| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601766 | 中国中车 | 8134.75万 | 11.22% | -2935.10万 | -4.05% | -5199.65万 | -7.17% | | 000008 神州高铁 | | 6611.07万 | 11.56% | -177.26万 | -0.31% | -6433.81万 | -11.25% | | 000925 众合科技 | | 6539.01万 | 5.71% | -5591.42万 | -4.88% | -947.59万 | -0.83% | | 605298 必得科技 | | 2947.05万 | 14.05% | -510.85万 | -2.44% | -2436.20万 | -11.61% | | 603680 | 今创集团 | 2498.64万 | 9.79% | -651.15万 | -2.55% | -1847.49万 | -7.24 ...

Core Viewpoint - The acquisition of Beijing Silin Semiconductor Technology Co., Ltd. by Tongye Technology is a cross-industry merger, with a transaction price of 561 million yuan, despite Silin's current loss status and a high valuation premium of nearly four times its book value [1][3]. Group 1: Acquisition Details - Tongye Technology plans to acquire 91.69% of Silin for 561 million yuan, making Silin a subsidiary [1]. - The controlling shareholders of Tongye will transfer 6% of their shares to Silin's actual controller for a total of 188 million yuan [1]. - Silin has committed to achieving a cumulative net profit of no less than 175 million yuan from 2026 to 2028, with cash compensation required if this target is not met [4]. Group 2: Financial Performance of Silin - Silin's projected revenues for 2023 and 2024 are 259 million yuan and 277 million yuan, respectively, with net profits of 27.71 million yuan and 20.32 million yuan [2]. - However, in the first seven months of 2025, Silin reported a revenue of 125 million yuan but incurred a net loss of 3.25 million yuan [2]. Group 3: Valuation and Adjustments - The valuation of Silin's total equity is set at 612 million yuan, reflecting a 387.41% increase over its book value of 126 million yuan [3]. - The acquisition scale was reduced from 100% to 91.69% after negotiations, and the valuation was adjusted down from 670 million yuan to 612 million yuan [4]. Group 4: Financial Implications for Tongye - Tongye's cash and cash equivalents amount to 200 million yuan, indicating a funding gap for the 561 million yuan acquisition [6]. - Post-acquisition, Tongye's debt ratio is expected to rise from 37.53% to 66.95% [6]. Group 5: Strategic Rationale - The acquisition allows Tongye to enter the high-growth market of power IoT chips, which is supported by government policies and has strong technical barriers [6]. - There is potential for business synergy, as both companies serve similar large state-owned enterprises, allowing for integrated marketing and resource sharing [7].

Core Viewpoint - The rail transit equipment sector experienced a decline of 0.9% on December 30, with Tongye Technology leading the drop at -6.11% [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index rose to 13604.07, up 0.49% [1]. - The rail transit equipment sector saw a net outflow of 202 million yuan from main funds, while retail investors contributed a net inflow of 113 million yuan [2][3]. Group 2: Individual Stock Performance - Tongye Technology (300960) closed at 25.82, down 6.11% with a trading volume of 59,800 shares and a transaction value of 155 million yuan [2]. - Other notable declines included Tianzhixin Material (688033) at -4.25% and Jinchuan Heavy Industry (603680) at -3.93% [2]. - On the positive side, Tieda Technology (920541) increased by 0.83% to close at 13.38 [1]. Group 3: Fund Flow Analysis - Among individual stocks, the largest net inflow from main funds was seen in Times Electric (688187) at 3.968 million yuan, while the largest outflow was from Raylway (301016) at -677.74 million yuan [3]. - Retail investors showed a significant net inflow into Times Electric at 2.86% of its trading volume, despite overall sector outflows [3].

