Investment Rating - The investment rating for the company is "Buy" (maintained) for both A and H shares [7]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 4.011 billion RMB, up 269% year-on-year, and net profit attributable to shareholders at 1.127 billion RMB, up 1185% year-on-year [1]. - The core driver of profit growth is attributed to a substantial increase in investment income, which reached 2.097 billion RMB, a year-on-year increase of 459% [2]. - The acquisition of Minsheng Securities has strengthened the company's investment banking capabilities and expanded its wealth management client base [3]. Summary by Sections Financial Performance - The company achieved a net investment banking income of 531 million RMB, a year-on-year increase of 214% [3]. - The underwriting amount for equity financing was 2.62 billion RMB, with IPO underwriting amounting to 1.52 billion RMB, significantly up from 295 million RMB in the same period last year [3]. - The asset management net income was 357 million RMB, a year-on-year increase of 14% [4]. Investment Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be 0.45, 0.50, and 0.58 RMB respectively, with significant upward adjustments due to the acquisition of Minsheng Securities [5]. - The target price is set at 16.56 RMB for A shares and 9.07 HKD for H shares, reflecting a price-to-book (PB) ratio of 1.8 for A shares and 0.9 for H shares [5]. - The company is expected to maintain a strong market position with a projected net profit of 2.561 billion RMB in 2025, representing a year-on-year increase of 544.3% [11].

Core Viewpoint - Guolian Minsheng reported significant growth in revenue and net profit for the first half of the year, indicating strong performance and strategic initiatives in the financial sector [1][3]. Financial Performance - In the first half of the year, Guolian Minsheng achieved operating revenue of 4.011 billion yuan, a year-on-year increase of 269.40% [3]. - The net profit attributable to shareholders reached 1.127 billion yuan, reflecting a remarkable year-on-year growth of 1185.19% [3]. - Basic earnings per share were reported at 0.2 yuan [3]. - Total assets as of June 30, 2025, amounted to 185.397 billion yuan, up 90.72% from the end of 2024 [3]. - Shareholder equity increased to 51.088 billion yuan, a growth of 174.90% compared to the end of 2024 [3]. Business Segments - The securities investment business became the largest revenue contributor, generating 1.687 billion yuan, a staggering increase of 14052.11% year-on-year [3]. - Brokerage and wealth management, as well as investment banking businesses, both saw over 200% growth, with revenues of 1.195 billion yuan and 544 million yuan, respectively [3]. - Credit trading business revenue reached 300 million yuan, up 136.10% [3]. - Asset management and investment business experienced a decline, with revenue of 294 million yuan, down 8.23% year-on-year [3]. Customer Growth and Financial Products - The company added 117,600 new clients in the first half of the year, bringing the total client base to 3.4559 million [4]. - The sales scale of financial products (excluding cash management products) reached 87.02 billion yuan, with a financial product retention amount of 31.436 billion yuan at the end of the period [4]. - The scale of fund advisory business continued to grow, with a retained scale of 9.708 billion yuan by the end of the reporting period [4]. New Fund Establishment - Guolian Minsheng announced plans to establish the Guolian Tongzhi Fund in partnership with Guolian Life Insurance, with a total fund size of 1.22 billion yuan [5][6]. - Guolian Tongbao, a wholly-owned subsidiary, will contribute 480 million yuan, accounting for 39.34% of the fund, while Guolian Life will contribute 740 million yuan, representing 60.66% [6]. - The fund will focus on private equity investments in new productivity and smart technology sectors, aiming to enhance the company's private equity business management scale and investment returns [6].

Core Viewpoint - The company has shown significant growth in revenue and net profit, driven by the consolidation of Minsheng Securities and strong investment returns, outperforming the market index [1][2]. Financial Performance - In the first half of 2025, the company achieved a total revenue of 42.5 billion yuan, a year-on-year increase of 269.4%, with a net profit attributable to shareholders of 11.3 billion yuan, up 1185.2% [1]. - The second quarter alone saw revenue of 24.5 billion yuan, a year-on-year increase of 168.4% and a quarter-on-quarter increase of 56.7%, with net profit reaching 7.5 billion yuan, up 145.1% year-on-year and 99.7% quarter-on-quarter [1]. Brokerage and Investment Banking - The brokerage business revenue surged over 200%, with 9.0 billion yuan in revenue for the first half of 2025, a year-on-year increase of 223.8%, accounting for 22.6% of total revenue [1]. - Investment banking revenue also saw a significant increase, reaching 5.3 billion yuan, up 214.1% year-on-year, with equity underwriting totaling 13.1 billion yuan, a 160.2% increase [2]. Asset Management and Investment Returns - Asset management revenue grew steadily, reaching 3.6 billion yuan, a year-on-year increase of 14.4%, with total assets under management at 296.5 billion yuan, up 137.5% [2]. - Investment income, including fair value, reached 21.0 billion yuan, a year-on-year increase of 458.8%, with a strategy focusing on dividend value stocks and growth stocks [2]. Profit Forecast and Valuation - The company has revised its profit forecast upwards, expecting net profits of 21.6 billion yuan, 21.0 billion yuan, and 22.1 billion yuan for 2025-2027, with corresponding year-on-year growth rates of +444%, -3%, and +5% [3]. - The current market capitalization corresponds to a price-to-book (PB) ratio of 1.33x, 1.29x, and 1.25x for the respective years [3].

