此外，公告显示，万通发展董事会将稳步推进高效整合数渡科技等既定的转型发展战略。 按照万通发展此前披露的公告，万通发展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（简称"数渡科技"）62.9801%的股权，投资完成后，数渡科技将成为万通发展的控 股子公司，并纳入上市公司合并报表。 公告显示，万通发展于8月18日被公司实际控制人、董事长王忆会家属告知，其收到北京市公安局的拘 留通知，王忆会正在公安机关配合调查。据其家属所述调查事项与万通发展日常生产经营无关。 按照公告，万通发展于8月18日召开第九届董事会第二十一次临时会议，经全体董事推举，由公司董 事、首席执行官钱劲舟代为履行公司董事长、法定代表人职责及董事会战略委员会主任委员、提名委员 会委员职责。代行职责的期限自本次董事会审议通过之日起至王忆会恢复履行职责或选举产生新任相关 职务人员之日止。 万通发展在公告中指出，公司具备完善的法人治理结构与内部控制体系，各项经营管理工作均有明确的 流程保障，公司日常经营管理由高管团队负责，其他董事、高级管理人员及监事目前均正常履职。公司 董事会运作正常，公司生产经营情况正常，该事项不会对公 ...

公司董事长突然被拘留，让万通发展（600246.SH）这家深陷亏损的老牌房企，在转型数字科技之路上蒙上一层阴影。 该公司8月18日晚间披露，万通发展被公司实际控制人、董事长王忆会家属告知，王忆会收到北京市公安局的拘留通知，其正在公安机关配 合调查。 据其家属所述，调查事项与万通发展日常生产经营无关。 随后，万通发展紧急召开董事会，推举董事兼首席执行官钱劲舟代为履行董事长及法定代表人职责。分析人士指出，钱劲舟作为公司现任 CEO，深度参与转型战略，此次临危受命并不意外。 在此之前，万通发展"收购芯片"被市场认为将对公司产生影响，该公司股价上扬明显。不过，万通发展8月18日股价以跌停收盘，跌幅达 9.96%，报收9.58元/股，总市值降至181亿元。 豪赌芯片 值得关注的是，这场高层地震发生在万通发展转型的关键节点。该公司于8月10日发布公告，拟投资8.54亿元收购芯片企业数渡科技 62.98%股权。 事实上， 万通发展收购数渡科技的计划充满争议 。这家成立于2021年的芯片企业数渡科技，2023年至2025年上半年累计净亏损超2.3亿 元，且2025年上半年营收仅1628.33万元。 万通发展对此次收购给出的解 ...

Core Viewpoint - The company, Wantong Development, is planning to acquire a 62.98% stake in Shudao Technology for a total investment of 854 million yuan through capital increase and equity transfer, which has raised questions from the stock exchange regarding the rationale and financial implications of the transaction [2][3]. Group 1: Transaction Details - Wantong Development received an inquiry letter from the stock exchange on August 11, requesting further explanations regarding the transaction's rationale, valuation of the target company, payment arrangements, and potential insider trading issues [2]. - The acquisition involves a cash payment of 854 million yuan, to be paid in installments, with the company having a cash balance of 1.168 billion yuan and interest-bearing liabilities of 1.753 billion yuan as of the first quarter of 2025 [3]. - The company plans to hold a board meeting on August 13 to review the acquisition, which does not constitute a major asset restructuring and does not require shareholder approval [2]. Group 2: Target Company Overview - Shudao Technology, established in February 2021, specializes in high-speed interconnect chip design and development, primarily for data transmission between GPUs, but is currently not profitable [2]. - The stock exchange has requested additional disclosures regarding Shudao Technology's business model, major clients, contracts, orders, and key financial data, as well as an analysis of the reasons for its ongoing losses [2]. Group 3: Financial and Operational Concerns - The stock exchange has raised concerns about the potential impact of the acquisition on Wantong Development's cash flow and liquidity, given the company's current financial situation and the high pledge ratio of its controlling shareholder's shares [3]. - There are inquiries regarding any potential related party transactions or conflicts of interest between the target company and Wantong Development's actual controller [3]. - Following the announcement of the acquisition, Wantong Development's stock price reached a limit up on the trading day prior, prompting the stock exchange to investigate potential insider trading [4].

Group 1 - The semiconductor industry is experiencing significant developments, with companies like SMIC and Hua Hong Semiconductor being viewed as essential stocks in the sector [1] - Lianqi Technology has submitted its IPO application to the Hong Kong Stock Exchange, with a market capitalization of approximately 98.4 billion RMB as of July 28 [1][2] - Lianqi Technology focuses on high-speed interconnect chip design and aims to provide innovative and reliable interconnect solutions for cloud computing and AI infrastructure [7][8] Group 2 - Lianqi Technology's revenue has fluctuated in recent years, with reported revenues of 3.67 billion RMB in 2022, 2.29 billion RMB in 2023, and projected revenues of 3.64 billion RMB in 2024 [14] - The company experienced a significant revenue decline in 2023 due to industry-wide destocking, but it anticipates a revenue increase of approximately 58.17% in the first half of 2025 [15][14] - The company's gross profit margins have shown improvement, with margins of 46.4% in 2022 and projected margins of 60.4% in the first quarter of 2025 [14] Group 3 - Lianqi Technology's product lines include interconnect chips and the Zindai server platform, with interconnect chips expected to account for 92% of revenue in 2024 [10] - The global high-speed interconnect chip market is projected to grow from $15.4 billion in 2024 to $49 billion by 2030, with a compound annual growth rate of 21.2% [25] - Lianqi Technology holds a 36.8% market share in the memory interconnect chip market, making it the largest supplier in this segment [27][29] Group 4 - The company has a decentralized ownership structure with no single controlling shareholder, which may contribute to its governance model [5] - Lianqi Technology's founders have extensive experience in engineering and management, which is crucial for the company's technological advancements [6][7] - The company has invested significantly in R&D, with expenditures representing 15.3% to 29.8% of total revenue during the reporting period [17]

2025 年 6 月 18 日 晨会速递 分析师点评 市场数据 行业研究 【石化】OPEC+5 月增产量低于计划值，地缘政治冲突驱动油价震荡上行——石油化 工行业动态跟踪(增持) 2025 年 5 月，OPEC+累计增产 18 万桶/日，其中自愿减产 8 国累计增产 15.4 万桶/ 日，沙特增产 17.7 万桶/日，OPEC+自愿减产 8 国的 5 月增产量低于此前决定的 41 万桶/日增量。截至 6 月 17 日，伊朗和以色列均打击了对方的能源设施，油价有望在 地缘政治前景的不确定性影响下震荡上行。风险分析：地缘政治风险，上游资本开支 增速不及预期，原油和天然气价格大幅波动。 公司研究 【通信】受益 AI 浪潮，成长空间广阔——澜起科技（688008.SH）跟踪报告之十三(买 入) 随着 DDR5 的持续渗透，以及公司高速互连芯片持续成长，有望带动公司净利润持续 快速增长。我们上调公司 2025-2026 年归母净利润预测为 22.24/30.75 亿元，较前次 上调幅度为 15%/15%，新增公司 2027 年归母净利润预测为 38.62 亿元，当前股价 对应 PE 41/30/24X。我们看好公司的长 ...