Core Insights - The meeting between Guolian Minsheng Securities and Shaanxi Financial Investment Management Company (Shaanxi Caifu) focused on deepening cooperation in financial services for the real economy and fostering new productive forces [1][2] - A strategic cooperation framework agreement was signed, aiming to leverage each party's strengths and expand collaboration areas to better serve the economic and social development of Shaanxi [1][2] Group 1: Company Developments - Shaanxi Caifu has developed four main business segments: financial equity investment, government-guided funds, financing guarantees, and private equity fund management, aiming to promote the financial industry and real economy in Shaanxi [1] - Guolian Minsheng Securities has achieved significant growth in total assets, net assets, operating income, and net profit, following its restructuring and integration [2] Group 2: Future Collaboration - The strategic cooperation will be based on principles of resource sharing, complementary advantages, mutual benefit, and common development, focusing on establishing a sustainable partnership [2] - The collaboration aims to create a new model of "Shaanxi-Jiangsu cooperation" and promote the development of new productive forces in both regions [2]

Core Insights - The regulatory authority has approved eight brokerages, including Dongfang Caifu and Dongfang Securities, for the third batch of account management function optimization pilot programs, expanding the total to 20 participating firms [1] Group 1: Regulatory Developments - The third batch of approved brokerages includes Dongfang Caifu, Dongfang Securities, Xibu Securities, and Guolian Minsheng among others [1] - The account management function optimization pilot has undergone multiple expansions since its inception, with the first batch approved in November 2021 and the second batch in November 2022 [1] Group 2: Industry Implications - The China Securities Regulatory Commission (CSRC) aims to steadily advance the transformation of brokerage account management functions into regular practices as outlined in its February implementation opinions [1] - The approved brokerages are perceived as institutions with strong performance in wealth management, indicating a shift towards enhancing wealth management capabilities within the brokerage industry [1]

Group 1 - The company has decided to close four branches: Shanghai Pudong New District Zhangyang Road Securities Branch, Shenzhen Tairan Ninth Road Securities Branch, Hubei Branch, and Changzhou Branch, effective immediately [1] - The three branches, excluding Changzhou Branch, will transfer their clients to other branches of Guolian Minsheng Securities Co., Ltd. by December 6, 2025, ensuring that clients' accounts and services remain unchanged [1] - Clients who do not agree to the transfer must complete the necessary procedures by November 28, 2025, to avoid automatic migration to the new branches [2] Group 2 - After the transfer, existing agreements with the closed branches will be inherited by the new branches, ensuring continuity in service [2] - Clients can still access services through the Guolian Securities Zunbao APP or the official website for any business needs after the migration [2] - The company expresses gratitude for clients' support and aims to maintain high service standards despite the inconvenience caused by branch closures [2]

Market Overview - On November 24, the securities sector rose by 0.22% compared to the previous trading day, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - Guolian Minsheng (601456) closed at 10.40, up 2.87% with a trading volume of 297,600 shares and a turnover of 304 million yuan [1] - Guosheng Securities (002670) closed at 17.86, up 2.76% with a trading volume of 444,300 shares and a turnover of 788 million yuan [1] - Industrial Securities (601377) closed at 6.69, up 2.14% with a trading volume of 941,000 shares and a turnover of 625 million yuan [1] Top Losers - Shouchao Securities (601136) closed at 20.20, down 2.27% with a trading volume of 375,700 shares and a turnover of 757 million yuan [2] - Changjiang Securities (000783) closed at 7.92, down 1.12% with a trading volume of 849,100 shares and a turnover of 679 million yuan [2] - Sihai Securities (600369) closed at 4.40, down 0.90% with a trading volume of 642,200 shares and a turnover of 284 million yuan [2] Fund Flow Analysis - The securities sector experienced a net outflow of 1.283 billion yuan from institutional investors, while retail investors saw a net inflow of 914 million yuan [2] - Among individual stocks, Guosheng Securities had a net inflow of 48.03 million yuan from institutional investors, while it faced a net outflow of 22.88 million yuan from speculative funds [3] - Dongfang Securities recorded a net inflow of 31.53 million yuan from institutional investors, with a net outflow of 10.96 million yuan from speculative funds [3]

Core Viewpoint - The report from Guolian Minsheng Securities indicates that while port coal prices remain stable, prices in production areas are continuing to rise, influenced by supply constraints and increasing demand from power plants [1]. Supply and Demand Analysis - Despite entering the peak season, the likelihood of a significant increase in supply from production areas is low due to strong regulatory measures [1]. - The daily coal consumption by power plants is continuously increasing, and as temperatures drop and industrial production accelerates towards year-end, the demand for electricity and coal is expected to gradually materialize [1]. Inventory and Pricing Outlook - Port inventories have accumulated due to shipping disruptions, but with improving weather conditions, these inventories are expected to decrease [1]. - The available cargo at ports remains tight due to railway capacity limitations, and strong support for shipping costs is noted [1]. - Once demand is fully released, there is potential for coal prices to rise, with a possibility of reaching a peak of 1000 yuan/ton by year-end [1].

