Group 1 - Great Wall Military Industry opened flat after 10 consecutive days of gains [1] - Beiwai Technology, a robotics concept stock, opened up 0.79% after 8 days of gains [1] - Zhongma Transmission opened down 2.88% after 11 days of gains [1] Group 2 - Hongtong Gas, a local stock in Xinjiang, opened up 6.02% after 7 days of gains [1] - Xinjiang Communications Construction opened down 2.18% after 4 consecutive days of gains [1] - Jishi Media, in the film and television sector, opened up 4.17% after 8 days of gains [1] Group 3 - Furi Electronics, in the consumer electronics sector, opened down 2.88% after 8 days of gains [1] - Haili Co., part of the chip industry chain, opened down 4.67% after 6 days of gains [1] - Wantong Development opened up 4.93% after 4 consecutive days of gains [1] Group 4 - Aerospace Technology, a commercial aerospace concept stock, opened up 4.84% after 7 days of gains [1] - Chunzhong Technology, in the liquid cooling IDC concept, opened up 3.62% after 10 days of gains [1]

Core Viewpoint - Wantong Development plans to invest 854 million yuan to acquire 62.98% equity in Shuduo Technology, making it a controlling subsidiary and included in the consolidated financial statements of the listed company [2]. Group 1: Investment Details - The investment will be made through capital increase and equity transfer, with the total investment amounting to 854 million yuan [2]. - The acquisition is subject to scrutiny from the Shanghai Stock Exchange, which has raised questions regarding the transaction's rationale, valuation of the target company, and potential insider trading [2][11]. Group 2: Target Company Overview - Shuduo Technology specializes in high-speed interconnect chip design and development, with its core product being PCIe high-speed switch chips [4]. - As of the announcement date, Shuduo Technology has developed PCIe switch chips supporting the PCIe 5.0 protocol and is in the customer introduction phase, expecting to achieve mass production by Q4 2025 [4]. Group 3: Financial Performance - Shuduo Technology has not yet turned a profit, with projected revenues of 15.81 million yuan, 32.38 million yuan, and 16.28 million yuan for 2023, 2024, and the first half of 2025, respectively [4][5]. - The company reported net losses of 62.57 million yuan, 137.88 million yuan, and 35.98 million yuan for the same periods [5]. - The net asset value of Shuduo Technology as of June 30, 2025, is only 64.6 million yuan, but its assessed value using the income approach is 1.272 billion yuan, indicating a significant premium of 1869.01% [6]. Group 4: Market Reaction - Following the announcement of the investment plan, Wantong Development's stock price surged, hitting the daily limit and continuing to rise for three consecutive trading days, with a market capitalization of 19.19 billion yuan as of August 13 [8][10].

Core Viewpoint - Wantong Development plans to invest 854 million yuan to acquire 62.98% equity in Shuduo Technology, marking a significant shift towards becoming a controlling subsidiary in the tech sector [2][4]. Group 1: Investment Details - The investment will be executed through capital increase and equity transfer, making Shuduo Technology a subsidiary included in Wantong's consolidated financial statements [2]. - The acquisition comes after a series of inquiries from the Shanghai Stock Exchange regarding the rationale, valuation, and potential insider trading related to the transaction [2][6]. Group 2: Target Company Overview - Shuduo Technology specializes in high-speed interconnect chip design and development, with its core product being PCIe high-speed switch chips [4]. - As of the announcement date, Shuduo Technology has developed PCIe switch chips supporting the PCIe 5.0 protocol and is in the customer introduction phase, expecting to achieve mass production by Q4 2025 [4]. Group 3: Financial Performance - Shuduo Technology's financials show it is currently unprofitable, with projected revenues of 15.81 million yuan in 2023, 32.38 million yuan in 2024, and 16.28 million yuan in the first half of 2025, alongside net losses of 62.57 million yuan, 138.79 million yuan, and 35.98 million yuan respectively [4][5]. - The company's net assets were reported at 64.6 million yuan, but its equity value was assessed at 1.272 billion yuan, indicating a substantial premium of 1869.01% [6]. Group 4: Market Reaction - Following the announcement of the investment plan, Wantong Development's stock price surged, hitting the daily limit up on the day of the announcement and continuing to rise for three consecutive trading days, with a market capitalization of 19.19 billion yuan as of August 13 [9][12]. Group 5: Regulatory Scrutiny - The Shanghai Stock Exchange has requested further disclosures regarding the valuation methods used for the investment and the rationale behind the significant premium compared to previous financing rounds [7][11].

