股票代码：600895 股票简称：张江高科 公告编号：临 2025-029 上海张江高科技园区开发股份有限公司 控股股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 注：上表中减持方式及对应减持数量不包含通过集中竞价交易取得的非特定股份。 预披露期间，若公司股票发生停牌情形的，实际开始减持的时间根据停牌时间相应顺延。 截至本公告披露日，公司控股股东上海张江（集团）有限公司（以下简称"张 江集团"）持有公司无限售条件流通股 786,036,600 股，占公司总股本的 50.75%， 其中 770,387,814 股为公司首次公开发行股票前（以下简称"IPO 前"）及上市 后通过配股、协议受让等方式取得的股份（以下简称"特定股份"），15,648,786 股为通过证券交易所集中竞价交易买入取得的股份（以下简称"非特定股份"）。 减持计划的主要内容 因张江集团自身经营发展需要，张江集团拟通过集中竞价交易方式减持公司 股份，减持的特定股份总数不超过公司股份总数的 1% ...

Core Viewpoint - Zhangjiang Hi-Tech (600895) announced that its controlling shareholder, Shanghai Zhangjiang (Group) Co., Ltd., plans to reduce its stake in the company through centralized bidding, with a total reduction not exceeding 1% of the company's total shares [1] Summary by Sections - **Share Reduction Details** - The total number of shares to be reduced is not more than 15,486,900 shares [1] - The reduction period is set for three months starting 15 trading days after the announcement [1]

Core Viewpoint - Zhangjiang Hi-Tech (600895.SH) announced that its controlling shareholder, Zhangjiang Group, plans to reduce its stake in the company due to its own operational needs, with a maximum reduction of 1% of the total shares outstanding [1] Summary by Relevant Sections - **Share Reduction Details** - Zhangjiang Group intends to reduce its holdings by no more than 15,486,900 shares, excluding non-specific shares obtained through centralized bidding [1] - The reduction period is set to begin 15 trading days after the announcement and will last for three months [1]

Core Viewpoint - Zhangjiang Hi-Tech (600895.SH) announced that its controlling shareholder, Zhangjiang Group, plans to reduce its stake in the company due to its own operational needs, with a maximum reduction of 1% of the total shares outstanding [1] Summary by Categories - **Share Reduction Details** - Zhangjiang Group intends to reduce its holdings by no more than 15,486,900 shares, excluding non-specific shares acquired through centralized bidding [1] - The reduction period is set for three months, starting 15 trading days after the announcement [1]

Core Viewpoint - Zhangjiang Hi-Tech's stock rose by 5.17% to 53.86 CNY per share, with a trading volume of 7.8 billion CNY and a turnover rate of 9.54%, resulting in a total market capitalization of 83.41 billion CNY [1] Company Overview - Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd. was established on April 18, 1996, and listed on April 22, 1996. The company is located at 560 Songtao Road, Shanghai [1] - The main business involves land development and land use rights management within the assigned plots, as well as investment and operation of commercial high-tech projects [1] - Revenue composition includes: 53.08% from industrial space leasing, 46.06% from industrial space sales, and 0.87% from other sources [1] Shareholder Information - Noan Fund's Noan Optimized Configuration Mixed A (006025) is among the top ten circulating shareholders of Zhangjiang Hi-Tech. In Q2, it reduced its holdings by 679,100 shares, retaining 6,649,400 shares, which accounts for 0.43% of circulating shares [2] - The fund has achieved a year-to-date return of 50.38%, ranking 1171 out of 8167 in its category, and a one-year return of 114.93%, ranking 178 out of 8010 [2] Fund Manager Performance - The fund manager of Noan Optimized Configuration Mixed A is Liu Huiying, who has been in the position for 3 years and 60 days. The total asset size of the fund is 23.674 billion CNY [3] - During Liu's tenure, the best fund return was 76.89%, while the worst was 14.44% [3] Fund Holdings - Noan Optimized Configuration Mixed A has Zhangjiang Hi-Tech as its ninth-largest holding, with 6,649,400 shares representing 7.61% of the fund's net value [4] - The fund's estimated floating profit from its holdings in Zhangjiang Hi-Tech is approximately 17.62 million CNY [4]

