Core Viewpoint - The primary focus of the articles is the significant recovery of the primary market in 2023, indicating a transition from a "winter" phase to an "early spring" phase for equity investment, with expectations for growth in fund registration and investment scale by 2025 [2][3]. Market Recovery - The primary market has shown signs of recovery since the implementation of supportive policies in September 2022, leading to increased investor activity and optimism [3]. - The company, Guolian Minsheng, reported a new fund registration scale exceeding 6 billion yuan in 2025, a substantial increase compared to the previous year [3]. - The company anticipates investing in over 15 projects this year, reflecting heightened activity compared to last year [3]. Exit Channels - There are positive signals regarding exit channels, with an increase in projects exiting through capital market restructuring and mergers and acquisitions, despite a slower IPO pace in the A-share market [3]. Future Market Conditions - For the primary market to achieve true prosperity, normalization of IPOs, regularization of mergers and acquisitions, and maturity of secondary trading are essential [4]. - The market requires a healthy cycle of fundraising, investment, management, and exit to enter a prosperous phase [4]. Investment Focus - Hard technology remains a key area for long-term capital investment, with a focus on sectors such as advanced manufacturing, high-end equipment, semiconductors, and new energy [5]. - The company plans to continue investing in quantum technology, artificial intelligence, embodied intelligence, biomedicine, hydrogen energy, and nuclear fusion over the next five years [5]. Investment Criteria - The company employs a "three measures" system for evaluating investments in hard technology, focusing on technological potential, team capabilities, and financial health [5]. - The first measure assesses the technology's ceiling, moat, and future application scenarios [5]. - The second measure emphasizes the importance of the team, considering their technical background and innovation capabilities [5]. - The third measure evaluates the financial stability and commercial viability of the business [5]. Long-term Perspective - It is acknowledged that hard technology companies may not be profitable in the early stages due to high R&D costs, but the long-term value of technology is crucial [6]. - The company is open to helping key players in the industry reach the capital market through mergers and acquisitions, even if they cannot independently IPO [6]. Organizational Integration - Following the merger of Guolian Minsheng Securities, the private equity subsidiaries have entered a new development phase, managing over 30 billion yuan and investing in over 120 projects [6]. - The integration aims to create synergies in regional focus, sector collaboration, and organizational structure [6][7]. - The company plans to deepen its presence in innovation-driven cities and enhance its expertise in key sectors [7]. Strategic Direction - The future strategy is summarized in a twelve-character guideline: "customer trust, industry-driven, technology innovation," focusing on serving investors closely aligned with industry and technological advancements [7].

21世纪经济报道记者 孙永乐 国联民生证券投行业务整合完毕后，开启了一场声势浩大的引才活动。 12月11日，国联民生承销保荐发布一则社会招聘，号称"诚揽英才团队，共启资本新程"，引发投行圈广泛关注。据悉，这是国 联民生证券投行业务整合完成后首次大规模社招。 21世纪经济报道记者注意到，此次招聘呈现三大鲜明特征：一是聚焦"全业务线精英团队"引才，打破传统个人引进模式；二是 招聘流程实现创新突破，公司总裁直接参与面试；三是应聘团队覆盖全业务条线，工作区域全面辐射核心业务布局。 某券商投行资深人士对记者表示，国联民生承销保荐此次大规模招聘的落地，不仅进一步标志着国联民生证券合并后，投行业 务的整合工作已全面收官，更意味着全新组建的投行核心平台国联民生承销保荐，正式进入业务全面扩张与市场化发展的新阶 段。 目前，国联民生证券已完成收购民生证券99.98%，进一步推进股权集中，并推进业务整合工作。具体进展而言，21世纪经济报 道记者最新获悉，11月底，国联证券与民生证券研究业务已完成全面整合。此前财富管理、资管业务整合也有诸多进展。 二是招聘流程直达总裁，不同于行业常规招聘的多层级面试流程，此次招聘"总裁直面，一步直达 ...

