证券代码：601456 证券简称：国联民生 公告编号：2025-033 号 国联民生证券股份有限公司 关于召开2024年度股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年度股东大会 召开的日期时间：2025 年 6 月 10 日 13 点 30 分 召开地点：江苏省无锡市金融一街 8 号国联金融大厦 1 层会议室 1 股东大会召开日期：2025年6月10日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：国联民生证券股份有限公司（以下简称"公司"）董事 会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 10 日 至2025 年 6 月 10 日 涉及融资融券、转融通业务、约定购回 ...

中诚信国际认为，国联民生证券股份有限公司信用水平在未来12~18个月内将保持稳定。 2025年4月18日，中诚信国际公布评级报告，国联民生证券股份有限公司2025年面向专业投资者公开发 行科技创新公司债券(第一期)获"AAA"评级。 中诚信国际肯定了国联民生证券股份有限公司（以下简称"国联民生"、"公司"或"发行人"）强大的股东 背景、已成为民生证券股份有限公司（以下简称"民生证券"）控股股东、较强的综合金融服务能力、突 出的区域竞争优势及畅通的融资渠道等正面因素对公司整体经营及信用水平的支撑作用；同时，中诚信 国际关注到，市场竞争加剧、证券市场波动、资产质量承压、未决诉讼以及业务发展转型对公司费用管 控和风险管理带来一定压力等因素对公司经营及信用状况形成的影响。 资料显示，国联民生证券股份有限公司前身为无锡市证券公司，于1992年11月，经由中国人民银行批准 设立的一家全民所有制企业，后于1999年1月，增资改制，并更名为无锡证券有限责任公司，成立时注 册资本为5,000万元。2002年1月，经中国证监会批准，公司注册资本增至10.00亿元，公司名称变更为国 联证券有限责任公司。2008年5月，经无锡市国资 ...

Core Viewpoint - The performance of listed securities firms in A-shares shows a recovery trend, with many firms discussing future growth opportunities and competitive advantages during their earnings presentations for 2024 and Q1 2025 [1][4]. Group 1: Earnings and Growth Prospects - Pacific Securities highlighted that the securities industry is expected to enter a new development opportunity period due to improved systems, accelerated capital market development, and increased wealth management demand [1]. - Guotai Junan reported a significant increase in revenue, achieving 1.562 billion yuan in Q1 2025, a year-on-year growth of 800.98%, and turning a profit with a net profit of 376 million yuan [2]. - 38 out of 42 listed securities firms reported a year-on-year increase in net profit for Q1 2025, continuing the recovery trend observed in the 2024 annual reports [4]. Group 2: Strategic Focus and Competitive Advantages - Dongwu Securities outlined five strategic areas for growth: leveraging financial technology in wealth management, enhancing research capabilities in key regions, strengthening investment banking functions, improving investment trading capabilities, and enhancing asset management skills [4][5]. - Guoyuan Securities plans to expand AI technology applications in various areas, including intelligent investment research and customer service, while focusing on digital transformation and enhancing financial technology competitiveness [5]. - First Capital emphasized a customer-centric approach, aiming to develop fixed-income specialties and enhance asset management and investment banking capabilities to drive comprehensive financial services [6]. Group 3: Corporate Governance and Compliance - Dongwu Securities addressed the need for enhanced internal control and compliance in response to stricter regulatory requirements, focusing on promoting a culture of integrity and conducting regular risk assessments [3]. - Guotai Junan expressed a commitment to prudent management in potential mergers and acquisitions, ensuring quality and risk control in their strategic decisions [2].

Group 1 - The issuance of technology innovation bonds (科创债) by 12 securities firms has reached a total scale of 17.7 billion yuan, aimed at funding strategic emerging industries such as integrated circuits, artificial intelligence, and renewable energy [1] - The expansion of the bond issuance is expected to enhance the confidence in the technology innovation sector and attract capital inflows into related industries [1] - Overall, the issuance of technology innovation bonds is beneficial for optimizing the capital market structure and injecting new vitality into the stock market [1] Group 2 - The scale of newly issued public funds has surpassed 340 billion yuan this year, with equity funds accounting for over 50% of the total, indicating a growing demand for equity assets [2] - Leading institutions such as Fortune Fund, Huaxia Fund, and E Fund have shown significant issuance scales, reflecting investor trust in top-tier fund managers [2] - This trend is likely to promote the development of equity funds and enhance market activity [2] Group 3 - In April 2025, the number of new A-share accounts reached 1.92 million, showing a significant year-on-year increase of 30.6% compared to April 2024 [3] - Despite a slight decline from the previous month, the new account openings indicate a high level of market participation and a recovery in investor confidence [3] - The increase in new accounts may positively impact the brokerage sector and enhance stock market liquidity [3] Group 4 - In the past six months, four vice presidents have left Cinda Australia Fund, including a prominent fund manager, reflecting intensified competition and performance pressure in the public fund industry [4][5] - Over 60% of the active equity products from Cinda Australia Fund have reported negative returns over the past three years, suggesting a need for strategy adjustments [5] - The personnel changes may temporarily affect investor confidence, but the ongoing industry reshuffling is expected to promote healthier development and improve overall management standards [5]

