Company Overview - Linping Development Co., Ltd. specializes in the research, production, and sales of corrugated paper and boxboard products, recognized as a high-tech enterprise with independent R&D capabilities [2] - The company has evolved into a resource comprehensive utilization enterprise integrating waste paper recycling, cogeneration, and green papermaking [2] IPO Details - On January 22, Linping Development disclosed its prospectus, planning to issue 18.8537 million shares on the Shanghai Stock Exchange, accounting for 25% of the total shares post-issue [2] - The total share capital after the issuance will be 75.4148 million shares, with all shares being newly issued and no existing shareholder sales involved [2] - Online subscription for the IPO is scheduled for January 30 [2] Shareholding Structure - As of the prospectus signing date, the actual controller, Li Jianshe, directly holds 84.86% of the shares and indirectly controls an additional 3.54% through a partnership, totaling 88.40% voting rights [4] - Li Jianshe has faced issues regarding dual nationality, having previously held a passport from Guinea-Bissau, but has since clarified his status and is confirmed to hold only Chinese nationality [5] Financial Performance - Linping Development's revenue for the reporting period (2022 to June 2025) was 287.89 million yuan, 279.98 million yuan, 248.51 million yuan, and 122.38 million yuan, with net profits of 15.45 million yuan, 21.16 million yuan, 15.29 million yuan, and 9.14 million yuan, indicating a decline in revenue and fluctuating net profits [7] - The company has experienced a significant drop in prices for corrugated paper and boxboard due to increased imports and a slowdown in domestic demand, leading to performance volatility in 2023 and 2024 [7] Tax Benefits - Linping Development benefits from substantial tax incentives, which accounted for a significant portion of its net profits during the reporting period, with tax benefits of 9.74 million yuan, 14.53 million yuan, 12.32 million yuan, and 5.60 million yuan, representing 63.02%, 68.65%, 80.58%, and 61.23% of net profits respectively [8] Operational Challenges - The company faces challenges in the highly competitive corrugated paper and boxboard market, characterized by low market concentration and significant price competition [7] - Transportation costs are a notable factor in the company's operations, with freight costs constituting a considerable portion of the overall expenses, and discrepancies in reported freight data have raised concerns during the IPO inquiry process [8][9]

Group 1 - The core viewpoint is that AI infrastructure will profoundly reshape the demand landscape in related industries, with AI applications set to materialize, thereby boosting hardware manufacturing equipment demand [1][2] - In 2025, the ZX machinery industry index rose by 40.91%, significantly outperforming the Shanghai and Shenzhen 300 index, which increased by 17.66%, indicating a 23.25 percentage point lead for the machinery sector [1] - The machinery index accelerated its rise starting in April, driven by technology equipment such as robots, and is expected to continue this upward trend in 2026 as technology manufacturing flourishes and mature manufacturing expands globally [1] Group 2 - AI technology has shown strong potential in the current technological revolution, evolving rapidly since the introduction of attention mechanisms by Google in 2017 and the release of ChatGPT by OpenAI in 2022 [2] - The construction of AI computing power centers by global tech giants is driving significant demand for components like optical modules, storage and computing chips, and power supplies, leading to industry-wide expansion and technological upgrades [3] - AI computing power centers are also major electricity consumers, increasing the demand for various types of power generation and distribution equipment, with some of this demand already gaining market attention in 2025 and expected to translate into orders and revenue in 2026 [3] Group 3 - The application of embodied intelligence is crucial for the realization of AI technology, with AI hardware such as robots and smart glasses nearing practical application [4] - In 2026, Tesla's robots are expected to enter mass production at a scale of thousands, with global humanoid robot production projected to exceed 100,000 units, marking a significant milestone in mass production [4] - Major companies like Google, META, OpenAI, and Apple plan to release AI glasses in 2026, potentially leading to a competitive landscape in the 3C device market and driving demand for related components [4] Group 4 - Chinese manufacturing continues to enhance its product strength, becoming synonymous with "high quality and low price," with China's share of global goods exports reaching approximately 15% in recent years [5] - The overall global trade environment is expected to stabilize in 2026, with anticipated interest rate cuts in the U.S. likely to boost demand in both the U.S. and emerging markets, supporting growth in manufacturing exports [5] - The engineering machinery sector has made significant inroads into overseas markets in recent years, with expectations for continued market share growth in 2026 [5]

