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。 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） 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。 国联民生证券股份有限公司 关于控股子公司股权变动的提示性公告 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。 承董事會命 國聯民生證券股份有限公司 董事長 顧偉 中國江蘇省無錫市 2025年11月12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。 证券代码：601456 证券简称：国联民生 公告编号：2025-068 号 国联民生证券股份有限公司（以下简称"公司"）持有民生 ...

Group 1 - The stock price of Slinjet (688115.SH) decreased by 2.98%, closing at 60.65 yuan [1] - Slinjet was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 14, 2022, with an initial public offering (IPO) of 16.67 million shares at a price of 65.65 yuan per share [1] - The company is currently in a state of stock price decline, known as "breaking the issue" [1] Group 2 - The total amount raised from the IPO was 1.094 billion yuan, with a net amount of 975 million yuan after deducting issuance costs [1] - The net amount raised exceeded the original plan by 418 million yuan [1] - The company planned to raise 557 million yuan for projects including the expansion of embedded smart instrument modules, the construction of a research and development center, and to supplement operating funds [1] Group 3 - The total issuance costs for Slinjet amounted to 119 million yuan, with underwriting and sponsorship fees of 93.0228 million yuan [2]

Core Insights - The event "Path to New Opportunities - Wuxi Enterprises A-share and Hong Kong IPO Professional Training" was co-hosted by the Wuxi Municipal Financial Office, China Securities Journal, Wuxi Regulatory Office of Jiangsu Securities Regulatory Commission, and the Municipal Propaganda Department, focusing on current domestic and international capital market policies and trends [1] - Guolian Minsheng Securities' Hong Kong investment banking division provided insights on the core rules for H-share IPOs, emphasizing the new reforms in the Hong Kong Stock Exchange's IPO mechanism set for 2025 [1] - The training session was attended by over a hundred executives from companies planning to go public, highlighting the significance of understanding the listing standards and compliance requirements for different sectors in the Hong Kong market [1] Summary by Sections - **Event Overview** - The training event aimed to explore new paths for Wuxi enterprises in the capital market, with participation from various experts and over a hundred executives from prospective listing companies [1] - **Key Insights from Guolian Minsheng Securities** - The presentation focused on the core rules for H-share IPOs, detailing listing requirements, procedural norms, and policy adaptability, providing practical guidance for enterprises [1] - **Relevance for Wuxi Enterprises** - The session was particularly beneficial for Wuxi companies, offering precise interpretations of listing standards for different sectors, including the main board and specialized technology companies, aiding firms in aligning with their business models [1] - Guolian Minsheng Securities aims to facilitate efficient communication between Wuxi enterprises and the Hong Kong capital market, enhancing their chances for successful IPOs [1]

Group 1 - The company, Yimi Fund Management Co., Ltd., is collaborating with Guolian Minsheng Securities to offer a fee discount activity for certain funds to thank investors for their support [1][2] - The funds participating in the fee discount activity include Yimi Kaixin Value Preferred Mixed A, Yimi Kaitai Mixed A, Yimi Research Selected Mixed Initiation A, Yimi Zhongzheng Kechuang Entrepreneurship 50 Index Enhanced Initiation A, Yimi Low Carbon Economy Stock Initiation A, and Yimi Xinxuan Quality Mixed A [2] - The fee discount activity will commence on November 10, 2025, allowing investors to subscribe to the participating funds without discount limits, except for fixed fees [2][3] Group 2 - The interpretation rights of the discount activity belong to Guolian Minsheng Securities, and the specific time and process for business handling will be determined by them [3] - The fee discount applies only to subscription fees for the participating funds and does not include redemption, conversion, or other business fees [3] - Investors are encouraged to read the fund contracts, prospectuses, and other legal documents for detailed information about each fund [3]

