2026年伊始，国联民生（601456）资管子公司与青岛银行（002948）达成深度合作，正式成为青岛银行 在零售私募代销业务的首家合作伙伴。双方强强联合落地的首期私募资管新产品，在首发销售中表现亮 眼。数据显示，该产品首期募集规模超1亿元，不仅圆满完成了既定目标，更为公司的新年征程带来了 第一声捷报。 展望2026，国联民生资管将继续秉承"专业创造价值，陪伴铸就成长"的理念，依托不断扩大的客户基 础，力争通过精细化管理与多元策略工具选择，为更广泛的客户提供可持续的业绩回报。 截至目前，国联民生资管已积淀出强大的渠道网络与机构客户资源禀赋。公司积极扩容朋友圈，构建了 多元化的代销客户资源：涵盖国有大行、券商财富管理部、以及大型城农商行等。目前核心合作渠道已 达10余家，实现了渠道广度与深度的双双跃升。 此次与青岛银行的成功牵手，标志着国联民生资管在渠道开拓战略上再下一城。作为青岛银行引入的首 家合作伙伴，这不仅是国联民生资管子一直以来坚定执行"渠道深耕"战略的硕果，也是双方团队精诚协 作、不懈努力的结晶。展望未来，我们将以此为契机，进一步挖掘合作潜力，为公司拓展了北方地区更 广阔的市场空间。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 经东方基金管理股份有限公司（以下简称"本公司"）与国联民生证券股份有限公司（以下简称"国联民 生证券"）协商一致，自2026年2月2日起，新增国联民生证券办理本公司旗下东方可转债债券型证券投 资基金（基金代码：009465（A类）；009466（C类））的销售业务（仅限前端申购模式）。现将有关 事项公告如下： 一、适用基金范围及业务类型 ■ 二、重要提示 风险提示： 1.上述基金费率请详见基金的《基金合同》、《招募说明书（更新）》、《基金产品资料概要》等相关 法律文件及本公司发布的最新业务公告。 2.定期定额投资业务不额外收取手续费用，定期定额申购费率与相关基金的日常的申购费率相同。 3.基金转换是指投资者可将其持有的本公司旗下某只开放式基金的全部或部分基金份额转换为本公司管 理的另一只开放式基金份额的交易行为。上述基金列表中的基金，若同时采用前端收费和后端收费，则 只开通前端收费模式下的转换业务。 4.业务办理的业务规则和流程以上述机构的安排和规定为准。相关活动的具体规定如有变化，以上述机 构网站或平台的最新公告为准，敬请投资者关注。 ...

首次尝试，集采冲击导致估值基础动摇 朗研生命主要从事高端化学药品制剂及原料药的研发、生产与销售，核心产品包括缬沙坦氢氯噻嗪片、恩 替卡韦片、索磷布韦原料药等，2023年和2024年未经审计的归母净利润分别为3,671万元和5,388万元。 登录新浪财经APP 搜索【信披】查看更多考评等级 2026年1月27日，阳光诺和（688621.SH）发布公告，宣布正式终止以发行股份及可转换公司债券方式收购 朗研生命100%股权的重组计划，并撤回相关申请文件。这是自2022年以来，阳光诺和第二次对同一标的 发起收购并以失败告终。至此，该项目也成为国联民生证券今年以来已终止的第三个项目。 值得注意的是，两次交易，相隔三年，标的相同、实控人一致、中介机构未变——国联民生证券始终担任 独立财务顾问（其中第一次为合并前的民生证券）。从2022年16.11亿元的首次尝试，到2025年12亿元的 再度推进，阳光诺和始终试图打通"CRO（研发外包）+医药工业"一体化平台的战略构想，屡次在政策变 化与估值博弈的双重压力下受阻。 | 项目 | 第一次收购（2022–2023） | 第二次收购 (2025-2026) | | --- | - ...

2026年1月27日， 阳光诺和 （688621.SH）发布公告，宣布正式终止以发行股份及可转换公司债券方式收 购朗研生命100%股权的重组计划，并撤回相关申请文件。这是自2022年以来，阳光诺和第二次对同一标 的发起收购并以失败告终。至此，该项目也成为 国联民生 证券今年以来已终止的第三个项目。 值得注意的是，两次交易，相隔三年，标的相同、实控人一致、中介机构未变——国联民生证券始终担任 独立财务顾问（其中第一次为合并前的民生证券）。从2022年16.11亿元的首次尝试，到2025年12亿元的 再度推进，阳光诺和始终试图打通"CRO（研发外包）+医药工业"一体化平台的战略构想，屡次在政策变 化与估值博弈的双重压力下受阻。 | 项目 | 第一次收购（2022–2023） | 第二次收购 (2025-2026) | | --- | --- | --- | | 交易对价 | 16.11亿元 | 12亿元 | | 标的估值依据 | 2022年收益法评估 | 2025年6月30日收益法评估 | | 核心产品风险 | 缅沙坦类、蚓激酶等集采降价 | 同类产品续标价降幅超90% | | 业绩承诺 | 未明确披露 | 20 ...

