以幸福人寿为例，2024年因其持有南京银行3.68%股权并派驻董事，该投资改用权益法核算后确认了 12.25亿元营业外收入，从而实现扭亏为盈。 目前，平安人寿所持招商银行股份对应的净资产份额约为507.47亿元，高于其账面价值439.56亿元。若 未来平安人寿向招商银行派驻董事，形成重大影响，则可能确认约67.91亿元的营业外收入。尽管2025 年6月招商银行曾表示"长期资金未谋求董事席位诉求"，但当时平安人寿持股比例尚未达到3%的董事提 名门槛。如今其持股比例已升至3.61%，情况已有所不同。 此外，2025年以来，险资向银行派驻董事的现象逐渐增多。大家人寿、新华人寿、弘康人寿已分别向兴 业银行、杭州银行、苏农银行新派驻董事。其中，大家人寿的持股比例仅为3.38%。 1月8日，平安人寿发布公告称，由其委托平安资管管理的资金投资于招商银行H股。截至2025年12月31 日，持股比例已达到招商银行H股总股本的20%，约占总股本的3.61%。 为何招商银行年内四度被平安人寿举牌？ 一方面，在新会计准则下，保险公司可将此类股权投资计入"以公允价值计量且其变动计入其他综合收 益"科目。这意味着股价波动不影响当期利润， ...

（记者 曾健辉） 健康元（600380.SH）1月6日在投资者互动平台表示，尊敬的投资者，您好！公司通过控股子公司丽珠 集团（持股47.18%）间接持有新元素药业的股权比例较低，该投资目前列报为长期股权投资。新元素 药业上市对公司不会产生重大财务影响，敬请投资者注意投资风险。 每经AI快讯，有投资者在投资者互动平台提问：您好，董秘，我查询了一下，贵公司子公司丽珠对于 新元素药业的持股比例为百分之六点一，这个比例已经不小了，另外想问一下，这笔投资贵公司是属于 财务投资还是长期的股权投资？新元素药业港股成功上市后对贵公司的投资收益影响如何？ ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 登录新浪财经APP 搜索【信披】查看更多考评等级 一、背景概述 2024年5月31日，天齐锂业股份有限公司（以下简称"公司"）参股公司Sociedad Química y Minera de Chile S.A.（智利化工矿业公司，以下简称"SQM"）与Corporación Nacional del Cobre de Chile（智利国家 铜业公司，以下简称"Codelco"）签署了Partnership Agreement（以下简称"《合伙协议》"）。该协议确 立了双方的权利和义务，拟通过将Codelco之子公司Minera Tarar SpA（以下简称"Minera Tarar"）并入 SQM子公司Salar S. A.（以下简称"SQM Salar"，并入后的公司以下简称"合营公司"）的方式，建立合作 伙伴关系，以开发SQM目前从智利政府经济部下属的生产促进局（Corporacio?n de Fomento de la Produccio?n de Chile，以下简称"Corfo"）租赁的阿塔卡马盐湖地 ...

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。 Tianqi Lithium Corporation 天齊鋰業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9696） 公司重要參股公司簽署重大合同之進展情況 茲提述天齊鋰業股份有限公司（「本公司」或「公司」）日期為2024年6月3日、2024 年6月19日、2024年7月29日、2025年11月12日及2025年11月24日之公告（「該等 公告」），內容有關本公司重要參股公司SQM與Codelco簽署合夥協議及本公司全 資子公司提起訴訟的事宜。除非文義另有所指，本公告所用詞彙與該等公告所界 定者具有相同涵義。 對公司的影響 根據SQM的公告，交易仍受一項解除性條件約束，即有待智利最高法院就公司全 資子公司天齊智利提起的上訴作出裁決。 進展情況 智利當地時間2025年12月27日，SQM披露稱已完成其與Codelco之間的戰略合 作，合營公司SQM Salar名稱將變更為Nova ...

