智通财经APP获悉，香港联交所最新数据显示，12月12日，易方达基金管理有限公司减持国联民生 (01456)462.25万股，每股作价5.3859港元，总金额约为2489.63万港元。减持后最新持股数目为5325.7万 股，持股比例为12.03%。 ...

Core Viewpoint - The report from Guolian Minsheng Securities indicates that regulatory policies are guiding securities firms towards capital-intensive development while encouraging mergers and acquisitions to strengthen their positions. The firm anticipates an acceleration in the supply-side structural reform of the securities industry, with a notable increase in M&A cases among leading firms expected by 2026. The current PB valuation of the securities industry remains at historical lows, and with the recent policy announcements, market sentiment is likely to improve, suggesting potential upward elasticity for the industry if market conditions turn favorable. Group 1 - The merger plan involves China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, with stocks set to resume trading on December 18, 2025 [1] - The exchange ratios for the merger are set at 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, with CICC's A-share exchange price at 36.91 yuan per share, Dongxing's at 16.14 yuan, and Xinda's at 19.15 yuan [1] - The merger will provide dissenting shareholders with cash options, with buyout prices set at 34.80 yuan for CICC, 13.13 yuan for Dongxing, and 17.79 yuan for Xinda [2] Group 2 - The merger is expected to significantly enhance the comprehensive strength of the new securities entity, with the combined net assets projected to reach 171.5 billion yuan, elevating its industry ranking to fourth [3] - The number of operational outlets for the new entity is expected to increase from 245 to 436, leveraging the regional advantages of Dongxing and Xinda to enhance competitive capabilities [3] - The retail customer base is projected to grow from 9.72 million to over 14 million, significantly improving customer service capabilities and competitive differentiation [3]

Core Viewpoint - The report from Guolian Minsheng Securities indicates that the industry will focus on a dual narrative of "new power systems + digital infrastructure" by 2026, with two main lines: new growth areas and high-quality development sectors [1] Summary by Relevant Sections 2025 Market Review - The market showed significant differentiation between the first and second halves of 2025, with the overall performance greatly outperforming the CSI 300 index, achieving a year-to-date increase of approximately 38.4% compared to the CSI 300's 15.7% [2] - As of December 11, 2025, the holding ratio of 306 selected electric new energy stocks was 11.59%, reflecting a quarter-on-quarter increase of 1.16 percentage points but a year-on-year decrease of 1.83 percentage points [2] - The market capitalization of electric new energy stocks accounted for 8.58% of the total A-share market capitalization, with a quarter-on-quarter increase of 1.25 percentage points and a year-on-year increase of 0.76 percentage points [2] 2026 Strategy Projection - The current narrative in the power equipment and renewable energy industry is based on the dual themes of "new power system construction + digital infrastructure construction," driven by policies, technology, and demand [3] - The report categorizes the electric new energy sectors into "new growth + high-quality development" lines, exploring investment opportunities across different segments based on their performance and market conditions [3] New Growth Areas - AIDC: The global energy transition is driving upgrades in power grids, with increased demand for AIDC power equipment due to accelerated capital expenditures from major internet companies [4] - Solid-State Batteries: Solid-state batteries offer significant advantages in energy density and safety, with accelerated industrialization and vast future development potential supported by favorable policies [4] - Humanoid Robots: The humanoid robot industry is maturing, driven by major manufacturers like Tesla and Yuzhu, with increasing demand for core components due to advancements in AI [4] High-Quality Development - Energy Storage: Independent energy storage in China is benefiting from capacity pricing, peak-valley arbitrage, and auxiliary services, leading to increased demand and economic viability [5] - Wind Power: Domestic onshore wind prices are recovering, while offshore wind is advancing into deeper waters; the domestic supply chain is expected to penetrate overseas markets, enhancing competitiveness [5] - Photovoltaics: Since 2025, high-level interventions have alleviated chaotic low-price competition, with improved operational conditions for main chain enterprises, indicating a potential industry reversal [5]

Core Insights - The article highlights the recognition of Guolian Minsheng Securities for its outstanding performance and innovative practices in wealth management, winning three prestigious awards at the 16th Shanghai Securities News "Golden Finance" awards [1][2][3] Group 1: Awards and Recognition - Guolian Minsheng Securities won the "Emerging Wealth Management Institution Award" and the "Fund Advisory Award," reflecting the company's rapid integration and innovative breakthroughs since the merger of Guolian Securities and Minsheng Securities [2] - The company’s assistant president and head of the wealth management committee, Jiang Xiaolin, received the "Wealth Management Leader Award," acknowledging his significant industry influence and strategic leadership [3] Group 2: Business Strategy and Growth - The company has established a comprehensive service system targeting retail, institutional, and corporate clients, focusing on asset allocation and account management as core components of its retail business model [2] - The fund advisory business has been a key focus for the company, with a reported fund advisory scale of 9.708 billion yuan by mid-2025, showcasing superior performance compared to the average market equity fund returns [2] Group 3: Leadership and Future Directions - Jiang Xiaolin has played a pivotal role in the wealth management transformation, leading the integration of wealth management services post-merger and addressing challenges in business systems and client resources [3] - The company aims to deepen its buyer advisory transformation, enhance research capabilities, and optimize digital service ecosystems to meet the growing wealth management needs of residents [3]

