Group 1 - The company, Suzhou Chunqiu Electronics Technology Co., Ltd., issued 5.7 million convertible bonds named "Chun 23 Convertible Bonds" with a total amount of 570 million yuan, which will be listed on the Shanghai Stock Exchange starting from April 11, 2023 [1][2] - The bonds have a maturity of 6 years, with a fixed interest rate that increases annually from 0.30% in the first year to 2.50% in the sixth year [1][2] - The conversion price of the bonds will be adjusted from 10.40 yuan to 10.30 yuan per share starting from June 20, 2023, and further to 10.15 yuan per share from June 19, 2025, due to annual profit distribution [2] Group 2 - The company has the right to redeem the bonds at 115% of the face value if certain conditions are met, including if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days [2][3] - The company decided not to exercise the early redemption option for the "Chun 23 Convertible Bonds" based on various factors, including stock price trends and market conditions, to protect the interests of all investors [4] - The board of directors will reassess the decision on early redemption if the conditions are triggered again after December 5, 2025 [4] Group 3 - The company has confirmed that there are no plans for major shareholders or executives to sell the "Chun 23 Convertible Bonds" within the next six months [5] - The underwriting institution, Guolian Minsheng Securities, has verified that the decision not to redeem the bonds early complies with relevant regulations and internal procedures [5]

Group 1 - E Fund Management Co., Ltd. increased its stake in Guolian Minsheng (01456) by 1.2715 million shares at a price of HKD 6.5502 per share, totaling approximately HKD 8.3286 million [1] - After the increase, E Fund's total shareholding in Guolian Minsheng reached 53.5795 million shares, representing a 12.1% ownership stake [1]

香港联交所最新数据显示，9月2日，易方达基金管理有限公司增持国联民生（601456）(01456)127.15万 股，每股作价6.5502港元，总金额约为832.86万港元。增持后最新持股数目为5357.95万股，持股比例为 12.1%。 ...

据Wind资讯数据统计，截至今年上半年末，华润信托、重庆信托、国联信托等18家信托公司现身25家A股上市公司的前十大流通股股东，持股总市值达 592.1亿元，相较于今年一季度末增长64.56亿元。 整体来看，25家A股上市公司分别来自非银金融、银行、交通运输、医药生物等多个行业。其中，金融行业是信托公司第一重仓行业。持股数量方面， 信托公司持股数量居前的6只个股均来自金融行业。国信证券、江苏银行获信托公司持股数量均为十亿级，分别达21.37亿股、12.81亿股。郑州银行、国元证 券、国联民生、东北证券获持股也较多，分别为7.05亿股、5.92亿股、3.90亿股和2.76亿股。 上述6只个股也位居信托公司持股市值前列，以降序排列，国信证券、江苏银行、国元证券、国联民生、东北证券、郑州银行获信托公司持仓市值分别 为246.18亿元、152.91亿元、46.74亿元、40.38亿元、21.06亿元和14.51亿元。 转自：证券日报网 本报记者 方凌晨 信托公司最新重仓股出炉。随着信托行业转型步入深水区，标品信托的发展成为重要抓手。证券市场是信托资金投向的重要领域，透过A股前十大流通 股股东名单，可以窥见信托资金在证 ...

Investment Ratings - Securities: Market Perform (Maintain) [1] - Insurance: Overweight (Maintain) [2] Core Insights - The securities industry showed robust performance in the first half of the year, with 42 listed brokerages achieving total revenue of CNY 251.87 billion, a year-on-year increase of 11.37%, and net profit of CNY 104.02 billion, up 65.09% [3][47] - The banking sector demonstrated marginal improvement, with 42 listed banks reporting revenue of CNY 2.92 trillion, a year-on-year growth of 1.04%, and net profit of CNY 1.10 trillion, an increase of 0.80% [6][45] - The insurance sector's five listed companies achieved revenue of CNY 1.33 trillion, a 4.7% increase, and net profit of CNY 178.19 billion, up 3.7% [49] Summary by Sections Market Review - As of September 4, 2025, the banking, securities, and insurance indices experienced declines of -1.93%, -3.56%, and -3.89% respectively, while the CSI 300 index rose by 1.80% [6][14] Valuation Situation - The banking sector's price-to-book (PB) ratio stood at 0.76, with state-owned banks at 0.81, joint-stock banks at 0.64, city commercial banks at 0.72, and rural commercial banks at 0.63 [23] - The securities sector's PB ratio was 1.56, indicating potential for valuation recovery [25] Recent Market Indicators - The average daily trading volume in A-shares was CNY 2.64 trillion, a decrease of 10.79% week-on-week, reflecting a cooling investor sentiment [33] - The one-year medium-term lending facility (MLF) rate was 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.5% respectively [32] Industry News - The insurance sector is encouraged to return to its core protection role, with policies supporting increased equity investment, which is expected to enhance long-term growth [49] - The banking sector is seeing a shift in capital towards high-dividend, low-valuation stocks, driven by a low-interest-rate environment and asset scarcity [45]

证券日报网讯9月5日晚间，国联民生（601456）发布公告称，公司计划于2025年9月15日(星期一)16： 00—17：00举行2025年半年度业绩说明会。 ...

[Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of Guolian Minsheng Securities Co., Ltd.'s fundamental details, governance structure, and key operational information [Company Basic Information and Governance Structure](index=3&type=section&id=Company%20Basic%20Information%20and%20Governance%20Structure) Guolian Minsheng Securities Co., Ltd. discloses its corporate identity, leadership, board composition, and key advisors, with headquarters in Wuxi, China, and a primary business address in Hong Kong - Company's Chinese name is 国联民生证券股份有限公司, English name is **Guolian Minsheng Securities Company Limited**[6](index=6&type=chunk) - Legal representative is **Mr. Gu Wei**; Board members include Executive Director **Mr. Ge Xiaobo** (President), Non-executive Director **Mr. Gu Wei** (Chairman), and Independent Non-executive Director **Mr. Gao Wei**[6](index=6&type=chunk) - Company's H-share stock code on HKEX is **01456**, A-share stock code on SSE is **601456**[7](index=7&type=chunk) [Financial Highlights](index=4&type=section&id=Financial%20Highlights) This section summarizes the company's financial performance and key indicators, highlighting significant growth in revenue, profit, and assets for the reporting period [Key Accounting Data and Financial Indicators](index=4&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) For the six months ended June 30, 2025, the company achieved substantial growth in revenue, net investment income, and profit attributable to shareholders, alongside increased assets and a reduced asset-liability ratio | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue, Net Investment Income, and Other Income | 5,309,801 | 1,840,238 | 188.54 | | Profit Before Income Tax | 1,402,946 | 54,531 | 2,472.75 | | Profit for the Period – Attributable to Company Shareholders | 1,127,232 | 87,708 | 1,185.19 | | Net Cash Generated from Operating Activities | 47,775 | 5,401,936 | -99.12 | | Basic Earnings Per Share (RMB/share) | 0.20 | 0.03 | 566.67 | | Diluted Earnings Per Share (RMB/share) | 0.20 | 0.03 | 566.67 | | Weighted Average Return on Net Assets (%) | 2.52 | 0.48 | Increased by 2.04 percentage points | | Item | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 185,396,985 | 97,208,144 | 90.72 | | Total Liabilities | 133,810,602 | 78,260,128 | 70.98 | | Accounts Payable to Brokerage Clients | 34,495,160 | 14,565,167 | 136.83 | | Equity Attributable to Company Shareholders | 51,087,714 | 18,584,334 | 174.90 | | Share Capital (thousands of shares) | 5,680,593 | 2,831,773 | 100.60 | | Net Assets Per Share Attributable to Company Shareholders (RMB/share) | 8.99 | 6.56 | 37.04 | | Asset-Liability Ratio (%) | 65.81 | 77.07 | Decreased by 11.26 percentage points | [Illustrated Operating Performance and Scale Indicators](index=5&type=section&id=Illustrated%20Operating%20Performance%20and%20Scale%20Indicators) This section visually presents the year-on-year changes in key financial and scale indicators for the first half of 2025, including revenue, profit, and asset-liability ratios - In H1 2025, total revenue, net investment income, and other income reached **RMB 5.31 billion**, a significant increase from **RMB 1.84 billion** in H1 2024[11](index=11&type=chunk) - In H1 2025, profit attributable to company shareholders was **RMB 1.13 billion**, significantly higher than **RMB 0.09 billion** in H1 2024[13](index=13&type=chunk) - As of June 30, 2025, total assets increased to **RMB 185.40 billion**, equity attributable to company shareholders increased to **RMB 51.09 billion**, and the asset-liability ratio decreased to **65.81%**[17](index=17&type=chunk)[18](index=18&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operating environment, overall performance, and strategic outlook, covering industry trends, business segment performance, and future plans [I. Industry Overview During the Reporting Period](index=6&type=section&id=I.