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have announced support for the issuance of technology innovation bonds, expanding the range of issuers to include financial institutions, technology companies, private equity investment institutions, and venture capital institutions [1][2] Group 1: Issuance Plans - Major financial institutions such as the China Development Bank plan to issue up to 200 billion yuan in technology innovation bonds, while Industrial and Commercial Bank of China aims for a base issuance of 100 billion yuan, with a potential excess of 100 billion yuan [2] - Securities firms have also announced plans, with a total proposed issuance of up to 177 billion yuan, including firms like CITIC Securities and Huatai Securities [2] - A total of 36 companies have announced plans to issue technology innovation bonds, with a combined issuance scale of 21 billion yuan as of May 8 [1] Group 2: Funding Utilization - The funds raised from technology innovation bonds will primarily support the development of technology innovation businesses, including investments in national technology innovation demonstration enterprises and manufacturing champions [4] - Some securities firms plan to allocate a portion of the raised funds for market-making and underwriting services related to technology innovation [4] Group 3: Market Impact - The inclusion of financial institutions as issuers of technology innovation bonds is expected to expand the market and enhance the synergy between debt, equity, and loan funding for technology innovation [3][6] - The issuance of technology innovation bonds is projected to exceed 1.2 trillion yuan in 2024, reflecting a year-on-year growth of 59% [5] - The average issuance rate for 5-year AAA-rated technology innovation bonds is expected to remain lower than that of ordinary corporate bonds, indicating a favorable financing environment for technology companies [5]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國聯民生證券股份有限公司 呈交日期: 2025年5月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01456 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 442,640,000 | RMB | | 1 | RMB | | 442,640,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 442,640,000 | RMB | | 1 | RMB | | 442,640,000 | | 2. 股份分類 | 普通股 | ...

Core Viewpoint - The integration of brokerage firms and financial technology is driving the development of the financial industry, with Guolian Minsheng Securities being a notable example of successful merger and integration efforts in this context [1][2]. Group 1: Financial Technology Integration - Guolian Minsheng Securities is actively promoting its business integration and financial technology initiatives, including hosting an AI competition for its subsidiaries to enhance understanding of AI products in the financial data sector [1]. - The firm has established a "technology + business" dual-engine model, leveraging AI to accelerate digital transformation across various business areas, including intelligent auditing of prospectuses and credit rating [2][3]. Group 2: Investment Banking Digital Transformation - The company has implemented a systematic approach to digital transformation in investment banking, enhancing efficiency in deal sourcing, due diligence, underwriting, and post-transaction monitoring through intelligent tools and platforms [3]. - By utilizing a business opportunity system and risk screening platforms, Guolian Minsheng Securities aims to improve project quality and enhance collaboration among internal and external resources [3]. Group 3: Investment and Research Synergy - In the investment sector, the firm has developed a digital platform for online management of self-operated, private equity, and alternative investments, facilitating early engagement and continuous tracking of client needs [4]. - The company has also established a robust research framework supported by AI technologies, significantly improving research efficiency and quality, and positioning itself among the top firms in the industry with a market share of 4.22% in commission income [5]. Group 4: Strategic Goals and Future Outlook - Guolian Minsheng Securities aims to become a technology-driven investment bank, focusing on digital platform construction and enhancing risk control and customer experience through big data and AI [7]. - The establishment of an AI research institute and an advisory committee reflects the company's commitment to advancing its capabilities in AI and contributing to national strategies in this field [5][7].

