股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國聯民生證券股份有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01456 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 442,640,000 | RMB | | 1 RMB | | 442,640,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 442,640,000 | RMB | | 1 RMB | | 442,640,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國聯民生證券股份有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01456 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 442,640,000 | RMB | | 1 RMB | | 442,640,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 442,640,000 | RMB | | 1 RMB | | 442,640,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港 ...

Core Insights - Guolian Minsheng Securities Co., Ltd. released its first half-year report after its merger, showing significant growth in revenue and net profit for the first half of 2025 [1] Financial Performance - The company's operating revenue for the first half of 2025 reached 4.01 billion, a year-on-year increase of 269.40% [2] - Total profit amounted to 1.40 billion, reflecting a staggering increase of 2,472.75% compared to the same period last year [2] - Net profit attributable to shareholders was 1.13 billion, up 1,185.19% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 1.12 billion, an increase of 1,355.70% [2] - The net cash flow from operating activities was 499.27 million, a decrease of 92.16% compared to the previous year [2] - Total assets reached 185.40 billion, a growth of 90.72% from the end of the previous year [2] - Total liabilities were 133.81 billion, increasing by 70.98% [2] - Equity attributable to shareholders was 51.09 billion, up 174.90% [2] Business Segments - Brokerage and wealth management services generated revenue of 1.20 billion, a year-on-year increase of 215.76% [3] - Investment banking services brought in 544 million, reflecting a growth of 214.94% [3] - Asset management and investment services saw revenue decline by 8.23% to 294 million [3] - Credit trading services achieved revenue of 300 million, up 136.10% [3] - Securities investment services reported revenue of 1.69 billion, a remarkable increase of 14,052.11% [3]

Group 1 - The heavy truck wholesale sales in August reached approximately 84,000 units, showing a slight month-on-month decrease of 1% but a year-on-year increase of about 35%, indicating a strong performance in the off-season [1] - Cumulative wholesale sales of heavy trucks from January to August amounted to approximately 708,000 units, reflecting a year-on-year growth of 13% [1] - The domestic terminal sales of heavy trucks in August are expected to grow by about 50% year-on-year, benefiting from the trade-in policy [1] Group 2 - The demand for gas vehicles has rebounded significantly in August, with terminal sales expected to increase by over 15% month-on-month and over 30% year-on-year, returning to positive growth [2] - The penetration rate of gas vehicles increased from less than 22% in July to 26%-27% in August [2] - The terminal sales of electric heavy trucks are expected to exceed 16,000 units in August, representing a year-on-year increase of over 160% [2] Group 3 - Both China National Heavy Duty Truck Group and Weichai Power reported their Q2 revenues, with China National Heavy Duty Truck at 133 billion and Weichai Power at 557 billion, showing a quarter-on-quarter increase of 3% and a decrease of 3% respectively [3] - The net profits for China National Heavy Duty Truck and Weichai Power were 3.6 billion and 29.3 billion respectively, with quarter-on-quarter increases of 15% and 8% [3] - The heavy truck industry is expected to see an upward trend in the second half of 2025, with leading companies likely to benefit significantly [3] Group 4 - The heavy truck industry is anticipated to recover in 2024, with domestic sales remaining stable and overseas markets continuing to grow [4] - The trade-in policy is expected to stimulate demand for terminal replacements, driving domestic sales towards the central level in 2025 [4] - The increase in export and natural gas sales proportions is expected to optimize the profit structure significantly, with profit elasticity likely to exceed sales elasticity [4]

