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 ...

Core Viewpoint - The acquisition attempt by Guangzhou Silin Jie Technology Co., Ltd. for Qingdao Kekai Electronics Research Institute Co., Ltd. has failed, with the independent financial advisor unable to reverse the situation [1] Group 1: Company Overview - Guangzhou Silin Jie Technology focuses on the development, production, and sales of industrial automation testing products, including embedded intelligent instrument modules and machine vision products [2] - The company anticipates a loss of 8 million to 11.5 million yuan in 2025, marking a shift from profit to loss compared to 2024 [2] - The stock price of Silin Jie experienced a significant increase, with four consecutive 20% daily limits, following the announcement of the acquisition of Kekai Electronics [2] Group 2: Acquisition Details - The acquisition involved a significant asset restructuring plan, where Silin Jie intended to acquire 71% of Kekai Electronics through a combination of share issuance and cash payment [4] - The independent financial advisor for the acquisition was Guolian Minsheng Securities, which failed to turn the situation around [4] Group 3: Kekai Electronics Background - Kekai Electronics, established in 1997, specializes in the research, production, and sales of high-reliability micro-circuit modules, primarily serving military applications [3] - The company faced challenges during its IPO process, including issues such as inflated R&D expenditures and poor internal controls, leading to regulatory warnings for its underwriters and auditors [3][5] Group 4: Financial Performance - Kekai Electronics reported revenues of 308 million yuan, 164 million yuan, and 119 million yuan for the years 2023, 2024, and the first half of 2025, respectively [5] - The net profits for the same periods were 167 million yuan, approximately 99.92 million yuan, and approximately 48.84 million yuan, with a significant decline attributed to changes in the military industry and customer demand [5] - The company has a high customer concentration, with over 99% of revenue coming from the top five clients, including 73.4% from a subsidiary of China Ordnance Industry Group [5] Group 5: Termination of Acquisition - The termination of the acquisition was attributed to the large scale of the transaction and changes in the market environment since the initial planning [6] - The chairman of Silin Jie indicated that the prolonged duration of the restructuring process and increased uncertainty in the transaction's progression were key factors in the decision to withdraw [6]

登录新浪财经APP 搜索【信披】查看更多考评等级 此发行价格对应的市盈率为： １、１４．０２倍（每股收益按照２０２４年度经会计师事务所依据中国会计准则审计的扣除非经常性 损益前归属于母公司股东净利润除以本次发行前总股本计算）； ２、１２．８８倍（每股收益按照２０２４年度经会计师事务所依据中国会计准则审计的扣除非经常性 损益后归属于母公司股东净利润除以本次发行前总股本计算）； ３、１８．６９倍（每股收益按照２０２４年度经会计师事务所依据中国会计准则审计的扣除非经常性 损益前归属于母公司股东净利润除以本次发行后总股本计算）； ４、１７．１７倍（每股收益按照２０２４年度经会计师事务所依据中国会计准则审计的扣除非经常性 损益后归属于母公司股东净利润除以本次发行后总股本计算）。 发行人选择适用《上海证券交易所股票上市规则》第３．１．２条第（一）款的上市标准，即："最近 三年净利润均为正，且最近三年净利润累计不低于２亿元，最近一年净利润不低于１亿元，最近三年经 营活动产生的现金流量净额累计不低于２亿元或者营业收入累计不低于１５亿元"。 发行人最近三年归属于母公司股东的净利润（以扣除非经常性损益前后孰低者为计算依据）分别为 ...

Group 1 - Company has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue perpetual subordinated bonds with a total face value of up to 3 billion yuan [1] - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in tranches during this period [1] - The company will handle the issuance of the bonds in accordance with relevant laws, regulations, and shareholder authorization, and will fulfill its information disclosure obligations in a timely manner [1] Group 2 - The company’s wholly-owned subsidiary, Guolian Minsheng Securities Underwriting and Sponsorship Co., Ltd., is involved in a major lawsuit and has filed an appeal against a first-instance judgment [4][6] - The total amount involved in the lawsuit is approximately 274.98 million yuan, with the company bearing a 5% joint liability for the debt [4][6] - The company has made provisions for expected liabilities based on the first-instance judgment, but it is stated that the lawsuit will not have a significant adverse impact on the company's current or future profits [5][7] Group 3 - The company confirms that there are no other significant lawsuits or arbitration matters that have not been disclosed as of the date of the announcement [8]

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue perpetual subordinated bonds to professional investors, with a total face value of up to 3 billion yuan [1]. Group 1 - The CSRC issued a formal approval for the company's application to register the issuance of perpetual subordinated bonds [1]. - The total face value of the bonds that can be issued is capped at 3 billion yuan [1]. - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in multiple tranches within this period [1].

