Group 1 - The core mission of wealth management institutions is to help investors achieve sustainable returns through professional asset allocation and service capabilities [1] - Major factors influencing clients' long-term investment mindset include significant drawdowns and unrealistic expectations [1] - The key lies in bridging the gap between allocation capabilities and client service, with technology empowerment expected to optimize and accelerate this process [1]

Core Viewpoint - Guolian Minsheng (01456.HK) has announced the integration of Minsheng Securities' investment banking projects into Guolian Minsheng's underwriting and sponsorship business, following the acquisition of 99.26% of Minsheng Securities' shares [1] Group 1: Acquisition and Integration - Guolian Minsheng has completed the acquisition of 99.26% of Minsheng Securities and is progressing with the related fundraising activities [1] - All existing projects of Minsheng Securities, including those in various stages of approval and advisory roles, will now be managed by Guolian Minsheng [1] - The integration of investment banking operations between Guolian Minsheng and Minsheng Securities is being carried out in an orderly manner, with Guolian Minsheng designated as the primary entity for these operations [1]

本公告所附民生证券现有上交所、深交所、北交所、全国中小企业股份转让系统的股权类在审、已注册 尚未完成发行、已获同意未完成挂牌、持续督导项目清单中项目，以及所有其他在辅导、债券承销、受 托管理以及财务顾问等项目，自2025年9月23日起迁移并入国联民生承销保荐，民生证券签署的上述项 目相关协议均由国联民生承销保荐继续履行，原协议中民生证券的权利义务全部由国联民生承销保荐承 继，并由国联民生承销保荐按照原协议约定继续为客户提供服务。 格隆汇9月24日丨国联民生(01456.HK)发布公告，根据相关要求，公司已完成发行股份购买民生证券 99.26%股份并募集配套资金相关事项，并妥善有序推进整合工作。公司收购民生证券前通过全资子公 司国联民生证券承销保荐有限公司(以下简称"国联民生承销保荐"，曾用名：华英证券有限责任公司)开 展投资银行业务。本次收购后国联民生承销保荐与民生证券投资银行业务整合工作稳步推进，并将国联 民生承销保荐确定为公司投资银行业务整合后的业务开展主体，现就投资银行业务整合所涉客户与业务 迁移及合同承继相关事项公告如下： ...

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 部份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） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條作出。 如下公告已於上海證券交易所網站刊發，僅供參閱。 特此公告。 承董事會命 國聯民生證券股份有限公司 董事長 顧偉 中國江蘇省無錫市 2025年9月23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 高偉先生、郭春明先生及徐慧敏女士。 证券代码：601456 证券简称：国联民生 公告编号：2025-062 号 国联民生证券股份有限公司 关于投资银行业务整合及客户与业务迁移的公告 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。 根据中国证监会《关于同意国联证券股份有限公司发 ...

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。 证券代码：601456 证券简称：国联民生 公告编号：2025-062 号 国联民生证券股份有限公司 关于投资银行业务整合及客户与业务迁移的公告 根据中国证监会《关于同意国联证券股份有限公司发行股份购买资产并募集 配套资金注册、核准国联证券股份有限公司和民生证券股份有限公司变更主要股 东、民生基金管理有限公司和民生期货有限公司变更实际控制人等的批复》（证 监许可〔2024〕1911 号）要求，国联民生证券股份有限公司（以下简称"公司" 或"国联民生"）已完成发行股份购买民生证券股份有限公司（以下简称"民生 证券"）99.26%股份并募集配套资金相关事项，并妥善有序推进整合工作。 公司收购民生证券前通过全资子公司国联民生证券承销保荐有限公司（以下 简称"国联民生承销保荐"，曾用名：华英证券有限责任公司）开展投资银行业 务。本次收购后国联民生承销保荐与民生证券投资银行业务整合工作稳步推进， 并将国联民生承销保荐确定为公司投资银行业务整合后的业务开展主体，现就投 资银行业务整合所涉客户 ...

