三维化学发布公告称，2025年8月21日，三维化学接受国联民生证券等投资者调研，公司董事会秘书张 军参与接待，并回答了投资者提出的问题。 （文章来源：每日经济新闻） ...

近年来，国联民生证券(以下简称「国联民生」)以「做产业最友好的投行」为使命，立足长三角经济核 心区域，充分发挥国资背景与市场化机制的双重优势，全力做好科技金融大文章，为新质生产力发展注 入源源不断的动力。 执业理念向「可投性」转变 「科技型企业具有高度依赖资本支持、高风险与高增长并存的特点。服务科技型企业不能仅靠传统的 IPO金融服务工具，需要在企业的全周期成长过程中进行持续赋能，共同创造价值。」国联民生相关负 责人对证券时报记者表示。 国联民生致力于为科技型企业提供从初创阶段到成熟阶段的多元化金融支持。在全链条全生命周期金融 服务方面，国联民生构建了一套全方位、多层次的服务体系。针对科技型企业的资本依赖和技术门槛高 等特点，国联民生突破IPO、再融资等传统的股权融资服务模式，转向实践「陪伴式+价值共创」模 式。 在科技企业初创期，国联民生通过引入风投、私募等方式，对企业提供早期资金支持、协助战略规划、 完善治理结构;在成长期，助力企业开展股权融资、发行债券，满足其扩大生产、研发投入等资金需 求，同时提供并购重组咨询服务，帮助企业整合资源、拓展市场;在成熟期，为企业提供再融资、上市 保荐等服务，支持企业进一步 ...

近年来，国联民生（601456）证券(以下简称"国联民生")以"做产业最友好的投行"为使命，立足长三角 经济核心区域，充分发挥国资背景与市场化机制的双重优势，全力做好科技金融大文章，为新质生产力 发展注入源源不断的动力。 2019年以来，国联民生投行秉持"深耕区域、精耕行业"理念，聚焦"科创""创业""专精特新"，帮助近 400家企业成功登陆资本市场，为近200家上市公司提供再融资服务。 金融活水润泽新质生产力 证券时报记者了解到，国联民生投行业务的执业理念正逐步向"可投性"转变，投行项目储备也逐步从稳 定性更强的偏传统或相对成熟的行业，向两类企业拓展：一是通过技术创新实现转型升级的传统企业， 二是在"卡脖子"关键技术领域攻坚突破的企业。 在江苏省无锡市，一个国际领先的半导体产业集群正获得快速培育。无锡是中国目前唯一拥有集成电路 全产业链的地级市，覆盖了设计、制造、封测、装备、材料等全产业链，在产业资源、政策支持及国际 化布局等方面均处于国内领先地位。 然而，资金压力与融资需求也是当地相关产业、企业在发展中常常面临的痛点。例如，某射频前端芯片 企业，核心技术覆盖芯片设计、芯片制造和封装测试等环节，在被"卡脖子 ...

Group 1 - The core transaction involves the placement of 30 million shares at a price of HKD 32.55 per share, representing a 7% discount from the closing price of HKD 35 on August 20, with a total transaction value of HKD 977 million, increasing the total number of shares by approximately 2% [1] - The funds raised from the issuance of new shares will be used to finance the expansion of the Gold Ridge mine in the Solomon Islands and cover general operating costs [1] - The transaction was coordinated by CITIC Securities, with Guotai Junan, Macquarie, and First Shanghai participating as joint placement agents, highlighting the competitive landscape in the Hong Kong capital market [1] Group 2 - The joint placement agency role marks the first placement business undertaken by the Hong Kong subsidiary after the merger of Guolian Minsheng, representing a significant breakthrough in international business [2] - Participation in this transaction allows the Hong Kong subsidiary to accumulate operational experience in the international capital market, expand client resources, and enhance brand recognition [2] - The successful execution of this project lays a solid foundation for the Hong Kong subsidiary to engage in more large-scale international financial transactions in the future [2] Group 3 - The Hong Kong subsidiary of Guolian Minsheng Securities has demonstrated strong development momentum, supported by the resources of Guolian Minsheng Securities and its local market experience [3] - The team is well-versed in the operational rules of the Hong Kong and international capital markets, providing comprehensive and personalized financial services across various fields [3] - The subsidiary actively collaborates with internationally renowned financial institutions to enhance its international competitiveness and aims for sustainable high-quality development in the international business sector [3]

