来源：泰山财经 泰山财经记者 胡明政 资本市场正见证淄博国资的一场战略调整。 短期内，淄博国资密集推进两笔上市公司股权出让交易，涉及16.2亿元转让东杰智能（300486.SZ)控股 权与18.48亿元转让所持江化微（603078.SH)全部股份，累计交易金额超30亿元。 业内人士表示，这一系列动作并非简单的资本退出，而是国有资本优化配置、聚焦主责主业的主动布 局，同时也为两家上市公司引入新的资源方，开启发展新篇。 江化微18.48亿易主上海国资，多重约束护航转型 2026年1月19日，江化微发布的股份转让公告揭开了此次国资腾挪的关键一笔。公司控股股东淄博星恒 途松控股有限公司（下称"淄博星恒"）与上海福迅科技有限公司（下称"上海福迅"）正式签署协议，淄 博星恒拟将其持有的9238万股江化微股份（占公司总股本23.96%）以20元/股的价格转让，总对价达 18.48亿元。 回溯此次股权变动的源头，2022年末，淄博星恒通过两步操作拿下江化微控股权：先是耗资6.7亿元协 议受让原股东部分股权，后又以6.46亿元认购公司非公开发行股份，累计投入13.16亿元。时隔三年，淄 博星恒选择彻底退出，江化微的实际控制人将 ...

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group has created a super energy entity, significantly reshaping the aviation fuel industry in China [1][3]. Group 1: Company Overview - Sinopec is the world's largest refining company and the leading aviation fuel producer in China, controlling 40% of domestic aviation fuel production capacity and having technological advantages in sustainable aviation fuel (SAF) [3]. - China Aviation Oil is Asia's largest aviation fuel service company, monopolizing 95% of the aviation fuel sales network and providing a comprehensive supply chain from procurement to airport refueling [3]. - The merger transforms the relationship between the two companies from "buyer and seller" to a unified entity, streamlining the production and refueling process [3]. Group 2: Market Context - Global aviation fuel demand is projected to reach 389 million tons in 2025, with a year-on-year growth of 3.9%, while domestic demand is expected to exceed 40 million tons during the 14th Five-Year Plan period, with an average annual growth rate of 4% [5]. - The restructuring addresses key bottlenecks in the industry, such as redundancy in intermediate links and high costs, which have hindered development [5]. Group 3: Strategic Implications - This restructuring is part of a broader trend of professional integration among state-owned enterprises, with six groups of ten companies having undergone strategic mergers during the 14th Five-Year Plan [5]. - The merger is expected to enhance the efficiency of state capital allocation and position China's aviation fuel industry to compete with international giants like Shell and ExxonMobil [5]. Group 4: Impact on A-shares - Two types of stocks are highlighted for attention: Sinopec, which will benefit from stable aviation fuel sales and high-value-added business opportunities, and sustainable aviation fuel (SAF) concept stocks, such as HXN Energy and Longkun Environment, which will benefit from the merger's acceleration of SAF promotion [5].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The macro - level shows that the State - owned Assets Supervision and Administration Commission of the State Council aims to resist "involution - style" competition and optimize the allocation of state - owned capital. The National Energy Administration will conduct a production check on coal mines in 8 provinces (regions) to ensure stable coal supply [1][4][5]. - Fundamentally, last week's industrial data was average, with a weak balance between supply and demand. The output and apparent demand of rebar increased, and inventory decreased slightly. The output and apparent demand of hot - rolled coils decreased, and inventory increased slightly. The market sentiment dominated the futures price trend, and it is expected that the futures price will maintain a volatile trend [1][5] 3. Summary by Directory 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3356 | 209 | 6.64 | 16533372 | 2980480 | Yuan/ton | | SHFE Hot - rolled Coil | 3507 | 197 | 5.95 | 5506489 | 1507782 | Yuan/ton | | DCE Iron Ore | 802.5 | 17.5 | 2.23 | 2593703 | 562835 | Yuan/ton | | DCE Coking Coal | 1259.0 | 333.0 | 35.96 | 15546782 | 834111 | Yuan/ton | | DCE Coke | 1763.0 | 245.0 | 16.14 | 397069 | 54288 | Yuan/ton | [2] 3.2 Market Review - Last week, steel futures fluctuated strongly, affected by market sentiment. In the second half of the week, the market showed differentiation, and the sentiment cooled down. In the spot market, the price of Tangshan billet was 3160 (+160) yuan/ton, Shanghai rebar was quoted at 3430 (+180) yuan/ton, and Shanghai hot - rolled coil was 3500 (+160) yuan/ton [4] 3.3 Industry News - The National Energy Administration will check coal production in 8 provinces (regions) to ensure stable coal supply. From January to June this year, 16,500 old urban residential areas were newly started for renovation in China, with 6 regions having a start - up rate of over 80%. Multiple departments are taking measures to combat "involution - style" competition [6][10] 3.4 Related Charts - The content provides 20 charts showing the trends of rebar and hot - rolled coil futures, basis, regional price differences, production, inventory, and other aspects [9]

Market Overview - On July 24, 2025, A-shares saw collective gains with the Shanghai Composite Index closing above 3600 points, up 0.65%, while the Shenzhen Component rose 1.21% and the ChiNext Index increased by 1.5% [1] - Hong Kong's stock indices showed mixed results, with the Hang Seng Index rising 0.51% to 25667.18 points, marking a near four-year high, while the Hang Seng Tech Index slightly declined by 0.05% [1] - In the U.S. market, the Dow Jones fell by 0.7% to 44693.91 points, while the S&P 500 and Nasdaq gained 0.07% and 0.18% respectively, with both indices reaching historical highs [1] New Stock Offering - HanSang Technology, listed on the ChiNext with a stock code of 301491, has an offering price of 28.91 yuan per share and a price-to-earnings ratio of 14.9 times. The company specializes in high-end audio products and comprehensive audio technology solutions, serving globally recognized audio brands [3] Regulatory Developments - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the need to optimize the allocation of state-owned assets and resist "involution-style" competition, focusing on restructuring and integration of state-owned enterprises [4][5] - The SASAC aims to enhance corporate governance, market-oriented operational mechanisms, and regulatory methods to improve the efficiency and effectiveness of state-owned enterprise management [5] Industry Regulation - The State Administration for Market Regulation has initiated a three-month campaign to improve the quality and safety of power banks, focusing on five key areas including strengthening CCC certification oversight and increasing quality supervision [6] - The campaign will also enforce stricter regulations against the sale of non-compliant power banks and enhance recall efforts for defective products, ensuring consumer safety [6]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need to optimize the allocation of state-owned capital and to resist "involution-style" competition through restructuring and integration efforts [1] Group 1: Optimization of State-owned Capital - The SASAC aims to promote the optimization of state-owned capital allocation and to establish a new layout structure for state-owned capital [1] - The focus is on enhancing corporate governance to be more scientific and standardized, while also making market-oriented operational mechanisms more flexible and efficient [1] Group 2: Regulatory Framework - The SASAC stresses the importance of balancing "active release" and "effective control" to create a new regulatory approach for state-owned assets [1] - There is a commitment to continuously improve the professionalism, systematic nature, legality, and efficiency of regulatory measures [1]