国联民生证券股份有限公司 关于子公司重大诉讼的进展公告 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。 重要内容提示： 1 案件所处的诉讼阶段：上诉已获受理，二审中 上市公司所处的当事人地位：国联民生证券股份有限公司（以下简称 "公司"）全资子公司国联民生证券承销保荐有限公司（以下简称"国 联民生承销保荐"，曾用名：华英证券有限责任公司）为上诉人（一审 15 名被告之一）。 涉案的金额：一审判决原告及原告代表人对被告山东龙力生物科技股 份有限公司（以下简称"龙力生物"）享有投资差额损失、通知费及律 师费债权数额合计 274,983,353.5 元。被告程少博对龙力生物上述债 务承担连带清偿责任，其余各被告在一定比例范围内承担连带清偿责 任，其中国联民生承销保荐在 5%范围内承担连带清偿责任。案件受理 费 1,412,271 元，由被告龙力生物、程少博共同负担；其余各被告在上 述案件受理费的一定比例范围内负担，其中国联民生承销保荐在 5%范 围内负担。 是否会对上市公司损益产生负面影响：本次诉讼案件在二审期间，尚 未判决。公司已 ...

证券代码：601456 证券简称：国联民生 公告编号：2026-003 号 国联民生证券股份有限公司 关于向专业投资者公开发行永续次级债券 近日，国联民生证券股份有限公司（以下简称"公司"）收到中国证券监督 管理委员会（以下简称"中国证监会"）出具的《关于同意国联民生证券股份有 限公司向专业投资者公开发行永续次级债券注册的批复》（证监许可﹝2026﹞125 号）。 根据该批复，中国证监会同意公司向专业投资者公开发行面值总额不超过 30 亿元永续次级债券的注册申请。该批复自同意注册之日起 24 个月内有效，公 司在注册有效期内可以分期发行永续次级债券。 获得中国证监会注册批复的公告 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。 特此公告。 国联民生证券股份有限公司董事会 2026 年 1 月 28 日 1 公司将按照有关法律法规、批复文件要求及股东会的授权，办理永续次级债 券发行的相关事宜，并及时履行信息披露义务。 ...

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue perpetual subordinated bonds with a total face value of up to 3 billion yuan [1] Group 1 - The approval is documented in the CSRC's notice, which is valid for 24 months from the date of approval [1] - The company can issue the perpetual subordinated bonds in multiple tranches within the validity period of the registration [1]

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） 關於子公司重大訴訟的進展公告 茲提述國聯民生證券股份有限公司（「公司」、「本公司」）日期為2022年8月5日、2022年 9月1日及2025年8月26日的公告，內容有關（其中包括）本公司全資子公司國聯民生證 券承銷保薦有限公司（「國聯民生承銷保薦」，曾用名：華英證券有限責任公司）涉及 重大訴訟。 近日，國聯民生承銷保薦收到山東省高級人民法院（「山東高院」）送達的《受理案件 通知書》，現將相關信息公告如下： 一、訴訟的基本情况 一審原告李立群等1,618名投資者起訴山東龍力生物科技股份有限公司、程少 博等12名自然人、國聯民生承銷保薦、立信會計師事務所（特殊普通合夥）等15 名一審被告的證券虛假陳述責任糾紛普通代表人訴訟的基本情況及一審判決 結果詳見公司日期分別為2022年8月5日、2022年9月1日及2025年8月26日公告。 1 二、訴 ...

Group 1 - The core point of the article is that Guolian Minsheng Securities Co., Ltd. has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue perpetual subordinated bonds to professional investors, with a total face value not exceeding 3 billion yuan [1] Group 2 - The approval from the CSRC is documented in the official notice numbered 2026 (Approval No. 125) [1] - The registration approval is valid for 24 months from the date of consent, allowing the company to issue the bonds in tranches during this period [1]