广发国证新能源车电池ETF（159755）基金经理为罗国庆。 截至发稿，罗国庆累计任职时间10年91天，现任基金资产总规模1047.11亿元，任职期间最佳基金回报 92.75%， 任职期间最差基金回报-48.08%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 1月8日，杉杉股份涨5%，截至发稿，报14.06元/股，成交12.32亿元，换手率4.92%，总市值316.27亿 元。 资料显示，宁波杉杉股份有限公司位于浙江省宁波市鄞州区日丽中路777号杉杉大厦28层，成立日期 1992年12月14日，上市日期1996年1月30日，公司主营业务涉及锂离子电池负极材料和电解液的研发、 生产和销售。主营业务收入构成为：偏光片58.15%，锂电池材料41.77%，其他0.09%。 从杉杉股份十大流通股东角度 数据显示，广发基金旗下1只基金位居杉杉股份十大流通股东。广发国证新能源车电池ETF（159755） 三季度新进十大流通股东，持有股数1781.84万股，占流通股的比例为1.0 ...

Core Viewpoint - The ongoing restructuring of Sunwoda Co., Ltd. has attracted significant interest from various capital players, indicating the company's core assets remain valuable despite its financial difficulties and governance issues following the death of its founder Zheng Yonggang [3][7][18]. Group 1: Company Background and Financial Struggles - Sunwoda, founded by Zheng Yonggang in 1989, transitioned from a clothing brand to a leading supplier of lithium-ion battery anode materials, achieving significant revenue growth in its lithium business by 2013 [4][5]. - The company faced severe financial challenges due to overexpansion, failed acquisitions, and declining profitability in its core businesses, leading to a debt crisis with a debt-to-asset ratio of 67.8% in 2022 [5][6]. - In 2024, Sunwoda projected a net loss of between 4.8 billion to 3.2 billion yuan, marking its first annual loss since its IPO in 1996 [6][8]. Group 2: Governance Issues and Leadership Changes - The sudden death of founder Zheng Yonggang in 2023 led to a power struggle within the company, exacerbating its operational challenges and contributing to its financial decline [7][18]. - Zheng's centralized management style and reliance on family members for key positions created vulnerabilities that became apparent after his passing [7][18]. Group 3: Restructuring Efforts and Market Response - Sunwoda's restructuring process has seen multiple rounds of interest from various capital groups, including China Baoan and Hambo Holdings, indicating a competitive environment for its assets [10][17][18]. - The company’s core assets, particularly in the lithium battery and polarizer sectors, have regained market interest due to anticipated growth in the energy storage industry [12][18]. - Despite previous setbacks, Sunwoda reported a revenue increase of 11.48% in the first three quarters of 2025, with a significant turnaround in net profit, suggesting a recovery in its operational performance [14][15].

因此，不少相关产业的大型企业选择参与杉杉集团及其全资子公司实质合并重整一案。据悉，此前消息参与杉杉集团二次重整投资人招募的意向投资人 共有12组，大部分为联合体，涉及企业总数超20家，包括 方大炭素、中国宝安、天齐锂业、TCL科技、京东方、湖南盐业集团 等。彼时知情人士透 露："述标前，方大炭素、湖南盐业集团、天齐锂业等5组意向投资人退出了，最终是7组意向投资人提交方案进入述标。" | 2026未来产业新材料博览会 | （FINE），围绕机器人、汽车、无人机、数据中心、航空航天、AI、新能源等未 | | | | | --- | --- | --- | --- | --- | | 来产业共性需求特设6大展区， | N3 先进电池与能源材料展区 固态 | | 聚焦 | | | 电池 | 、钠电池、钙钛矿 | 等 | | ， | | 欢迎咨询：18957804107 | | | | | 【DT新材料】 获悉 ，1月4日， 方大炭素 披露《关于终止参与杉杉集团及其全资子公司实质合并重整的公告》。 方大炭素称，公司按照杉杉集团有限公司（简称"杉杉集团"）管理人发布的公告要求，提交了报名材料，缴纳了尽职调查保证金5000 ...

1月4日晚间，方大炭素（600516）披露《关于终止参与杉杉集团及其全资子公司实质合并重整的公 告》。 方大炭素称，公司按照杉杉集团有限公司（简称"杉杉集团"）管理人发布的公告要求，提交了报名材 料，缴纳了尽职调查保证金5000万元，签署了尽职调查保密协议，开展尽职调查，并与杉杉集团管理人 就尽调内容、产业协同、战略规划、标的资产估值等关键事项进行了多次沟通。 由于尽职调查时间短，尽职调查不充分，无法对标的资产做出合理的价值判断。基于整合后风险因素的 审慎评估，同时，结合方大炭素在新材料、新能源领域的战略规划，为切实维护上市公司和广大投资者 的利益，经公司审慎研究，决定终止参与杉杉集团及其全资子公司实质合并重整事项。 方大炭素称，终止参与重整事项，不会对公司的生产经营及财务状况产生不利影响。 彼时方大炭素表示，通过发挥自身在负极产业的技术、资本、渠道等优势，作为产业协同方参与杉杉集 团及其全资子公司朋泽贸易的实质合并重整，有利于公司加快负极产业布局，实现产业链一体化和供应 链长期稳定安全，充分发挥公司固态电池等新能源产业协同效应，增强公司盈利能力，提升公司核心竞 争力。 虽然母公司杉杉集团深陷重整泥潭，但上市 ...

