在行业转型与市场机遇叠加的背景下，多家卖方机构认为，经纪业务存量竞争加剧，加之佣金率持续下 行，财富管理已成为券商突破盈利瓶颈的重要方向。 在资金搬家、政策支持与市场回暖的多重驱动下，券商正从产品、服务、数字化等维度加快布局财富管 理赛道。平安证券非银金融分析师李冰婷指出，券商公募化、渠道优势差异化打法和基金投顾业务等都 是重要的突破方向。 国联民生2亿元增资，加速打造财富子公司 2月8日，国联民生公告称，公司董事会同意民生证券增资事项，向民生证券增资金额2亿元，拟用于民 生证券财富管理业务发展和信息技术投入，增资后公司对民生证券持股比例不变。 值得注意的是，此次增资与国联民生的整合工作及财富管理业务密切相关，国联证券并购民生证券后， 后者将转型为财富管理平台。 21世纪经济报道记者 孙永乐 2000万元 VS 2亿元！同样是扩张财富管理业务，两家券商的打法各不相同。 近期，两家中型区域券商以增资方式布局财富管理的举措引发行业关注：一是国联民生（601456）证券 （601456.SH）对"财富子"民生证券实施首期增资，二是华安证券（600909）（600909.SH）增资并控股 华富基金并获取公募牌照。 业 ...

2026年2月10日 总览 投资评级：推荐 首次评级 摘要 Ø 股东背景强大的蒙古综合矿企。公司起初运营蒙古境内两处优质焦煤矿井，2025年随着黄金等新的矿场陆续开发，公司已经从单一Coking coal生产商逐 渐成长为黄金铜等多矿场生产商，初步完成公司名称"Mining"规划。公司创始股东及实控人为蒙古最大私人财团MCS总裁，上市以来股东背景实现"地方 矿企"向"创始股东+长期战略股东+产业资本"转变。2024年9月纳入港股通。 Ø 煤炭为基：蒙古焦煤龙头，成本优势显著。公司煤炭资源量9.16亿吨，储量6.12亿吨，拥有UHG和BN两个在产焦煤矿，分布于全球知名的TT煤田，其 煤质与中国主流矿区相当。1）产销：公司原煤产量2023年以来明显增长，2025年受煤价影响实现1467万吨，同比-10.2%。公司加大焦煤洗选，2025年洗 出率提升至58.4%，洗选焦煤销量822万吨，同比+4.3%。2）售价：公司煤炭产品定价跟随中国国内但存在滞后反应，未来伴随MSE竞价销售比重提升， 或将逐步向现货价格靠拢。2025年煤价同比下滑，2026年在中国供给收缩力度加强及常态化监管下，中枢有望上移。3）成本：近年吨煤 ...

2025年，国联民生承销保荐完成4个IPO保荐项目顺利发行，全年实现市场排名"新三板挂牌家数"第 一、"IPO保荐家数"第七、"在审IPO项目数量"第六。此次林平发展成功上市，既是公司践行"产业投 行、科技投行、财富投行"核心战略的重要成果，也是公司服务绿色循环经济产业、助力实体经济高质 量发展的具体体现，彰显了公司稳健的项目执行能力与精准的产业布局眼光。依托2025年业务重组后的 协同优势，国联民生承销保荐已在投行领域积累了丰富的项目经验与深厚的专业能力，后续将持续发挥 全产业链综合金融服务优势，继续深耕绿色低碳、科技创新等重点领域，为更多优质企业提供定制化、 全周期的投行服务，搭建产业与资本的沟通桥梁，推动行业规模化、规范化发展，与企业携手实现价值 共生、共赢发展，为国内循环经济产业高质量发展贡献更多力量。 林平发展自成立以来持续推进"绿色制造+循环经济"双轮驱动发展战略，持续完善以资源高效利用和环 境友好为导向的运营体系。公司始终坚持以市场为导向，科技为先行，推进清洁化生产，持续创新、夯 实管理，充分发挥研发、技术、设备和产业链优势，以发展循环经济、推进节能降耗、生产绿色包装产 品为方向，通过发展绿色低 ...

经济观察网证监会网站显示，深圳微步信息股份有限公司2026年2月10日向深圳证监局办理辅导备案登 记，辅导机构为国联民生（601456）证券承销保荐有限公司。 ...

