Pronounced: guó bǎo
Literally: National Security/National Treasure
Means: The two terms are homophones, and “national treasure” often means “panda”. A writer at Seeing Red in China explains the rest: “how panda becomes the symbol for Chinese security thugs: Chinese national security (more like secret police) is called 国保 (guó bǎo) for short, and it’s pronounced exactly the same as 国宝, national treasure. Netizens sometimes refer 国保 as 国宝, jokingly, hence Panda, China’s national treasure. Kungfu Panda movies provided the basis for Panda to be a martial character.”
With the recent confrontation between Batman actor Christian Bale and some infamous Chinese security thugs, online Chinese are been passing around “Pandaman vs. Batman” jokes, and photoshopping “Pandaman” into all kinds of scenarios, including movie posters and images from other security embarrassments and scandals. See here, here and here for more.