%20Industry%20Overview%20During%20the%20Reporting%20Period) In H1 2025, the global economy faced challenges, while China's economy showed resilience, with the securities industry undergoing policy-driven transformation and accelerated digitalization - In H1 2025, the global macro economy faced multiple challenges, with deepening trade protectionism, negative US GDP quarter-on-quarter growth, and slowing growth in major economies[19](index=19&type=chunk) - China's economy showed strong resilience, with H1 GDP growing by **5.3%** year-on-year, higher than the same period last year, and the stock market recording positive returns (Shanghai Composite Index up **2.76%**)[20](index=20&type=chunk) - The CSRC promoted the implementation of the "New Nine Guidelines" and "1+N" policies, facilitating long-term capital entry and public fund reforms, accelerating "head differentiation" and "differentiated development" in the securities industry, with digital transformation becoming key[21](index=21&type=chunk) [II. Overall Operating Performance](index=7&type=section&id=II.%20Overall%20Operating%20Performance) As of June 30, 2025, the Group achieved significant growth in total assets, shareholder equity, revenue, and net profit, with most business segments showing substantial increases | Indicator | As of June 30, 2025 (RMB billions) | Growth from December 31, 2024 (%) | | :--- | :--- | :--- | | Total Assets | 1,853.97 | 90.72 | | Equity Attributable to Company Shareholders | 510.88 | 174.90 | | Business Segment | H1 2025 Revenue (RMB billions) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Total Revenue, Net Investment Income, and Other Income | 53.10 | 188.54 | | Net Profit Attributable to Company Shareholders | 11.27 | 1,185.19 | | Brokerage and Wealth Management Business | 15.80 | 238.07 | | Investment Banking Business | 5.81 | 223.02 | | Asset Management and Investment Business | 2.99 | -8.58 | | Credit Trading Business | 4.82 | 58.69 | | Securities Investment Business | 21.87 | 515.02 | [III. Analysis of Principal Business Operations](index=7&type=section&id=III.%20Analysis%20of%20Principal%20Business%20Operations) The Group's core businesses, including brokerage, investment banking, asset management, credit trading, and securities investment, demonstrated significant growth and strategic advancements in a complex market environment - The Group's businesses are divided into five major segments: brokerage and wealth management, investment banking, asset management and investment, credit trading, and securities investment[24](index=24&type=chunk) [(I) Brokerage and Wealth Management Business](index=7&type=section&id=(I)%20Brokerage%20and%20Wealth%20Management%20Business) This segment achieved continuous growth in client base and financial product sales, maintaining industry leadership in fund advisory, while research and futures businesses expanded their market influence and service capabilities - In H1 2025, the stock trading volume in Shanghai, Shenzhen, and Beijing markets reached **RMB 162.83 trillion**, with an average daily stock and fund trading volume of **RMB 1.61 trillion** in Shanghai and Shenzhen, a year-on-year increase of **63.87%**[25](index=25&type=chunk) - The company's brokerage and wealth management business added **117,600 new clients**, with a cumulative total of **3.46 million clients**; financial product sales reached **RMB 87.02 billion**, and financial product holdings at period-end were **RMB 31.44 billion**[26](index=26&type=chunk) - Research business published **2,983 research reports**, held multiple thematic salons and forums, and deployed full industry research capabilities covering six major research areas and 34 research directions[29](index=29&type=chunk) - In H1 2025, China's futures market cumulative trading volume was **4.08 billion lots**, with a cumulative trading value of **RMB 339.73 trillion**, year-on-year increases of **17.82%** and **20.68%** respectively[31](index=31&type=chunk) - The company's futures brokerage business had an average daily client equity of **RMB 5.28 billion**, with a market share of **7.14 per mille** in trading volume[32](index=32&type=chunk) [(II) Investment Banking Business](index=11&type=section&id=(II)%20Investment%20Banking%20Business) The investment banking business demonstrated strong performance in equity and bond financing, with high rankings in underwriting and significant achievements in financial advisory, particularly in NEEQ listings - In H1 2025, A-share equity financing projects raised a total of **RMB 714.15 billion**, a significant year-on-year increase of **524.44%**[35](index=35&type=chunk) H1 Equity Underwriting Performance | Project | H1 2025 Underwriting Amount (RMB billions) | H1 2025 Issuance Volume (deals) | H1 2024 Underwriting Amount (RMB billions) | H1 2024 Issuance Volume (deals) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offerings | 1.52 | 3 | 0.0017 | 1 | | Refinancing | 1.10 | 3 | 0.0278 | 1 | | Total | 2.62 | 6 | 0.0295 | 2 | - The company's **equity underwriting volume and revenue ranked 8th and 5th** in the industry respectively[36](index=36&type=chunk) - In H1 2025, the bond market issued various bonds totaling **RMB 44.53 trillion**, a year-on-year increase of **16.74%**[40](index=40&type=chunk) H1 Bond Underwriting Performance | Project | H1 2025 Underwriting Amount (RMB billions) | H1 2025 Issuance Volume (deals) | H1 2024 Underwriting Amount (RMB billions) | H1 2024 Issuance Volume (deals) | | :--- | :--- | :--- | :--- | :--- | | Corporate Bonds | 46.28 | 181 | 18.83 | 68 | | Financial Bonds | 3.27 | 6 | 0.51 | 3 | | Local Government Bonds | 24.44 | 58 | 1.58 | 10 | | Total | 73.99 | 245 | 20.92 | 81 | - The company's financial advisory business completed **11 NEEQ listings**, **4 private placements**, and **2 M&A reorganizations**, with NEEQ listing volume ranking **2nd** in the industry[47](index=47&type=chunk) [(III) Asset Management and Investment Business](index=16&type=section&id=(III)%20Asset%20Management%20and%20Investment%20Business) This segment achieved substantial growth in securities asset management and public fund management scales, with active private equity investments and multiple industry accolades - As of the end of the reporting period, the company's securities asset management business had entrusted funds of **RMB 198.42 billion**, managing a total of **456 asset management schemes**[53](index=53&type=chunk) Asset Management Scale and Income | Category | H1 2025 Asset Management Scale (RMB billions) | H1 2024 Asset Management Scale (RMB billions) | H1 2025 Business Income (RMB ten thousands) | H1 2024 Business Income (RMB ten thousands) | | :--- | :--- | :--- | :--- | :--- | | Public Funds (including large collective) | 10.22 | 11.99 | 3,067.63 | 2,495.71 | | Collective Asset Management Schemes | 98.01 | 34.65 | 3,785.82 | 4,284.91 | | Single Asset Management Schemes | 41.30 | 42.43 | 1,677.92 | 1,757.69 | | Special Asset Management Schemes | 48.89 | 35.75 | 2,553.21 | 2,137.09 | | Total | 198.42 | 124.82 | 11,084.58 | 10,675.40 | - As of the end of June 2025, Guolian Fund's total asset management scale was **RMB 196.92 billion**, of which non-money market public fund management scale was **RMB 130.56 billion**[57](index=57&type=chunk) - The company's private equity investment business completed the fundraising and establishment of **9 funds**, with **58 existing registered funds**, a subscribed scale of **RMB 26.89 billion**, and cumulative investments of **RMB 7.94 billion**[61](index=61&type=chunk) [(IV) Credit Trading Business](index=21&type=section&id=(IV)%20Credit%20Trading%20Business) The credit trading business demonstrated steady growth in margin financing and securities lending, increasing its market share, while prudently managing its stock pledge repurchase business - As of the end of the reporting period, the total market balance of margin financing and securities lending reached **RMB 1.85 trillion**, of which margin financing balance was **RMB 1.84 trillion** and securities lending balance was **RMB 12.30 billion**, a year-on-year increase of **24.95%**[64](index=64&type=chunk) - The company's margin financing and securities lending balance reached **RMB 17.21 billion**, with market share increasing to **9.299 per mille**[65](index=65&type=chunk) - As of the end of the reporting period, the company's stock pledge repurchase business had a principal balance of **RMB 1.26 billion**, a decrease from the end of 2024[68](index=68&type=chunk) [(V) Securities Investment Business](index=23&type=section&id=(V)%20Securities%20Investment%20Business) This segment achieved high investment returns in equity securities, optimized fixed income holdings, advanced green and digital finance through derivatives, and focused alternative investments on hard technology sectors - In H1 2025, Wind All A-share index rose **5.83%**, with significant gains in large-cap styles like banking and non-ferrous metals, while