Core Insights - The report from Guolian Minsheng Securities indicates a stable performance in the home appliance sector for Q3 2025, with revenue expected to grow by 2.68% year-on-year to 389.7 billion yuan and net profit increasing by 4.50% to 32.5 billion yuan [1] - The white goods segment shows a slight revenue increase despite a weakening domestic demand, while the black goods segment faces revenue decline but improved profitability [2][3] - The smart home segment leads the industry with significant revenue growth, while traditional small appliances experience pressure from external sales [4][5] White Goods - Q3 2025 revenue for the white goods sector is projected to rise by 3.83% year-on-year to 269.7 billion yuan, with stable profitability despite a slight slowdown in domestic demand [1] - The sector's net profit is expected to increase by 3.32% to 25.6 billion yuan, with a net profit margin of 9.49%, indicating stable operational quality [1] Black Goods - The black goods sector experienced a revenue decline of 2.64% year-on-year to 48.6 billion yuan, attributed to uncertainties in external demand [2] - Despite the revenue drop, the sector's net profit increased significantly by 37.21% to 1.5 billion yuan, reflecting improved profitability among leading brands [2] Post-Cycle Appliances - The post-cycle appliance sector, including kitchen appliances and electrical lighting, saw a revenue decline of 4.09% year-on-year, consistent with expectations [3] - Leading companies in this segment demonstrated better revenue resilience due to diversified product strategies and enhanced channel capabilities [3] Smart Home - The smart home sector reported a robust revenue growth of 24.81% year-on-year to 11.4 billion yuan, driven by strong domestic and international demand [4] - The net profit for this segment surged by 93.18% to 0.9 billion yuan, with a net profit margin of 8.05%, indicating strong performance despite varying profitability among companies [4] Traditional Small Appliances - The traditional small appliance sector faced a revenue decline of 4.03% year-on-year, primarily due to challenges in external sales [5] - The segment's profitability was impacted by increased marketing expenditures, although the gross margin improved due to a higher proportion of domestic sales [5]

Core Viewpoint - The report from Guolian Minsheng indicates that the Hong Kong Stock Exchange (HKEX) is expected to see significant revenue and profit growth in the coming years, driven by improved market activity and strong performance in various segments [1][2]. Financial Performance - For the first nine months of 2025, HKEX achieved total revenue and other income of HKD 218.5 billion, representing a year-on-year increase of 37% [2][3]. - The net profit attributable to shareholders for the same period was HKD 134.2 billion, up 45% year-on-year [2][3]. - In Q3 2025, the company reported revenue and other income of HKD 77.8 billion, a 45% increase year-on-year and an 8% increase quarter-on-quarter [2]. Segment Performance - Trading and trading system usage fees reached HKD 78.31 billion, up 57% year-on-year, due to record high average daily trading (ADT) in the cash and derivatives markets [4]. - Clearing and settlement fees amounted to HKD 52.73 billion, a 66% increase year-on-year, driven by record high average daily trading volumes in the Stock Connect program [4]. - Listing fees were HKD 12.68 billion, reflecting a 17% year-on-year increase, supported by strong capital raising activities in the Hong Kong market [4]. - Investment income netted HKD 38.93 billion, a 4% increase year-on-year, although the annualized investment return rate decreased to 4.67% [4]. Market Activity - The cash market showed significant improvement, with the average daily trading volume reaching HKD 2,564 billion for the first nine months of 2025, a 126% increase year-on-year [5]. - The Northbound ADT was HKD 2,064 billion, up 67% year-on-year, while the Southbound ADT reached HKD 1,259 billion, a 229% increase [5]. - The ETP market also performed well, with an ADT of HKD 378 billion, reflecting a 145% year-on-year increase [5]. - In the IPO market, HKEX saw 69 new listings raising HKD 1,883 billion, a 239% increase year-on-year, with a strong pipeline of 297 applications pending as of Q3 2025 [5].

Core Viewpoint - The company expects continued improvement in trading activity in the Hong Kong stock market, projecting total revenue and net profit growth for Hong Kong Exchanges and Clearing Limited (HKEX) in the coming years [1] Financial Performance - For the first nine months of 2025, the company reported total revenue and other income of HKD 218.5 billion, a year-on-year increase of 37%, and a net profit attributable to shareholders of HKD 134.2 billion, up 45% [2][3] - In Q3 2025, the company achieved revenue and other income of HKD 77.8 billion, reflecting a year-on-year increase of 45% and a quarter-on-quarter increase of 8%, with net profit of HKD 49.0 billion, up 56% year-on-year and 10% quarter-on-quarter [2] Segment Performance - The company reported significant growth across all business segments for the first nine months of 2025: - Trading and trading system usage fees reached HKD 78.31 billion, up 57% year-on-year, driven by record average daily trading (ADT) in the cash and derivatives markets [4] - Clearing and settlement fees totaled HKD 52.73 billion, a 66% increase year-on-year, due to record high average daily trading volumes in the Stock Connect program [4] - Listing fees amounted to HKD 12.68 billion, up 17% year-on-year, supported by strong capital raising activities in the Hong Kong stock market [4] - Net investment income was HKD 38.93 billion, a 4% increase year-on-year, with a decline in annualized investment yield for the company's funds [4] Market Outlook - The Hong Kong stock market is experiencing improved trading activity, which is expected to sustain the company's annual performance growth: - The cash market ADT reached HKD 2,564 billion for the first nine months of 2025, a 126% year-on-year increase, with northbound ADT at HKD 2,064 billion, up 67%, and southbound ADT at HKD 1,259 billion, up 229% [5] - The Exchange-Traded Products (ETP) market also showed positive trends, with ADT reaching HKD 378 billion, a 145% year-on-year increase [5] - The IPO market remained robust, with 69 companies listed on the main board, raising HKD 1,883 billion, a 239% increase year-on-year, and a strong pipeline of 297 IPO applications pending as of the end of Q3 2025 [5]

