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 控股股东延长股份锁定期的核查意见 经中国证券监督管理委员会同意注册，国联民生证券股份有限公司（以下简 称"上市公司"或"公司"）向控股股东无锡市国联发展（集团）有限公司（以 下简称"国联集团"）发行股份购买资产，发行价格为 11.17 元/股，本次发行的 新增股份已于 2025 年 1 月 3 日在中国证券登记结算有限责任公司上海分公司办 理完毕股份登记手续。具体内容请参见公司于 2025 年 1 月 7 日披露的《关于发 行股份购买资产之发行结果暨股本变动公告》（公告编号：2025-004 号）等公告 文件。 一、股份锁定承诺情况 根据《上市公司重大资产重组管理办法》的规定，国联集团承诺： "1、本公司在本次重组中认购的上市公司股份，自：1）本公司取得标的资 产之日（持股日）起 60 个月；或 2）本次重组新增股份发行结束之日起 36 个月 内（以孰晚者为准）不得转让；但是，在适用法律许可前提下的转让不受此限。 本次重组完成后6个月内如上市公司股票连续20个交易日的收盘价低于发行价， 或者重组完成后 6 个月期末收盘价低于发行价的，本公司持有上市公司股 ...

证券代码：601456 证券简称：国联民生 公告编号：2025-027 号 国联民生证券股份有限公司 3、如本次重组因涉嫌所提供或披露的信息存在虚假记载、误导性陈述或者 重大遗漏，被司法机关立案侦查或者被中国证券监督管理委员会立案调查的，在 案件调查结论明确以前，不转让本公司在上市公司拥有权益的股份。若本公司所 认购股份的锁定期与证券监管机构的最新监管意见不相符，本公司将根据证券监 1 关于控股股东延长股份锁定期的公告 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。 经中国证券监督管理委员会同意注册，国联民生证券股份有限公司（以下简 称"上市公司"或"公司"）向控股股东无锡市国联发展（集团）有限公司（以 下简称"国联集团"）发行股份购买资产，发行价格为 11.17 元/股，本次发行的 新增股份已于 2025 年 1 月 3 日在中国证券登记结算有限责任公司上海分公司办 理完毕股份登记手续。具体内容请参见公司于 2025 年 1 月 7 日披露的《关于发 行股份购买资产之发行结果暨股本变动公告》（公告编号：2025-004 号） ...

董事會會議通知 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） 董事長 葛小波 中國江蘇省無錫市 2025年4月15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。 國聯民生證券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將 於2025年4月29日（星期二）舉行，藉以（其中包括）審議及批准本公司及其附屬公司截 至2025年3月31日止三個月之第一季度業績及其發佈。 承董事會命 國聯民生證券股份有限公司 ...

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 2024 年度持续督导意见 独立财务顾问 二〇二五年四月 声 明 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"独立财务顾问"、 "本独立财务顾问"）接受国联民生证券股份有限公司（"国联民生"、"上市公司"、 "公司"）的委托，担任其发行股份购买资产并募集配套资金暨关联交易之独立财 务顾问。根据《中华人民共和国公司法》《中华人民共和国证券法》《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》《上海证券交 易所股票上市规则》等法律法规的有关规定，按照证券行业公认的业务标准、道 德规范，本着诚实信用、勤勉尽责的态度，本独立财务顾问经过审慎核查，结合 国联民生 2024 年年度报告，出具本持续督导意见。 1、本持续督导意见所依据的文件、书面资料、财务数据、业务数据等由上 市公司及重组各方提供并由各方对其真实性、准确性和完整性承担全部责任。本 独立财务顾问对本次督导所发表意见的真实性、准确性和完整性负责。 2、本持续督导意见不构成对上市公司的任何投资建议，投资者根据本持续 督导意见所 ...

