Core Viewpoint - The company aims to enhance its services for high-quality economic and social development in the second half of 2025, focusing on the implementation of the "long board" strategy and creating first-class products and services in niche markets [1] Group 1: Strategic Initiatives - The company will deepen its wealth management transformation, establishing a comprehensive buy-side advisory service system centered on asset allocation to ensure the preservation and appreciation of client assets [1] - There will be a continuous improvement in research and investment capabilities, optimizing strategies and channel layouts to develop high-quality and distinctive investment banking projects [1] - The company plans to actively apply for new licenses in niche business areas to enhance the diversification of its financial market operations and improve its counter-cyclical capabilities [1] Group 2: Integration and Development - The company will proceed steadily and orderly with the integration work with Minsheng Securities [1]

9月15日，国联民生举行2025年半年度业绩说明会。据了解，今年上半年，国联民生实现营收与净利润 的双重增长，其中归母净利润同比增长超过11倍。然而，尽管业绩表现强劲，公司股价年内跌幅却位居 行业首位。 （文章来源：新京报） 就上述现象及后续市值管理规划，国联民生党委副书记、总裁葛小波表示，未来，公司将积极学习借鉴 优秀市值管理经验，贯彻落实《上市公司监管指引第10号——市值管理》，以规范运作和提升经营业绩 为基础，积极探索符合公司发展情况的股东回报方式。 葛小波还指出，下半年将继续提升投研核心能力和服务能力，优化策略和渠道布局，打造精品、特色投 行项目；积极申请新的细分业务牌照，提高金融市场业务的多元化程度和抗周期能力；稳妥有序推进与 民生证券的整合工作。 ...

Core Viewpoint - Company reported strong revenue growth and significant improvement in profitability, with a global pipeline entering registration research stages, leading to a "buy" rating from the analyst [1] Financial Performance - In H1 2025, total revenue reached 59.53 billion yuan, a year-on-year increase of 50.6%, with profits of 8.34 billion yuan, marking a substantial turnaround [2] - Product revenue was 52.34 billion yuan, up 37.3% year-on-year, while licensing fee income surged to 6.66 billion yuan, a 474% increase [3] - Gross margin improved to 86.0%, up 3.1 percentage points, and R&D expenses were optimized to 10.09 billion yuan, down 28% [3] - As of June 30, 2025, cash reserves were approximately 110 billion yuan, providing solid support for global innovation [3] Pipeline Development - The core pipeline IBI363 has initiated a global Phase III clinical trial, showing excellent efficacy in cold tumors and IO-resistant populations [4] - Significant progress in multiple pipelines includes the initiation of Phase III studies for IBI343 in pancreatic cancer and IBI354 in ovarian cancer [5] - The company has established global cooperation with Roche for IBI3009, advancing clinical research in Australia, China, and the United States [5]

Core Viewpoint - Xinda Biologics (信达生物) demonstrates strong revenue growth and significant improvement in profitability, with a global pipeline entering registration research stages. The company is expected to achieve revenues of 11.788 billion, 15.256 billion, and 20.516 billion yuan from 2025 to 2027, with year-on-year growth rates of 25.11%, 29.43%, and 34.47% respectively. Net profit attributable to shareholders is projected to be 604 million, 1.396 billion, and 3.007 billion yuan, with growth rates of turning profitable, 131.07%, and 115.45% respectively. Earnings per share (EPS) are expected to be 0.35, 0.81, and 1.76 yuan per share for the same period. The company is recognized as a leading innovative drug developer with global R&D and commercialization capabilities, maintaining a "buy" rating [1]. Financial Performance - In the first half of 2025, Xinda Biologics achieved total revenue of 5.953 billion yuan, a year-on-year increase of 50.6%, with profits reaching 834 million yuan, marking a significant turnaround. Non-IFRS profit was 1.213 billion yuan, and Non-IFRS EBITDA was 1.413 billion yuan, indicating a notable enhancement in profitability. The product portfolio has expanded to 16 marketed products, with a synergistic focus on oncology and comprehensive pipelines, and successful commercialization of multiple new drugs [2]. Operational Efficiency - Product revenue in the first half of 2025 reached 5.234 billion yuan, a year-on-year increase of 37.3%. Revenue from licensing fees surged to 666 million yuan due to upfront payments from collaboration with Roche, reflecting a year-on-year increase of 474%. Gross margin stood at 86.0%, up by 3.1 percentage points, while R&D expenses were optimized to 1.009 billion yuan, down by 28%. The sales expense ratio decreased to 39.9%. As of June 30, 2025, cash reserves were approximately 11 billion yuan, providing solid support for global innovation [3]. Pipeline Development - The core pipeline IBI363 (PD-1/IL-2α-bias) has initiated global Phase III clinical trials, with breakthrough data presented at the ASCO annual meeting showing excellent efficacy in cold tumors and IO-resistant populations. A key Phase II study for melanoma has commenced, and the FDA has approved the global Phase III clinical trial for squamous NSCLC (MarsLight-11), with plans to enroll patients from multiple countries [4]. Global Expansion - Significant progress has been made in multiple pipelines, with the CLDN18.2 ADC (IBI343) starting Phase III studies for pancreatic cancer, and HER2 ADC (IBI354) advancing to Phase III clinical trials for ovarian cancer. The foundational product in the metabolic field, Masitide, has two new Phase III studies added, and IBI112 (IL-23p19) for psoriasis is under NDA review, expected to receive approval by the end of 2025. The company has established a global collaboration with Roche for IBI3009 (DLL3 ADC), advancing MRCT clinical studies in Australia, China, and the United States [5].

