近日，公司收到北京市第二中级人民法院出具的《执行裁定书》，裁定泛海控股名下持有的民生证券 81,543,019股股份所有权及相应的其他权利归公司所有，公司可持《执行裁定书》办理相关产权过户登 记手续。2025年12月29日，民生证券向公司签发了新的《民生证券股份有限公司股权证》，公司持有民 生证券的股份数量由11,288,911,130股增加至11,370,454,149股，比例由99.26%上升至99.98%。 格隆汇12月29日丨国联民生(01456.HK)公布，公司于2025年11月12日通过司法拍卖竞得泛海控股持有的 民生证券81,543,019股股份(占民生证券总股本的0.72%)。 ...

近日，公司收到北京市第二中级人民法院出具的《执行裁定书》，裁定泛海控股名下持有的民生证券 81,543,019股股份所有权及相应的其他权利归公司所有，公司可持《执行裁定书》办理相关产权过户登 记手续。2025年12月29日，民生证券向公司签发了新的《民生证券股份有限公司股权证》，公司持有民 生证券的股份数量由11,288,911,130股增加至11,370,454,149股，比例由99.26%上升至99.98%。 格隆汇12月29日丨国联民生(01456.HK)公布，公司于2025年11月12日通过司法拍卖竞得泛海控股持有的 民生证券81,543,019股股份(占民生证券总股本的0.72%)。 ...

国联民生证券股份有限公司（以下简称"公司"）通过司法拍卖竞得泛海控 股股份有限公司（以下简称"泛海控股"）持有的民生证券股份有限公司（以下 简称"民生证券"）81,543,019 股股份（占民生证券总股本的 0.72%），具体内容 详见公司于 2025 年 11 月 13 日披露的《国联民生证券股份有限公司关于控股子 公司股权变动的提示性公告》（公告编号：2025-068 号）。 近日，公司收到北京市第二中级人民法院出具的《执行裁定书》，裁定泛海 控股名下持有的民生证券 81,543,019 股股份所有权及相应的其他权利归公司所 有，公司可持《执行裁定书》办理相关产权过户登记手续。2025 年 12 月 29 日， 民生证券向公司签发了新的《民生证券股份有限公司股权证》，公司持有民生证 券的股份数量由 11,288,911,130 股增加至 11,370,454,149 股，比例由 99.26%上升 至 99.98%。 证券代码：601456 证券简称：国联民生 公告编号：2025-080 号 国联民生证券股份有限公司 关于控股子公司股权变动的进展公告 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、 ...

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，概不就因本公告全部或任何 部分內容而產生或因依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） 關於控股子公司股權變動的公告 國聯民生證券股份有限公司（「本公司」）於2025年11月12日通過司法拍賣競得泛 海控股股份有限公司（「泛海控股」）持有的民生證券股份有限公司（「民生證券」） 81,543,019股股份（佔民生證券總股本的0.72%）。 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、吳衛華先生及楊振興先生；本公司職工董事為陳興君先生；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。 近日，本公司收到北京市第二中級人民法院出具的《執行裁定書》，裁定泛海控股名 下持有的民生證券81,543,019股股份所有權及相應的其他權利歸本公司所有，本公 司可持《執行裁定書》辦理相關產權過戶登記手續。2025年12月29日，民生證券向本 公司簽發了新的《民生證券股份有限公司股權證》，本公司 ...

格隆汇12月29日｜国联民生(601456.SH)公告称，通过司法拍卖竞得泛海控股持有的民生证券8154.3万股 股份，占民生证券总股本的0.72%。近日，公司收到《执行裁定书》，裁定上述股份所有权归公司所 有。2025年12月29日，民生证券向公司签发了新的股权证，公司持有民生证券的股份数量增加至113.70 亿股，比例上升至99.98%。 ...