1月28日晚，国联民生（601456.SH）发布公告称，其全资子公司国联民生证券承销保荐有限公司（原 华英证券，以下简称"国联民生承销保荐"）就此前证券虚假陈述责任纠纷一案的一审判决提起上诉，近 日已收到山东省高级人民法院送达的《受理案件通知书》，案件进入二审程序。 来源：国联民生 据悉，龙力生物于2011年7月28日在深交所中小板上市，隶属农林牧渔行业板块，乃是昔日"生物燃料第 一股"。 综合此前公告来看，2025年8月，山东龙力生物科技股份有限公司（简称"龙力生物"）证券虚假陈述责 任纠纷一审判决结果出炉。龙力生物、国联民生承销保荐等被告人被判向1618名原告赔偿超2.74亿元， 其中国联民生承销保荐被判承担5%以内的连带赔偿责任。 而在28日的公告中，国联民生承销保荐则认为，其行为不满足证券虚假陈述侵权责任的多个构成要件， 不应承担赔偿责任。 退市背后，是龙力生物尤为突出的系统性造假，且曾因此被证监会点名。2021年1月，证监会指出，龙 力生物2015年至2017年上半年为虚增公司利润，定期通过删改财务核算账套实施造假；决定对龙力生物 处以60万元罚款；对时任法定代表人、董事长、公司实际控制人程少博处以 ...

Core Insights - The AI industry chain is expected to experience inflation transmission starting from Q4 2025, with cloud computing emerging as the next inflation direction due to rising AI demand [1] - Major cloud service providers are witnessing positive revenue growth driven by increased AI-related demand, exemplified by Amazon Web Services (AWS) achieving a net sales figure of $33 billion in Q3 2025, marking a 20% year-on-year increase [2] - AI is becoming a significant driver for cloud computing development, with infrastructure requirements evolving to support advanced AI applications [3] Industry Trends - The AI demand is leading to a price increase across various segments of the AI industry chain, including storage and CPUs, with cloud computing firms likely to undergo a valuation restructuring [1] - AWS's recent price increase breaks a two-decade trend of declining cloud service prices, indicating a shift in the market dynamics [1] - NVIDIA's $2 billion investment in Core Weave highlights the growing importance of cloud computing in the AI landscape [2] Company Focus - Recommended companies in the cloud computing sector include Alibaba-W (09988), Kingsoft Cloud (03896), and others, while CPU-related companies include Haiguang Information (688041.SH) and China Great Wall (000066.SZ) [4] - Database companies to watch include StarRing Technology-U (688031.SH) and Dameng Data-U (688777.SH) among others [4]

智通财经APP获悉，国联民生证券发布研报称，中美迎来新一轮大模型创新潮，中国AI应用的全球优势 源于三重能力的协同，其壁垒难以复制。需求端，全球AI算力龙头正处于由训练转向推理的发展阶 段。而在供给侧，超节点、软件生态等建设将为国产算力长期崛起奠定重要基础。一方面大模型能力突 破上限解锁AI应用技术瓶颈，另一方面巨头对AI超级入口的争夺将推动AI应用走进千行百业、千家万 户。 国产AI算力规模应用元年，从训练到推理算力的拐点 国联民生证券主要观点如下： AI应用商业化全面开启，中美迎来新一轮大模型创新潮 Gemini 3打开大模型上限，使得AI应用从"可用"走向"实用"，同时谷歌已经构建成熟的"算力模型-应 用"内循环为全球AI产业发展提供蓝本。受益于AI产业的发展，AI在全球范围内正在加速商业化应用。 中国AI应用出海收入、月活等运营指标进入快速增长趋势，据非凡产研数据，以可灵、PLAUD、 HeyGen等为代表的AI应用在海外达到近1亿美元ARR的成绩，涵盖视频生成、文章摘要、智能体等多个 赛道。中国AI应用的全球优势源于三重能力的协同，其壁垒难以复制。 AI重构智能终端生态，开启"三国演义" 大模型厂商 ...

