FF301 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: 2024年9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: 國聯證券股份有限公司 呈交日期: 2024年10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 ...

| A | 股证券代码：601456 | 证券简称：国联证券 | 上市地点：上海证券交易所 | | --- | --- | --- | --- | | H | 股证券代码：01456 | 证券简称：国联证券 | 上市地点：香港联合交易所 | 国联证券股份有限公司 发行股份购买资产并募集配套资金 暨关联交易报告书（草案） （申报稿） | 项 目 | 名 称 | | --- | --- | | 购买资产交易对方 | 无锡市国联发展（集团）有限公司、上海沣泉峪企业管理有限公 | | | 司等 45 名交易对方 | | 募集配套资金认购方 | 不超过 35 名特定投资者 | 独立财务顾问 签署日期：二〇二四年九月 国联证券股份有限公司发行股份购买资产并募集配套资金暨关联交易报告书（草案） 声 明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、上市公司声明 本公司及本公司全体董事、监事及高级管理人员保证上市公司及时、公平地 披露信息，保证本报告书及其摘要内容的真实、准确、完整，不存在虚假记载、 误导性陈述或者重大遗漏，保证本报告书所引用的相关数据的真实性和合理性， 并对所提供信息的真实性、准确 ...

华泰联合证券有限责任公司 关于国联证券股份有限公司 发行股份购买资产 并募集配套资金暨关联交易 之 独立财务顾问报告 独立财务顾问 签署日期：二〇二四年九月 关于国联证券发行股份购买资产并募集配套资金暨关联交易之独立财务顾问报告 独立财务顾问声明和承诺 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"本独立财务顾问"） 接受国联证券股份有限公司（以下简称"国联证券"、"上市公司"或"公司"） 委托，担任本次发行股份购买资产并募集配套资金暨关联交易（以下简称"本次 交易"）的独立财务顾问，就该事项向上市公司全体股东提供独立意见，并制作 本独立财务顾问报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理 办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大 资产重组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的 监管要求》和《上海证券交易所上市公司重大资产重组审核规则》等法律法规及 文件的规定和要求，以及证券行业公认的业务标准、道德规范，经过审慎调查， 本着诚实信用和勤 ...

证券代码：601456 证券简称：国联证券 公告编号：2024-047 号 国联证券股份有限公司 关于重大资产重组相关申请获得受理的公告 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。 国联证券股份有限公司（以下简称"公司"）拟发行 A 股股份购买民生证券 股份有限公司（以下简称"民生证券"）99.26%股份并募集配套资金（以下简称 "本次交易"）。本次交易构成重大资产重组，构成关联交易，不构成重组上市。 公司于 2024 年 9 月 27 日收到上海证券交易所（以下简称"上交所"）出具 的《关于受理国联证券股份有限公司发行股份购买资产并募集配套资金申请的通 知》（上证上审（并购重组）〔2024〕26 号）。上交所依据相关规定对申请文件进 行了核对，认为申请文件齐备，符合法定形式，决定予以受理并依法进行审核。 本次交易涉及的中国证券监督管理委员会（以下简称"中国证监会"）行政 许可申请包括公司变更主要股东、公司设立专业子公司、民生证券变更控股股东 及实际控制人、民生基金管理有限公司变更实际控制人、民生期货有限公司变更 实际控制 ...

2024 年 9 月 27 日，公司收到上海证券交易所出具的《关于受理国联证券股 份有限公司发行股份购买资产并募集配套资金申请的通知》（上证上审（并购重 组）〔2024〕26 号），并披露了《国联证券股份有限公司发行股份购买资产并募集 配套资金暨关联交易报告书（草案）（申报稿）》（以下简称"草案（申报稿）"） 等文件，具体内容详见公司刊登在上海证券交易所网站（http://www.sse.com.cn） 的相关文件。 证券代码：601456 证券简称：国联证券 公告编号：2024-048 号 国联证券股份有限公司 关于发行股份购买资产并募集配套资金暨关联交易 报告书（草案）（申报稿）修订说明的公告 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。 国联证券股份有限公司（以下简称"公司"）拟发行 A 股股份购买民生证券 股份有限公司（以下简称"标的公司"）99.26%股份并募集配套资金（以下简称 "本次交易"）。本次交易构成重大资产重组，构成关联交易，不构成重组上市。 相较公司于 2024 年 8 月 9 日披露的《国联证券股份有 ...

