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9月30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: 2025年10月8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 ...

Core Viewpoint - Tian Di Online (002995.SZ) reported a decline in revenue and increased net losses for the first half of 2025 compared to the previous year, indicating ongoing financial challenges for the company [1][2]. Financial Performance Summary - The company achieved operating revenue of 6.54 billion yuan in the first half of 2025, a decrease of 9.86% year-on-year [1][2]. - The net profit attributable to shareholders was -334.36 million yuan, worsening from -223.79 million yuan in the same period last year, reflecting a decline of 49.41% [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -341.52 million yuan, compared to -233.02 million yuan in the previous year, marking a decrease of 46.57% [1][2]. - The net cash flow from operating activities was 2.44 million yuan, a significant improvement from -85.96 million yuan in the same period last year, representing a change of 102.84% [1][2]. 2024 Financial Overview - In 2024, the company reported operating revenue of 1.34 billion yuan, down 27.49% from 1.84 billion yuan in 2023 [3]. - The net profit attributable to shareholders for 2024 was -675.44 million yuan, a decline of 158.76% from -261.03 million yuan in 2023 [3]. - The net profit after deducting non-recurring gains and losses was -674.43 million yuan, compared to -446.43 million yuan in the previous year, indicating a decrease of 51.07% [3]. - The net cash flow from operating activities was -127.92 million yuan, a significant decline from 63.52 million yuan in 2023, reflecting a change of -301.40% [3]. Company Background - Tian Di Online was listed on the Shenzhen Stock Exchange on August 5, 2020, with an initial public offering of 16.17 million shares, representing 25% of the total shares post-issuance, at a price of 33.84 yuan per share [3]. - The total amount raised during the IPO was 547.19 million yuan, with a net amount of 480.95 million yuan intended for various projects including integrated marketing services and research and development [4].

Core Viewpoint - The securities industry is experiencing a severe "price war" in the margin financing and securities lending business, with average financing rates plummeting from a historical high of 8.35% to a range of 5%-5.5%, and some brokers offering rates below 4%, which is approaching their comprehensive funding cost line. Despite this, the overall scale of margin financing is steadily increasing, highlighting a significant disconnect between volume growth and price reduction, representing a typical symptom of the industry's transformation pains [1][2]. Group 1: Current Challenges - The financing rates in the securities industry are on a downward trend, with rates expected to continue decreasing from 8.35% in 2015 to 5%-5.5% by 2024, and some firms offering rates below 4% to high-net-worth clients, intensifying competition [2][3]. - The price war is rooted in structural contradictions and homogeneous competition, with 150 securities firms in the market, leading to fierce resource competition and forcing firms to rely on price cuts to gain market share [3]. - The mismatch between the growth in margin financing balance, which reached 18,505 billion with a year-on-year increase of 24.95%, and the revenue from financing interest, which only grew by 10%, indicates the limitations of the price war [3]. Group 2: Negative Impacts - The price war is hindering industry innovation, as firms are focusing resources on traditional business lines rather than exploring new models, which limits their ability to meet the diverse needs of the real economy [4][5]. - The competitive environment has led to a degradation of service capabilities, with the value of professional services being underestimated and talent retention becoming increasingly difficult due to declining profit margins [6]. - The adverse effects of the price war may result in a misallocation of social economic resources, undermining the financial sector's ability to serve the real economy effectively [7]. Group 3: Systemic Risks - The low financing rate environment is likely to amplify market volatility, as high leverage can lead to forced liquidations during market downturns, negatively impacting liquidity [8]. - The interconnectedness of risks among financial institutions is heightened, as difficulties in short-term financing can lead to asset sell-offs by securities firms, triggering broader market declines [8]. Group 4: Policy and Structural Solutions - The central government has initiated a series of anti-involution policies to regulate market order, emphasizing the need for industry self-discipline and the prevention of "involutionary" competition [11][12]. - A shift in development philosophy is necessary, moving from a focus on scale to value creation, with a comprehensive evaluation system that prioritizes long-term indicators such as customer satisfaction and innovation investment [13]. - Establishing a multi-tiered competitive system based on professional capabilities is essential, allowing firms to transition from price competition to value creation [14]. Group 5: Technological and Regulatory Enhancements - Digital transformation is crucial for reconstructing the business value chain, with firms deploying AI systems and enhancing risk management through big data [15]. - Regulatory guidance and industry self-discipline must work in tandem to establish a healthy market ecosystem, including reasonable interest rate determination and the prohibition of malicious competition [16]. Conclusion - To overcome the challenges posed by the "involutionary" competition in the securities industry, a balance between market efficiency and industry order is required, alongside a strategic focus on long-term value creation [17].

