国联民生证券股份有限公司研究员郑愉、郑薇9月4日发布研报《百利天恒(688506)半年报点评： 国际化战略深化 核心产品迎关键进展》称，维持百利天恒"买入"评级。 中国经济网北京9月9日讯 百利天恒(688506.SH)今日收报362.20元，跌幅5.68%。 （责任编辑：徐自立） ...

Group 1 - The core viewpoint of Guolian Minsheng Securities indicates that Xpeng Motors is expected to achieve sales of 524,000, 786,000, and 966,000 vehicles from 2025 to 2027, with corresponding total revenues of 97.76 billion, 158.1 billion, and 197.07 billion yuan, and net profits of 1.2 billion, 5.99 billion, and 9.42 billion yuan respectively, maintaining a "buy" rating [1] - In August 2025, Xpeng Motors delivered 37,709 new vehicles, representing a year-on-year increase of 169% and a month-on-month increase of 3% [1] - The launch of new models, particularly the P7, is expected to enhance sales growth, with the P7 achieving over 10,000 pre-orders within 7 minutes of its launch, setting a new record for Xpeng Motors [1] Group 2 - Xpeng Motors' AI technology is advancing, with the XNGP urban driving monthly active user penetration rate reaching 85% in August [2] - A strategic cooperation agreement was signed with Volkswagen Group to jointly develop an industry-leading electronic and electrical architecture, enhancing Xpeng's competitive advantage in AI technology [2] - The integration of hardware and software in the development process is expected to strengthen Xpeng's market position and validate its technological leadership [2] Group 3 - Xpeng Motors is expanding its global market presence, successfully entering new markets in the UK, Italy, and Ireland, covering a total of 46 countries and regions [3] - The G6 model was officially launched in Thailand in late August, with over 30 countries and regions already having the G6 available [3] - The company's localization efforts in Indonesia and accelerated expansion into the European market are part of its global strategy [3]

智通财经APP获悉，国联民生证券发布研报称，预计小鹏汽车-W(09868)2025-2027年销量分别为 52.4/78.6/96.6万辆，对应2025-2027年总营业收入为977.6/1581.0/1970.7亿元，归母净利润分别为 1.2/59.9/94.2亿元，维持"买入"评级。2025年8月，小鹏汽车共交付新车37,709台，同比增长169%，环比 增长3%。 全球进展加速，印尼本地化生产，欧洲市场加速拓展。小鹏汽车2025H1全球市场拓展，品牌成功驶入 英国、意大利、爱尔兰等新市场，覆盖全球46个国家和地区。8月下旬，全新小鹏G6在泰国正式上市并 开启预订。截至目前，小鹏G6已在超30个国家和地区上市，全球布局进一步加速。 国联民生证券主要观点如下： 风险提示：智能化及大模型落地、海外拓展、车型换代节奏不及预期、价格战加剧风险。 P7上市新车周期完善，销量进入加速增长阶段 8月，XNGP城区智驾月度活跃用户渗透率达85%。小鹏汽车AI天玑XOS系统体验升级后，人机共驾模 式成为用户关注和使用的重点。技术输出来看，8月15日，小鹏汽车与大众汽车集团签订扩大电子电气 架构技术战略合作的协议，双方联合开 ...

——本文为"国联民生" 出品 | 搜狐财经 【编者按：ESG年报解读是搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专 栏。参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，迭代完善各行业 ESG星级测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司2024年 环境资源、社会责任及公司管治进行评价】 研究员 | 王晓潇 督导未勤勉尽责 国联民生子公司判赔近1400万元 近日，国联民生（601456）证券发布公告，披露旗下承销保荐子公司涉及的一起证券虚假陈述责任纠纷 案件进展。纠纷起源于原深主板上市公司龙力生物的财务造假事件。据证监会此前通报，龙力生物通过 擅自删改财务核算账套等手段虚增利润，而国联民生子公司华英证券作为其当年证券发行保荐机构，因 在持续督导期间未勤勉尽责被卷入诉讼。 根据一审判决结果，对于虚假陈述行为导致的投资差额等实际损失，国联民生需要在5%范围内承担连 带清偿责任，对应的赔偿金额近1400万元。龙力生物案的连带赔偿责任，暴露出国联证券合并前在投行 风控机制方面存在的薄弱环节。 2023年，原民生证券大股东陷入债务危机 ...

