Core Viewpoint - The report from Guolian Minsheng Securities projects that China Hongqiao's net profit attributable to shareholders will grow steadily from 2025 to 2027, driven by supply constraints and favorable policies in the aluminum industry [1][2]. Group 1: Profit Forecast and Growth - The expected net profits for China Hongqiao from 2025 to 2027 are 227.59 billion, 261.69 billion, and 289.69 billion yuan, reflecting year-on-year growth rates of 1.73%, 14.98%, and 10.70% respectively [1]. - The company anticipates a significant increase in net profit for the first half of 2025, estimated at approximately 123.59 billion yuan, representing a year-on-year growth of around 35% [2]. Group 2: Supply and Demand Dynamics - The aluminum price is expected to rise due to supply constraints, with limited new capacity for electrolytic aluminum in the future, while demand from sectors like power grids and electric vehicles remains resilient [1]. - The domestic electrolytic aluminum capacity is nearing its limit, leading to a gradual emergence of supply-demand gaps that will drive up aluminum prices [1]. Group 3: Production Capacity and Integration - As of March 2025, the company has a total electrolytic aluminum capacity of 645.9 million tons, with recent increases in its equity capacity through acquisitions [3]. - The company has increased its equity capacity in Yunnan by 48.36 million tons, bringing its total capacity in the region to 193.44 million tons [3]. Group 4: Dividend and Valuation - The company is positioned to benefit from the upward cycle in aluminum prices, with projected dividends of 54.6 billion and 138.7 billion yuan for 2023 and 2024, respectively, and dividend payout ratios of 47.6% and 62.0% [4]. - The estimated dividend yield for 2025 is projected at 8.0%, with a price-to-earnings ratio of 8.5 times, indicating attractive valuation and yield potential [4].

3、港股通5日占比增持榜（前10名） 智通财经APP获悉，根据2025年8月4日披露数据，恆生中国企业（02828）、安德利果汁（02218）、美 中嘉和（02453）港股通持股占比增加值最大，分别增加6.53%、2.56%、2.52%；国联民生（01456）、 长飞光纤光缆（06869）、山东新华製药股份（00719）港股通持股占比减少值最大，分别减 少-1.64%、-1.15%、-1.03%。 在最近有统计数据的5个交易日内，恆生中国企业（02828）、长飞光纤光缆（06869）、山东墨龙 （00568）港股通持股占比增加值最大，分别增加14.25%、11.93%、6.52%；山东新华製药股份 （00719）、白云山（00874）、重庆钢铁股份（01053）港股通持股占比减少值最大，分别减 少-4.86%、-2.18%、-1.98%。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新日占比增持榜（前20名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 恆生中国企业(02828) | +6.53% | 14.73% | | 安德利果汁(0221 ...

增持后，易方达基金管理有限公司最新持股数目为3983.8万股，持股比例由8.32%上升至9.00%。 | 股份代號: | 01456 | | --- | --- | | 上市法國名稱: | 國聯民生證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 05/07/2025 - 05/08/2025 | 格隆汇8月5日丨根据联交所最新权益披露资料显示，2025年7月29日，国联民生(01456.HK)获易方达基金管理有限公司在场内以每股均价6.3028港元增持 301.85万股，涉资约1902.5万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 南大 | 股份數目 | | | ( 請参関上述 * 註 | | | | | | | | | 份百分比 | | | | | | | | | ( 96 ) | | | CS20250801E00383 | 易方达基 ...

Core Viewpoint - The launch of the "Wuxi Selected Index" by Guolian Minsheng Securities aims to provide a precise tool for capturing quality assets in the Wuxi region, facilitating efficient capital flow into the real economy and empowering regional development [1][4] Group 1: Index Overview - The "Wuxi Selected Index" is based on a solid industrial foundation, utilizing a multi-factor investment strategy, and is derived from a pool of 124 A-share listed companies in Wuxi, selecting 30 representative enterprises each period based on profitability, growth potential, and industry position [1] - As of July 28, 2025, the index has an annualized return of 13.67% and an annualized excess return of 11.99%, demonstrating excellent investment value and return stability [1] - The index focuses on Wuxi's advantageous manufacturing sectors, covering 11 primary industries including basic chemicals, electrical equipment, environmental protection, and automotive, maintaining a balanced diversified layout while forming concentrated allocation advantages [1] Group 2: Index Characteristics - The index features a significant representation of companies from the Sci-Tech Innovation Board and the Beijing Stock Exchange, with constituent stocks exhibiting characteristics of "high momentum, high value, and low volatility" [1] - The market capitalization of constituent companies is evenly distributed across small, medium, and large categories, avoiding reliance on a single scale [1] - The index is updated monthly with an annualized bilateral turnover rate of 632.48%, allowing it to promptly reflect corporate operations and market dynamics [1] Group 3: Implications for Stakeholders - The release of the "Wuxi Selected Index" reflects Guolian Minsheng Research Institute's commitment to serving the real economy and regional development [4] - The index is expected to uncover more quality enterprises, providing investors with a transparent and efficient tool for identifying regional quality assets [4] - For local Wuxi enterprises, inclusion in the index enhances market visibility and influence, thereby broadening financing channels [4] - The index is anticipated to guide more capital towards quality enterprises in Wuxi, injecting financial momentum into the local economy's high-quality development [4]

Group 1 - E Fund Management Co., Ltd. increased its stake in Guolian Minsheng (601456) by 3.0185 million shares at a price of HKD 6.3028 per share, totaling approximately HKD 19.025 million [1] - After the increase, E Fund's total shareholding in Guolian Minsheng reached 39.838 million shares, representing a 9% ownership stake [1]

智通财经APP获悉，香港联交所最新数据显示，7月29日，易方达基金管理有限公司增持国联民生 (01456)301.85万股，每股作价6.3028港元，总金额约为1902.5万港元。增持后最新持股数目为3983.8万 股，持股比例为9%。 ...