Core Viewpoint - Guolian Minsheng Securities has announced the integration of its investment banking business, transferring responsibilities from Minsheng Securities to its wholly-owned subsidiary Guolian Minsheng Securities Underwriting and Sponsorship Co., ensuring a seamless transition and continuity of services for over 240 ongoing projects [1][2]. Group 1: Integration Process - The integration process has been conducted in close coordination with regulatory bodies, ensuring effective communication with clients to safeguard their rights [2]. - Key personnel from both Minsheng Securities and Guolian Minsheng have been actively involved in the integration, with comprehensive comparisons and revisions of business processes and standards to ensure a smooth transition [2]. - The new organizational structure has been established, with training conducted on updated policies and IT systems now fully operational [2]. Group 2: Strategic Management - The management team of Guolian Minsheng Securities Underwriting and Sponsorship has been strategically appointed, with Xu Chun, former head of Guolian Securities Research Institute, as chairman, and Zhang Ming, former president of Minsheng Securities Investment Banking Division, as president [3]. - This leadership is expected to align the investment banking business with national and industry development trends, leveraging their extensive experience [3]. Group 3: Business Performance - Minsheng Securities has demonstrated strong capabilities in equity investment banking, particularly in IPOs, with 98 projects completed from January 2020 to June 2025, ranking among the top in the market [4]. - Guolian Minsheng's predecessor, Huaying Securities, has excelled in bond issuance, with over 712 projects totaling more than 200 billion yuan, establishing significant market benchmarks [4]. Group 4: Market Position and Future Outlook - The merger has created a strong market presence, positioning Guolian Minsheng Securities among the top firms in the industry, with a fifth-place ranking in IPO applications for the first half of 2025 [5]. - The company aims to enhance its investment banking capabilities while adhering to compliance and risk management standards, aligning with national financial development strategies [5][6]. - The strategic vision includes becoming a modern investment bank with international influence, focusing on serving national strategies and empowering the real economy [6].

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [3][38]. Core Views - The A-share margin trading balance has reached a new high of 2.44 trillion yuan, reflecting a robust demand in the margin trading market. The financing balance accounts for 2.54% of the circulating market value, and the financing buy-in amount represents 11.80% of the A-share trading volume [2]. - The current PB valuation of the brokerage sector is 1.42 times, which is near the 40th percentile of 2020, indicating a historical low [1]. - Regulatory encouragement for industry consolidation is evident, with mergers and acquisitions seen as effective means for brokerages to achieve external growth and enhance competitiveness [3][6]. Summary by Sections Brokerage Weekly Data Tracking - The average daily trading volume for A-shares was 23,132 billion yuan, down 8.13% week-on-week, with a daily turnover rate of 3.78%, a decrease of 0.48 percentage points [11]. - As of September 26, 2025, the total equity financing scale reached 876.615 billion yuan, with IPOs contributing 75 billion yuan and additional financing at 757.9 billion yuan [13]. Insurance Weekly Data Tracking - The total insurance premium income for July 2025 was 42,085.29 billion yuan, reflecting a year-on-year increase of 6.75%. The life insurance sector accounted for 33,202.78 billion yuan, up 7.53% year-on-year [27]. - The insurance sector is seeing a surge in new product launches, with 993 life insurance products and 652 annuity products introduced this year, indicating a shift towards more competitive offerings [7]. Industry Dynamics - Recent announcements from regulatory bodies support the development of bond repurchase business for foreign investors, enhancing the attractiveness of RMB-denominated bonds [31]. - Measures to foster the growth of digital economy innovation enterprises have been introduced, aiming to accelerate the listing and financing of high-quality companies in this sector [32].

