证券研究报告 | 2025年09月01日 国联民生（601456.SH） 优于大市 整合初见成效 公司发布 2025 年半年报。2025 上半年，公司实现营业收入 40.11 亿元，同 比+47.4% （本数基于 2024 年上半年国联与民生证券的合计值，后续同比均 采用此口径） ；实现归母净利润 11.27 亿元，同比+166.9%；对应 EPS 为 0.20 元，ROE 为 2.52%，同比+2.04pct。公司投资收益增加，经纪业务受益于市 场活跃度提升，同时公司整合民生证券，在区域转型过程中发挥竞争力。 自营规模持续扩张，权益分帐户构建。上半年，公司自营实现营业收入 20.97 亿元，同比+94.3%；公司金融投资资金为 926.72 亿元，较年初增加 131 亿 元，增长 16.51%。其中，TPL 账户为 749.28 亿元，较年初增加 103 亿元， 增长 15.94%；OCI 权益账户为 112 亿元，较年初增加 38 亿元，增长 40.51%。 核心观点 公司研究·财报点评 非银金融·证券Ⅱ 经纪业务地域互补明显，基金投顾业务续增长。上半年，公司经纪业务实现 收入 9.05 亿元，同比+22 ...

证券代码：601456 证券简称：国联民生 公告编号：2025-057 号 一、监事会会议召开情况 国联民生证券股份有限公司（以下简称"公司"）第五届监事会第二十次会 议于 2025 年 8 月 14 日以书面方式发出通知，经全体监事同意后，于 2025 年 8 月 28 日在无锡总部以现场结合通讯的方式召开。 国联民生证券股份有限公司 第五届监事会第二十次会议决议公告 本公司监事会及全体监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。 《国联民生证券 股份有限公司监事会议事规则》的相关规定。 二、监事会会议审议情况 会议应出席监事 5 人，实际出席监事 5 人（其中：监事徐看先生、监事徐静 艳女士以通讯方式出席）。会议由监事会主席薛春芳女士主持，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》）、 站 http://www.sse.com.cn。 （二）《关于审议 <国联民生证券股份有限公司 ensp="ensp" 年度中期全面风险管 ...

| 国联民生证券股份有限公司2025 | 年半年度报告摘要 | 公司代码：601456 | 公司简称：国联民生 | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国联民生证券股份有限公司 | 国联民生证券股份有限公司2025 | 年半年度报告摘要 | | | | | | | | | | | | | | | | | | | | | | | | | 第一节 | 重要提示 | http://www.sse.com.cn | 展 | 规 | 划 | ， | 投 | 资 | 者 | 应 | 当 | 到 | 上 | 交 | 所 | 网 | 站 | ： | 香 | 港 | 交 | 易 | 所 | 披 | 露 | | 易 | 网 | 站 | ： | http://www ...

证券代码：601456 证券简称：国联民生 公告编号：2025-056 号 国联民生证券股份有限公司 第五届董事会第二十八次会议决议公告 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"）第五届董事会第二十八次 会议于 2025 年 8 月 14 日以书面方式发出通知，经全体董事同意后，于 2025 年 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 事吴卫华先生、董事杨振兴先生、独立董事高伟先生、独立董事郭春明先生以通 讯方式出席）。会议由董事长顾伟先生主持，公司监事和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 和《国联民生证券股份有限公司章程》《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）《国联民生证券股份有限公司 2025 年半年度报告》 表决结果：同意 9 票，反对 0 票，弃权 0 票，本议案获通过。 本议案已经公司董事会审计委员 ...

Core Viewpoint - The company plans to establish the Guolian Tongzhi Fund in collaboration with its affiliate, Guolian Life Insurance, with a total fund size of RMB 12.2 billion, aimed at private equity investments in smart technology and new productivity sectors [1][5][12] Summary by Sections Transaction Overview - Guolian Tongbao Capital Investment Co., Ltd., a wholly-owned subsidiary of the company, will contribute RMB 480 million to the fund, while Guolian Life Insurance will contribute RMB 740 million, making it a limited partner [1][5] - The fund will focus on private equity investments in the fields of new productivity and smart technology, expanding the company's private equity business management scale and generating investment returns and management fee income [1][5][12] Related Party Information - Guolian Life Insurance is a company controlled by Guolian Group, which holds a 33.33% stake in it, and has a historical connection with the company through board member relationships [2][4] - As of June 30, 2025, Guolian Life Insurance reported total assets of RMB 388.62 billion and a net asset of RMB 39.04 billion, with a net loss of RMB 2.36 billion for the first half of 2025 [4][5] Fund Structure and Management - The fund will be structured as a limited partnership, with Guolian Tongbao as the general partner and fund manager, and Guolian Life as the limited partner [5][6] - The fund's management fee is set at 0.5% per year of the total capital contributions during the investment period, which lasts for three years, followed by a four-year exit period [6][7] Investment Strategy - The fund aims to invest primarily in unlisted companies within China, focusing on direct or indirect equity investments to achieve capital appreciation [9][10] - An investment decision-making committee and an advisory committee will be established to oversee investment activities [9][10] Impact on the Company - The establishment of the Guolian Tongzhi Fund is expected to enhance the company's private equity asset management capabilities, increase brand recognition, and provide long-term investment returns through collaboration with insurance funds [11][12]

