智通财经APP讯，国联民生(01456)发布公告，近日，公司收到中国证监会出具的《关于同意国联民生证 券股份有限公司向专业投资者公开发行公司债券注册的批复》(证监许可﹝2026﹞122号)，公司控股子 公司民生证券股份有限公司收到中国证监会出具的《关于同意民生证券股份有限公司向专业投资者公开 发行公司债券注册的批复》(证监许可﹝2026﹞131 号)。 根据上述批复，中国证监会同意公司向专业投资者公开发行面值总额不超过180亿元公司债券的注册申 请，同意民生证券向专业投资者公开发行面值总额不超过80亿元公司债券的注册申请。上述批复自同意 注册之日起24个月内有效，公司及民生证券在注册有效期内可以分期发行公司债券。 ...

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 國聯民生證券股份有限公司 董事長 顧偉 中國江蘇省無錫市 2026年1月27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：2026-002 号 国联民生证券股份有限公司 关于公司及控股子公司向专业投资者公开发行公司债券 获得中国证监会注册批复的公告 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、准确性和完整性承担法律责 ...

根据上述批复，中国证监会同意公司向专业投资者公开发行面值总额不超过180亿元公司债券的注册申 请，同意民生证券向专业投资者公开发行面值总额不超过80亿元公司债券的注册申请。上述批复自同意 注册之日起24个月内有效，公司及民生证券在注册有效期内可以分期发行公司债券。 格隆汇1月27日丨国联民生(601456.SH)公布，公司收到中国证券监督管理委员会(以下简称"中国证监 会")出具的《关于同意国联民生证券股份有限公司向专业投资者公开发行公司债券注册的批复》(证监 许可﹝2026﹞122号)，公司控股子公司民生证券股份有限公司(以下简称"民生证券")收到中国证监会出 具的《关于同意民生证券股份有限公司向专业投资者公开发行公司债券注册的批复》(证监许可 ﹝2026﹞131号)。 ...

Core Viewpoint - The company and its subsidiary, Minsheng Securities, have received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds to professional investors, with a total face value of up to 180 billion yuan for the company and up to 80 billion yuan for Minsheng Securities [1] Group 1 - The CSRC has approved the company's application for a public issuance of corporate bonds with a total face value not exceeding 180 billion yuan [1] - Minsheng Securities has also received approval for a public issuance of corporate bonds with a total face value not exceeding 80 billion yuan [1] - The approval is valid for 24 months from the date of registration, allowing the company and Minsheng Securities to issue the bonds in tranches within this period [1]

关于公司及控股子公司向专业投资者公开发行公司债券 获得中国证监会注册批复的公告 国联民生证券股份有限公司董事会 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、准确性和完整性承担法律责任。 近日，国联民生证券股份有限公司（以下简称"公司"）收到中国证券监督 管理委员会（以下简称"中国证监会"）出具的《关于同意国联民生证券股份有 限公司向专业投资者公开发行公司债券注册的批复》（证监许可﹝2026﹞122 号）， 公司控股子公司民生证券股份有限公司（以下简称"民生证券"）收到中国证监 会出具的《关于同意民生证券股份有限公司向专业投资者公开发行公司债券注册 的批复》（证监许可﹝2026﹞131 号）。 根据上述批复，中国证监会同意公司向专业投资者公开发行面值总额不超过 180 亿元公司债券的注册申请，同意民生证券向专业投资者公开发行面值总额不 超过 80 亿元公司债券的注册申请。上述批复自同意注册之日起 24 个月内有效， 公司及民生证券在注册有效期内可以分期发行公司债券。 证券代码：601456 证券简称：国联民生 公告编号：2026-002 号 公司及民生证 ...

