国联民生证券股份有限公司 内部审计基本制度 第一章 总则 第一条 为完善内部审计监督体系，提高内部审计工作的 规范性和有效性，提升公司经营管理水平和风险防范能力， 促进公司高质量可持续发展，根据《中华人民共和国证券法》 《中华人民共和国证券投资基金法》《中华人民共和国审计 法》《证券公司内部审计指引》《证券公司内部控制指引》 《上海证券交易所上市公司自律监管指引第 1 号——规范运 第二条 本制度适用于公司和所有子公司，子公司可以依 据本制度所列管理原则，结合自身业务特点，制定适合子公 司的审计管理制度及实施细则或办法。 第三条 本制度是公司内部审计管理行为的基本准则和 规范，是制定其他具体审计管理制度的基础和依据。 第四条 术语及解释： （一）本制度所称公司是指国联民生证券股份有限公司； 子公司是指公司持有其 50%以上股份，或者公司持有其股份 的比例虽然不足 50%但能够实际控制的公司，即公司的全资 子公司和控股子公司。 （二）本制度所称内部审计，是指公司运用系统、规范 的方法，对其业务经营、风险管理、内控合规实施独立、客 1 作》等有关法律法规，结合公司的实际情况，制定本制度。 观的监督、评价和建议，促 ...

证券代码：601456 证券简称：国联民生 公告编号：2026-006 号 国联民生证券股份有限公司 关于修订《公司章程》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。 1 附件： 《国联民生证券股份有限公司章程》修订对照表 | 原条款序号、内容 | 新条款序号、内容 | 修订原因或依 | | --- | --- | --- | | | | 据 | | 第 2.02 条 公司的经营范围 | 第 2.02 条 公司的经营范围 | 根据《经营证券 | | 以证券监督管理机构核准和公司 | 以证券监督管理机构核准和公司 | 期货业务许可 | | 登记机关登记的经营范围为准。 | 登记机关登记的经营范围为准。 | 证》内容修改 | | 经依法登记，公司经营范围 | 经依法登记，公司经营范围 | | | 是：许可项目：证券业务；证券 | 是：许可项目：证券业务；证券 | | | 投资咨询；公募证券投资基金销 | 投资咨询；公募证券投资基金销 | | | 售；债券市场业务。（依法须经 | 售；债券市场业务。（依法须经 | | | ...

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"）第六届董事会第三次会议 于 2026 年 2 月 6 日以书面方式发出通知，经全体董事同意后，于 2026 年 2 月 7 日在公司会议室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：董事吴卫华先生以通讯方 式出席）。会议由董事长顾伟先生主持，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）《关于制定<国联民生证券股份有限公司市值管理制度>的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票，本议案获通过。 证券代码：601456 证券简称：国联民生 公告编号：2026-005 号 国联民生证券股份有限公司 第六届董事会第三次会议决议公告 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。 1 并募集配套资金暨关联交易之募集配 ...

Group 1 - The report emphasizes that the bull market is still ongoing, encouraging confidence while suggesting a reduction in the slope expectation of the market, indicating that the lower limit of the market is continuously rising [2][12] - The report highlights that over 20% of companies in six industries, including utilities, non-ferrous metals, and automotive, are expected to see strong profit growth, indicating a positive outlook for these sectors [3][21] - The report identifies three categories of companies to focus on: those with accelerating profit growth, those experiencing a turnaround from negative to positive profits, and those with profit growth transitioning from negative to positive [4][26] Group 2 - The report outlines a "net profit gap" strategy that has significantly outperformed the market since 2025, with two portfolios achieving returns over 100%, particularly in the coal and non-ferrous metals sectors [5][29] - The top five industries with the highest proportion of stocks showing net profit gaps include coal (8.1%), non-ferrous metals (5.1%), and communications (4.8%), indicating strong performance potential in these areas [5][32] - The report suggests that the A-share market is currently in a relatively safe environment, with room for expansion in the securities ratio, particularly in the TMT sector, which is expected to maintain its profitability advantage [6][34] Group 3 - The report recommends focusing on industries that are benefiting from PPI improvements and broad anti-involution trends, such as non-ferrous metals, chemicals, and power generation [6][35] - It also suggests a dual focus on technology and cyclical sectors, highlighting opportunities in AI applications, military industry, and core AI hardware [6][35] - The report indicates that the overall annual profit forecast for A-share companies shows a continuous improvement, with 52.3% of companies expected to report profit growth [17][18]

