Core Viewpoint - Guolian Minsheng has reported impressive financial results for the third quarter, indicating strong growth momentum following the merger of Guolian Securities and Minsheng Securities, with significant improvements in revenue and profit margins [1][2][3]. Financial Performance - For the first three quarters, the company achieved a revenue of 6.038 billion yuan, representing a year-on-year increase of 201.17%, and a net profit of 1.763 billion yuan, with a remarkable growth rate of 345.30% [1][2]. - In the third quarter alone, revenue reached 2.027 billion yuan, up 120.55% year-on-year, while net profit was 636 million yuan, reflecting a growth of 106.24% [2][3]. - By the end of the third quarter of 2025, total assets reached 189.325 billion yuan, a 94.76% increase from the end of 2024, and equity attributable to shareholders was 52.020 billion yuan, up 179.91% [2]. Profitability and Core Business Growth - Basic earnings per share for the first three quarters stood at 0.31 yuan, a year-on-year increase of 121.43% [3]. - The growth in performance is attributed to the robust performance of core businesses, with net commission income reaching 2.915 billion yuan, a 145.34% increase [3]. - Brokerage business net income surged to 1.565 billion yuan, up 293.05%, indicating heightened trading activity among clients [3]. - Investment banking fees amounted to 688 million yuan, reflecting a 160.77% increase, supported by an expanding underwriting scale [3]. - Investment income turned positive at 2.804 billion yuan, a significant recovery from a loss of 1.134 billion yuan in the previous year, driven by increased gains from financial instrument disposals [3]. Management and Integration - The effective integration of management teams has been a key factor in the success of the merger, with strategic personnel adjustments made in August [4]. - The new leadership structure combines state-owned enterprise oversight with business-oriented management, enhancing decision-making capabilities [4]. Business Integration and Synergies - The integration of business operations has made significant strides, particularly in investment banking, where existing projects from Minsheng Securities have been transferred to Guolian Minsheng [6]. - The company has successfully completed the merger of trading systems, allowing seamless access for 1.92 million clients to the new trading platform [6]. - Asset management operations have also progressed, with the transition of management responsibilities from Minsheng Securities to Guolian Minsheng's asset management subsidiary [6]. Strategic Direction - Guolian Minsheng is focusing on a differentiated strategy centered around five major business areas: large investment banking, large investments, large research, large wealth management, and large asset management [7]. - The company aims to establish itself as a leading investment bank through continuous integration and market-driven growth strategies [7].

关于参加 2025 无锡上市公司投资者集体接待日活动 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。 证券代码：601456 证券简称：国联民生 公告编号：2025-067 号 国联民生证券股份有限公司 本 次 活 动将 采 用 网 络 远 程的 方 式 举 行 ， 投资 者 可 登 录" 全 景 路 演" （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与 本次互动交流，活动时间为 2025 年 11 月 4 日（星期二，15:30-17:00）。 届时公司高管将在线就公司经营状况、公司治理、发展战略等投资者关心的 问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 为进一步加强与投资者的互动交流，国联民生证券股份有限公司（以下简称 "公司"）将参加"2025 无锡上市公司投资者集体接待日"活动，现将相关事项 公告如下： 出席本次年度网上集体接待日的人员有：公司董事会秘书王捷、证券事务代 表陈正章； 国联民生证券股份有限公司董事会 2025 年 10 月 ...

Group 1 - The company, Guolian Minsheng Securities Co., Ltd. (01456.HK), will participate in the "2025 Wuxi Listed Companies Investor Collective Reception Day" to enhance interaction with investors [1] - The event will be held online on November 4, 2025, from 15:30 to 17:00 [1] - Participants from the company include the Secretary of the Board, Wang Jie, and Securities Affairs Representative, Chen Zhengzhang [1] Group 2 - Investors can join the event through the "Panorama Roadshow" website, WeChat public account, or by downloading the Panorama Roadshow APP [1]

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 部份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） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條作出。 如下公告已於上海證券交易所網站刊發，僅供參閱。 特此公告。 承董事會命 國聯民生證券股份有限公司 董事長 中國江蘇省無錫市 2025年10月31日 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顧偉先生、 周衛平先生、吳衛華先生、楊振興先生及劉海林先生；及本公司獨立非執行董事為 高偉先生、郭春明先生及徐慧敏女士。 证券代码：601456 证券简称：国联民生 公告编号：2025-067 号 国联民生证券股份有限公司 关于参加 2025 无锡上市公司投资者集体接待日活动 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。 为进一步加强与投资者的互动交流， ...