Core Viewpoint - The air conditioning market in July showed double-digit growth in domestic sales, while exports remained weak, aligning with market expectations. The domestic sales volume for the 2025 cooling year is projected to increase by 11% year-on-year to 110 million units, marking a historical high [1]. Group 1: Domestic Sales Performance - In July, the production of household air conditioners was 16.12 million units, a slight decrease of 0.01% year-on-year, while sales reached 16.44 million units, an increase of 1.58% year-on-year. Domestic sales accounted for 10.58 million units, up 14.34% year-on-year [1]. - The retail sector showed strong performance, with online and offline retail volumes increasing by 32% and 37% year-on-year, respectively. This indicates that retail growth is outpacing shipment growth [2]. - The air conditioning market's performance from March to July has shown a compound annual growth rate (CAGR) of approximately 4% compared to the same period in 2019, indicating a stable trend [2]. Group 2: Export Sales and Challenges - Export sales of air conditioners in July decreased by 15% year-on-year, with ongoing impacts from tariffs. The announcement of a 90-day suspension of the 24% tariff by the US and China on August 12 is a key development to monitor [4]. - Major brands like Midea and Gree experienced export declines of 22% and 15% respectively, while Haier and Hisense saw declines of 30% and 12% [4]. Group 3: Company Performance Insights - In July, Midea, Gree, and Haier reported year-on-year domestic sales growth of 2%, flat, and 58% respectively, with Hisense and Changhong showing growth of 63% and a decline of 2% [3]. - The overall performance of leading brands has been stable, with Haier and Hisense showing particularly strong results [3]. Group 4: Investment Recommendations - The report recommends investing in Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances as key players in the air conditioning market [5].

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | （請参関上述 * 註 有投票權股 期 (日 / 月 / 份權益 | | | | | | | | 字) 份百分比 年) | | | | | | | | (%) | | CS20250819E00312 | 易方达基金管理有限公司 | 1101(L) | | 232,000(L) | HKD 6.6278 | 44,454,000(L) 10.04(L) 14/08/2025 | 增持后，易方达基金管理有限公司最新持股数目为4445.4万股，持股比例由9.99%上升至10.04%。 | 股份代號: | 01456 | | --- | --- | | 上市法國名稱: | 國聯民生證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 21/07/2025 - 21/08/2025 | 格隆汇8月21 ...

智通财经APP获悉，香港联交所最新数据显示，8月14日，易方达基金管理有限公司增持国联民生 (01456)23.2万股，每股作价6.6278港元，总金额约为153.76万港元。增持后最新持股数目为4445.4万 股，持股比例为10.04%。 ...

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has increased its stake in Guolian Minsheng (601456) by purchasing 232,000 shares at a price of HKD 6.6278 per share, totaling approximately HKD 1.5376 million [1] - After the purchase, E Fund's total shareholding in Guolian Minsheng reached 44.454 million shares, representing a 10.04% ownership stake [1]

中国经济网北京8月20日讯近岸蛋白(688137.SH)今日收报45.85元，跌幅2.03%。该股目前处于破发状 态。 近岸蛋白于2022年9月29日在上交所科创板上市，发行价格为106.19元/股，发行股票数量为1,754.3860 万股，保荐人(主承销商)为民生证券股份有限公司(现为"国联民生（601456）证券股份有限公司")，保 荐代表人为王璐、黄立超。 近岸蛋白首次公开发行股票募集资金总额为186,298.25万元，扣除发行费用后募集资金净额为174,219.58 万元。该公司最终募集资金净额较原计划多24,219.58万元。近岸蛋白于2022年9月26日披露的招股说明 书显示，其拟募集资金150,000.00万元，拟分别用于诊断核心原料及创新诊断试剂产业化项目、研发中 心建设项目和补充流动资金。 近岸蛋白首次公开发行股票的发行费用总额为12,078.67万元，其中保荐机构民生证券股份有限公司获得 承销保荐费用9,842.17万元。 ...

国联民生（601456）证券发布研报称，维持空调行业"强于大市"评级。当前空调龙头规模优势和一体化 壁垒依旧，即便需求走弱，价格战必要性不大;价格竞争模式边界可见，而能够通过效率实现自由支配 的品牌商利润空间，投向渠道/研发等有战略意义，用于价格战概率或也不大。综上，该行认为空调格 局短期内或不会有太大变化，立恒以适变，中长期趋势变化值得进一步探讨;在内销刺激政策周期内， 关税不确定性减弱的当下，白电估值或有修复空间，建议积极配置。 国联民生证券主要观点如下： 以长虹美菱（000521）-小米产业链作为高效制造模式典型，看制造端成本费用压缩得较为极致的情况 下，终端价格竞争力还有多大的提升空间：首先，整机环节，长虹空调近两年毛利率不到8%，费用率 约5%，压缩空间显然有限，价格端意义不大;向上游看，空调产业人工/折摊占比很低，而占成本90%的 原材料，差异主要来自于大宗采购议价，及通过自配将零部件利润收归体内，两个路径都依赖规模，利 好龙头。 竞争者让利空间在缩小 拆分单台模型，制造商维持良性经营，品牌商毛利为0且渠道极致扁平的极限情形下，估算1.5p挂机空 调终端含税价将近1900元/台，是商业可行范围内的 ...