Core Viewpoint - Lithium batteries are essential energy components in commercial aerospace due to their high energy density, long cycle life, and good stability, with significant applications in rockets and spacecraft [1]. Group 1: Lithium Battery in Aerospace - Lithium batteries serve as the "energy heart" of modern aerospace, providing effective power supply to electronic systems and enhancing rocket payload capacity [1]. - Compared to traditional zinc-silver batteries, lithium batteries eliminate the need for electrolyte filling, allowing for better handling of mission delays and terminations [1]. Group 2: Case Studies - The Long March 6A rocket features four solid boosters equipped with eight electric servos powered by 270V high-voltage lithium batteries, marking a first in domestic launch vehicles [2]. - In January 2026, the Chinese space station will conduct in-orbit experiments with lithium batteries, aiming to overcome challenges related to gravity and electric field coupling for future battery system optimization [2]. Group 3: Solid-State Battery Performance - Solid-state batteries are well-suited for the harsh conditions of space, operating stably between -60°C and +85°C, with a cycle life of at least 3000 cycles, while meeting high energy density and safety requirements [3]. Group 4: Solid-State Battery Industry Trends - Leading domestic battery manufacturers are accelerating the launch of solid-state batteries and expanding into aerospace, with CATL's solid-state technology at the forefront [4]. - The "Longquan No. 2" solid-state battery from Yiwei Lithium Energy has an energy density of 300Wh/kg and has been in commercial aerospace development for two years [4]. - The industry is favoring sulfide routes for solid-state batteries due to their higher ionic conductivity and potential for future development [4]. Group 5: Global Competition in Solid-State Batteries - NASA plans to apply solvent-free dry-process high-performance solid-state batteries in key projects by 2028 [5]. - Japan's JAXA and Hitachi Shipbuilding have successfully tested solid-state lithium batteries in the International Space Station, demonstrating long-term stability and reliability [6]. - China's Electric Power Blue Sky has developed a fifth-generation space lithium battery with an energy density of 300Wh/kg, meeting the 15-year lifespan requirement for high-orbit satellites [6]. Group 6: Key Companies and Technologies - Key equipment manufacturers include Honggong Technology, Naconor, Huazi Technology, Xianhui Technology, and Xiandao Intelligent [7]. - Key electrolyte companies include Xiamen Tungsten New Energy, Guoci Materials, Boyuan Shares, and Shanghai Washba [7]. - Battery companies of interest include CATL and Yiwei Lithium Energy [7].

Core Viewpoint - The company, Silin Jie (688115.SH), announced the termination of its plan to issue shares and pay cash for asset acquisition, along with the withdrawal of related application documents [1] Group 1: Termination of Asset Acquisition - The company held meetings on January 25, 2026, where it approved the termination of the asset acquisition plan and the withdrawal of application documents [1] - The decision was made after careful consideration and was formalized through the signing of a termination agreement with the transaction counterparties [1] Group 2: Previous Plans for Asset Acquisition - On September 24, 2024, the company had previously approved a plan to acquire a 71% stake in Keke Electronics through a combination of share issuance and cash payment [2] - The plan included raising up to 50 million yuan through the issuance of shares to no more than 35 specific investors, with a share price set at 17.26 yuan per share [2] Group 3: Valuation and Transaction Details - The intended acquisition involved purchasing 71% of Keke Electronics, with a total assessed value of 1.852 billion yuan and an appreciation of 882.36 million yuan, resulting in a 91% increase in value [3] - The final transaction price for the 71% stake was set at 1.3135 billion yuan, with 528.5 million yuan to be paid through share issuance and 785 million yuan in cash [3]

Group 1 - The core view is that 2025 was a year of significant decline for crude oil prices, contrasting with the strong performance of precious metals like gold and silver, with Brent crude oil prices dropping approximately 20% [2] - The oil market faced multiple bearish factors, including reduced demand due to U.S. fiscal cuts and trade tariffs, and increased supply from OPEC and U.S. producers [2][3] - The oil price dynamics in 2026 are expected to be influenced primarily by supply and demand interactions, with a potential stabilization of prices as bearish factors diminish [3][6] Group 2 - Supply-side pressures are expected to ease in 2026, as the growth of non-OPEC production, particularly from the U.S., is anticipated to slow down due to rising costs and reduced capital expenditure [6][9] - The U.S. active rig count is declining, indicating a weakening growth momentum in oil production, with EIA predicting a slowdown in U.S. crude oil production growth in 2026 [9][12] - Non-OPEC countries like Brazil and Guyana are also expected to see a slowdown in production growth, with high-cost projects becoming less economically viable in a low-price environment [12][17] Group 3 - OPEC+ is likely to regain pricing power in 2026, as their spare capacity has significantly reduced, and they have a strong incentive to maintain stable production levels to support prices [17][20] - The fiscal breakeven price for core OPEC members is relatively high, which increases their desire to stabilize oil prices amidst low price environments [20][23] - OPEC+ has already taken steps to pause production increases in early 2026, aiming to consolidate market balance and prevent further price declines [23][26] Group 4 - Demand-side factors are showing signs of improvement, with reduced tariff impacts and potential fiscal expansion in major economies expected to boost oil demand [34][36] - The anticipated implementation of fiscal and monetary policies in the U.S. and Europe could stimulate economic recovery, thereby increasing oil consumption [34][41] - Emerging market economies are also expected to contribute positively to global oil demand, providing a solid support base against fluctuations in developed economies [36][41] Group 5 - Overall, the probability of a significant decline in oil prices in 2026 is reduced, with expectations of Brent crude prices fluctuating between $60 and $70 per barrel [41][43] - Geopolitical risks remain a concern, as conflicts in key oil-producing regions could lead to supply disruptions, potentially pushing prices above the upper range [43]

