登录新浪财经APP 搜索【信披】查看更多考评等级 原标题："中保"2025盘点①中小险企股权转让：谁是宠儿，谁是弃儿？ 作者：中保新知 曾经的香饽饽，有时成了烫手山芋。在风起云涌的保险市场，不少中小险企的股东选择了离场。 近日，黄河财险与国任财险一同登上北京产权交易所，被公开挂牌转让部分股权，从转让方看，两家险 企的转让方均为中国铁建投资集团有限公司（简称"中铁投资"）。其中，中铁投资拟转让其持有的黄河 财险14%的股权，同时转让所持有的国任财险4.991%的股权。 这只是2025年险企股权转让的一个缩影。据中保新知不完全统计，今年以来约有30家险企的股东寻求转 让，除个别险企的股权转让属于股东集团内部的无偿划转来理顺管理条线外，绝大多数险企属于股东自 身经营转型或因经营状况不佳，被迫做出的选择。 "退金令"下的被动选择 早在2023年年中，国资委印发《国有企业参股管理暂行办法》，指出要严格执行国有资产投资监督管理 有关规定，坚持聚焦主责主业，符合企业发展战略规划，严控非主业投资，不得通过参股等方式开展投 资项目负面清单规定的禁止类业务。2024年6月，国务院国资委又要求央企深入贯彻落实《防范化解金 融风险问 ...

二是突出创新制胜，在发展新质生产力上培育新动能。优化提升传统产业，瞄准"三个集中""三大工 程""两重""两新"领域，提前布局拓展超高速铁路，大跨高墩、深水、跨海、越江桥梁，长大复杂地质 隧道，超高层建筑等高端市场。以科技创新推动产业创新，优化战新产业（300832）布局，加强战新产 业并购步伐，构建战新产业并购标的"储备一批、推进一批、落地一批"的阶梯式新发展格局。 本报讯 （记者贺王娟） 近日，中国铁建（601186）股份有限公司（以下简称"中国铁建"）相关负责人在媒体吹风会上表示，迈 向新的一年，"十四五"将正式迎来收官。回望过去这五年，百年变局加速演进，行业步入周期调整，企 业改革发展稳定任务前所未有的艰巨。中国铁建迎难而上、顶压前行，推动改革发展和党的建设各项工 作取得了开创性、历史性的成就。可以说，这五年，是功能提档、价值跃升、战略支撑作用更好发挥的 五年，是发展提质、改革增效、新动能新优势加快塑造的五年，是党建引领、监管护航、企业面貌为之 一新的五年。 上述负责人表示，展望"十五五"，中国铁建将从国家大局、大势中对标，找准与企业改革发展相关的战 略任务、重点工作。 一是锚定强国建设，在服务现代化 ...

Core Viewpoint - China Railway Construction Corporation (CRCC) has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to 30 billion yuan, with a specific issuance of up to 4.5 billion yuan for the fifth phase of its technology innovation perpetual bonds [1] Group 1: Bond Issuance Details - The total issuance scale for the fifth phase of the bonds is capped at 4.5 billion yuan, divided into two types: Type One with a 3-year cycle and Type Two with a 5-year cycle [1] - Type One bonds have an actual issuance scale of 3.45 billion yuan with a coupon rate of 2.15% and a subscription multiple of 1.79 times [2] - Type Two bonds have an actual issuance scale of 1 billion yuan with a coupon rate of 2.40% and a subscription multiple of 1.99 times [2] Group 2: Underwriting and Participation - The issuance did not involve participation from the company's directors, supervisors, senior management, or shareholders with over 5% ownership [3] - The underwriting institutions received allocations as follows: CITIC Securities and its affiliates 600 million yuan, CITIC Jinpu Securities and its affiliates 640 million yuan, Guotai Junan Securities and its affiliates 570 million yuan, Huatai United Securities and its affiliates 150 million yuan, China International Capital Corporation and its affiliates 420 million yuan, and Shenwan Hongyuan Securities and its affiliates 570 million yuan [3] - The subscription pricing was deemed fair and compliant with procedures [3]

Core Viewpoint - China Railway Construction Corporation (CRCC) has successfully completed the issuance of its fifth phase of technology innovation perpetual bonds aimed at professional investors, with a total issuance scale of 34.50 billion yuan for the first type and 10.00 billion yuan for the second type [1] Group 1: Bond Issuance Details - The first type of bonds had a final issuance scale of 34.50 billion yuan and a coupon rate of 2.15%, with a subscription multiple of 1.79 times [1] - The second type of bonds had a final issuance scale of 10.00 billion yuan and a coupon rate of 2.40%, with a subscription multiple of 1.99 times [1]

Core Viewpoint - China Railway Construction Corporation (CRCC) has successfully completed the issuance of its fifth phase of technology innovation renewable corporate bonds aimed at professional investors, with significant demand reflected in the subscription rates [1] Group 1: Bond Issuance Details - The total issuance size for the first type of bonds reached 34.50 billion yuan, with a coupon rate of 2.15% for the initial period and a subscription multiple of 1.79 times [1] - The second type of bonds had a final issuance size of 10.00 billion yuan, with a coupon rate of 2.40% for the initial period and a subscription multiple of 1.99 times [1]

