华泰联合证券有限责任公司 关于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的核查意见 华泰联合证券有限责任公司（以下简称"独立财务顾问""华泰联合证券"） 作为国联民生证券股份有限公司（以下简称"国联民生"、"公司"或"上市公 司"）发行股份购买资产并募集配套资金项目的独立财务顾问，根据《上市公司 重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》等有关法 律、法规和规范性文件的规定，对国联民生发行股份购买资产部分限售股（以下 简称"本次限售股"）上市流通情况进行了核查，具体情况如下： 一、 本次限售股上市类型 国联民生本次限售股上市流通类型为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，具体如下： （一）发行股份购买资产股份注册情况 2024 年 12 月 27 日，国联民生收到中国证券监督管理委员会出具的《关于 同意国联证券股份有限公司发行股份购买资产并募集配套资金注册、核准国联证 券股份有限公司和民生证券股份有限公司变更主要股东、民生基金管理有限公司 和民生期货有限公司变更实际控制人等的批复》（证监许可〔2 ...

南财智讯12月26日电，国联民生公告，本次限售股上市流通总数为17.71亿股，上市流通日期为2026年1 月5日。本次解禁股份为发行股份购买资产部分限售股，占公司总股本比例31.43%。相关股东均履行了 股份锁定承诺，中介机构对本次限售股上市流通无异议。 ...

Core Viewpoint - The recent appreciation of the Renminbi (RMB) against the US dollar, breaking the 7 mark for the first time in 14 months, is attributed to a combination of factors including a weaker dollar, changing market expectations, and seasonal trends in currency settlement [3][22]. Financial Market and Asset Prices - The current appreciation of the RMB is viewed as a corrective move rather than excessive, with the increase being justified from the perspectives of the dollar and interest rate differentials [3][22]. Trade Perspective - China's trade surplus has reached historical highs, suggesting that the RMB may have been undervalued prior to its recent appreciation [6][24]. Inflation Considerations - The widening gap between nominal and real RMB exchange rates indicates that the currency has depreciated less than expected, with domestic low inflation compensating for this [9][27]. Short-term Market Dynamics - The influence of trade and inflation on the economy is considered less significant in the short term, with the need for further observation of the RMB's impact on economic variables [10][28]. Risks of Panic Settlement - There is concern regarding the potential for "panic settlement" leading to excessive appreciation of the RMB, which could create self-reinforcing market expectations [10][28]. Future Outlook on Exchange Rate - Projections suggest that a reasonable level for the USD/RMB exchange rate in the coming year could be around 6.8, factoring in more flexible central bank controls [12][30]. Central Bank Management - The recent adjustments to the RMB's midpoint rate indicate the central bank's intention to temper appreciation, with tools available for managing exchange rate stability [15][33]. Additional Monetary Tools - The central bank may also consider necessary measures such as reserve requirement ratio cuts or interest rate reductions to counterbalance appreciation pressures [16][34].

Group 1 - The core viewpoint of the article is that Zhao Chi Co., Ltd. (SZ 002429) has announced an investor research meeting scheduled for December 23, 2025, where the company's Vice President and Board Secretary, Shan Huajin, will participate and address investor inquiries [1] - For the first half of 2025, Zhao Chi Co., Ltd.'s revenue composition is entirely from electronic manufacturing and internet services, accounting for 100.0% [1] - As of the report's release, Zhao Chi Co., Ltd. has a market capitalization of 33.9 billion yuan [1]