Group 1 - The A-share market is experiencing increased trading activity, with margin financing balances remaining high, contributing to a significant recovery in the securities industry's prosperity [1] - The securities sector, known as the "bull market flag bearer," has shown frequent fluctuations due to multiple favorable factors [1] - As of September 29, the overall increase in the A-share securities sector exceeded 6%, with all stocks in the sector rising [2] Group 2 - Notable stocks such as GF Securities, Xiangcai Securities, Huatai Securities, and Guosheng Financial have reached their daily limit up, while industry leader CITIC Securities saw an increase of over 9% [2] - In the Hong Kong market, the Chinese securities sector surged by over 10%, with stocks like Huatai Securities, CITIC Securities, and GF Securities all rising more than 10% [3] - Analysts suggest that the capital market is stabilizing, and the trend of performance recovery in the securities industry is expected to continue, with a recommendation to focus on leading brokerage firms [4]

Group 1: Core Insights - The report from Guolian Minsheng Securities indicates that the domestic sales of air conditioners, refrigerators, and washing machines are expected to grow by +5%, -1%, and remain flat year-on-year in Q3 2025, respectively, showing a decrease compared to Q2 [1] - The online retail sales of robotic vacuum cleaners are projected to increase by +73% year-on-year in July-August 2025, driven by provincial subsidies and the introduction of new products [3] - The overall performance of the white goods sector is expected to show steady growth in domestic sales, while external sales are showing marginal improvement, particularly for leading brands like Haier [2] Group 2: Market Trends - The average selling prices for air conditioners, refrigerators, and washing machines in July-August 2025 are expected to change by -1%, +1%, and +2% year-on-year, indicating a stable pricing environment [1] - The global market for robotic vacuum cleaners is experiencing significant growth, attributed to the combination of high-end Chinese brands lowering prices and consumers upgrading their products [3] - The TV market is seeing a decline in sales, with internal and external volumes down by -7% and -6% year-on-year, but there is an improvement in product structure with a rise in high-end MiniLED products [4] Group 3: Future Outlook - The resilience of leading brands is expected to exceed expectations, with a projected return to mid-single-digit growth rates after short-term fluctuations [5] - The cleaning appliance sector is anticipated to achieve high double-digit revenue growth in Q3 2025, supported by the performance of leading companies like Roborock and Ecovacs [3] - The overall valuation of the sector has declined to near historical lows, with expectations for improved shareholder returns and increased dividend rates [5] Group 4: Recommended Stocks - The report recommends continued investment in white goods companies such as Haier Smart Home, Midea Group, Hisense Home Appliances, and Gree Electric, as well as black goods company Hisense Visual and cleaning appliance companies Roborock and Ecovacs [6]

Core Viewpoint - The A-share market has seen a strong performance in brokerage stocks, with several companies reaching their daily limit up, indicating positive investor sentiment and market activity [1] Group 1: Stock Performance - Huatai Securities (601688) experienced a rise of 10.01%, with a total market capitalization of 196.5 billion and a year-to-date increase of 25.90% [2] - Guosheng Financial Holdings (002670) increased by 9.99%, with a market cap of 42.8 billion and a year-to-date rise of 69.06% [2] - GF Securities (000776) saw a gain of 9.25%, with a market value of 173.3 billion and a year-to-date increase of 43.89% [2] - Dongfang Securities (600958) rose by 6.62%, with a market cap of 97.1 billion and a year-to-date increase of 9.35% [2] - Dongwu Securities (601555) increased by 6.57%, with a market capitalization of 49.2 billion and a year-to-date rise of 30.68% [2] - CITIC Securities (600030) saw a gain of 5.85%, with a market cap of 450.5 billion and a year-to-date increase of 5.13% [2] - Guoxin Securities (002736) increased by 5.33%, with a market value of 143.7 billion and a year-to-date rise of 29.24% [2] - Xinda Securities (601059) rose by 4.95%, with a market cap of 62.5 billion and a year-to-date increase of 28.92% [2] - Xiangcai Securities (600095) increased by 4.81%, with a market capitalization of 38 billion and a year-to-date rise of 84.58% [2] - Changjiang Securities (000783) saw a gain of 4.77%, with a market cap of 46.2 billion and a year-to-date increase of 25.20% [2] - Guotai Junan Securities (601211) rose by 4.12%, with a market value of 343.4 billion and a year-to-date increase of 5.90% [2] - Guolian Minsheng Securities (601456) increased by 4.09%, with a market cap of 63.7 billion but a year-to-date decline of 16.64% [2]

