Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.13 yuan, corresponding to a 1.75x price-to-book ratio for 2024 [5][6]. Core Insights - The company's Q2 performance has returned to normalcy, with improvements in talent investment and business transformation becoming evident. The acquisition of Minsheng Securities has entered a substantive phase, which is expected to bolster long-term development [5]. - The company reported a revenue of 1.09 billion yuan and a net profit attributable to shareholders of 90 million yuan for H1 2024, reflecting a year-on-year decline of 40% and 85% respectively. However, Q2 net profit was 310 million yuan, a significant recovery from Q1's loss of 220 million yuan [5]. - The decline in investment income, which fell by 61% year-on-year, was the primary reason for the overall performance drop, contributing to 81% of the decline. Q2 investment income showed significant improvement, recording 530 million yuan, down only 11% year-on-year, compared to a loss of 150 million yuan in Q1 [5]. - The integration of Minsheng Securities is expected to enhance the company's comprehensive strength, potentially positioning it among the top 20 in the industry, with anticipated synergies in regional and business complementarity [5]. Financial Summary - The company’s financial performance for 2024E includes projected revenues of 2.524 billion yuan and a net profit of 620 million yuan, with EPS estimates of 0.22 yuan [11][14]. - The company’s total market capitalization is approximately 27.355 billion yuan, with a total share capital of 2.832 billion shares [7]. - The company’s net asset value per share is 6.32 yuan, with a current price-to-book ratio of 1.5 [8]. Performance Trends - The company’s stock price has fluctuated between 9.38 and 12.66 yuan over the past 52 weeks, indicating a relative stability in the market [7]. - The report highlights a significant improvement in brokerage business performance compared to peers, with a 16% year-on-year increase in agency sales revenue [5]. Future Outlook - The report anticipates continued improvements in the company’s financial metrics, with expected revenue growth rates of 8.2% and 8.9% for 2025 and 2026 respectively [14]. - The company is expected to maintain its brokerage market share at 0.50% through 2026, indicating a stable competitive position [13].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,085,877,120, a decrease of 39.91% compared to CNY 1,807,078,426.17 in the same period last year[20]. - The net profit attributable to shareholders of the parent company was CNY 87,709,328.57, down 85.39% from CNY 600,312,605.07 year-on-year[20]. - The net cash flow from operating activities increased by 142.33% to CNY 6,367,623,822.02, compared to CNY 2,627,617,632.80 in the previous year[20]. - Total assets at the end of the reporting period reached CNY 93,333,039,263.26, reflecting a 7.12% increase from CNY 87,128,874,813.89 at the end of the previous year[20]. - The total liabilities increased by 8.27% to CNY 74,711,611,952.12, compared to CNY 69,005,316,900.50 at the end of the previous year[20]. - The basic earnings per share decreased by 85.71% to CNY 0.03 from CNY 0.21 in the same period last year[21]. - The weighted average return on equity decreased by 3.00 percentage points to 0.48% from 3.48% year-on-year[21]. Business Operations - The company's main business is highly correlated with the domestic macroeconomic environment and capital market trends, which poses significant operational risks[7]. - Guolian Securities holds various qualifications for securities business, including membership in both Shanghai and Shenzhen Stock Exchanges[12][13]. - The company has a comprehensive range of business qualifications, including internet securities business pilot qualifications and private fund comprehensive custody qualifications[13]. - The brokerage and wealth management business generated revenue of RMB 3.78 billion, a year-on-year increase of 1.36%[32]. - The investment banking business reported revenue of RMB 1.73 billion, a decline of 42.76% year-on-year[32]. - The asset management and investment business achieved revenue of RMB 3.21 billion, a significant increase of 98.31% year-on-year[32]. - The credit trading business's revenue was RMB 1.27 billion, down 17.07% year-on-year[32]. - The securities investment business saw revenue drop to RMB 0.12 billion, a decrease of 98.41% year-on-year[32]. Risk Management - The company emphasizes the importance of risk management in light of potential economic and policy changes affecting its performance[7]. - The company faces significant risks including market risk, credit risk, operational risk, and liquidity risk, with ongoing pressures from macroeconomic uncertainties in the second half of 2024[90]. - The company has established a comprehensive risk management system to ensure risks are measurable, controllable, and bearable, aiming for long-term value maximization[91]. - The risk management structure includes a board of directors, senior management, and dedicated risk management departments to oversee and implement risk management policies[92]. - The company has established a comprehensive market risk monitoring system, utilizing daily calculations of profit and loss, exposure, basis points, duration, and derivatives Greeks[99]. - Credit risk primarily arises from stock pledge repurchase transactions, financing business, and various types of bond investment transactions, including government bonds and corporate bonds[100]. - The company has implemented a daily position management and periodic liquidity analysis mechanism to dynamically manage the scale of fund usage across various businesses[101]. Client and Market Engagement - The company added 119,400 new clients during the reporting period, bringing the total client base to 1,855,800, a year-on-year increase of 10.06%[35]. - The total number of clients signed for fund advisory services reached 319,400, representing a year-on-year growth of 13.35%, with authorized account asset scale remaining stable at 6.958 billion RMB[35]. - Financial product sales (excluding cash management products) amounted to 9.647 billion RMB, a decrease of 14.24% year-on-year, while the ending balance of financial products was 19.370 billion RMB, remaining stable year-on-year[35]. Corporate Governance - The company held one shareholders' meeting during the reporting period, which complied with relevant laws and regulations[114]. - The company appointed Xue Chunfang as the chairman of the supervisory board, replacing Xu Faliang who retired[115]. - The company completed the employee stock ownership plan in 2022, raising a total of 68.11 million yuan with 342 participants[118]. - As of the end of the reporting period, the employee stock ownership plan had 298 participants holding a total of 16,686,000 shares, representing approximately 0.5892% of the company's total share capital[120]. Environmental and Social Responsibility - The company has committed to supporting green industries through various financial tools, with detailed information to be disclosed in the annual sustainability report[126]. - In March, the company allocated CNY 100,000 to support the "Tsinghua Friends - Guolian Securities Talent Scholarship" for rural revitalization and ESG research[128]. - In June, the company spent CNY 1.211 million to purchase agricultural products from poverty alleviation areas, contributing to the consolidation of poverty alleviation results[128]. - The company participated in a donation campaign, contributing CNY 446,000 to humanitarian aid and disaster relief efforts[128]. Debt and Financing - The company has issued bonds with a total balance of 10 billion RMB at an interest rate of 3.29%, maturing on August 30, 2024[161]. - The second bond issued has a total balance of 15 billion RMB at an interest rate of 3.50%, maturing on November 22, 2024[161]. - The company raised a total of RMB 1.5 billion through bond issuance, with the funds allocated to repay maturing corporate bonds[171]. - The actual amount used from the raised funds for repaying corporate bonds was RMB 1.49865 billion[174]. - The company has maintained compliance with the debt repayment guarantees and has timely paid all principal and interest on its bonds[167]. Compliance and Regulatory Matters - The company has taken steps to strengthen compliance and oversight in response to identified regulatory issues[134]. - The company has implemented corrective measures in response to regulatory warnings, including enhancing training on bond regulations and improving internal control processes[134]. - The company has not faced any credit rating adjustments during the reporting period[168]. - The company has not reported any changes in the controlling shareholder or actual controller during the reporting period[158].