Core Viewpoint - The article highlights the significant growth and strategic initiatives of Guolian Minsheng Securities in supporting private technology innovation enterprises, particularly in the Yangtze River Delta region, showcasing successful case studies like Haofan Bio and Haoyuan Pharmaceutical [5][6][17]. Group 1: Financial Performance - Guolian Minsheng's investment banking business reported a net income of 688 million yuan for the first three quarters of 2025, marking a year-on-year increase of 160.77% [5]. - The company's bond underwriting scale reached 48.38 billion yuan, reflecting a year-on-year growth of 147.5%, significantly outpacing industry growth rates [5]. Group 2: Company Initiatives - Haofan Bio is expanding its production capacity by 3 to 4 times with a new 230-acre facility set to be operational by June 2026 [5]. - Haoyuan Pharmaceutical is establishing five high-activity GMP production lines at its research center in Ma'anshan, aiming to accelerate the development of new molecular drugs [5][6]. Group 3: Industry Strategy - Guolian Minsheng emphasizes a strategy of "deep regional engagement + industry specialization," which has proven effective in addressing the challenges faced by private technology innovation enterprises [6][8]. - The firm has established 12 industry groups within its investment banking department to enhance its research capabilities and provide specialized services [8]. Group 4: Market Positioning - The article notes that Haofan Bio and Haoyuan Pharmaceutical are leaders in their respective fields, with a focus on long-term growth and innovation [11][17]. - Guolian Minsheng's investment banking team has successfully assisted Haoyuan Pharmaceutical in completing its initial public offering (IPO) and subsequent strategic initiatives, including mergers and acquisitions [12]. Group 5: Regional Focus - The Yangtze River Delta region is highlighted as a key area for technology innovation, with Guolian Minsheng actively providing financial services tailored to local industry needs [14][16]. - The firm aims to support high-quality development in the region by focusing on sectors such as biomedicine, semiconductors, artificial intelligence, and new energy [16][17].

Core Viewpoint - The capital market plays a crucial role in enhancing the financing efficiency of technology innovation enterprises, promoting regional economic collaboration, and necessitating securities firms to deeply integrate into industry chains and regional innovation ecosystems [2][3]. Group 1: Securities Firms' Role - Securities firms are required to evolve from being mere financing channels to becoming "full lifecycle partners" for technology innovation, reshaping their valuation systems and embedding themselves within industry chains and regional innovation ecosystems [3][4]. - The services provided by securities firms must address various financing needs at different stages of enterprise development, including efficient, convenient, and low-cost financing strategies [2][4]. - Strategic partnerships through equity ties and mergers and acquisitions are essential for technology enterprises to achieve scale expansion and industry chain integration [2][4]. Group 2: Focus Areas for Development - The company will focus on emerging sectors to support the growth of technology innovation enterprises, emphasizing mergers and acquisitions and industry chain integration [4]. - There will be an enhancement of comprehensive service capabilities throughout the entire lifecycle of clients, with customized solutions that integrate investment banking value into critical business development stages [4][6]. - The company aims to deepen regional collaboration by leveraging the industrial strengths of Wuxi and the financial resources of Shanghai, improving the collaborative service system in the Yangtze River Delta region [4]. Group 3: Support for Unprofitable Enterprises - The company recognizes the potential of unprofitable enterprises with solid "hard technology" foundations and verifiable "growth curves," viewing support for these firms as a new opportunity for value discovery [5][6]. - A dedicated team of industry experts will be constructed to accurately identify enterprises with genuine growth potential, requiring knowledge in law, finance, and industry-specific strategies [6]. - Comprehensive financial services will be enhanced to provide integrated support for unprofitable enterprises, ensuring compliance and risk management throughout the project lifecycle [6].

Group 1: Core Insights - The securities industry experienced a significant leadership turnover in 2025, with over 50 changes in chairpersons and general managers, marking a three-year high and indicating a governance transformation driven by mergers, equity changes, and generational shifts [1] - Mergers and acquisitions have become a key theme, with notable cases such as the merger of Guotai Junan and Haitong Securities, and the acquisition of Guorong Securities by Western Securities, which accelerated management restructuring [1] - The governance structure of newly merged entities is being redefined, exemplified by the leadership appointments in Guotai Haitong and Guolian Minsheng, which reflect a dual-track structure combining state-owned and professional management [1] Group 2: Talent Evolution - The turnover of executives is largely driven by retirement, with the "70s generation" becoming the backbone of management and the "80s generation" emerging in leadership roles [2] - Notable appointments include Qian Wenhai as chairman of Zhejiang Securities and the arrival of several "80s generation" chairpersons, indicating a shift towards younger leadership [2] - Companies are actively optimizing their business structures and recruiting new talent, as seen with Guosheng Securities hiring Zhao Jingliang as general manager [2] Group 3: Strategic Upgrades - New leaders are outlining strategic plans aimed at achieving international competitiveness, with a goal to develop 2 to 3 investment banks with global influence by 2035 [4] - Liu Cheng, chairman of CITIC Securities, aims to elevate the firm to a leading position within five years and achieve international competitiveness in the following five years [4] - The construction of a first-class investment bank is expected to be a core strategic focus during the 14th Five-Year Plan, with mergers and international expansion identified as key pathways [5]

