进入2026年，央企在能源、高端装备制造等关键领域的并购重组动作频频，聚焦产业链补链强链精准发 力。与此同时，地方国企重组案例密集落地，通过资产置换、主业转型等方式切入新质生产力赛道，为 地方产业升级与高质量发展注入强劲动力。 作为国民经济的中流砥柱，央国企在"十五五"开局之年的改革动向与发展布局备受市场关注。受访专家 表示，新一轮国资国企改革的顶层设计正在酝酿之中，具体路径和政策工具尚未最终定型。从公开信息 看，改革有望更聚焦新质生产力培育，重组逻辑从规模扩张转向战略安全与产业链韧性，呈现"纵向链 式整合"趋势。 央企专业化整合精准落地 聚焦产业链强链补链 1月8日，国务院国资委发布消息称，经报国务院批准，中国石油化工集团有限公司（以下简称"中国石 化集团"）与中国航空油料集团有限公司（以下简称"中国航油集团"）实施重组。 作为中国最大的炼化企业，中国石化集团是国内最大的成品油上游供应商，光大证券分析认为，两大集 团重组后，中国石化集团将打通航空煤油销售下游渠道，形成"原油进口—炼化生产—航油运输—机场 加注"全产业链闭环，提升其在航煤行业的竞争力。而中国航油集团将获得稳定的上游供应，有助于提 升其经营稳定 ...

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the review of China Shipbuilding Dual Rui (Luoyang) Special Equipment Co., Ltd.'s application for an initial public offering (IPO) and listing on the Growth Enterprise Market [1][4] Company Overview - China Shipbuilding Dual Rui specializes in the research, development, manufacturing, and sales of bridge safety equipment, pipeline compensation equipment, special material products, high-efficiency energy-saving equipment, and energy storage and transportation equipment [4][5] - As of the signing date of the prospectus, Luoyang Dual Rui Technology Industry Holding Group Co., Ltd. holds 54.53% of Dual Rui's shares, making it the controlling shareholder [5] - The actual controller of Dual Rui holds a total of 71.07% of the shares through various subsidiaries of China Shipbuilding Group [5] IPO Details - Dual Rui originally planned to issue between 80,000,001 and 106,666,666 shares, accounting for 20% to 25% of the total share capital after issuance [5] - The company aimed to raise 65.374 million yuan, allocated for several projects including a special equipment R&D center, a high-quality stainless steel and alloy materials industrial base, a waste heat utilization and combined cooling and heating industrialization base, and to supplement working capital [5][6] Fund Allocation - The total amount for the fundraising projects is 65.374 million yuan, with specific allocations as follows: - Special Equipment R&D Center Project: 19.4 million yuan - High-Quality Stainless Steel and Alloy Materials Industrial Base Project: 9.609 million yuan - Waste Heat Utilization and Combined Cooling and Heating Industrialization Base Construction Project: 20.365 million yuan - Supplement Working Capital: 16 million yuan [6]

Core Viewpoint - The IPO process of Zhongchuan Shuangrui (Luoyang) Special Equipment Co., Ltd. has been abruptly terminated eight months after its approval, as the company submitted an application to withdraw its IPO filing to the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Zhongchuan Shuangrui specializes in three main industries: bridge safety equipment, pipeline compensation equipment, and special material products, along with two emerging industries: energy-efficient equipment and energy storage and transportation equipment [2]. - The company is a subsidiary of China Shipbuilding Group, with the parent company holding 71.07% of its shares through various subsidiaries [2]. Group 2: Financial Performance - The company's revenue from 2021 to the first half of 2024 was as follows: 2021: 1.26 billion, 2022: 1.34 billion, 2023: 1.61 billion, and 2024 (H1): 743 million [2]. - The net profit figures for the same period were: 2021: 105 million, 2022: 90 million, 2023: 111 million, and 2024 (H1): 51 million [2]. - As of June 30, 2024, the company's total assets and liabilities showed a debt ratio of 49.42%, down from 54.54% in 2021 [3]. - The company's return on equity decreased from 16.69% in 2021 to 3.40% in the first half of 2024 [3].