具体包括：一是IPO方面，深化推进投行行业分组，在国家战略支持的重点行业积极布局与拓展，提高 对细分行业公司服务竞争力，深刻理解发掘企业的投资价值，为资本市场输送优质投资标的；二是并购 重组方面，设立专职部门，并搭建全公司级并购商机整合平台，系统汇总梳理各类并购资源与业务机 会，实现信息高效流转与共享；三是未盈利企业方面，在项目筛选与评估方面，将构建全新的价值评估 体系，以往对企业盈利指标的高度关注将逐步让位于对"硬科技"属性和长期发展潜力的深度挖掘，既要 深入拆解企业的技术壁垒与商业化路径，用详实数据论证成长逻辑，又要反复验证明确风险性，避 免"伪科技"企业进入市场。 日前，国联民生（601456）承销保荐积极响应"科创板八条"及"并购六条"政策导向，紧抓IPO、并购重 组发展机遇，以一系列务实举措和布局深耕资本市场。 ...

Core Viewpoint - The Sci-Tech Innovation Board is transforming the investment banking ecosystem, presenting greater challenges and higher requirements for business systems and professionals in the industry [2] Group 1: Investment Banking Transformation - Under the deepening of the registration system, the role of investment banks is shifting from "channel intermediaries" to "value partners," focusing on issuer positioning, project selection standards, and pricing system maturity as core issues of industry transformation [2] - Investment banks need to enhance three capabilities: value discovery and project selection, comprehensive service capability throughout the lifecycle, and pricing and sales capability in a new model of issuance pricing [2] Group 2: Future Plans - The company plans to continue focusing on "industrial investment banking" and "technology investment banking" as dual core positions, aiming to deepen regional and industry expertise while enhancing its value in serving technological innovation [2]

Core Viewpoint - The merger between Xiangcai Co. and Dazhihui marks a significant advancement in the integration of the securities and fintech sectors, highlighting the shift towards strategic synergy through various paths such as regional complementarity and technological integration [2][3]. Group 1: Merger Details - Xiangcai Co. plans to absorb Dazhihui through a share swap and raise 8 billion yuan, focusing on the fintech sector [3]. - Post-merger, the surviving company will expand its services to include domestic and international securities information services, big data, and data engineering services [3]. - The raised funds will be allocated to projects such as financial modeling, digital securities construction, big data engineering, and integrated wealth management [3]. Group 2: Market Context - The pace of mergers and acquisitions in the brokerage industry has accelerated, with recent approvals for major transactions such as Guosen Securities acquiring Wanhua Securities and Western Securities completing the acquisition of Guorong Securities [5]. - The integration of Guolian Minsheng is also progressing, with the migration of Minsheng Securities' investment banking projects to Guolian Minsheng Securities [5]. Group 3: Strategic Paths of Integration - The current mergers reflect a shift from simple scale expansion to a more diversified and precise approach, categorized into three main paths: cross-regional expansion, strengthening regional market control, and enhancing specific business capabilities [6]. - For instance, the merger of Western Securities and Guorong Securities exemplifies effective regional complementarity, enhancing competitive strength through combined resources and market presence [6]. - The integration of Minsheng Securities into Guolian Minsheng has helped establish a comprehensive securities financial holding group structure, showcasing the benefits of combining distinct business strengths [6]. Group 4: Future Outlook - The long-term success of the merged entities will require time to evaluate, but integration is seen as a necessary step for high-quality development in the brokerage industry [7]. - The demand for differentiation among smaller brokerages and the ambition of leading firms to become international investment banks are expected to drive further mergers, leading to a reshaping of the competitive landscape in China's securities industry [7].

9月25日下午，山东山大鸥玛软件股份有限公司在公司会议室接待了国联民生、东方证券、开源证券、 申万菱信基金、长江证券、中邮证券、国泰基金等7家机构的特定对象调研。公司董事会秘书、财务总 监马克先生，董事、副总经理张华英女士，证券事务代表张杉女士参与接待。调研围绕公司业绩增长、 AI融合及未来业务增长点等方面展开。 上半年营收微降 净利润缘何增长？ 2025年上半年，鸥玛软件实现营业收入1.03亿元，同比小幅下降1.50%；实现归母净利润3,617.50万元， 同比增长3.75%。公司表示，这一业绩得益于降本增效与技术驱动。一方面，通过精细化运营，管理费 用同比下降9.25%，有效控制期间费用；另一方面，研发投入同比增长6.63%，将人工智能技术深度应 用于考试与测评全流程，提升服务效能与产品附加值，毛利率稳中有升，达到63.60%。 公司近期中标多个大型考试项目，如2025-2027年山东省普通高等学校招生考试（夏季高考）项目答题 卡扫描及网上评卷技术服务项目（服务期3年）、教育部教育考试院中小学教师资格考试（NTCE）项 目答题卡扫描及网上评卷技术服务项目（服务期3年）、2025-2028年河北省国家教育考 ...