Core Insights - The report from Guolian Minsheng Securities highlights the evolution of large models from "chat tools" to "autonomous employees" in the Agent era, suggesting that companies mastering core algorithms and industry interfaces will benefit significantly from the rise of intelligent automation [1] Group 1: Market Trends - As of February 2, 2026, Clawdbot has surpassed 130,000 stars on GitHub and its official website has over 2 million visits, making it one of the fastest-growing open-source technology projects recently [1] - The emergence of "AI-only communities" like Moltbook, which quickly amassed a million agent accounts, indicates a natural increase in request density and API triggers, leading to a significant rise in API call frequency and token throughput [1] Group 2: Model Cost Efficiency - The importance of unit cost for models is increasing, as complex tasks often require multiple stages of interaction, leading to a significant increase in model call frequency and context complexity [2] - Agent services designed for complex tasks may consume up to ten times more tokens compared to basic chat interactions, making the "unit cost × unit output" a critical factor for scalability [2] Group 3: Model Features - The M2.1 model from MiniMax aims to address the high token cost in automated programming, with a pricing structure approximately 8% of that of Claude Sonnet, and introduces a high-frequency refresh mechanism for productivity in heavy development scenarios [3] - M2.1's long text capability allows it to handle ongoing context, accommodating longer documents and reducing logical breaks due to truncation [4] - The model's reasoning and programming capabilities make it suitable for production systems, emphasizing the importance of cost-effectiveness in high-frequency applications [5] Group 4: Multi-Modal Capabilities - As agents enter office and production environments, inputs are increasingly derived from visual information such as screenshots, PDFs, and tables, rather than just text [6] - MiniMax's multi-modal capabilities enhance the agent's ability to understand interfaces, extract key information, and execute steps or code, facilitating "visual-driven automation" [7]

Core Insights - The report from Guolian Minsheng Securities highlights the evolution of large models from "chat tools" to "autonomous employees," indicating that companies mastering core algorithms and industry interfaces are poised to benefit significantly from the intelligence-driven era [1] Group 1: Market Trends - As of February 2, 2026, Clawdbot has surpassed 130,000 stars on GitHub and its official website has accumulated over 2 million visits, making it one of the fastest-growing open-source technology projects recently [1] - The emergence of "AI-only communities" like Moltbook, which quickly amassed a million agent accounts, indicates a natural increase in request density and API triggers, leading to a significant rise in API call frequency and token throughput [1] Group 2: Model Cost Efficiency - The importance of unit cost for models is increasing, as complex tasks require multiple stages of interaction, leading to a significant increase in model call frequency and complexity [2] - The "unit cost of the model × unit output" becomes critical for the scalability of agent products, as multi-round reasoning and tool collaboration can linearly amplify costs [2] Group 3: Model Features - The M2.1 model from MiniMax aims to address the high token cost pain points faced by developers in automated programming, with a pricing structure approximately 8% of Claude Sonnet's [3] - The innovative "5-hour reset quota" mechanism allows for high-frequency productivity in heavy development scenarios, breaking away from traditional daily or monthly limits [3] Group 4: Long Text Capability - M2.1's long text capability is designed for real-world workflows, allowing it to handle continuous context, including tool calls, historical information, and constraints, thus reducing logical breaks due to truncation [4] Group 5: Reasoning and Programming Skills - In products like Clawdbot, the model is utilized for coding, code modification, judgment, and validation, with M2.1 being a cost-effective choice for production systems and high-frequency calls [5] - The ability to convert strong capabilities into frequently usable productivity at a lower cost is identified as MiniMax's competitive advantage [5] Group 6: Multi-Modal and Visual Execution - As agents enter office and production environments, inputs are increasingly derived from visual information such as screenshots, PDFs, tables, and charts, rather than solely from text [6] - MiniMax's multi-modal capabilities enhance agents' understanding of interfaces, enabling them to extract key information and output executable steps or code, thus facilitating "visual-driven automation" [7]