Group 1 - The central economic work conference has shifted the focus of economic development from "quantity" expansion to "quality" enhancement, emphasizing the need for greater breakthroughs in effective quality improvement [2] - The policy direction is characterized by a pragmatic and precise approach, with a focus on structural regulation and institutional reform, aiming to activate endogenous momentum and technological empowerment [2][3] - The economic work for 2026 will center around core tasks such as "demand-driven, innovation-led, and reform-focused" to solidify the foundation for economic development [2] Group 2 - The key emphasis on "optimization" involves implementing precise structural adjustments, including optimizing tax incentives and ensuring a close connection between investments in goods and people [3] - Adjustments in special debt management and an increase in budgetary investment are aimed at stabilizing local risks and promoting investment recovery [3] - The real estate policy will focus on medium to long-term supply optimization to stabilize market expectations and support domestic demand [3] Group 3 - The "deepening" aspect signifies a commitment to overcoming fundamental constraints through intensified reform efforts, including establishing fair competition environments and breaking down hidden barriers [4] - The initiative to expand "AI+" beyond pilot projects to the entire industry chain, along with continuous reforms in capital markets, aims to enhance sustainable development momentum [4] - Coordination between state-owned enterprise reforms and private sector policies is intended to strengthen the foundation for collective national progress [4] Group 4 - The "efficiency enhancement" strategy balances short-term policy effects with long-term development potential, emphasizing flexible and efficient monetary policy [5] - Fiscal policy will optimize expenditure structures and concentrate financial resources on key areas to improve investment quality and enhance public welfare [5][6] - Targeted measures for different industries are designed to stimulate private investment and improve quality in employment, education, and healthcare, fostering a virtuous cycle of economic growth and social improvement [6]

（原标题：国联民生：2026年什么原因可能导致明年美元意外升值？ 关注第三、四季度经济节奏阶段 性反转可能性） 除此之外，迫于国内的通胀压力，白宫可能会进一步向下调整关税水平，这一方面是会缓解非美经济体 的压力，另一方面则会导致美国财政的进一步恶化。 智通财经APP获悉，国联民生发布研报称，明年美元预计仍处于弱周期中，但是可能并没有想象中那么 差：年初需要警惕的是特朗普提名的新联储主席在宽松上"措辞谨慎"，明年下半年则要警惕美国和非美 经济体经济表现的阶段性强弱转换。而期间则需要关注日本央行的独立性问题，以及法国等高负债欧洲 国家的阶段性财政担忧。 国联民生主要观点如下： 最近几年，站在年末看下一年的美元走势很容易出错。以去年年底为例子，特朗普意外横扫、重回白宫 之后，市场情绪亢奋，在经济过热、通胀上行预期的指引下，多数人认为美元会延续强势，结果今年美 元在1月就见顶，年内最多跌超10%。如果站在今年年底来判断，美元偏弱可能是明年的基本情形。 如果明年美元有再次违背预期的可能，什么原因可能导致明年美元意外升值？ 为什么市场认为明年美元会偏弱？没有了美国例外论的光环，市场会更加客观地看待美国和非美之间的 关系： ...

Core Insights - The wealth management business is still in an exploratory phase, with opportunities and challenges coexisting amid changes in client structure and business model experimentation [1] Group 1: Client Dynamics - High-net-worth clients are increasing at a faster rate than individual retail clients in fund advisory services, attributed to their alignment with the investment philosophy promoted by wealth management institutions [3] - High-net-worth clients tend to favor diversified investments, long-term holding, and have a stronger risk tolerance, leading to more reasonable return expectations [3] Group 2: Business Growth and Challenges - The collaboration with internet platforms for advisory services is experiencing rapid growth, as these platforms effectively filter clients with similar investment philosophies, resulting in more stable business growth [3] - The company faces challenges in professional capability building, particularly in expanding overseas allocations, where the limited capabilities of the headquarters' research team struggle to meet the refined needs of clients [4] Group 3: Investment Strategy and Execution - Specific investment requests, such as ETFs in niche sectors, often face difficulties in execution due to inaccurate or inconsistent product offerings [4] - There is a disconnect in the service chain, where investment recommendations from headquarters do not fully reach clients, exacerbated by a lack of effective management tools and gaps in understanding among frontline personnel [4] - The company is focused on developing tools and improving processes to ensure a seamless service chain, with a significant emphasis on training frontline staff in investment philosophy and capability enhancement [4]

证券代码：601456 证券简称：国联民生 公告编号：2025-074号 国联民生证券股份有限公司关于选举职工董事 特此公告。 国联民生证券股份有限公司董事会 2025年12月12日 陈兴君先生，1981年出生，中共党员，无境外永久居留权，管理学学士，高级会计师。现任本公司财务 会计部总经理，兼任民生证券股份有限公司执行委员会委员、副总裁、财务总监、首席风险官；民生期 货有限公司董事；民生股权投资基金管理有限公司董事；国联通宝资本投资有限责任公司董事等职务。 曾任本公司风险管理部总经理、财务负责人、首席风险官、监事会主席；国联期货有限责任公司财务部 总经理；无锡市国联发展（集团）有限公司财务会计部总经理助理等职务。 除本公告已披露信息外，陈兴君先生与公司的董事、监事、高级管理人员、实际控制人及持股5%以上 的股东不存在关联关系，不存在《上海证券交易所上市公司自律监管指引第1号一一规范运作》第3.2.2 条所列情形，未持有公司股票。 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。 国联民生证券股份有限公司（以下简称"公司 ...