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3月31日 狀態: 新提交 呈交日期: 2025年4月2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 | | 於香港聯交所上市 (註1) | | 否 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in brokerage income in Q4, with a year-on-year growth of 156.1% and a quarter-on-quarter growth of 169.3%, totaling 320 million yuan for the quarter [6] - The company's overseas business platform, Guolian Securities (Hong Kong), reported a revenue of 42.68 million yuan in 2024, reflecting a year-on-year increase of 53.9% [6] - The overall performance for 2024 showed a decline in operating income and net profit, with total revenues of 268.3 million yuan and a net profit of 39.7 million yuan, down 9.2% and 40.8% year-on-year respectively [5] Summary by Relevant Sections Financial Performance - In 2024, the company reported operating income of 268.3 million yuan and a net profit of 39.7 million yuan, representing declines of 9.2% and 40.8% year-on-year respectively [5] - The Q4 2024 operating income was 678 million yuan, showing a quarter-on-quarter decrease of 26.2% but a year-on-year increase of 51.3% [5] - The company’s total investment income and fair value changes for Q4 2024 were 48 million yuan, a significant drop from 552 million yuan in Q3 2024 [6] Business Segments - The investment banking revenue for 2024 decreased by 30.7% to 339 million yuan, primarily due to tightened A-share IPO regulations [6] - Asset management business saw a robust growth of 49% year-on-year, reaching 660 million yuan [6] Future Projections - The company is projected to achieve a net profit of 728 million yuan in 2025, reflecting a year-on-year growth of 83.09% [9] - The estimated operating income for 2025 is 3.26 billion yuan, with a growth rate of 21.47% [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained for both A and H shares [8]. Core Views - The company reported a revenue of 2.683 billion RMB for 2024, a decrease of 9.21% year-on-year, and a net profit attributable to shareholders of 397 million RMB, down 40.80% year-on-year. The Q4 revenue was 678 million RMB, showing a year-on-year increase of 51% but a quarter-on-quarter decrease of 26% [1][2]. - The company has completed the acquisition of Minsheng Securities and expects to gradually promote integration and synergy in the future [1][5]. Summary by Sections Investment Business Performance - The core revenue source is the investment business, which generated 980 million RMB in 2024, accounting for 36% of total revenue, reflecting a year-on-year decline of 21% [2]. - In Q1, the investment business faced significant challenges, resulting in a revenue of -150 million RMB. Q2 and Q3 showed relative stability with revenues of 525 million and 554 million RMB respectively. Q4 revenue dropped to 46 million RMB, down 57% year-on-year and 92% quarter-on-quarter [2]. Brokerage and Asset Management - The brokerage business demonstrated strong resilience, with net income of 720 million RMB for the year, up 39% year-on-year, driven by improved market trading activity. The average daily trading volume for stock funds reached 1.2 trillion RMB, an increase of 23% year-on-year [3]. - The asset management business also performed well, with net income of 660 million RMB, up 49% year-on-year. By year-end, the asset under management (AUM) for the parent company reached 142.5 billion RMB, a 22% increase year-on-year [3]. Investment Banking - The investment banking sector continued to contract in 2024, with the A-share market completing 272 equity financing projects, raising 312.4 billion RMB, a decrease of 70% year-on-year. The company's IPO underwriting scale significantly declined to only 17 million RMB for the year, while refinancing increased by 66% to 2.6 billion RMB [4]. Profit Forecast and Valuation - The acquisition of Minsheng Securities has been completed, but the 2024 report has not yet been consolidated into profit forecasts. The company has adjusted its assumptions for trading volume and margin financing, leading to revised EPS estimates of 0.21, 0.24, and 0.29 RMB for 2025-2027 [5][21]. - The target price is set at 12.08 RMB for A shares and 4.36 HKD for H shares, with a projected price-to-book (PB) ratio of 1.8 for A shares and 0.6 for H shares [5][8].

