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） 董事長 顧偉 中國江蘇省無錫市 2025年10月17日 在董事會換屆選舉和監事會改革完成之前，公司第五屆董事會及監事會成員、董事 會各專門委員會成員和高級管理人員將依照相關法律法規和《公司章程》的規定繼續 履行相應職責。 1 公司本次董事會延期換屆不會影響公司的正常運營。公司將積極推進董事會換屆和 監事會改革等工作，並履行相應的信息披露義務。 承董事會命 國聯民生證券股份有限公司 關於董事會延期換屆的公告 國聯民生證券股份有限公司（「本公司」）第五屆董事會（「董事會」）、第五屆監事會 （「監事會」）的任期將於2025年10月19日屆滿。根據《關於新<公司法>配套制度規則 實施相關過渡期安排》等相關規定，鑒於公司董事會換屆和監事會改革等工作尚在 籌備中，為保持相關工作的連續性，公司第五屆董事會將延期換屆，公司董事會、董 事會各專門委員會成員 ...

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 部分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） 董事長 顧偉 中國江蘇省無錫市 2025年10月17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。 董事會會議通知 國聯民生證券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將 於2025年10月30日（星期四）舉行，藉以（其中包括）審議及批准本公司及其附屬公司 截至2025年9月30日止九個月之第三季度業績及其發佈。 承董事會命 國聯民生證券股份有限公司 ...

（1）买方投顾的不足，在国际投行的零售业里面占到50%以上，我们可能整个行业的平均水平是在3% 左右，还是有极大的差距。 国联民生证券总裁葛小波出席并发表主题演讲，葛小波表示，我们的交易服务和产品覆盖深度和广度远 远不足。 我们在管理投资组合的时候是缺乏足够的工具和产品，所以从我们现有的整体情况来看，给客户提供的 产品所谓的低贝塔、高相关性的产品是严重缺乏的，这个制约了投资组合的构建。 但是，这个角度仅仅是从资产管理人的角度产生的想法，资产管理人平时也需要服务，他需要交易对 手。如投资银行，作为投资银行来讲，我们使用的工具很多还不便捷，成本非常高，整个证券公司对于 资本市场的深入服务能力，如个性化的服务能力是远远不足的。所以，从我们的欠缺角度讲主要是两方 面——多元化交易和财富管理缺乏。 葛小波指出，提供财富管理的机构服务有券商、有银行，但是我们（证券行业）的服务也是存在着三个 方面的不足： 专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。 （2）从整个财富管理的团队来讲，其实也是缺乏资产配置的能力，更多的是直接 ...

Core Insights - The 2025 Sustainable Global Leaders Conference was held in Shanghai from October 16 to 18, focusing on the importance of diversified trading to enhance market efficiency and prevent stock price manipulation [1] - The president of Guolian Minsheng Securities emphasized the need for wealth management and diversified trading as essential paths for the high-quality development of the securities industry [4][5] Group 1: International Investment Banking Development - The evolution of international investment banks can be divided into four stages, with wealth management becoming a major business in recent years [4] - Wealth management and asset management now account for a significant portion of the global securities industry, contrasting with the situation in China [4] Group 2: Wealth Management Insights - Buy-side advisory income constitutes over 50% of total wealth management income, highlighting a core change in international investment banking over the past decade [5] - The correlation between stocks and bonds has increased to nearly 50%, affecting trading strategies and leading to a rise in alternative investments, which have grown over tenfold in the past 24 years [5][6] Group 3: Gaps in Domestic Investment Banking - There is a significant gap in wealth management capabilities and services in domestic investment banks compared to international standards, particularly in buy-side advisory [6] - The average level of buy-side advisory in the domestic industry is around 3%, indicating a substantial shortfall [6] - Trust between financial institutions and clients remains underdeveloped, impacting service efficiency and cost [6] Group 4: Wealth Management Demand - The demand for wealth management is increasing as the risk landscape for residents changes, with total household wealth in China estimated at around 600 trillion RMB [7][8] - The transformation of wealth management should focus on buy-side advisory as a key direction, emphasizing risk-return balance and long-term client relationships [8] Group 5: Diversified Trading and Market Efficiency - Diversified trading can significantly enhance market efficiency, which is supported by numerous scientific studies [9] - The fairness of capital markets should focus on the equitable access to information and trading opportunities rather than equalizing outcomes among participants [9] - Multi-strategy trading has positive spillover effects on society, with examples of contributions from AI firms like DeepSeek and XTY Labs [9]