国联民生（601456）发布研报称，受行业竞争加剧影响理想汽车-W(02015)销量及盈利能力，预计2025- 2027年营业收入分别为1239/1903/2208亿元，同比增速分别为-14.3%/53.6%/16.0%，归母净利润分别为 67.4/124.0/148.5亿元，同比增速分别为-16.1%/84.0%/19.8%，EPS分别为3.15/5.79/6.94元/股。维持"买 入"评级。2025年9月1日，理想汽车公布2025年8月交付数据。2025年8月，理想汽车交付新车28,529 辆，同比-40.7%，环比-7.2%。 国联民生主要观点如下： 8月销量短期承压，纯电车型加速交付及上市 截至2025年8月31日，理想汽车在全国已有543家零售中心，覆盖156个城市售后维修中心及授权钣喷中 心536家，覆盖222个城市。理想汽车在全国已投入使用3190座理想超充站，拥有17,597个充电桩。 2025年8月，理想汽车交付新车2.9万辆，同比-40.7%，环比-7.2%。纯电车型表现加速，理想MEGA Home上市以来销量持续增长，8月交付超过3000辆，9月产能或突破3500辆;理想i8正在加快生产 ...

Core Viewpoint - The report from Guolian Minsheng indicates that due to intensified industry competition, Li Auto's sales and profitability are under pressure, with projected revenues and net profits showing fluctuations from 2025 to 2027 [1] Group 1: Sales Performance - In August 2025, Li Auto delivered 28,529 new vehicles, representing a year-on-year decline of 40.7% and a month-on-month decrease of 7.2% [1][2] - The performance of pure electric models is accelerating, with the Li MEGA Home achieving over 3,000 deliveries in August and expected production capacity to exceed 3,500 units in September [2] - The Li i8 is ramping up production, with anticipated deliveries of 8,000 to 10,000 units by the end of September, while the Li i6 is expected to launch in September with a price range of 250,000 to 300,000 yuan [2] Group 2: AI Development - Li Auto is accelerating its investment and development in AI, leveraging its computational power and data scale advantages, which may help maintain its leading position in AI capabilities [3] - With the launch and delivery of the i8, Li Auto will also deliver the VLA driver model and the Li Xue intelligent system, enhancing the product strength in the AI domain [3] - The OTA 8.0 update will be fully pushed to all AD Max models in September, marking a significant evolution of the Li Xue intelligent system [3] Group 3: Charging Infrastructure - As of August 31, 2025, Li Auto has established 543 retail centers across 156 cities, along with 536 after-sales service and authorized repair centers in 222 cities [4] - The company has deployed 3,190 Li Supercharging stations, with a total of 17,597 charging piles in operation nationwide, contributing to the improvement of its pure electric ecosystem [4]

