近年来，国联民生证券(以下简称「国联民生」)以「做产业最友好的投行」为使命，立足长三角经济核 心区域，充分发挥国资背景与市场化机制的双重优势，全力做好科技金融大文章，为新质生产力发展注 入源源不断的动力。 执业理念向「可投性」转变 「科技型企业具有高度依赖资本支持、高风险与高增长并存的特点。服务科技型企业不能仅靠传统的 IPO金融服务工具，需要在企业的全周期成长过程中进行持续赋能，共同创造价值。」国联民生相关负 责人对证券时报记者表示。 国联民生致力于为科技型企业提供从初创阶段到成熟阶段的多元化金融支持。在全链条全生命周期金融 服务方面，国联民生构建了一套全方位、多层次的服务体系。针对科技型企业的资本依赖和技术门槛高 等特点，国联民生突破IPO、再融资等传统的股权融资服务模式，转向实践「陪伴式+价值共创」模 式。 在科技企业初创期，国联民生通过引入风投、私募等方式，对企业提供早期资金支持、协助战略规划、 完善治理结构;在成长期，助力企业开展股权融资、发行债券，满足其扩大生产、研发投入等资金需 求，同时提供并购重组咨询服务，帮助企业整合资源、拓展市场;在成熟期，为企业提供再融资、上市 保荐等服务，支持企业进一步 ...

Core Viewpoint - Guolian Minsheng Securities aims to be the "most industry-friendly investment bank," leveraging its state-owned background and market-oriented mechanisms to support the development of new productive forces in the Yangtze River Delta region [1] Group 1: Company Strategy and Services - Since 2019, Guolian Minsheng has focused on "deepening regional and industry expertise," concentrating on "innovation," "entrepreneurship," and "specialized and new" sectors, assisting nearly 400 companies in going public and providing refinancing services to around 200 listed companies [1][8] - The company provides diversified financial support for technology enterprises throughout their lifecycle, transitioning from traditional IPO and refinancing services to a "companion + value co-creation" model [3] - Guolian Minsheng has established a comprehensive service system to address the capital dependency and high technical barriers of technology enterprises, offering early-stage funding, strategic planning assistance, and resource integration [3][4] Group 2: Industry Focus and Development - The company is actively involved in the semiconductor industry in Wuxi, which is the only city in China with a complete integrated circuit industry chain, facing challenges such as funding pressure and financing needs [2][3] - Guolian Minsheng's current project reserves focus on key areas such as new energy, new materials, biomedicine, and next-generation information technology, primarily targeting traditional industries combined with technological innovation [5] - The investment banking team is evolving into industry experts, enhancing their ability to identify and serve competitive technology enterprises through in-depth industry research and collaboration with external investment funds [5] Group 3: Technological Integration and Future Directions - The company is embracing AI technology to accelerate digital transformation, applying various technologies like OCR, NLP, and voice recognition across its business areas [6] - Guolian Minsheng is committed to a differentiated development path that combines industry and finance, leveraging its strong industrial resources and capital strength to empower the real economy [7]

Group 1 - The core transaction involves the placement of 30 million shares at a price of HKD 32.55 per share, representing a 7% discount from the closing price of HKD 35 on August 20, with a total transaction value of HKD 977 million, increasing the total number of shares by approximately 2% [1] - The funds raised from the issuance of new shares will be used to finance the expansion of the Gold Ridge mine in the Solomon Islands and cover general operating costs [1] - The transaction was coordinated by CITIC Securities, with Guotai Junan, Macquarie, and First Shanghai participating as joint placement agents, highlighting the competitive landscape in the Hong Kong capital market [1] Group 2 - The joint placement agency role marks the first placement business undertaken by the Hong Kong subsidiary after the merger of Guolian Minsheng, representing a significant breakthrough in international business [2] - Participation in this transaction allows the Hong Kong subsidiary to accumulate operational experience in the international capital market, expand client resources, and enhance brand recognition [2] - The successful execution of this project lays a solid foundation for the Hong Kong subsidiary to engage in more large-scale international financial transactions in the future [2] Group 3 - The Hong Kong subsidiary of Guolian Minsheng Securities has demonstrated strong development momentum, supported by the resources of Guolian Minsheng Securities and its local market experience [3] - The team is well-versed in the operational rules of the Hong Kong and international capital markets, providing comprehensive and personalized financial services across various fields [3] - The subsidiary actively collaborates with internationally renowned financial institutions to enhance its international competitiveness and aims for sustainable high-quality development in the international business sector [3]

