Group 1 - The core viewpoint emphasizes the supportive policies from the government for technology enterprises, including allowing unprofitable companies to list on the Sci-Tech Innovation Board and the new "National Nine Articles" that stress support for technological innovation [1][2] - The development of the digital economy, consumer upgrades, and the demand for green transformation create a significant domestic market for technology innovation enterprises, forming a positive ecosystem for their development [1] - Guolian Minsheng Securities is enhancing its identification of technology enterprises through the establishment of industry expert teams, comprehensive financial services, and innovative value assessment systems, while adhering to professional standards [1] Group 2 - The company focuses on strategic cooperation, aligning with local leading industries, and employs a three-dimensional collaboration strategy of "investment + investment banking + research" to target specialized "little giant" and high-quality "hard technology" enterprises, particularly in national strategic frontier industries like commercial aerospace and low-altitude economy [1] - To further facilitate the technology-capital-industry cycle, there is an expectation for the market to optimize the inclusiveness of the listing system, improve patient capital support systems, and introduce tax incentives and risk compensation policies [2] - There is a call to broaden the coverage of financing tools, support brokerages in innovating technology financial products, and enhance the development environment for venture capital, while simplifying the cross-border listing process for Chinese technology enterprises to increase the attractiveness of China's capital market to global tech companies [2]

智通财经APP获悉，国联民生证券发布研报称，10月空调内销出货同比-21%，2024年同期为+24%，剔 除基数看，10月内销较2023/2019年同期CAGR分别-1%/持平，环比8-9月变化不大，需求内生趋势平稳 为主；展望后续，2024年11-12月空调内销同比+24%，基数仍高，短期或仍偏弱。外销方面，剔除基 数，10月空调外销出货2年CAGR+12%，规模仍在同期次高，趋势稳健；考虑2024年11-12月外销出货同 比+47%，据产业在线，11/12月空调外销排产分别-14%/-2%，短期或仍偏弱。 外销筑底，关税压力减轻 10月空调外销出货量同比-19%，仍在筑底。剔除基数，10月空调外销出货2年CAGR+12%，规模仍在同 期次高，趋势稳健；考虑2024年11-12月外销出货同比+47%，据产业在线，11/12月空调外销排产分 别-14%/-2%，短期或仍偏弱。而10月底中美谈判取得积极进展，关税压力减轻，美国降息开启，外销 预计在消化基数及前期出货节奏影响后，向中个位数历史中枢收敛；龙头外销接单有望持续稳健， OBM势能强劲，推进海外转产，经营韧性强于行业，修复阶段有望好于线性预期。 投资建议 ...

Core Viewpoint - Guolian Minsheng Securities Co., Ltd. is set to hold a Q3 2025 earnings presentation on November 27, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Earnings Presentation Details - The earnings presentation will take place on November 27, 2025, from 16:00 to 17:00 [5][6]. - The event will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [3][5]. - Investors can submit questions for the presentation from November 20 to November 26, 2025, through the Roadshow Center or via the company's email [2][7]. Group 2: Participation Information - Participants in the earnings presentation will include the Chairman, President, Vice President, Financial Officer, Board Secretary, and an Independent Director [6]. - Investors can access the presentation online at the Shanghai Stock Exchange Roadshow Center [5][7]. - After the presentation, the main content and proceedings will be available for review on the Roadshow Center [7].

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。 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。 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。 （股份代號：01456） （於中華人民共和國成立的股份有限公司） 承董事會命 國聯民生證券股份有限公司 海外監管公告 董事長 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、楊振興先生及劉海林先生；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：2025-070 号 国联民生证券股份有限公司 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： 问题征集：投资者可于 2025 年 11 月 20 日（星期四）至 11 月 26 日（星 期三）16:00 前登录上证 ...

证券代码：601456 证券简称：国联民生 公告编号：2025-070 号 国联民生证券股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 问题征集：投资者可于 2025 年 11 月 20 日（星期四）至 11 月 26 日（星 期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目，或通过公 司邮箱（glsc-ir@glsc.com.cn）进行提问。公司将在业绩说明会上对投资者普遍 关注的问题进行回答。 国联民生证券股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发 布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 27 日（星期四）16:00 —17:00 举行 2025 年第三季度业绩说明会（以下简称"业绩说明会"），就投资者 关注的问题进行交流。 二、业绩说明会召开的时间、地点 （一）会议召开时间：2025 年 1 ...