国联民生（601456）证券发布研报称，算力产业是科技之基，该行长期看好、深度跟踪。在当前市场对 远期增量仍有所担忧之际，该行建议积极寻找价值量扩张、资本开支增量倾斜的细分赛道，主线延 续"速率+功率"。同时重点关注国产算力、半导体设备、存储、AI终端的投资机遇。 2)功率：单卡和机柜功率密度持续提升，对电力架构提出了新的要求，也使得液冷成为数据中心的标 配。 国产算力方面：25年破局，26年有望高速成长 需求侧，国产大模型加速追赶，云厂商资本开支展望积极;供给侧、国产先进制程从单点突破走向多点 开花。行业供需两强之下，国产算力厂商迎破局元年。 该行认为，26年要重点观察CSP及大模型厂商的商业闭环节奏，从而把握整体行业β。同时，积极找寻 价值量扩张、资本开支增量倾斜的细分赛道，主线延续"速率+功率"。 从资本开支到ROI测算，解读算力核心变量。该行认为，算力需求主要看Tokens数+Capex。其中， Token数(包括日活等)主要反映实时的算力需求，而Capex则反映云厂商的未来算力预期。部分商业闭环 良好的云厂商，如谷歌等，已形成"开支→算力→Token→收入→再开支"正循环。该行主要测算了各大 云厂商 ...

Core Viewpoint - The acquisition attempt by Guangzhou Silin Jie Technology Co., Ltd. for Qingdao Kekai Electronics Research Institute Co., Ltd. has failed, with the independent financial advisor unable to reverse the situation [1] Group 1: Company Overview - Guangzhou Silin Jie Technology focuses on the development, production, and sales of industrial automation testing products, including embedded intelligent instrument modules and machine vision products [2] - The company anticipates a loss of 8 million to 11.5 million yuan in 2025, marking a shift from profit to loss compared to 2024 [2] - The stock price of Silin Jie experienced a significant increase, with four consecutive 20% daily limits, following the announcement of the acquisition of Kekai Electronics [2] Group 2: Acquisition Details - The acquisition involved a significant asset restructuring plan, where Silin Jie intended to acquire 71% of Kekai Electronics through a combination of share issuance and cash payment [4] - The independent financial advisor for the acquisition was Guolian Minsheng Securities, which failed to turn the situation around [4] Group 3: Kekai Electronics Background - Kekai Electronics, established in 1997, specializes in the research, production, and sales of high-reliability micro-circuit modules, primarily serving military applications [3] - The company faced challenges during its IPO process, including issues such as inflated R&D expenditures and poor internal controls, leading to regulatory warnings for its underwriters and auditors [3][5] Group 4: Financial Performance - Kekai Electronics reported revenues of 308 million yuan, 164 million yuan, and 119 million yuan for the years 2023, 2024, and the first half of 2025, respectively [5] - The net profits for the same periods were 167 million yuan, approximately 99.92 million yuan, and approximately 48.84 million yuan, with a significant decline attributed to changes in the military industry and customer demand [5] - The company has a high customer concentration, with over 99% of revenue coming from the top five clients, including 73.4% from a subsidiary of China Ordnance Industry Group [5] Group 5: Termination of Acquisition - The termination of the acquisition was attributed to the large scale of the transaction and changes in the market environment since the initial planning [6] - The chairman of Silin Jie indicated that the prolonged duration of the restructuring process and increased uncertainty in the transaction's progression were key factors in the decision to withdraw [6]

登录新浪财经APP 搜索【信披】查看更多考评等级 此发行价格对应的市盈率为： １、１４．０２倍（每股收益按照２０２４年度经会计师事务所依据中国会计准则审计的扣除非经常性 损益前归属于母公司股东净利润除以本次发行前总股本计算）； ２、１２．８８倍（每股收益按照２０２４年度经会计师事务所依据中国会计准则审计的扣除非经常性 损益后归属于母公司股东净利润除以本次发行前总股本计算）； ３、１８．６９倍（每股收益按照２０２４年度经会计师事务所依据中国会计准则审计的扣除非经常性 损益前归属于母公司股东净利润除以本次发行后总股本计算）； ４、１７．１７倍（每股收益按照２０２４年度经会计师事务所依据中国会计准则审计的扣除非经常性 损益后归属于母公司股东净利润除以本次发行后总股本计算）。 发行人选择适用《上海证券交易所股票上市规则》第３．１．２条第（一）款的上市标准，即："最近 三年净利润均为正，且最近三年净利润累计不低于２亿元，最近一年净利润不低于１亿元，最近三年经 营活动产生的现金流量净额累计不低于２亿元或者营业收入累计不低于１５亿元"。 发行人最近三年归属于母公司股东的净利润（以扣除非经常性损益前后孰低者为计算依据）分别为 ...

