [1][7] Profitability Metrics - The report indicates an EPS of 0.36 yuan for 2025, with a projected increase to 0.40 yuan in 2026 and 0.43 yuan in 2027 [1][7] - The company's return on equity (ROE) for 2025 was 4.2%, an increase of 2.0 percentage points year-on-year [1][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved significant growth in 2025, with total revenue reaching 7.67 billion yuan, a year-on-year increase of 186% [7] - The net profit attributable to shareholders was 2.01 billion yuan, representing a year-on-year increase of 405.5% [7] - The company has successfully integrated with Minsheng Securities, leading to a substantial increase in client resources and market presence [7] - The brokerage business revenue grew by 192.8% to 2.1 billion yuan, accounting for 27.4% of total revenue [7] - Investment income surged by 254.2% to 3.46 billion yuan, indicating strong performance in investment activities [7] Financial Performance Summary - Total revenue forecast for 2024 is 2.68 billion yuan, with projections of 7.67 billion yuan for 2025, 8.67 billion yuan for 2026, and 9.17 billion yuan for 2027 [1] - The net profit attributable to shareholders is expected to be 397 million yuan in 2024, increasing to 2.01 billion yuan in 2025, and further to 2.29 billion yuan in 2026 [1] - The earnings per share (EPS) is projected to be 0.14 yuan in 2024, rising to 0.36 yuan in 2025, and reaching 0.40 yuan in 2026 [1] - The price-to-earnings (P/E) ratio is expected to decrease from 65.07 in 2024 to 25.31 in 2025, and further down to 22.60 in 2026 [1]

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, maintained from previous assessments [7]. Core Insights - The company reported a total revenue of 7.673 billion RMB for 2025, representing a year-on-year increase of 186%. The net profit attributable to shareholders reached 2.009 billion RMB, up 405% year-on-year, aligning with prior forecasts [1]. - The fourth quarter saw a net profit of 246 million RMB, a decrease of 61% quarter-on-quarter. The integration of Minsheng Securities has led to rapid growth in investment banking, showcasing complementary synergies [1][3]. - Total assets exceeded 200 billion RMB, with net assets attributable to shareholders at 52.5 billion RMB. Financial investments totaled 91.5 billion RMB, reflecting significant growth across various asset classes [2]. Summary by Sections Financial Performance - The company achieved an investment income of 3.458 billion RMB for the year, a 254% increase year-on-year, although Q4 saw a 44% decline quarter-on-quarter [2]. - The investment banking segment generated net income of 898 million RMB, a 165% increase year-on-year, with equity underwriting reaching 6.328 billion RMB, up 139% [3]. - Asset management revenue grew to 783 million RMB, a 19% increase year-on-year, with total managed assets surpassing 199.3 billion RMB [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is set at 2.4 billion RMB for 2026, 2.7 billion RMB for 2027, and 3.0 billion RMB for 2028, with adjustments reflecting market conditions [5]. - The estimated BPS for 2026 is 9.53 RMB, with a target PB of 1.4 for A-shares and 0.6 for H-shares, leading to a target price of 13.34 RMB for A-shares and 6.47 HKD for H-shares [5].