Core Viewpoint - The company, Jiao Cheng Ultrasonic (688392), is actively advancing its product offerings in the semiconductor advanced packaging sector, focusing on ultrasonic solutions and establishing significant partnerships with well-known enterprises in the industry [1][3]. Group 1: Product Development and Market Position - The company has developed a comprehensive range of ultrasonic solutions for power semiconductors, including ultrasonic terminal welding machines and ultrasonic bonding machines, which have achieved mass production [1]. - In the advanced packaging field, the company is promoting new products such as advanced ultrasonic scanning microscopes and ultrasonic die bonders, successfully securing formal orders from reputable domestic clients [1][3]. - The company is also making strides in the IC packaging sector, focusing on high-end ultrasonic die bonders and ball bonding machines to break the long-standing monopoly of foreign manufacturers [3][4]. Group 2: Technology Advantages - Ultrasonic detection technology offers significant advantages over optical and X-ray detection methods, particularly in its ability to penetrate materials and quantify internal interface defects without causing damage [2]. - The ultrasonic bonding technology enhances the reliability and efficiency of packaging processes by utilizing ultrasonic energy to facilitate atomic diffusion at the interface, resulting in stronger metal bonds compared to traditional methods [4]. Group 3: Financial Performance - For the first half of 2025, the company reported a main revenue of 323 million yuan, a year-on-year increase of 32.5%, and a net profit attributable to shareholders of 58.04 million yuan, reflecting a substantial year-on-year growth of 1005.12% [6]. - The second quarter of 2025 saw a main revenue of 175 million yuan, up 42.46% year-on-year, with a net profit of 34.40 million yuan, marking a significant increase of 718.65% [6]. Group 4: Client Base and Industry Applications - In the wire harness connector sector, the company's ultrasonic welding machines are utilized in applications such as new energy vehicles and charging stations, collaborating with notable clients like BYD and Amphenol [5]. - The company is also expanding its product offerings in the medical field, having obtained five registration certificates for ultrasonic dental medical devices, with plans for further development in mid-to-high-end applications [6].

专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 责任编辑：江钰涵 2025可持续全球领导者大会由世界绿色设计组织（WGDO）与新浪集团联合主办，国际财务报告准则 基金会（IFRS Foundation）北京办公室协办，新浪财经与世界绿色设计组织北京代表处承办，上海市黄 浦区人民政府支持。大会以"携手应对挑战：全球行动、创新与可持续增长"为核心主题，汇聚全球智慧 力量，共探可持续发展新路径，为全球可持续治理注入澎湃的"中国动能"。 本届可持续大会在以往四届"ESG全球领导者大会"的基础上进一步升级！嘉宾阵容强大，可持续大会组 委会邀请约500位中外重磅嘉宾，其中约100位为海外嘉宾，不仅有政要、前政要、国际组织的代表，还 包括了诺贝尔奖得主、图灵奖得主、全球500强企业负责人等国际顶尖学者与业界领军代表。 国联民生证券总裁葛小波出席2025可持续全球领导者大会并做主题演讲。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。 ...

Core Viewpoint - The company, Guolian Minsheng (601456.SH), is set to disclose its Q3 2025 financial report on October 31, indicating a focus on maintaining positive growth compared to Q2 [1] Group 1 - An investor inquired about the quarter-on-quarter growth for Q3 compared to Q2 [1] - The company confirmed the upcoming release of its Q3 report, encouraging stakeholders to pay attention to future regular reports [1]