北京市嘉源律师事务所、北京市金杜律师事务所 关于 国联证券股份有限公司 发行股份购买资产并募集配套资金 暨关联交易 之 补充法律意见书（一） 二〇二四年九月 2-2-2-1 | 一、本次重组相关方的主体资格 3 | | --- | | 二、本次重组的授权和批准 13 | | 三、本次重组的标的资产 14 | | 四、信息披露 16 | | 附件一：民生证券及其控股子公司 1,000 万元以上未决诉讼、仲裁 20 | | 附件二：民生证券及其控股子公司涉及监管评价扣分的监管措施事项 25 | 北京市嘉源律师事务所、北京市金杜律师事务所 关于国联证券股份有限公司发行股份购买资产并募集配套资金暨关联交易 之补充法律意见书（一） 敬启者： 北京市嘉源律师事务所及北京市金杜律师事务所接受国联证券的委托，共 同担任国联证券本次重组的特聘专项法律顾问。2024 年 8 月 8 日，本所就本次 重组出具了《北京市嘉源律师事务所、北京市金杜律师事务所关于国联证券股 份有限公司发行股份购买资产并募集配套资金暨关联交易之法律意见书》（以 下简称"《原法律意见书》"）。现本次重组方案等相关事项已经公司 2024 年 第一次临时股东大 ...

关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 问题征集：投资者可于 2024 年 9 月 11 日（星期三）至 9 月 19 日（星期 四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目，或者通过公 司邮箱（glsc-ir@glsc.com.cn）进行提问。公司将在业绩说明会上就投资者普遍 关心的问题予以回答。 国联证券股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日发布公 司 2024 年半年度报告。为便于广大投资者更加全面深入地了解公司 2024 年半年 度业绩与经营情况，公司拟于 2024 年 9 月 20 日（星期五）16:00—17:00 召开 2024 年半年度业绩说明会（以下简称"业绩说明会"）。 一、业绩说明会类型 证券代码：601456 证券简称：国联证券 公告编号：2024-046 号 国联证券股份有限公司 公司董事长、总裁：葛小波先生 副总裁、财务负责人：尹磊先生 董事会秘书：王捷先生 独立董事：吴星宇先生 ...

Financial Performance - Total revenue, net investment income, and other income for the first half of 2024 amounted to RMB 1,840,238, a decrease of 27.01% compared to RMB 2,521,247 in the same period of 2023[7]. - Profit before tax for the first half of 2024 was RMB 54,531, down 92.82% from RMB 758,959 in the first half of 2023[7]. - Net profit attributable to shareholders for the first half of 2024 was RMB 87,708, representing an 85.39% decline from RMB 600,313 in the same period of 2023[7]. - Basic and diluted earnings per share for the first half of 2024 were both RMB 0.03, down 85.71% from RMB 0.21 in the first half of 2023[7]. - The company reported a net profit margin of 20%, maintaining strong profitability despite market challenges[110]. - The company reported a significant loss in net investment from financial instruments measured at fair value through profit or loss, amounting to (784,645) thousand in 2024 compared to (101,392) thousand in 2023[145]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 93,333,039, reflecting a 7.12% increase from RMB 87,128,874 at the end of 2023[8]. - Total liabilities as of June 30, 2024, were RMB 74,711,612, an increase of 8.27% from RMB 69,005,316 at the end of 2023[8]. - The equity attributable to shareholders of the company was RMB 18,263,647 as of June 30, 2024, up 2.79% from RMB 17,768,691 at the end of 2023[8]. - The company's debt-to-asset ratio was 77.86%, up 1.07 percentage points from 76.79% at the end of 2023, indicating stable leverage levels[54]. - The total amount of margin deposits delivered to futures and commodity exchanges decreased to RMB 46,625 thousand as of June 30, 2024, from RMB 361,852 thousand as of December 31, 2023, a decline of 87.1%[191]. Cash Flow - Net cash inflow from operating activities for the first half of 2024 was RMB 5,401,936, an increase of 83.32% compared to RMB 2,946,717 in the first half of 2023[7]. - The company reported a net cash inflow from investment activities of RMB 1,539,854 thousand for the first half of 2024, contrasting with a net cash outflow of RMB 1,276,959 thousand in the same period of 2023[123]. - The company’s financing activities generated a net cash inflow of RMB 932,986 thousand in the first half of 2024, compared to RMB 3,368,367 thousand in the same period of 2023[123]. Customer and Market Growth - The number of new customers added during the reporting period was 119,400, bringing the total customer base to 1.8558 million, a year-on-year increase of 10.06%[16]. - The company aims to enhance its online service capabilities and expand its service boundaries through digital transformation initiatives[17]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[110]. Strategic Initiatives - The company plans to enhance its asset allocation services and improve the efficiency of its service system in the second half of 2024[17]. - The company aims to strengthen compliance and risk management while exploring AI applications in business operations[53]. - The company plans to acquire 99.26% of Minsheng Securities through issuing A-shares and raising matching funds[64]. Risk Management - The company emphasizes a comprehensive risk management system to ensure risks are measurable, controllable, and bearable[67]. - The company has established a comprehensive risk management framework, including a risk management committee and a Chief Risk Officer responsible for overseeing risk management policies and practices[72]. - Credit risk is primarily associated with financing activities, including stock pledge repurchase transactions and bond investments, managed through an internal credit rating system[77]. Employee and Governance - As of June 30, 2024, the company has a total of 3,392 employees, with 2,389 in the parent company[66]. - The company’s board consists of one executive director, five non-executive directors, and three independent non-executive directors, ensuring appropriate checks and balances[91]. - The company has implemented a performance evaluation system covering risk management effectiveness for all employees[71]. Dividends and Share Capital - The company does not plan to distribute an interim dividend to shareholders[82]. - The company declared dividends amounting to RMB (402,112) thousand, reflecting its commitment to returning value to shareholders despite fluctuations in earnings[121]. - As of the end of the reporting period, the company has issued a total of 2,831,773,168 shares, comprising 2,389,133,168 A shares and 442,640,000 H shares[84].

