Core Insights - The conference "Intelligent Chain Global Hui Reflects the World" focused on high-quality development for the Hui merchants, emphasizing innovation, cooperation, and social responsibility [1][3][5] Group 1: Event Overview - The event was hosted by the Huishang Association and held in Shanghai, attended by approximately 1,500 participants including government officials and business representatives from various regions [1] - Key attendees included Shanghai and Anhui provincial officials, highlighting the importance of the Hui merchant community in regional development [1][4] Group 2: Strategic Focus - The Hui merchants are encouraged to innovate and maintain a strong commitment to development, with a focus on technological cooperation and exploring emerging markets [3][5] - The integration of Anhui into the Yangtze River Delta region is seen as a strategic opportunity for growth, emphasizing historical ties and modern collaboration [3][4] Group 3: Institutional Development - The establishment of the "Shanghai Huishang Academy" and the unveiling of the "Hui Merchant Overseas Service Center" were significant highlights of the event, aimed at enhancing educational and service capabilities [6] - Prominent speakers discussed opportunities and challenges in Web3, AI, and quantum information technology, indicating a focus on cutting-edge industries [6]

目前，国联民生各项业务整合工作稳步推进中。国联民生全资子公司华英证券吸纳民生证券的投行 板块后，近日更名为国联民生承销保荐，注册地由无锡迁至上海。 吸纳民生投行板块后更名 4月22日，国联民生全资子公司华英证券完成名称变更登记手续，其名称由"华英证券有限责任公 司"变更为"国联民生证券承销保荐有限公司"，并取得了上海市市场监督管理局换发的营业执照。 华英证券为国联民生证券全资子公司，成立于2011年4月，专业从事股票和债券的承销与保荐业 务，以及企业收购兼并、资产重组财务顾问等中国证监会批准的其他业务。公司总部设在无锡。 据国联民生介绍，目前，国联民生各项业务整合工作稳步推进中。前有民生并入国联，无锡市证券 实力增强，上海流失一家券商。后有华英吸纳民生证券的投行板块，更名国联民生承销保荐，注册地由 无锡迁址上海。在看似"失之东隅，收之桑榆"的背后，实则为沪锡两地携手推进长三角一体化发展的创 新尝试。 信息显示，更名后的国联民生承销保荐注册资本为2亿元，法定代表人为葛小波，注册地为上海。 截至2024年期末，华英证券总资产 7.7 亿元，净资产3.59亿元；2024年利润总额225.67万元，净利 润-401. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The Shanghai aviation transportation market is entering a phase of accelerated recovery, with the company expected to achieve significant year-on-year growth in 2024 [2]. - The company reported an estimated operating revenue of 12.369 billion yuan for 2024, representing a year-on-year increase of 11.97%, and a net profit attributable to shareholders of 1.934 billion yuan, reflecting a substantial growth of 107.05% [1][4]. - The company is actively expanding its market presence through joint marketing efforts with domestic and international airports and airlines, aiming to restore international flights and develop new routes [2]. Summary by Sections Financial Performance - For Q4 2024, the company anticipates an operating revenue of 3.178 billion yuan, a year-on-year increase of 1.7%, and a net profit of 732 million yuan, which is a 67.5% increase year-on-year [1]. - The company’s operating revenue and net profit forecasts for 2024-2026 have been adjusted downward due to slower-than-expected recovery in overseas routes and limited recovery in duty-free business [3]. Market Dynamics - The passenger throughput at Shanghai's two airports exceeded 124 million in 2024, setting a new historical record, while cargo and mail throughput surpassed 4.2 million tons, exceeding 2019 levels [2]. - The report highlights the strong recovery trend in the aviation market, particularly at Pudong Airport, which saw a 5.4% increase in aircraft movements and an 11.8% increase in passenger throughput in early 2025 [2]. Strategic Initiatives - The company is focusing on the integrated development of the Yangtze River Delta, enhancing regional collaboration and intermodal connectivity, and advancing the construction of a world-class aviation hub network [3].