Market Overview - The Shanghai Composite Index rose by 0.09% on December 31, with 15 industries experiencing gains, led by defense and military industry at 2.13% and media at 1.54% [1] - The real estate sector ranked third in terms of daily gains, increasing by 1.13% [2] - The communication and agriculture sectors saw the largest declines, with drops of 1.35% and 1.10% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 32.27 billion yuan, with 22 industries experiencing net outflows [1] - The defense and military industry had the highest net inflow of 6.06 billion yuan, followed by the media industry with 4.44 billion yuan [1] - The electronics sector faced the largest net outflow, totaling 11.20 billion yuan, followed by the power equipment sector with 7.25 billion yuan [1] Real Estate Sector Performance - The real estate sector had a net capital inflow of 200 million yuan, with 73 out of 100 stocks in the sector rising [2] - Notable gainers included Zhangjiang Hi-Tech with a net inflow of 394 million yuan, and Chengjian Development and Hefei Urban Construction with inflows of 231 million yuan and 159 million yuan respectively [2] - The sector also had 17 stocks declining, with the largest outflows from Shoukai Co. at 449 million yuan, Hualian Holdings at 149 million yuan, and Wantong Development at 97 million yuan [3] Top Gainers in Real Estate - Zhangjiang Hi-Tech: +6.63%, 66.9% turnover, 393.85 million yuan inflow [2] - Chengjian Development: +9.98%, 66.5% turnover, 231.06 million yuan inflow [2] - Hefei Urban Construction: +10.04%, 31.1% turnover, 159.26 million yuan inflow [2] Top Losers in Real Estate - Shoukai Co.: -4.06%, 137.1% turnover, -448.58 million yuan outflow [3] - Hualian Holdings: -2.08%, 96.2% turnover, -148.67 million yuan outflow [3] - Wantong Development: -4.58%, 47.5% turnover, -96.75 million yuan outflow [3]

证券之星消息，12月31日房地产开发板块较上一交易日上涨1.18%，合肥城建领涨。当日上证指数报收 于3968.84，上涨0.09%。深证成指报收于13525.02，下跌0.58%。房地产开发板块个股涨跌见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | | 600895 张江高科 | 3.90 Z | 8.74% | -2.30 Z | -5.15% | -1.60 Z | -3.59% | | 600266 城建发展 | 2.06亿 | 30.49% | -8935.77万 | -13.25% | -1.16 Z | -17.24% | | 002208 合肥城建 | 1.18亿 | 38.27% | -4962.65万 | -16.07% | -6858.39万 | -22.20% | | 000809 和展能源 | 5495.53万 | 22.78% | -2000.95万 | -8.30% | -3494.59万 | ...

Group 1 - The A-share market showed mixed performance on December 31, with the cultural media and aerospace military sectors leading the gains. The real estate ETF (512200.SH) rose by 1.35%, and Zhangjiang Hi-Tech increased by 6.68% [1] - According to Kaiyuan Securities, the investment logic for the real estate sector is driven by several policy measures, including the Ministry of Housing and Urban-Rural Development promoting housing delivery, old housing updates, expansion of financing whitelist, and the implementation of existing housing sales regulations. The central bank is also facilitating affordable housing re-loans, and Beijing is optimizing purchase restrictions [1] - The market is witnessing a month-on-month increase in both new and second-hand housing transactions, indicating a marginal improvement in demand. Additionally, under a backdrop of proactive fiscal policy and moderately loose monetary policy, the acceleration of stockpiling and urban village renovations is improving the supply-demand relationship [1] - Although housing prices may experience slight fluctuations, the continuous policy support is expected to stabilize the industry, making the real estate ETF (512200.SH) a potential focus for investors [1]

Core Viewpoint - The company, Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd., plans to invest in the "Jianghe Yaochen Enterprise Management Center (Limited Partnership)" with a maximum contribution of RMB 1.4 billion as part of a larger fundraising effort not exceeding RMB 7 billion [2][3]. Investment Overview - The investment is initiated by China Galaxy Investment Management Co., Ltd. and Huaan Future Asset Management (Shanghai) Co., Ltd. [2][3] - The company will participate as a limited partner in the partnership, with a total fundraising scale of up to RMB 7 billion, and its contribution will not exceed RMB 1.4 billion [2][3]. Partner Information - China Galaxy Investment Management Co., Ltd. was established on August 22, 2000, with a registered capital of RMB 4.5 billion, focusing on investment and asset management [4]. - Huaan Future Asset Management (Shanghai) Co., Ltd. was founded on October 1, 2013, with a registered capital of RMB 278.7 million, specializing in asset management for specific clients [6]. Partnership Structure - The partnership will have a duration of 2 years for investment and 3 years for exit, with a possible extension of 2 years [7]. - The investment decision-making body will consist of a committee with representatives from the involved companies, requiring unanimous agreement for decisions [7]. Investment Strategy - The partnership aims to invest in guaranteed rental housing and other state-owned assets within Zhangjiang Science City, enhancing asset liquidity and supporting the transformation of state-owned enterprises [7][8]. - Exit strategies include issuing public REITs, inter-institutional REITs, and transferring projects to qualified buyers [7]. Impact on the Company - By participating in the partnership, the company can leverage social capital and innovative financial tools to revitalize existing rental housing assets and other state-owned assets, thereby enhancing liquidity and promoting transformation [8]. - The company’s extensive experience in operating industrial parks and supporting properties will play a crucial role in asset acquisition and management, contributing to revenue generation [8].

