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]

Group 1 - Company Saisir signed a cooperation agreement with the Shapingba District Government of Chongqing, establishing a new company funded by the separation of existing assets related to blue electric vehicles [1] - The new company will have a shareholding structure where the SPV holds approximately 33.5%, other investors hold about 18.5%, and the company and its designated entities hold around 32% [1] - The new company's board will consist of 5 members, with the company appointing 1 member [1] Group 2 - Yunlu Co., Ltd. announced that the detention measures against its Chairman and General Manager, Li Xiaoyu, have been lifted, allowing him to resume his duties [2] - Lin Yang Energy's controlling shareholder plans to increase its stake in the company by investing between 50 million and 100 million yuan within the next 12 months [3] - Zhongfu Shenying's controlling shareholder plans to reduce its stake by up to 3%, amounting to a maximum of 27 million shares [4] Group 3 - Anlu Technology's shareholders, including several investment funds, plan to collectively reduce their stake by up to 4% [5] - Jinfeng Technology is in the planning stage of a share acquisition, with its controlling shareholder intending to transfer 6% of the company's shares [6] - Shenjian Co., Ltd. reported that its revenue from the commercial aerospace sector is less than 1% of its total revenue, indicating limited contribution from this segment [7] Group 4 - Guolian Minsheng plans to increase its investment in Minsheng Securities by 200 million yuan, with the funds sourced from a specific stock issuance [8] - Zhongsheng Pharmaceutical's subsidiary has reported positive results from two Phase III clinical trials for its innovative drug, indicating effective treatment for influenza in children and adolescents [9] - Mingguan New Materials has decided to terminate its investment in a solar backplane and functional film production project due to industry overcapacity and declining profitability [10] Group 5 - Huading Co., Ltd.'s controlling shareholder plans to publicly solicit buyers for a 6% stake in the company [11] - Tiancheng Auto Control's subsidiary has received a notification to supply passenger car seats for a major automotive client, with a project lifecycle value of 2.3 billion yuan [12] - Shanshan Co., Ltd. signed a restructuring investment agreement that may lead to a change in its controlling shareholder to Anhui State-owned Assets Supervision and Administration Commission [13] Group 6 - Sichuan Changhong intends to transfer 58.33% of its subsidiary's equity to its controlling shareholder for 33.1245 million yuan, as the subsidiary's business has ceased operations [14] - Ruili Kemi is planning to acquire a 16% stake in its subsidiary, with the stock being suspended from trading [15] - Yongtai Technology is also planning to purchase a 25% stake in Yongtai High-tech from Ningde Times, with its stock suspended from trading as well [16][17]

Group 1 - The company Fangzheng Fubang Fund Management Co., Ltd. has signed a subscription and redemption agency agreement with Guolian Minsheng Securities Co., Ltd. to allow the latter to act as a broker for certain funds starting from February 9, 2026 [1] - Investors will be able to conduct on-site subscription and redemption transactions for specified funds through Guolian Minsheng Securities [1] Group 2 - The announcement was made by Fangzheng Fubang Fund Management Co., Ltd. on February 9, 2026 [2]

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 ...

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： ■ 方正富邦基金管理有限公司 2026年2月9日 关于增加国联民生证券为方正富邦深证100交易型开放式指数证券投资基金申购、 赎回代办券商公告 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： 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。 2）方正富邦基金管理有限公司 ■ 风险提示： 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 ...

Company Announcements - Shanshan Co., Ltd. will change its actual controller to the Anhui Provincial State-owned Assets Supervision and Administration Commission if the restructuring is successful [2] - Yongtai Technology plans to acquire a 25% stake in Yongtai High-tech from Ningde Times, making Ningde Times a shareholder [2] - Shenjian Co., Ltd. reported that revenue from its commercial aerospace application will account for less than 1% of its total revenue in 2025 [3] - Anlu Technology's major shareholders, including the National Big Fund, plan to collectively reduce their holdings by no more than 4% [4] Investments & Contracts - Saisir signed a cooperation agreement with the Chongqing Shapingba District People's Government to establish a target company by divesting related assets [5] - Mingguan New Materials decided to terminate the investment agreement for a solar backsheet and functional film production base project due to market conditions [5] Share Buybacks & Reductions - Linyang Energy's controlling shareholder plans to increase its stake in the company by 50 million to 100 million yuan [8] Operations & Performance - Zhongsheng Pharmaceutical's subsidiary achieved positive results in two Phase III clinical trials for its innovative drug, Anladiwei [8] Contracts & Project Awards - Tiancheng Control's subsidiary received a notification to supply passenger car seats to a leading domestic automotive company, with a project lifecycle worth 2.3 billion yuan [9] Stock Price Movements - Jinfutec announced that its main business differs from the target company's, which may pose operational and integration challenges [10] Other - Yunlu Co., Ltd.'s chairman and general manager, Li Xiaoyu, has had his detention lifted and is resuming normal duties [11]

北京商报讯(记者刘宇阳实习生姚榕琰)2月8日，国联民生（601456）证券发布公告称，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，增 资后公司对民生证券持股比例不变。增资资金来源于国联民生证券向特定对象发行股票募集的配套资金，将用于民生证券财富管理业务发展和信息技术投 入。 ...

Major Events - Shenjian Co., Ltd. reported that its revenue from the commercial aerospace application field accounted for less than 1% of total revenue, with aerospace-related revenue at 1.39 billion yuan, representing 7.59% of total revenue for Q3 2025 [1] - Jinfutech is in the planning stage for a share acquisition, with uncertainty regarding the transaction's completion and integration risks due to the differing industries involved [2] - Yongtai Technology plans to acquire a 25% stake in Yongtai High-tech from CATL, with stock trading suspended [3] - Ruili Kemi is planning to acquire a 16% stake in Wuhan Kede Si, with stock trading also suspended [4] - Yunlu Co., Ltd. announced the lifting of detention measures on its chairman, allowing him to resume normal duties [5] - Guolian Minsheng intends to increase its investment in Minsheng Securities by 200 million yuan, with funds sourced from a specific stock issuance [6] - Zhongsheng Pharmaceutical's subsidiary has reported positive results from two Phase III clinical trials for its innovative drug, Anladiwei [7] - Mingguan New Materials has decided to terminate its investment in a solar panel production project due to industry overcapacity and declining profitability [8] - Sichuan Changhong plans to transfer 58.33% of its data company to its controlling shareholder for 33.1245 million yuan, as the data company ceased operations in 2023 [9] Shareholding Changes - Linyang Energy's controlling shareholder plans to increase its stake by 50 million to 100 million yuan within 12 months [10] - Anlu Technology's shareholders plan to collectively reduce their holdings by up to 4% [11] - Zhongfu Shenying's controlling shareholder intends to reduce its stake by up to 3% [12] Major Contracts - Sairisi signed a cooperation agreement with the Shapingba District Government in Chongqing to establish a new company with shared ownership [13] - Singshan Co., Ltd. signed a restructuring investment agreement with investors, potentially changing its controlling shareholder [14] - Tianceng Zikong's subsidiary received a notification to supply passenger car seats, with an expected project lifecycle revenue of 2.3 billion yuan [15]

格隆汇2月8日丨国联民生(01456.HK)公布，于2026年2月6日召开的公司第六届董事会第三次会议上，审 议并通过了《关于民生证券股份有限公司非公开协议增资的议案》。公司董事会同意民生证券股份有限 公司(以下简称"民生证券")增资事项，公司向民生证券增资金额为人民币2亿元，增资后公司对民生证券 持股比例不变。 ...