证券代码：601456 证券简称：国联民生 公告编号：2025-050 号 国联民生证券股份有限公司 关于任免高级管理人员的公告 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。 国联民生证券股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日召开第 五届董事会第二十七次会议，审议通过《关于聘任公司高级管理人员等相关事项 的议案》，同意聘任熊雷鸣先生担任公司执行副总裁，聘任郑亮先生、胡又文先 生担任公司副总裁（上述高级管理人员简历见附件），任期自本次董事会审议通 过之日起至公司第五届董事会届满之日止。马群星先生因工作调整不再担任公司 副总裁，公司其他高级管理人员职务不变。 公司董事会对马群星先生在担任公司副总裁期间对公司发展做出的努力和 贡献表示衷心感谢！ 1 特此公告。 国联民生证券股份有限公司董事会 2025 年 8 月 8 日 附件： 1、熊雷鸣先生简历 熊雷鸣先生，出生于 1970 年，中国国籍，无境外永久居留权，经济学硕士， 高级会计师。现任民生期货有限公司董事、民生证券投资有限公司董事。曾任湖 北药检专科 ...

证券代码：601456 证券简称：国联民生 公告编号：2025-048 号 国联民生证券股份有限公司 第五届董事会第二十七次会议决议公告 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 （一）《关于选举公司董事长的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票，本议案获通过。 公司董事会收到葛小波先生的辞职报告，葛小波先生因工作调整原因，提请 辞去公司董事长、董事会风险控制委员会主任委员、董事会战略与 ESG 委员会 主任委员等职务，仍继续担任公司执行董事、总裁、董事会风险控制委员会委员、 董事会战略与 ESG 委员会委员等职务，自辞职报告送达董事会时生效。 为保障公司董事会日常事务的开展，根据《公司章程》及董事会专门委员会 议事规则，公司董事会同意选举公司党委书记、董事顾伟先生担任公司董事长（简 1 历见附件），并相应担任公司法定代表人、董事会风险控制委员会主任委员、董 事会战略与 ESG 委员会主任委员等职务，任期自本次董事会审议通过之日起至 公司第五届董事会届满之日止。 具体内容请参见 ...

2023年3月，国联集团以91.05亿元的成交价拿下民生证券30.3%股权。2023年12月4日，国联集团发布公 告，根据无锡市政府通知，任命顾伟为国联集团总裁。同年12月15日，证监会批复，核准国联集团为民 生证券主要股东。次年3月、7月，顾伟先后担纲民生证券董事长、原国联证券党委书记，亲自操刀"国 联+民生"整合事项。 今年2月14日"国联民生"首次公开亮相，标志着中央金融工作会议召开以及新"国九条"后的首单券商行 业市场化并购案例成功落地，随后各项业务及人员的实质性整合有序推进。国联民生证券于6月6日一次 性任命5名高管，均来自民生证券，实现了战略力量的有效注入。此番国联民生证券迎来高管团队的第 二次调整，明确了董事长、总裁等关键岗位人员。 据接近国联民生证券人士透露，此次高管团队调整后，国联民生证券全部高管团队已正式确定，标志着 国联民生证券整合进入了新阶段。 "一肩挑"释放双重深意 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 国联集团是无锡市政府出资设立的国有资本投资运营和授权经营试点企业，也是国联民生证券合并后的 控股股东，而国联民生证券的合并作为无锡国资成功推动的券 ...

