Core Viewpoint - Guolian Minsheng Securities has received approval from the China Securities Regulatory Commission (CSRC) for its stock options market-making business qualification [1] Summary by Categories - **Company Announcement** - Guolian Minsheng Securities announced that it has received the CSRC's approval for its stock options market-making business qualification [1]

格隆汇11月16日丨国联民生(01456.HK)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。 ...

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。 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） 承董事會命 國聯民生證券股份有限公司 董事長 证券代码：601456 证券简称：国联民生 公告编号：2025-069 号 特此公告。 顧偉 中國江蘇省無錫市 2025年11月16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、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。 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 1 国联民生证券股份有限公司 关于股票期权做市业务资格获批的公告 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、 ...

Core Points - The company has received approval from the China Securities Regulatory Commission (CSRC) for its stock options market-making business qualification [1] Summary by Category Company Announcement - The company announced that it has recently received the approval from the CSRC regarding its qualification for stock options market-making business [1]

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。 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 关于股票期权做市业务资格获批的公告 国联民生证券股份有限公司董事会 2025 年 11 月 16 日 1 特此公告。 ...

Group 1 - The core point of the article is that Guolian Minsheng Securities has received approval from the China Securities Regulatory Commission (CSRC) for its stock options market-making business qualification [1] Group 2 - The approval signifies a regulatory endorsement for the company's expansion into stock options trading, which may enhance its service offerings and market competitiveness [1]

Core Viewpoint - The company, Guolian Minsheng (601456), has received approval from the China Securities Regulatory Commission (CSRC) for its stock options market-making business [1] Group 1 - The approval from the CSRC allows the company to engage in stock options market-making activities [1]

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Hebei Xuhui Electric Co., Ltd.'s application for public stock issuance and listing due to the company's withdrawal of its application [1][2]. Company Overview - Hebei Xuhui Electric Co., Ltd. specializes in the research, development, production, and sales of power grid safety control equipment and power quality optimization equipment, making it a well-known supplier in the domestic power equipment market [2]. - The company's controlling shareholder and actual controller is Zhang Xuhui, who directly holds 28.00% of the shares and indirectly controls a total of 58.40% of the voting rights through various entities [2]. Initial Public Offering Details - Xuhui Electric originally planned to issue up to 42.5 million shares (excluding the exercise of the over-allotment option) and up to 48.875 million shares (including the over-allotment option) [3]. - The company intended to use the raised funds of 30.61969 million yuan for projects including the construction of a smart power equipment factory, a research and development center, and to supplement working capital [4][5]. Fund Allocation - The total investment for the smart power equipment factory project is 28.20557 million yuan, with 23.66557 million yuan planned to be funded from the raised capital [5]. - The research and development center project is estimated at 4.95412 million yuan, fully funded by the raised capital [5]. - An additional 2 million yuan is allocated to supplement working capital [5].

Core Viewpoint - Guolian Minsheng Securities has made significant progress in its equity integration with Minsheng Securities, acquiring an additional 0.72% stake through judicial auction, raising its total ownership to 99.98% [1][5]. Group 1: Equity Acquisition - On November 12, Guolian Minsheng Securities announced the acquisition of 81,543,019 shares of Minsheng Securities from Pang Hai Holdings for 171 million yuan [1]. - The remaining 0.02% of Minsheng Securities is still held by Pang Hai Holdings, which may be targeted for future acquisition [2][5]. - The acquisition process has been ongoing, with Guolian Minsheng previously acquiring 30.3% of Minsheng Securities' core equity through judicial auction in 2023 [2][4]. Group 2: Integration Strategy - Guolian Minsheng Securities is advancing its integration strategy, which includes four main areas: underwriting, wealth management, asset management, and research [6]. - The research division is nearing completion of its integration, highlighted by the recruitment of Kong Rong, a prominent analyst from Tianfeng Securities [3][7]. - Recent developments in the integration process include the successful merging of investment banking operations and the transition of asset management responsibilities [8]. Group 3: Financial Performance - Following the acquisition and integration, Guolian Minsheng Securities reported a significant increase in financial performance, with Q3 2025 revenues reaching 2.027 billion yuan, a 120.55% year-on-year increase [8]. - The net profit for the same period was 636 million yuan, reflecting a 106.24% increase compared to the previous year [8]. - For the first three quarters of 2025, total revenue was 6.038 billion yuan, marking a 201.17% increase, while net profit surged by 345.30% to 1.763 billion yuan [8].

Core Viewpoint - Guolian Minsheng Securities has made significant progress in its equity integration with Minsheng Securities, acquiring an additional 0.72% stake through judicial auction, bringing its total ownership to 99.98% [2][6][10] Group 1: Equity Acquisition - On November 12, Guolian Minsheng Securities announced it won 81,543,019 shares of Minsheng Securities, representing 0.72% of the total share capital, for 171 million yuan [2] - The acquisition is part of a long-term strategy to consolidate ownership, with plans to acquire the remaining 0.02% stake still held by the "Fanhai system" [3][6] - The company previously acquired 30.3% of Minsheng Securities' core equity through judicial auction in 2023, accelerating the merger process [3][5] Group 2: Integration Strategy - Guolian Minsheng Securities is implementing a four-part integration strategy focusing on underwriting, wealth management, asset management, and research [7] - Recent key developments include the merger of investment banking subsidiaries and the successful transition of wealth management systems, enhancing operational efficiency [9][10] - The research division is nearing completion of its integration, highlighted by the recruitment of senior analyst Kong Rong, who will lead overseas research efforts [8][9] Group 3: Financial Performance - The third quarter of 2025 saw Guolian Minsheng Securities report revenues of 2.027 billion yuan, a 120.55% increase year-on-year, and a net profit of 636 million yuan, up 106.24% [10] - For the first three quarters of 2025, total revenue reached 6.038 billion yuan, reflecting a staggering 201.17% growth, with net profit soaring by 345.30% to 1.763 billion yuan [10] Group 4: Fanhai Holdings' Financial Struggles - In contrast to Guolian Minsheng's progress, Fanhai Holdings, the former controlling shareholder of Minsheng Securities, continues to face severe debt issues, with unpaid debts totaling 34.159 billion yuan as of October 31, 2025 [11][12] - The recent auction of Minsheng Securities shares was part of Fanhai's efforts to reduce its debt burden amid ongoing financial difficulties [11]