在本次销售中，国联民生证券与民生证券密切联动，从前期产品引入到一线对客展业，环环相扣、紧密 协同。9月3日，双方联合召开项目启动会国联民生证券首席财富官兼机构客户部总经理姜晓林，民生证 券副总裁、经纪业务事业部总裁刘洪松分别致辞，凝聚共识、协同攻坚、激励士气，拉开了营销的序 幕。在销售过程中，双方分支机构充分发挥各自的资源禀赋，扩大客户覆盖面，向合适的客户引荐产 品，最终实现客户与业务的双赢。其中，国联民生证券无锡分公司、北京分公司、上海分公司、南京分 公司、青岛分公司，民生证券河南分公司、北京分公司、广州分公司、江苏分公司以及山东第二分公司 成绩亮眼。 本次东方红医疗创新混合(QDII)的成功发行与销售，不仅是国联民生证券母子公司在业务层面高效联动 的体现，更是双方共同推进"以客户为中心"的产品供给和资产配置服务的重要里程碑。 未来，国联民生证券与旗下子公司将持续发挥协同效应，继续引入和定制更多优质产品，不断提升综合 金融服务能力，助力客户实现财富的保值增值，释放1+1>2的协同效能,谱写财富管理业务领域新的篇 章！ 近日，由国联民生（601456）证券与旗下子公司民生证券首次联袂销售的券结产品——东方红医 ...

荣誉的取得离不开每一位员工的辛勤付出与紧密协作。从投研团队的深度研究，到投顾团队的精准服 务，再到运营团队的高效支持，各环节紧密配合，形成了强大的服务合力。正是这种协作精神，使得国 联民生证券能够在激烈的市场竞争中脱颖而出，赢得客户的信赖与认可。 国联民生证券将以此次获奖为契机，继续深耕财富管理领域，秉承"诚信、稳健、开放、创新"的经营理 念，不断提升专业水平，优化服务流程，加强团队建设，以更加优质、高效的服务回馈广大客户，为公 司财富管理业务的高质量发展及证券行业的健康发展贡献力量。 国联民生证券始终秉持"以客户为中心"的服务理念，致力于为客户提供全方位、个性化的财富管理解决 方案。在投资顾问服务方面，专业团队凭借深厚的专业知识、敏锐的市场洞察力以及严谨的工作态度， 为投资者提供了精准的市场分析、专业的投资建议以及贴心的资产配置服务，帮助客户实现资产的稳健 增值。 2020年4月，公司获得券商首批基金投顾试点资格。展业5年来，在资产配置投研框架的基础上，不断完 善5 + N（5代表五档风险等级的睿系列投顾策略，N代表工具化和定制化策略）的策略体系，上线超过 400个组合，满足超过34万客户的投资需求。在业务 ...

国联民生整合工作又迎来重大进展！ 9月23日晚间，国联民生（601456.SH）公告称，民生证券现有投资银行项目自9月23日起迁移并入国联 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）。 此前，国联证券通过全资子公司华英证券开展投行业务，而民生证券是一家投行业务特色鲜明的中型券 商。因此，双方合并后能否在投行业务上发挥协同效应，备受市场关注。 除了投行业务整合有重要进展，近期，21世纪经济报道记者还获悉，国联民生内部发布最新人事任免， 因工作需要，聘任周纪庚担任总裁助理，不再担任首席投资官；聘任姜晓林担任总裁助理，不再担任首 席财富官。此次调整不涉及业务分管内容的变化。 值得注意的是，这是国联民生在今年8月初新一届核心领导班子正式亮相后，迎来的首次人事调整。 据了解，国联民生不再设置"首席"管理序列，简化管理层级，是此次调整的重要原因。两位总裁助理职 级高于公司中层正职，姜晓林仍兼任机构客户部总经理，继续分管财富管理业务；周纪庚兼任证券投资 部总经理，分管自营投资业务。 回到当下，9月23日晚间，国联民生发布关于投行业务整合及客户与业务迁移的公告称，本次收购后国 联民 ...