Core Viewpoint - The company announced the resignation of its chairman, Ge Xiaobo, due to work adjustments, while he will continue to serve as an executive director and president [1] Group 1 - Ge Xiaobo has resigned from the position of chairman and other roles, but will remain as an executive director and president [1] - The board of directors has elected Gu Wei as the new chairman, with a term lasting until the end of the fifth board of directors [1] - Gu Wei currently holds multiple positions, including vice secretary of the Party Committee and president at Wuxi Guolian Development (Group) Co., Ltd., and chairman of Minsheng Securities Co., Ltd. [1]

云南能投（SZ 002053，收盘价：10.71元）发布公告称，2025年8月8日上午10:10~11:30，云南能投接受 国联民生证券调研，公司副总经理、董事会秘书李政良等人参与接待，并回答了投资者提出的问题。 （文章来源：每日经济新闻） 2024年1至12月份，云南能投的营业收入构成为：电力占比34.45%，天然气占比28.11%，食品占比 20.22%，化工占比14.64%，其他业务占比2.58%。 ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [3] Core Insights - The banking sector is experiencing a recovery in activity, with several banks reporting positive growth in net profit for the first half of 2025, driven by favorable policies and a stable interest margin [7][46] - The securities sector is benefiting from explosive growth in mid-year earnings forecasts from listed brokers, with all 32 brokers reporting increased or turned profitable earnings [4][48] - The insurance industry is seeing a favorable shift in its liability side, with a reduction in the guaranteed interest rate for traditional life insurance, prompting a potential shift in product offerings [5][49] Summary by Sections Market Review - As of August 7, 2025, the banking index increased by 1.66%, while the securities index decreased by 1.98%, and the insurance index rose by 0.35% [15] - Agricultural Bank, Western Securities, and New China Life Insurance showed the best performance among sub-sectors with increases of 8.23%, 6.04%, and 4.45% respectively [15] Valuation Situation - As of August 7, 2025, the banking sector's price-to-book (PB) ratio is 0.77, with state-owned banks at 0.80, joint-stock banks at 0.68, city commercial banks at 0.76, and rural commercial banks at 0.66 [24] - The securities sector's PB ratio is 1.55, indicating potential for valuation recovery [27] Recent Market Indicators - The average daily trading volume in the A-share market was 16,120.08 billion, with a week-on-week decrease of 9.79% [35] - The margin trading balance reached 2 trillion, marking a significant milestone since July 2015 [35] Industry News - The government is implementing consumer loan interest subsidies to stimulate consumption and enhance market vitality [41] - The insurance sector is expanding its private equity investment funds, indicating a long-term influx of capital into the market [42] Company Announcements - Qingdao Bank reported a 7.50% increase in revenue for the first half of 2025, with net profit growing by 16.05% [44] - Agricultural Bank and other banks are expected to benefit from favorable policies and a stable dividend environment [46] Weekly Perspectives - The banking sector is expected to see continued demand for high-dividend, low-valuation stocks, driven by a low-interest-rate environment and a shift in capital towards safer investments [46][47] - The securities sector is advised to focus on companies with strong mid-year earnings forecasts and those benefiting from regulatory changes [48] - The insurance sector is encouraged to optimize product structures in response to changes in guaranteed interest rates, with a focus on flexible income products [49]

Core Viewpoint - The report from Guolian Minsheng Securities emphasizes the significant potential in deep-sea economic development and marine resource exploitation, driven by national policies and financial support, particularly highlighting China National Offshore Oil Corporation (CNOOC) and the marine oil and gas service industry as key areas of investment focus [1] Group 1: Deep-Sea Energy Development - CNOOC is identified as the largest offshore oil and gas operator in China, with a comprehensive industry chain covering exploration, engineering, equipment operation, and oilfield services [1] - The South China Sea is noted for its rich oil and gas resources, with many underwater mineral resources still undeveloped, making deep-water exploration a global focus [1] Group 2: Demand for High-Performance Materials - There is a growing rigid demand for high-performance and specialized chemical materials that can withstand extreme marine environments, which is crucial for modern marine economic development [2] - The marine new materials market is expanding due to the implementation of the "Marine Power" strategy and the rapid development of the blue economy, impacting various sectors such as exploration, shipping, and port construction [2] Group 3: Corrosion Challenges in Marine Engineering - The construction costs of marine engineering equipment increase exponentially with water depth and offshore distance, leading to higher maintenance and operational costs compared to land facilities [3] - The need for advanced anti-corrosion technologies is critical, as any failure in coating performance can result in significant economic losses [3] - New anti-corrosion coatings, such as graphene-based solutions, are expected to meet or exceed stringent performance standards, representing a potential future direction for the industry [3] Group 4: Sealing Materials Demand - Sealing components are essential for the stable and efficient operation of machinery, preventing leaks and external contamination, which is particularly challenging in marine environments [4] - The global market for marine sealing materials is anticipated to benefit from increased demand driven by the marine economy and the rising application ratio of sealing materials [4] - There is a growing emphasis on environmentally friendly sealing materials, which is expected to drive the development of new sealing solutions [4]