Company Overview - Linping Development Co., Ltd. specializes in the research, production, and sales of corrugated paper and boxboard products, recognized as a high-tech enterprise with independent R&D capabilities [2] - The company has evolved into a resource comprehensive utilization enterprise integrating waste paper recycling, cogeneration, and green papermaking [2] IPO Details - On January 22, Linping Development disclosed its prospectus, planning to issue 18.8537 million shares on the Shanghai Stock Exchange, accounting for 25% of the total shares post-issue [2] - The total share capital after the issuance will be 75.4148 million shares, with all shares being newly issued and no existing shareholder sales involved [2] - Online subscription for the IPO is scheduled for January 30 [2] Shareholding Structure - As of the prospectus signing date, the actual controller, Li Jianshe, directly holds 84.86% of the shares and indirectly controls an additional 3.54% through a partnership, totaling 88.40% voting rights [4] - Li Jianshe has faced issues regarding dual nationality, having previously held a passport from Guinea-Bissau, but has since clarified his status and is confirmed to hold only Chinese nationality [5] Financial Performance - Linping Development's revenue for the reporting period (2022 to June 2025) was 287.89 million yuan, 279.98 million yuan, 248.51 million yuan, and 122.38 million yuan, with net profits of 15.45 million yuan, 21.16 million yuan, 15.29 million yuan, and 9.14 million yuan, indicating a decline in revenue and fluctuating net profits [7] - The company has experienced a significant drop in prices for corrugated paper and boxboard due to increased imports and a slowdown in domestic demand, leading to performance volatility in 2023 and 2024 [7] Tax Benefits - Linping Development benefits from substantial tax incentives, which accounted for a significant portion of its net profits during the reporting period, with tax benefits of 9.74 million yuan, 14.53 million yuan, 12.32 million yuan, and 5.60 million yuan, representing 63.02%, 68.65%, 80.58%, and 61.23% of net profits respectively [8] Operational Challenges - The company faces challenges in the highly competitive corrugated paper and boxboard market, characterized by low market concentration and significant price competition [7] - Transportation costs are a notable factor in the company's operations, with freight costs constituting a considerable portion of the overall expenses, and discrepancies in reported freight data have raised concerns during the IPO inquiry process [8][9]

Group 1 - The core viewpoint is that AI infrastructure will profoundly reshape the demand landscape in related industries, with AI applications set to materialize, thereby boosting hardware manufacturing equipment demand [1][2] - In 2025, the ZX machinery industry index rose by 40.91%, significantly outperforming the Shanghai and Shenzhen 300 index, which increased by 17.66%, indicating a 23.25 percentage point lead for the machinery sector [1] - The machinery index accelerated its rise starting in April, driven by technology equipment such as robots, and is expected to continue this upward trend in 2026 as technology manufacturing flourishes and mature manufacturing expands globally [1] Group 2 - AI technology has shown strong potential in the current technological revolution, evolving rapidly since the introduction of attention mechanisms by Google in 2017 and the release of ChatGPT by OpenAI in 2022 [2] - The construction of AI computing power centers by global tech giants is driving significant demand for components like optical modules, storage and computing chips, and power supplies, leading to industry-wide expansion and technological upgrades [3] - AI computing power centers are also major electricity consumers, increasing the demand for various types of power generation and distribution equipment, with some of this demand already gaining market attention in 2025 and expected to translate into orders and revenue in 2026 [3] Group 3 - The application of embodied intelligence is crucial for the realization of AI technology, with AI hardware such as robots and smart glasses nearing practical application [4] - In 2026, Tesla's robots are expected to enter mass production at a scale of thousands, with global humanoid robot production projected to exceed 100,000 units, marking a significant milestone in mass production [4] - Major companies like Google, META, OpenAI, and Apple plan to release AI glasses in 2026, potentially leading to a competitive landscape in the 3C device market and driving demand for related components [4] Group 4 - Chinese manufacturing continues to enhance its product strength, becoming synonymous with "high quality and low price," with China's share of global goods exports reaching approximately 15% in recent years [5] - The overall global trade environment is expected to stabilize in 2026, with anticipated interest rate cuts in the U.S. likely to boost demand in both the U.S. and emerging markets, supporting growth in manufacturing exports [5] - The engineering machinery sector has made significant inroads into overseas markets in recent years, with expectations for continued market share growth in 2026 [5]

国联民生（601456）证券发布研报称，算力产业是科技之基，该行长期看好、深度跟踪。在当前市场对 远期增量仍有所担忧之际，该行建议积极寻找价值量扩张、资本开支增量倾斜的细分赛道，主线延 续"速率+功率"。同时重点关注国产算力、半导体设备、存储、AI终端的投资机遇。 2)功率：单卡和机柜功率密度持续提升，对电力架构提出了新的要求，也使得液冷成为数据中心的标 配。 国产算力方面：25年破局，26年有望高速成长 需求侧，国产大模型加速追赶，云厂商资本开支展望积极;供给侧、国产先进制程从单点突破走向多点 开花。行业供需两强之下，国产算力厂商迎破局元年。 该行认为，26年要重点观察CSP及大模型厂商的商业闭环节奏，从而把握整体行业β。同时，积极找寻 价值量扩张、资本开支增量倾斜的细分赛道，主线延续"速率+功率"。 从资本开支到ROI测算，解读算力核心变量。该行认为，算力需求主要看Tokens数+Capex。其中， Token数(包括日活等)主要反映实时的算力需求，而Capex则反映云厂商的未来算力预期。部分商业闭环 良好的云厂商，如谷歌等，已形成"开支→算力→Token→收入→再开支"正循环。该行主要测算了各大 云厂商 ...