12月28日，通业科技（300960）发布公告称，公司拟现金收购北京思凌科半导体技术有限公司(以下简称思凌科半导体)91.69%股 权，交易价格敲定5.61亿元。 思凌科半导体将成为通业科技的控股子公司，本次交易仍构成重大资产重组。 公开资料显示，思凌科成立于2016年3月，其经营范围涵盖技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广； 集成电路设计；信息系统集成服务；物联网技术服务；软件开发等。 2023年—2024年，思凌科营业收入分别为2.9亿元、3.1亿元；净利润分别为2950万元、3089万元。此次交易设置了业绩承诺，相 关方承诺，思凌科2026年度至2028年度累计实现的净利润不低于1.6亿元。 责编：叶舒筠 据悉，公司此前原计划收购思凌科半导体100%股权，经与交易对方多次沟通协商，并结合相关方最终意愿，对收购比例进行了 调整。公司决定将本次重大资产重组的收购比例由100%调整为91.69%，交易价格为5.61亿元。 潜望系列深度报道丨股事会专栏丨投资小红书丨e公司调查丨时报会客厅丨十大明星私募访谈丨小米突发！高管拟减持不超过20 亿美元股票！丨A股，迎多项利好！丨丨丨丨丨丨丨丨 校 ...

12月28日，通业科技（300960）发布公告称，公司拟现金收购北京思凌科半导体技术有限公司（以下简称思凌科半导体）91.69% 股权，交易价格敲定5.61亿元。 据悉，公司此前原计划收购思凌科半导体100%股权，经与交易对方多次沟通协商，并结合相关方最终意愿，对收购比例进行了 调整。公司决定将本次重大资产重组的收购比例由100%调整为91.69%，交易价格为5.61亿元。 思凌科半导体将成为通业科技的控股子公司，本次交易仍构成重大资产重组。 公开资料显示，思凌科成立于2016年3月，其经营范围涵盖技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广； 集成电路设计；信息系统集成服务；物联网技术服务；软件开发等。 2023年—2024年，思凌科营业收入分别为2.9亿元、3.1亿元；净利润分别为2950万元、3089万元。此次交易设置了业绩承诺，相 关方承诺，思凌科2026年度至2028年度累计实现的净利润不低于1.6亿元。 （文章来源：证券时报） ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 【导读】通业科技披露重大资产重组进展 中国基金报记者张舟 通业科技披露重大资产重组进展，公司对思凌科半导体的收购方案迎来调整！ 12月28日，通业科技发布公告称，公司拟现金收购北京思凌科半导体技术有限公司（以下简称思凌科半 导体）91.69%股权，交易价格敲定5.61亿元。 据悉，公司此前原计划收购思凌科半导体100%股权，经与交易对方多次沟通协商，并结合相关方最终 意愿，对收购比例进行了调整。公司决定将本次重大资产重组的收购比例由100%调整为91.69%，交易 价格为5.61亿元。 思凌科半导体将成为通业科技的控股子公司，本次交易仍构成重大资产重组。 同时，在本次交易中，公司控股股东、实际控制人及其一致行动人，拟向思凌科半导体实际控制人控制 的企业转让公司6%股份，该事项预计在未来十二个月内发生。 业绩承诺方面，补偿义务人承诺，根据资产评估机构出具的《资产评估报告》，标的公司2026年、2027 年和2028年的承诺净利润累计不低于1.75亿元。 资料显示，思凌科半导体专注于电力物联网通信芯片及相关产品的研发、设计 ...

华福证券 2025 年 12 月 28 日 3-5Y 中高等级利差收敛 二永债收益率大致平稳 —— 信用利差周度跟踪 20251228 投资要点： ➢ 利率债窄幅震荡短端偏强，3-5Y 中高等级信用利差收敛。本周利率债 继续震荡，中短端表现偏强，1Y 期国开债收益率较上周下行 4BP，3Y、5Y 和 7Y 期下行 1BP，10Y 期上行 2BP。信用债表现分化，3Y 和 5Y 期品种 多数跟随利率下行，中高等级品种表现略强。1Y 期 AA+及以上等级收益率 持平，AA 和 AA-级收益率上行 1BP；3Y 期 AA+及以上等级信用债收益率 下行 1-3BP，其余等级持平；5Y 期各等级信用债收益率下行 3-4BP；7Y、 10Y 期 AAA 信用债收益率下行 1-2BP，其余等级上行 2-3BP。信用利差同 样分化，1Y 期各等级信用利差上行 4-5BP；3Y 期 AA+及以上等级信用利 差下行 1-3BP，其余持平；5Y 期各等级信用债利差下行 2-3BP；7Y 期 AAA 级信用利差持平，其余等级上行 3BP；10Y 期 AAA 等级信用利差下行 4BP， 其余等级上行 0-1BP。 ➢ 本周城投债利差多 ...