国联民生证券主要观点如下： 供给约束逻辑支撑铝价上行，氧化铝或将受益于"反内卷" 国内电解铝产能接近天花板，未来新增产能或有限;电网、新能源汽车等支撑需求端韧性，电解铝供需 缺口有望逐渐显现，驱动铝价中枢上移。氧化铝短期来看，供给过剩背景下，价格或围绕成本线波 动;Q3几内亚进入雨季，铝土矿发运量或将下降，支撑其价格趋稳，氧化铝价格亦有望维持震荡。2025 年7月29日，中国有色金属工业协会表示"将从严控制氧化铝新增产能"。中长期来看，"反内卷"政策持 续加码，氧化铝新增产能投产节奏或有望放缓，从而改善产能过剩格局。 铝产业链一体化龙头，2025H1净利润同比高增 国联民生证券发布研报称，预计中国宏桥(01378)2025-2027年归母净利润分别为227.59/261.69/289.69亿 元，分别同比增长1.73%/14.98%/10.70%，EPS分别为2.40/2.76/3.05元/股，维持"买入"评级。中长期来 看，"反内卷"政策持续加码，氧化铝新增产能投产节奏或有望放缓，从而改善产能过剩格局。公司发布 正面盈利预告，2025H1预计实现归母净利润约123.59亿元，同比增长35%左右。 根据公司发 ...

智通财经APP获悉，国联民生证券发布研报称，预计中国宏桥(01378)2025-2027年归母净利润分别为 227.59/261.69/289.69亿元，分别同比增长1.73%/14.98%/10.70%，EPS分别为2.40/2.76/3.05元/股，维 持"买入"评级。中长期来看，"反内卷"政策持续加码，氧化铝新增产能投产节奏或有望放缓，从而改善 产能过剩格局。公司发布正面盈利预告，2025H1预计实现归母净利润约123.59亿元，同比增长35%左 右。 电解铝权益产能增加，成长性与稀缺性兼备 截至2025年3月末，公司具备电解铝总产能645.9万吨。2025年2月，公司关联公司山东轻金回购/受让公 司股东建信金融资产持有的山东宏桥1.44%少数股东权益，并完成工商信息股东变更登记。2019年11 月，公司以云南宏泰为主体建设在云南的203万吨绿色铝产能，公司通过子公司云南宏桥(公司持股比例 95.29%)持有云南宏泰75%股权;2025年7月，云南宏桥持有云南宏泰的股权比例由75%变更为100%，公 司在云南的电解铝权益产能增加48.36万吨至193.44万吨。 国联民生证券主要观点如下： 供给约束逻辑 ...

增持后，易方达基金管理有限公司最新持股数目为3983.8万股，持股比例由8.32%上升至9.00%。 | 股份代號: | 01456 | | --- | --- | | 上市法國名稱: | 國聯民生證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 05/07/2025 - 05/08/2025 | 格隆汇8月5日丨根据联交所最新权益披露资料显示，2025年7月29日，国联民生(01456.HK)获易方达基金管理有限公司在场内以每股均价6.3028港元增持 301.85万股，涉资约1902.5万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 南大 | 股份數目 | | | ( 請参関上述 * 註 | | | | | | | | | 份百分比 | | | | | | | | | ( 96 ) | | | CS20250801E00383 | 易方达基 ...