Core Viewpoint - The air conditioning market in July showed double-digit growth in domestic sales, while exports remained weak, aligning with market expectations. The domestic sales volume for the 2025 cooling year is projected to increase by 11% year-on-year to 110 million units, marking a historical high [1]. Group 1: Domestic Sales Performance - In July, the production of household air conditioners was 16.12 million units, a slight decrease of 0.01% year-on-year, while sales reached 16.44 million units, an increase of 1.58% year-on-year. Domestic sales accounted for 10.58 million units, up 14.34% year-on-year [1]. - The retail sector showed strong performance, with online and offline retail volumes increasing by 32% and 37% year-on-year, respectively. This indicates that retail growth is outpacing shipment growth [2]. - The air conditioning market's performance from March to July has shown a compound annual growth rate (CAGR) of approximately 4% compared to the same period in 2019, indicating a stable trend [2]. Group 2: Export Sales and Challenges - Export sales of air conditioners in July decreased by 15% year-on-year, with ongoing impacts from tariffs. The announcement of a 90-day suspension of the 24% tariff by the US and China on August 12 is a key development to monitor [4]. - Major brands like Midea and Gree experienced export declines of 22% and 15% respectively, while Haier and Hisense saw declines of 30% and 12% [4]. Group 3: Company Performance Insights - In July, Midea, Gree, and Haier reported year-on-year domestic sales growth of 2%, flat, and 58% respectively, with Hisense and Changhong showing growth of 63% and a decline of 2% [3]. - The overall performance of leading brands has been stable, with Haier and Hisense showing particularly strong results [3]. Group 4: Investment Recommendations - The report recommends investing in Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances as key players in the air conditioning market [5].

Group 1: Market Performance - The A-share market has shown significant growth, with the Shanghai Composite Index rising from around 3200 points at the beginning of the year to over 3700 points, marking a notable increase in investor sentiment and market attractiveness [1] - As of early August, the A-share financing balance exceeded 2 trillion yuan, reaching a 10-year high, with an increase of approximately 150 billion yuan this year [2][3] Group 2: Investor Engagement - The number of new A-share accounts opened in July 2025 reached 1.9636 million, a year-on-year increase of 70.54%, contributing to a total of 14.5613 million new accounts in the first seven months of 2025, up 36.88% year-on-year [2] - Monthly active users of securities apps reached 167 million in July 2025, reflecting a 3.36% increase from the previous month [2] Group 3: Corporate Actions - Nearly 70% of listed companies in Shanghai and Shenzhen have announced cash dividend plans for the year, totaling approximately 1.64 trillion yuan, indicating a trend towards quality improvement and shareholder returns [5] - BYD announced a record cash dividend of 39.74 yuan per 10 shares, totaling around 12.077 billion yuan, marking the largest dividend since its A-share listing in 2011 [4] Group 4: Mergers and Acquisitions - Since the implementation of policies like "Merger Six Articles," over 200 major asset restructurings have been disclosed in the A-share market, indicating increased activity and scale in the M&A sector [6] - The China Securities Regulatory Commission emphasizes the need to optimize mechanisms for mergers and acquisitions to better support technological and industrial innovation [6] Group 5: Brokerage Activity - Brokerages are experiencing increased activity due to the surge in investor accounts and trading volume, with customer service departments reporting a significant rise in inquiries [7] - Securities firms are enhancing their systems to manage the increased trading volume and are focusing on providing services to technology companies, particularly in response to policies supporting the Sci-Tech Innovation Board [8]