同日晚间，国联民生还公告，公司全资私募投资基金子公司国联通宝资本投资有限责任公司（简称"国 联通宝"）拟认缴出资4.8亿元与关联人国联人寿保险股份有限公司（以下简称"国联人寿"）共同设立无 锡国联通智科技产业投资合伙企业（有限合伙）（暂定名，以下简称"国联通智基金"），基金规模12.2 亿元。 8月28日晚间，国联民生（601456）发布2025上半年业绩公告。根据公告，2025年上半年，公司营业收 入40.11亿元，同比增长269.40%，净利润11.27亿元，同比增长1185%。 业绩暴涨，整合成效凸显 从中报数据来看，国联民生五大主营业务亮点纷呈——证券投资业务成最大增长引擎，投行业务与财富 业务双双实现翻倍，信用业务大幅增长，资产管理业务规模稳步提升，充分彰显出"1+1＞2"的协同整合 成效，印证了公司在资源聚合、团队融合以及业务协同上的显著成果。 国联民生2025上半年证券投资业务实现收入16.87亿元，主要得益于金融工具处置收益增加及对市场行 情的精准把握，重点配置有色、医药、军工等行业，收益率跑赢沪深300指数。 经纪及财富管理业务实现收入11.95亿元，同比增长215.76%，客户规模持续扩张 ...

证券研究报告·公司点评报告·证券Ⅱ 国联民生（601456） 2025 年中报点评：并表民生证券，叠加自营 实现高收益，经营业绩大幅提升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,955 | 2,683 | 7,727 | 7,494 | 7,893 | | 同比（%） | 12.68% | -9.21% | 187.97% | -3.01% | 5.32% | | 归母净利润（百万元） | 671 | 397 | 2,160 | 2,098 | 2,210 | | 同比（%） | -12.51% | -40.80% | 443.60% | -2.90% | 5.34% | | EPS-最新摊薄（元/股） | 0.24 | 0.14 | 0.38 | 0.37 | 0.39 | | P/E（现价&最新摊薄） | 47.92 | 82.14 | 32.08 | 33.04 | 31.36 | [Table ...

Group 1 - A-shares of brokerage stocks have risen, with Huaxi Securities increasing by over 6% [1] - Guosheng Financial Holdings, Guolian Minsheng, and CITIC Securities have all risen by over 2% [1] - Other notable increases include Guojin Securities, GF Securities, China Galaxy, Guotai Junan, Zhongyin Securities, and Changjiang Securities, all rising by over 1% [1] Group 2 - Huaxi Securities has a market value of 29.1 billion and a year-to-date increase of 34.48% [2] - Guosheng Financial Holdings has a market value of 38.4 billion and a year-to-date increase of 51.57% [2] - Guolian Minsheng has a market value of 71 billion but a year-to-date decrease of 7.12% [2] - CITIC Securities has a market value of 217.6 billion and a year-to-date increase of 9.57% [2] - Guojin Securities has a market value of 38.8 billion and a year-to-date increase of 21.28% [2] - GF Securities has a market value of 167.7 billion and a year-to-date increase of 39.22% [2] - China Galaxy has a market value of 203.7 billion and a year-to-date increase of 23.74% [2] - Guotai Junan has a market value of 375.8 billion and a year-to-date increase of 15.90% [2] - Zhongyin Securities has a market value of 44.7 billion and a year-to-date increase of 44.25% [2] - Changjiang Securities has a market value of 47.3 billion and a year-to-date increase of 28.35% [2]

Group 1 - A-share brokerage stocks have seen significant increases, with Huaxi Securities rising over 6% and several others, including Guosheng Financial Holdings and Zhongxin Jinkong, increasing by more than 2% [1] - The following are the performance metrics of selected brokerage stocks: - Huaxi Securities: 6.23% increase, market cap of 29.1 billion, year-to-date increase of 34.48% - Guosheng Financial Holdings: 2.80% increase, market cap of 38.4 billion, year-to-date increase of 51.57% - Guolian Minsheng: 2.38% increase, market cap of 71 billion, year-to-date decrease of 7.12% - Zhongxin Jinkong: 2.07% increase, market cap of 217.6 billion, year-to-date increase of 9.57% [2] - Other notable brokerage stocks include: - Guojin Securities: 1.85% increase, market cap of 38.8 billion, year-to-date increase of 21.28% - GF Securities: 1.38% increase, market cap of 167.7 billion, year-to-date increase of 39.22% - China Galaxy: 1.36% increase, market cap of 203.7 billion, year-to-date increase of 23.74% [2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for these stocks [2]

