Dongwu Securities: Maintains a "Buy" rating on Guolian Life, with a significant increase in annual performance.

Dongwu Securities research report pointed out that the integration of Guolian Minsheng has benefited from market trends, and the annual performance has increased significantly. The company achieved operating income of 7.67 billion yuan in 2025, an increase of 186.0% year-on-year; a net profit of 2.01 billion yuan attributable to the parent company, an increase of 405.5% year-on-year; corresponding EPS of 0.36 yuan, ROE of 4.2%, an increase of 2.0 percentage points year-on-year. Integration and expansion, combined with the transformation of wealth management, have led to nearly a doubling in brokerage business income, a top position in investment banking business, steady expansion in asset management business scale, and a substantial increase in investment returns. The company's current market value corresponds to PB valuations of 0.95x, 0.92x, and 0.89x for 2026E-2028E. We still have confidence in the future integration effects between the company and Minsheng Securities, and the company's overall strength is expected to achieve significant improvement. We maintain a "buy" rating.