北京德恒（无锡）律师事务所 关于 国联民生证券股份有限公司 2025 年第三次临时股东大会的 法律意见 无锡市滨湖区太湖新城金融一街 15 号平安财富中心 8 层 电话:0510-85215998 传真:0510-85215778 邮编:214000 北京德恒（无锡）律师事务所 关于国联民生证券股份有限公司 2025 年第三次临时股东大会的法律意见 北京德恒（无锡）律师事务所 关于 国联民生证券股份有限公司 2025 年第三次临时股东大会的 法律意见 编号：德恒 26G20250100 号 致：国联民生证券股份有限公司 在本法律意见中，本所律师仅对本次股东大会的召集、召开程序、出席会议 人员资格、召集人资格及会议表决程序、表决结果是否符合《公司法》《股东会 规则》《公司章程》《股东大会议事规则》的规定发表意见，不对会议审议的议案 内容以及这些议案所表述的事实或数据的真实性及准确性发表意见。 本法律意见仅供国联民生证券股份有限公司本次股东大会相关事项的合法 性之目的使用，不得用作任何其他目的。 北京德恒（无锡）律师事务所受国联民生证券股份有限公司（以下简称"国 联民生"或"公司"）委托，指派本所律师出席国联民生 ...

证券代码：601456 证券简称：国联民生 公告编号：2025-076 号 国联民生证券股份有限公司 第六届董事会第一次会议决议公告 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（以下简称"公司"）第六届董事会第一次会议 于 2025 年 12 月 15 日以书面方式发出通知，经全体董事同意后，于 2025 年 12 月 15 日在无锡总部以现场结合通讯的方式召开。 会议应出席董事 9 人，实际出席董事 9 人（其中：执行董事葛小波先生、董 事杨振兴先生、独立董事高伟先生、独立董事徐慧敏女士以通讯方式出席）。会 议由全体董事推举董事顾伟先生主持，公司相关高级管理人员列席会议。 会议的召集、召开和表决情况符合法律、法规、证券上市地交易所上市规则 及《国联民生证券股份有限公司章程》（以下简称《公司章程》）、《国联民生证券 股份有限公司董事会议事规则》的相关规定。 二、董事会会议审议情况 （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 ...

截至发稿，国联民生市值为615亿元。 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ （记者 曾健辉） 每经AI快讯，国联民生（SH 601456，收盘价：10.82元）12月15日晚间发布公告称，公司第六届第一次 董事会会议于2025年12月15日在无锡总部以现场结合通讯的方式召开。会议审议了《关于选举公司董事 长的议案》等文件。 2025年1至6月份，国联民生的营业收入构成为：证券投资业务占比42.05%，证券经纪业务占比 29.79%，投资银行业务占比13.56%，信用交易业务占比7.48%，资产管理业务占比7.34%。 ...

Core Viewpoint - Guolian Minsheng (601456.SH) announced the dissolution of the Wuxi Guolian Tongzhi Technology Industry Investment Partnership, with a decision made during the first partner meeting of the Guolian Tongzhi Fund on December 15, 2025 [1] Group 1 - The Guolian Tongzhi Fund partners reached a consensus to dissolve the fund and proceed with business deregistration [1] - The decision followed thorough communication and careful evaluation regarding the fund's future operations and investment direction adjustments [1] - Guolian Tongzhi Fund's executive partner, Guolian Tongbao, will lead the liquidation and business deregistration processes [1]

国联民生公告称，2025年8月28日，公司同意全资子公司国联通宝出资4.8亿元与关联人国联人寿共同设 立国联通智基金。截至公告日，各合伙人均未实际出资，该基金未正式成立、未备案。12月15日，国联 通智基金召开合伙人会议，决定解散该基金并办理工商注销手续，由国联通宝牵头负责清算及注销登记 等事宜。本次终止不会对公司财务和经营产生不利影响，不存在损害公司及股东权益的情况。 ...