Core Viewpoint - The collaboration between Wuxi High-tech Zone and Guolian Minsheng Securities aims to provide comprehensive financial support for small and medium-sized enterprises (SMEs), particularly in the technology and aerospace sectors, addressing their unique financing challenges and tax compliance issues [1]. Group 1: Financing Support for SMEs - The "Investment-Loan Linkage + Inclusive Finance" service is designed to support SMEs with light assets and lack of collateral, offering a full range of support from equity financing to loan guarantees [1]. - A "green channel" for approval is available for enterprises with good tax credit ratings, facilitating easier access to financing [1]. Group 2: Tax Compliance Challenges - The "Tax-Bank Interaction" model links tax credit ratings directly to financing limits, with many SMEs struggling to maintain their credit ratings due to tax compliance issues [3]. - A specific case highlighted that a small aerospace parts company saw its loan limit drop from 2 million to 800,000 due to previous overdue VAT filings, resulting in a credit rating downgrade [3]. Group 3: R&D Subsidy and Tax Overpayment - SMEs often misclassify R&D subsidies, leading to unnecessary tax payments; for instance, a company that received 1.5 million yuan in R&D subsidies incorrectly classified it as taxable income, resulting in an overpayment of 375,000 yuan [4]. - Common errors in R&D expense accounting can lead to tax adjustments and affect financing assessments, as seen in a case where a company was required to adjust three years of tax due to improper expense categorization [4]. Group 4: Equity Financing and Tax Risks - Equity financing from Guolian Minsheng Securities is crucial for startups, but tax issues related to equity changes are often overlooked [5]. - A startup that awarded 20% equity to key personnel failed to withhold individual income tax, leading to penalties during subsequent listing preparations [5]. Group 5: Tools for Financial Management - SMEs face challenges in managing tax compliance due to limited financial personnel; digital tools like the "Zhiliaowenzhang" tax risk detection report can help identify common issues [6]. - These tools can check tax credit records, ensure compliance with R&D subsidy accounting, and clarify individual income tax obligations related to equity changes [6].

Core Viewpoint - The report highlights that WuXi AppTec (药明合联) is positioned as a leading player in the global ADC CXO industry, expected to solidify its market leadership due to its advanced technology and product delivery quality amidst rapid industry expansion [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.7 billion yuan, a year-on-year increase of 62.2%, with a gross profit of 980 million yuan, up 82.2% year-on-year [2]. - Adjusted net profit (excluding interest and expenses) reached 730 million yuan, reflecting a 69.6% year-on-year growth, while the net profit was 750 million yuan, a 52.7% increase [2]. - The company’s revenue projections for 2025-2027 are 5.99 billion, 8.24 billion, and 10.51 billion yuan, with year-on-year growth rates of 47.7%, 37.7%, and 27.5% respectively [1]. Order Backlog and Market Position - As of the first half of 2025, the company’s unfulfilled order total reached 1.33 billion USD, a 57.9% increase year-on-year, with new contract amounts growing by 48.4% [2]. - The global ADC market is projected to reach 13.2 billion USD in 2024, with a compound annual growth rate (CAGR) of 34.0% from 2020 to 2024, and expected to grow to 66.2 billion USD by 2030 [2]. Strategic Expansion and Capital Expenditure - The company signed 37 new iCMC projects in the first half of 2025, maintaining a robust expansion of its project funnel model [3]. - For 2025, the company plans capital expenditures of 1.56 billion yuan, with significant investments in its Singapore and Wuxi bases, and total capital expenditures expected to exceed 7 billion yuan by 2029 [3].

Core Viewpoint - WuXi AppTec (02268) is positioned as a leading player in the ADC CXO industry, expected to solidify its market leadership through advanced technology and product delivery quality amid rapid industry expansion [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.7 billion yuan, a year-on-year increase of 62.2%, with a gross profit of 980 million yuan, up 82.2% [2]. - Adjusted net profit (excluding interest and expenses) reached 730 million yuan, reflecting a 69.6% increase year-on-year, while net profit stood at 750 million yuan, up 52.7% [2]. - The company’s revenue forecasts for 2025-2027 are 5.99 billion, 8.24 billion, and 10.51 billion yuan, with year-on-year growth rates of 47.7%, 37.7%, and 27.5% respectively [1]. Order Backlog and Market Position - As of H1 2025, the company’s unfulfilled order total reached 1.33 billion USD, a 57.9% increase year-on-year, with new contract amounts growing by 48.4% [2]. - The global ADC market is projected to reach 13.2 billion USD in 2024, with a compound annual growth rate (CAGR) of 34.0% from 2020 to 2024, and expected to grow to 66.2 billion USD by 2030 [2]. Strategic Expansion and Capital Expenditure - The company signed 37 new iCMC projects in H1 2025, maintaining a robust expansion trend in its project funnel model [3]. - Capital expenditures are projected at 1.56 billion yuan for 2025, with significant investments in Singapore and Wuxi bases, and total capital expenditures expected to exceed 7 billion yuan by 2029 [3].