Core Viewpoint - Zhangjiang Hi-Tech (600895.SH) has recently gained significant attention in the capital market due to a surge in its stock price, driven by its investment in Shanghai Micro Electronics Equipment (Group) Co., Ltd., a key player in the domestic semiconductor equipment industry [2][4]. Group 1: Stock Performance and Market Reaction - Since September 19, Zhangjiang Hi-Tech's stock price has risen sharply, reaching a historical high of 54.95 yuan per share on September 25, with a total market capitalization soaring to 851 billion yuan [2]. - The company announced that its stock price had deviated by a cumulative 20% over three consecutive trading days from September 19 to 23 [2]. - On September 26, the stock price experienced a quick correction, closing at 52.15 yuan per share, indicating a rational market adjustment after the previous surge [8]. Group 2: Strategic Investments and Business Transformation - Zhangjiang Hi-Tech has transitioned from a real estate-focused company to a "technology investment bank," with a growing emphasis on industrial investments, particularly in the semiconductor sector [4][10]. - The company holds approximately 10.78% of Shanghai Micro Electronics, which has become increasingly valuable amid the acceleration of domestic lithography machine replacements and international technology blockades [5]. - Zhangjiang Hi-Tech's revenue has shown steady growth, increasing from 779 million yuan in 2020 to an expected 1.983 billion yuan in 2024, with a compound annual growth rate of about 26.3% [10]. Group 3: Financial Performance and Challenges - In the first half of 2024, Zhangjiang Hi-Tech reported a 39.05% increase in revenue, reaching 1.129 billion yuan, driven by a 55.43% rise in industrial space sales [11]. - Despite revenue growth, the company faces cost pressures, with operating costs rising by 119.60% compared to the previous year [12]. - The company has been experiencing negative cash flow from operating activities since 2020, with a cash flow ratio dropping from 0.21 to -1.21 by 2024, indicating a struggle between profitability and cash availability [14]. Group 4: Industry Context and Future Outlook - The semiconductor equipment sector is undergoing a significant transformation, with Zhangjiang Hi-Tech positioned at a critical juncture in the domestic upgrade of semiconductor manufacturing equipment [3]. - The market is currently driven by enthusiasm for lithography machines, but experts warn of potential risks due to overvaluation and speculative trading [7]. - The future investment value of Zhangjiang Hi-Tech will largely depend on whether Shanghai Micro Electronics can achieve sustainable technological breakthroughs and successfully convert them into commercial success [14].

Core Viewpoint - The semiconductor manufacturing sector, particularly the photolithography machine segment, is experiencing significant growth, with domestic companies gaining unprecedented attention in the secondary market [3][5]. Industry Overview - The photolithography machine is crucial for semiconductor processing, determining the smallest line widths through exposure and photoresist application [7]. - The global market is dominated by ASML, which holds over 80% market share, particularly in the high-end EUV segment [7][8]. - Domestic photolithography machine manufacturers, led by Shanghai Micro Electronics (SMEE), have a low localization rate of only 2.5%, indicating a significant gap compared to international leaders [9]. Market Performance - The photolithography concept stocks have seen substantial price increases, with Zhangjiang Hi-Tech (600895.SH) hitting a historical high and other related stocks like Jiangfeng Electronics (300666.SZ) rising over 17% [3]. - The Wind photolithography index has increased nearly 130% over the past year, with a peak reached on September 24 [3]. Company Developments - Zhangjiang Hi-Tech has invested 22.345 million yuan in Shanghai Micro Electronics, acquiring a 10.779% stake [5]. - Jiangfeng Electronics is developing key materials for photolithography processes and has entered mass production for core cooling components for machines targeting nodes below 28nm [5]. Technological Landscape - The domestic photolithography industry is advancing, but still faces challenges in high-end technology, primarily reliant on imports from countries like the Netherlands and Japan [5][11]. - The industry consists of upstream equipment and materials, midstream system integration and production, and downstream applications [11]. Future Outlook - There is a growing expectation for breakthroughs in the domestic photolithography machine industry due to geopolitical factors limiting access to ASML's EUV machines [10]. - The development of the photolithography machine sector requires collaboration among key companies, research institutions, and government support to achieve supply chain autonomy [12][16].

