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 （股份代號：01456） （於中華人民共和國成立的股份有限公司） 國聯民生證券股份有限公司 董事長 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。 葛小波 中國江蘇省無錫市 2025年6月6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 朱賀華先生、高偉先生及郭春明先生。 证券代码：601456 证券简称：国联民生 公告编号：2025-035 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 ...

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 葛小波 中國江蘇省無錫市 2025年6月6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 朱賀華先生、高偉先生及郭春明先生。 证券代码：601456 证券简称：国联民生 公告编号：2025-034 号 国联民生证券股份有限公司（以下简称"公司"）第五届董事会第二十五次 会议于 2025 年 6 月 1 日以书面方式发出通知，于 2025 年 6 月 6 日在公司总部国 联金融大厦 9 楼会议室以现场结合通讯的方式召开。 会议应出席董事 9 人，实 ...

证券代码：601456 证券简称：国联民生 公告编号：2025-035 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 6 月 6 日召开第 五届董事会第二十五次会议，审议通过《关于聘任公司高级管理人员等相关事项 的议案》，同意聘任汪锦岭先生担任公司执行副总裁，聘任王卫先生、任凯锋先 生、杨海先生担任公司副总裁，聘任吴哲锐先生担任公司首席信息官（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。黄葳先生因工作调整不再担任公司首席信息官，仍在公司任职，公 司其他高级管理人员职务不变。 1 附件： 1、汪锦岭先生简历 汪锦岭先生，出生于 1974 年，中国国籍，无境外永久居留权，工学博士。 现任民生证券股份有限公司党委书记、执行委员会主席。曾任中国人民人寿保险 股份有限公司部门总经理助理，中国证监会研究员，中信证券股份有限公司部门 执行总经理，国联民生证券股份有限公司首 ...

会议的召集、召开和表决情况符合法律、法规、证券上市地交易所上市规则 及《国联民生证券股份有限公司章程》（以下简称《公司章程》）、《国联民生证券 股份有限公司董事会议事规则》的相关规定。 二、董事会会议审议情况 （一）《关于聘任公司高级管理人员等相关事项的议案》 证券代码：601456 证券简称：国联民生 公告编号：2025-034 号 国联民生证券股份有限公司 第五届董事会第二十五次会议决议公告 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 国联民生证券股份有限公司（以下简称"公司"）第五届董事会第二十五次 会议于 2025 年 6 月 1 日以书面方式发出通知，于 2025 年 6 月 6 日在公司总部国 联金融大厦 9 楼会议室以现场结合通讯的方式召开。 会议应出席董事 9 人，实际出席董事 9 人（其中：董事长葛小波先生、董事 杨振兴先生、董事刘海林先生、独立董事朱贺华先生、独立董事高伟先生、独立 董事郭春明先生以通讯方式出席）。会议由董事长葛小波先生主持，公司监事和 相关高级管理人员列席会议。 ...

2024年9月，证监会发布《关于深化上市公司并购重组市场改革的意见》，坚持市场化方向，更好发挥资本市场在企业并购重组中的主渠道作用。随着相 关文件精神落实持续深入，上市公司的并购重组日趋活跃。本报告从首次披露、受理、交易所审核、不需上会项目情况以及已完成并购重组五个阶段对 2024年上市公司并购重组市场进行分析。 一、首次披露情况 1、交易金额 | 排名 | 上市公司 | 交易标的 | 上市板块 | 交易金额(亿元) | 重组形式 | | --- | --- | --- | --- | --- | --- | | 1 | 中国船舶 | 中国重工100%股权 | 上交所主板 | 1151.50 | 吸收合并 | | 2 | 国泰君安 | 海通证券100%股权 | 上交所主板 | 976.15 | 吸收合并 | | 3 | 国联证券 | 民生证券99.26%股权 | 上交所主板 | 294.92 | 发行股份购买资产 | | ব | 紫米股份 | 新华三30%股权 | 深交所主板 | 151.77 | 协议收购 | | 5 | 塞力斯 | 深圳引望10%股权 | 上交所主板 | 115.00 | 协议收购 | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國聯民生證券股份有限公司 呈交日期: 2025年6月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01456 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 442,640,000 | RMB | | 1 | RMB | | 442,640,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 442,640,000 | RMB | | 1 | RMB | | 442,640,000 | | 2. 股份分類 | 普通股 | ...

Core Viewpoint - The introduction of T0 algorithm trading services by various securities firms marks a significant shift towards personal investors, providing them with automated trading solutions to capitalize on intraday stock price fluctuations [1][6]. Group 1: T0 Algorithm Services Overview - Zhongtai Securities has launched the Qifutong T0 algorithm, designed for high-net-worth clients, enabling intraday trading based on existing holdings [1]. - The T0 algorithm service has been adopted by over 20 securities apps, including Tianfeng Securities and Southwest Securities, with more mid-sized firms preparing to launch similar services [1][5]. - Southwest Securities has introduced the "T0+" algorithm, which optimizes strategies to enhance investment performance and reduce holding costs through AI-driven trading [4]. Group 2: Benefits of T0 Algorithm Trading - T0 algorithm trading aims to increase investment returns by allowing multiple intraday trades to accumulate small price differences, enhancing overall investment returns even in stagnant markets [7]. - The strategy also helps reduce holding costs for investors, particularly those with losing positions, by enabling high sell and low buy operations throughout the day [7]. - Securities firms benefit from increased commission income due to higher trading frequency associated with T0 algorithm services [7]. Group 3: Target Audience and Accessibility - T0 services are primarily targeted at high-net-worth individuals, requiring a minimum asset threshold of 1 million yuan for account opening and a risk tolerance of C3 or higher [8]. - Specific requirements vary among firms, with Tianfeng Securities and招商证券 also setting asset and risk tolerance criteria for clients [8]. Group 4: Market Trends and Competition - The growing trend of T0 algorithm services reflects a competitive landscape among securities firms, with many actively promoting these offerings as a key part of their business strategy [2][5]. - The T0 algorithm service is seen as a significant tool for attracting clients, particularly in a market where technology is increasingly democratizing trading capabilities [2].