Investment Rating - The report maintains a positive outlook on the brokerage sector, highlighting high profitability and valuation discrepancies under favorable market conditions [8]. Core Insights - In Q1 2025, the brokerage sector's net profit attributable to shareholders increased by 83% year-on-year and 19% quarter-on-quarter, driven by strong performance in brokerage and proprietary trading [3][14]. - The report emphasizes the growth in light capital business, particularly in retail brokerage, while investment banking faced challenges with IPOs but saw significant growth in refinancing [4][8]. - The investment business is identified as a key driver for the substantial year-on-year growth in performance, with a notable improvement in investment yield and a reduction in funding costs contributing to net interest income growth [5][8]. Summary by Sections 1. Overview - The brokerage sector experienced double-digit asset expansion and significant year-on-year profit growth, with improved operational efficiency [10][11]. 2. Light Capital Business - Retail brokerage business thrived, with brokerage income rising to 32.7 billion yuan, a 49% increase year-on-year, while investment banking income grew by 5% to 6.7 billion yuan [4][12]. 3. Capital Business - Investment income surged by 44% to 59.1 billion yuan, with proprietary trading income reaching 48.7 billion yuan, a 45% increase year-on-year [8][14]. 4. Investment Analysis and Valuation - The report recommends focusing on companies with strong merger and acquisition potential and those with high earnings elasticity, such as China Galaxy and CICC [8][19].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][16] Core Viewpoints - The company has achieved significant revenue growth, with Q1 2025 revenue reaching 1.562 billion yuan, a year-on-year increase of 800.98% [1] - The net profit attributable to shareholders for Q1 2025 was 376 million yuan, up 271.95% year-on-year, indicating strong performance across various business lines [1] - The company has successfully integrated Minsheng Securities, which is expected to enhance its brokerage network, investment banking capabilities, and capital base, contributing positively to future performance [3][5] Summary by Sections Revenue and Profitability - In Q1 2025, the company reported revenues of 1.562 billion yuan, with notable contributions from investment (709 million yuan, +573.27%), brokerage (469 million yuan, +333.69%), investment banking (174 million yuan, +124.54%), and asset management (162 million yuan, +13.82%) [1][2] - The company's earnings per share (EPS) for Q1 2025 was 0.08 yuan, reflecting a 200% increase year-on-year [1] Investment and Brokerage Business - The self-operated investment segment generated 709 million yuan in revenue, a year-on-year increase of 573.27%, with significant growth in financial investment funds [1] - The brokerage business saw a revenue increase to 469 million yuan, up 333.69% year-on-year, driven by a substantial rise in client deposits and trading volumes [2] Investment Banking and Asset Management - The investment banking segment achieved revenues of 174 million yuan, a 124.54% increase year-on-year, with a bond underwriting scale of 33.874 billion yuan, up 197.90% [2] - The asset management business reported revenues of 162 million yuan, reflecting a 13.82% increase year-on-year [3] Financial Forecasts - The company forecasts net profits attributable to shareholders of 972 million yuan, 1.102 billion yuan, and 1.251 billion yuan for 2025, 2026, and 2027 respectively, indicating a growth rate of 144.6% for 2025 [3][4] - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 55.3, 48.8, and 43.0 respectively, with a price-to-book (P/B) ratio of 1.0 for the same period [3][4]

Core Viewpoint - The company has announced changes in its registered capital and the revision of its articles of association following the issuance of new shares to specific investors for asset acquisition and fundraising purposes [10][11][19]. Financial Data - The company reported that its registered capital will increase from RMB 5,472,042,233 to RMB 5,680,592,806 due to the issuance of 208,550,573 new A-shares [11][19]. - The company’s financial reports for the first quarter of 2025 are unaudited, and the financial information is guaranteed to be true, accurate, and complete by the management [2][9]. Shareholder Information - As of the reporting period, the total number of ordinary shareholders is 101,006 for A-shares and 88 for H-shares [6]. - The company has completed the registration procedures for the new shares issued, increasing the total number of A-shares to 5,029,402,233 and the total shares (including H-shares) to 5,472,042,233 [7][10]. Corporate Governance - The company held its fifth board meeting on April 29, 2025, where several resolutions were passed, including the approval of the first quarter report and the changes to registered capital [14][16]. - The board expressed gratitude to retiring Vice President Yin Hongwei and resigning securities affairs representative Zhang Hui for their contributions [13][26]. Organizational Changes - The company has approved the establishment of a strategic development headquarters and a representative office in Beijing while dissolving the training center [24]. - The company has also decided to dissolve its Suzhong branch and the Wuxi Xibei Town Quanshan Road securities business department, with management authorized to handle related matters [26].