以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 近日，中国太平子公司太平人寿凭借一次性卖出4家公司的股权收回了65亿元现金。在当前险资加码权益市场的大环境下，每一笔资金的运用都至关重要。此次资本 腾挪背后，一向以审慎稳健著称的中国太平正主动进行资产轮动。 文 ｜ 陈大壮 编辑 ｜ 朗明 来源｜ 财经天下WEEKLY（ID：cjtxweekly） 封面来源 ｜ IC photo 持有近6年的资产一次性卖出 中国太平保险控股有限公司（以下简称"中国太平"）子公司太平人寿的账上将骤然多出65亿元现金。 10月底，中国太平发布公告称，子公司太平人寿与中国铁建股份有限公司（以下简称"中铁建股份"）签订股权转让协议，拟以65亿元向中铁建股份转让其全 部持有的4家公司股权。 截至今年9月末，太平人寿的总资产为1.4万亿元，其中长期股权投资为627.91亿元。 中国太平有多个子公司，包括太平人寿、太平财险、太平养老、太平资产、太平再保险等。从业务贡献度来看，太平人寿是中国太平的绝对主力。2024年中 国太平整个 ...

据广东省应急管理厅消息，近日，广东省政府批复同意了深江铁路"12·4"重大坍塌事故调查 报告。经广东省政府事故调查组认定，深江铁路"12·4"重大坍塌事故是一起参建单位违规施 工掘进引发掌子面上方局部塌方，异常工况处置时未能采取有效的工程处理措施导致地面塌 陷，造成地面人员随地面塌陷坠亡的生产安全责任事故。 定将事故调查过程中发现的有关企业、单位及公职人员涉嫌失职失责问题线索及相关材料， 移交纪检监察机关。对上述涉事企业、单位及公职人员，按照党组织隶属关系和干部管理权 限由有关单位按规定处理。 针对事故中暴露的问题，事故调查组总结了六个方面的主要教训：风险防范失守，监测预警 失灵；长期"先施工后变更设计"，冒险掘进酿成恶果；制度机制流于形式，现场管理形同虚 设；应急救援体系先天不足，异常工况处置混乱无序；简单套用山岭隧道建设标准，进入城 市地下空间频频出事；同类事故反复发生，背后是对安全的漠视。同时，提出六项整改和防 范措施建议：统筹发展和安全，源头防控重大安全风险；把握铁路隧道施工特点，有效防范 化解城市地下空间施工风险；提高本质安全水平，针对性加强施工安全措施；加强事前预 防，落实参建各方安全生产主体责任 ...

央视网消息：据广东省应急管理厅网站消息，近日，广东省政府批复同意了深江铁路"12·4"重大坍塌事 故调查报告。经广东省政府事故调查组认定，深江铁路"12·4"重大坍塌事故是一起参建单位违规施工掘 进引发掌子面上方局部塌方，异常工况处置时未能采取有效的工程处理措施导致地面塌陷，造成地面人 员随地面塌陷坠亡的生产安全责任事故。 2024年12月4日23时18分，深圳市宝安区航城街道洲石路新建深圳至江门铁路5标段施工现场发生地面坍 塌，造成13人死亡，直接经济损失约7261万元。经调查，事故直接原因是：隧道施工至高环境风险地段 时，围岩由原勘察设计的Ⅲ级变为稳定性差的Ⅳ级，未停止掘进，未变更为可靠的开挖和支护方式，致 使掌子面上前方拱顶产生局部塌方；险情发生后，未能及时采取有效的工程处理措施，掌子面上方发生 多次塌方，地面塌陷；地面应急处置不当，地面作业人员随塌陷坠亡。 针对事故中暴露的问题，事故调查组总结了六个方面的主要教训：风险防范失守，监测预警失灵；长 期"先施工后变更设计"，冒险掘进酿成恶果；制度机制流于形式，现场管理形同虚设；应急救援体系先 天不足，异常工况处置混乱无序；简单套用山岭隧道建设标准，进入城市 ...

