智通财经APP获悉，香港联交所最新数据显示，8月14日，易方达基金管理有限公司增持国联民生 (01456)23.2万股，每股作价6.6278港元，总金额约为153.76万港元。增持后最新持股数目为4445.4万 股，持股比例为10.04%。 ...

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has increased its stake in Guolian Minsheng (601456) by purchasing 232,000 shares at a price of HKD 6.6278 per share, totaling approximately HKD 1.5376 million [1] - After the purchase, E Fund's total shareholding in Guolian Minsheng reached 44.454 million shares, representing a 10.04% ownership stake [1]

中国经济网北京8月20日讯近岸蛋白(688137.SH)今日收报45.85元，跌幅2.03%。该股目前处于破发状 态。 近岸蛋白于2022年9月29日在上交所科创板上市，发行价格为106.19元/股，发行股票数量为1,754.3860 万股，保荐人(主承销商)为民生证券股份有限公司(现为"国联民生（601456）证券股份有限公司")，保 荐代表人为王璐、黄立超。 近岸蛋白首次公开发行股票募集资金总额为186,298.25万元，扣除发行费用后募集资金净额为174,219.58 万元。该公司最终募集资金净额较原计划多24,219.58万元。近岸蛋白于2022年9月26日披露的招股说明 书显示，其拟募集资金150,000.00万元，拟分别用于诊断核心原料及创新诊断试剂产业化项目、研发中 心建设项目和补充流动资金。 近岸蛋白首次公开发行股票的发行费用总额为12,078.67万元，其中保荐机构民生证券股份有限公司获得 承销保荐费用9,842.17万元。 ...

Group 1 - The core viewpoint of the report is that the air conditioning industry is rated as "outperforming the market" due to the sustained scale advantages and integration barriers of leading companies, even amidst weakening demand and limited necessity for price wars [1] - The leading air conditioning manufacturers have a domestic sales revenue that is 3-4 times that of the second tier and 6-10 times that of the third tier, indicating a significant scale advantage [1] - The air conditioning industry is characterized by a fully integrated supply chain, from core components to branding, making it difficult for new entrants to compete with established players [1] Group 2 - Historical data shows that price has been the main competitive tool in the absence of generational product innovations, with three notable periods of weak pricing in the last two decades [2] - The last price decline was primarily driven by proactive competition due to channel changes, with inventory levels having an indirect impact [2] - The relationship between market prosperity and concentration is often negatively correlated, with cost playing a crucial role in industry evolution [2] Group 3 - The manufacturing efficiency of leading companies like Changhong Meiling and Xiaomi relies heavily on scale, with limited room for further cost reduction in terminal pricing [3] - The majority of costs in the air conditioning industry come from raw materials, which can be managed through bulk purchasing and in-house component production, both of which favor larger players [3] Group 4 - The pricing flexibility for major participants in the air conditioning market is becoming increasingly limited, with a calculated "floor price" for a typical model being around 1900 yuan [4] - Brand manufacturers typically have a gross margin of 20%-25%, which constrains their ability to engage in aggressive price competition [4] Group 5 - The necessity for price wars among leading companies is low, as such strategies may lead to diminishing returns without favorable market conditions [5] - Even with the addition of revenue from competitors like Xiaomi and Aux, the overall revenue increase for leading brands like Gree and Midea remains modest, indicating limited impact from price competition [5]

智通财经APP获悉，中资券商股延续涨势，截至发稿，国联民生(01456)涨5.93%，报7.5港元；中金公司 (03908)涨4.7%，报24.06港元；中信证券(06030)涨3.12%，报32.4港元；中信建投证券(06066)涨2.57%， 报15.55港元。 招商证券指出，在经济活跃度有限的情况下，居民存款持续活化，7月M1增速继续回升的同时M2-M1剪 刀差继续收窄，居民存款同比多减7800亿元而非银部门存款同比多增1.39万亿元，存款由企业和居民流 向非银部门特征明显。今年以来存款利率持续下跌，叠加股市赚钱效应持续改善下，居民部门存款正逐 渐流向资本市场以博取更高收益，居民投资行为正呈现逐渐活跃的趋势。 消息面上，8月18日，沪指盘中拉升涨近1%，突破3731.69阶段高点，刷新2015年8月21日以来的新高。 此外，7月金融数据显示，非银行业金融机构存款大幅增加2.14万亿元，同比多增1.39万亿元，反映出资 金流向的结构性变化，居民资金正通过多种渠道向金融市场转移。 ...

Market Overview - US stock market showed mixed performance last Friday, with economic data presenting a varied outlook and market sentiment being cautious ahead of the US-Russia leaders' meeting [2] - The three major indices closed with differing results, while the US dollar declined and the yield on the 10-year Treasury note rose to 4.32% [2] Asian Market Performance - The Hang Seng Index opened higher today, up 0.09% at 25,293.34 points, while the Hang Seng Tech Index increased by 0.40% and the National Enterprises Index rose by 0.21% [2][3] - In the market, tech stocks showed mixed results, with Bilibili rising over 2%, JD.com and Baidu up over 1%, while Lenovo fell nearly 1% [2] - Chinese stocks generally saw gains, with Guolian Minsheng rising over 2% [2] - The innovative drug sector opened mostly higher, with Hansoh Pharmaceutical increasing over 2% [2] - Gold stocks were active, with China Gold International rising over 1% [2] - Some automotive stocks also saw increases, with NIO rising over 5% [2]