Core Viewpoint - Pingao Co., Ltd. reported a revenue of 165.11 million yuan for the first half of 2025, marking a year-on-year increase of 7.21%, while the net profit attributable to shareholders was -15.81 million yuan, an improvement from -25.06 million yuan in the same period last year [1][2]. Financial Performance Summary - **Revenue**: The company achieved a revenue of 165.11 million yuan in the first half of 2025, up from 153.99 million yuan in the previous year, reflecting a growth of 7.21% [1][2]. - **Net Profit**: The net profit attributable to shareholders was -15.81 million yuan, compared to -25.06 million yuan in the same period last year, indicating a reduction in losses [1][2]. - **Net Profit Excluding Non-Recurring Items**: The net profit attributable to shareholders, excluding non-recurring items, was -19.06 million yuan, an improvement from -28.02 million yuan year-on-year [1][2]. - **Cash Flow**: The net cash flow from operating activities was -17.13 million yuan, compared to -112.09 million yuan in the same period last year, showing a significant reduction in cash outflow [1][2]. Historical Performance - **2024 Revenue**: For the year 2024, the company reported a revenue of 520.01 million yuan, a decrease of 4.81% from 546.26 million yuan in 2023 [3]. - **2024 Net Profit**: The net profit attributable to shareholders for 2024 was -64.06 million yuan, worsening from -10.68 million yuan in 2023 [3]. - **2024 Cash Flow**: The net cash flow from operating activities for 2024 was -112.84 million yuan, slightly improved from -120.03 million yuan in the previous year [3]. IPO and Fundraising - **IPO Details**: Pingao Co., Ltd. went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 30, 2021, issuing 28.26 million shares at a price of 37.09 yuan per share [3]. - **Fundraising Amount**: The total amount raised from the IPO was 1.048 billion yuan, with a net amount of 917 million yuan after deducting issuance costs [4]. - **Use of Funds**: The funds raised are intended for information technology innovation cloud platform, dedicated information service platform, Pingao Building construction, and to supplement working capital [4].

Core Viewpoint - The Chinese capital market is evolving to enhance its adaptability and inclusiveness in response to the rapid advancement of technology, with a focus on improving the quality and investment value of listed companies [1][2]. Group 1: Enhancing Company Quality - The regulatory authorities are implementing multiple measures to promote high-quality development of listed companies during the "14th Five-Year Plan" period [2]. - The China Securities Regulatory Commission (CSRC) has revised information disclosure management methods and improved corporate governance standards, leading to more transparent operations of listed companies [2][6]. - There has been a significant increase in major asset restructurings, with 230 major asset restructuring disclosures and over 2100 general asset restructurings reported, supporting industry consolidation [2][3]. Group 2: Market-driven Mergers and Acquisitions - Market-driven mergers and acquisitions are accelerating the integration of industries, enhancing supply chain efficiency, and fostering globally competitive enterprises [3]. - Over the past year, more than 10 listed companies have announced plans to acquire quality unprofitable assets, addressing supply chain bottlenecks [3]. - The focus of future mergers and acquisitions will be on industry integration, technological collaboration, and value enhancement, with a trend towards strategic mergers and diverse payment methods [3]. Group 3: Investor Returns - Listed companies have significantly increased their returns to investors, with a total of 10.6 trillion yuan distributed through dividends and buybacks during the "14th Five-Year Plan," representing an over 80% increase compared to the previous five years [4][5]. - In the first eight months of this year, there were 458 new buyback plans disclosed, with a total buyback amount of 143 billion yuan, which is 67% of the projected total for 2024 [4]. - The new "National Nine Articles" policy emphasizes cash dividend regulation, encouraging companies to enhance dividend stability and predictability [4][5]. Group 4: Corporate Governance Improvements - A series of reforms aimed at improving corporate governance have been implemented, including revisions to company laws and the independent director system [6]. - The CSRC has taken strict actions against financial fraud, with 130 individuals banned from the securities market for fraud-related responsibilities [6]. - By mid-2023, 1568 listed companies had established market value management systems or valuation enhancement plans, indicating a positive trend in governance practices [6]. Group 5: Market Exit Policies - The "exit policy" has led to a diversified and normalized delisting landscape, with 207 companies smoothly exiting the market during the "14th Five-Year Plan" period [7]. - The CSRC has strengthened investor protection during the delisting process, facilitating investor rights through various measures [7].

Core Viewpoint - The integration of Guolian Minsheng and Minsheng Securities is progressing, with the migration of existing investment banking projects expected to enhance overall business performance significantly [1][3][5]. Group 1: Integration Progress - As of September 23, Minsheng Securities' investment banking projects have been officially transferred to Guolian Minsheng [3]. - Guolian Minsheng has completed the acquisition of 99.26% of Minsheng Securities and is advancing the integration process [3]. - Currently, Minsheng Securities is involved in 15 ongoing IPO and refinancing projects, with 12 in the inquiry and response stages [3][4]. Group 2: Financial Performance - In the first half of 2025, Guolian Minsheng's investment banking revenue reached 544 million yuan, marking a year-on-year increase of 214.94% [3][4]. - The overall revenue for Guolian Minsheng in the first half of 2025 was 4.011 billion yuan, up 269.4%, with a net profit of 1.127 billion yuan, reflecting a growth of 1185.19% [6][7]. Group 3: Market Position and Future Strategy - The integration is expected to enhance Guolian Minsheng's market position and service capabilities in the investment banking sector [4][7]. - The company aims to focus on industry investment banking, technology investment banking, and wealth investment banking, while expanding its coverage of key and emerging industries [7]. - There is an emphasis on leveraging data and AI technologies to optimize business processes and improve service quality [4][7].