Core Viewpoint - The investment banking sector is experiencing a recovery with significant internal differentiation, as evidenced by a reduction in the number of loss-making firms and a notable performance improvement among leading brokerages [1][4]. Group 1: Profitability Trends - The number of brokerages reporting losses in investment banking has decreased from 20 in 2024 to only 10 in 2025, indicating a significant improvement in profitability [1][4]. - Leading brokerages such as CICC and CITIC Securities have turned losses into profits, with CICC's investment banking revenue soaring by 149.70% year-on-year, reaching 1.445 billion yuan [1][10]. - Despite the overall improvement, some brokerages, including Guojin Securities and Zhongtai Securities, have reported substantial losses, with Guojin Securities losing 98.07 million yuan [1][5]. Group 2: Market Shifts - In response to the changing IPO landscape in the A-share market, leading brokerages are increasingly focusing on the Hong Kong market, with CICC International achieving a substantial underwriting scale of 22.582 billion yuan in the first eight months of the year [2][11]. - The competitive environment in the Hong Kong market has led to a decline in profit margins for many brokerages, with average profit margins dropping to around 20%, significantly lower than the pre-"827 New Policy" levels of over 50% [2][13]. Group 3: Performance of Specific Brokerages - CICC has shown remarkable recovery, with its investment banking profit reaching 276 million yuan in the first half of the year, a significant turnaround from a loss of 784 million yuan in the previous year [10][11]. - Guojin Securities, despite high revenue of 377 million yuan, has seen its losses expand to 98.07 million yuan, highlighting the challenges faced by some brokerages in the current market [5][7]. - Zhongtai Securities has also experienced a shift from profit to loss, with a reported loss of 37.59 million yuan in the first half of 2025, down from a profit of 139 million yuan in the same period last year [4][5]. Group 4: Competitive Landscape - The competitive landscape in the Hong Kong IPO market is intensifying, with domestic brokerages capturing four of the top five spots in underwriting amounts, showcasing their growing competitiveness [2][16]. - The shift in focus towards the Hong Kong market has led to increased collaboration between A-share and Hong Kong brokers, as they work together to secure IPOs for companies looking to list in Hong Kong [14][15].

Core Viewpoint - Guolian Minsheng's recent report highlights that Dongfang Risen is optimizing its product structure and accelerating the iteration of N-type high-efficiency capacity, which is expected to enhance its core competitiveness by mid-2025 [1] Company Summary - As of August 27, 2025, Dongfang Risen's HJT cell conversion efficiency has surpassed 26.60%, while HJT module conversion efficiency has exceeded 24.70%. The non-silicon cost of HJT cells has been reduced to 0.15 yuan/W [1] - Dongfang Risen's energy storage system business is advancing in tandem with its photovoltaic power station operations, focusing on large-scale energy storage systems primarily targeting key markets in Europe and the United States, maintaining a global record of zero safety incidents [1] - The company is actively expanding its commercial distributed photovoltaic power station business, with integrated solutions for "solar storage" and "solar storage charging," as well as smart microgrid solutions that have achieved commercial application [1] Industry Outlook - The report suggests that Dongfang Risen is a leading player in the HJT sector, with superior technology research and capacity reserves compared to the industry, and is expected to gradually recover its performance as the fundamentals of the photovoltaic industry improve, warranting attention [1]

人民财讯9月11日电，企查查APP显示，近日，无锡国联通智科技产业投资合伙企业（有限合伙）成 立，执行事务合伙人为国联通宝资本投资有限责任公司，出资额12.2亿元，经营范围包含创业投资、以 自有资金从事投资活动等。企查查股权穿透显示，该合伙企业由国联民生（601456）旗下国联通宝资本 投资有限责任公司、国联人寿保险股份有限公司共同出资。 ...

Core Insights - Wuxi Guolian Intelligent Technology Industry Investment Partnership Enterprise (Limited Partnership) has been established with a capital contribution of 1.22 billion yuan [1] - The managing partner is Guolian Tongbao Capital Investment Co., Ltd., which is a subsidiary of Guolian Minsheng (601456) [1] - The partnership's business scope includes venture capital and investment activities using its own funds [1] Group 1 - The partnership was formed with a total investment of 1.22 billion yuan [1] - The main contributors to the partnership are Guolian Minsheng and Guolian Life Insurance Co., Ltd. [1] - The partnership is registered in Wuxi, Jiangsu Province, and focuses on investments in unlisted companies [2] Group 2 - The partnership's operational activities include private equity investments and asset management, subject to regulations from the Asset Management Association of China [2] - The partnership is classified under the investment and asset management industry [2] - The establishment date of the partnership is set for September 10, 2025 [2]