Core Insights - The report from Guolian Minsheng Securities emphasizes that the sustained high prosperity of AI upstream (computing power and storage) is a precursor to the current AI wave, while the market remains focused on the downstream applications of AI [1][2] - Clawdbot, representing edge AI, addresses market concerns regarding the diffusion of AI applications and the liberation of demand, indicating a significant potential for accelerating AI application expansion [2][3] AI Industry Trends - Since the beginning of the year, there have been numerous positive catalysts in the AI industry, with major tech companies like Meta and Tesla increasing their 2026 CapEx guidance, and AI's impact on advertising revenue becoming evident [1] - Recent price increases from cloud service providers reflect the ongoing strong demand for computing power and cloud resources under AI workloads, indicating a tight supply [1][2] Clawdbot's Impact - Clawdbot's open-source and pay-per-use business model, combined with its strong data privacy features and cost-efficiency, enables more non-large tech companies and individuals to access "self-owned AI," transforming AI from a high-end capability into a basic function for many devices [2] - The popularity of Clawdbot highlights the potential for accelerated AI application diffusion, although concerns about security vulnerabilities and exposure of sensitive data remain [2][3] Investment Recommendations - Companies to watch include Alibaba-W (09988), Baidu Group-SW (09888), Tencent Holdings (00700), Kingsoft Cloud (03896), and MiniMax-WP (00100), which provides Clawdbot's official API [4] - In the AI workflow sector, attention is drawn to Google (GOOGL.US), Microsoft (MSFT.US), Salesforce (CRM.US), Snowflake (SNOW.US), Elastic (ESTC.US), and MongoDB (MGDB.US) [4] - The demand for security driven by Clawdbot-like agents suggests monitoring Cloudflare (NET.US) and CrowdStrike (CRWD.US) [4]

Core Viewpoint - The automotive industry is experiencing a pivotal moment in smart technology, with autonomous driving capabilities becoming a key competitive factor for car manufacturers. The report anticipates a threefold turning point in technology, user acceptance, and business models for smart driving, favoring quality domestic car companies with advanced smart layouts and positive product and brand cycles [1]. Group 1: Market Performance - In January, the overall performance of the car market was subdued, with a total retail market size of approximately 1.8 million vehicles, a month-on-month decrease of 20.4% but a slight year-on-year increase. The retail sales of new energy vehicles are expected to reach 800,000 units, with a penetration rate of 44.4% [1]. - Five sample new force car companies (excluding Xiaomi and Aion) delivered a total of 130,772 vehicles in January, representing a year-on-year increase of 17.5% but a month-on-month decrease of 28.0%, outperforming the industry average [1]. Group 2: Company-Specific Performance - **Leap Motor**: In January, delivered 32,059 vehicles, a year-on-year increase of 27.4%. The strong performance is attributed to the competitive pricing of models C10 and B01. The company plans to launch its first flagship SUV D19 in April 2026 [2]. - **Xpeng**: Delivered 20,011 vehicles in January, a year-on-year decrease of 34.1% and a month-on-month decrease of 38.0%. The company plans to launch multiple new models in 2026, including the P7+ starting at 186,800 yuan [3]. - **NIO**: Delivered 27,182 vehicles in January, a year-on-year increase of 96.1%. The company is set to deliver its 60,000th ES8 on February 1, 2026, and has launched a new version of its NWM model [4]. - **Li Auto**: Delivered 27,668 vehicles in January. The company has expanded its retail and service network significantly, with 547 retail centers and 3,966 charging stations across the country [4]. - **Zeekr**: Delivered 23,852 vehicles in January, a year-on-year increase of 99.7%. The company plans to launch its second model, Zeekr 8X, in the first half of this year [4]. - **Xiaomi**: Delivered over 39,000 vehicles in January, with plans to launch the new generation SU7 in April 2026 [5][6]. Group 3: Technological Advancements - The era of intelligent driving is accelerating, with companies like Xpeng and those associated with Huawei continuously iterating and promoting smart driving technologies. The advancements are expected to lower the hardware barriers for smart driving, making it accessible in the mainstream market under 200,000 yuan, thus providing a competitive edge against joint venture brands [7].