声明还表示，三方支持落实中国给予非洲建交国100%税目产品零关税举措，鼓励非洲生产和加工本地 化，扩大优质产品对中国和其他市场出口，吸引更多投资。推动铁路沿线和周边地区现有工业、产业园 区建设，规划建设经济特区、自贸区，实现联动发展，助力坦、赞两国工业化和农业现代化。 戴和根在发言中表示，中国铁建本着"共商、共建、共享"和互利共赢的原则，与坦、赞两国企业合资合 作，共同参与沿线工业园、新能源、矿业、农业、物流等领域的开发建设，打造新时代非洲的"发展之 路""繁荣之路"。。 当地时间11月20日，由中国铁建（601186.SH、01186.HK）投资、建设和运营的坦赞铁路激活项目，在 赞比亚首都卢萨卡举行开工仪式。中国国务院总理李强、赞比亚总统希奇莱马、坦桑尼亚副总统伊曼纽 尔·恩钦比出席了仪式。 同时，中国铁建董事长戴和根，坦桑尼亚、赞比亚两国政府代表，援坦赞铁路烈士后代及参建者家属代 表，有关金融机构、企业代表和沿线民众，共同见证了这条跨越半个多世纪"友谊之路"再度开启新的历 史征程。 李强表示，2024年9月，习近平主席同赞比亚总统希奇莱马、坦桑尼亚总统哈桑在北京，共同见证签署 《坦赞铁路激活项目谅解备忘 ...

Investment Rating - The report maintains a rating of "Buy" for China Railway Construction Corporation (CRCC) [3][9]. Core Views - The report highlights a significant reduction in net cash outflow from operating activities and a rapid increase in overseas orders, indicating strong demand in the infrastructure sector [2][5]. - The forecast for EPS has been adjusted downward for 2025-2027, now projected at 1.55, 1.56, and 1.59 yuan, reflecting a decrease of 5.0% for 2025 [3][4]. - The target price is set at 12.04 yuan, based on a PE ratio of 7.8 times for 2025 [3][9]. Financial Performance Summary - For Q1-Q3 2025, the net profit attributable to shareholders was 14.8 billion yuan, a decrease of 5.6% year-on-year, while revenue fell by 3.9% to 728.4 billion yuan [4][5]. - The gross profit margin for Q1-Q3 2025 was 8.77%, down 0.39 percentage points, with a net profit margin of 2.03% [4][6]. - The company reported a significant increase in accounts receivable, which rose by 20.2% year-on-year to 246.16 billion yuan [4][5]. Order and Contract Insights - New contracts signed in Q1-Q3 2025 totaled 1.5188 trillion yuan, a year-on-year increase of 3.1%, with overseas contracts surging by 94.5% [5][19]. - The report notes that the company has a strong presence in various infrastructure sectors, including railways, highways, and airports, with significant growth in new contracts for these areas [5][6]. Valuation Metrics - The current dividend yield is 3.8%, with a PB ratio of 0.39, indicating a low valuation compared to historical levels [2][6]. - The report provides a comparison of CRCC's valuation metrics with peers, showing a PE of 5.1 for 2025, which is below the industry average [3][22].

Major Events - Shandong Xinhua Pharmaceutical Co., Ltd. received the approval notice for the listing application of fumaric acid vonoprazan chemical raw materials [1] - HeYue Pharmaceutical showcased long-term efficacy and safety data from the clinical III MANEUVER study of pitmiprazole at the CTOS 2025 conference [1] - China Software International partnered with Deep Open Hong and Yiswei Computing to build a new ecosystem for "open-source HarmonyOS + RISC-V" digital infrastructure [1] - China General Nuclear Power Corporation's Zhaoyuan Unit 1 is set to begin full construction [1] - Hengrui Medicine's fumaric acid teglutide injection received approval for clinical trials [1] - China National Nuclear Corporation signed an intention procurement agreement for cobalt-60 irradiation sources with the Brazilian National Nuclear Energy Commission [1] Operating Performance - China Railway Construction Corporation recently won several major projects with a total investment of 49.629 billion yuan [1] - Geely Automobile reported a net profit of 3.82 billion yuan for the third quarter, a year-on-year increase of 59% [1] - China Resources Power's subsidiary power plants achieved a cumulative electricity sales volume of 185 million megawatt-hours in the first ten months, a year-on-year increase of 6.5% [1] - Leap Motor reported a net profit of 150 million yuan for the third quarter, maintaining the top sales position among new force brands in China for eight consecutive months [1] - Huazhu Group's net profit attributable to shareholders for the third quarter was 1.5 billion yuan, a year-on-year growth of 15.4% [1] - Air China saw a year-on-year increase of 8.7% in passenger turnover in October [1] - China Eastern Airlines reported a year-on-year increase of 10.58% in passenger turnover in October [1]

