张江高科 20151223 摘要 张江高科通过股权招商和战略引领，积极布局卫星通信及商业航天产业 园，利用资金、高校资源、政策引导和资本市场，推动产业集聚和裂变 式发展，已在商业航天和航空领域建立深厚关联。 作为前沿引导型科技 ETF，张江高科专注于一级市场项目，这些项目符 合国家战略方向且估值较低，在二级市场风口形成前已提前布局，展现 出卓越的战略把控能力。 张江高科战略转型为产业和企业的时间合伙人，通过投融管退等方式深 度参与企业发展，确保公司持续性和造血能力，并不断更新迭代园区技 术。 尽管表面估值上升，但张江高科的长股投和可变现金融资产持续增厚， 从 2023 年初的约 150 亿增至三季报的近 270 亿，实际价值被低估，呈 现"越投越便宜"的特点。 科创企业的市场活跃度直接影响估值，张江高科市值从最初的 100 亿人 民币增至 270 亿以上，反映了前期布局和资产兑现的重要性，以及二级 市场对科技领域的关注。 Q&A 张江高科明确提出要从房东转型为股东，即成为产业和企业时间合伙人的战略 方向。这一策略表明公司不再只是简单地进行地产开发，而是深入参与到企业 的发展过程中，通过投融管退等方式把控整个科 ...

元界基金于2020年12月与底层投资标的智己汽车科技有限公司（以下简称为"智己汽车"）签署了投资协 议。截至本公告日，元界基金已按照协议约定出资智己汽车72亿元，并持有智己汽车注册资本72亿元。 二、本次对外投资要素变更情况 为简化公司持股智己汽车的股权结构，对于原先通过元界基金持有的智己汽车份额部分，拟变更为由公 司直接持有智己汽车的股权。因此，元界基金拟将其持有智己汽车的注册资本人民币539,900万元对公 司进行定向的实物分配，实物分配基准日定于2025年1月31日。分配后，上述股权的所有权人变更为上 汽集团，附属于上述股权的所有权利和义务随本次股权权属转移而一并转移，上汽集团从元界基金中退 出,将通过元界基金间接持有智己汽车的份额调整为由上汽集团直接持有。 由于基金分配中，元界基金应向上汽集团分配的实物即为本次股权权属转移中智己汽车股权，因此上汽 集团无需就本次股权权属转移向元界基金支付价款。 本次变更后，元界基金出资额由720,000万元减少至180,100万元，基金合伙人恒旭资本将其所持有基金 全部的认缴份额、实缴份额及附带的所有权益和义务转让予有限合伙人张江高科指定的上海张江浩科科 技发展有限公 ...

Group 1 - The company, Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd., has partnered with SAIC Motor Corporation and Hengxu Capital to establish the "Yuanjie Fund" with a total investment of RMB 7.2 billion, aimed at high-end smart electric vehicle projects [1][2] - The company holds a 25% stake in the Yuanjie Fund, contributing RMB 1.8 billion, while SAIC Motor holds 74.986% with an investment of RMB 5.399 billion [1] - The Yuanjie Fund has signed an investment agreement with Zhiji Motor Technology Co., Ltd., committing to invest RMB 7.2 billion, which corresponds to the registered capital of Zhiji Motor [2] Group 2 - SAIC Motor plans to simplify its shareholding structure in Zhiji Motor by directly holding shares instead of through the Yuanjie Fund, resulting in a distribution of RMB 5.399 billion in registered capital to SAIC Motor [3] - Following this change, the Yuanjie Fund's total investment will decrease from RMB 7.2 billion to RMB 1.801 billion, and Hengxu Capital will transfer its entire stake to a designated company [3][4] - The Yuanjie Fund will continue to operate as a limited partnership with a focus on equity investment, with a duration of nine years, including three years for investment and four years for management exit [4][6] Group 3 - The company will see an increase of RMB 1 million in its investment in Zhiji Motor following the adjustments to the Yuanjie Fund, with no significant impact on its financial or operational status [7] - The management of the Yuanjie Fund will be entrusted to Shanghai Zhangjiang Haokai Venture Capital Co., Ltd., which will oversee investment decisions and due diligence processes [6]

Group 1 - Zhangjiang Hi-Tech's stock price increased by 2.01% on December 24, reaching 40.09 CNY per share, with a trading volume of 1.029 billion CNY and a turnover rate of 1.68%, resulting in a total market capitalization of 62.087 billion CNY [1] - Year-to-date, Zhangjiang Hi-Tech's stock price has risen by 50.83%, with a 4.29% increase over the last five trading days, a 5.38% decrease over the last 20 days, and a 13.01% decrease over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on September 23 [1] Group 2 - As of September 30, the number of shareholders for Zhangjiang Hi-Tech reached 262,400, an increase of 50.84% compared to the previous period, while the average number of circulating shares per person decreased by 33.71% to 5,901 shares [2] - For the period from January to September 2025, Zhangjiang Hi-Tech reported operating revenue of 2.004 billion CNY, a year-on-year increase of 19.09%, and a net profit attributable to shareholders of 617 million CNY, reflecting a year-on-year growth of 20.66% [2] Group 3 - Since its A-share listing, Zhangjiang Hi-Tech has distributed a total of 4.818 billion CNY in dividends, with 963 million CNY distributed over the last three years [3] - As of September 30, 2025, the top ten circulating shareholders of Zhangjiang Hi-Tech include Hong Kong Central Clearing Limited, which holds 28.2693 million shares, a decrease of 19.2669 million shares from the previous period [3] - Other notable shareholders include Southern CSI 500 ETF and Southern CSI Real Estate ETF, which have also seen reductions in their holdings [3]