汇兑：套保对冲净资产损失 毛利率之外，汇率波动导致的外币净资产/负债头寸折算差额，是财务费用科目下汇兑损益的主要来源; 具体而言，货币性净资产在升值中产生汇兑损失，净负债则产生汇兑收益。过往三轮年度级人民币升值 周期中，家电主要公司汇兑多为损失;从最新披露25H1外币货币性项目看，主要公司中仅海尔智家及海 信家电为净负债，汇兑受益升值，其余公司均为净资产。经营角度，龙头外汇套保比例较高，有效对 冲，实际影响或集中于外销型小电公司。 智通财经APP获悉，国联民生证券发布研报称，拐点在望，维持家电行业"推荐"评级。名义汇率升值对 出口修复斜率及外销盈利虽有牵制，龙头品牌议价、海外产能、外汇套保平滑波动，影响有限;此外， 板块陆股通敞口较高，或受益于升值助推的外资流入。标的方面：①推荐高质量且高股息的白电龙 头;②推荐份额及盈利中枢提升的彩电龙头;③推荐领跑全球的扫地机龙头;④推荐份额提升、积极外拓。 国联民生证券主要观点如下： 量价：美元价汇率弹性较大 自下而上，外销量价是汇率影响的首要路径;升值阶段，出口厂商或上调美元均价维持本币出厂价稳 定，或以人民币价格消化升值影响，前者影响份额，后者影响盈利。过往汇率周期 ...

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: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國聯民生證券股份有限公司 呈交日期: 2026年2月4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 | ...

致：香港交易及結算所有限公司 公司名稱: 國聯民生證券股份有限公司 呈交日期: 2026年2月4日 | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601456 | 說明 | 上海證券交易所 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,237,952,806 | RMB | | 1 | RMB | | 5,237,952,806 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 5,237,952,806 | RMB | | 1 | RMB | | 5,237,952,806 | 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: 2026年1月31日 狀態: 新提交 I. 法定/註冊股本變動 | ...

智通财经APP获悉，国联民生证券发布研报称，在传统对话范式下，单次交互仅需少数几次模型调用； 但在工作流范式下，一个任务往往横跨计划、检索、工具调用、校验纠错及外部系统写入等多个阶段。 相较基础聊天，面向复杂任务的agent服务可能会消耗数十倍多的token，模型单位成本的重要性在不断 提升。Agent时代，大模型正从"聊天工具"进化为"自主员工"。掌握核心算法与行业接口的大模型厂商 有望深度受益于万物智能化的红利，建议关注"大模型双子星"MiniMax-WP(00100)与智谱(02513)。 国联民生证券主要观点如下： 事件：截至2026年2月2日，Clawdbot在代码托管平台GitHub上的星标数量已超过13万个，官网累计访问 量突破200万人次，成为近期增长最快的开源技术项目之一。以及近期出现的"AI-only社区"如 Moltbook，该平台在极短时间内聚集了百万个代理账号规模，这类交互天然对应更高的请求密度与更频 繁的API触发。其最直接的外显变量是API调用频次与token吞吐的阶跃式抬升。在Clawdbot创始人Peter Steinberger的力荐下，国内AI独角兽MiniMax旗下擅长 ...