中国铁建（601186）(01186)公布，近期，公司中标单体15亿以上重大项目8个，涉资合计496.29亿元。 ...

智通财经APP讯，中国铁建(01186)公布，近期，公司中标单体15亿以上重大项目8个，涉资合计496.29 亿元。 ...

Core Viewpoint - China Railway Construction Corporation (CRCC) has recently won bids for eight major projects, with a total value of 49.629 billion yuan, accounting for 4.65% of the company's audited revenue for the fiscal year 2024 [2][6][7]. Project Details - The projects include: 1. New Hefei to Chizhou Railway, with a contract value of 6.684 billion yuan and a duration of 1,279 calendar days [6]. 2. New Wenzhou to Fuzhou High-Speed Railway (Fujian Section), with a contract value of 11.436 billion yuan and a duration of 1,826 calendar days [6]. 3. New Wenzhou to Fuzhou High-Speed Railway (Zhejiang Section), with a contract value of 11.551 billion yuan and a duration of 1,826 calendar days [6]. 4. Guiyang-Guangxi Railway (Guizhou Section) double-track line project, with a contract value of 2.615 billion yuan and a duration of 1,460 calendar days [6]. 5. Guiyang-Guangxi Railway double-track line project (Nanning section), with a contract value of 8.236 billion yuan and a duration of 1,460 calendar days [6]. 6. New Shanghai to Nanjing to Hefei High-Speed Railway (Huning Section), with a contract value of 1.728 billion yuan and a duration of 744 calendar days [7]. 7. Comprehensive upgrade of Jinan Zhangqiao Scenic Area, with a contract value of 2.440 billion yuan and a duration of 780 calendar days [7]. 8. G12 Hunchun to Ulanhot Highway and G1131 Mudanjiang to Yanji Highway construction, with a contract value of 4.939 billion yuan and a duration of 1,460 calendar days [7]. Company Background - CRCC, established from the People's Liberation Army Railway Corps, is a state-owned enterprise managed by the State-owned Assets Supervision and Administration Commission. It was listed in Shanghai and Hong Kong in 2008, with a registered capital of 13.58 billion yuan [9]. - The company is recognized as one of the largest and most powerful comprehensive construction groups globally, ranking 51st in the 2025 Fortune Global 500 list and has been in the list for 19 consecutive years [9]. - CRCC's business spans engineering contracting, planning and design consulting, investment operations, real estate development, industrial manufacturing, logistics, green environmental protection, and emerging industries, operating in over 140 countries and regions [9]. Financial Performance - For the first three quarters, CRCC reported a revenue of 728.403 billion yuan, a year-on-year decrease of 3.92%. The net profit attributable to shareholders was 14.811 billion yuan, down 5.63% year-on-year [9][10]. - The company's basic earnings per share were 0.26 yuan, reflecting a decrease of 5.88% compared to the previous year [10].

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分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。 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條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國 鐵 建 股 份 有 限 公 司 重 大 項 目 公 告」，僅 供 參 閱。 承董事會命 中國鐵建股份有限公司 董事長 戴和根 中國‧北京 2025年11月18日 於 本 公 告 日 期，董 事 會 成 員 包 括：戴 和 根 先 生（董 事 長、執 行 董 事）、郜 烈 陽 先 生（非 執 行 董 事）、馬 傳 景 先 生（獨 立 非 執 行 董 事）、解 國 光 先 生（獨 立 非 執 行 董 事）、錢 偉 倫 先 生（獨 立 非 執 行 董 事）、王 俊 先 生（獨 立 非 執 行 董 事） 及 朱 霖 女 士（職 工 董 事 ...