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The report highlights that the asset management business has seen significant growth, with net income from asset management reaching 1.59 billion yuan, an increase of 36.5% year-on-year. The total scale of entrusted funds in asset management reached 12.57 billion yuan, up 15.8% [1]. - The brokerage business has also shown resilience, with net income from brokerage services increasing to 1.25 billion yuan, a growth of 8.5% year-on-year, despite a general decline in market trading volume [1][3]. - The investment banking sector has faced challenges, with a notable decline in A-share IPO scale, which dropped to 1.23 billion yuan, a decrease of 45.3% [1][3]. - The company is in the process of acquiring a stake in Minsheng Securities, which is expected to enhance its competitive position and operational synergy once completed [3]. Summary by Sections Financial Performance - In the first half of the year, the company reported total revenue of 4.56 billion yuan, down 12.3% year-on-year, and a net profit attributable to shareholders of 0.67 billion yuan, down 10.5% [1]. - The company's return on equity (ROE) for the first half of the year was 6.5%, a decrease from the previous year [1]. Business Segments - The asset management segment has shown a robust performance, with net income increasing significantly and total entrusted funds growing [1]. - The brokerage segment has expanded its client base, with a total of 1.25 million clients, reflecting a year-on-year growth of 12.3% [1]. - The investment banking segment has seen a decline in activity, with a significant drop in both IPO and refinancing volumes [1][3]. Future Outlook - The report projects that the company's basic earnings per share for the years 2023 to 2025 will be 0.36 yuan, 0.27 yuan, and 0.24 yuan respectively, with net assets per share expected to grow steadily [3][4]. - The ongoing acquisition of Minsheng Securities is anticipated to create synergies and enhance the company's market position, with the integration process currently in the final stages [3].

证券研究报告 2024 年 09 月 02 日 评级 增持 | --- | --- | |-----------------------|------------| | 当前价格（元） | 9.66 | | 52 周价格区间（元） | 9.38-12.66 | | 总市值（百万） | 24229.82 | | 流通市值（百万） | 23079.03 | | 总股本（万股） | 283177.40 | | 流通股（万股） | 283177.40 | 涨跌幅比较 国联证券 证券Ⅱ -23% -13% -3% 7% 17% 27% 2023-09 2023-12 2024-03 2024-06 2024-09 | --- | --- | --- | --- | |----------|-------|--------|--------| | % | 1M | 3M | 12M | | 国联证券 | 0.75 | -11.60 | -11.52 | | 证券Ⅱ | 1.59 | -4.68 | -20.77 | 刘敏 分析师 执业证书编号:S0530520010001 liumin83@hnchasing.com 刘 ...