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry. Core Insights - In November, the average price of new residential properties in 100 cities increased by 0.37% month-on-month and 2.68% year-on-year, reaching 17,036 CNY per square meter. In contrast, the average price of second-hand residential properties decreased by 0.94% month-on-month and 7.95% year-on-year, standing at 13,143 CNY per square meter [3][12]. - The rental market showed a decline, with the average rent in 50 cities falling by 0.60% month-on-month and 3.57% year-on-year, averaging 34.36 CNY per square meter per month [17][19]. Summary by Sections New Residential Prices - The average price of new residential properties in 100 cities was 17,036 CNY per square meter, with a month-on-month increase of 0.37% and a year-on-year increase of 2.68%. Among first-tier cities, prices rose by 0.75% month-on-month and 6.66% year-on-year [8][10]. - In November, 31 cities experienced a month-on-month price increase, while 64 cities saw a decrease. The cities with the highest month-on-month increases included Shanghai (1.39%), Chengdu (1.34%), and Hangzhou (1.27%) [9][11]. Second-hand Residential Prices - The average price of second-hand residential properties in 100 cities was 13,143 CNY per square meter, with a month-on-month decrease of 0.94% and a year-on-year decrease of 7.95%. First-tier cities saw a month-on-month decline of 1.15% and a year-on-year decline of 5.62% [12][14]. - All 100 cities reported a month-on-month decline in second-hand residential prices, with Nanjing experiencing the largest drop at 1.83% [13][15]. Rental Market - The average rent in 50 cities was 34.36 CNY per square meter per month, reflecting a month-on-month decline of 0.60% and a year-on-year decline of 3.57% [17][19]. - Only one city saw a month-on-month rent increase, while 49 cities experienced declines, with the largest drop in Xi'an at 1.32% [18][19].

港股一日游，集体小幅低开后全天震荡反弹，但始终被中轴压制，恒生科技低开低走跌幅居前，恒生内房地、恒生工商等紧随其后，恒生金融指 数和恒生内石油逆势收涨。 | 名称 | 现价 | 涨幅1 | 涨跌 | 开盤 | 昨收 | 最高 | 最低 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 恒生科技指数 | 3468.50 | -1.14% | -40.11 | 3451.18 | 3508.61 | 3474.96 | 3435.28 | 213.8亿 | | 恒指波幅指数 | 19.09 | -0.73% | -0.14 | 19.36 | 19.23 | 19.42 | 18.83 | 0 | | 恒生内地房地 | 1029.26 | -0.61% | -6.33 | 1030.93 | 1035.59 | 1031.90 | 1012.78 | 9.041亿 | | 恒生工商指数 | 9701.92 | -0.49% | -47.56 | 9664.10 | 9749.48 | 9716.73 | 9640.23 | 280. ...

Core Insights - The Panyu District real estate market has shown a robust performance with over 1.2 million square meters sold since the beginning of 2025, indicating a stable market without strong interventions [1] - Notable projects such as Greentown Yuhaitang and Longfor Central Jing Song have achieved rapid sales, with the former selling out within a year and the latter nearing completion of sales [1] - The government is encouraged to enhance project-related infrastructure and collaborate with enterprises to improve the real estate market [1] Group 1: Market Performance - Panyu District's new housing sales area reached approximately 1.23 million square meters this year, with some new projects achieving sales rates of 80% to 90% or even selling out [1] - The Guangzhou Football Park project is a significant development that will feature a professional stadium and extensive commercial and residential facilities, aiming to create a comprehensive urban complex [2] - The Xinghui Jincheng project has excelled in sales, ranking first in residential contract numbers in Guangzhou, highlighting its strong demand driven by comprehensive educational and living facilities [2] Group 2: Industry Perspectives - The Guangzhou Real Estate Industry Association emphasizes that good products will always find a market, reflecting confidence in the real estate sector [3] - The strong performance of the Panyu District real estate market is attributed to its solid regional development foundation, showcasing resilience and unique appeal in the current market environment [3] - The association's leadership believes that the recent market activities will help clarify how to better support enterprises and invigorate the market [3]

Summary of J.P. Morgan Property Data Monitor Industry Overview - **Industry**: Real Estate in Mainland China and Hong Kong SAR - **Key Focus**: Primary and secondary property sales, home prices, and market indicators Mainland China Insights - **Primary Sales**: - 60-city primary sales registrations decreased by **45% year-over-year (Y/Y)**, improving from a previous decline of **49%** [4] - **Secondary Sales**: - 12-city secondary sales registrations fell by **22% Y/Y**, an improvement from **26%** [4] - **Market Indicators**: - Centaline tier-1 cities secondary asking price index increased slightly from **17.3 to 17.7**, remaining low since May 2024 [4] - Centaline manager confidence index rose from **46 to 48** [4] - **Share Price Performance**: - The sector dropped by **2%** last week, underperforming the Hang Seng Index (HSI) which rose by **1%** [4] - Notable performers included Greentown Service (+2%), Vanke, and Jinmao (+1%), while Country Garden fell by **8%** [4] - **Top Picks**: - J.P. Morgan's top picks include CR Land, CR Mixc, and Jinmao, with a focus on higher beta in a policy-induced rally [4] Hong Kong SAR Insights - **Home Prices**: - The home price index increased by **1.1% week-over-week (W/W)**, reaching the highest level since May 2024, with a **5% increase year-to-date** [4] - Expected further growth of **5-7%** in 2026 [4] - **Centa Valuation Index (CVI)**: - The CVI remained elevated at **74.3**, indicating banks are revising property valuations upwards [4] - **New Launches**: - Grand Mayfair III launched a batch of **125 units** with an average selling price (ASP) of **HK$15.6K**, selling **28%** of the units [4] - One Park Place released a price list for **118 units** at **HK$15.9K psf**, with **73%** of the previous batch sold [4] - **Secondary Transactions**: - Secondary transactions in the top 35 estates dropped by **1% W/W**, totaling **73 units** [4] - **Share Price Performance**: - The sector was flat last week, underperforming the HSI (+1%), with outperformers including Champion REIT and NWD (both +5%) [5] Additional Insights - **Tourist Arrivals**: - Total tourist arrivals showed a **4% increase** week-over-week, with a **6% increase** year-over-year [52] - **Market Sentiment**: - The overall market sentiment remains cautious, with significant declines in primary sales indicating potential risks in the real estate sector [4][5] This summary encapsulates the key points from the J.P. Morgan Property Data Monitor, highlighting the current state of the real estate market in Mainland China and Hong Kong SAR, along with critical indicators and performance metrics.