Core Viewpoint - The report from Guolian Minsheng Securities indicates that the overseas market for robotic vacuum cleaners is experiencing significant growth, driven by Chinese brands leveraging product advantages and competitive pricing strategies. This growth is expected to continue, with domestic sales also projected to rise due to innovation and increasing penetration rates by 2026 [1][3]. Group 1: Growth - Chinese brands are leading the growth in overseas markets for robotic vacuum cleaners, with notable sales increases during the recent Black Friday and Cyber Monday promotions. For instance, Roborock's sales in Europe rose by 59% year-on-year, while North America saw at least a 50% increase. The GMV for Trifo in Europe may have exceeded 90%, and in North America, it surged by 270% [1]. - The competitive landscape is shifting towards a focus on channel refinement and market penetration, as brands aim to solidify their existing markets while exploring new growth opportunities [1]. Group 2: Pricing - The industry is witnessing a dual effect of premium product pricing and consumer upgrades, leading to an overall increase in average prices. For example, the average prices of best-selling robotic vacuum cleaners on Amazon in the U.S., Germany, France, and Japan increased by 17%, 22%, 9%, and 3% year-on-year, respectively [2]. - Despite aggressive pricing strategies from leading brands, the stability of their profitability remains intact due to consumer preferences for upgraded products [2]. Group 3: Market Dynamics - Chinese brands are poised to benefit from the challenges faced by established overseas competitors like iRobot, which is currently dealing with liquidity crises and debt risks. iRobot's market share has significantly declined in 2025 compared to 2024, and its focus on European markets may diminish due to operational pressures [3]. - The competitive landscape may shift in favor of Chinese brands as they capitalize on the difficulties faced by traditional players [3]. Group 4: Investment Recommendations - The report suggests that leading companies in the cleaning appliance sector, such as Roborock and Ecovacs, are expected to gain market share domestically and internationally, benefiting from the current market dynamics [4].

Core Viewpoint - The primary focus of the articles is the significant recovery of the primary market in 2023, indicating a transition from a "winter" phase to an "early spring" phase for equity investment, with expectations for growth in fund registration and investment scale by 2025 [2][3]. Market Recovery - The primary market has shown signs of recovery since the implementation of supportive policies in September 2022, leading to increased investor activity and optimism [3]. - The company, Guolian Minsheng, reported a new fund registration scale exceeding 6 billion yuan in 2025, a substantial increase compared to the previous year [3]. - The company anticipates investing in over 15 projects this year, reflecting heightened activity compared to last year [3]. Exit Channels - There are positive signals regarding exit channels, with an increase in projects exiting through capital market restructuring and mergers and acquisitions, despite a slower IPO pace in the A-share market [3]. Future Market Conditions - For the primary market to achieve true prosperity, normalization of IPOs, regularization of mergers and acquisitions, and maturity of secondary trading are essential [4]. - The market requires a healthy cycle of fundraising, investment, management, and exit to enter a prosperous phase [4]. Investment Focus - Hard technology remains a key area for long-term capital investment, with a focus on sectors such as advanced manufacturing, high-end equipment, semiconductors, and new energy [5]. - The company plans to continue investing in quantum technology, artificial intelligence, embodied intelligence, biomedicine, hydrogen energy, and nuclear fusion over the next five years [5]. Investment Criteria - The company employs a "three measures" system for evaluating investments in hard technology, focusing on technological potential, team capabilities, and financial health [5]. - The first measure assesses the technology's ceiling, moat, and future application scenarios [5]. - The second measure emphasizes the importance of the team, considering their technical background and innovation capabilities [5]. - The third measure evaluates the financial stability and commercial viability of the business [5]. Long-term Perspective - It is acknowledged that hard technology companies may not be profitable in the early stages due to high R&D costs, but the long-term value of technology is crucial [6]. - The company is open to helping key players in the industry reach the capital market through mergers and acquisitions, even if they cannot independently IPO [6]. Organizational Integration - Following the merger of Guolian Minsheng Securities, the private equity subsidiaries have entered a new development phase, managing over 30 billion yuan and investing in over 120 projects [6]. - The integration aims to create synergies in regional focus, sector collaboration, and organizational structure [6][7]. - The company plans to deepen its presence in innovation-driven cities and enhance its expertise in key sectors [7]. Strategic Direction - The future strategy is summarized in a twelve-character guideline: "customer trust, industry-driven, technology innovation," focusing on serving investors closely aligned with industry and technological advancements [7].