Core Viewpoint - Guolian Minsheng initiates coverage on Innovation Industry (02788) with a "recommend" rating, highlighting the company's integrated layout in energy, alumina, and electrolytic aluminum, which positions it favorably in terms of energy costs and potential for cost reduction with green electricity integration [1] Group 1: Business Overview - The company focuses on integrated smelting of alumina and electrolytic aluminum, aiming to achieve 788,000 tons of electrolytic aluminum and 3.2 million tons of alumina capacity by mid-December 2025, with an alumina self-sufficiency rate exceeding 100% [2] - The electrolytic aluminum production is located in Hohhot, Inner Mongolia, benefiting from advantageous energy costs due to abundant coal resources, while the alumina production is primarily in Binzhou, Shandong [3] Group 2: Performance and Growth - The company has a robust production capacity, with electrolytic aluminum production running at near full capacity, yielding 744,000 tons in 2022 and projected increases in subsequent years, leading to a revenue growth forecast of 9.8% year-on-year in 2024 and 22.6% in early 2025 [4] - The company plans to invest in a comprehensive aluminum industry project in Saudi Arabia, with an initial capacity of 500,000 tons of electrolytic aluminum and aluminum alloy, expected to significantly enhance performance upon completion in 2027 [5]

Core Viewpoint - Guolian Minsheng has initiated coverage on Chuangxin Industry (02788) with a "Buy" rating, highlighting the company's integrated layout in energy, alumina, and electrolytic aluminum, which positions it favorably in terms of energy costs in Inner Mongolia. The company is expected to benefit from the integration of green electricity, leading to further reductions in electrolytic aluminum costs. The aluminum industry is currently experiencing a tight supply-demand balance, with prices expected to trend upwards [1]. Group 1: Integrated Layout and Expansion - The company focuses on the integrated smelting of alumina and electrolytic aluminum, aiming to achieve a domestic capacity of 788,000 tons of electrolytic aluminum and 3.2 million tons of alumina by mid-December 2025, with an alumina self-sufficiency rate exceeding 100% [1]. - The company plans to expand overseas by investing in a 500,000-ton aluminum industry chain project in Saudi Arabia, which is expected to become a new growth driver. Funds raised from the IPO will primarily support this Saudi project and domestic green electricity initiatives [1]. Group 2: Cost Advantages and Production Capacity - The electrolytic aluminum production is located in Hohlin Gol, Inner Mongolia, where energy costs are advantageous due to abundant coal resources. The company is also constructing a wind power-based power station in Inner Mongolia to support its green transition, with green electricity costs ranging from 0.1 to 0.18 yuan per kilowatt-hour, which is lower than coal power costs [2]. - The company relies on overseas purchases for bauxite, with projected alumina production from 2022 to May 2025 being 710,000 tons, 1.55 million tons, 1.54 million tons, and 660,000 tons, primarily for internal use. The electrolytic aluminum production lines are expected to operate at full capacity, with production figures of 744,000 tons, 758,000 tons, 755,000 tons, and 311,000 tons during the same period [3]. Group 3: Growth Opportunities in Saudi Arabia - In March 2025, the company, in collaboration with Innovation Group and Innovation New Materials, plans to invest in a comprehensive aluminum industry chain project in the Red Sea region of Saudi Arabia, holding a 33.6% stake in the project. The first phase of the project aims for a capacity of 500,000 tons of electrolytic aluminum and aluminum alloys, targeting both the local Saudi market and Europe and the U.S. [4]. - The project is expected to take 18 to 24 months for construction, with production anticipated to commence in 2027. The abundant natural gas resources and low electricity costs in Saudi Arabia are expected to significantly enhance the company's performance post-launch [4].