Core Viewpoint - The article discusses the recent legal and compliance challenges faced by Guolian Minsheng Securities, particularly related to its subsidiary's involvement in a securities fraud case and ongoing regulatory scrutiny in its investment banking operations [1][3][4]. Group 1: Legal and Financial Issues - Guolian Minsheng Securities' subsidiary, Huaying Securities, is liable for nearly 14 million yuan due to its failure to diligently supervise a fraudulent financial reporting case involving Longli Biological [1]. - The company reported a significant increase in revenue and net profit for the first half of 2023, with operating income reaching 4.01 billion yuan (up 269.4%) and net profit attributable to shareholders at 1.13 billion yuan (up 1185.2%) [2]. - Despite strong financial performance post-merger, the lingering legal responsibilities from the Longli Biological case indicate that historical risks have not been fully resolved [2]. Group 2: Compliance and Regulatory Challenges - The company has faced multiple administrative regulatory measures from authorities, highlighting deficiencies in compliance management and internal controls, particularly in investment banking and bond operations [3][4]. - In June 2023, the company was ordered to rectify compliance issues, including failure to report significant matters timely and inadequate internal control over expenses [4]. - Previous violations by Minsheng Securities in investment banking have led to regulatory warnings, including issues with IPO projects and bond underwriting practices [5][6]. Group 3: ESG Rating and Industry Comparison - Guolian Minsheng Securities maintains a B rating in the latest MSCI ESG assessment, indicating it is below the industry average in areas such as environmental impact financing and human capital development [7]. - Among 42 A-share brokers, 12, including Guolian Minsheng, are rated as ESG laggards, with average revenue and net profit lower than the overall industry averages [8][9]. - The company’s average revenue for the first half of 2025 was 4.01 billion yuan, with a net profit of 1.13 billion yuan, which is below the average for the 42 listed brokers [9].

Group 1 - E Fund Management Co., Ltd. increased its stake in Guolian Minsheng (01456.HK) by acquiring 1,271,500 shares at an average price of HKD 6.5502 per share, totaling approximately HKD 8.3286 million [1] - Following the acquisition, E Fund's total shareholding in Guolian Minsheng rose to 53,579,500 shares, increasing its ownership percentage from 11.82% to 12.10% [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 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：2025-061号 国联民生证券股份有限公司 关于召开2025年半年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。 ● 问题征集：投资者可于2025年9月8日（星期一）至9月12日（星期五）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8月29日发布公司2025年半年度报告，为便 于广大投资者更全面深入地了解公司2025年半年度经营成果、财务状况，公司计划于2025年9月15日 （星期一）16:00一17:00举行2025年半年度业绩说明会（以下简称"业绩说明会"），就投资者关注的问 题进行交流。 一、业绩说明会类型 本次业绩说明会以网络互 ...