转自：前瞻产业研究院 石墨负极材料行业主要上市公司：贝特瑞(920185);杉杉股份(600884);璞泰来(603659);翔丰华(300890);尚 太科技(001301);国民技术(300077);中科电气(300035);科达制造(600499)等 本文核心数据：中国石墨负极材料企业竞争梯队;中国石墨负极材料市场份额;石墨负极材料行业集中度 1、中国石墨负极材料行业竞争梯队 从石墨负极材料行业竞争梯队看，注册资本超过15亿元的企业主要有杉杉股份、璞泰来、科达制造，处 于行业头部地位;5-15亿注册资本的石墨负极材料企业主要有国民技术、贝特瑞、中科电气，处于一梯 队;其余注册资本小于5亿元的石墨负极材料企业处于第二梯队。 从区域分布看，中国石墨负极材料生产企业主要分布在广东、上海、浙江等地区，其中广东的代表性企 业较多，包括贝特瑞、国民技术、科达制造。 2、中国石墨负极材料行业竞争格局 经过多年发展，中国人造石墨技术突飞猛进，已经成为石墨负极材料行业的主导产品。2025年上半年， 人造石墨负极出货量达到117万吨，占所有石墨负极出货量的91.7%。 2025年上半年，在人造石墨负极领域，杉杉股份出货量占 ...

Group 1 - The core point of the article is that Sichuan Shanshan New Materials has made progress in its production capacity, with the first phase of the project in Meishan already operational and the second phase's warehouse and dormitory nearly completed [1] - The Yunnan Shanshan New Materials project has partially commenced production in its first phase, with a total capacity of 200,000 tons for the anode material [1]

Group 1 - The company has developed negative electrode products for the energy storage industry and supplies them to leading customers in the sector [1] - The company has successfully mass-produced ultra-long-life energy storage negative electrode products, which are gradually being ramped up in volume [1] - The company is conducting targeted research and development to meet the demand for long cycle performance in energy storage applications [1]

Core Viewpoint - The stock of Ningbo Shanshan Co., Ltd. has experienced fluctuations, with a year-to-date increase of 80.13% but a recent decline in the last five trading days. The company is involved in the research, production, and sales of lithium-ion battery anode materials and electrolytes, with significant revenue contributions from polarizers and lithium battery materials [1][2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 14.809 billion yuan, representing a year-on-year growth of 11.48%. The net profit attributable to shareholders was 284 million yuan, showing a substantial increase of 1121.72% [2]. Stock Market Activity - As of December 25, the stock price was 13.42 yuan per share, with a market capitalization of 30.187 billion yuan. The stock has seen a net outflow of 34.6449 million yuan in major funds, with significant buying and selling activity noted [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on November 4, where it recorded a net purchase of 46.2979 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 179,200, a rise of 19.08%. The average number of circulating shares per person decreased by 16.02% to 9,804 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3]. Dividend Distribution - Since its A-share listing, the company has distributed a total of 3.079 billion yuan in dividends, with 1.109 billion yuan distributed over the past three years [3].

Group 1 - The article discusses the restructuring of Singshan Group, which is facing significant financial challenges with over 40 billion yuan in debt, and highlights the interest from major investors like Fangda Carbon and Hunan Salt Industry Group [5][10][20] - Singshan Group's restructuring process has been complicated, with the first plan being rejected due to issues raised by creditors, leading to a second round of investor recruitment with higher entry requirements [11][34] - The core asset of Singshan Group is its stake in Singshan Co., which is valued at approximately 7 billion yuan based on its market capitalization of around 30 billion yuan [22][27] Group 2 - Singshan Co. has shown a recovery in its financial performance, with a revenue of 14.81 billion yuan in the first three quarters of the year, representing a year-on-year growth of 11.48%, and a net profit of 284 million yuan, up 1121.72% [27][28] - The company is a leader in the lithium battery anode materials sector and is expected to maintain its position in the rapidly growing markets of new energy vehicles and consumer electronics [28][30] - Singshan Group also holds various other assets, including financial stakes and real estate, which could provide additional value during the restructuring process [30][31] Group 3 - The restructuring plan must be submitted by December 8, with a final decision expected by December 20, creating a tight timeline for the involved parties [32][33] - The previous restructuring plan faced criticism for not clearly addressing how to improve Singshan Co.'s operational status and debt repayment strategies, which could hinder the approval of the new plan [34][36] - The competition between Fangda Carbon and Hunan Salt Industry Group for the restructuring highlights the differing strengths of each, with Hunan Salt potentially having an advantage due to its state-owned background and possible partnerships with financial institutions [36][37]

Core Viewpoint - Shanshan Co., Ltd. has shown significant stock performance with an 81.61% increase year-to-date, reflecting strong market interest and financial growth in the lithium battery materials sector [1][2]. Financial Performance - For the period from January to September 2025, Shanshan Co., Ltd. achieved a revenue of 14.809 billion yuan, representing a year-on-year growth of 11.48% [2]. - The net profit attributable to shareholders for the same period was 284 million yuan, marking a substantial increase of 1121.72% year-on-year [2]. Stock Market Activity - As of December 18, 2025, Shanshan's stock price was 13.53 yuan per share, with a trading volume of 4.49 billion yuan and a turnover rate of 1.84% [1]. - The stock has seen a net inflow of 17.0755 million yuan from major funds, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 179,200, a rise of 19.08% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 16.02% to 9,804 shares [2]. Dividends and Institutional Holdings - Since its A-share listing, Shanshan Co., Ltd. has distributed a total of 3.079 billion yuan in dividends, with 1.109 billion yuan distributed over the past three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 30.607 million shares, while Southern CSI 500 ETF and GF National New Energy Vehicle Battery ETF are also notable shareholders [3].