Core Viewpoint - Enjie Co., Ltd. (002812.SZ) experienced a limit-up in stock price with a turnover rate of 6.02% and a transaction volume of 2.351 billion yuan [1] Trading Activity - The Shenzhen Stock Connect recorded a net purchase of 91.89 million yuan, with total purchases of 241 million yuan and sales of 147.9 million yuan [1] - Guolian Minsheng Securities Ningbo branch ranked second in net buying with a net purchase of 180 million yuan [1] - Two institutions bought a total of 24.73 million yuan and sold 55.56 million yuan, resulting in a net sell of 30.83 million yuan [1] - The "Wenzhou Gang" retail investors ranked third in net selling with a net sell of 36.53 million yuan [1] - Overall, the top trading seats recorded total purchases of 612 million yuan and sales of 292 million yuan, leading to a net purchase of 320 million yuan [1]

Core Insights - Enjie Co., Ltd. (002812.SZ) experienced a trading halt with a turnover rate of 6.02% and a transaction volume of 2.351 billion yuan [1] - The net buying from the Shenzhen Stock Connect amounted to 91.89 million yuan, with a total buying of 241 million yuan and selling of 147.9 million yuan [1] - Institutional investors showed mixed activity, with one firm net buying 180.32 million yuan while two others net sold 30.83 million yuan [1] Trading Activity Summary - The top trading departments included: - Shenzhen Stock Connect: 240.53 million yuan, accounting for 10.23% of total transactions [2] - Guolian Minsheng Securities, Ningbo branch: 180.32 million yuan, accounting for 7.67% [2] - Other notable departments included Guangfa Securities and Guotou Securities with respective buy amounts of 63.09 million yuan and 58.17 million yuan [2] - Overall, the top five buying and selling departments accounted for 26.03% of total transactions, with a combined buying amount of 611.92 million yuan [2]

Core Viewpoint - The performance of A-share listed securities firms has generally improved in the first three quarters of the year, driven by the rise in the A-share market, particularly in brokerage and proprietary trading businesses, although significant disparities in performance among firms have emerged [1][2][3]. Group 1: Overall Performance - All 42 listed securities firms reported year-on-year revenue growth in the first three quarters, except for Western Securities, which saw a slight decline [1][2]. - The leading firm, CITIC Securities, achieved a total revenue of 55.815 billion yuan, a year-on-year increase of 32.7%, with net profit rising by 37.86% to 23.159 billion yuan [2]. - Notable performers include Guotai Junan and Guolian Minsheng, with revenue growth of 101.6% and 201.17%, respectively [2][3]. Group 2: Business Segmentation - Brokerage and proprietary trading businesses have been the main drivers of revenue growth, with all firms reporting positive growth in brokerage income, and 38 firms seeing increases of over 50% [6][8]. - Guolian Minsheng's brokerage income surged by 293%, while Guotai Junan's increased by 143% [6]. - Proprietary trading also performed well, with Longjiang Securities reporting a 290% increase in proprietary income [6]. Group 3: Performance Disparities - Despite overall growth, some firms like Western Securities experienced revenue declines, although their net profit increased significantly due to improved efficiency and cost management [3][5]. - The disparity in performance is evident, with some firms' proprietary trading income declining, while others saw substantial increases [7][8]. - The investment banking sector has faced challenges, with several firms reporting declines in income, attributed to a shift of companies opting for listings in Hong Kong instead of A-shares [8]. Group 4: Market Sentiment and Stock Performance - The stock prices of securities firms have shown significant divergence from their performance, with a notable drop following a market downturn despite a cumulative increase of over 31% since April [9][11]. - Analysts suggest that the traditional logic of "bull markets favoring securities firms" is changing, indicating a more structural rather than broad-based market recovery [13].

| | 2025三季 | 去年三季 | | 2025三季 | 去年三季 | | | --- | --- | --- | --- | --- | --- | --- | | 证券简称 | 营业收入 | 营业收入 | 目比 | 原因净利润 | 旧母净利润 目比资利 | | | | (亿元) | (亿元) | | (亿元) | (亿元) | | | 中信证券 | 558.15 | 461.42 | 20.96% | 231.59 | 167.99 | 37.86% | | 国泰海通 | 458.92 | 290.01 | 58.24% | 220.74 | 95.23 | 131.80% | | 华泰证券 | 271.29 | 314.24 | -13.67% | 127.33 | 125.21 | 1.69% | | 中国银河 | 227.51 | 270.86 | -16.01% | 109.68 | 69.64 | 57.51% | | 广发证券 | 261.64 | 191.37 | 36.72% | 109.34 | 67.64 | 61.64% | | 国信证券 | 192.03 | 122.71 | ...