机构：国泰海通证券 研究员：刘欣琦/肖尧 本报告导读： 不良资产管理：结构调整进行中，审慎计提出清风险。自2022 年起，公司在做实存量处置的同时保持 收购节奏，并加快减值计提。。 2022—2024 新增不良债权资产483/473/491 亿元，同比-44.38%/ -2.20%/+3.80%；不良债权余额 4449/3985/3429 亿元，同比-9.36%/-10.43%/-13.96%。处置端因加速减值导致确认收入下行：2022— 2024不良处置收入286/159/38 亿元，同比-17.03%/-44.59%/-76.12%。 长期股权投资：新"压舱石"，对冲行业周期。公司在处置多类金融子牌照之后，亟需一套既能提供稳健 回报、又具长期复合价值的资产配置框架。长期股权投资在会计上按权益法核算：初始以联营企业可辨 认净资产的公允价值入账，支付对价与该公允价值的差额确认为一次性投资收益；随后按持股比例确认 分红与净利润份额，"初始确认—持续收益"的路径十分清晰。组合选择上，公司偏好现金流稳定、分红 能力较强、治理成熟且与自身生态具有协同潜力的蓝筹央国企和行业龙头。 风险提示：宏观经济与信用周期波动，政策 ...

作者｜屠博 借壳上市的第一步是控制权交易。关于控制权交易，我们在前面的文章中陆续讲过了现金购买和协议取得。现在开始展开介绍第三种方式，换股。即，通 过"换股"的方式取得上市公司控制权。 接下来，我们仍然从最简单的概念开始讲起。 首先解释"资产"这个词，"资产"是一个很宽泛的概念，讲到"购买和出售"的时候，卖家手里有的东西，都是资产。 我们假定一个卖家，是"老王家科技公司"，账上没有现金，但是有一堆其他资产，先来看看这个卖家都可以卖什么东西。 如图所示，老王家科技公司有好多"资产"可以出售，包括房子土地、机器设备、无形资产和存货。容易混淆的则是图中的最后一项资产，长期股权投资。 这项资产（长期股权投资）代表的是，老王家科技公司持有A公司10%的股权。 画股权结构图的话，老王家科技公司是下图的样子： 来源｜屠博的投资银行工具箱公众号 财大气粗的钱多多科技，准备去老王家科技公司"扫货"了。经过双方协商，房子土地（1000万）、机器设备（500万）、无形资产（2000万）和存货（800 万）都按账面值交易，合计金额4300万元。交易完成后，钱多多科技的购物车快装满了，账上还剩下5000万元-4300万元=700万元。 ...

Core Viewpoint - AMC has increased its stake in China Everbright Bank, with CITIC Financial Assets raising its shareholding to 9% as part of a strategic investment plan aimed at enhancing financial performance and achieving strategic synergy [1][2]. Group 1: AMC's Investment Actions - From July 24 to November 27, CITIC Financial Assets acquired 275 million A-shares and 315 million H-shares of Everbright Bank, raising its total shareholding from 8% to 9% [2]. - As of the end of Q3 2025, CITIC Financial Assets holds a total of 4.739 billion shares in Everbright Bank, with the bank's total assets reported at 7.2 trillion yuan, showing steady growth since the beginning of the year [2]. - This is not the first increase in stake by CITIC Financial Assets, which previously raised its holdings from 7.08% to 8% earlier in July 2025 [2]. Group 2: Broader Investment Strategy - CITIC Financial Assets is also planning to invest up to 26 billion yuan in China Bank, indicating a broader strategy in the banking sector [3]. - As of mid-2025, CITIC Financial Assets held 4.71% of China Bank and 7.93% of Everbright Bank, with respective market values of 63.174 billion yuan and 19.313 billion yuan [3]. Group 3: Insurance Capital Involvement - Insurance capital has been actively increasing its holdings in bank stocks, with a reported increase of 2.689 billion shares in Q3, bringing total holdings to over 47 billion shares valued at over 400 billion yuan [5]. - The average dividend yield for A-share listed banks exceeds 4%, with some banks like Industrial Bank and Changsha Bank yielding over 6%, making them attractive to institutional investors [6]. Group 4: Market Dynamics and Investment Appeal - In a low-interest-rate environment, insurance capital is shifting towards equity markets, with banks being favored due to their stable operations and attractive dividend returns [7]. - The banking sector is generally undervalued, with most banks trading below a price-to-book ratio of 1, indicating a "broken net" status, which enhances their investment appeal [7]. - Despite challenges such as narrowing interest margins, banks are maintaining stable profitability through improved asset management and risk control, supported by positive policy signals aimed at stabilizing the banking sector [7].

