最近买了一本书，《癸酉本石头记》。 这是一本索隐派集大成者的奇书，至于这本书的真假，星空君不做探讨，近期舆论环境对清朝、明朝的转变，预示着一个新的阶段即将到来。 有人说，这个阶段是中华民族的文艺复兴。 逻辑链比较长，星空君长话短说：不彻底清算满清（是清算文化不是清算具体的个人），主体民族就恢复不了民族自信。而清算满清，那就从明末开始。 明朝作为中国封建王朝的最后一个汉人统治的王朝，可以说得上命运多舛。 朱元璋去世后很快就迎来了靖难之战，如果不是周边少数民族政权前期被打的满地找牙，很难说大明会不会昙花一现。 出现靖难的主要问题，其实出在大明公司的创始人、董事长、CEO朱元璋先生。 当一家民企扩张上市做到行业领先的时候，创始人往往步入花甲之年，而跟随其创业的骨干们，也要面临着永乐帝文武百官同样的问题：后面为谁打拼。 一、一声叹息的杉杉股份 他没有选好接班人。 对于一个王朝来说，立储就是立国之本。 为什么这么说？ 因为王朝是由文武百官黎民百姓组成的，百官有自己的小团体，要谋取个人和集体的利益，需要利益代言人。 大家拼了命给你打天下，不是为了学雷锋，而是为了子孙后代荣华富贵，这个道理不难理解吧？ 所以，朱老四坐上了龙 ...

Core Viewpoint - The article discusses the restructuring of Sany Group and the involvement of China Baoan as a leading investor, highlighting the potential benefits and risks associated with this move, particularly regarding antitrust concerns and the financial health of the companies involved [3][6][12]. Group 1: China Baoan's Strategy - China Baoan is leading a consortium to participate in the restructuring of Sany Group, with its subsidiary Bettery being a key player in the lithium battery anode materials industry, which overlaps significantly with Sany's main business [5][10]. - As of the end of 2024, China Baoan's total assets exceed 52 billion, but it faces challenges in its transformation, particularly in its high-tech and real estate sectors, which have been underperforming [10][11]. - In 2024, China Baoan reported a revenue of 20.23 billion, a decline of 34.1%, and a net profit of 173 million, down 77.2%, indicating significant financial strain [12]. Group 2: Antitrust Risks - The potential merger of Bettery and Sany Group could trigger antitrust reviews, as their combined revenues exceed the thresholds set for mandatory reporting, raising uncertainties about the approval of such a merger [18][20]. - The combined market share of Bettery and Sany in the anode materials sector could exceed 40%, which may attract scrutiny from antitrust authorities in key markets like the US and EU [20][21]. - Concerns from downstream battery manufacturers about the potential dominance of a merged entity highlight the broader implications for market competition and supply chain stability [21]. Group 3: Restructuring Challenges - Prior to China Baoan's involvement, Sany Group had seen interest from other potential investors, but some have withdrawn, complicating the restructuring process [7][22]. - If China Baoan and Bettery are selected as investors, they will face not only antitrust scrutiny but also issues related to direct competition between Bettery and Sany in the anode materials market [23]. - Sany Group's financial situation is precarious, with total liabilities reaching 21.97 billion and short-term loans of 5.29 billion, while cash reserves are only 3.15 billion, emphasizing the urgency for a successful restructuring [24].

中化新网讯 近日，方大炭素新材料科技股份有限公司(以下简称方大炭素)发布公告称，拟报名参与杉杉 集团有限公司(以下简称杉杉集团)及其全资子公司宁波朋泽贸易有限公司(以下简称宁波朋泽)的实质合 并重整投资人招募。 受宏观经济周期波动、下游需求调整及行业竞争加剧等多重因素影响，方大炭素传统业务增长承压。在 业绩整体平稳的表象下，主动开辟新能源材料赛道作为第二增长曲线，已成为方大炭素突破发展瓶颈、 实现长远布局的必然选择。此前，方大炭素已与宁德时代达成战略合作，携手研发锂电负极材料与固态 电池电解质。若能成功整合杉杉股份的产能与市场资源，方大炭素在新能源材料领域将形成"研发合作 +产能整合"的双线推进态势，全产业链协同优势将进一步凸显，核心竞争力有望得到全面提升。 公告披露，截至2月25日，杉杉集团与宁波朋泽合计持有上市公司宁波杉杉股份有限公司(以下简称杉杉 股份)5.26亿股股份，占杉杉股份总股本的23.32%。若方大炭素入局，不仅将为杉杉集团的债务化解与 业务重整注入强劲产业动能，更有望重塑二者在新能源材料领域的竞争格局，推动"炭素+新能源材 料"双主业架构从战略构想落地为产业现实。 ...