北京商报讯（记者 郝彦）8月15日，中国证监会发布关于国联民生证券申请上市证券做市业务资格反馈意见。具体来看，中国证监会要求国联民生证券在30 个工作日内逐项落实下列问题并提供书面回复和电子文档。 中国证监会指出，《证券公司股权管理规定》第十条规定，证券公司从事的业务具有显著杠杆性质，且多项业务之间存在交叉风险的，其控股股东还应 当"最近3年持续盈利，不存在未弥补亏损；最近3年长期信用均保持在高水平，最近3年规模、收入、利润、市场占有率等指标居于行业前列；核心主业突 出，主营业务最近5年持续盈利"。请国联民生证券补充控股股东无锡市国联发展（集团）有限公司（以下简称"国联集团"）2020年至2024年审计报告（合并 口径）、2022年和2024年相关指标行业排名情况、2024年长期信用评级（包括评级展望），并就国联集团是否符合上述条件进行论证。 同时，中国证监会要求国联民生证券补充说明北交所做市和上市基金做市业务的研究支持安排。对公司上市证券做市业务实施方案中的部分不一致的情况以 及"投资决策委员会"和"证券投资决策委员会"是否为同一机构进行说明，并同步更新申请材料相关内容。 此外，中国证监会要求公司就上市证券 ...

Market Overview - Hong Kong stock market opened lower and closed down 0.98% due to concerns over the upcoming US-Russia summit, while A-shares surged, with the Shanghai Composite Index returning to around 3700 points and a trading volume exceeding 2.2 trillion yuan, marking the 29th trading day in A-share history to surpass 2 trillion yuan [1][5] - The anticipated US-Russia summit is expected to yield limited results, with no plans for signed agreements, and discussions likely to focus on underlying strategies rather than public outcomes [2][3] Sector Focus - The banking sector in Hong Kong is underperforming, primarily due to a perceived lack of value compared to insurance stocks, which are increasingly favored by institutional investors [3] - The sentiment in the market remains positive, with over ten stocks in the Hong Kong Stock Connect rising more than 10%, particularly in the robotics sector, driven by upcoming events like the World Humanoid Robot Games [4] - The semiconductor and AI-related sectors are experiencing significant growth, with companies like Hongteng Precision rising over 33% due to their involvement in NVIDIA's supply chain [5] Individual Company Highlights - Xiexin Technology has entered a strategic partnership with Taibao Asset Management, aiming to explore tokenization solutions for real-world assets and develop compliant digital asset products [10][12] - The solar industry is showing signs of recovery, with significant price increases in photovoltaic glass and a reduction in production, indicating a potential shift towards better market conditions [7][8] - GCL-Poly Energy has secured a procurement contract for silicon materials worth up to 450 million yuan, reflecting the ongoing demand and price increases in the solar component market [10][11]

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 部分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） 董事會會議通知 國聯民生證券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將 於2025年8月28日（星期四）舉行，藉以（其中包括）審議及批准本公司及其附屬公司截 至2025年6月30日止六個月之中期業績及其發佈。 承董事會命 國聯民生證券股份有限公司 顧偉 中國江蘇省無錫市 2025年8月15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 朱賀華先生、高偉先生及郭春明先生。 董事長 ...

Core Viewpoint - The Chinese ship leasing industry is experiencing steady growth, with an increase in global market share, driven by green transformation and the replacement of aging vessels, despite a slowdown in new orders and deliveries [1][2]. Group 1: Current Market Status - In the first half of 2025, China's ship completion volume reached 24.13 million deadweight tons, a year-on-year decrease of 3.5%, while new orders amounted to 44.33 million deadweight tons, capturing 68.3% of the global market share [1]. - As of June 2025, the total tonnage of China's operating leasing fleet reached 159 million tons, an increase of 4.55% from the beginning of the year, with a total of 21 million tons in hand orders, up 9.42% [1]. - The global share of China's leasing fleet stands at 9.30%, reflecting a 0.2 percentage point increase from the end of 2024, primarily driven by bulk carriers and gas carriers [1]. Group 2: New Orders and Deliveries - In the first half of 2025, the new ship leasing tonnage added by Chinese leasing companies was 9.4 million tons, only 35.7% of the total increase for 2024, mainly impacted by the "301 investigation" [2]. - Among the new ships, the proportion of new and second-hand vessels was 39% and 61%, respectively, with second-hand vessels increasing by 8.8 percentage points compared to 2024 [2]. - The share of operating leases in new ship deliveries rose, with financing leases and operating leases accounting for 71.7% and 28.3% of new deliveries, respectively, the latter up by 11.6 percentage points from 2024 [2]. - The total tonnage of vessels reaching maturity in the first half of 2025 was 5.4 million tons, only 30.34% of the total maturity scale for 2024 [2]. Group 3: Green Transformation - By June 2025, the proportion of energy-efficient vessels in China's leasing fleet reached 80%, an increase of 1 percentage point from the end of 2024 [3]. - The share of energy-efficient vessels in tankers and cruise/passenger ships saw significant increases, reaching 77% and 90%, respectively, with increases of 3 percentage points and 5 percentage points from 2024 [3]. - Globally, the share of energy-efficient vessels in the fleet was 51% as of June 2025, reflecting a 1 percentage point increase from the end of 2024, with slight increases across various vessel types [3]. Group 4: Age of Vessels - As of the first half of 2025, vessels aged 15 years and older accounted for 10.1% of the total tonnage, an increase of 1.5 percentage points from the end of 2024 [4]. - The shares of vessels aged 0-4 years and 5-9 years were 44.7% and 25.5%, respectively, showing decreases of 0.9 percentage points and 0.6 percentage points from 2024 [4]. - In the first half of 2025, 18.2% of newly added financing lease vessels were aged 15 years and older, up 7.3 percentage points from the end of 2024, while 7.7% of newly added operating lease vessels were in the same age category, which was negligible in 2024 [4].