Core Viewpoint - 2025 is a pivotal year for the Chinese securities industry, focusing on deepening functional positioning and high-quality development, with an emphasis on mergers and acquisitions, international expansion, and technological innovation [2][4]. Group 1: Industry Development Strategy - The industry development strategy is projected in two dimensions: internally, to create a first-class investment bank through mergers and acquisitions; externally, to recommend the value of Chinese assets to global markets [2]. - High-quality development is the main theme, requiring securities firms to act as both market participants and builders, as well as to become "boosters" of technological innovation and "guardians" of residents' wealth [2]. Group 2: Mergers and Acquisitions - 2025 marks a critical year for mergers and acquisitions in the Chinese securities industry, with major firms merging and smaller institutions seeking transformation [4]. - Notable mergers include the formation of "Guotai Haitong Securities" from Guotai Junan and Haitong Securities, and the merger of Guolian Securities and Minsheng Securities, which has significantly improved their profitability rankings [4][5]. - The merger wave is reshaping the competitive landscape, with the top firms now dominating profit rankings [4]. Group 3: Classification Evaluation - The classification evaluation of securities firms is undergoing significant revisions in 2025, emphasizing the need for firms to enhance their functional roles and professional capabilities [6]. - New regulations remove the revenue bonus while increasing the emphasis on return on equity (ROE), guiding firms to focus on operational efficiency rather than mere scale [6][7]. Group 4: Margin Trading and Financing - The margin trading market is heating up, with a record balance of 2.54 trillion yuan, reflecting a 36.6% increase from the beginning of the year [9]. - Competition among firms has intensified, with some lowering financing rates below 4% to attract clients, indicating a shift towards long-term client retention strategies [9][10]. Group 5: Investment Banking and Technology - The securities industry is adapting to the "hard technology" era, with reforms aimed at providing more inclusive financing paths for tech companies [11]. - Firms are establishing research institutes focused on emerging industries and enhancing their service capabilities through collaboration and talent development [13]. Group 6: AI Integration - The adoption of AI technologies is rapidly transforming the securities industry, with firms implementing AI across various business functions, significantly improving efficiency [15]. - The shift towards AI-driven services is seen as a critical factor in maintaining competitive advantage, with some firms fully committing to AI integration [15]. Group 7: Internationalization - Chinese securities firms are deepening their internationalization efforts, expanding their service offerings beyond traditional roles to include cross-border wealth management and derivatives trading [17]. - The internationalization process is driven by both market demand and strategic goals, positioning firms as key players in the global market [17][18]. Group 8: Asset Management Transformation - The public offering process for asset management is reaching a turning point, with firms reassessing their roles in the broader asset management landscape [19]. - The transition of collective investment products is a priority, with many firms adapting to regulatory changes and focusing on private equity and other specialized products [20][21]. Group 9: Capital Space Optimization - Regulatory changes are encouraging firms to optimize capital management, with a focus on enhancing capital utilization efficiency [25]. - The average leverage ratio of listed securities firms is currently at 3.45 times, indicating room for improvement compared to other financial institutions [25]. Group 10: Name Changes Reflecting Strategic Shifts - A wave of name changes among securities firms signals strategic realignments and resource restructuring following mergers and acquisitions [26]. - The name changes often reflect deeper integration and new strategic directions, indicating a shift in focus and operational capabilities [26][28].

Core Viewpoint - 2025 is a pivotal year for the Chinese securities industry, focusing on deepening functional positioning and high-quality development, with an emphasis on mergers and acquisitions, international expansion, and technological innovation, particularly through AI applications [1][2]. Mergers and Acquisitions - The year marks a critical phase for mergers and acquisitions in the securities industry, with major firms like Guotai Junan and Haitong Securities merging to form Guotai Haitong Securities, and other significant consolidations such as Guolian Securities and Minsheng Securities [3][4]. - The competitive landscape is shifting, with Guotai Haitong leading in net profit, and Guolian Minsheng's ranking improving significantly from around 40th to the top 20 [3]. - New merger cases are emerging, such as CICC's plan to merge with Xinda Securities and Dongxing Securities, potentially creating a new entity with over 1 trillion yuan in total assets [3]. Industry Integration Logic - Two main integration strategies are evident: resource consolidation under the same actual controller and market-driven mergers aimed at enhancing national influence [4]. - Analysts suggest that resource integration may become the most important way for securities firms to quickly enhance scale and comprehensive strength [4]. Classification Evaluation Reform - A significant revision of the classification evaluation for securities firms is underway, emphasizing the need for firms to enhance their functional roles and professional capabilities [5][6]. - The new regulations aim to shift focus from revenue expansion to improving operational efficiency and professional skills, thereby enhancing overall industry competitiveness [5]. Margin Trading Market - The margin trading market is heating up, with a record balance of 2.54 trillion yuan, reflecting a 36.6% increase from the beginning of the year [7]. - Several firms have raised their margin trading limits, and a price war on interest rates has begun, with some firms offering rates below 4% [8][9]. Investment Banking and Technology - The securities industry is adapting to a new era of "hard technology," with reforms aimed at providing more inclusive financing paths for tech companies [10][11]. - Securities firms are establishing research institutes focused on emerging industries and enhancing their service capabilities through collaboration and talent development [11]. AI Integration - The adoption of AI technologies is rapidly transforming the industry, with applications expanding across various business functions, significantly improving efficiency [12][13]. - Firms are moving towards an "AI-native" model, enhancing client engagement and operational management through AI tools [12]. Internationalization of Securities Firms - The internationalization of Chinese securities firms is accelerating, with a focus on comprehensive service capabilities and participation in global market competition [14][15]. - This trend is driven by the growing demand for cross-border services and the strategic goal of building first-class investment banks [14]. Asset Management Transformation - The public offering process for asset management is at a turning point, with firms reassessing their positioning in the broader asset management landscape [16][17]. - The industry is witnessing a decline in the rush for public fund licenses, with many firms withdrawing applications, indicating a shift in focus towards existing business optimization [16]. Impact of Fund Fee Reforms - The implementation of public fund fee reforms is pushing securities firms to enhance their research and wealth management capabilities, with a notable decline in commission revenues [18]. - Firms are transitioning towards a buyer advisory model, focusing on asset management and providing comprehensive solutions rather than merely selling products [18]. Regulatory Environment - Regulatory signals indicate a potential easing of capital requirements for high-quality institutions, aimed at improving capital utilization efficiency [19]. - Analysts suggest that enhancing leverage and capital efficiency could drive growth in high-value capital-intensive businesses [19]. Name Changes Reflecting Strategic Shifts - A wave of name changes among securities firms signifies strategic realignments and resource restructuring following mergers and acquisitions [20][21]. - These changes reflect deeper integration and the influence of new stakeholders, indicating a shift in strategic focus and operational capabilities [20].