智通财经APP获悉，国联民生证券发布研报称，维持AI眼镜"强于大市"评级。消费行情结构性分化的市 场环境下，建议聚焦高成长性赛道：1)关注情绪价值驱动的新消费领域，如国潮文化、悦己型消费及科 技赋能场景(智能穿戴等AI+应用)，受益于Z世代需求迭代和供给创新，渗透率提升空间明确;2)优秀传 统公司主动思变：部分传统厂商顺应高景气度趋势，复用渠道和供应链优势，有望实现新业务高速增 长。建议关注轻工光学镜片制造及渠道商在AI眼镜产业相关布局。 国联民生证券主要观点如下： 事件：小米发布新款AI智能眼镜 2025年6月26日，小米正式发布新款AI拍摄智能眼镜，此款眼镜采用骁龙AR1+恒玄BES2700双芯片架 构，音频播放等低功耗场景下恒玄芯片有利于优化眼镜续航，叠加自主研发的金沙江电池，相较于 Meta Ray-Ban不仅重量更轻(不含镜片40g)，电池容量也提升了近一倍，续航更为持久。此外，此次新 品发布还增加了电致变色款式和相机协同能力，可实现镜片颜色的受控调节、秒切第一人称视角。开售 12小时后京东销量便已突破1万台，2025年"百镜大战"时代再添一员大将。 AI/AR智能眼镜当前技术路径探讨 为解决重量、 ...

国联民生（601456）证券研报认为，中国宏桥作为铝产业链的全球龙头，兼具周期、成长和红利属性。 国内电解铝产能天花板和下游(电网、新能源汽车)需求韧性将驱动铝价中枢上移，电解铝供需缺口预计 将显现。短期内氧化铝价格将围绕成本波动，几内亚雨季可能影响铝土矿发运，支撑氧化铝价格震荡。 中长期，"反内卷"政策将放缓氧化铝新增产能，改善过剩格局。 受益于铝价上行周期和公司成本优势，中国宏桥盈利和分红持续增长。预计2025年股息率为8.0%，当 前股价对应市盈率8.5倍，具有吸引力。预计公司2025—2027年归母净利润分别为227.59/261.69/289.69 亿元，维持"买入"评级。 ...

Group 1 - The company will hold its second extraordinary general meeting of shareholders in 2025 on August 22, 2025 [2][17] - The meeting will be conducted using a combination of on-site and online voting methods [2][3] - The on-site meeting will take place at 1:30 PM at Guolian Financial Building, Wuxi, Jiangsu Province [2][15] Group 2 - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available from 9:15 AM to 3:00 PM on the day of the meeting [2][3] - Shareholders must complete voting for all proposals before submission [9] - The company has disclosed that there are no special resolutions or related party voting issues for this meeting [7][10]

Core Viewpoint - Jushen Logistics Group Co., Ltd. plans to issue convertible bonds to unspecified objects, aiming to enhance its financial structure and support its business expansion in the logistics sector, particularly in bulk commodity logistics and warehousing [1][2]. Company Overview - Jushen Logistics Group was established on November 10, 2011, and is listed on the Shenzhen Stock Exchange under the stock code 001202. The company has a registered capital of 166.69 million yuan [1][2]. - The company focuses on modern logistics, specializing in bulk commodity logistics and warehousing services [2][4]. Main Business Operations - The company operates in three main areas: 1. **Multimodal Transport**: Jushen provides comprehensive logistics services, integrating road, rail, and water transport to offer efficient and reliable solutions [2][3]. 2. **Agency Transport**: The company has developed the Jushen Smart Transport Network platform to optimize transport efficiency through technology [3]. 3. **Self-operated Transport**: Jushen utilizes its own transport equipment to deliver goods, particularly in the aluminum and bauxite sectors, with a focus on expanding operations in Guinea [3][4]. Financial Data and Indicators - As of March 31, 2025, the total assets of the company amounted to 1.51 billion yuan, with total liabilities of 750.70 million yuan and owner’s equity of 761.93 million yuan [6]. - The company reported a revenue of 259.60 million yuan for the first quarter of 2025, with a net profit attributable to the parent company of 7.84 million yuan [7]. Market Position and Strategy - Jushen has established a strong presence in key regions such as South China, East China, and Central China, with strategic locations near transportation hubs to enhance logistics efficiency [5]. - The company has long-term partnerships with major commodity exchanges, which supports its warehousing services and enhances its market competitiveness [5]. Investment Projects - The funds raised from the convertible bond issuance will be allocated to the Jushen Guinea transport project, working capital, and repayment of bank loans. The Guinea project is expected to generate an average annual revenue of 308.98 million yuan and a profit of 93.13 million yuan once fully operational [10][19]. Risks and Challenges - The company faces various risks, including potential declines in performance due to economic fluctuations, increased competition, and operational challenges in Guinea [8][13][14]. - The logistics industry is experiencing intensified competition, which may impact Jushen's market share and profitability [14].