Core Viewpoint - The Shanghai Stock Exchange announced the results of the 2024 annual member investor education and protection awards, with Guolian Minsheng Securities winning six out of seven awards, highlighting its commitment to investor education and protection [1][2]. Group 1: Awards and Recognition - Guolian Minsheng Securities received a total of nine honors, including "Outstanding Member for Investor Education," "Special Award for Member Cooperation in Investor Education," and "Outstanding Practitioner in Investor Protection" [1][2]. - The company’s educational products, such as "Practicing the 'Three Investments' Concept: How ETF Chefs Help You Navigate ETFs" and "The Magic Pocket of ETFs," were recognized as "Outstanding Practice Cases for Investor Protection" [1][2]. Group 2: Educational Initiatives and Impact - The implementation of investor education activities and the dissemination of educational materials enhance public financial literacy and contribute to the professional development of educators through a "dual empowerment" model [2]. - The company has established a comprehensive investor protection and education system, integrating resources and enhancing efficiency, transitioning from "point breakthroughs" to "systematic promotion" [2]. Group 3: Future Directions - The recognition received serves as motivation for the company to deepen and solidify its investor education efforts, aiming to elevate the quality of investor education initiatives in the future [3].

Core Viewpoint - The company has been recognized for its innovative practices in public welfare, ESG, and social responsibility, highlighting its commitment to sustainable development and community support [1] ESG Foundation - The company has integrated ESG principles into its strategic decision-making and daily operations, publishing a Sustainable Development Report for five consecutive years, achieving A-level ratings from Zhidin and A- from Zhongchengxin as of Q1 2025 [1] - It has actively explored green financial product innovations, including issuing green asset-backed securities (ABS) and green bonds, and establishing green industry funds to support carbon neutrality goals [1] - The company has developed an intelligent digital financial platform to enhance service quality and customer satisfaction while ensuring comprehensive information security [1] - It emphasizes a people-oriented approach by improving employee career development and welfare mechanisms, fostering mutual growth between employees and the company [1] Financial Empowerment - The company has supported various IPOs, including Tianjian Electric Sound on the Shenzhen Stock Exchange and Dameng Data on the Sci-Tech Innovation Board, contributing to the revitalization of revolutionary old areas [2] - It has underwritten bonds for national projects in integrated circuits and aviation, aligning capital with national strategies [2] - The company facilitated a 500 million yuan financing project for a poverty-stricken county enterprise, creating a positive cycle of financing, industrial upgrading, and regional development [2] Rural Revitalization - The company established Wuxi's first charity trust focused on paired assistance and rural revitalization, with a cumulative investment of 2.2 million yuan by the end of 2024 [3] - It has partnered with various counties to create entrepreneurial incubation bases and provide vocational training, enhancing rural innovation and entrepreneurship capabilities [3] - The company has implemented projects aimed at psychological health education and support for disadvantaged children, benefiting over 2,000 students [3] - It has improved educational resources in rural areas and established scholarships to foster talent in basic research [3] Investment Education Innovation - The company has created a multi-dimensional ecosystem for financial literacy, partnering with local courts to explore new paths for resolving financial disputes [4] - It has established investor service stations for direct and precise service delivery [4] - The company has organized financial literacy competitions and events, integrating financial education into everyday life and enhancing knowledge dissemination [4] - It has developed educational games and resources aimed at instilling correct financial concepts in youth [4]

Core Viewpoint - The A-share market is currently experiencing volatility, with over 3,400 stocks declining, while sectors like logistics, mining, and liquor are leading the gains [1][2]. Group 1: Market Overview - The trading volume in the two markets has returned to over 1 trillion yuan, with sectors such as jewelry, logistics, mining, and food and beverage showing resilience [2]. - Analysts suggest that the market is likely to maintain a volatile pattern in the short term, but domestic policy support may provide some stability [2]. - The "national team" has stepped in to purchase ETFs, indicating confidence in the long-term value of state-owned enterprises [3]. Group 2: Foreign Investment and Market Sentiment - Foreign capital continues to flow into the A-share market, with approximately $20 billion in passive funds entering from February to April [4]. - Morgan Stanley believes that the A-share and Hong Kong markets are poised for a bull market, with the third to fourth quarter being a critical entry point [4]. - Analysts recommend focusing on three long-term trends: the enhancement of China's independent technological capabilities, Europe's defense autonomy, and the acceleration of domestic demand policies in China [6]. Group 3: Historical Patterns and Sector Performance - Historical analysis shows that after rapid adjustments, the market typically forms a double bottom before rebounding to resistance levels [8][9]. - During the eight historical adjustments reviewed, the market consistently formed double bottoms before rebounding, with the ability to break previous resistance levels depending on policy and fundamental conditions [9][11]. - The low-volatility style has outperformed during adjustment phases, with defensive sectors like banking and consumer staples experiencing smaller declines [13]. Group 4: Investment Strategies - The report suggests that investors should consider a balanced allocation among low-volatility dividends, domestic consumption, and small-cap growth styles, adjusting positions based on market conditions [18]. - The analysis of past adjustments indicates that quality and low-volatility styles tend to have smaller drawdowns and greater rebound potential [16][17].