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 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 朱賀華先生、高偉先生及郭春明先生。 证券代码：601456 证券简称：国联民生 公告编号：2025-046 号 国联民生证券股份有限公司 2024 年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 葛小波 中國江蘇省無錫市 2025年7月29日 A 股每股现金红利 0. ...

Group 1 - The core viewpoint is that the penetration rate of liquid cooling in data centers is expected to increase rapidly due to the accelerated shipment of next-generation high-performance computing chips, leading to significant growth in orders for liquid cooling infrastructure suppliers [1] - The trend towards liquid cooling in data centers is driven by the limitations of traditional air cooling in high power density environments, with liquid cooling offering advantages such as high specific heat capacity, high thermal conductivity, low noise, high stability, and smaller footprint [1][2] - The liquid cooling infrastructure market is projected to grow significantly, with estimates indicating that the domestic data center total power will increase from 35.5 GW in 2024 to 68.8 GW in 2027, and the global liquid cooling infrastructure market is expected to grow from approximately 11.08 billion yuan in 2024 to 26.34 billion yuan in 2027 [4] Group 2 - The liquid cooling penetration rate in the data center sector is currently low, with only about 5% of server shipments being liquid-cooled servers, but it is anticipated to rise to 30-40% within the next 3-5 years [3] - High R&D investment intensity has created competitive barriers in the liquid cooling infrastructure industry, with leading companies like Invec maintaining a compound annual growth rate (CAGR) of 32.6% in R&D expenses from 2021 to 2024 [2] - The industry faces challenges in customer certification and procurement inertia, making clients cautious about introducing new suppliers [2]

Core Viewpoint - The brokerage sector in A-shares is experiencing significant growth, with the brokerage index rising over 25% since April 8, and many brokerages reporting substantial increases in net profit for the first half of the year, driven by a recovering capital market and favorable policies [1][2][3][8]. Performance Summary - At least 28 listed brokerages have released performance forecasts for the first half of the year, with most reporting a year-on-year net profit growth exceeding 50%, and some large brokerages, such as Shenwan Hongyuan and Guotai Junan, expecting over 100% growth [2][5][6]. - The overall increase in brokerage performance is attributed to the active trading environment in the capital market, which has significantly boosted self-operated investment income and brokerage fee income [8][9]. Factors Supporting Growth - **Fundamental Support**: The active trading environment is expected to continue benefiting brokerage performance, with most brokerages forecasting net profit growth of over 50% for the second half of the year [3][13]. - **Capital Support**: The allocation of equity funds to non-bank financials has increased slightly, indicating potential for further investment in brokerages [14]. - **Policy Support**: Recent policy changes encourage brokerages to focus on improving return on equity (ROE), which may enhance their performance [15]. - **Valuation Levels**: Most brokerages have a price-to-book ratio just above 1, with only about 10 listed brokerages exceeding a ratio of 2, suggesting room for valuation growth [16]. Dividend Yield and Valuation - Several brokerages offer dividend yields above 2%, which is higher than the yield on 10-year government bonds, making them attractive for income-focused investors [1][16][18].

Core Viewpoint - Ningbo Bohui Chemical Technology Co., Ltd. has decided to redeem its convertible bonds ahead of schedule, following the fulfillment of specific conditions outlined in the bond's prospectus [5][6][8]. Group 1: Convertible Bond Basic Information - The total issuance amount of the convertible bonds, known as "Bohui Convertible Bonds," is 397 million yuan, approved by the China Securities Regulatory Commission [3][4]. - The bonds were listed on the Shenzhen Stock Exchange on September 2, 2022, under the code "123156" [3][4]. - The conversion period for the bonds is from February 22, 2023, to August 15, 2028 [4]. Group 2: Redemption Conditions and Process - The bonds have a conditional redemption clause that allows the company to redeem them if the stock price meets certain criteria, specifically if the closing price is at least 130% of the conversion price for 15 out of 30 consecutive trading days [5][6]. - The company’s board approved the early redemption of the bonds on July 25, 2025, based on current market conditions [6][8]. - The redemption price is set at 100.02 yuan per bond, which includes accrued interest calculated based on the bond's face value and interest rate [7][8]. Group 3: Redemption Implementation - The redemption will be executed for all bondholders registered by the close of trading on August 19, 2025, and the bonds will be delisted from the Shenzhen Stock Exchange after the redemption [7][8]. - The funds from the redemption will be directly transferred to the bondholders' accounts through their custodial brokers [8]. Group 4: Compliance and Verification - The company has confirmed that all necessary decision-making procedures were followed for the early redemption, complying with relevant laws and regulations [8]. - The sponsor has no objections to the early redemption of the bonds, affirming that it meets the requirements set forth in the applicable regulations [8].