Group 1 - Company has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue perpetual subordinated bonds with a total face value of up to 3 billion yuan [1] - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in tranches during this period [1] - The company will handle the issuance of the bonds in accordance with relevant laws, regulations, and shareholder authorization, and will fulfill its information disclosure obligations in a timely manner [1] Group 2 - The company’s wholly-owned subsidiary, Guolian Minsheng Securities Underwriting and Sponsorship Co., Ltd., is involved in a major lawsuit and has filed an appeal against a first-instance judgment [4][6] - The total amount involved in the lawsuit is approximately 274.98 million yuan, with the company bearing a 5% joint liability for the debt [4][6] - The company has made provisions for expected liabilities based on the first-instance judgment, but it is stated that the lawsuit will not have a significant adverse impact on the company's current or future profits [5][7] Group 3 - The company confirms that there are no other significant lawsuits or arbitration matters that have not been disclosed as of the date of the announcement [8]

根据该批复，中国证监会同意公司向专业投资者公开发行面值总额不超过30亿元永续次级债券的注册申 请。该批复自同意注册之日起24个月内有效，公司在注册有效期内可以分期发行永续次级债券。 格隆汇1月28日丨国联民生(601456.SH)公布，公司收到中国证券监督管理委员会（以下简称"中国证监 会"）出具的《关于同意国联民生证券股份有限公司向专业投资者公开发行永续次级债券注册的批复》 （证监许可﹝2026﹞125号）。 ...

国联民生证券股份有限公司 关于子公司重大诉讼的进展公告 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。 重要内容提示： 1 案件所处的诉讼阶段：上诉已获受理，二审中 上市公司所处的当事人地位：国联民生证券股份有限公司（以下简称 "公司"）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）为上诉人（一审 15 名被告之一）。 涉案的金额：一审判决原告及原告代表人对被告山东龙力生物科技股 份有限公司（以下简称"龙力生物"）享有投资差额损失、通知费及律 师费债权数额合计 274,983,353.5 元。被告程少博对龙力生物上述债 务承担连带清偿责任，其余各被告在一定比例范围内承担连带清偿责 任，其中国联民生承销保荐在 5%范围内承担连带清偿责任。案件受理 费 1,412,271 元，由被告龙力生物、程少博共同负担；其余各被告在上 述案件受理费的一定比例范围内负担，其中国联民生承销保荐在 5%范 围内负担。 是否会对上市公司损益产生负面影响：本次诉讼案件在二审期间，尚 未判决。公司已 ...

证券代码：601456 证券简称：国联民生 公告编号：2026-003 号 国联民生证券股份有限公司 关于向专业投资者公开发行永续次级债券 近日，国联民生证券股份有限公司（以下简称"公司"）收到中国证券监督 管理委员会（以下简称"中国证监会"）出具的《关于同意国联民生证券股份有 限公司向专业投资者公开发行永续次级债券注册的批复》（证监许可﹝2026﹞125 号）。 根据该批复，中国证监会同意公司向专业投资者公开发行面值总额不超过 30 亿元永续次级债券的注册申请。该批复自同意注册之日起 24 个月内有效，公 司在注册有效期内可以分期发行永续次级债券。 获得中国证监会注册批复的公告 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。 特此公告。 国联民生证券股份有限公司董事会 2026 年 1 月 28 日 1 公司将按照有关法律法规、批复文件要求及股东会的授权，办理永续次级债 券发行的相关事宜，并及时履行信息披露义务。 ...

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue perpetual subordinated bonds with a total face value of up to 3 billion yuan [1] Group 1 - The approval is documented in the CSRC's notice, which is valid for 24 months from the date of approval [1] - The company can issue the perpetual subordinated bonds in multiple tranches within the validity period of the registration [1]