Core Viewpoint - The A-share market has seen a strong performance in brokerage stocks, with several companies reaching their daily price limits and significant year-to-date gains reported [1] Group 1: Stock Performance - Huatai Securities (601688) increased by 10.01%, with a total market capitalization of 196.5 billion and a year-to-date gain of 25.90% [2] - Guosheng Financial Holdings (002670) rose by 9.99%, with a market cap of 42.8 billion and a year-to-date increase of 69.06% [2] - GF Securities (000776) saw a rise of 9.25%, with a market cap of 173.3 billion and a year-to-date gain of 43.89% [2] - Dongfang Securities (600958) increased by 6.62%, with a market cap of 97.1 billion and a year-to-date gain of 9.35% [2] - Dongwu Securities (601555) rose by 6.57%, with a market cap of 49.2 billion and a year-to-date increase of 30.68% [2] - CITIC Securities (600030) increased by 5.85%, with a market cap of 450.5 billion and a year-to-date gain of 5.13% [2] - Guoxin Securities (002736) rose by 5.33%, with a market cap of 143.7 billion and a year-to-date increase of 29.24% [2] - Xinda Securities (601059) increased by 4.95%, with a market cap of 62.5 billion and a year-to-date gain of 28.92% [2] - Xiangcai Securities (600095) rose by 4.81%, with a market cap of 38 billion and a year-to-date increase of 84.58% [2] - Changjiang Securities (000783) increased by 4.77%, with a market cap of 46.2 billion and a year-to-date gain of 25.20% [2] - Guotai Junan Securities (601211) rose by 4.12%, with a market cap of 343.4 billion and a year-to-date gain of 5.90% [2] - Guolian Securities (601456) increased by 4.09%, with a market cap of 63.7 billion but a year-to-date decline of 16.64% [2]

Core Viewpoint - Guolian Minsheng (601456) actively responds to the "Eight Policies for the Sci-Tech Innovation Board" and "Six Policies for Mergers and Acquisitions," seizing opportunities in IPOs and mergers and acquisitions through a series of pragmatic measures and strategic layouts in the capital market [1] Group 1: IPO Strategy - The company is deepening the segmentation of the investment banking industry, focusing on key industries supported by national strategies to enhance service competitiveness for niche industry companies [1] - There is an emphasis on understanding and uncovering the investment value of enterprises to supply high-quality investment targets to the capital market [1] Group 2: Mergers and Acquisitions - A dedicated department has been established, along with a company-wide platform for integrating merger opportunities, to systematically compile and organize various merger resources and business opportunities [1] - The aim is to achieve efficient information flow and sharing within the organization [1] Group 3: Focus on Unprofitable Enterprises - The company plans to construct a new value assessment system for project selection and evaluation, shifting focus from traditional profit indicators to a deep exploration of "hard technology" attributes and long-term development potential [1] - There is a commitment to thoroughly analyze the technological barriers and commercialization paths of enterprises, using detailed data to substantiate growth logic while repeatedly verifying and clarifying risks to avoid the entry of "pseudo-technology" companies into the market [1]