Group 1 - Major securities firms reported strong half-year results, with net profit growth reaching up to 57.77% [1][2] - CITIC Securities achieved revenue of 33.039 billion yuan, a year-on-year increase of 20.44%, and net profit of 13.719 billion yuan, up 29.80% [1] - China Galaxy Securities reported revenue of 13.747 billion yuan, a 37.71% increase, and net profit of 6.488 billion yuan, up 47.86% [1] - CITIC Construction Investment's revenue was 10.740 billion yuan, growing 19.93%, with net profit soaring 57.77% to 4.509 billion yuan [1] - The four firms also announced generous dividends, with CITIC Securities proposing a dividend of 4.298 billion yuan [1] Group 2 - The increase in market trading activity contributed significantly to the wealth management business of these firms, with substantial growth in commission income and client numbers [2] - The investment banking business is showing signs of recovery, with three firms reporting a positive year-on-year change in net fee income [2] - The strong performance of these leading securities firms reflects a recovery in the securities industry, boosting investor confidence in the financial sector [2] Group 3 - Hongta Securities plans to sell six properties in Shanghai and Shenzhen, with an estimated value exceeding 260 million yuan and an appreciation rate of 802.17% [3] - The move to sell these properties is part of a strategy to optimize asset structure and improve capital efficiency [3] - This trend of asset disposal among securities firms may lead to a re-evaluation of the value of existing assets in the industry [3] Group 4 - In July, private equity funds showed significant performance, with 197 products distributing a total of 3.539 billion yuan in dividends [4] - The top private equity firms, managing over 10 billion yuan, accounted for 50.61% of the total dividends, indicating strong confidence in the market [4] - Increased dividend distributions from private equity funds signal a recovery in the market and may enhance liquidity in the securities sector [4] Group 5 - Guolian Minsheng announced plans to establish a 1.22 billion yuan fund in collaboration with Guolian Life, focusing on new productive forces and smart technology [5][6] - This initiative reflects a strategic investment in emerging industries, enhancing Guolian Minsheng's competitive position in the technology sector [6] - The establishment of such funds is expected to guide more capital towards high-tech sectors, supporting economic transformation and innovation [6]

国联民生半年报提到，公司在今年上半年新增客户数11.76万户，累计总客户数345.59万户。 国联民生还公告称，公司全资子公司国联通宝（国联通宝资本投资有限责任公司）拟出资与关联人国联 人寿共同设立无锡国联通智科技产业投资合伙企业（有限合伙）（暂定名，简称"国联通智基金"）。据 悉，该基金规模12.2亿元，主要围绕新质生产力、智慧科技领域进行私募股权投资。 8月28日晚间，国联民生发布了合并更名后的首份半年报，并发布全资子公司拟出资设立"国联通智基 金"的公告。 国联民生半年报显示，今年上半年实现营业收入40.11亿元，同比增长269.40%；实现归属于母公司股东 的净利润11.27亿元，同比增长1185.19%。 分业务来看，受益于资本市场回暖，证券投资业务成公司第一大营收支柱，上半年实现收入16.87亿 元，同比增长14052.11%。公司经纪及财富管理业务、投行业务均实现同比200%以上增长，分别实现收 入11.95亿元、5.44亿元，同比增长215.76%、214.94%。信用交易业务实现收入3亿元，同比增长 136.1%。而资产管理及投资业务则有所下滑，上半年实现收入2.94亿元，同比下降8.23% ...

Group 1 - The core viewpoint of the article highlights the significant growth in Guolian Minsheng's financial performance for the first half of the year, with a notable increase in revenue and net profit [1][2] - Guolian Minsheng reported a revenue of 4.011 billion yuan, representing a year-on-year growth of 269.40% [1] - The net profit attributable to shareholders reached 1.127 billion yuan, showing a remarkable year-on-year increase of 1185.19% [1] Group 2 - The company's securities investment business emerged as the largest revenue contributor, generating 1.687 billion yuan, with a staggering year-on-year growth of 14052.11% [1] - Brokerage and wealth management services, as well as investment banking, also experienced over 200% growth, with revenues of 1.195 billion yuan and 544 million yuan, reflecting year-on-year increases of 215.76% and 214.94% respectively [1] - Credit trading business revenue reached 300 million yuan, marking a year-on-year growth of 136.1% [1] - However, asset management and investment business saw a decline, with revenues of 294 million yuan, down 8.23% year-on-year [1] Group 3 - Guolian Minsheng added 117,600 new clients in the first half of the year, bringing the total client base to 3.4559 million [1] - The company announced plans to establish the "Guolian Tongzhi Fund" in partnership with Guolian Life Insurance, with a fund size of 1.22 billion yuan, focusing on private equity investments in new productivity and smart technology sectors [2]