（文章来源：证券日报） 证券日报网讯 12月12日晚间，国联民生发布公告称，公司于2025年12月12日召开第五届职工代表大会 第九次会议，选举陈兴君先生为公司职工董事。 ...

为何在行业收缩期，敢于逆势扩张？ 第一财经独家采访张明举后发现，在这起"现象级"招聘背后，是他对科技企业上市、传统产业转型升级 等进行"长周期"服务的准备。 在整个券商行业降薪、裁员战线收缩的背景下，国联民生证券承销保荐有限公司（下称"国联民生承销 保荐"）此次"整团队挖"、"总裁直聘""招聘人数没有预设限制"的招聘方式，一经公布立即引发市场热 议。 12月11日，国联民生承销保荐发布社会招聘信息，计划引进全业务线精英团队，覆盖股权业务、债权业 务、国际业务三大核心板块，工作区域遍及上海、北京等逾13个重点城市及核心经济圈。 特别引人注意的是，此次招聘留的联系方式，是公司总裁张明举的工作邮箱。面试流程也是总裁直面， 一步直达。 对此张明举告诉第一财经，这是因为此次招聘，意在招团队。 "招聘成熟团队，不像招个人一样需要判断性格、经验、能力等，而是需要对团队进行整体判断。为了 提高效率以及尊重人才，由我来谈的话，可以对团队有一个公正的评价。"他表示，如果有机会一起合 作，后期也会更有默契；若没有缘分，将来也都是朋友。而且自己亲自招聘，也更便于尊重来应聘的团 队的隐私。 作为国联证券与民生证券合并后打造的投行平台， ...

在整个券商行业降薪、裁员战线收缩的背景下，国联民生证券承销保荐有限公司（下称"国联民生承销 保荐"）此次"整团队挖"、"总裁直聘""招聘人数没有预设限制"的招聘方式，一经公布立即引发市场热 议。 12月11日，国联民生承销保荐发布社会招聘信息，计划引进全业务线精英团队，覆盖股权业务、 债权业务、国际业务三大核心板块，工作区域遍及上海、北京等逾13个重点城市及核心经济圈。 特别 引人注意的是，此次招聘留的联系方式，是公司总裁张明举的工作邮箱。面试流程也是总裁直面，一步 直达。 又为何亲自下场，开启真正的"BOSS直聘"？ 对此张明举告诉第一财经，这是因为此次招聘，意 在招团队。 "招聘成熟团队，不像招个人一样需要判断性格、经验、能力等，而是需要对团队进行整体 判断。为了提高效率以及尊重人才，由我来谈的话，可以对团队有一个公正的评价。"他表示，如果有 机会一起合作，后期也会更有默契；若没有缘分，将来也都是朋友。而且自己亲自招聘，也更便于尊重 来应聘的团队的隐私。 ...

证券代码：601456 证券简称：国联民生 公告编号：2025-074 号 国联民生证券股份有限公司（以下简称"公司"）第五届董事会任期已经届 满，为做好公司董事会换届选举工作，公司于 2025 年 12 月 12 日召开第五届职 工代表大会第九次会议，选举陈兴君先生（简历见附件）为公司职工董事。陈兴 君先生将在公司 2025 年第三次临时股东大会审议通过《关于修订<公司章程>及 其附件的议案》后，与该次股东大会选举产生的非职工董事共同组成公司第六届 董事会，任期三年。 特此公告。 国联民生证券股份有限公司董事会 2025 年 12 月 12 日 陈兴君先生，1981 年出生，中共党员，无境外永久居留权，管理学学士， 高级会计师。现任本公司财务会计部总经理，兼任民生证券股份有限公司执行委 员会委员、副总裁、财务总监、首席风险官；民生期货有限公司董事；民生股权 投资基金管理有限公司董事；国联通宝资本投资有限责任公司董事等职务。曾任 本公司风险管理部总经理、财务负责人、首席风险官、监事会主席；国联期货有 限责任公司财务部总经理；无锡市国联发展（集团）有限公司财务会计部总经理 助理等职务。 国联民生证券股份有限公司 ...