证券代码：601456 证券简称：国联民生 公告编号：2025-050 号 国联民生证券股份有限公司 关于任免高级管理人员的公告 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"）于 2025 年 8 月 8 日召开第 五届董事会第二十七次会议，审议通过《关于聘任公司高级管理人员等相关事项 的议案》，同意聘任熊雷鸣先生担任公司执行副总裁，聘任郑亮先生、胡又文先 生担任公司副总裁（上述高级管理人员简历见附件），任期自本次董事会审议通 过之日起至公司第五届董事会届满之日止。马群星先生因工作调整不再担任公司 副总裁，公司其他高级管理人员职务不变。 公司董事会对马群星先生在担任公司副总裁期间对公司发展做出的努力和 贡献表示衷心感谢！ 1 特此公告。 国联民生证券股份有限公司董事会 2025 年 8 月 8 日 附件： 1、熊雷鸣先生简历 熊雷鸣先生，出生于 1970 年，中国国籍，无境外永久居留权，经济学硕士， 高级会计师。现任民生期货有限公司董事、民生证券投资有限公司董事。曾任湖 北药检专科 ...

证券代码：601456 证券简称：国联民生 公告编号：2025-048 号 国联民生证券股份有限公司 第五届董事会第二十七次会议决议公告 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。 一、董事会会议召开情况 （一）《关于选举公司董事长的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票，本议案获通过。 公司董事会收到葛小波先生的辞职报告，葛小波先生因工作调整原因，提请 辞去公司董事长、董事会风险控制委员会主任委员、董事会战略与 ESG 委员会 主任委员等职务，仍继续担任公司执行董事、总裁、董事会风险控制委员会委员、 董事会战略与 ESG 委员会委员等职务，自辞职报告送达董事会时生效。 为保障公司董事会日常事务的开展，根据《公司章程》及董事会专门委员会 议事规则，公司董事会同意选举公司党委书记、董事顾伟先生担任公司董事长（简 1 历见附件），并相应担任公司法定代表人、董事会风险控制委员会主任委员、董 事会战略与 ESG 委员会主任委员等职务，任期自本次董事会审议通过之日起至 公司第五届董事会届满之日止。 具体内容请参见 ...

Core Viewpoint - The recent leadership changes at Guolian Minsheng Securities, including Gu Wei's appointment as both Chairman and Party Secretary, signify a new phase in the integration of Guolian and Minsheng, emphasizing the importance of local government support in the merger process [2][3][4]. Group 1: Leadership Changes - Gu Wei has been appointed as Chairman of Guolian Minsheng Securities, consolidating his roles as both Party Secretary and Chairman, which aligns with local government regulations [3][4]. - The leadership transition follows Guolian Group's acquisition of a 30.3% stake in Minsheng Securities for 9.105 billion yuan, marking a significant step in the integration process [2]. - The new executive team has been finalized, indicating a strategic alignment and effective integration of resources and management from both firms [2][4]. Group 2: Integration Strategy - The merger is seen as a model for market-oriented consolidation in the securities industry, with local government backing enhancing the capabilities of financial institutions [3][10]. - The integration aims to leverage the strengths of both Guolian and Minsheng, focusing on enhancing comprehensive financial services and achieving a synergistic effect of "1+1>2" [8][10]. - The strategic plan includes a focus on various financial sectors such as technology finance, green finance, and wealth management, aiming to establish a leading comprehensive state-owned enterprise group [8][11]. Group 3: Performance and Market Position - Guolian Minsheng Securities reported a significant increase in net profit, reaching 1.129 billion yuan, a year-on-year increase of approximately 1183%, indicating strong financial performance post-merger [10][11]. - The firm has positioned itself among the top players in the market, establishing a new competitive landscape alongside major firms like Guotai Junan and CITIC Securities [11][12]. - The integration has not only improved financial metrics but also enhanced the firm's capabilities in investment banking and research, contributing to a robust growth trajectory [11][12].