□本报记者 王雪青 郝健 "今年的一级市场与去年相比有显著回暖。如果用四季来比喻，股权投资的冬天已经慢慢过去，我们正 在迎来'早春二月'。"国联民生证券副总裁、国联通宝董事长、民生股权基金董事长兼总裁杨海表示， 2025年公司的新增备案基金规模和投资规模同比均有显著增长。 伴随国联证券与民生证券的重组合并，国联民生私募子公司迎来整合协同的发展新阶段。作为持续关注 科技与新兴产业投资的券商系PE机构，如何展望"十五五"时期的行业发展和硬科技投资前景？围绕这 些问题，杨海近期接受了中国证券报记者专访。 一级市场迎来"二月春" "去年9月24日监管出台稳增长、稳预期、稳市场等一系列支持政策以来，二级市场确实发生了巨大变 化，一片欣欣向荣。"杨海表示，"同时，我们切身体会感受到，一级市场正在跨越冬天，迎来'早春二 月'。" 市场的温度变化最直观地体现在投资行动上。"过去一年，投资人的活跃度明显提高。"杨海表示，以国 联民生私募子公司（国联通宝与民生股权基金）为例，2025年以来，公司新增备案基金规模超60亿元， 比去年大幅增加；公司今年预计投出超过15个项目，也比去年更加活跃。 退出通道也出现了积极信号。"尽管A股I ...

21世纪经济报道记者 孙永乐 国联民生证券投行业务整合完毕后，开启了一场声势浩大的引才活动。 12月11日，国联民生承销保荐发布一则社会招聘，号称"诚揽英才团队，共启资本新程"，引发投行圈广泛关注。据悉，这是国 联民生证券投行业务整合完成后首次大规模社招。 21世纪经济报道记者注意到，此次招聘呈现三大鲜明特征：一是聚焦"全业务线精英团队"引才，打破传统个人引进模式；二是 招聘流程实现创新突破，公司总裁直接参与面试；三是应聘团队覆盖全业务条线，工作区域全面辐射核心业务布局。 某券商投行资深人士对记者表示，国联民生承销保荐此次大规模招聘的落地，不仅进一步标志着国联民生证券合并后，投行业 务的整合工作已全面收官，更意味着全新组建的投行核心平台国联民生承销保荐，正式进入业务全面扩张与市场化发展的新阶 段。 目前，国联民生证券已完成收购民生证券99.98%，进一步推进股权集中，并推进业务整合工作。具体进展而言，21世纪经济报 道记者最新获悉，11月底，国联证券与民生证券研究业务已完成全面整合。此前财富管理、资管业务整合也有诸多进展。 二是招聘流程直达总裁，不同于行业常规招聘的多层级面试流程，此次招聘"总裁直面，一步直达 ...

Group 1 - The central economic work conference has shifted the focus of economic development from "quantity" expansion to "quality" enhancement, emphasizing the need for greater breakthroughs in effective quality improvement [2] - The policy direction is characterized by a pragmatic and precise approach, with a focus on structural regulation and institutional reform, aiming to activate endogenous momentum and technological empowerment [2][3] - The economic work for 2026 will center around core tasks such as "demand-driven, innovation-led, and reform-focused" to solidify the foundation for economic development [2] Group 2 - The key emphasis on "optimization" involves implementing precise structural adjustments, including optimizing tax incentives and ensuring a close connection between investments in goods and people [3] - Adjustments in special debt management and an increase in budgetary investment are aimed at stabilizing local risks and promoting investment recovery [3] - The real estate policy will focus on medium to long-term supply optimization to stabilize market expectations and support domestic demand [3] Group 3 - The "deepening" aspect signifies a commitment to overcoming fundamental constraints through intensified reform efforts, including establishing fair competition environments and breaking down hidden barriers [4] - The initiative to expand "AI+" beyond pilot projects to the entire industry chain, along with continuous reforms in capital markets, aims to enhance sustainable development momentum [4] - Coordination between state-owned enterprise reforms and private sector policies is intended to strengthen the foundation for collective national progress [4] Group 4 - The "efficiency enhancement" strategy balances short-term policy effects with long-term development potential, emphasizing flexible and efficient monetary policy [5] - Fiscal policy will optimize expenditure structures and concentrate financial resources on key areas to improve investment quality and enhance public welfare [5][6] - Targeted measures for different industries are designed to stimulate private investment and improve quality in employment, education, and healthcare, fostering a virtuous cycle of economic growth and social improvement [6]