新京报贝壳财经讯 11月23日，国联民生证券发布研报称，本周港口煤价暂稳，产地煤价继续上涨。基 本面来看，即使进入旺季，强监管下产地供应大幅提升可能性较低，供给端仍受限；需求端电厂日耗持 续提升，伴随后续进一步降温以及工业生产进入年底冲刺阶段，用电用煤旺季需求将逐步兑现；本周港 口库存受封航影响有所累积，但伴随天气好转库存将逐步下降，同时在铁路运力限制下，港口可流通货 源仍偏紧，叠加发运成本支撑较强，待需求充分释放后，煤价涨价动能持续，年底瞬间高点或冲高至 1000元/吨。 ...

Group 1 - Port coal prices remain stable while production coal prices continue to rise, indicating a potential for price increases as demand is expected to be released [2][3] - Supply constraints persist due to strong regulatory oversight, limiting the possibility of significant increases in production despite entering the peak season [2][3] - Daily coal consumption by power plants is increasing, and as temperatures drop and industrial production ramps up towards year-end, demand for electricity and coal is expected to gradually materialize [2][3] Group 2 - Port inventories have accumulated due to shipping restrictions but are expected to decline as weather improves, while tight supply remains due to railway capacity limitations [2][3] - The Daqin line's average daily transport volume increased by 1.6% week-on-week, while the Tanghu line saw a slight decrease [4] - Northern port inventories increased by 6.3% week-on-week, indicating a total of 24.58 million tons, but decreased by 9.2% year-on-year [4] Group 3 - The coal market is experiencing mixed price movements, with port coking coal prices declining while production prices show varied trends [5][6] - Coking coal prices are expected to remain weak and stable in the short term due to supply recovery and reduced demand from steel mills [5][6] - Investment recommendations include focusing on high spot price elasticity stocks and stable growth companies within the coal sector [6]

证券代码：601456证券简称：国联民生公告编号：2025-072号 国联民生证券股份有限公司 (一)股东大会类型和届次 2025年第三次临时股东大会 (二)股东大会召集人：国联民生证券股份有限公司（以下简称"公司"）董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025年12月15日13点30分 召开地点：江苏省无锡市金融一街8号国联金融大厦1层会议室 关于召开2025年第三次临时股东大会的通知 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： 一、召开会议的基本情况 (五)网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025年12月15日 至2025年12月15日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日的交易时间 段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为 ...

董事会会议召开情况 本次董事会会议于2025年11月14日以书面方式发出通知，11月21日完成通讯表决。会议应参与表决董事 9人，实际参与表决董事9人，会议召集、召开及表决程序符合《公司法》《公司章程》及相关监管规 定。 议案核心内容与实施路径 根据公告，本次业务范围变更旨在推进与民生证券固定收益业务的整合工作，确保业务划分一致性及客 户服务连续性。具体措施包括：新增业务资格：申请增加地方政府债承销业务，并同步办理相应业务资 质审批；业务区分机制：明确公司与国联民生承销保荐的业务边界，优化资源配置；授权经营层执行： 授权公司管理层办理业务资格申请、业务区分方案落地等事宜；修订公司章程：待监管机构批准后，对 《公司章程》中关于业务范围的条款进行修订；提交股东大会审议：本次议案需经2025年第三次临时股 东大会表决通过后方可实施。 业务整合意义解析 登录新浪财经APP 搜索【信披】查看更多考评等级 国联民生证券股份有限公司（证券代码：601456，下称"公司"）于2025年11月21日发布董事会决议公 告，宣布第五届董事会第三十次会议已通过通讯表决方式全票审议通过《关于申请变更公司业务范围的 议案》。公司拟新增地 ...

2025 年 12 月 | 会 | 议 | 议 | 程 2 | | --- | --- | --- | --- | | 会 | 议 | 须 | 知 3 | | 议案 | | | 1：关于修订《公司章程》及其附件的议案 4 | | 议案 | | | 2：关于申请变更公司业务范围的议案 97 | | 议案 | | | 3：关于取消公司监事会的议案 99 | | 议案 | | | 4：关于调整公司独立董事津贴标准的议案 100 | | 议案 | | | 5：关于选举公司第六届董事会非独立董事的议案 101 | | 议案 | | | 6：关于选举公司第六届董事会独立董事的议案 104 | 国联民生证券股份有限公司 2025 年第三次临时股东大会 会议资料 国联民生证券股份有限公司 2025 年第三次临时股东大会会议资料 会 议 议 程 现场会议开始时间：2025 年 12 月 15 日（星期一）13 点 30 分 现场会议召开地点：江苏省无锡市金融一街 8 号国联金融大厦 1 层会议室 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票日期：2025 年 12 月 15 日（星期一） 通过交易系统投票平台的投 ...