Core Insights - The article discusses the phenomenon of top analysts in the brokerage research sector changing jobs at the end of the year, coinciding with the announcement of the 23rd New Fortune Best Analyst Awards [1][6] - The trend raises questions about the motivations behind these moves, particularly the balance between potential new opportunities and the loss of year-end bonuses [3][4] Group 1: Analyst Movements - Several prominent analysts have recently switched firms, including key figures from Guosheng Securities and Guotai Junan, indicating a trend of collective departures within research teams [2][5] - The departure of analysts often leads to a domino effect, where core team members follow suit, highlighting the collaborative nature of research work [5] Group 2: Year-End Bonuses and Negotiation Power - Analysts typically face the dilemma of forfeiting year-end bonuses when switching jobs, as most brokerages do not pay these bonuses until the following year [3][4] - However, analysts with strong reputations can negotiate compensation packages that may offset the loss of bonuses, making the transition more appealing [4][6] Group 3: Timing and Strategic Considerations - The timing of these job changes is strategically aligned with the New Fortune Best Analyst evaluation period, which incentivizes analysts to switch firms to enhance their career prospects [6][7] - The industry’s focus on the New Fortune awards creates a competitive environment where analysts seek to align with firms that can bolster their visibility and career advancement [6][8] Group 4: Market Dynamics and Revenue Pressures - The brokerage industry is experiencing revenue pressures, particularly in commission income, prompting firms to enhance talent acquisition efforts to drive business growth [8][9] - Smaller brokerages face significant challenges in retaining talent and maintaining client relationships, especially when key analysts leave, which can directly impact their revenue streams [9][10]

Group 1 - Guolian Minsheng Securities will be renamed Guolian Minsheng Wealth, with a wealth management subsidiary being established, completing the business integration process [1] - The new president of Minsheng Securities will be Jiang Xiaolin, who will oversee multiple departments including wealth management and institutional business [1] - The integration is expected to enhance business synergy and increase industry concentration, potentially boosting market vitality [1] Group 2 - Xinyue Securities' CFO Xu Qingchun has resigned due to work adjustments but will continue as a board member and Chief Marketing Officer [2] - The internal strategic realignment aims to strengthen market expansion functions, which may help maintain investor confidence [2] - Changes in senior management often lead to shifts in business focus, prompting a reassessment of market strategies among peers [2] Group 3 - In December, stock ETFs saw a net subscription of over 40 billion shares, with broad-based ETFs attracting significant investment [3] - Broad-based ETFs received over 10 billion yuan in net inflows, indicating strong investor interest in key indices like CSI A500 and CSI 500 [3] - The substantial inflow of funds into broad-based ETFs is expected to enhance liquidity and stabilize the A-share market, boosting investor confidence [3]

Core Viewpoint - The establishment of a wealth management subsidiary by Guolian Minsheng Securities is seen as the final piece in the integration puzzle following its acquisition of Minsheng Securities, with plans to complete the legal merger by June 2026 [1][10]. Group 1: Company Structure and Leadership Changes - Guolian Minsheng Securities will operate its wealth management business under the new name "Guolian Minsheng Wealth" [1]. - Jiang Xiaolin, previously the assistant president and head of the wealth management committee, will become the president of Minsheng Securities and oversee multiple departments including wealth client department and internet finance department [3][7]. - Other key personnel changes include Liu Hongsong taking charge of the channel marketing and trading service departments, while Wu Zherui will oversee the digital operations department [5][6][7]. Group 2: Integration Progress - The integration of investment banking, research, and asset management has been completed, with the wealth management integration being the last major step [9][10]. - As of now, Guolian Minsheng has acquired 99.98% of Minsheng Securities, and the trading system integration has been successfully executed, allowing 1.92 million clients to transition to the new trading system [10]. - The asset management and research divisions have also completed their integration, with the new research institute led by Hu Youwen and featuring over 30 research teams [11]. Group 3: Strategic Plans and Future Outlook - The company has outlined four strategic plans for integration, focusing on investment banking, wealth management, asset management, and research [9]. - The overall business strategy for 2025 emphasizes the integration of Minsheng Securities and enhancing core competitiveness [11]. - The market is anticipating the launch of the wealth management subsidiary as a significant milestone for Guolian Minsheng Securities [11].