Core Viewpoint - China Baoan, a significant player in the investment landscape, plans to lead a restructuring effort for Shanshan Group alongside its subsidiary, BTR, aiming to create a global leader in anode materials for lithium-ion batteries [1][3][4]. Group 1: Restructuring Efforts - China Baoan has agreed to act as the lead investor in a consortium to restructure Shanshan Group, submitting necessary documentation and a due diligence deposit of 50 million yuan [3][4]. - The restructuring is expected to attract multiple investors, including Fangda Carbon and Hunan Salt Industry Group, indicating a competitive environment for Shanshan's assets [1][3][13]. - Shanshan Group's core asset, Shanshan Co., is a leader in anode materials, and its integration with BTR could result in a dominant player in the global market [3][4]. Group 2: Market Position and Financial Performance - According to EVTank, the global anode material shipment is projected to reach 2.206 million tons in 2024, with China accounting for 2.115 million tons, representing a 95.9% share [3][4]. - BTR is expected to hold over 20% market share in 2024, while Shanshan Co. is anticipated to rank second [3][4]. - In the first half of 2025, BTR reported revenue of 7.838 billion yuan, a year-on-year increase of 11.36%, while Shanshan Co. achieved revenue of 9.858 billion yuan, up 11.78% [6][7]. Group 3: Competitive Landscape and Industry Dynamics - The potential merger of BTR and Shanshan Co. could lead to a combined market share exceeding 40% in the global anode materials market, prompting a reshuffle among other manufacturers [4][9]. - The restructuring process may trigger antitrust reviews due to the combined revenue of the involved parties exceeding regulatory thresholds [7][9]. - The ongoing internal power struggle within China Baoan could impact the stability and success of the restructuring efforts [9][10].

Core Viewpoint - The supercapacitor sector experienced a decline of 3.10% as of the market close on December 16, with companies like China National Heavy Machinery, Black Peony, and Meiansen leading the losses [1]. Market Performance - The supercapacitor concept ranked among the top decliners in the market, with a drop of 3.10%, while other sectors like duty-free shops and ride-hailing services saw gains of 1.44% and 0.89%, respectively [2]. - The supercapacitor sector was part of a broader trend where several sectors faced declines, including superconductors (-3.32%) and silicon energy (-3.16%) [2]. Fund Flow Analysis - The supercapacitor sector saw a net outflow of 1.125 billion yuan, with 32 stocks experiencing net outflows, and 11 stocks seeing outflows exceeding 50 million yuan [3]. - The stock with the highest net outflow was Zhongtian Technology, which had a net outflow of 144.38 million yuan, followed by Shentech and Xinzhoubang with outflows of 84.55 million yuan and 83.49 million yuan, respectively [3]. - Other notable stocks with significant net outflows included China National Heavy Machinery (-7.95%) and Shanshan Co. (-3.50%) [3][4]. Individual Stock Performance - The top stocks in the supercapacitor sector by net outflow included: - Zhongtian Technology: -4.21% with a turnover rate of 2.88% and a net outflow of 144.38 million yuan [3]. - Shentech: -2.91% with a turnover rate of 2.23% and a net outflow of 84.55 million yuan [3]. - Xinzhoubang: -1.85% with a turnover rate of 2.31% and a net outflow of 83.49 million yuan [3]. - Other companies with notable declines included China National Heavy Machinery (-7.95%) and Shanshan Co. (-3.50%) [3][4].

Core Viewpoint - The article discusses the financial struggles and potential restructuring of Singshan Group, highlighting the interest from significant investors and the challenges faced in the restructuring process [4][6][28]. Group 1: Capital Involvement - Singshan Group's restructuring has attracted notable investors, including Fangda Carbon and Hunan Salt Industry Group, both of which have relevant industrial backgrounds and financial capabilities [6][11][14]. - The second round of investor recruitment for Singshan Group has seen increased interest compared to the first round, indicating the group's perceived value despite its financial difficulties [10][15]. Group 2: Financial Status and Assets - Singshan Group has reported over 40 billion yuan in debts, yet it possesses significant assets, including a 23.37% stake in Singshan Co., valued at approximately 7 billion yuan based on the company's market capitalization [18][19]. - 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, marking an 11.48% increase year-on-year, and a net profit of 284 million yuan, up 1121.72% [22][23]. Group 3: Restructuring Challenges - The restructuring process is under tight deadlines, with a critical date of December 20 for the submission of a viable restructuring plan, raising concerns about the feasibility of a successful outcome [29][30]. - Previous restructuring proposals faced criticism for lacking clarity on improving operational conditions and debt resolution, which may hinder future proposals from gaining approval [30][31]. Group 4: Competitive Landscape - Among the competing investors, Fangda Carbon has substantial backing but faces challenges due to its own high debt levels, while Hunan Salt Industry Group, with its state-owned background, may have an advantage in gaining creditor trust [32][33].