small and mid-cap styles were generally active[71](index=71&type=chunk) - The company's equity securities investment business, centered on a barbell strategy, focused on sectors such as non-ferrous metals, pharmaceuticals, and military industries, achieving **high investment returns**, significantly outperforming the CSI 300 index[72](index=72&type=chunk) - Equity derivative business practiced green finance, pension finance, and digital finance, strengthening AI forward-looking research[73](index=73&type=chunk) - In H1 2025, China's VC/PE market saw **5,074 investment deals**, a year-on-year increase of **28%**; market transaction volume was **RMB 574.8 billion**, a year-on-year increase of **18%**[76](index=76&type=chunk) - Alternative investment business focused on core hard technology fields such as semiconductors, aerospace, high-end manufacturing, and biomedicine, optimizing exit mechanisms[78](index=78&type=chunk) [IV. Outlook and Future Plans](index=27&type=section&id=IV.%20Outlook%20and%20Future%20Plans) The company aims to become a top-tier modern investment bank with international influence, focusing on strategic development, wealth management transformation, and enhanced risk management, while integrating Minsheng Securities - The company's vision is to build a first-class modern investment bank, highlighting institutional business strengths, striving to enter the **top ten** in overall industry ranking, with core businesses firmly in the **first tier**[80](index=80&type=chunk) - Strategic goal is to build an "Industrial Investment Bank, Technology Investment Bank, Wealth Investment Bank," constructing a business matrix of "Big Investment Banking + Big Investment + Big Investment Research + Big Wealth + Big Asset Management"[80](index=80&type=chunk) - In the second half of the year, the company will promote the "strengthening long-boards" strategy, deepen wealth management transformation, enhance core investment research capabilities, create boutique and distinctive investment banking projects, actively apply for new business licenses, strengthen compliance and risk control, improve IT independent R&D capabilities, and steadily advance the integration with Minsheng Securities[81](index=81&type=chunk) [V. Liquidity, Financial Resources, and Capital Structure](index=28&type=section&id=V.%20Liquidity,%20Financial%20Resources,%20and%20Capital%20Structure) The company's equity and total assets significantly increased, maintaining strong asset quality and liquidity, while its asset-liability ratio and operating leverage decreased, supported by diverse debt financing - As of June 30, 2025, equity attributable to company shareholders was **RMB 51.09 billion**, an increase of **174.90%** from the end of 2024[82](index=82&type=chunk) - Total assets increased by **90.72%** from the end of last year, with asset quality and liquidity remaining good[82](index=82&type=chunk) - At the end of the reporting period, cash assets accounted for **23.31%** of total assets; financial investment assets accounted for **50.23%** of total assets; financing assets accounted for **14.91%** of total assets[82](index=82&type=chunk) - The Group's asset-liability ratio (excluding accounts payable to brokerage clients) was **65.81%**, a decrease of **11.26 percentage points** from 77.07% at the end of 2024[83](index=83&type=chunk) - The Group's operating leverage was **2.95 times**, a decrease of **1.50 times** from 4.45 times at the end of 2024[83](index=83&type=chunk) [VI. Establishment of Branch Offices](index=29&type=section&id=VI.%20Establishment%20of%20Branch%20Offices) As of the reporting period, the company and its subsidiaries maintained a network of securities and futures branches, with minor adjustments in new establishments and cancellations - As of the end of the reporting period, the company had **48 securities branches** and **125 securities business departments**[85](index=85&type=chunk) - During the reporting period, Guolian Minsheng Securities Co., Ltd. Qingdao Branch and Guolian Minsheng Securities Co., Ltd. Ningbo Caishendian South Road Securities Business Department were newly established, and **2 business departments were cancelled**[85](index=85&type=chunk) - As of the end of the reporting period, Minsheng Futures had **20 branch offices**, with Minsheng Futures Co., Ltd. Yuncheng Business Department cancelled during the period[86](index=86&type=chunk) [VII. Significant Investment and Financing Activities](index=29&type=section&id=VII.