Core Viewpoint - Guolian Minsheng (601456) expects a significant increase in net profit attributable to shareholders, projecting a net profit of 2.008 billion yuan for 2025, representing a year-on-year growth of approximately 406% [1][13]. Investment Banking Performance - The investment banking segment of Guolian Minsheng has shown remarkable growth, with a strong pipeline of IPO projects. As of the end of 2025, there are 361 companies queued for IPOs in the A-share market, with Guolian Minsheng ranking sixth with 13 companies [1][19]. - The company completed five IPO underwriting projects in the A-share market in 2025, ranking seventh in terms of the number of projects and underwriting amounts exceeding 3 billion yuan, also placing seventh in the industry [7][19]. New Third Board Market - In the New Third Board market, Guolian Minsheng led the underwriting and sponsorship with 27 new listing projects, achieving a market share of 8%, confirming its strong collaborative and professional service capabilities [2][16]. - The company ranked first among main underwriters in the New Third Board market for 2025, with a total of 27 projects [3][17]. IPO Guidance - In terms of IPO guidance, Guolian Minsheng ranked fourth with 24 new guidance projects in 2025, amidst a total of 410 new guidance projects across the market [4][18]. Strategic Development - Following the merger with Minsheng Securities, Guolian Minsheng has focused on integrating technology, finance, and industry, enhancing its comprehensive financial service capabilities through a strategy centered on "collaborative empowerment" and "internal growth" [6][18]. - The company aims to be the "most industry-friendly investment bank," providing tailored financial solutions across various stages of enterprise development, including equity financing, bond financing, mergers and acquisitions, and financial advisory services [12][22]. Future Outlook - Industry experts predict that Guolian Minsheng will achieve better results in the IPO market in 2026, especially as the A-share market is expected to recover [13][23].

Core Viewpoint - The report from Guolian Minsheng Securities indicates a sustained tight supply-demand relationship in domestic routes, with expectations for moderate price increases in 2026 due to regulatory measures aimed at addressing low ticket prices. The international routes are anticipated to benefit from inbound tourism, leading to a gradual recovery in both volume and pricing by 2026 [1] Group 1: Supply and Demand Dynamics - In December, the demand growth rate for the entire industry continued to exceed supply, with domestic passenger load factors increasing and international load factors showing a slight decline [1] - The combined ASK/RPK for six listed airlines in December showed a year-on-year increase of +6.6% and +9.1%, respectively, indicating a robust demand environment [1] - Domestic routes maintained low supply growth in December, with ASK/RPK increasing by +4.2% and +7.2%, achieving a passenger load factor of 85.7%, which is the highest level recorded for December [1] Group 2: Pricing Trends - December saw a slight year-on-year increase in domestic ticket prices, while international ticket prices experienced a decline [2] - The industry aircraft utilization rate remained high at 7.6 hours in December, with a slight decrease of -0.1% year-on-year, while wide-body aircraft utilization increased by +3.2% [2] - Domestic economy class ticket prices, including fuel surcharges, showed a year-on-year increase of +0.1%, while international ticket prices fell by -11.6% [2] Group 3: Fleet Expansion - The fleet of the six airlines grew by 0.4% month-on-month in December, with a total of 3,386 aircraft managed, reflecting a cumulative growth of +4.0% compared to the end of 2024 [3] - The majority of new aircraft deliveries were narrow-body models, particularly the A320 series, with 24 new narrow-body aircraft introduced in December [3]