Fundraising Overview - The company raised a total of RMB 1,999,999,995.07 through the issuance of 208,550,573 shares at a price of RMB 9.59 per share, with a net amount of RMB 1,970,895,307.90 after deducting issuance costs [1][7] - The funds were deposited into a designated account on February 26, 2025, and verified by an accounting firm [1] Fund Usage Status - As of June 30, 2025, the raised funds had not been utilized, with a remaining balance of RMB 1,979,332,538.10 in the fundraising account [2] - The company has established a fundraising management system to ensure the proper use and supervision of the raised funds [2] Fund Management Agreements - The company signed tripartite and quadripartite agreements with various banks to ensure the secure storage and management of the raised funds [3] Fund Allocation and Investment - There have been no changes in the investment projects funded by the raised capital as of June 30, 2025 [5] - The company has not used idle funds for temporary working capital, cash management, or investment in related products [5] Compliance and Disclosure - The company confirms that the disclosure of the fundraising usage aligns with the actual usage, with no issues of timeliness or accuracy in the reported information [5]

本报记者 曹卫新 在证监会持续推动资本市场"1+N"政策文件落地见效的指引下，江苏省在推动中长期资金入市、公募基金改革、科创 板"1+6"政策措施、上市公司并购重组等一批标志性改革方面取得突破。 《证券日报》记者日前从江苏证监局获悉，今年以来截至8月29日，江苏省上市公司新增并购172单，占全国总量的比重达 15.5%；交易总额391.75亿元。 从行业分布来看，半导体、医药生物、机械设备等"硬科技"板块是并购的主力军。 催生发展新动能 自新"国九条"和"并购六条"发布以来，江苏证监局积极推动政策落地，组织了多场专题培训，全面提升企业合规意识和并 购能力。不少企业借助政策东风，通过并购实现了技术升级、产业链整合甚至跨界融合，涌现出一批典型案例。 2025年2月14日，国联民生证券股份有限公司股票简称正式变更为"国联民生"，标志着国联证券股份有限公司（以下简 称"国联证券"）与民生证券股份有限公司（以下简称"民生证券"）的合并圆满完成。 从规模上看，国联证券与民生证券业务渠道、客户资源和产品服务实现优化融合，业务互补。合并后，国联民生总资产超 1600亿元。在财富管理与资产管理方面，两家券商形成优势结合，可以为 ...

21世纪经济报道记者 孙永乐 合并重组后，国联民生首份半年报出炉，披露诸多业务数据细节。 8月28日，国联民生发布2025年半年报，与此前预告一致，业绩实现大幅跃升。上半年实现营业收入40.11亿元，同比增长269.40%，归母净利润11.27亿元， 同比增长1185%。 | | | | 甲V: 元 巾秤:人民巾 | | --- | --- | --- | --- | | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | | | | | 増減(%) | | 总资产 | 185.396.985.150.22 | 97.208.143.600.76 | 90.72 | | 归属于上市公司股 | 51.087.713.233.00 | 18.584.332.873.18 | 174.90 | | 东的净资产 | | | | | | 本报告期 | 上年同期 | 本报告期比上年同期增 | | | | | 減(%) | | 营业收入 | 4.011.202.732.16 | 1.085.877.120.00 | 269.40 | | 利润总额 | 1.402.946.074.02 | 54.530.910.89 ...

Key Insights - The report highlights the stable recovery of the macroeconomic environment, with Japan's GDP growth exceeding expectations in Q2 and manufacturing PMI showing unexpected improvement, leading to a rise in the Nikkei 225 index to a historical high [2][3] - The report emphasizes the investment opportunities in the "AI+" sector, particularly in hardware and infrastructure, driven by government policies promoting AI development [3][4] - The report discusses the performance of specific companies, such as Xiaoxiong Electric and Water Well, noting their revenue growth and strategic focus on product innovation and channel health [5][6][10][12] Company Performance - Xiaoxiong Electric reported a total revenue of 2.535 billion yuan in H1 2025, a year-on-year increase of 18.94%, with a net profit of 205 million yuan, up 27.32% [5] - Water Well's H1 2025 revenue was 1.5 billion yuan, with a net profit decline of 56.5%, indicating challenges in demand but a focus on channel health [6] - Guolian Minsheng's H1 2025 revenue reached 4.011 billion yuan, a significant increase of 269%, with net profit soaring by 1185% due to the consolidation of Minsheng Securities [7] Industry Trends - The "AI+" initiative is expected to accelerate the development of related industries, with a focus on hardware such as AI glasses and smart home devices [3] - The report notes the increasing demand for data center services, with companies like WanGuo Data expanding their operations and achieving significant order growth [16] - The banking sector shows signs of stability, with several banks reporting steady growth in net profit and revenue, indicating a resilient financial environment [10][19][23]

国联民生证券主要观点如下： 国联民生（601456）证券发布研报称，尽管二季度以来港股整体表现弱于A股，但仍看好港股本轮行 情，AH溢价短期并不必然"均值回归"。首先市场生态层面，A股"新经济"公司密集赴港上市将进一步丰 富AH两地上市公司的领域分布，拓宽资金选择面。其次，美联储有望迎来降息窗口，且随着港元汇率 企稳，香港市场流动性紧缩预期有望缓解；同时，南向资金年内大幅流入后仍有进一步增配的需求和空 间。另外参照最新的中期业绩预告，港股盈利仍处修复通道，新消费等赛道在主题催化之外也具备景气 支撑。 南向资金占比持续提升事实上将直接压缩港股的折价空间。从成交占比看，港股的机构投资者占比超 60%，且非本地机构投资者占比高，低频交易对流动性环境亦有影响。AH溢价的收敛也依赖于国际中 介买入，且国际中介尤其是海外长钱具有看重基本面的特征，配置属性较强。同时，近年来南向资金对 AH溢价的影响力边际加速提升，2020年后AH溢价指数的显著收敛多伴随南向资金的大幅流入。 美元走弱对港股流动性改善有利，但其并非优秀的前瞻指标。联系汇率制下，美元指数变化确实对香港 市场宏观流动性有影响，今年来美元的持续走弱或为AH溢价收敛 ...