Core Viewpoint - The meeting between Guowei, President of Guolian Group, and Tianjin State-owned Assets Supervision and Administration Commission (SASAC) aims to deepen strategic cooperation across multiple sectors to promote high-quality regional economic development [1][4]. Group 1: Meeting Overview - The meeting included key figures from Tianjin SASAC and Guolian Group, focusing on enhancing collaboration in capital operations and industrial integration [1][2]. - Zhang Yong, Secretary of Tianjin SASAC, provided an overview of the current status of state-owned listed companies under its supervision, highlighting significant capital operations by Jintou Chengkai [1][2]. - Zhang Lei emphasized the importance of establishing a regular communication mechanism between Guolian Minsheng Securities and Tianjin SASAC for future cooperation [2]. Group 2: Capital Operations - The discussions covered Jintou Chengkai's recent capital operations, including private placements, bond issuances, and major asset restructurings, showcasing the effective support from Guolian Minsheng Securities [2][3]. - Guowei introduced Guolian Group's dual-driven development model of "finance + industry," expressing the intention to align with Tianjin's state-owned asset reforms and industrial development needs [2][3]. Group 3: Future Collaboration - Both parties expressed a strong desire to deepen cooperation in strategic alignment, resource integration, and capital operations, aiming to create a virtuous cycle of "industry-capital-finance" [4]. - The meeting concluded with a commitment to enhance communication and expand the breadth and depth of collaboration in investment banking and industrial investments [3][4].

公司将严格按照法律法规及监管要求开展账户管理功能优化试点业务。 特此公告。 国联民生证券股份有限公司董事会 2025 年 11 月 25 日 1 证券代码：601456 证券简称：国联民生 公告编号：2025-073 号 国联民生证券股份有限公司 关于申请开展账户管理功能优化试点业务获得 中国证券监督管理委员会监管意见书的公告 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 管理委员会证券基金机构监管司（以下简称"证监会机构司"）《关于国联民生证 券股份有限公司申请开展账户管理功能优化试点业务的监管意见书》（机构司函 〔2025〕1632 号，以下简称"监管意见书"）。根据监管意见书，证监会机构司 对公司申请开展账户管理功能优化试点业务相关事项无异议。 ...

Core Insights - The meeting between Guolian Minsheng Securities and Shaanxi Financial Investment Management Company (Shaanxi Caifu) focused on deepening cooperation in financial services for the real economy and fostering new productive forces [1][2] - A strategic cooperation framework agreement was signed, aiming to leverage each party's strengths and expand collaboration areas to better serve the economic and social development of Shaanxi [1][2] Group 1: Company Developments - Shaanxi Caifu has developed four main business segments: financial equity investment, government-guided funds, financing guarantees, and private equity fund management, aiming to promote the financial industry and real economy in Shaanxi [1] - Guolian Minsheng Securities has achieved significant growth in total assets, net assets, operating income, and net profit, following its restructuring and integration [2] Group 2: Future Collaboration - The strategic cooperation will be based on principles of resource sharing, complementary advantages, mutual benefit, and common development, focusing on establishing a sustainable partnership [2] - The collaboration aims to create a new model of "Shaanxi-Jiangsu cooperation" and promote the development of new productive forces in both regions [2]

Core Insights - The regulatory authority has approved eight brokerages, including Dongfang Caifu and Dongfang Securities, for the third batch of account management function optimization pilot programs, expanding the total to 20 participating firms [1] Group 1: Regulatory Developments - The third batch of approved brokerages includes Dongfang Caifu, Dongfang Securities, Xibu Securities, and Guolian Minsheng among others [1] - The account management function optimization pilot has undergone multiple expansions since its inception, with the first batch approved in November 2021 and the second batch in November 2022 [1] Group 2: Industry Implications - The China Securities Regulatory Commission (CSRC) aims to steadily advance the transformation of brokerage account management functions into regular practices as outlined in its February implementation opinions [1] - The approved brokerages are perceived as institutions with strong performance in wealth management, indicating a shift towards enhancing wealth management capabilities within the brokerage industry [1]

一、自即日起，4家撤销分支机构不再新增客户和开展新的业务活动。 二、除常州分公司（无开户代理点资格）外，另3家撤销分支机构客户将于2025年12月6日整体迁移至国 联民生证券股份有限公司其他分支机构（以下统称"转入分支机构"），调整后对应关系如下： 尊敬的投资者： 根据公司经营规划和战略布局的需要，经公司决议，决定撤销上海浦东新区张杨路证券营业部、深圳泰 然九路证券营业部、湖北分公司和常州分公司（以下统称"撤销分支机构"）。为充分保障您证券交易、 三方存管资金划转的正常进行，现将撤销事项公告如下： 四、逾期未办理撤指定、转托管及销户手续的客户，我公司将视同您同意整体迁移方案，并成为转入分 支机构的客户。今后，如您有相关业务办理需求，仍可通过我公司国联证券尊宝APP、国联民生证券官 网网上营业厅（http://www.glsc.com.cn）申请，或至国联民生证券任意一家营业网点现场办理。 五、整体迁移后，您与撤销分支机构签订的《证券交易委托代理协议》、《客户交易结算资金第三方存 管协议》等业务协议，将由转入分支机构承继。如有任何疑问可以拨打国联民生证券股份有限公司统一 客服热线95570或4008885288 ...