股票代码：600895 股票简称：张江高科 编号：临2025-047 上海张江高科技园区开发股份有限公司 关于参与投资"江河曜宸企业管理中心（有限合伙）" 的公告 公司 2025 年 12 月 30 日以通讯表决方式召开九届十九次董事会，会议应参 加表决董事 6 人，实际参加表决董事 6 人，经全体董事审议，一致表决通过了《关 于参与投资"江河曜宸企业管理中心（有限合伙）"的议案》。 二、 合伙企业合作方的基本情况 本公司董事会及全体董事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个别及连带责任。 重要内容提示： 投资标的名称：江河曜宸企业管理中心（有限合伙） 投资金额：公司或指定主体拟参与由中国银河投资管理有限公司或其指 定主体、华安未来资产管理（上海）有限公司或其指定主体发起设立的江河曜宸 企业管理中心（有限合伙）（暂定名，最终以市场监督管理局登记名称为准）。该 合伙企业募集资金规模不超过人民币 7 亿元，本公司或指定主体作为有限合伙人 认缴出资额不超过人民币 1.4 亿元。 交易风险：合伙企业投资业务开展存在一定的市场风险、经营风险和管 理风险。宏观 ...

Core Viewpoint - Zhangjiang Hi-Tech (600895.SH) announced its intention to participate in an investment led by China Galaxy Investment Management Co., Ltd. and Huaan Future Asset Management (Shanghai) Co., Ltd. [1] Group 1 - The partnership, named Jianghe Yaochen Enterprise Management Center (Limited Partnership), is in the process of being established [1] - The total fundraising scale for this partnership is set to not exceed RMB 700 million [1] - The company or its designated entity will contribute a maximum of RMB 140 million as a limited partner [1]

Group 1 - The company plans to invest up to RMB 140 million in a partnership established by China Galaxy Investment Management Co., Ltd. and Huaan Future Asset Management (Shanghai) Co., Ltd. [1] - The total fundraising scale for the partnership, Jianghe Yaochen Enterprise Management Center (Limited Partnership), is set to not exceed RMB 700 million [1]

证券之星消息，12月29日房地产开发板块较上一交易日下跌0.57%，华联控股领跌。当日上证指数报收 于3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。房地产开发板块个股涨跌见下表： 从资金流向上来看，当日房地产开发板块主力资金净流出5.78亿元，游资资金净流入1.4亿元，散户资金 净流入4.38亿元。房地产开发板块个股资金流向见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002146 荣盛发展 | | 2.09 Z | 28.43% | -1.05 Z | -14.33% | -1.03 Z | -14.10% | | 600895 张江高科 | | 1.82 Z | 5.14% | -7493.25万 | -2.12% | -1.07 Z | -3.02% | | 600064 南京高科 | | 4479.99万 | 14.09% | -244.17万 | -0.77% | ...

股票代码：600895 股票简称：张江高科 公告编号：临 2025-046 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | ☑控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅 | | | 适用于无控股股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人信息 上海张江高科技园区开发股份有限公司 关于控股股东权益变动触及 1%刻度的提示性公告 公司控股股东上海张江（集团）有限公司保证向本公司提供的信息真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少☑ | | --- | --- | --- | | 权益变动前合计比例 | 49.75% | | | 权益变动后合计比例 | 48.75% | | | 本次变动是否违反已作出的 承诺、意向、计划 | 是□ | 否☑ | | ...

张江高科公告称，2025年12月17日至26日，控股股东张江集团通过集中竞价交易，减持非特定股份 1548.6836万股，占总股本的1%。本次权益变动后，张江集团持股由77054.9743万股降至75506.2907万 股，比例由49.75%降至48.75%。减持未违反承诺，不触发要约收购，公司控股股东、实控人不变，治 理及经营不受重大影响。 ...