Core Viewpoint - China Baoan has entered the restructuring process of Shanshan Group, which is facing significant challenges, including potential antitrust reviews and industry competition issues [3][5][34]. Group 1: Restructuring Involvement - China Baoan announced its role as the lead investor in the restructuring of Shanshan Group, alongside its subsidiary, Bettery, and other potential investors [3][21]. - A due diligence deposit of 50 million yuan has been paid by China Baoan to facilitate the investigation process [3][21]. - The deadline for the restructuring is approaching on December 20, raising concerns about Shanshan Group's ability to avoid bankruptcy [5][23]. Group 2: Financial Performance - China Baoan reported a revenue of 20.23 billion yuan for 2024, a decrease of 34.1% year-on-year, with a net profit drop of 77.2% to 173 million yuan [9][27]. - Bettery, a key subsidiary, also experienced a revenue and profit decline of over 43% [9][27]. - Despite a slight recovery in revenue for China Baoan in the current year, net profit continues to decline, indicating reliance on Bettery's performance [11][29]. Group 3: Antitrust and Competition Risks - The potential merger of Bettery and Shanshan could trigger antitrust reviews due to their combined revenue exceeding 17 billion yuan, which raises concerns about market concentration [12][31]. - The merger could lead to a market share exceeding 40% in the anode materials sector, prompting scrutiny from regulatory bodies in China and abroad [14][32]. - Concerns from downstream battery manufacturers about supply chain stability have been expressed, indicating industry-wide apprehension regarding the merger [14][32]. Group 4: Restructuring Challenges - Previous potential investors, such as Fangda Carbon and Hunan Salt Industry Group, have withdrawn from the restructuring process, complicating Shanshan's situation [5][33]. - The restructuring faces additional challenges due to direct competition between Bettery and Shanshan in the anode materials market, which could lead to regulatory complications [34]. - Shanshan's financial situation is precarious, with total liabilities of 21.968 billion yuan and cash reserves of only 3.15 billion yuan, necessitating a swift resolution to the restructuring [17][35].

Report Summary 1. Core Views - The National Financial System Work Conference emphasized the need to effectively carry out key financial tasks in 2026, including risk prevention, regulatory strengthening, and promotion of high - quality development [3]. - The central bank will continue to implement a moderately loose monetary policy, using various tools like reserve requirement ratio cuts and interest rate cuts, and focus on promoting economic growth and price stability [5]. - The Fed officials have different views on interest rate cuts, with some opposing due to concerns about inflation [9]. 2. Domestic News 2.1 Policy - related - At the National Financial System Work Conference, measures were proposed to prevent and resolve risks in local small and medium - sized financial institutions, real estate enterprises, and local government financing platforms, and to strengthen financial supervision and promote high - quality development [3]. - The National Development and Reform Work Conference summarized 2025 work and set nine key tasks for 2026 [4]. - The central bank will continue the moderately loose monetary policy, using the integrated effect of existing and new policies and multiple monetary policy tools [5]. - The National Financial Supervision and Administration总局 issued the "Interim Measures for the Supervision and Administration of Commercial Bank Custody Business" to standardize the custody business of commercial banks [7]. - Three departments jointly issued a notice to boost consumption by strengthening financial support [7]. 2.2 Economic Data - As of the end of November 2025, the stock of social financing scale was 440.07 trillion yuan, with a year - on - year increase of 8.5%. The cumulative increase in social financing scale in the first 11 months was 33.39 trillion yuan, 3.99 trillion yuan more than the same period last year [6]. - China's economic aggregate is expected to reach about 140 trillion yuan this year [8]. 3. International News - Fed officials debated whether interest rate cuts would harm inflation, and there were differences among next year's voting members on policy [9]. 4. Commodities - On December 12, WTI January crude futures fell 0.28% to $57.44 per barrel, down about 4.4% for the week; Brent February crude futures fell 0.26% to $61.12 per barrel, down about 4.1% for the week. COMEX February gold futures rose 0.35% to $4328.3 per ounce, up 2% for the week. NYMEX natural gas prices fell 3.14% to $4.101234 per ounce [10]. 5. Fundamentals 5.1 Open - market Operations - On December 12, the central bank conducted 1205 billion yuan of 7 - day reverse repurchase operations, with an operating rate of 1.40%. With 1398 billion yuan of reverse repurchases maturing, the net withdrawal was 193 billion yuan [12]. 5.2 Fund Rates - On December 12, DR001 decreased by 0.21bp to 1.275%, and DR007 increased by 1.75bp to 1.469%. Other rates also showed different changes [13][14]. 6. Bond Market Dynamics 6.1 Interest - rate Bonds - On December 12, the bond market weakened. The yield of the 10 - year treasury bond active bond 250016 rose 2.75bp to 1.8425%, and the yield of the 10 - year CDB bond active bond 250215 rose 3.35bp to 1.9165%. There were also auctions of 2 - year and 10 - year treasury bonds [15][17]. 6.2 Credit Bonds - On December 12, 5 bonds had a trading price deviation of more than 10%. "21 Vanke 02" fell more than 17%, while some bonds of Shimao and Baolong rose significantly. There were also credit - related events such as Zheng Rong being listed as a dishonest executor [17][18]. 6.3 Convertible Bonds - On December 12, the A - share market rose, and the convertible bond market also followed. The CSI Convertible Bond, Shanghai Stock Exchange Convertible Bond, and Shenzhen Stock Exchange Convertible Bond indices rose 0.35%, 0.38%, and 0.30% respectively. There were new listings, price increases and decreases of individual bonds, and various events such as proposed price adjustments and early redemptions [19][20][26]. 6.4 Overseas Bond Markets - In the US bond market on December 12, the yield of the 2 - year US Treasury remained unchanged at 3.52%, while other maturities generally rose. The 10 - year TIPS break - even inflation rate rose 1bp to 2.26%. In the European bond market, the 10 - year government bond yields of major European economies generally rose [23][27][28].