Investment Rating - The report maintains a "Buy" rating for Guolian Minsheng [1] Core Views - The overall performance of Guolian Minsheng is impacted by investment income, while the wealth management business shows good performance [1] - The company reported a total revenue of 2,683 million yuan in 2024, a decrease of 9.21% year-on-year, and a net profit attributable to shareholders of 397 million yuan, down 40.80% year-on-year [1] - The fourth quarter of 2024 saw a significant increase in revenue and a return to profitability in net profit, despite a large decline in net profit compared to the previous quarter [1] Financial Performance Summary - Total revenue for 2023 was 2,955 million yuan, with a year-on-year growth of 12.68% [1] - The projected total revenue for 2024 is 2,683 million yuan, with a forecasted increase to 4,599 million yuan in 2025, representing a growth rate of 71.41% [1] - The net profit attributable to shareholders for 2023 was 671 million yuan, with a projected decline to 397 million yuan in 2024, followed by a recovery to 878 million yuan in 2025 [1] - The earnings per share (EPS) for 2024 is projected at 0.14 yuan, with expectations of 0.15 yuan in 2025 and 0.18 yuan in 2026 [1] - The price-to-earnings (P/E) ratio is projected to be 82.14 for 2024, decreasing to 74.44 in 2025 and further to 64.87 in 2026 [1] Business Segment Performance - Brokerage business revenue increased by 39.4% year-on-year in 2024, accounting for 26.9% of total revenue, with a notable 156% increase in Q4 [1] - Investment banking revenue decreased by 30.7% year-on-year, with a significant drop in equity underwriting [1] - Asset management revenue grew by 49.0% year-on-year, attributed to the opening of Guolian Asset Management and the consolidation of Zhongrong Fund [1] - Investment income, including fair value changes, decreased by 21.5% year-on-year, primarily due to declines in derivative financial instruments [1]

Investment Rating - The investment rating for Guolian Securities is "Buy" (maintained) [1] Core Views - The report highlights that investment income has negatively impacted performance, but there is optimism regarding the synergistic effects of acquiring Minsheng Securities [4][6] - For 2024, the company reported operating revenue and net profit attributable to shareholders of 2.68 billion and 400 million yuan, respectively, reflecting a year-on-year decline of 9% and 41% [4] - The acquisition of Minsheng Securities was completed on January 3, 2025, and the report anticipates positive integration and business synergy effects [6] Financial Performance Summary - In 2024, the weighted average ROE was 2.19%, down by 1.7 percentage points year-on-year, with an end-of-year leverage ratio (excluding client margin) of 4.4 times, an increase of 0.1 times from the beginning of the year [4] - The brokerage and asset management businesses grew by 39% and 49% year-on-year, while investment banking and investment businesses declined by 31% and 20%, respectively, dragging down overall performance [4] - The report projects net profits for 2025-2027 to be 850 million, 1.14 billion, and 1.44 billion yuan, respectively, with year-on-year growth rates of 115%, 33%, and 26% [4] Valuation Metrics - The current stock price corresponds to a PB ratio of 1.6 for 2025, 1.5 for 2026, and 1.5 for 2027 [4] - The report provides a detailed financial summary, including projected revenues and net profits for the years 2025 to 2027, with expected revenues of 3.78 billion, 4.48 billion, and 5.17 billion yuan, respectively [7][9]

投顾特色突出，静待协同成效 公司公布 2024 年年报。全年实现营收 26.83 亿元，同比-9.2%；归母净利润 3.97 亿元，同比-40.8%；加权平均 ROE2.19%，同比-1.70pct。Q4 实现营收 6.78 亿元，同比+51.3%，环比-26.2%；归母净利润 0.02 亿元，同比扭亏， 环比-99.4%。分业务来看，全年营收增速：经纪+39.4%、投行-30.7%、资管 +49.0%、利息-223.5%、投资-21.6%，全年营收占比：经纪 26.8%、投行 12.6%、 资管 24.6%、利息-3.7%、投资 36.3%。经纪及资管为全年及 Q4 主要增长项。 证券研究报告 | 2025年03月27日 国联证券（601456.SH） 优于大市 经纪及财富管理：财富管理客户数及 AUM 保持增长，基金投顾规模快速扩张。 公司全年新增财富客户 21.86 万户，累计总客户 195.50 万户，同比+12.6%。 全年代销规模 402.78 亿元，同比+118.9%；金融产品保有量 209.56 亿元， 同比+8.4%。基金投顾业务渐具现代财富管理业务雏形，策略团队收益率远 超市场偏股基金平均 ...