股票代码：600895 股票简称：张江高科 公告编号：临 2025-045 | 投资标的名称 | | | 上海元界智能科技股权投资基金合伙企业 | | --- | --- | --- | --- | | | （有限合伙） | | | | 投资金额（万元） | 人民币 | 180,100 | 万元 | | 投资进展阶段 | 完成 | 终止 | 交易要素变更 进展 | | 特别风险提示（如有请勾选） | 募集失败 | | | | | 未能完成备案登记 | | | | | 提前终止 | | | | | 发生重大变更 | | | | | 其他： | | | 上海张江高科技园区开发股份有限公司 关于参与设立的上海元界智能科技股权投资基金合 伙企业（有限合伙）的变更公告 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法律责任。 重要内容提示： 一、 合作投资基本概述情况 为加快打造上汽集团自主高端智能电动汽车品牌，上海张江高科技园区开 发股份有限公司（以下简称为"张江高科"、"本公司"或"公司"）与上海汽 车集团股份有限公司（以下 ...

张江高科公告称，2020年，公司与上汽集团、恒旭资本共同出资72亿元设立元界基金，公司认缴18亿 元，持有25%份额。截至公告日，元界基金已出资72亿元持有智己汽车同等注册资本。上汽集团为简化 股权结构，元界基金拟于2025年1月31日将持有的智己汽车53.99亿元注册资本对上汽集团进行实物分 配，分配后上汽集团退出，基金出资额减至18.01亿元。同时，恒旭资本将份额转让给张江浩科，元界 基金另行委托张江浩成管理。变更后，公司出资占比99.944%。此次调整对公司影响不大。 ...

Group 1 - The A-share real estate development sector strengthened in the afternoon, with Hualian Holdings hitting the daily limit up [1] - Other stocks that followed the upward trend include Zhangjiang Hi-Tech, Hefei Urban Construction, Kexin Development, China Wuyi, and Shoukai Shares [1]

Group 1 - The lithography machine concept sector declined by 0.73%, ranking among the top declines in concept sectors, with notable declines from companies like Tengjing Technology, Wavelength Optoelectronics, and Saiwei Electronics [1][4] - Among the 18 stocks that increased in price, Hongtian Co., Ltd. led with a rise of 9.99%, followed by Huachen Equipment and *ST Heke with increases of 2.48% and 2.37% respectively [1][4] - The main capital outflow from the lithography machine sector today was 1.55 billion yuan, with 31 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 50 million yuan [2][4] Group 2 - The top net capital outflows were led by Saiwei Electronics with a net outflow of 692.86 million yuan, followed by Kaimete Gas and Zhangjiang Hi-Tech with outflows of 327.46 million yuan and 162.61 million yuan respectively [2][3] - The stocks with the highest net capital inflows included Hongtian Co., Ltd., Juguang Technology, and Xuguang Electronics, with inflows of 97.49 million yuan, 58.75 million yuan, and 31.88 million yuan respectively [2][4] - The trading volume for Saiwei Electronics was 17.14%, while Kaimete Gas had a trading volume of 15.51% [3]

Core Insights - In 2024, Shanghai recognized 7,237 new high-tech enterprises, averaging 20 new companies daily, with a total of 25,000 high-tech enterprises currently active [1] - The city has established a new batch of six high-quality incubators, bringing the total to 18, focusing on "hard technology" and modern industrial systems [1][2] Summary by Categories High-Quality Incubators - The newly recognized high-quality incubators include: - Sinan Brain-Machine Intelligence Incubator focusing on brain-machine interfaces and cognitive disorders [3] - Shanghai Emi Sanjiang New Materials Industry Innovation Center concentrating on new materials [3] - "Datong Chain Valley" Blockchain Application Innovation Incubator targeting blockchain technology [3] - "Big Zero Bay" Sci-Tech Innovation Incubator focusing on electronic information and advanced equipment [3] - Zhangjiang Gaoke 895 Incubator specializing in integrated circuits [3] Industry Focus - The high-quality incubators are increasingly targeting future industries, with a significant rise in enterprises related to AI models, gene therapy, quantum optics, and chip design [2] - The focus on hard technology aims to support the transformation of disruptive technological achievements and accelerate the incubation of hard tech enterprises [1][2] Government Support and Policies - The "first investment, then equity" mechanism in Baoshan district supports high-risk technology projects by providing initial funding from the government [4] - Shanghai aims to cultivate local hard-tech enterprises and create several incubation clusters by 2025, with a goal of establishing 2-3 innovation hubs with a scale of 100 billion yuan [6] Research and Development - Shanghai's investment in basic research is projected to account for 11% of total R&D expenditure, surpassing the national average of 6.91% [18] - The city published 101 papers in top-tier journals in the first half of the year, representing 31.6% of the total in mainland China [18] Future Plans - The "Big Zero Bay" incubator aims to become a globally influential innovation source by 2035, with policies to enhance technology transfer and incubation capabilities [19] - The Shanghai Municipal Education Commission is reforming technology transfer systems in universities to improve the commercialization of research outcomes [20][21]

张江高科(600895.SH)今日盘中一度跌5.6%至37.57元，股价创9月22日以来近3个月新低。张江高科公告称，公司控股股东上海张江(集团)有限公司已完成减 持计划，于2025年10月31日至12月15日期间累计减持公司特定股份数量1548.69万股，占公司总股本的1%，减持价格区间为39.83～44.80元/股，减持总金额 为6.38亿元。(格隆汇) ...