%20Significant%20Investment%20and%20Financing%20Activities) The company had no major external investments but engaged in significant financing activities, including the acquisition of Minsheng Securities through share issuance and various debt financing transactions - During the reporting period, the company had no significant external investment matters[87](index=87&type=chunk) - The company acquired control of Minsheng Securities by issuing shares to purchase assets and raising supporting funds[88](index=88&type=chunk) - In H1 2025, the company's credit debt financing cumulatively increased by **RMB 7.69 billion**, and cumulatively repaid matured debt principal of **RMB 8.92 billion**[89](index=89&type=chunk) - As of June 30, 2025, the company's outstanding debt financing principal balance was **RMB 31.70 billion**, with an additional **RMB 14.48 billion** in outstanding interbank credit borrowings[89](index=89&type=chunk) Publicly Issued Corporate Bonds | Financing Project | Amount (RMB ten thousands) | Financing Date | Maturity Date | Term (days) | | :--- | :--- | :--- | :--- | :--- | | Publicly Issued Corporate Bonds to Professional Investors | 100,000.00 | 2022/3/23 | 2027/3/23 | 1,826 | | Publicly Issued Corporate Bonds to Professional Investors | 100,000.00 | 2022/4/28 | 2027/4/28 | 1,826 | | Publicly Issued Corporate Bonds to Professional Investors | 100,000.00 | 2022/11/11 | 2025/11/11 | 1,096 | | Publicly Issued Corporate Bonds to Professional Investors | 130,000.00 | 2023/4/25 | 2026/3/18 | 1,058 | | Publicly Issued Corporate Bonds to Professional Investors | 150,000.00 | 2024/1/22 | 2027/1/22 | 1,096 | | Publicly Issued Corporate Bonds to Professional Investors | 200,000.00 | 2

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 证券代码：601456 证券简称：国联民生 公告编号：2025-061 号 国联民生证券股份有限公司 关于召开 2025 年半年度业绩说明会的公告 顧偉 中國江蘇省無錫市 2025年9月5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。 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。 重要内容提示： 问题征集：投资者可于 2025 ...

证券代码：601456 证券简称：国联民生 公告编号：2025-061 号 国联民生证券股份有限公司 重要内容提示： 问题征集：投资者可于 2025 年 9 月 8 日（星期一）至 9 月 12 日（星期 五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目，或通过公司 邮箱（glsc-ir@glsc.com.cn）进行提问。公司将在业绩说明会上对投资者普遍关 注的问题进行回答。 关于召开 2025 年半年度业绩说明会的公告 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。 国联民生证券股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 9 月 15 日（星期一）16:00—17:00 举行 2025 年半年度业绩说明会（以下简称"业绩说明会"），就投资者关注的问 题进行交流。 一、业绩说明会类型 会议召开时间：2025 年 9 月 15 日（星期一）16:00— ...

Core Viewpoint - The report from Guolian Minsheng Securities indicates that the number of breeding sows in China is expected to continue increasing until at least September 2025, despite a projected decline in overall pig prices and profitability in the industry [1] Group 1: Breeding Sow Inventory - According to the Ministry of Agriculture and Rural Affairs, the number of breeding sows in July decreased slightly to 40.42 million, a decline of 10,000 heads month-on-month [1] - Data from Yongyi Consulting shows that the breeding sow inventory in sample 1 increased by 0.14% month-on-month, while sample 2 saw a growth of 0.52% [2] - Mysteel's data indicates that the breeding sow inventory remained stable month-on-month, with a slight increase in large-scale farms and a minor decrease in smallholder farms [3] Group 2: Market Dynamics - The average profit per pig sold in 2023 has been 108 yuan, with the industry maintaining profitability for 15 consecutive months [1] - In July, pig feed sales increased by 4.9%, indicating a rise in demand for feed despite fluctuating pig prices [2] - The overall pig market has seen a high-level retreat, but profits for large-scale farms remain, leading to limited willingness to reduce production capacity [3] Group 3: Industry Recommendations - Guolian Minsheng Securities recommends investing in leading breeding companies with significant cost advantages and high output realization rates, such as Muyuan Foods and Wens Foodstuff Group [1] - The report also suggests focusing on the post-cycle animal health and feed sectors, highlighting companies like Haida Group [1]