Core Viewpoint - Guolian Minsheng reported significant growth in revenue and net profit for the first half of the year, indicating strong performance and strategic initiatives in the financial sector [1][3]. Financial Performance - In the first half of the year, Guolian Minsheng achieved operating revenue of 4.011 billion yuan, a year-on-year increase of 269.40% [3]. - The net profit attributable to shareholders reached 1.127 billion yuan, reflecting a remarkable year-on-year growth of 1185.19% [3]. - Basic earnings per share were reported at 0.2 yuan [3]. - Total assets as of June 30, 2025, amounted to 185.397 billion yuan, up 90.72% from the end of 2024 [3]. - Shareholder equity increased to 51.088 billion yuan, a growth of 174.90% compared to the end of 2024 [3]. Business Segments - The securities investment business became the largest revenue contributor, generating 1.687 billion yuan, a staggering increase of 14052.11% year-on-year [3]. - Brokerage and wealth management, as well as investment banking businesses, both saw over 200% growth, with revenues of 1.195 billion yuan and 544 million yuan, respectively [3]. - Credit trading business revenue reached 300 million yuan, up 136.10% [3]. - Asset management and investment business experienced a decline, with revenue of 294 million yuan, down 8.23% year-on-year [3]. Customer Growth and Financial Products - The company added 117,600 new clients in the first half of the year, bringing the total client base to 3.4559 million [4]. - The sales scale of financial products (excluding cash management products) reached 87.02 billion yuan, with a financial product retention amount of 31.436 billion yuan at the end of the period [4]. - The scale of fund advisory business continued to grow, with a retained scale of 9.708 billion yuan by the end of the reporting period [4]. New Fund Establishment - Guolian Minsheng announced plans to establish the Guolian Tongzhi Fund in partnership with Guolian Life Insurance, with a total fund size of 1.22 billion yuan [5][6]. - Guolian Tongbao, a wholly-owned subsidiary, will contribute 480 million yuan, accounting for 39.34% of the fund, while Guolian Life will contribute 740 million yuan, representing 60.66% [6]. - The fund will focus on private equity investments in new productivity and smart technology sectors, aiming to enhance the company's private equity business management scale and investment returns [6].

Core Viewpoint - The company has shown significant growth in revenue and net profit, driven by the consolidation of Minsheng Securities and strong investment returns, outperforming the market index [1][2]. Financial Performance - In the first half of 2025, the company achieved a total revenue of 42.5 billion yuan, a year-on-year increase of 269.4%, with a net profit attributable to shareholders of 11.3 billion yuan, up 1185.2% [1]. - The second quarter alone saw revenue of 24.5 billion yuan, a year-on-year increase of 168.4% and a quarter-on-quarter increase of 56.7%, with net profit reaching 7.5 billion yuan, up 145.1% year-on-year and 99.7% quarter-on-quarter [1]. Brokerage and Investment Banking - The brokerage business revenue surged over 200%, with 9.0 billion yuan in revenue for the first half of 2025, a year-on-year increase of 223.8%, accounting for 22.6% of total revenue [1]. - Investment banking revenue also saw a significant increase, reaching 5.3 billion yuan, up 214.1% year-on-year, with equity underwriting totaling 13.1 billion yuan, a 160.2% increase [2]. Asset Management and Investment Returns - Asset management revenue grew steadily, reaching 3.6 billion yuan, a year-on-year increase of 14.4%, with total assets under management at 296.5 billion yuan, up 137.5% [2]. - Investment income, including fair value, reached 21.0 billion yuan, a year-on-year increase of 458.8%, with a strategy focusing on dividend value stocks and growth stocks [2]. Profit Forecast and Valuation - The company has revised its profit forecast upwards, expecting net profits of 21.6 billion yuan, 21.0 billion yuan, and 22.1 billion yuan for 2025-2027, with corresponding year-on-year growth rates of +444%, -3%, and +5% [3]. - The current market capitalization corresponds to a price-to-book (PB) ratio of 1.33x, 1.29x, and 1.25x for the respective years [3].

同日晚间，国联民生还公告，公司全资私募投资基金子公司国联通宝资本投资有限责任公司（简称"国 联通宝"）拟认缴出资4.8亿元与关联人国联人寿保险股份有限公司（以下简称"国联人寿"）共同设立无 锡国联通智科技产业投资合伙企业（有限合伙）（暂定名，以下简称"国联通智基金"），基金规模12.2 亿元。 8月28日晚间，国联民生（601456）发布2025上半年业绩公告。根据公告，2025年上半年，公司营业收 入40.11亿元，同比增长269.40%，净利润11.27亿元，同比增长1185%。 业绩暴涨，整合成效凸显 从中报数据来看，国联民生五大主营业务亮点纷呈——证券投资业务成最大增长引擎，投行业务与财富 业务双双实现翻倍，信用业务大幅增长，资产管理业务规模稳步提升，充分彰显出"1+1＞2"的协同整合 成效，印证了公司在资源聚合、团队融合以及业务协同上的显著成果。 国联民生2025上半年证券投资业务实现收入16.87亿元，主要得益于金融工具处置收益增加及对市场行 情的精准把握，重点配置有色、医药、军工等行业，收益率跑赢沪深300指数。 经纪及财富管理业务实现收入11.95亿元，同比增长215.76%，客户规模持续扩张 ...