Core Insights - The semiconductor lithography machine sector is experiencing significant market interest, particularly in the domestic industry chain, with notable stock price movements in related companies [1][2] - Shanghai Micro Electronics Equipment (SMEE) showcased its extreme ultraviolet (EUV) lithography machine at the China International Industry Fair, marking a pivotal moment for domestic technology [1][2] - The market for lithography machines in mainland China is vast but heavily reliant on imports from countries like the Netherlands and Japan, highlighting the need for self-sufficiency amid export control challenges [2][7] Company Developments - Zhangjiang Hi-Tech (600895.SH) reached a historical stock price high, with significant gains observed in other related companies such as Jiangfeng Electronics (300666.SZ) and United Chemical (301209.SZ) [1] - Jiangfeng Electronics has entered mass production of a core cooling component for lithography machines, targeting the 28nm process node, indicating a move into critical areas of lithography equipment [2][5] - SMEE is currently the only domestic lithography machine manufacturer, holding over 80% of the domestic market share and capable of producing machines for 90nm and below [5][6] Market Dynamics - ASML dominates the global lithography machine market, holding over 80% market share, with a reported net sales of €7.7 billion and a net profit of €2.3 billion in Q2 2025 [3][4] - The domestic lithography machine industry is still significantly behind international leaders, with a current localization rate of only 2.5% [5][11] - The industry faces challenges in technology and supply chain issues, necessitating collaboration across the domestic supply chain to overcome these barriers [7][11] Technological Landscape - The lithography machine market is categorized into five generations, with EUV being a key focus for future development [3][4] - Domestic companies are making strides in various technical fields related to lithography, including laser sources and optical systems, indicating a growing capability in the sector [9][10] - The industry is characterized by high barriers to entry and significant capital requirements, necessitating a coordinated national effort for advancement [11]

Market Performance - The three major stock indices opened lower but closed higher, with the Shanghai Composite Index at 3853.30 points, down 0.01%, the Shenzhen Component Index at 13445.90 points, up 0.67%, and the ChiNext Index at 3235.76 points, up 1.58% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.37 trillion yuan [1] Sector Highlights - The AI sector continued to perform strongly, with companies like Inspur Information (000977), Cambridge Technology (603083), and Huagong Technology (000988) hitting their daily limit and reaching historical highs [1] - The energy storage sector saw fluctuations, with Sunshine Power (300274) and CATL (300750) also reaching historical highs [1] - The chip industry chain was notably active, with Zhangjiang Hi-Tech (600895), Tongfu Microelectronics (002156), and Kaimete Gas (002549) achieving historical highs during intraday trading [1] Declines - The port and shipping sector experienced a collective decline, with Nanjing Port (002040) dropping over 9% at one point [1] Investment Strategy - Pacific Securities indicated that market volatility has increased as the holiday approaches, with accelerated sector rotation [1] - Given the generally poor performance of A-shares before holidays, along with dual pressures from financing risks and interest rates, it is advised for investors to temporarily avoid sectors with high financing ratios [1] - The banking sector shows significant bottom support and may be worth monitoring [1]

Market Overview - On September 25, the A-share market experienced fluctuations, with the ChiNext Index rising over 2% at one point, reaching a three-year high. The Shanghai Composite Index closed down 0.01%, while the Shenzhen Component Index rose by 0.67% and the ChiNext Index increased by 1.58% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 2.37 trillion yuan, an increase of 44.3 billion yuan compared to the previous trading day [2] Sector Performance - The gaming, AI applications, and controllable nuclear fusion sectors saw significant gains, while the port shipping, precious metals, and oil and gas sectors experienced declines [2] International Market - The U.S. stock market indices collectively fell on September 25, with the Dow Jones Industrial Average down by 173.96 points (0.38%), closing at 45,947.32 points. The S&P 500 dropped by 33.25 points (0.50%) to 6,604.72 points, and the Nasdaq Composite fell by 113.16 points (0.50%) to 22,384.70 points [4][5] - European markets also saw declines, with the FTSE 100 down 0.39%, the CAC 40 down 0.41%, and the DAX down 0.56% [4][5] - International oil prices slightly decreased, with WTI crude oil closing at $64.98 per barrel (down 0.02%) and Brent crude oil at $69.42 per barrel (up 0.16%) [4][5] Digital Currency Development - The Digital Renminbi International Operation Center officially commenced operations, introducing three major business platforms aimed at enhancing cross-border payment systems and financial infrastructure [7] Copper Industry Insights - The China Nonferrous Metals Industry Association is accelerating research on how to strengthen the standardized management of copper smelting capacity, addressing issues of excessive competition and low processing fees in the copper industry [8][9][10] Policy Changes - Guangzhou has introduced new policies allowing real estate companies to sell self-held housing after paying the necessary fees, aimed at improving land utilization efficiency [13] - The Chinese Foreign Exchange Trading Center announced an increase in the daily net limit for the "Swap Connect" mechanism to 45 billion yuan starting October 13 [11] Company Announcements - Xiaomi launched its new Xiaomi 17 series smartphones, starting at a price of 4,499 yuan [12] - Several companies, including Shanghai Electric and Inspur Information, saw significant net inflows of capital, indicating strong market interest [18][20]