Investment Rating - The investment rating for Guolian Minsheng (601456.SH) is "Buy" (maintained) [1] Core Views - The report highlights a significant increase in revenue due to the consolidation of Minsheng Securities, with a projected growth in net profit for the years 2025-2027 [5][6] - The company achieved a remarkable year-on-year increase in revenue and net profit for the first half of 2025, with revenue reaching 4.01 billion and net profit at 1.13 billion, representing increases of 269% and 1185% respectively [5][6] - The report anticipates continued strong performance driven by the integration of Minsheng Securities, with expected net profits of 2.19 billion, 2.29 billion, and 2.73 billion for 2025, 2026, and 2027 respectively [5][8] Financial Performance Summary - For the first half of 2025, the company reported a net income of 1.13 billion, with a quarterly net profit of 750 million, reflecting a 100% increase from the previous quarter [5][6] - The annualized weighted average ROE is 5.0%, an increase of 4 percentage points year-on-year [5] - The company’s brokerage business net income for the first half of 2025 was 905 million, up 224% year-on-year, benefiting from active market trading and an increase in clients [6] - Investment income surged to 2.1 billion, a 456% increase year-on-year, with a self-operated investment return rate of 2.5% [7] Revenue and Profit Forecast - The projected revenue for 2025 is 8.705 billion, with a year-on-year growth of 224.4% [8][11] - The expected net profit for 2025 is 2.19 billion, reflecting a year-on-year increase of 451.2% [8][11] - The report outlines a gross margin of 32.2% and a net margin of 25.2% for 2025 [8][11] Valuation Metrics - The current price-to-book (P/B) ratio is projected at 1.3 for 2025, with estimates of 1.2 for 2026 and 2027 [5][8] - The price-to-earnings (P/E) ratio is expected to be 30.9 for 2025, decreasing to 24.8 by 2027 [8][11]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, driven by market activity and the integration of Minsheng Securities [1][2]. Financial Performance - The company achieved operating revenue of 4.011 billion yuan, a year-on-year increase of 47.4% [1]. - The net profit attributable to shareholders reached 1.127 billion yuan, up 166.9% year-on-year [1]. - Earnings per share (EPS) stood at 0.20 yuan, with a return on equity (ROE) of 2.52%, an increase of 2.04 percentage points year-on-year [1]. Business Segments - The proprietary trading segment saw revenue of 2.097 billion yuan, a year-on-year increase of 94.3% [1]. - The brokerage business generated revenue of 905 million yuan, reflecting a year-on-year growth of 22.6% [2]. - The investment banking segment reported revenue of 531 million yuan, a decline of 9.6% year-on-year, with a total underwriting amount of 2.620 billion yuan from six projects [2]. Asset Management and Credit - The company recorded credit business revenue of 27 million yuan, a significant increase of 120.3% year-on-year, with interest income of 934 million yuan and interest expenses of 908 million yuan [2]. - Asset management revenue was 357 million yuan, showing a slight growth of 0.6% year-on-year [2]. Strategic Developments - The integration of Minsheng Securities has enhanced the company's competitive position, with a nationwide coverage in key regions [2]. - The company has successfully expanded its financial investment funds to 92.672 billion yuan, an increase of 16.51% from the beginning of the year [1].

Group 1 - Company Keda (SZ 002518) announced that it will hold an investor research meeting on September 1-2, 2025, with participation from the Deputy General Manager and Board Secretary Fan Tao [1] - For the first half of 2025, Keda's revenue composition is as follows: Data Center industry accounts for 61.44%, New Energy industry accounts for 37.6%, and Other businesses account for 0.96% [1] Group 2 - As of the report, Keda's market capitalization is 19.3 billion yuan [2]

Core Viewpoint - Pingao Co., Ltd. (688227.SH) is currently experiencing a decline in stock price, closing at 33.44 yuan with a drop of 5.75%, resulting in a total market capitalization of 3.781 billion yuan. The stock is in a state of breaking its initial public offering price [1]. Summary by Sections Company Overview - Pingao Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 30, 2021, with an issuance of 28.263819 million shares at an initial price of 37.09 yuan per share [1]. - The company raised a total of 1.048 billion yuan from its initial public offering, with a net amount of 917 million yuan after deducting issuance costs. The final net fundraising exceeded the original plan by 348 million yuan [1]. Fundraising Purpose - The funds raised are intended for several projects, including the development of an information technology innovation cloud platform, a dedicated information service cloud platform, the construction of Pingao Building, and to supplement working capital [1]. Issuance Costs - The total issuance costs for the initial public offering amounted to 131 million yuan, with underwriting and sponsorship fees accounting for 104 million yuan [2].

Group 1 - The core viewpoint of the report is that Guolian Minsheng (601456.SH) is rated as outperforming the market due to its expanding proprietary scale and the construction of equity accounts [1] - The brokerage business shows significant regional complementarity, and the fund advisory business continues to grow [1] - The scale of equity financing has decreased, indicating a more cautious approach in capital markets [1]

Group 1 - The core viewpoint is that all 49 listed brokerage firms in A-shares have reported positive growth in net profit, with 13 firms showing an increase of over 100%, and Huaxi Securities and Guolian Minsheng achieving nearly 1200% profit growth [1] - 28 listed brokerages have disclosed their profit distribution plans for the first half of 2025, with seven firms including CITIC Securities, Guotai Junan, and China Galaxy planning to distribute cash dividends exceeding 1 billion yuan [1] - The brokerage sector's performance is driven by increased trading activity, with core businesses such as brokerage and proprietary trading being the main sources of profit growth [3][5] Group 2 - The brokerage ETF (512000) has seen significant net inflows, with a recent single-day net inflow of 462 million yuan and cumulative net inflows exceeding 4.1 billion yuan over the past 20 days [6][5] - The current price-to-book ratio (PB) of the brokerage sector is 1.65, which is at the 51.47% percentile over the past decade, indicating that the sector is still undervalued [3] - Analysts expect the brokerage index to maintain a steady upward trend if the equity market continues to expand, with the potential to approach a PB of two times, which is the upper limit of the valuation range over the past ten years [5][3] Group 3 - The brokerage ETF (512000) is designed to passively track the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [7] - The ETF has a current fund size exceeding 31.2 billion yuan, marking a historical high, and has an average daily trading volume of over 900 million yuan, making it one of the most liquid ETFs in the A-share market [6][7]