证券研究报告·公司点评报告·证券Ⅱ 国联民生（601456） 2025 年中报点评：并表民生证券，叠加自营 实现高收益，经营业绩大幅提升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,955 | 2,683 | 7,727 | 7,494 | 7,893 | | 同比（%） | 12.68% | -9.21% | 187.97% | -3.01% | 5.32% | | 归母净利润（百万元） | 671 | 397 | 2,160 | 2,098 | 2,210 | | 同比（%） | -12.51% | -40.80% | 443.60% | -2.90% | 5.34% | | EPS-最新摊薄（元/股） | 0.24 | 0.14 | 0.38 | 0.37 | 0.39 | | P/E（现价&最新摊薄） | 47.92 | 82.14 | 32.08 | 33.04 | 31.36 | [Table ...

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies [1][2][3][4]. Summary by Category Increase in Holdings - The companies with the largest increases in Hong Kong Stock Connect holdings include: - Hang Seng China Enterprises (02828) with an increase of 5.48%, bringing the total holding to 6.10% - Tracker Fund of Hong Kong (02800) with an increase of 4.07%, totaling 4.76% - Anjoy Foods (02648) with an increase of 1.74%, now at 15.81% [2] - Other notable increases include: - Angelalign Technology (06699) +1.66% to 23.03% - Ganfeng Lithium (01772) +1.44% to 34.51% - East China Environmental Protection (00895) +1.44% to 43.67% [2] Decrease in Holdings - The companies with the largest decreases in Hong Kong Stock Connect holdings include: - Kinglong Motor Group (06680) with a decrease of 3.39%, now at 24.56% - Interstellar Technology (01725) with a decrease of 2.02%, totaling 10.16% - Goldwind (02208) with a decrease of 1.48%, now at 41.84% [3] - Other notable decreases include: - ZTE Corporation (00763) -1.35% to 56.09% - Longpan Technology (02465) -1.08% to 49.62% [3] Five-Day Changes - Over the last five trading days, the companies with the largest increases in holdings are: - Lens Technology (06613) +6.93% to 13.85% - ZTE Corporation (00763) +5.92% to 56.09% - Tongyu Pharmaceutical-B (02410) +5.40% to 14.72% [4] - The companies with the largest decreases in holdings over the same period include: - Hang Seng China Enterprises (02828) -14.01% to 6.10% - Tracker Fund of Hong Kong (02800) -4.36% to 4.76% [4] Twenty-Day Changes - In the last twenty days, the companies with the largest increases in holdings are: - Meizhong Jiahe (02453) +12.09% to 37.34% - Changfei Optical Fiber (06869) +10.66% to 54.73% - Tongyu Pharmaceutical-B (02410) +8.30% to 14.72% [5] - The companies with the largest decreases in holdings over the same period include: - Yisou Technology (02550) -10.13% to 47.88% - Chongqing Steel (01053) -5.27% to 31.55% [6]

Group 1 - Major securities firms reported strong half-year results, with net profit growth reaching up to 57.77% [1][2] - CITIC Securities achieved revenue of 33.039 billion yuan, a year-on-year increase of 20.44%, and net profit of 13.719 billion yuan, up 29.80% [1] - China Galaxy Securities reported revenue of 13.747 billion yuan, a 37.71% increase, and net profit of 6.488 billion yuan, up 47.86% [1] - CITIC Construction Investment's revenue was 10.740 billion yuan, growing 19.93%, with net profit soaring 57.77% to 4.509 billion yuan [1] - The four firms also announced generous dividends, with CITIC Securities proposing a dividend of 4.298 billion yuan [1] Group 2 - The increase in market trading activity contributed significantly to the wealth management business of these firms, with substantial growth in commission income and client numbers [2] - The investment banking business is showing signs of recovery, with three firms reporting a positive year-on-year change in net fee income [2] - The strong performance of these leading securities firms reflects a recovery in the securities industry, boosting investor confidence in the financial sector [2] Group 3 - Hongta Securities plans to sell six properties in Shanghai and Shenzhen, with an estimated value exceeding 260 million yuan and an appreciation rate of 802.17% [3] - The move to sell these properties is part of a strategy to optimize asset structure and improve capital efficiency [3] - This trend of asset disposal among securities firms may lead to a re-evaluation of the value of existing assets in the industry [3] Group 4 - In July, private equity funds showed significant performance, with 197 products distributing a total of 3.539 billion yuan in dividends [4] - The top private equity firms, managing over 10 billion yuan, accounted for 50.61% of the total dividends, indicating strong confidence in the market [4] - Increased dividend distributions from private equity funds signal a recovery in the market and may enhance liquidity in the securities sector [4] Group 5 - Guolian Minsheng announced plans to establish a 1.22 billion yuan fund in collaboration with Guolian Life, focusing on new productive forces and smart technology [5][6] - This initiative reflects a strategic investment in emerging industries, enhancing Guolian Minsheng's competitive position in the technology sector [6] - The establishment of such funds is expected to guide more capital towards high-tech sectors, supporting economic transformation and innovation [6]