Group 1: Export Structure and Economic Growth - The export structure of Chinese enterprises has undergone a significant transformation, with the top three industries in 2025 being consumer electronics, power equipment, and semiconductors, compared to textiles, pharmaceuticals, and rare metals in 2010, indicating strategic opportunities [2] - Exports are identified as a key driver of China's economic growth, with resilience stemming from both cyclical and structural factors, including accelerated overseas expansion and new growth points in Africa [2] Group 2: Domestic Consumption - The transition from "residual consumption" to "willingness to consume" is highlighted as a critical focus for policy in the coming year, reflecting a shift from "investment in goods" to "investment in people" [3] - Service consumption innovation is expected to adopt a "trial and error" approach, with regions like Zhejiang and Guangdong likely to lead in developing new service consumption scenarios [3] Group 3: Capital Markets - The A-share market is characterized by a gradual rise in its bottom, but it is not expected to follow a one-sided upward trend, with the need to avoid creating a single-direction market expectation [4] - The correlation between A-shares and US stocks has increased since late June, with A-shares showing greater elasticity in response to US market volatility, which is beneficial for maintaining a healthy long-term upward trend [4] - The upward trend in the A-share market is expected to continue into 2026, with specific growth rates dependent on the overseas market environment and the growth narratives of companies with core technologies [4] Group 4: Profit Recovery and Fiscal Policy - Profit recovery is a key variable, with the potential for positive support for the market and indices if month-on-month data shows a sustained rebound, despite challenges in achieving year-on-year positive PPI [5] - Fiscal policy is anticipated to focus on "efficiency" rather than aggressive expansion, with a shift towards consumer and livelihood sectors to maximize the use of limited fiscal resources [5]

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 顧偉 中國江蘇省無錫市 2025年12月28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、吳衛華先生及楊振興先生；本公司職工董事為陳興君先生；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。 本次股票上市流通总数为1,770,705,604股。 本次股票上市流通日期为2026 年 1 月 5 日。 证券代码：601456 证券简称：国联民生 公告编号：2025-079 号 国联民生证券股份有限公司 发行股份购买资产并募集配套资金暨关联交易之 发行股份购买资产部分限售股上市流通公告 本公司董事会 ...

Group 1 - The recent recruitment of prominent analysts in the pharmaceutical, banking, and overseas research sectors indicates a strategic focus on these key areas for the research institute [2] - Zhang Jinyang's team, known for its expertise in innovative drugs, has received multiple awards from 2016 to 2025, including the Golden Bull Award and the Crystal Ball Award, and is recognized for accurately predicting market trends [2] - Wang Xianshuang's team has also achieved significant accolades in the financial sector, including being ranked first in both the Golden Bull Award and the Crystal Ball Award from 2019 to 2024, showcasing their strong analytical capabilities [2] Group 2 - Guolian Minsheng is positioned as a benchmark for industry consolidation, with a research institute led by top analysts, creating a comprehensive and forward-looking research system [3] - The integration of "New Fortune-level" teams across core sectors aims to enhance the research capabilities and foster innovation within the organization [3] - The platform's upgrade allows star analysts to leverage their expertise and drive growth, attracting top-tier teams to join [3]