Core Viewpoint - The report from Guolian Minsheng Securities highlights the evolution of large models from "chat tools" to "autonomous workers," indicating that companies mastering core algorithms and industry interfaces are likely to benefit significantly from the rise of intelligent automation [1] Group 1: Market Trends - As of February 2, 2026, Clawdbot has surpassed 130,000 stars on GitHub and its official website has accumulated over 2 million visits, making it one of the fastest-growing open-source technology projects recently [1] - The emergence of "AI-only communities" like Moltbook, which quickly gathered a million agent accounts, indicates a higher request density and more frequent API triggers, leading to a significant increase in API call frequency and token throughput [1] Group 2: Model Cost Efficiency - The importance of unit cost for models is increasing, as complex tasks require multiple stages of interaction, leading to a significant rise in model call frequency and complexity [2] - The "unit cost × unit output" metric is critical for the scalability of agent products, as multi-round reasoning and tool collaboration can exponentially increase costs [2] Group 3: Model Features - The M2.1 model aims to address the high token cost faced by developers in automated programming, with a pricing structure approximately 8% of that of Claude Sonnet [3] - M2.1's long text capability allows it to handle "continuous memory," accommodating longer documents and more intermediate results, thus reducing logical breaks due to truncation [4] - M2.1 is designed for tasks involving code writing, modification, judgment, and validation, making it a cost-effective choice for production systems with high-frequency calls [5] Group 4: Multi-Modal Capabilities - In the agent era, inputs are increasingly derived from visual information such as screenshots, PDFs, tables, and charts, rather than just text [6] - MiniMax's multi-modal capabilities enhance the agent's ability to understand interfaces, extract key information, and output executable steps or code, facilitating "visual-driven automation" [7]

赛力斯：与重庆市沙坪坝区政府签署合作协议 2月9日，赛力斯(601127)发布公告称，公司于2月8日与重庆市沙坪坝区人民政府（简称"沙坪坝区政 府"）签署《合作协议》。公司以蓝电汽车相关存量资产剥离出资设立标的公司（名称暂未确定，简 称"标的公司"），沙坪坝区政府组建或引入有限合伙企业（或基金）（简称"甲方SPV"）与其他投资人 及经营团队以现金对标的公司增资。各方出资后，甲方SPV持股约33.5%，其他投资人持股约18.5%，公 司及公司指定主体持股约32%，标的公司搭建员工持股平台持股约16%。标的公司董事会由5人组成， 公司委派1人。 云路股份：董事长兼总经理李晓雨解除留置 2月9日，云路股份(688190)发布公告称，近日，公司得知相关部门已解除对公司董事长兼总经理李晓雨 的留置措施，目前李晓雨已能正常履行公司法定代表人、董事长、总经理的职责，参与公司日常生产经 营工作。公司副董事长雷日赣将不再代为履行公司董事长的职责，董事、副总经理庞靖将不再代为履行 法定代表人、总经理的职责。 林洋能源：控股股东拟5000万–1亿元增持公司股份 2月9日，林洋能源(601222)发布公告称，公司控股股东华虹电子计划 ...

根据方正富邦基金管理有限公司（以下简称"本公司"）与国联民生证券股份有限公司（以下简称"国联 民生证券"）签署的申购赎回代理协议，自2026年2月9日起，本公司旗下部分基金将新增国联民生证券 为场内申购、赎回业务的代办券商。投资者可通过上述券商办理下述基金的场内申购、赎回等业务。具 体基金如下： ■ 基金管理人承诺以恪尽职守、诚实信用、谨慎勤勉的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金管理人提醒投资者在做出投资决策前应全面了解基金的产品特性并充分考 虑自身的风险承受能力，理性判断市场，投资者自行承担基金运营状况与基金净值变化引致的投资风 险。投资有风险，选择须谨慎。敬请投资者于投资前认真阅读基金的基金合同、最新招募说明书及其他 法律文件。 特此公告。 方正富邦基金管理有限公司 2026年2月9日 MACD金叉信号形成，这些股涨势不错！ 2）方正富邦基金管理有限公司 ■ 投资者可通过以下途径咨询有关详情： 1）国联民生证券股份有限公司 ■ 风险提示： ...

证券代码：601456 证券简称：国联民生 公告编号：2026-005号 国联民生证券股份有限公司 第六届董事会第三次会议 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"）第六届董事会第三次会议于2026年2月6日以书面方式发 出通知，经全体董事同意后，于2026年2月7日在公司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：董事吴卫华先生以通讯方式出席）。会议由董事长顾伟 先生主持，公司相关高级管理人员列席会议。 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）《关于制定〈国联民生证券股份有限公司市值管理制度〉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。 （二）《关于修订〈国联民生证券股份有限公司内部审计基本制度〉的议案》 表决结果：同 ...