Core Insights - Guolian Minsheng released its first half-year report after the merger, showing significant growth in revenue and net profit [2][3] - The company announced plans to establish a new fund, Guolian Tongzhi Fund, focusing on private equity investments in smart technology [3] Financial Performance - The company achieved operating revenue of 4.011 billion yuan, a year-on-year increase of 269.40% [2] - Net profit attributable to shareholders reached 1.127 billion yuan, reflecting a year-on-year growth of 1185.19% [2] - Securities investment business became the largest revenue contributor, generating 1.687 billion yuan, up 14052.11% year-on-year [2] - Brokerage and wealth management, as well as investment banking businesses, saw over 200% growth, with revenues of 1.195 billion yuan and 544 million yuan, increasing by 215.76% and 214.94% respectively [2] - Credit trading business revenue was 300 million yuan, up 136.1% year-on-year [2] - Asset management and investment business experienced a decline, with revenue of 294 million yuan, down 8.23% [2] Customer Growth - The company added 117,600 new clients in the first half of the year, bringing the total client base to 3.4559 million [3] New Fund Announcement - Guolian Tongbao, a wholly-owned subsidiary, plans to co-establish the Guolian Tongzhi Fund with Guolian Life Insurance, with a fund size of 1.22 billion yuan [3] - The fund will focus on private equity investments in new productivity and smart technology sectors [3]

Group 1 - The core viewpoint of the article highlights the significant growth in Guolian Minsheng's financial performance for the first half of the year, with a notable increase in revenue and net profit [1][2] - Guolian Minsheng reported a revenue of 4.011 billion yuan, representing a year-on-year growth of 269.40% [1] - The net profit attributable to shareholders reached 1.127 billion yuan, showing a remarkable year-on-year increase of 1185.19% [1] Group 2 - The company's securities investment business emerged as the largest revenue contributor, generating 1.687 billion yuan, with a staggering year-on-year growth of 14052.11% [1] - Brokerage and wealth management services, as well as investment banking, also experienced over 200% growth, with revenues of 1.195 billion yuan and 544 million yuan, reflecting year-on-year increases of 215.76% and 214.94% respectively [1] - Credit trading business revenue reached 300 million yuan, marking a year-on-year growth of 136.1% [1] - However, asset management and investment business saw a decline, with revenues of 294 million yuan, down 8.23% year-on-year [1] Group 3 - Guolian Minsheng added 117,600 new clients in the first half of the year, bringing the total client base to 3.4559 million [1] - The company announced plans to establish the "Guolian Tongzhi Fund" in partnership with Guolian Life Insurance, with a fund size of 1.22 billion yuan, focusing on private equity investments in new productivity and smart technology sectors [2]

Core Insights - The company reported a total revenue, net investment income, and other income of RMB 5.31 billion for the six months ending June 30, 2025, representing a year-on-year increase of 188.54% [1] - The net profit attributable to shareholders reached RMB 1.13 billion, showing a significant year-on-year growth of 1,185.19% [1] Revenue Breakdown - Brokerage and wealth management business generated revenue of RMB 1.58 billion, up 238.07% year-on-year [1] - Investment banking business achieved revenue of RMB 581 million, reflecting a year-on-year increase of 223.02% [1] - Asset management and investment business reported revenue of RMB 299 million, which is a decline of 8.58% year-on-year [1] - Credit trading business earned revenue of RMB 482 million, marking a year-on-year growth of 58.69% [1] - Securities investment business saw revenue of RMB 2.19 billion, with a substantial year-on-year increase of 515.02% [1]

基金规模：人民币12.2亿元。其中，国联人寿认缴出资人民币7.4亿元，占比60.66%；国联通宝出资认 缴出资人民币4.8亿元，占比39.34%。 格隆汇8月28日丨国联民生(01456.HK)公告，公司全资附属公司国联通宝（作为普通合伙人）已于2025 年8月28日与国联人寿（作为有限合伙人）订立合伙协议，共同设立有限合伙基金。国联通宝作为基金 管理人及执行事务合伙人为基金提供资产管理服务。 经营范围：创业投资（限投资未上市企业）；以自有资金从事投资活动；以私募基金从事股权投资、投 资管理、资产管理等活动。 ...