Core Viewpoint - Tianli Lithium Energy (301152.SZ) has experienced a significant decline in stock price, closing at 37.67 yuan with a drop of 11.99%, resulting in a total market capitalization of 4.473 billion yuan [1] Company Overview - Tianli Lithium Energy was listed on the Shenzhen Stock Exchange's ChiNext board on August 29, 2022, with an initial public offering (IPO) of 30.5 million shares at a price of 57.00 yuan per share [1] - The stock reached its highest price of 82.00 yuan on the first trading day, but is currently in a state of decline [1] Fundraising and Financials - The total amount raised from the IPO was 1.7385 billion yuan, with a net amount of 1.55033 billion yuan, exceeding the original plan by 713.875 million yuan [1] - The initial fundraising plan was to raise 836.4566 million yuan, intended for the construction of Huai Bei and Xin Xiang ternary cathode material projects [1] - The total issuance costs for the IPO amounted to 188.1684 million yuan, with underwriting and sponsorship fees accounting for 163.1575 million yuan [1]

Core Points - The announcement details a new sales agreement between Invesco Great Wall Fund Management Co., Ltd. and Guolian Minsheng Securities Co., Ltd. for the sale of the Invesco Great Wall Growth Mixed Securities Investment Fund starting from November 18, 2025 [1][5] Group 1: Fund Information - The applicable fund for the new sales agreement is the Invesco Great Wall Growth Mixed Securities Investment Fund [1] - The sales institution is Guolian Minsheng Securities Co., Ltd., located at No. 8, Financial First Street, Wuxi City [1] Group 2: Business Operations - Subscription and redemption services are only available during normal subscription periods and specific open days, with details outlined in the fund's legal documents [2] - Investors can apply for regular investment plans through the sales institution, which will automatically deduct funds from their designated accounts [2] - If the sales institution offers fee discounts for one-time or regular investment subscriptions, investors can benefit from these discounts according to the institution's rules [2] Group 3: Fund Application Limits - Starting November 18, 2025, applications for subscriptions or conversions into the Invesco Great Wall Zhongdai 0-3 Year National Development Bank Bond Index Fund will be limited to a maximum of 5 million yuan per day per fund account [5] - Any applications exceeding this limit will be rejected, and the original fund shares will remain unchanged if the conversion fails [5] Group 4: Dividend Information - The fund will distribute dividends on November 20, 2025, with specific rules regarding eligibility based on the timing of applications for subscriptions or conversions [8] - Investors can modify their dividend preferences during trading hours on open days, with the last choice before the record date being the one that applies [8]

Core Viewpoint - The home appliance industry demonstrated resilience during the 2025 Double Eleven shopping festival, with nearly 60% of consumers in first- and second-tier markets opting for new trend appliances that integrate AI features, indicating a shift in consumer preferences and a stable market outlook supported by policy and structural benefits [1][2]. Group 1: Market Performance - The Double Eleven event concluded with resilient growth in the home appliance sector, driven by promotional discounts and the recovery of policy funding, which is expected to support demand for essential appliances and structural upgrades [1]. - Major brands like Midea and Haier maintained strong performance, with Midea's COLMO suite sales increasing over 40% and Haier's suite sales exceeding 4 billion [2]. - The younger demographic is increasingly engaging with these brands, with Midea seeing over 50% growth in young consumers and Haier's Z-generation audience growing by 38% [2]. Group 2: Export Trends - There are signs of improvement in overseas sales for leading home appliance companies, despite high baseline pressures, with some companies showing sequential improvements in their international business [3]. - The positive developments in US-China trade negotiations at the end of October are expected to enhance global operations for leading brands, facilitating inventory clearance and potential export recovery [3]. - The penetration of smart appliances in overseas markets continues to grow, indicating a structural upturn in demand [3]. Group 3: Investment Outlook - The home appliance sector is expected to maintain a "stronger than market" rating, with limited pressure on domestic sales and a gradual recovery in exports anticipated [4]. - The overall valuation of the appliance sector has returned to historical low levels, presenting investment opportunities, particularly in high-quality companies with strong dividend yields [4]. - Recommended stocks include Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric, among others, which are expected to benefit from their competitive advantages and market positioning [4].

格隆汇11月16日丨国联民生(601456.SH)发布公告，公司于近日收到中国证监会《关于核准国联民生证 券股份有限公司股票期权做市业务资格的批复》（证监许可〔2025〕2510号）。中国证监会已核准公司 股票期权做市业务资格。 ...

关于股票期权做市业务资格获批的公告 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券代码：601456 证券简称：国联民生 公告编号：2025-069号 国联民生证券股份有限公司 特此公告。 国联民生证券股份有限公司董事会 2025年11月16日 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。 国联民生证券股份有限公司（以下简称"公司"）于近日收到中国证券监督管理委员会（以下简称"中国 证监会"）《关于核准国联民生证券股份有限公司股票期权做市业务资格的批复》（证监许可〔2025〕 2510号）。中国证监会已核准公司股票期权做市业务资格。 公司将严格按照有关规定和上述批复的要求，修改公司章程、办理相关监管报备、工商变更登记手续， 并申请换发经营证券期货业务许可证；在人员、业务设施、信息系统和经营场所等方面做好准备工作； 加强信息技术安全管理，认真做好风险防范，切实保障该项业务的顺利开展。 ...