Group 1 - The core announcement is about the partnership between Rongtong Fund Management Co., Ltd. and Guolian Minsheng Securities Co., Ltd. to enhance investment services starting from November 7, 2025 [1] - Rongtong Fund will allow Guolian Minsheng Securities to sell certain open-end funds and will introduce regular investment and conversion services [1] - Investors can only convert fund shares within the same fee structure, meaning front-end charged shares can only be converted to other front-end charged shares, and the same applies for back-end charged shares [1][2] Group 2 - The announcement also details the addition of Ping An Bank as a sales platform for the Rongtong Tongheng 63-month regular open bond fund, effective from November 7, 2025 [6] - Investors using the Ping An Bank platform will benefit from a discount on the front-end subscription fee for the fund, with specific discount rates to be announced by the sales institution [6] - The fee discount applies only to normal subscription periods and does not include back-end fees or fees during the fund's fundraising period [6]

Core Insights - Guolian Minsheng Securities has welcomed a significant talent addition with the recruitment of Kong Rong, former co-director of Tianfeng Securities' Global Forward Industry Research Institute, who will serve as the deputy director of the research institute focusing on overseas research [1][2] - The company has demonstrated strong growth momentum, reporting operating income of 6.038 billion yuan and a net profit of 1.763 billion yuan for the first three quarters of 2025, marking a threefold increase year-on-year, positioning it among the top listed securities firms [1] - The enhancement of research capabilities is a strategic priority for the company, with Kong Rong's expertise expected to strengthen its research capabilities in overseas markets and cutting-edge technology sectors [1][3] Talent Profile - Kong Rong holds a bachelor's degree from the University of Nottingham and a master's degree from the University of Exeter, with 15 years of experience in securities research [2] - She specializes in TMT, artificial intelligence, and global technology supply chains, particularly in the media and internet sectors, and has been recognized as a leading analyst in overseas research [2] - Kong has established extensive connections with thousands of industry companies globally and has received accolades as the best analyst by Sina Finance in 2023 and 2024 [2] Strategic Development - Guolian Minsheng Securities is focusing on a differentiated development strategy of "regional deep cultivation + industry binding" across its five core business areas [3] - The company aims to leverage Kong Rong's overseas research expertise to create a narrative of "global resources connecting Chinese momentum" [3]

Core Viewpoint - The challenges faced by Better Electronics in its IPO process are attributed to regulatory concerns over "fabricated listing" and recent penalties imposed on its sponsoring representatives, indicating potential issues with information disclosure and compliance [2][4][9]. Group 1: IPO Process and Regulatory Issues - Better Electronics terminated its IPO review in August 2024 after failing to address regulatory concerns regarding "fabricated listing" [2][5]. - The company had initially submitted its IPO application in June 2023 and completed the first round of inquiries by January 2024, but faced delays and ultimately withdrew its application [5][6]. - The company reported revenue growth from 449 million to 627 million from 2021 to 2023, with a compound annual growth rate (CAGR) of 18.19%, and a net profit CAGR of 64.80% during the same period [5][6]. Group 2: Financial Performance and Compliance - Better Electronics' financial data indicated it met the previous IPO requirements, but the introduction of stricter regulations in April 2024 raised the bar for net profit thresholds, complicating its IPO prospects [6][10]. - The company faced scrutiny over a significant increase in net profit in 2022, which was linked to an acquisition of Dongguan Boyue Electronics, raising questions about the legitimacy of its financial performance [7][9]. - The acquisition contributed significantly to Better Electronics' revenue and profit, with Dongguan Boyue accounting for approximately 30% of its revenue and nearly 48% of its net profit in 2022 [7][11]. Group 3: Consequences of Regulatory Actions - The penalties imposed on sponsoring representatives Zhang Tengfu and Wang Jianwei are seen as a reflection of Better Electronics' compliance issues during its IPO process [4][9][15]. - Following the termination of its IPO, Better Electronics attracted interest from Yangjie Technology, which proposed a cash acquisition valued at 2.218 billion, exceeding the valuation from its halted IPO [12][13]. - Despite the attractive acquisition offer, Better Electronics ultimately declined the proposal due to significant differences in business operations and management philosophy [13][14].