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has increased its stake in Guolian Minsheng (01456.HK) by purchasing 232,000 shares at an average price of HKD 6.6278 per share, resulting in a total investment of approximately HKD 1.5376 million [1] - After the purchase, E Fund's total shareholding in Guolian Minsheng reached 44.454 million shares, increasing its ownership percentage from 9.99% to 10.04% [1][2]

智通财经APP获悉，香港联交所最新数据显示，8月14日，易方达基金管理有限公司增持国联民生 (01456)23.2万股，每股作价6.6278港元，总金额约为153.76万港元。增持后最新持股数目为4445.4万 股，持股比例为10.04%。 ...

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has increased its stake in Guolian Minsheng (601456) by purchasing 232,000 shares at a price of HKD 6.6278 per share, totaling approximately HKD 1.5376 million [1] - After the purchase, E Fund's total shareholding in Guolian Minsheng reached 44.454 million shares, representing a 10.04% ownership stake [1]

中国经济网北京8月20日讯近岸蛋白(688137.SH)今日收报45.85元，跌幅2.03%。该股目前处于破发状 态。 近岸蛋白于2022年9月29日在上交所科创板上市，发行价格为106.19元/股，发行股票数量为1,754.3860 万股，保荐人(主承销商)为民生证券股份有限公司(现为"国联民生（601456）证券股份有限公司")，保 荐代表人为王璐、黄立超。 近岸蛋白首次公开发行股票募集资金总额为186,298.25万元，扣除发行费用后募集资金净额为174,219.58 万元。该公司最终募集资金净额较原计划多24,219.58万元。近岸蛋白于2022年9月26日披露的招股说明 书显示，其拟募集资金150,000.00万元，拟分别用于诊断核心原料及创新诊断试剂产业化项目、研发中 心建设项目和补充流动资金。 近岸蛋白首次公开发行股票的发行费用总额为12,078.67万元，其中保荐机构民生证券股份有限公司获得 承销保荐费用9,842.17万元。 ...

Group 1 - The core viewpoint of the report is that the air conditioning industry is rated as "outperforming the market" due to the sustained scale advantages and integration barriers of leading companies, even amidst weakening demand and limited necessity for price wars [1] - The leading air conditioning manufacturers have a domestic sales revenue that is 3-4 times that of the second tier and 6-10 times that of the third tier, indicating a significant scale advantage [1] - The air conditioning industry is characterized by a fully integrated supply chain, from core components to branding, making it difficult for new entrants to compete with established players [1] Group 2 - Historical data shows that price has been the main competitive tool in the absence of generational product innovations, with three notable periods of weak pricing in the last two decades [2] - The last price decline was primarily driven by proactive competition due to channel changes, with inventory levels having an indirect impact [2] - The relationship between market prosperity and concentration is often negatively correlated, with cost playing a crucial role in industry evolution [2] Group 3 - The manufacturing efficiency of leading companies like Changhong Meiling and Xiaomi relies heavily on scale, with limited room for further cost reduction in terminal pricing [3] - The majority of costs in the air conditioning industry come from raw materials, which can be managed through bulk purchasing and in-house component production, both of which favor larger players [3] Group 4 - The pricing flexibility for major participants in the air conditioning market is becoming increasingly limited, with a calculated "floor price" for a typical model being around 1900 yuan [4] - Brand manufacturers typically have a gross margin of 20%-25%, which constrains their ability to engage in aggressive price competition [4] Group 5 - The necessity for price wars among leading companies is low, as such strategies may lead to diminishing returns without favorable market conditions [5] - Even with the addition of revenue from competitors like Xiaomi and Aux, the overall revenue increase for leading brands like Gree and Midea remains modest, indicating limited impact from price competition [5]