证券日报网讯12月15日，天保基建（000965）在互动平台回答投资者提问时表示，公司参股子公司中天 航空持有空中客车(天津)总装有限公司49%股权，天津空客经营范围为：接收完全装配并经过测试的飞 机零部件；向空中客车公司提供飞机总装服务，包括飞机的总装、喷漆、测试和飞行测试；向空中客车 飞机交付中心移交完全组装和测试的飞机；飞机及飞机部件的维修等。 ...

（原标题：天保基建(000965.SZ)：公司目前通过参股子公司中天航空间接持有空中客车（天津）总装 有限公司股权） 格隆汇12月15日丨天保基建(000965.SZ)在投资者互动平台表示，公司目前通过参股子公司中天航空间 接持有空中客车（天津）总装有限公司股权。 ...

Market Performance - The Tianjin Free Trade Zone concept index declined by 2.31%, ranking among the top declines in the concept sector as of the market close on December 9 [1] - Within the sector, Hengyin Technology, Haitai Development, and Tianbao Infrastructure experienced significant declines, while only two stocks, Guifaxiang and Tianjin Pulin, saw price increases of 1.17% and 0.77% respectively [1] Concept Sector Overview - The top-performing concept sectors included Co-packaged Optics (CPO) with a gain of 1.64%, and Hainan Free Trade Zone with a decline of 3.33% [2] - The Tianjin Free Trade Zone concept was among the sectors with the largest decline, alongside other sectors such as Metal Lead and Metal Zinc [2] Capital Flow Analysis - The Tianjin Free Trade Zone concept saw a net outflow of 170 million yuan, with 10 stocks experiencing net outflows, and 5 stocks seeing outflows exceeding 10 million yuan [2] - Hengyin Technology led the outflows with a net outflow of 83.04 million yuan, followed by Jiuan Medical and Tianbao Infrastructure with outflows of 27.93 million yuan and 24.50 million yuan respectively [2] - Conversely, the stocks with the highest net inflows included Haitai Development, Jinyin Development, and Guifaxiang, with inflows of 14.12 million yuan, 4.71 million yuan, and 1.10 million yuan respectively [2][3]

Market Overview - On December 8, the Tianjin state-owned enterprise reform sector fell by 0.59% compared to the previous trading day, with Haitai Development leading the decline [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Stock Performance - Key stocks in the Tianjin state-owned enterprise reform sector showed mixed performance, with notable movements including: - Taida Co., Ltd. (000652) closed at 4.59, up 1.10% with a trading volume of 373,900 shares and a turnover of 172 million yuan [1] - Haitai Development (600082) closed at 4.29, down 10.06% with a trading volume of 75,200 shares [2] - Other stocks like Jinhai New Energy (600821) and Tianjin Port (600717) also experienced slight declines [1][2] Capital Flow Analysis - The Tianjin state-owned enterprise reform sector saw a net outflow of 49.54 million yuan from institutional investors, while retail investors had a net inflow of 28.05 million yuan [2] - The capital flow for key stocks included: - Taida Co., Ltd. had a net inflow of 22.51 million yuan from institutional investors [3] - Tianjin Port (600717) experienced a net inflow of 5.21 million yuan from institutional investors but a net outflow of 13.35 million yuan from retail investors [3]

Core Points - The Shanghai Composite Index closed at 3889.55 points, above the six-month moving average, with an increase of 0.66% [1] - A total trading volume of A-shares reached 1.378776 trillion yuan, with 198 A-shares breaking through the six-month moving average [1] Summary by Category Stock Performance - Notable stocks with significant deviation rates above the six-month moving average include Mingguan New Materials (15.32%), NAR Holdings (8.43%), and Tianbao Infrastructure (8.17%) [1] - Stocks with smaller deviation rates that just crossed the six-month moving average include Rendu Biotech, Helit Technology, and Yongxin Optics [1] Individual Stock Data - Mingguan New Materials (688560) saw a daily increase of 20.03% with a turnover rate of 9.84%, latest price at 16.90 yuan [1] - NAR Holdings (002825) increased by 9.98% with a turnover rate of 7.66%, latest price at 11.46 yuan [1] - Tianbao Infrastructure (000965) also rose by 9.98%, with a turnover rate of 8.96%, latest price at 4.63 yuan [1] Additional Notable Stocks - Other stocks with notable performance include Kaiwang Technology (301182) with an 8.23% increase, Guoxin Technology (688262) up by 8.49%, and Xian Food (000721) rising by 9.79% [1]