Core Viewpoint - The company announced the resignation of its chairman, Ge Xiaobo, due to work adjustments, while he will continue to serve as an executive director and president [1] Group 1 - Ge Xiaobo has resigned from the position of chairman and other roles, but will remain as an executive director and president [1] - The board of directors has elected Gu Wei as the new chairman, with a term lasting until the end of the fifth board of directors [1] - Gu Wei currently holds multiple positions, including vice secretary of the Party Committee and president at Wuxi Guolian Development (Group) Co., Ltd., and chairman of Minsheng Securities Co., Ltd. [1]

云南能投（SZ 002053，收盘价：10.71元）发布公告称，2025年8月8日上午10:10~11:30，云南能投接受 国联民生证券调研，公司副总经理、董事会秘书李政良等人参与接待，并回答了投资者提出的问题。 （文章来源：每日经济新闻） 2024年1至12月份，云南能投的营业收入构成为：电力占比34.45%，天然气占比28.11%，食品占比 20.22%，化工占比14.64%，其他业务占比2.58%。 ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [3] Core Insights - The banking sector is experiencing a recovery in activity, with several banks reporting positive growth in net profit for the first half of 2025, driven by favorable policies and a stable interest margin [7][46] - The securities sector is benefiting from explosive growth in mid-year earnings forecasts from listed brokers, with all 32 brokers reporting increased or turned profitable earnings [4][48] - The insurance industry is seeing a favorable shift in its liability side, with a reduction in the guaranteed interest rate for traditional life insurance, prompting a potential shift in product offerings [5][49] Summary by Sections Market Review - As of August 7, 2025, the banking index increased by 1.66%, while the securities index decreased by 1.98%, and the insurance index rose by 0.35% [15] - Agricultural Bank, Western Securities, and New China Life Insurance showed the best performance among sub-sectors with increases of 8.23%, 6.04%, and 4.45% respectively [15] Valuation Situation - As of August 7, 2025, the banking sector's price-to-book (PB) ratio is 0.77, with state-owned banks at 0.80, joint-stock banks at 0.68, city commercial banks at 0.76, and rural commercial banks at 0.66 [24] - The securities sector's PB ratio is 1.55, indicating potential for valuation recovery [27] Recent Market Indicators - The average daily trading volume in the A-share market was 16,120.08 billion, with a week-on-week decrease of 9.79% [35] - The margin trading balance reached 2 trillion, marking a significant milestone since July 2015 [35] Industry News - The government is implementing consumer loan interest subsidies to stimulate consumption and enhance market vitality [41] - The insurance sector is expanding its private equity investment funds, indicating a long-term influx of capital into the market [42] Company Announcements - Qingdao Bank reported a 7.50% increase in revenue for the first half of 2025, with net profit growing by 16.05% [44] - Agricultural Bank and other banks are expected to benefit from favorable policies and a stable dividend environment [46] Weekly Perspectives - The banking sector is expected to see continued demand for high-dividend, low-valuation stocks, driven by a low-interest-rate environment and a shift in capital towards safer investments [46][47] - The securities sector is advised to focus on companies with strong mid-year earnings forecasts and those benefiting from regulatory changes [48] - The insurance sector is encouraged to optimize product structures in response to changes in guaranteed interest rates, with a focus on flexible income products [49]

Core Viewpoint - The report from Guolian Minsheng Securities emphasizes the significant potential in deep-sea economic development and marine resource exploitation, driven by national policies and financial support, particularly highlighting China National Offshore Oil Corporation (CNOOC) and the marine oil and gas service industry as key areas of investment focus [1] Group 1: Deep-Sea Energy Development - CNOOC is identified as the largest offshore oil and gas operator in China, with a comprehensive industry chain covering exploration, engineering, equipment operation, and oilfield services [1] - The South China Sea is noted for its rich oil and gas resources, with many underwater mineral resources still undeveloped, making deep-water exploration a global focus [1] Group 2: Demand for High-Performance Materials - There is a growing rigid demand for high-performance and specialized chemical materials that can withstand extreme marine environments, which is crucial for modern marine economic development [2] - The marine new materials market is expanding due to the implementation of the "Marine Power" strategy and the rapid development of the blue economy, impacting various sectors such as exploration, shipping, and port construction [2] Group 3: Corrosion Challenges in Marine Engineering - The construction costs of marine engineering equipment increase exponentially with water depth and offshore distance, leading to higher maintenance and operational costs compared to land facilities [3] - The need for advanced anti-corrosion technologies is critical, as any failure in coating performance can result in significant economic losses [3] - New anti-corrosion coatings, such as graphene-based solutions, are expected to meet or exceed stringent performance standards, representing a potential future direction for the industry [3] Group 4: Sealing Materials Demand - Sealing components are essential for the stable and efficient operation of machinery, preventing leaks and external contamination, which is particularly challenging in marine environments [4] - The global market for marine sealing materials is anticipated to benefit from increased demand driven by the marine economy and the rising application ratio of sealing materials [4] - There is a growing emphasis on environmentally friendly sealing materials, which is expected to drive the development of new sealing solutions [4]

