并购重组 观想科技公告称，公司拟以发行股份方式购买辽晶电子不低于60%的股权，同时募集配套资金。本次交 易尚存在不确定性。公司股票12月22日开市时起停牌 增减持 德林海：副董事长马建华拟减持公司股份不超19.6万股 德林海公告称，因个人资金需求，公司副董事长马建华拟通过集中竞价方式减持其持有的公司股份不超 过19.6万股，占公司总股本的比例不超过0.1735%，占其个人本次减持前所持公司股份数量的比例不超 过 25%。 水星家纺：股东李丽君、李裕奖拟合计减持不超1.72%股份 中天精装：参投企业拟间接收购中国高科控制权 中天精装公告称，参投合伙企业长江半导体拟受让方正国际教育100%股权，从而间接收购中国高科的 控制权。长江半导体拟向中国高科导入半导体封装业务，聚焦HBM封装、定制化封装产品，具体需以 后续实际发生的进展为准。 金石资源：拟2.57亿元购买诺亚氟化工15.71%股权 金石资源公告称，公司拟以2.57亿元的对价，以现金方式受让诺亚氟化工股东所合计持有的15.7147%股 权，公司将成为诺亚氟化工第二大股东。本次交易系公司依托上游资源优势，对下游精细化工领域优质 标的实施的战略性参股投资。 观想 ...

值得注意的是，中天精装全资子公司中天精艺认购了中经芯玑17.38%的合伙份额，并借助这个平台投 资了多家半导体产业链企业。本次交易的收购方长江半导体为中经芯玑参投的芯玑半导体联合长江云河 与上海世禹共同设立。本次投资进展事项完成后，长江半导体拟向中国高科导入半导体封装业务，聚焦 HBM封装、定制化封装产品。 中天精装公告显示，其近年对外投资模式纵深布局半导体产业链。中天精装表示，将持续关注有关对外 投资的后续进展，保持战略定力，充分利用有关资源优势，积极推动、力争实现参控股企业的协同发 展，为公司长远、高质量发展构建有力支点。(CIS) 12月21日，中天精装（002989）发布公告称，公司近日收到参投企业书面通知，参投企业长江半导体拟 受让方正国际教育的100%股权，从而间接收购中国高科（600730）的控制权。 本次投资进展事项完成后，中国高科间接控股股东变更为长江半导体，公司的实际控制人(共同实际控 制人)为东阳市人民政府国有资产监督管理办公室、孙维佳、梁猛、贺怡帆、曹龙。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 标的中国高科经营数据出炉 深圳中天精装股份有限公司（证券代码：002989，简称"中天精装"）12月21日公告披露，公司通过参股 合伙企业间接参与的湖北长江世禹芯玑半导体有限公司（简称"长江半导体"）拟以12亿元收购方正国际 教育咨询有限责任公司100%股权，从而间接收购中国高科集团股份有限公司（证券代码：600730，简 称"中国高科"）控制权。本次交易尚需国有资产监督管理部门审核批准及工商变更登记，实施完成存在 不确定性。 交易概况：12亿元收购上市公司控制权 公告显示，长江半导体为依托上市平台创造价值，与新方正控股发展有限责任公司签署股权转让协议， 拟以12亿元收购其持有的方正国际教育100%股权。由于方正国际教育持有中国高科20.03%股权（为第 一大股东），本次交易完成后，长江半导体将通过方正国际教育间接控制中国高科，中国高科实际控制 人将变更为东阳市人民政府国有资产监督管理办公室、孙维佳、梁猛、贺怡帆、曹龙（共同实际控制 人）。 本次交易价款分四期支付：第一期50%（6亿元）于协议生效后7个工作日内支付，第二期20%（2.4亿 元）于30个工作日内 ...

Core Viewpoint - The article discusses the recent share reduction by the National Integrated Circuit Industry Investment Fund ("Big Fund") in Tongfu Microelectronics, highlighting the implications for the semiconductor industry and the company's future prospects [2][4][6]. Group 1: Share Reduction Details - On May 18, Tongfu Microelectronics announced that the Big Fund plans to reduce its stake by up to 37.94 million shares, representing 2.5% of the total share capital, potentially raising over 950 million yuan [2]. - This marks the third reduction by the Big Fund since Q4 2024, decreasing its holding from 8.77% to around 6% [2][4]. - The reason for the reduction is stated as "operational management needs" [2]. Group 2: Market Reactions - Investor sentiment is divided into two camps: optimistic investors view the reduction as a normal exit strategy, while cautious investors express concerns over the broader "reduction wave" in the semiconductor sector, with 26 companies announcing similar actions [3]. - Tongfu Microelectronics' Q1 net profit only increased by 2.94%, and its inventory surged by 68.88% year-on-year, raising concerns about short-term stock price pressure [3][5]. Group 3: Strategic Implications - The reduction reflects a strategic shift by the Big Fund, which is focusing on critical areas such as equipment and materials, with a new fund established to target these sectors [4]. - The Big Fund's investment in Tongfu Microelectronics began in 2018, and the current stock price has doubled since then, indicating a successful investment cycle [4]. - The company is maintaining aggressive investments in technology, with R&D expenses projected to reach 999 million yuan in 2024, a 58.53% increase year-on-year [5]. Group 4: Long-term Outlook - The article suggests that the reduction should not be seen as a negative indicator for the company's value but rather as a reallocation of capital to more urgent needs within the industry [5][6]. - Key factors for Tongfu Microelectronics' long-term value will include inventory turnover efficiency, new customer acquisition, and the progress of advanced packaging technologies [6]. - The market should focus on the company's technological barriers and performance elasticity rather than simply interpreting the reduction as a negative signal [6].