若未达标，思凌企管仅以其届时所持通业科技全部股票出售所得（税后）为限进行现金补偿；股价下跌 或持股被稀释将直接削弱补偿能力。这种条款会将部分业绩风险转嫁给上市公司及中小股东。 在半导体国产化与新基建浪潮下，通业科技的跨界并购不仅是一次资本运作，更是一场技术驱动的战略 升级。随着交易落地，这家轨道交通龙头能否在芯片赛道复制成功，市场正拭目以待。 2025年12月28日晚，轨道交通电气设备龙头通业科技发布公告，拟以5.61亿元现金收购北京思凌科半导 体技术有限公司91.69%股权，同时公司股东向思凌科实控人转让6%股份。 据公告，思凌科100%股权评估值为6.12亿元，较其账面净资产1.26亿元增值387.41%。尽管标的公司 2025年前7个月因电网采购季节性因素亏损325.3万元，但其核心产品电网高速电力线载波（HPLC）通 信芯片及模块、高速双模（HDC）通信芯片及模块已进入国家电网供应链，2023年、2024年分别实现 净利润2771.29万元、2031.80万元，技术壁垒与市场地位显著。 通业科技此次跨界并非盲目扩张，而是基于技术协同与市场互补的精准布局。作为轨道交通电气装备领 军企业，公司2025年前 ...

点击蓝字关注我们 长江商报记者 徐佳 通过高溢价收购，通业科技（300960.SZ）将业务延伸至电力物联网芯片领域。 12月27日晚间，通业科技披露资产收购计划，拟以5.61亿元现金购买北京思凌科半导体技术有限公司（以下简称"思凌科"）91.69%股权。本次交易完成 后，思凌科将成为上市公司的控股子公司。 资料显示，思凌科聚焦于电力物联网通信芯片领域。 通过本次收购，通业科技将在原有轨道交通机车车辆电气业务的基础上延伸市场，提升核心竞争力。 长江商报记者注意到，本次交易中，思凌科整体估值溢价率达387.41%。交易完成之后，通业科技将新增商誉3.59亿元。 溢价收购的同时，交易对手方作出思凌科未来三年净利润不低于1.75亿元的业绩承诺，且为了加强核心团队成员与公司绑定，通业科技的实控方还拟作价 1.88亿元向思凌科实控人控制的共青城思凌企管投资合伙企业（有限合伙）（以下简称"思凌企管"）转让6%上市公司股份。 截至2025年7月末，通业科技账面现金及现金等价物余额2亿元，与本次交易总支付对价5.61亿元存在一定资金缺口。据测算，交易完成之后，通业科技资 产负债率将从37.53%上升至66.95%，其面临的财务 ...

若承诺业绩达成，将显著增厚通业科技整体利润。结合公司自身股权激励目标(2025-2027年营收目标5.3 亿元、5.9亿元、6.5亿元)，通业科技有望在2027年实现净利润超1亿元(考虑合并思凌科之后)，推动估值 回归合理区间。 思凌科业绩信心源于其参与国网下一代标准制定、持续中标、芯片自研降本等多重优势。通过剥离亏损 业务、聚焦电力物联网赛道，公司盈利结构已逐步优化。通业科技通过此次并购，不仅获得优质资产， 更通过科学的对赌与激励机制，为长期发展奠定制度基础。 为保障承诺履行，方案设置了业绩补偿与激励机制：若累计净利润低于承诺值的95%，思凌科原核心团 队需出让所持通业科技6%股份进行现金补偿。同时，公司还设立乐超额业绩奖励，激励管理层全力开 拓市场。 导语：思凌科核心团队承诺并购后三年累计净利润不低于1.75亿元，配套奖惩机制保障双方利益，为通 业科技（300960）未来业绩增长注入强心剂。 在近期通业科技发布的"拟收购思凌科91.69%股权"交易方案当中，思凌科原股东及核心团队承诺2025 年-2027年累计净利润不低于1.75亿元。以6.12亿元估值计算，对应平均市盈率约10.49倍，低于近期市 场同 ...

据悉，通业科技（300960）作为轨道交通电气设备供应商，产品覆盖电源、控制、电机等多环节，深度 服务中国中车、国铁集团等大型客户。思凌科则聚焦电力通信芯片，主要客户为国家电网、南方电网。 双方在客户类型、供应链资源、研发体系等方面高度契合，协同空间广阔。 供应链方面，双方在PCB、电子料、研发软件等领域可实现资源共享，通业科技有望借助规模优势提升 整体议价能力。 管理上，两家公司均面向大型央企客户，招投标与服务模式相似，整合后有助于提升市场响应速度与服 务效率。 此次并购不仅是业务的简单叠加，更是通业科技从轨交设备向电力物联网延伸的战略跨越。未来公司可 依托思凌科的技术与客户网络，拓展轨交智能化、电网通信等新兴市场，打造真正的"第二增长曲线"。 业务层面，思凌科的载波通信芯片可应用于轨道交通电网、信号、车辆通信等系统，提升数据传输效 率，降低布线成本。其新能源电力电子技术也可迁移至通业科技的辅助逆变器等产品，实现技术融合与 成本优化。 ...