Core Viewpoint - The air conditioning market shows stable domestic sales with slight growth in August, driven by policy support and the implementation of local replacement standards for 2024, leading to a narrowing of the sales decline [1][2]. Group 1: Domestic Sales Performance - In August, the production of household air conditioners reached 12.88 million units, a year-on-year increase of 9.43%, while sales totaled 13.02 million units, a slight decline of 1.04% year-on-year [1]. - Domestic sales amounted to 7.74 million units, up 1.22% year-on-year, while exports were 5.29 million units, down 4.18% year-on-year [1]. - Major manufacturers showed varied performance: Gree's sales decreased by 3.39%, Midea's by 9.21%, Haier's increased by 15.63%, and Hisense's by 6.71% [1]. Group 2: Future Outlook - The air conditioning market is expected to see a year-on-year sales increase of 20% from September to December 2024, although the base is high, leading to a projected decline of 6%-7% in domestic sales during this period [2]. - The overall performance of the white goods sector has been weak since Q3, with pricing strategies and policy impacts likely having been fully reflected in current valuations [5]. Group 3: Export Sales Trends - In August, external sales of household air conditioners decreased by 4%, but the decline is narrowing, indicating a potential recovery phase [4]. - The recent suspension of the 24% tariff increase for 90 days may positively impact export orders, with expectations of a 47% year-on-year increase in external sales from September to December 2024 [4]. Group 4: Industry Recommendations - The air conditioning sector maintains a "stronger than market" rating, with a focus on leading companies such as Midea, Haier, Hisense, and Gree, which are expected to perform well due to their resilience and high dividend yields [5].

Market Overview - On September 22, the securities sector rose by 1.12%, with Guosheng Jin控 leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Guosheng Jin控 (002670) closed at 19.94, up 7.49% with a trading volume of 1.026 million shares and a turnover of 2.009 billion yuan [1] - Shouchuang Securities (601136) closed at 22.82, up 3.26% with a trading volume of 721,000 shares and a turnover of 1.626 billion yuan [1] - Other notable performers include Xiangcai Co. (600095) up 2.40%, Huatai Securities (601688) up 1.90%, and China Galaxy (601881) up 1.74% [1] Fund Flow Analysis - The securities sector saw a net inflow of 467 million yuan from institutional investors, while retail investors experienced a net outflow of 391 million yuan [2][3] - Guosheng Jin控 had a significant net inflow of 325 million yuan from institutional investors, while retail investors showed a net outflow of 216 million yuan [3] - Other stocks with notable fund flows include Shouchuang Securities with a net inflow of 77.62 million yuan from institutional investors and a net outflow of 117 million yuan from retail investors [3]

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Hangzhou Sanai Environmental Technology Co., Ltd.'s application for public stock issuance and listing [1][2]. Group 1: Company Overview - Sanai Environmental is a national high-tech enterprise focused on providing integrated electrolysis system solutions for the non-ferrous metal smelting industry [2]. - The company's main products and services include vinyl resin casting electrolysis tanks, complete electrolysis systems, and integrated electrolysis/electrodeposition process services [2]. Group 2: Shareholding Structure - As of the signing date of the prospectus, Lin Jianping directly holds 30 million shares, accounting for 82.64% of the total share capital, while Jiang Yuling directly holds 3.3 million shares, accounting for 9.09% [2]. - Lin Jianping, as the controlling shareholder, along with Jiang Yuling, collectively controls 94.93% of the company's shares [2]. Group 3: Initial Public Offering (IPO) Details - Sanai Environmental originally planned to publicly issue no more than 12.1 million shares, with a potential total of 13.915 million shares if the overallotment option was fully exercised [3]. - The company aimed to raise approximately 329.1941 million yuan, intended for the construction of an environmental electrolysis equipment production base, a research and development center, and to supplement working capital [3][4]. Group 4: Investment Projects - The total investment for the projects includes: - Environmental electrolysis equipment production base: 191.0712 million yuan - R&D center construction: 63.1229 million yuan - Supplementing working capital: 75 million yuan - The total planned investment is 329.1941 million yuan [4].