证券代码：601456 证券简称：国联证券 公告编号：2024-041 号 国联证券股份有限公司 第五届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 国联证券股份有限公司（以下简称"公司"）第五届董事会第十八次会议于 2024 年 8 月 16 日以书面方式发出通知，于 2024 年 8 月 30 日在公司总部国联金 融大厦 9 楼会议室以现场结合通讯的方式召开。 会议应出席董事 9 人，实际出席董事 9 人（其中：董事长葛小波先生、独立 董事吴星宇先生、独立董事朱贺华先生、独立董事高伟先生以通讯方式出席）。 会议由董事长葛小波先生主持，公司监事和相关高级管理人员列席会议。 会议的召集、召开和表决情况符合法律、法规、证券上市地交易所上市规则 和《国联证券股份有限公司章程》《国联证券股份有限公司董事会议事规则》的 相关规定。 二、董事会会议审议情况 （一）《国联证券股份有限公司 2024 年半年度报告》 表决结果：同意 9 票，反对 0 票，弃权 0 票，本议案获通过。 本议 ...

证券代码：601456 证券简称：国联证券 公告编号：2024-042 号 国联证券股份有限公司 第五届监事会第十五次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 1、公司半年度报告编制、审议程序符合相关法律、法规、规范性文件和《公 司章程》等内部制度的相关规定； 2、半年度报告的内容和格式符合监管机构的各项要求，所包含的信息能够 真实、准确、完整、客观地反映公司 2024 年上半年的经营管理和财务状况等事 项； 3、未发现参与半年度报告编制和审议的人员有违反内幕信息保密规定的行 为。 1 国联证券股份有限公司（以下简称"公司"）第五届监事会第十五次会议于 2024 年 8 月 16 日以书面方式发出通知，于 2024 年 8 月 30 日在公司总部国联金 融大厦 9 楼会议室以现场结合通讯的方式召开。 会议应出席监事 5 人，实际出席监事 5 人（其中：监事徐看先生、监事徐静 艳女士以通讯方式出席）。会议由监事会主席薛春芳女士主持，公司相关高级管 理人员列席会议。 会议的召集、召开和表 ...