Group 1: Financial Performance - The company's gross profit margin for the first three quarters of the year is 69.72%, up from 68.16% in the same period last year [3] - The net profit of the subsidiary companies, Dongneng and Kangyi Chuang, for the first three quarters is -18.67 million, with a year-on-year loss reduction of approximately 15% [2] - The company's monetary funds have decreased by 28.17% year-on-year due to a reduction in borrowing scale [3] Group 2: Investment and Expansion Plans - The company is currently working on the expansion project of the Dongshen Expressway, with the goal of extending the toll collection period beyond June 30, 2027 [2] - The company has acquired a 27.1% stake in Dongguan Securities, with investment income expected to be recognized from July 2025 [3] - The capital structure for the Dongshen Expressway expansion project is planned to be 25% from company funds and 75% from bank loans [3] Group 3: Stakeholder Engagement - As of November 20, 2025, the number of shareholders is 25,336 [2] - The company held an online performance briefing on November 21, 2025, to engage with investors [2]

Core Viewpoint - The insurance industry is facing asset-liability matching pressures due to declining interest rates and an "asset shortage," prompting companies to seek long-term equity investments, particularly in undervalued bank stocks, to achieve stable returns and balance sheet improvements [1][3][12]. Group 1: Long-term Equity Investment Strategy - Insurance companies are increasingly turning to long-term equity investments as a strategy to achieve stable returns and match their liabilities [3][12]. - This strategy has sparked controversy, as it is seen as a means to smooth out volatility and achieve stable return on equity (ROE) and dividend returns, but some companies misuse it as a financial engineering tool to mask operational pressures [3][4][15]. - The shift to long-term equity investments is driven by the need for stable, high returns in a low-interest-rate environment, where traditional fixed-income assets are yielding insufficient returns [12][13]. Group 2: Accounting Practices and Implications - The accounting treatment of long-term equity investments allows insurance companies to recognize significant profits through accounting adjustments, particularly when investing in undervalued stocks [5][9]. - By applying the equity method of accounting, companies can report initial investment costs based on the fair value of the net assets of the investee, leading to inflated profits on their financial statements [7][10]. - This practice can create a disconnect between reported profits and actual cash flows, raising concerns about the sustainability of these earnings [11][19]. Group 3: Risks and Challenges - The reliance on long-term equity investments as a financial strategy can lead to systemic distortions in profit, net assets, and risk disclosures, potentially masking underlying financial health issues [4][20]. - Companies face pressures from regulatory requirements and internal assessments of solvency and profitability, which may drive them to prioritize short-term financial reporting over long-term strategic investments [14][15]. - The misuse of long-term equity investments can result in significant risks, including mismatches in capital and liquidity, potential valuation declines, and loss of market trust [20][21]. Group 4: Recommendations for Improvement - To mitigate the risks associated with long-term equity investments, regulatory bodies should establish clearer standards for recognizing significant influence and tighten rules around accounting for goodwill and fair value assessments [21][22]. - Insurance companies should enhance internal controls and focus on sustainable cash flow as a primary measure of investment success, rather than relying on one-time accounting gains [22]. - Expanding investment opportunities into infrastructure REITs, preferred stocks, and other long-term assets can help reduce dependence on equity investments and improve asset-liability matching [22].

Group 1: Financial Performance - The company has no interest-bearing bank debts, indicating a stable operation and sufficient cash flow [2] - Net profit growth has slowed compared to the previous year due to reduced investment income and increased share-based payment expenses [3] - The company's market share in the power transmission sector is estimated to be around 40-50% based on customer scale and market feedback [3] Group 2: Research and Development - R&D investment has increased compared to the same period last year, driven by the expansion into new application areas and an increasing R&D team [2] - The company is actively seeking new merger and acquisition opportunities to support its development [2] Group 3: Debt Structure - The structure of current and non-current liabilities suggests an increase in financial leverage, but the company maintains a healthy financial position [2]