Core Viewpoint - Tongye Technology plans to acquire 91.69% of Siling Technology, which is recognized as a national-level "specialized and innovative" small giant in the field of power IoT communication chips, aiming to become a core engine for expanding its "second growth curve" [1] Group 1: Company Overview - Siling Technology was established in 2016 by a team of PhD researchers from the Chinese Academy of Sciences, focusing on the research and sales of power IoT communication chips [1] - The company specializes in High-Speed Power Line Carrier (HPLC) and High-Speed Dual-Mode (HDC) communication chips and modules, which are widely used in smart meters and key equipment in power grids [1] - Siling Technology has independently mastered several core technologies, including digital communication, algorithm processing, and mixed-signal technology, and has participated in the formulation of 1 international standard, 1 national standard, and 15 group standards [1] Group 2: Market Performance - Siling Technology has maintained a gross margin of over 43% for the past three years, which is higher than the industry average [1] - The company is a core vendor involved in the formulation of new generation communication chip standards for the State Grid and has consistently won bids within the State Grid system, providing support for future performance with its backlog of orders [1] - Despite experiencing a temporary loss due to the divestiture of a loss-making subsidiary from January to July 2025, this impact is considered a one-time event and does not affect long-term operations [1] Group 3: Strategic Implications - Through the acquisition of Siling Technology, Tongye Technology officially enters the high-growth power IoT chip sector, leveraging its technological advantages and customer resources to build a new business growth pole [2]

相较于此前8月份的公告，最新交易方案在估值、收购比例、股权绑定等方面作出多项优化，进一步减 轻公司资金压力并优化了与核心团队的利益绑定方案，展现双方务实合作态度，有望推动交易顺利落 地。 根据最新公告，思凌科100%股权估值由不超过6.7亿元调整为6.12亿元，对应收购91.69%股权的交易对 价降至5.61亿元。估值调降直接缓解了通业科技的支付压力。 同时，方案引入实际控制人免息借款支持，金额达5000万元，期限一年，有效降低外部融资需求与财务 成本。剩余资金拟通过并购贷款解决，当前政策环境下银行对并购支持力度加大，贷款利率低、还款灵 活，为企业提供了可持续的资金安排。 导语：近日，通业科技发布了"重大资产购买暨关联交易的相关公告"，拟收购电力通信芯片设计公司思 凌科91.69%股权。 整体来看，本次方案在估值、资金、股权等多个维度精细打磨，体现交易双方的高度诚意，也为后续业 务协同与整合奠定了坚实基础。 在股权结构方面，思凌科核心团队受让通业科技股份比例由10%调降至6%，既减轻其购股压力，也通 过持股实现利益深度绑定。通业科技实控人在交易后仍持有超68%股份，控制地位稳固，有力回应了市 场对实控人"变相 ...

长江商报消息 通过高溢价收购，通业科技（300960.SZ）将业务延伸至电力物联网芯片领域。 12月27日晚间，通业科技披露资产收购计划，拟以5.61亿元现金购买北京思凌科半导体技术有限公司 （以下简称"思凌科"）91.69%股权。本次交易完成后，思凌科将成为上市公司的控股子公司。 资料显示，思凌科聚焦于电力物联网通信芯片领域。通过本次收购，通业科技将在原有轨道交通机车车 辆电气业务的基础上延伸市场，提升核心竞争力。 长江商报记者注意到，本次交易中，思凌科整体估值溢价率达387.41%。交易完成之后，通业科技将新 增商誉3.59亿元。 溢价收购的同时，交易对手方作出思凌科未来三年净利润不低于1.75亿元的业绩承诺，且为了加强核心 团队成员与公司绑定，通业科技的实控方还拟作价1.88亿元向思凌科实控人控制的共青城思凌企管投资 合伙企业（有限合伙）（以下简称"思凌企管"）转让6%上市公司股份。 截至2025年7月末，通业科技账面现金及现金等价物余额2亿元，与本次交易总支付对价5.61亿元存在一 定资金缺口。据测算，交易完成之后，通业科技资产负债率将从37.53%上升至66.95%，其面临的财务 与整合风险不容忽视 ...