公司已于2025年8月13日召开第九届董事会第二十次临时会议，审议通过了《关于对外投资暨购买资产 的议案》，同意公司通过增资及股权转让的方式取得数渡科技62.9801%的股权，并与标的公司及交易 各方签署《增资及股权收购协议》等一揽子合同。 万通发展(600246.SH)公告，公司拟通过增资及股权转让的方式合计投资8.54亿元取得北京数渡信息科技 有限公司("数渡科技")62.9801%的股权。投资完成后，目标公司成为上市公司的控股子公司，并纳入上 市公司合并报表。 本次交易完成后，上市公司将进入增长性强、准入门槛高、发展前景确定的集成电路与AI基础设施产 业，从而全面落实公司转型通信与数字科技的既定战略。目标公司将成为上市公司控股子公司，为上市 公司开辟新质生产力领域的第二增长曲线。 公告显示，目标公司主要从事高速互连芯片设计与研发以及提供ASIC芯片定制设计服务，核心产品为 PCIe高速交换芯片。在AI服务器领域，PCIe高速交换芯片解决了CPU和GPU的连接，是AI领域必不可 少的关键芯片，同时，带有自组网高端功能的PCIe高速交换芯片能够提供GPU和GPU之间的高效数据传 输，成为构建Scale-up ...

Core Viewpoint - The company plans to invest 854 million yuan to acquire a 62.9801% stake in Beijing Shudu Information Technology Co., Ltd, making it a subsidiary and consolidating it into the company's financial statements [1][2] Group 1: Investment Details - The investment will be executed through capital increase and equity transfer, approved in a board meeting held on August 13, 2025 [1] - The target company specializes in high-speed interconnect chip design and development, with its core product being PCIe high-speed switching chips [1] Group 2: Product and Market Position - The PCIe high-speed switching chips are essential in the AI server sector, facilitating connections between CPUs and GPUs, and enabling efficient data transfer between GPUs [1] - The target company has developed PCIe switching chips supporting the PCIe 5.0 protocol and has completed performance testing and compatibility verification with mainstream CPUs and GPUs [2] Group 3: Strategic Implications - The transaction will allow the company to enter the high-growth, high-barrier integrated circuit and AI infrastructure industry, aligning with its strategic transformation towards communication and digital technology [2] - The target company will become a key subsidiary, providing a new growth avenue for the company [2]

证券代码：600246 证券简称：万通发展 公告编号：2025-070 ? 交易尚需履行的审批及其他相关程序：根据《上海证券交易所股票上市 规则》及《北京万通新发展集团股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，本次交易无需提交公司股东大会审议。 一、交易概述 成后，公司将持有数渡科技 9.0908%的股权； 北京万通新发展集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 交易简要内容：北京万通新发展集团股份有限公司（以下简称"公司" 或"上市公司"）拟通过增资及股权转让的方式合计投资 85,444.9341 万元取得北 京数渡信息科技有限公司（以下简称"目标公司"或"数渡科技"）62.9801% 的股权（以下简称"本次投资"）。本次投资完成后，目标公司成为上市公司的 控股子公司，并纳入上市公司合并报表。 ? 本次交易不构成关联交易。 ? 本次交易未构成重大资产重组。 （有限合伙）、北京缘杰科技中心（有限合伙）、北京缘络科技中心（有限合伙）、 北京缘齐科技中心（有限合伙）、刘 ...