Group 1 - Several brokerage firms have undergone name changes this year, including Credit Suisse Securities to Beijing Securities, Hongxin Securities to Tianfu Securities, Guotai Junan to Guotai Haitong, and Guolian Securities to Guolian Minsheng, primarily due to significant changes in shareholding structures and mergers and acquisitions [1] - Credit Suisse Securities officially changed its name to Beijing Securities on July 23 after a shareholding change that made it a state-owned brokerage, reflecting a distinct regional characteristic [1] - Hongxin Securities changed its name to Tianfu Securities on May 29, with its largest shareholder being Sichuan Trust, which holds 60.38% of the shares after a bankruptcy restructuring [1] Group 2 - The involvement of state-owned shareholders can enhance brokerage firms in governance, capital strength, and business expansion, providing strong financial support to navigate complex market conditions [2] - Mergers and acquisitions are a significant reason for the name changes among brokerages, with Guotai Junan and Haitong Securities' merger being a notable example, completing its registration changes on April 3 [2] - Guolian Minsheng also completed its name change on February 7 after a merger, reflecting its strategic development needs [3] Group 3 - Ongoing mergers and acquisitions in the securities industry include partnerships like Guoxin Securities with Wanhua Securities and Zheshang Securities with Guodu Securities, indicating a trend towards consolidation [3] - The industry is expected to see increased mergers and acquisitions driven by policy guidance and internal motivations, with resource integration becoming a key method for brokerages to enhance scale and comprehensive strength [3] - Large brokerages may use mergers to address weaknesses and consolidate advantages, while smaller brokerages could achieve scale effects and business complementarity through acquisitions [3]

中国经济网北京7月25日讯 中国证监会山西监管局网站公布的行政监管措施〔2025〕26号显示，民生期 货有限公司因存在报告不及时、对分支机构管理不到位的问题被山西监管局采取出具警示函的监督管理 措施。 经查，该公司于2025年5月7日下发《关于王丽娜免职的通知》，免去王丽娜运城营业部负责人职务，但 未在规定时间内向山西监管局报送相关材料。同时，该公司6月3日才指定代为履职人员，未在原负责人 离职后及时指定新负责人或代为履职人员。 上述情况反映出该公司存在报告不及时、对运城营业部管理不到位的问题，违反了《期货公司董事、监 事和高级管理人员任职管理办法》（证监会令第227号）第二十七条，《期货公司监督管理办法》（证 监会令第155号，下同）第五十一条、一百零二条第（四）项的规定。 山西监管局根据《期货公司监督管理办法》第一百零九条的规定，决定对该公司采取出具警示函的监督 管理措施，并记入证券期货市场诚信档案。 资料显示，2024年12月26日，中国证监会核准国联集团成为民生期货有限公司实际控制人。民生证券股 份有限公司（现名为国联民生（601456）证券股份有限公司）对民生期货有限公司持股100%。 相关法规： ...

Core Viewpoint - The company has announced an adjustment to the annual cap for expected daily related transactions concerning property leasing and related services for 2025, which does not require shareholder meeting approval and does not affect the company's independence or overall shareholder interests [1][2]. Group 1: Adjustment of Related Transactions - The board of directors approved the adjustment of the annual cap for property leasing and related services on July 24, 2025, with relevant directors abstaining from voting [1][2]. - The adjustment was pre-reviewed and approved by the Audit Committee and independent directors before being submitted to the board [2]. Group 2: Previous and Current Transaction Estimates - The company had previously estimated the annual cap for property leasing and related services for 2025 to be no more than 5,509 million yuan, with actual expenditures for the first half of 2025 amounting to 2,097.77 million yuan [3][4]. - The company plans to increase the annual cap for property leasing expenditures from 5,509 million yuan to 7,259 million yuan, while the cap for related service expenditures remains unchanged at 2,300 million yuan [4][5]. Group 3: Related Party Information - The related party involved is Wuxi Guolian Development (Group) Co., Ltd., which holds a 38.52% stake in the company and is classified as a controlling shareholder [7][8]. - The group reported total revenue of 26.552 billion yuan and a net profit of 3.509 billion yuan [7]. Group 4: Pricing Principles and Transaction Impact - The rental prices for leased properties are determined based on current market rates for similar properties and/or evaluations from independent third-party assessment agencies [8]. - The related transactions are expected to provide a stable office environment, enhance operational efficiency, and are conducted at fair market prices, ensuring no detriment to the company or its shareholders [8][9].

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。 证券代码：601456 证券简称：国联民生 公告编号：2025-043 号 承董事會命 國聯民生證券股份有限公司 董事長 葛小波 中國江蘇省無錫市 2025年7月24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 朱賀華先生、高偉先生及郭春明先生。 国联民生证券股份有限公司 第五届董事会第二十六次会议决议公告 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 国联民生证券股份有限公司（以 ...

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。 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。 （股份代號：01456） （於中華人民共和國成立的股份有限公司） 如下公告已於上海證券交易所網站刊發，僅供參閱。 海外監管公告 特此公告。 承董事會命 國聯民生證券股份有限公司 董事長 葛小波 国联民生证券股份有限公司（以下简称"公司"）第五届监事会第十九次会 议于 2025 年 7 月 21 日以书面方式发出通知，经全体监事同意后，于 2025 年 7 月 24 日在无锡总部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。 中國江蘇省無錫市 2025年7月24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 ...

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） 建議委任獨立非執行董事 國聯民生證券股份有限公司（「本公司」）謹此宣佈，董事會於2025年7月24日召開第五 屆董事會第二十六次會議，同意提名徐慧敏女士為本公司第五屆董事會獨立非執行 董事候選人的議案，並提交本公司股東大會選舉。徐慧敏女士將在本公司股東大會 選舉通過後接替朱賀華先生擔任本公司獨立非執行董事、董事會戰略與ESG委員會 委員及審計委員會委員職務，任期至第五屆董事會任期屆滿之日止。 2 若獲委任，本公司將與徐慧敏女士訂立服務合約，徐慧敏女士在任職期間的津貼為 稅前每年人民幣18萬元。 本公司將於股東大會上提呈上述決議案以尋求股東審議批准。載有（其中包括）上述 事項詳情的通函將適時發佈。 承董事會命 國聯民生證券股份有限公司 董事長 根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.51(2)條之規定，徐慧 敏女士之履 ...