【光大研究每日速递】20260101

Group 1 - The article discusses the Japanese banking crisis in the 1990s, highlighting the impact of the economic bubble burst on the asset-liability balance of the real sector, leading to a "bankruptcy wave" by the end of the decade [5] - It outlines the two phases of regulatory reform post-crisis, which included multiple rounds of capital injections and mergers to facilitate risk clearance and strengthen bank capital and liquidity management [5] - The article notes that in the post-crisis era, the Japanese banking sector experienced a shift in operational models and asset-liability behaviors, characterized by slowed scale expansion and a focus on defensive asset allocation [5] Group 2 - The tungsten industry report indicates that China holds a dominant position in tungsten resources, with 2023 production accounting for 80.77% of global output and reserves at 52.27% of the world's total [5] - Tungsten, along with rare earths, is one of the only two metals in China subject to total mining quota controls, but the industry shows a low concentration level, with a CR4 of 43.94% and a CR6 of 55.87%, indicating a need for increased industry consolidation [5] - The low concentration in the tungsten industry suggests a prevalence of small mining enterprises, which may lead to violations of mining regulations or over-extraction [5] Group 3 - China National Petroleum Corporation (CNPC) has recently increased its stake in China Petroleum, acquiring 30 million A-shares, representing 0.02% of the total issued shares, and 11.896 million H-shares, accounting for 0.01% of the total issued shares [6] - This move reflects the confidence of the major shareholder in the long-term value of the company [6] Group 4 - Salt Lake Co. plans to acquire a 51% stake in Wenkang Salt Lake for approximately 4.605 billion yuan, which will enhance its potassium fertilizer and lithium carbonate production capacity [7] - Upon completion of the transaction, Wenkang Salt Lake will become a subsidiary of Salt Lake Co. and will be included in its consolidated financial statements [7]