Market Overview - On November 24, the securities sector rose by 0.22% compared to the previous trading day, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - Guolian Minsheng (601456) closed at 10.40, up 2.87% with a trading volume of 297,600 shares and a turnover of 304 million yuan [1] - Guosheng Securities (002670) closed at 17.86, up 2.76% with a trading volume of 444,300 shares and a turnover of 788 million yuan [1] - Industrial Securities (601377) closed at 6.69, up 2.14% with a trading volume of 941,000 shares and a turnover of 625 million yuan [1] Top Losers - Shouchao Securities (601136) closed at 20.20, down 2.27% with a trading volume of 375,700 shares and a turnover of 757 million yuan [2] - Changjiang Securities (000783) closed at 7.92, down 1.12% with a trading volume of 849,100 shares and a turnover of 679 million yuan [2] - Sihai Securities (600369) closed at 4.40, down 0.90% with a trading volume of 642,200 shares and a turnover of 284 million yuan [2] Fund Flow Analysis - The securities sector experienced a net outflow of 1.283 billion yuan from institutional investors, while retail investors saw a net inflow of 914 million yuan [2] - Among individual stocks, Guosheng Securities had a net inflow of 48.03 million yuan from institutional investors, while it faced a net outflow of 22.88 million yuan from speculative funds [3] - Dongfang Securities recorded a net inflow of 31.53 million yuan from institutional investors, with a net outflow of 10.96 million yuan from speculative funds [3]

Core Viewpoint - The report from Guolian Minsheng Securities indicates that while port coal prices remain stable, prices in production areas are continuing to rise, influenced by supply constraints and increasing demand from power plants [1]. Supply and Demand Analysis - Despite entering the peak season, the likelihood of a significant increase in supply from production areas is low due to strong regulatory measures [1]. - The daily coal consumption by power plants is continuously increasing, and as temperatures drop and industrial production accelerates towards year-end, the demand for electricity and coal is expected to gradually materialize [1]. Inventory and Pricing Outlook - Port inventories have accumulated due to shipping disruptions, but with improving weather conditions, these inventories are expected to decrease [1]. - The available cargo at ports remains tight due to railway capacity limitations, and strong support for shipping costs is noted [1]. - Once demand is fully released, there is potential for coal prices to rise, with a possibility of reaching a peak of 1000 yuan/ton by year-end [1].

新京报贝壳财经讯 11月23日，国联民生证券发布研报称，本周港口煤价暂稳，产地煤价继续上涨。基 本面来看，即使进入旺季，强监管下产地供应大幅提升可能性较低，供给端仍受限；需求端电厂日耗持 续提升，伴随后续进一步降温以及工业生产进入年底冲刺阶段，用电用煤旺季需求将逐步兑现；本周港 口库存受封航影响有所累积，但伴随天气好转库存将逐步下降，同时在铁路运力限制下，港口可流通货 源仍偏紧，叠加发运成本支撑较强，待需求充分释放后，煤价涨价动能持续，年底瞬间高点或冲高至 1000元/吨。 ...

智通财经APP获悉，国联民生证券发布研报称，本周港口煤价暂稳，产地煤价继续上涨。基本面来看， 即使进入旺季，强监管下产地供应大幅提升可能性较低，供给端仍受限；需求端电厂日耗持续提升，伴 随后续进一步降温以及工业生产进入年底冲刺阶段，用电用煤旺季需求将逐步兑现；本周港口库存受封 航影响有所累积，但伴随天气好转库存将逐步下降，同时在铁路运力限制下，港口可流通货源仍偏紧， 叠加发运成本支撑较强，待需求充分释放后，煤价涨价动能持续，年底瞬间高点或冲高至1000元/吨。 核心观点如下： 淡季预期加强，焦炭价格弱稳运行。本周焦炭价格落实四轮提涨后持稳运行。供给端，原料煤价格下移 导致焦企生产积极性提升，但同时检修增多，供应整体较为平稳；需求端，铁水产量周环比微降、仍维 持相对高位，但因淡季钢材价格承压下行，钢厂利润不佳、检修增多，压力或逐步向上游传导，叠加成 本支撑亦有所减弱，短期焦炭价格或弱稳运行。 焦炭四轮提涨落地。据Wind数据，截至11月21日，唐山二级冶金焦市场价报收于1530元/吨，周环比上 涨50元/吨；临汾二级冶金焦报收于1365元/吨，周环比上涨50元/吨。港口方面，11月21日天津港一级冶 金焦价格为 ...

证券代码：601456证券简称：国联民生公告编号：2025-072号 国联民生证券股份有限公司 (一)股东大会类型和届次 2025年第三次临时股东大会 (二)股东大会召集人：国联民生证券股份有限公司（以下简称"公司"）董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025年12月15日13点30分 召开地点：江苏省无锡市金融一街8号国联金融大厦1层会议室 关于召开2025年第三次临时股东大会的通知 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。 重要内容提示： 一、召开会议的基本情况 (五)网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025年12月15日 至2025年12月15日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日的交易时间 段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为 ...