证券代码：600246 证券简称：万通发展 公告编号：2025-070 北京万通新发展集团股份有限公司 关于公司对外投资暨购买资产的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 交易简要内容：北京万通新发展集团股份有限公司（以下简称"公司" 或"上市公司"）拟通过增资及股权转让的方式合计投资 85,444.9341 万元取得北 京数渡信息科技有限公司（以下简称"目标公司"或"数渡科技"）62.9801% 的股权（以下简称"本次投资"）。本次投资完成后，目标公司成为上市公司的 控股子公司，并纳入上市公司合并报表。 交易尚需履行的审批及其他相关程序：根据《上海证券交易所股票上市 规则》及《北京万通新发展集团股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，本次交易无需提交公司股东大会审议。 一、交易概述 1、公司拟以现金 10,000 万元认购数渡科技 159.059 万元注册资本，认购完 成后，公司将持有数渡科技 9.0908%的股权； 2、公司拟以现金 60,469.1795 万元受让张立新、 ...

证券代码：600246 证券简称：万通发展 公告编号：2025-069 北京万通新发展集团股份有限公司 关于上海证券交易所《关于对北京万通新发展集团股份有限 公司筹划收购股权事项的问询函》的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 北京万通新发展集团股份有限公司（以下简称"公司"或"上市公司"）于 2025 年 8 月 11 日收到上海证券交易所上市公司管理一部《关于对北京万通新发 展集团股份有限公司筹划收购股权事项的问询函》（上证公函【2025】1210 号） （以下简称"《问询函》"）。公司收到问询函后高度重视，积极组织相关中介机构 对问询函中提到的问题进行逐项核查，现就有关情况回复如下： 1、业务模式 （1）高速互连芯片 半导体及集成电路行业在经营模式上主要分为 IDM（Integrated Device Manufacturing，垂直整合制造）模式和垂直分工模式。其中，IDM 模式下，企 业独自完成芯片设计、晶圆制造、封装测试所有环节，对企业的技术储备和资金 实力具有较高的要求；垂直分工模式中包括 F ...

Market Performance - On August 13, the real estate development sector rose by 0.32% compared to the previous trading day, with Wantong Development leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Top Gainers - Wantong Development (600246) closed at 10.15, with a gain of 9.97% and a trading volume of 2,999,600 shares, amounting to a transaction value of 2.851 billion [1] - Quzhou Development (600208) closed at 4.53, gaining 9.95% with a trading volume of 417,800 shares, totaling 189 million [1] - Electronic City (600658) closed at 6.31, up 9.93% with a trading volume of 524,100 shares, resulting in a transaction value of 330 million [1] Top Losers - Shenzhen Properties A (000011) closed at 10.13, down 3.71% with a trading volume of 644,900 shares, amounting to a transaction value of 672 million [2] - Zhongzhou Holdings (000042) closed at 8.72, down 2.24% with a trading volume of 159,800 shares, totaling 13.9 million [2] - Beichen Industry (601588) closed at 1.86, down 2.11% with a trading volume of 265,800 shares, resulting in a transaction value of 49.887 million [2] Capital Flow - The real estate development sector experienced a net outflow of 910 million from institutional investors, while retail investors saw a net inflow of 833 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their investments [2][3] Individual Stock Capital Flow - Wantong Development saw a net inflow of 1.35% from institutional investors, while retail investors had a net outflow of 4.74% [3] - Electronic City had a net inflow of 18.94% from retail investors, but a net outflow of 11.14% from institutional investors [3] - Hefei Urban Construction (002208) experienced a net inflow of 15.18% from retail investors, with a significant net outflow of 15.19% from institutional investors [3]

Core Viewpoint - Wanto Development's stock reached a limit-up closing price of 10.15 yuan on August 13, driven by strategic acquisitions and positive profit forecasts [1] Summary by Relevant Sections Company Acquisition and Growth - The company announced on August 10 its intention to acquire a 62.98% stake in Shudu Technology for 854 million yuan, enhancing market expectations for its technological transformation [1] - The mid-year report for 2025 indicated a projected net profit increase of 58.30% to 72.20%, which has boosted investor confidence [1] Financial Performance and Market Sentiment - The company’s property management business generated annual rental income of 186 million yuan, providing fundamental support for its financial performance [1] - On August 13, the net inflow of main funds was 135 million yuan, accounting for 4.74% of the total trading volume, while retail investors experienced a net outflow of 43.89 million yuan [1] Industry Context - The stock is categorized within the optical communication, millimeter-wave communication, and 5G concept sectors, which saw respective increases of 3.14%, 2.96%, and 1.87% on the same day [1]