■ "夯实文化软实力 积极履责显担当"系列专题报道 国联民生证券党委书记、董事长顾伟： 高举党建引领火炬 谱写文化建设新篇章 求木之长者，必固其根本；欲流之远者，必浚其泉源。坚持党的领导、加强党的建设，是我国国有企业 的光荣传统和独特优势，是国有企业的"根"和"魂"。 国联民生证券党委书记、董事长顾伟日前在接受中国证券报记者专访时表示，作为国有金融企业和资本 市场的重要参与者，国联民生证券始终高擎党建引领的火炬，深入贯彻新时代党的建设总要求，坚决贯 彻落实党的二十届四中全会精神，紧密对接国家"十五五"规划蓝图，持续探索党建与文化融合的新路 径，以红色精神铸魂育人，以文化力量汇聚共识，努力书写文化建设与业务发展同频共振的生动篇章， 为实现中华民族伟大复兴的中国梦贡献金融智慧与力量。 ● 本报记者 徐昭 赵中昊 高举思想旗帜 把稳党建引领方向盘 据顾伟介绍，国联民生证券党委始终把政治建设摆在首位，深刻领悟"两个确立"的决定性意义，不断增 强"四个意识"、坚定"四个自信"、做到"两个维护"，将学习贯彻党的二十届四中全会精神作为当前和今 后一个时期的重大政治任务，确保公司发展始终与国家"十五五"规划方向同频。 顾伟表 ...

Core Insights - The 2025 Securities Times Best Analyst results were announced, highlighting the top-performing teams and analysts in various categories [1] - The event saw participation from nearly 50 securities firms and over 1300 domestic and international institutions, with more than 800 institutions qualifying to vote [1] Group 1: Top Analysts and Teams - The macroeconomic first place was awarded to the team led by Guo Lei from GF Securities [1] - The top strategy research team was also from GF Securities, led by Liu Chenming [1] - The top analyst in the gold category was Sun Yuanyuan from Industrial Securities [1] Group 2: Participation and Voting - The voting institutions included over 160 public fund institutions, 30 insurance asset management companies, and 100 insurance companies, among others [1] - The total assets managed by the participating institutions exceeded 100 trillion yuan [1] Group 3: Performance Rankings - The rankings for various research teams in different categories were detailed, with GF Securities consistently performing well across multiple sectors [3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32]

Core Insights - The core viewpoint emphasizes the necessity for technological innovation to be rooted in industrial applications, transitioning from theoretical concepts to practical implementations to drive solid economic growth [1][3]. Group 1: Economic and Market Outlook - The global economy is expected to enter a "tide receding" phase, with the end of the Russia-Ukraine conflict, a clear interest rate reduction path from the new Federal Reserve chair, and a significant decrease in trade policy uncertainty [1]. - Domestic economic growth will focus on three main drivers: enhancing industrial momentum through the establishment of a modern industrial system, boosting productivity via technological advancements, and increasing growth through consumer spending [1][2]. - These three aspects are interconnected and are anticipated to create more expectations for the capital market in 2026, opening up more space for value reassessment [1]. Group 2: Value Reassessment in A-shares - The three main sources of reassessment momentum for A-shares in 2026 include: the implementation of a modern industrial system leading to a rebound in PPI and recovery in manufacturing profits, the emphasis on practical technological applications to avoid "theoretical innovations," and the acceleration of consumer spending driven by changes in fiscal expenditure structure [2]. - The current discussions around the AI bubble in the US stock market highlight a "heavy burden" perspective, where US tech giants are expanding overseas to alleviate profit pressures, but potential triggers for a bubble burst could arise from unfulfilled commercial prospects or the Federal Reserve pausing interest rate cuts due to inflation concerns [2]. - The reassessment of A-shares this year is multifaceted, with macro-level factors such as the central government's elevated focus on the capital market and easing geopolitical tensions between the US and China contributing to the reassessment process [2]. Group 3: Key Economic Drivers - The three critical drivers for China's economy and capital market development in 2026 are: seeking momentum from industry, productivity from technology, and growth from consumer spending [3]. - It is essential for technological innovation to be effectively implemented to avoid value reassessment becoming unfounded, with investors advised to focus on the actual progress of technology transfer and industrial applications [3].

Group 1 - The Ministry of Industry and Information Technology officially announced the first batch of L3 conditional autonomous driving vehicle permits in China, marking a significant step towards the commercialization of L3 autonomous driving [1] - Two models, one from Changan Automobile and another from BAIC BluePark, have received conditional approval for L3 autonomous driving capabilities, with specific operational areas designated in Chongqing and Beijing [1] - The Changan SC7000AAARBEV can operate in congested traffic at speeds up to 50 km/h, while the Arcfox BJ7001A61NBEV can operate at speeds up to 80 km/h on designated highways [1] Group 2 - Multiple domestic automakers, including Changan, BYD, GAC, Dongfeng, SAIC, Geely, Xpeng, and Li Auto, have made substantial progress in the L3 autonomous driving sector, with several models receiving road testing permits [2] - Huawei's QianKun Intelligent Driving ADS L3 solution is undergoing internal testing across multiple cities and models, while GAC's A800 has obtained a license for L3 testing at speeds of up to 120 km/h in Guangzhou [2] - The PhiGo Max, developed by 4D Mapping and its subsidiary, is set for mass production in 2026, targeting the high-end L3 intelligent driving market [2]