Core Viewpoint - Jushen Logistics Group Co., Ltd. plans to issue convertible bonds to unspecified objects, with the underwriting and sponsorship provided by Guolian Minsheng Securities [1][2]. Group 1: Company Overview - Jushen Logistics Group was established on November 10, 2011, and is listed on the Shenzhen Stock Exchange under the stock code 001202 since April 29, 2021 [1][2]. - The company has a registered capital of 166.69 million yuan and is headquartered in Foshan, Guangdong Province [1][2]. Group 2: Main Business Operations - The company operates primarily in the modern logistics industry, focusing on bulk commodity logistics and warehousing [2][3]. - Jushen Logistics offers multimodal transport services, integrating road, rail, and waterway resources to provide efficient logistics solutions [2][3]. - The company has developed a network freight platform to enhance transportation efficiency and reduce costs for clients [3]. - Jushen Logistics also provides self-operated transportation services, leveraging its industry experience to expand operations in Guinea, a major source of bauxite for China [3][4]. Group 3: Financial Data and Indicators - As of June 30, 2025, the total assets of the company amounted to 1.641 billion yuan, with total liabilities of 839.96 million yuan and owner's equity of 801.06 million yuan [6]. - The company's revenue for the first half of 2025 was 661.80 million yuan, with a net profit of 62.19 million yuan [7]. - The company reported a decrease in net profit by 8.83% in the first half of 2025 compared to the previous year, attributed to losses from its Guinea operations [7][8]. Group 4: Future Projects and Expectations - The funds raised from the convertible bond issuance will be used for the Jushen Guinea transshipment project, working capital, and repaying bank loans [10][11]. - The Guinea transshipment project is expected to generate an average annual revenue of 308.98 million yuan and a net profit of 93.88 million yuan once fully operational [10][11]. - The project has already secured contracts with major companies, covering 45.37% of the projected business volume for the first year [10][11].

Group 1 - The core point of the news is that Jushen Logistics Group Co., Ltd. is issuing convertible bonds to unspecified objects, with Guolian Minsheng Securities as the lead underwriter [1][2][3] - The underwriting team includes representatives Liu Yuting and Huang Ying, both with a strong track record in various projects [2] - The company was established on November 10, 2011, and is listed on the Shenzhen Stock Exchange under the stock code 001202 [3][5] Group 2 - As of June 30, 2025, Jushen Logistics has a registered capital of 166.69 million RMB and a total share capital of 166,691,110 shares [5][9] - The major shareholders include Wuhu Yuanyou Private Fund Management Co., Ltd. and others, holding a combined 73.34% of the shares [5][6] - The controlling shareholder and actual controller is Lei Qi, who holds 39.89% of the total shares [5][6] Group 3 - The company operates primarily in the modern logistics industry, focusing on bulk commodity logistics and warehousing [6][7] - Jushen Logistics provides multi-modal transport services, integrating various transportation resources to meet customer needs efficiently [6][8] - The warehousing services cover a wide range of bulk commodities, including aluminum, copper, and industrial silicon, among others [7][8] Group 4 - The financial data for the company shows a total revenue of 66.18 million RMB for the first half of 2025, with a net profit of 4.08 million RMB [9][12] - The company’s total assets as of June 30, 2025, amount to 164.10 million RMB, with total liabilities of 83.99 million RMB [10][11] - Key financial ratios include a current ratio of 1.27 and a debt-to-asset ratio of 51.19% [14]

国联民生证券承销保荐有限公司 关于苏州春秋电子科技股份有限公司 不提前赎回"春23转债"的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生保荐"或"保荐人"） 作为苏州春秋电子科技股份有限公司（以下简称"春秋电子"或"公司"） 2023年 向不特定对象发行可转换公司债券并上市的保荐机构，根据《证券发行上市保 荐业务管理办法》《上海证券交易所股票上市规则》《可转换公司债券管理办法 》和《上海证券交易所上市公司自律监管指引第12号——可转换公司债券》等 有关规定，对春秋电子本次不行使"春23转债"提前赎回权利的事项进行了核 查，核查情况及核查意见如下： 一、 "春23转债"发行上市概况 经中国证券监督管理委员会证监许可[2022]2164号文核准，公司于2023年3 月17日向不特定对象发行了570万张可转换公司债券，每张面值100元，发行总 额57,000万元，期限6年，自2023年3月17日起至2029年3月16日止。票面利率第 一年0.30%、第二年0.50%、第三年1.00%、第四年1.50%、第五年2.00%、第六 年2.50%。 经上海证券交易所自律监管决定书[2023]64号文同意，公司5 ...