Group 1 - Tianbao Infrastructure experienced a stock price increase of 6.18%, reaching 4.47 CNY per share, with a trading volume of 1.25 billion CNY and a turnover rate of 2.63%, resulting in a total market capitalization of 49.61 billion CNY [1] - The company, established on September 30, 1998, and listed on April 6, 2000, is primarily engaged in real estate development, property leasing, and property management, with revenue composition as follows: 85.93% from real estate sales, 6.21% from property leasing, 6.20% from property management, 1.47% from hotel income, and 0.20% from pharmaceutical sales [1] Group 2 - Among the top ten circulating shareholders of Tianbao Infrastructure, a fund under Southern Fund holds a position. The Southern CSI Real Estate ETF Initiated Link A (004642) reduced its holdings by 58,100 shares in the third quarter, now holding 7.0205 million shares, which accounts for 0.63% of circulating shares [2] - The Southern CSI Real Estate ETF Initiated Link A (004642) was established on August 24, 2017, with a current scale of 2.02 billion CNY. Year-to-date returns are 5.33%, ranking 3760 out of 4206 in its category, while it has a one-year loss of 2.41%, ranking 3955 out of 4006, and a cumulative loss of 41.3% since inception [2]

Core Viewpoint - Tianbao Infrastructure's stock price has shown a significant increase of 42.81% year-to-date, despite recent declines in the last five, twenty, and sixty trading days [2] Group 1: Stock Performance - As of November 25, Tianbao Infrastructure's stock rose by 2.15%, reaching 4.27 CNY per share, with a trading volume of 1.06 billion CNY and a turnover rate of 2.27%, resulting in a total market capitalization of 47.39 billion CNY [1] - The stock has experienced a decline of 4.04% in the last five trading days, 4.90% in the last twenty days, and 8.96% in the last sixty days [2] Group 2: Financial Performance - For the period from January to September 2025, Tianbao Infrastructure reported a revenue of 2.32 billion CNY, reflecting a year-on-year growth of 47.99%, and a net profit attributable to shareholders of 64.61 million CNY, marking a substantial increase of 7158.91% [2] - The company has distributed a total of 268 million CNY in dividends since its A-share listing, with 55.49 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Tianbao Infrastructure was 54,600, a decrease of 12.03% from the previous period, with an average of 20,312 circulating shares per shareholder, an increase of 13.67% [2] - The third-largest circulating shareholder is the Southern CSI Real Estate ETF, holding 7.02 million shares, which is a decrease of 58,100 shares compared to the previous period [3]

Core Insights - Tianjin Tianbao Holdings Co., Ltd. has signed a strategic cooperation agreement with Beijing Keri International Human Resources Co., Ltd. to enhance human resource service business model innovation and explore new market opportunities [1][3] Group 1: Strategic Cooperation - The cooperation follows Tianbao Holdings' acquisition of a 55% stake in Tianjin Zhirui, a subsidiary of Keri International, marking a significant upgrade in their partnership [3] - This collaboration represents a formal implementation of the "regional state-owned enterprise resources + listed platform advantages" model [3] Group 2: Company Profiles - Tianbao Holdings is a large state-owned enterprise in Tianjin, ranking 336th among China's top 500 service companies, with subsidiaries in construction, energy, and human resources [4] - Keri International is the first publicly listed human resources company in A-shares, serving over 6,000 clients and operating more than 100 branches globally [4] Group 3: Collaborative Framework - The partnership aims to establish a three-dimensional cooperation system focusing on resource integration, market expansion, and technological empowerment [5] - Tianbao Holdings will leverage its industrial resources while Keri International will utilize its global talent network and technological capabilities to optimize the regional talent supply chain [5] Group 4: Strategic Goals - The collaboration is part of Tianbao Holdings' efforts to implement the "industry collaboration" strategy, integrating regional resource advantages with Keri International's global service capabilities [6] - The partnership aims to enhance regional talent aggregation and industrial transformation, contributing to high-quality regional development [6]

Core Insights - Tianbao Infrastructure's real estate projects are primarily located in Tianjin Binhai New Area, with some projects in downtown Tianjin [1] - According to data from CRIC, the company ranked 7th in terms of equity sales amount in Tianjin from January to October 2025, and ranked 1st in Tianjin Binhai New Area [1]

Group 1 - The real estate sector experienced significant fluctuations, with China Wuyi hitting the daily limit down [1] - Rongsheng Development and Jingtou Development both fell over 5% [1] - Other companies such as Wantong Development, Shangshi Development, Tianbao Infrastructure, and Xiangjiang Holdings also saw declines [1]