12月16日，杉杉股份大宗交易成交316.8万股，成交额4397.18万元，占当日总成交额的6.13%，成交价 13.88元，较市场收盘价12.95元溢价7.18%。 | A 27's William Juliah Bill Philip 交易日期 | 证券商称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 025-12-16 | 杉杉殿份 | 600884 | 13.88 | 4397.18 | 316.8 | 容量是需要拿露 | 患否套素分氢高圆 | | ко | ...

Group 1 - China Baoan announced its participation as the lead investor in the restructuring of Shanshan Group and its wholly-owned subsidiary Ningbo Pengze, aiming for industrial synergy [1] - Bettery, a subsidiary of China Baoan, is a leading player in the global anode materials market, with revenue reaching 6.279 billion yuan in the first half of 2025, a year-on-year increase of 32.83% [1] - In the first three quarters of this year, China Baoan and Bettery achieved revenues of 16.812 billion yuan and 12.384 billion yuan, respectively, with year-on-year growth of 14.87% and 20.6% [1] Group 2 - The restructuring process of Shanshan Group began in February 2025, with total debts confirmed at 33.55 billion yuan and additional contingent debts of 8.439 billion yuan as of September 29 [2] - A previous restructuring proposal of 3.284 billion yuan was rejected, leading to a renewed recruitment process that prioritized investors with backgrounds in polarizers and/or anode industries [2] - Other companies, such as Fangda Carbon and Hunan Salt Industry, have also expressed interest in participating in the restructuring to enhance their industrial layouts [2]

杉杉集团有限公司及其全资子公司的实质合并重整投资人招募，迎来新的重量级参与者。根据中国宝安集团股份有限公司于12月13日发布的公告，该公司已 于12月12日召开董事会，审议通过相关议案，同意作为重整投资联合体的牵头人，联合其控股子公司贝特瑞新材料集团股份有限公司及其他潜在投资人，参 与本次重整招募。公告显示，中国宝安已按要求提交报名材料，并缴纳了5000万元尽职调查保证金，同时委托中介机构启动尽职调查工作。 杉杉集团的核心资产包括其持有的上市公司杉杉股份的股权。杉杉股份12月12日晚间的公告显示，浙江省宁波市中级人民法院已于12月10日解除了对杉杉集 团所持公司4000万股股份的轮候冻结。截至公告日，杉杉集团与朋泽贸易合计持有杉杉股份23.36%的股权。 中国宝安在公告中提示风险称，若其联合体被确定为重整投资人，相关交易可能触发经营者集中审查，该审查程序能否通过存在不确定性。（市场有风险， 投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。） 来源：市场资讯 此次重整始于今年2月，浙江省宁波市鄞州区人民法院裁定受理杉杉集团破产重整一案，并于3月裁定对杉杉集团与其全资子公司宁波朋泽贸易有限 ...

Group 1 - The core event involves China Baoan's announcement to participate in the restructuring of Shanshan Group and its subsidiary Ningbo Pengze, leading a consortium of investors [2] - China Baoan has submitted registration materials and paid a due diligence deposit of 50 million yuan, and is preparing a restructuring investment proposal [2] - In the first three quarters of 2025, China Baoan reported revenue of 16.812 billion yuan, a year-on-year increase of 14.87%, while its net profit decreased by 26.51% to 283 million yuan [2] Group 2 - The restructuring involves two leading companies in the anode materials sector, BETTERY and Shanshan Co., which are the top two in global anode material shipments [3] - If the consortium is confirmed as the restructuring investor, it may trigger an antitrust review process, introducing uncertainty regarding the approval of the review [3] Group 3 - According to the State Council's regulations on operator concentration, if the combined revenue of the involved operators exceeds 12 billion yuan, prior notification to antitrust authorities is required [4] - The revenue of BETTERY and Shanshan Co. for the first half of 2025 already exceeds the notification threshold, indicating potential antitrust scrutiny if the consortium gains control [4] Group 4 - Shanshan Group's major assets include its stake in Shanshan Co., shares in Huishang Bank, and various real estate and receivables, with the control of Shanshan Co. being a key target for investors [5] - A previous restructuring investment agreement involving multiple parties failed to pass the voting process, indicating challenges in the restructuring efforts [5] Group 5 - The recruitment of new investors for the restructuring was announced on November 7, with a preference for those with backgrounds in polarizers or anode industries [6] - Companies like Fangda Carbon and Hunan Salt Industry Group have expressed interest in participating in the restructuring, aiming to enhance their positions in the new energy materials sector [6]