特朗普对山东胜星化工的制裁将中国地炼推向舆论中心。山东地炼，这一靠韧性和技术崛起的民营产业集群，不仅承载着地方经济脊梁，也面临 着绿色转型和全球博弈的双重压力。 在炼化领域，美国盯上山东地炼，并不是因为它弱小，而恰恰因为它在全球能源贸易中扮演了越来越大的角色。尤其在伊朗、俄罗斯原油通过"非美元结 算"进入中国后，山东地炼灵活的采购方式成为焦点。 某种意义上，胜星化工的遭遇，是山东地炼"闯世界"的试金石。而这种制裁，更像是一场地缘政治博弈下的金融技术战。人民币结算、以油换油、生物柴油 替代……地炼在探索，也在应变。 02｜"茶壶炼厂"的逆袭之路 上世纪90年代，山东地炼还只是一些乡镇企业的转型项目，油罐简陋、原料粗粝，仅能炼制劣质燃料油。业内将其戏称为"茶壶炼厂"——小、散、乱。但这 些"茶壶"，没有被垄断的石油体系挤死，反而靠一股民营企业特有的韧劲，硬生生开辟了一条生路。 2001年中国加入WTO后，山东地炼迎来第一次井喷；2015年国家发放进口原油配额后，它们又迎来第二次飞跃。炼油量突破亿吨关口、装置大型化、技术 接轨国际...这群曾经被忽视的"小厂"，构筑起一个接近全国炼化总产能三成的庞然体系。 01｜被 ...

香港中环，长江中心顶层的会议室彻夜通明。落地窗外维港的货轮汽笛声里，长和集团高管们正焦灼地盯着巴拿马最高法院的实时动态——这个决定全球 6%海运命脉的判决，此刻牵动着中美两大国的神经。三个月前那场震惊世界的港口交易，正在演变成21世纪最复杂的地缘政治博弈。 3月4日那纸公告像颗深水炸弹，炸醒了国际航运界。长和集团宣布以228亿美元向美国贝莱德财团出售43个港口资产，包含巴拿马运河两端吞吐量占39%的 巴尔博亚港和克里斯托瓦尔港。这组被称作"地球咽喉"的港口，每年护送着价值4700亿美元的中国货物穿越两大洋。 交易刚落地，巴拿马城的海鲜市场就传开个段子："运河管理员现在查中国货轮特别仔细，连冷冻柜里的青岛啤酒生产日期都要核对。"这看似荒诞的细节， 实则是美国资本渗透后的微妙变化——贝莱德集团手握10万亿美元资产，与五角大楼的密切关系早已是公开秘密。 《大公报》3月13日的社论标题《莫天真 勿糊涂》，用五个惊叹号把事件推向高潮。这篇被国务院港澳办全文转载的雄文，揭开了资本交易背后的暗 流："当特朗普在就职演说六次点名巴拿马时，这场收购就注定不是商业行为。" 数据佐证着担忧：美国若掌控这些港口，能对中国货轮收取单次 ...

Core Viewpoint - The article discusses the implications of Li Ka-shing's decision to delay the sale of port assets in Panama by his company, CK Hutchison Holdings, in response to pressure from the Chinese government, highlighting the intersection of business operations and geopolitical tensions between the U.S. and China [1][2][3]. Group 1: Company Actions and Reactions - CK Hutchison Holdings is reportedly postponing the signing of any agreements related to the sale of the Panama ports, indicating a potential compromise under pressure from the Chinese government [3][4]. - The company may seek to communicate and collaborate with the Chinese government to address concerns, possibly by adding "national security clauses" to the transaction [5]. - There is a possibility that CK Hutchison could redesign the transaction structure to reduce political sensitivity, although the core issue remains the strategic value of the port assets [5][6]. Group 2: Geopolitical Implications - If BlackRock gains control of the Panama ports, it could leverage this position to impose delays or additional charges on Chinese shipping, impacting China's supply chain efficiency [8]. - U.S. control over the Panama ports would enhance its influence in global trade and geopolitics, potentially undermining China's position in the region [8][9]. - The strategic location of the Panama ports would allow the U.S. to strengthen its military presence in Latin America, further complicating China's efforts to establish alternative trade routes [9].

Core Viewpoint - The announcement by CK Hutchison Holdings has stirred significant interest in the capital markets, particularly regarding the potential spin-off of its telecommunications assets, reflecting the complex sentiments of international capital towards the Chinese market [1][3]. Group 1: Strategic Implications - The ambiguous statement "no decision has been made" in the announcement suggests a strategic maneuver to position core assets under the international spotlight amidst geopolitical tensions, serving as a protective measure against risks while showcasing the resilience of Chinese capital [3][9]. - The timing of the potential spin-off aligns with a favorable window following the approval of Vodafone's merger, leveraging market liquidity while avoiding regulatory risks, demonstrating a sophisticated strategic approach [5][10]. Group 2: Market Reactions and Perceptions - Some foreign media have labeled the spin-off as "capital flight," highlighting a double standard in the treatment of Chinese capital movements compared to Western companies, which raises questions about the fairness of global capital market rules [7][9]. - The contribution of the telecommunications business to CK Hutchison's profits (25%) has prompted a reevaluation of investment portfolios by institutions that previously criticized Chinese tech firms, indicating a shift in sentiment [7][9]. Group 3: National Interests and Regulatory Environment - The spin-off plan is seen as a strategic move to secure supply chain safety amid the ongoing US-China tech conflict, emphasizing the importance of controlling European telecom nodes in the digital age [9][10]. - The Chinese regulatory environment is portrayed as stable and strategic, balancing national interests with opportunities for international cooperation, reflecting a nuanced approach to modernization [10][12]. Group 4: Future Outlook - The announcement is expected to catalyze a significant shift in global commercial dynamics, with CK Hutchison's actions potentially paving the way for new forms of international collaboration and dialogue in the digital economy [12].