Core Viewpoint - Guolian Minsheng (601456.SH) reported significant growth in its financial performance for the first three quarters of 2025, indicating strong operational efficiency and profitability [1] Financial Performance - The company's operating revenue for the first three quarters reached 6.038 billion yuan, representing a year-on-year increase of 201.17% [1] - Net profit attributable to shareholders was 1.763 billion yuan, showing a remarkable year-on-year growth of 345.30% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.723 billion yuan, with a year-on-year increase of 348.81% [1] - Basic earnings per share stood at 0.31 yuan [1]

Group 1: China National Offshore Oil Corporation (CNOOC) - CNOOC reported a net profit of 101.97 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.6% [1][2] - The company's operating income for the third quarter was 104.89 billion yuan, an increase of 5.7% year-on-year, while the net profit attributable to shareholders was 32.44 billion yuan, down 12.2% [1][2] - CNOOC's oil and gas net production reached 578.3 million barrels of oil equivalent in the first three quarters, a year-on-year increase of 6.7% [2] Group 2: BYD - BYD's net profit for the first three quarters of 2025 was 233.33 billion yuan, a decrease of 7.55% year-on-year [4][5] - The company's operating income for the third quarter was 1949.85 billion yuan, down 3.05% year-on-year, with a net profit of 78.23 billion yuan, a decline of 32.60% [4][5] Group 3: Industrial and Commercial Bank of China (ICBC) - ICBC reported a net profit of 269.91 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.33% [6][7] - The bank's operating income for the third quarter was 212.93 billion yuan, up 3.41% year-on-year, with a net profit of 101.80 billion yuan, an increase of 3.29% [6][7] Group 4: China Construction Bank (CCB) - CCB's net profit for the first three quarters of 2025 was 257.36 billion yuan, a year-on-year increase of 0.62% [9][10] - The bank's operating income for the third quarter was 179.43 billion yuan, down 1.98% year-on-year, while the net profit was 95.28 billion yuan, an increase of 4.19% [9][10] Group 5: Agricultural Bank of China (ABC) - ABC reported a net profit of 220.86 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.03% [14][15] - The bank's operating income for the third quarter was 1809.39 billion yuan, up 4.36% year-on-year, with a net profit of 813.49 billion yuan, an increase of 3.66% [14][15] Group 6: Ping An Insurance - Ping An Insurance's net profit for the first three quarters of 2025 was 147.79 billion yuan, a year-on-year increase of 41.01% [16][17] - The company's operating income for the third quarter was 353.27 billion yuan, down 11.48% year-on-year, with a net profit of 42.49 billion yuan, a decline of 55.98% [16][17] Group 7: Luxshare Precision - Luxshare Precision reported a net profit of 115.18 billion yuan for the first three quarters of 2025, a year-on-year increase of 26.92% [18][19] - The company's operating income for the third quarter was 964.11 billion yuan, up 31.03% year-on-year [18][19] Group 8: GF Securities - GF Securities achieved a net profit of 109.34 billion yuan for the first three quarters of 2025, a year-on-year increase of 61.64% [20][21] - The company's operating income for the third quarter was 107.66 billion yuan, up 51.82% year-on-year [20][21] Group 9: China Southern Airlines - China Southern Airlines reported a net profit of 18.70 billion yuan for the first three quarters of 2025, a year-on-year increase of 37.31% [22][23] - The company's operating income for the third quarter was 490.69 billion yuan, up 0.90% year-on-year, while the net profit was 36.76 billion yuan, down 11.31% [22][23] Group 10: China Galaxy Securities - China Galaxy Securities reported a net profit of 109.68 billion yuan for the first three quarters of 2025, a year-on-year increase of 57.51% [35][36] - The company's operating income for the third quarter was 90.04 billion yuan, up 55.94% year-on-year [35][36]