Summary of Real Estate Industry Conference Call Industry Overview - The real estate industry is experiencing a gradual stabilization after a significant downturn, with leading companies beginning to recover [1][2] - In 2025, the cumulative sales area of commercial housing decreased by nearly 50% compared to the peak in 2021, with a sales revenue decline of approximately 11% [1][4] - The new housing market continues to decline, while the second-hand housing market shows a slight increase in transaction volume [1][5] Key Market Indicators - For 2025, the overall core indicators of the real estate market are on a downward trend, with a projected 8% decrease in sales area and a 10% increase in land transaction prices [2] - The expected decline in new construction area for 2026 is about 14%, with sales area projected to decrease by 6% and development investment down by 8% [3][15] Inventory and Supply Dynamics - The narrow inventory (completed but unsold area) has a de-stocking cycle of approximately 20 months, while the broad inventory (including unsold properties under construction) has a cycle of 26 months [7] - New housing supply has significantly decreased, leading to a gradual reduction in inventory, although pressure remains [7] Land Market and Developer Investment - The average transaction price of residential land has slightly increased due to the availability of quality land in core cities, although overall land supply has decreased significantly in many cities [8][12] - Leading companies like China Overseas, Greentown, and Poly are leading in land acquisition, while larger firms are adopting a more cautious investment approach [12] Company Performance and Market Segmentation - Sales pressure is increasing, with top companies like China Resources Land, China Merchants Shekou, and Country Garden showing relatively stable performance compared to the overall market [9][11] - The property management sector is shifting focus from scale to efficiency, while the brokerage industry is expected to grow due to the increasing proportion of existing homes [10] Financial Challenges and Risks - Real estate companies face significant financial pressure, with a peak in debt maturities expected in 2025-2026, amounting to approximately 600 billion yuan in 2026 [13] - Companies with high overseas debt exposure, such as Sunac and Country Garden, are under greater stress due to higher costs compared to domestic financing [13] Policy Impact - Government policies are aimed at stabilizing the real estate market, including relaxing purchase restrictions and optimizing financial mechanisms [14] - Measures to stimulate demand and improve housing quality are being implemented, including increased issuance of special bonds and revitalizing existing land [14] Investment Recommendations - Recommended companies for investment include China Resources Land, China Merchants Shekou, New City Holdings, and Poly Development, as well as property management firms like China Resources Vientiane Life and Greentown Service [10][16] - In the brokerage sector, companies like Beike and I Love My Home are highlighted as potential beneficiaries of the recovery in the existing home market [10][16]

【内容摘要】12月25日，资金面维持稳中偏宽态势；债市窄幅震荡，短债偏暖，中长债表现偏弱；转债市场主要指数集体跟涨，转债个券多数上涨。 一、债市要闻 （一）国内要闻 【金融监管总局强化三类资管产品信披管理】12月25日，金融监管总局发布《银行保险机构资产管理产品信息披露管理办法》，立足"同类业务、相同标 准"，统一明确了资产管理信托产品、理财产品、保险资管产品信息披露的基本原则、责任义务、共性内容及内部管理要求，对三类产品的信息披露行为进 行了系统规范，督促机构严格履行信义义务，充分保障投资者的知情权和选择权。《办法》相关规定将自2026年9月1日起施行。 【离岸人民币汇率升破"7"关口】12月25日，外汇市场迎来标志性时刻——离岸人民币对美元汇率开盘升破"7"关口，2024年10月以来首次收复这一重要整数 关口，盘中最高触及6.9985，创15个月以来新高。与此同时，在岸人民币对美元汇率同步走强，逼近"7"关口，报7.0066，创2024年9月以来新高。2025年以 来，伴随美元走弱，人民币汇率开启显著升值通道，11月下旬后更是呈现明确单边升值态势。 【央行：支持西部陆海新通道沿线省区市参与多边央行数字货币 ...