发行人的董事、监事、高级管理人员、持股比例超过5%的股东及其他关联方未参与本期债券认购。 本期债券承销机构中信证券股份有限公司及关联方获配6.00亿元，中信建投证券股份有限公司及关联方 获配6.40亿元，国泰海通证券股份有限公司及关联方获配5.70亿元，华泰联合证券有限责任公司及关联 方获配1.50亿元，中国国际金融股份有限公司及关联方获配4.20亿元，申万宏源证券有限公司及关联方 获配5.70亿元，中信证券股份有限公司为本期债券联席主承销商中信建投证券股份有限公司的关联方。 上述认购报价公允，程序合规。 格隆汇12月29日丨中国铁建(01186.HK)公布，经中国证券监督管理委员会"证监许可〔2025〕2683号"注 册生效，同意中国铁建股份有限公司(以下简称"中国铁建"或"发行人")面向专业投资者公开发行面值总 额不超过300亿元(含300亿元)的公司债券，可在注册有效期内分期发行。 根据《中国铁建股份有限公司2025年面向专业投资者公开发行科技创新可续期公司债券(第五期)发行公 告》，中国铁建股份有限公司2025年面向专业投资者公开发行科技创新可续期公司债券(第五期)(以下简 称"本期债券")的发行规模 ...

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2025年面向專業投資者公開發行科技創新可續期 公 司 債 券（第 五 期）發 行 結 果 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 本期债券承销机构中信证券股份有限公司及关联方获配 6.00 亿元，中信建 投证券股份有限公司及关联方获配 6.40 亿元，国泰海通证券股份有限公司及关 中國北京 2025年12月29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 ...

Core Viewpoint - The successful opening of the Tiger Mountain Tunnel marks a significant achievement in urban infrastructure, enhancing the connectivity of Qingdao's rapid road network and supporting regional economic development [1] Group 1: Project Details - The Tiger Mountain Tunnel, constructed by China Railway 14th Bureau and funded by Qingdao Urban Investment Group, features a dual-lane, dual-tunnel design with a maximum excavation cross-section exceeding 400 square meters, making it a rare example of a large municipal traffic tunnel in China [1] - The tunnel spans a total length of 1,551 meters, with a maximum excavation width of 31.8 meters and a maximum height of 17.88 meters, resulting in a maximum cross-sectional area of approximately 447.62 square meters, larger than a standard basketball court [1] - During construction, the project faced 18 different excavation cross-section transitions, successfully overcoming challenges related to "multiple cross-section transitions, small clearance construction, and super-large span excavation" [1] Group 2: Impact on Infrastructure - The opening of the Tiger Mountain Tunnel allows for the operational launch of the main line of the Qingdao Tangshan Road Rapid Road Project, which efficiently connects with other major routes such as Chongqing Road and the Qingyin Expressway [1] - This development is expected to enhance the overall road network in Qingdao, facilitating easier travel for citizens and contributing to high-quality regional economic and social development [1]

Core Viewpoint - The 2025 Chengdu Real Estate Fashion Evaluation List highlights the resilience and evolving consumer preferences in the Chengdu real estate market, marking a new consumption era that influences housing decisions and market dynamics [3][8]. Group 1: Market Performance - Chengdu's new housing transaction area has ranked first in the nation for five consecutive years since 2019, with over 220,000 second-hand residential transactions recorded in the past two years [3]. - This year, high-value properties have seen record-breaking transactions, and numerous new projects have achieved significant sales milestones [3][5]. Group 2: Consumer Trends - The market is witnessing a shift towards "emotional consumption," where the focus is on creating desirable living spaces that meet buyer expectations [5][7]. - Innovations in property design, such as larger balconies and high-quality materials, are being implemented to enhance aesthetic appeal and functionality [5][7]. Group 3: Industry Recognition - The 2025 Chengdu Real Estate Fashion Evaluation List serves as a platform for recognizing industry leaders and innovative projects, with awards focusing on urban impact and project quality [10][12]. - Notable companies such as Poly, China Railway Construction, and Longfor participated in the event, showcasing their contributions to the market [7][12]. Group 4: Future Outlook - The evaluation list emphasizes the importance of developing "good houses" that cater to consumer needs, indicating a clear trend for the industry's future [8][10]. - Upcoming projects and potential market leaders are anticipated to emerge from the evolving landscape, with awards recognizing sustainable development and innovative community designs [15][16].

Core Insights - The national housing and urban construction work conference emphasized the need to stabilize the real estate market, focusing on city-specific policies to control supply, reduce inventory, and improve quality [1][2] - Guangzhou's real estate market is expected to stabilize and recover, with a consensus among industry experts on the importance of quality housing and urban renewal for high-quality development [1][3] Policy Direction - In 2026, Guangzhou will focus on "stabilizing the market" by controlling supply, reducing inventory, and improving housing quality [2] - The city aims to balance supply and demand, promote the construction of quality housing, and accelerate the pace of inventory reduction through the acquisition of existing properties for affordable housing [2] - The national meeting highlighted the need to address inventory issues, with the average inventory cycle in 100 cities reaching a historical high of 27.4 months in November [2] Urban Renewal and Quality Development - The policy shift from merely stabilizing the market to enhancing quality development emphasizes urban renewal as a key driver of economic growth [5] - Guangzhou has launched an investment plan exceeding 800 billion yuan for urban renewal, integrating stock updates with functional repairs and industry cultivation [5][6] Industry Consensus - A clear consensus is forming among industry representatives that stabilizing expectations is crucial, with product quality, urban renewal, and long-term operational capabilities being key variables for the industry's future [7][9] - Companies believe that Guangzhou's innovative policies in areas like purchase restrictions, financial support, and urban renewal provide a conducive environment for market recovery [7] - The market is entering a phase of "refined development," where competition will focus on product quality and comprehensive operational capabilities rather than mere scale expansion [9]