[Table_MainInfo] 公司研究/金融/券商 证券研究报告 国联证券（601456）公司信息点评 [Table_InvestInfo] 拟发行股份收购民生证券，合并后公司主 要指标将进入行业前 30 [Table_Summary] 投资要点： 【事件】国联证券公告拟通过发行 A 股股份的方式收购民生证券 99.26%股份，交 易价格为 294.92 亿元；拟发行股份 26.40 亿股，占发行后上市公司股本的 48.25%。 同时，公司还拟向不超过 35 名特定投资者发行股份募集配套资金，募集配套资 金总额不超过人民币 20 亿元。 整合稳步推进。2023 年 3 月 15 日国联证券股东国联发展集团拍卖收购民生证券 30%股份。2024 年 5 月 14 日，公司公告拟以 11.31 元/股发行新股支付交易对价， 购买民生证券 100%股份，并通过定增募集不超过 20 亿元，用于发展民生证券业 务。此次 8 月公告的重组方案相较 2024 年 5 月的方案主要变化为：1）因员工离 职、退休、主动退出等原因，合计回购及无偿收回民生证券股权激励计划中的 1095.83 万股，并进行减资；2）泛海控股退出 ...

国联证券股份有限公司 2024 年第一次临时股东大会 2024 年第一次 A 股类别股东大会 2024 年第一次 H 股类别股东大会 会议资料 2024 年 9 月 国联证券股份有限公司 2024 年第一次临时股东大会、 2024 年第一次 A 股类别股东大会、2024 年第一次 H 股类别股东大会会议资料 会 议 议 程 现场会议开始时间：2024 年 9 月 4 日（星期三）13 点 30 分 现场会议召开地点：江苏省无锡市金融一街 8 号国联金融大厦 1 层会议室 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票日期：2024 年 9 月 4 日（星期三） 通过交易系统投票平台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东 大会召开当日的 9:15-15:00。 目 录 2024 年第一次临时股东大会 | 会 | 议 | 议 程 1 | | | --- | --- | --- | --- | | 会 | 议 | 须 知 2 | | | 议案 | | 1：关于公司符合发行股份购买资产并募集配套资金 ...

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 部分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） 董事會會議通知 截至本公告日期，本公司執行董事為葛小波先生；本公司非執行董事為華偉榮先 生、周衛平先生、吳衛華先生、李梭女士及劉海林先生；及本公司獨立非執行董事為 吳星宇先生、朱賀華先生及高偉先生。 國聯證券股份有限公司 董事長 葛小波 中國江蘇省無錫市 2024年8月19日 國聯證券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將於 2024年8月30日（星期五）舉行，藉以（其中包括）審議及批准本公司及其附屬公司截至 2024年6月30日止六個月之中期業績及其發佈。 承董事會命 ...

关于召开 2024 年第一次临时股东大会、2024 年第一 次 A 股类别股东大会的通知 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 召开的日期时间：2024 年 9 月 4 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 证券代码：601456 证券简称：国联证券 公告编号：2024-040 号 国联证券股份有限公司 二、 会议审议事项 股东大会召开日期：2024年9月4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 (一) 股东大会类型和届次 2024 年第一次临时股东大会及 2024 年第一次 A 股类别股东大会 (二) 股东大会召集人：国联证券股份有限公司（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 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights the potential for significant growth through the merger with Minsheng Securities, which is expected to enhance the company's market position and operational capabilities [2][3] - The merger transaction is valued at 29.49 billion yuan, with a price-to-book (PB) ratio of 1.86x, indicating a premium over the current market price [2] - The company is projected to achieve net profits of 599.43 million yuan, 791.58 million yuan, and 1.03 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting a growth trajectory post-merger [3] Financial Summary - The company’s revenue is expected to grow from 29.55 billion yuan in 2023 to 39.69 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10.94% [4] - The net profit is projected to decline by 10.71% in 2024 before recovering with growth rates of 32.06% and 29.82% in 2025 and 2026 respectively [4] - The price-to-earnings (PE) ratio is expected to decrease from 41.88 in 2023 to 27.69 in 2026, indicating an improving valuation as earnings grow [4][6]

| --- | --- | |------------------------|------------| | 基本数据 | 2024-08-09 | | 收盘价 ( 元 ) | 10.05 | | 流通股本 ( 亿股 ) | 28.32 | | 每股净资产 ( 元 ) | 6.32 | | 总股本 ( 亿股 ) | 28.32 | | 最近 12 月市场表现 | | -18% -12% -6% 0% 5% 11% 国联证券 沪深300 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《国联民生重组预案披露，整合成效 可期》 2024-05-15 2. 《成本端压力拖累业绩，看好外延+ 内生成长空间》 2024-03-27 3. 《三季度投资业务承压，看好外延+ 内生成长空间》 2023-10-29 投资评级:增持(维持) 国联证券并购民生证券草案点评 证券研究报告 ❖ 事件：8 月 8 日晚国联证券发布《发行股份购买资产并募集配套资金暨关联 交 ...