Core Viewpoint - The real estate industry is experiencing a divergence in performance among different types of companies, with state-owned enterprises showing resilience while private and mixed-ownership firms face significant losses. The industry is expected to enter a bottoming phase after a rapid decline in gross profit margins [1][2]. Performance Analysis - In the first half of 2025, the 50 sample real estate companies reported total revenue of 1,204.9 billion yuan, a year-on-year decrease of 16.1%. State-owned enterprises saw a revenue increase of 4.9%, while private and mixed-ownership firms experienced declines of 32.1% and 26.1%, respectively [1]. - The net profit attributable to shareholders was a loss of 87 billion yuan, representing a 39% increase in losses year-on-year. State-owned enterprises maintained positive profitability, while private firms reported losses of 97.7 billion yuan and mixed-ownership firms lost 9.8 billion yuan [1]. - The gross profit margin stood at 11.68%, down 0.29 percentage points from the full year of 2024, indicating that the industry may have exited the rapid decline phase and is now stabilizing [1]. - The selling and administrative expense ratio was 4.89%, a decrease of 0.62 percentage points compared to 2024, reflecting ongoing cost reduction efforts [1]. Sales and Investment Trends - In the first half of 2025, the total sales amount for the top 100 real estate companies was 1,782 billion yuan, down 11% year-on-year. However, leading improvement-focused firms like China Jinmao and CIFI Holdings showed positive growth [2]. - The number of private enterprises in the top 30 decreased from 21 in 2020 to 7 in the first half of 2025, indicating a consolidation trend [2]. - Real estate companies are adopting a sales-driven investment strategy, focusing on core cities and regions, with land acquisition intensity showing signs of recovery. The land acquisition intensity for 14 typical firms from 2021 to the first half of 2025 averaged between 0.21 and 0.47, with some firms exceeding 0.6 [2]. Asset Management - In the first half of 2025, 16 typical real estate companies reported total assets of 10,187.5 billion yuan, a decrease of 2.9% from the end of 2024. The interest-bearing debt increased by 0.4% to 2,714.6 billion yuan, while the asset-liability ratio decreased by 0.8 percentage points to 71.5% [3]. - Short-term debt remains a concern, with 30.4% of total interest-bearing debt being short-term, down 1.8 percentage points from the end of 2024 [3]. - The average financing cost was 3.63%, a decrease of 30 basis points compared to the full year of 2024, with several firms achieving the lowest financing costs in the industry [3]. - Improvement-focused firms demonstrated higher asset liquidity, with companies like CIFI Holdings and China Jinmao having less than 15% of their total inventory as completed stock [3]. Investment Recommendations - The current real estate market shows a divergence between new and second-hand housing, with quality new projects in core cities performing well. Companies are encouraged to actively reduce old inventory and enhance liquidity through quality land reserves [4]. - In the context of a transitioning housing market, competition among firms will focus on asset quality, product quality, service, and brand influence. Recommendations include leading firms that continue to acquire land in core urban areas, such as Greentown China, CIFI Holdings, and China Overseas Land & Investment [4].

中国经济网北京9月19日讯 三孚新科(688359.SH)日前披露2025年半年度报告。 三孚新科上市发行费用为5134.26万元，其中保荐与承销费用3650.94万元。 | | | （责任编辑：魏京婷） | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年同 | | --- | --- | --- | --- | | | (1-6月) | | 期增减(%) | | 营业收入 | 227, 299, 034. 98 | 296, 184, 209. 84 | -23.26 | | 利润总额 | -32.199.379.73 | -486. 324. 08 | 不适用 | | 归属于上市公司股东的净利润 | -22, 310, 520. 99 | -5.871.023.24 | 不适用 | | 归属于上市公司股东的扣除非经 常性损益的净利润 | -24, 398, 324. 56 | -20, 087, 780. 87 | 不适用 | | 经营活动产生的现金流量净额 | 10. 840. 163. 13 | -29, 378, 604. 57 | 不活用 | 三孚新科于2021年5月21日在上交所科 ...