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].

证券日报网讯12月15日，中国宝安（000009）在互动平台回答投资者提问时表示，截至2025年11月28 日，公司股东总户数约为14.68万户。 ...

（编辑 丛可心） 证券日报网讯 12月15日，中国宝安在互动平台回答投资者提问时表示，公司报名参与了杉杉集团及其 全资子公司实质合并重整投资人的招募，详见公司于2025年12月13日披露的《关于参与杉杉集团及其全 资子公司实质合并重整投资人招募的公告》。 ...

证券日报网讯12月15日，中国宝安（000009）在互动平台回答投资者提问时表示，股票价格受多重因素 影响，公司会继续努力提升公司质量和投资价值，为股东创造更好的回报。 ...

Core Viewpoint - China Baoan Group has decided to participate in the bankruptcy reorganization of Shanshan Group, indicating a strategic move to expand its investment portfolio and influence in the high-tech industry [1][5]. Group 1: Company Overview - China Baoan Group, established in 1983, is a major enterprise group in Guangdong and Shenzhen, focusing on high-tech industries, equity investment, biotechnology, and urban operation development [4]. - The company owns multiple A-share listed enterprises and over twenty wholly-owned and controlled subsidiaries [4]. Group 2: Bankruptcy Reorganization Details - On December 12, 2025, China Baoan's board approved a proposal to participate in the substantive merger reorganization of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [5]. - The decision positions China Baoan as the lead investor in a consortium that includes its subsidiary, BTR New Materials Group Co., Ltd., and other potential investors [5]. - Shanshan Group's bankruptcy reorganization was accepted by the Ningbo Court on February 25, 2023, with a further ruling on March 20 for substantive merger reorganization [5]. Group 3: Competitive Landscape - In September 2023, TCL Technology planned to join a consortium to participate in the reorganization of Shanshan Group, but their proposal was not approved by the creditors' meeting in November [5][6]. - Following this, other companies, including Fangda Carbon and Hunan Salt Industry Group, expressed interest in participating as potential restructuring investors, highlighting the competitive interest in Shanshan Group's assets [6].

Group 1 - The company International Precision, a subsidiary of China Baoan, has sent samples of harmonic reducers to Zhongqing [1]

Core Viewpoint - The company China Baowu Steel Group confirmed that its subsidiary, International Precision, has supplied harmonic reducers to the humanoid robot T800 developed by Zhongqing [1] Group 1 - Investors inquired whether the T800 humanoid robot utilizes harmonic reducers produced by International Precision, a Hong Kong-listed company under China Baowu [1] - China Baowu responded on the interactive platform, stating that International Precision has indeed provided sample harmonic reducers to Zhongqing for the T800 robot [1]

格隆汇12月15日丨中国宝安(000009.SZ)在投资者互动平台表示，国际精密有给众擎送样谐波减速器。 ...