国联民生证券主要观点如下： 供给约束逻辑支撑铝价上行，氧化铝或将受益于"反内卷" 国内电解铝产能接近天花板，未来新增产能或有限;电网、新能源汽车等支撑需求端韧性，电解铝供需 缺口有望逐渐显现，驱动铝价中枢上移。氧化铝短期来看，供给过剩背景下，价格或围绕成本线波 动;Q3几内亚进入雨季，铝土矿发运量或将下降，支撑其价格趋稳，氧化铝价格亦有望维持震荡。2025 年7月29日，中国有色金属工业协会表示"将从严控制氧化铝新增产能"。中长期来看，"反内卷"政策持 续加码，氧化铝新增产能投产节奏或有望放缓，从而改善产能过剩格局。 铝产业链一体化龙头，2025H1净利润同比高增 国联民生证券发布研报称，预计中国宏桥(01378)2025-2027年归母净利润分别为227.59/261.69/289.69亿 元，分别同比增长1.73%/14.98%/10.70%，EPS分别为2.40/2.76/3.05元/股，维持"买入"评级。中长期来 看，"反内卷"政策持续加码，氧化铝新增产能投产节奏或有望放缓，从而改善产能过剩格局。公司发布 正面盈利预告，2025H1预计实现归母净利润约123.59亿元，同比增长35%左右。 根据公司发 ...

Core Viewpoint - The report from Guolian Minsheng Securities projects that China Hongqiao's net profit attributable to shareholders will grow steadily from 2025 to 2027, driven by supply constraints and favorable policies in the aluminum industry [1][2]. Group 1: Profit Forecast and Growth - The expected net profits for China Hongqiao from 2025 to 2027 are 227.59 billion, 261.69 billion, and 289.69 billion yuan, reflecting year-on-year growth rates of 1.73%, 14.98%, and 10.70% respectively [1]. - The company anticipates a significant increase in net profit for the first half of 2025, estimated at approximately 123.59 billion yuan, representing a year-on-year growth of around 35% [2]. Group 2: Supply and Demand Dynamics - The aluminum price is expected to rise due to supply constraints, with limited new capacity for electrolytic aluminum in the future, while demand from sectors like power grids and electric vehicles remains resilient [1]. - The domestic electrolytic aluminum capacity is nearing its limit, leading to a gradual emergence of supply-demand gaps that will drive up aluminum prices [1]. Group 3: Production Capacity and Integration - As of March 2025, the company has a total electrolytic aluminum capacity of 645.9 million tons, with recent increases in its equity capacity through acquisitions [3]. - The company has increased its equity capacity in Yunnan by 48.36 million tons, bringing its total capacity in the region to 193.44 million tons [3]. Group 4: Dividend and Valuation - The company is positioned to benefit from the upward cycle in aluminum prices, with projected dividends of 54.6 billion and 138.7 billion yuan for 2023 and 2024, respectively, and dividend payout ratios of 47.6% and 62.0% [4]. - The estimated dividend yield for 2025 is projected at 8.0%, with a price-to-earnings ratio of 8.5 times, indicating attractive valuation and yield potential [4].

增持后，易方达基金管理有限公司最新持股数目为3983.8万股，持股比例由8.32%上升至9.00%。 | 股份代號: | 01456 | | --- | --- | | 上市法國名稱: | 國聯民生證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 05/07/2025 - 05/08/2025 | 格隆汇8月5日丨根据联交所最新权益披露资料显示，2025年7月29日，国联民生(01456.HK)获易方达基金管理有限公司在场内以每股均价6.3028港元增持 301.85万股，涉资约1902.5万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 南大 | 股份數目 | | | ( 請参関上述 * 註 | | | | | | | | | 份百分比 | | | | | | | | | ( 96 ) | | | CS20250801E00383 | 易方达基 ...