格隆汇12月15日丨张江高科(600895.SH)公布，公司于2025年12月15日收到张江集团出具的《关于减持 计划完成暨减持结果告知函》，自前次于2025年11月27日披露《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5%刻度的提示性公告》后，张江集团于2025年12月3日至2025年12月15日期 间通过集中竞价交易方式减持特定股份数量379.5万股，占公司总股本的0.25%，即张江集团于2025年10 月31日至2025年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%，本次减持 计划已完成。截至本公告披露日，张江集团持有公司无限售流通股份7.71亿股，占公司总股本的 49.75%。 ...

股票代码：600895 股票简称：张江高科 公告编号：临 2025-044 上海张江高科技园区开发股份有限公司 控股股东减持计划完成暨减持结果公告 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： 控股股东持股的基本情况 本次减持计划实施前，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"）。 减持计划的实施结果情况 2025 年 10 月 1 日，公司披露《控股股东减持股份计划公告》（公告编号： 临 2025-029），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%（通过集中竞价交易取得的非特定股份除外）， 减持数量不超 ...

截至发稿，张江高科市值为616亿元。 每经AI快讯，张江高科（SH 600895，收盘价：39.8元）12月15日晚间发布公告称，公司于2025年12月 15日收到张江集团出具的《关于减持计划完成暨减持结果告知函》，自前次于2025年11月27日披露《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5%刻度的提示性公告》后，张江集团 于2025年12月3日至2025年12月15日期间通过集中竞价交易方式减持特定股份数量约380万股，占公司总 股本的0.25%，即张江集团于2025年10月31日至2025年12月15日期间累计减持公司特定股份数量约1549 万股，占公司总股本的1%，本次减持计划已完成。 2024年1至12月份，张江高科的营业收入构成为：房地产业占比98.83%，其他业务占比0.86%，服务业 占比0.31%。 每经头条（nbdtoutiao）——"一针两千，童颜针年销3亿元"背后：多家关联方注册地"查无此人"，股民 追问"钱呢"！钱氏姐弟几乎"掏空"江苏吴中，公司即将退市 （记者 曾健辉） ...

张江高科公告，2025年10月1日，公司控股股东上海张江（集团）有限公司披露减持计划，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%。2025年12月15日，公司 收到张江集团出具的《关于减持计划完成暨减持结果告知函》，张江集团于2025年10月31日至2025年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%。本次减持计划已完成。截至 本公告披露日，张江集团持有公司无限售流通股份7.71亿股，占公司总股本的49.75%。 ...

12月12日，张江高科大宗交易成交7万股，成交额284.83万元，占当日总成交额的0.09%，成交价40.69元，较市场收盘价40.69元持平。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | | 2025-12-12 | 张江高科 | 600895 | 国泰海通证券股份 有限公司总额 40.69 284.83 | 机构专用 | ...

（文章来源：证券时报网） 租售同权概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000002 | 万科A | -3.43 | 5.62 | -44618.28 | | 600895 | 张江高科 | -2.79 | 2.38 | -16441.70 | | 600048 | 保利发展 | -3.89 | 1.58 | -8322.72 | | 000560 | 我爱我家 | -3.92 | 7.39 | -6326.49 | | 000838 | 财信发展 | -3.77 | 12.78 | -4969.11 | | 002285 | 世联行 | 0.63 | 13.78 | -4545.18 | | 002208 | 合肥城建 | -4.55 | 7.60 | -4121.39 | | 600376 | 首开股份 | -4.33 | 4.26 | -4088.95 | | 000558 | 天府文旅 | -3.70 | 4.74 | -3307.02 | | 600604 | ...

12月6日， "2025浦东国际人才港论坛·集成电路产业人才论坛" 在张江科学会堂举行，集成电路行业内顶尖专家、学者、企业家齐聚一堂，分 享产业前沿动态、探讨人才创新机遇与挑战，旨在进一步促进集成电路产学研深度融合，助力浦东打造国际人才发展引领区并推动集成电路 产业高质量发展。 本次论坛以"聚智青年，筑芯未来"为主题 ，由上海市浦东新区人才工作局指导，上海张江高科技园区开发股份有限公司主办，上海张江浩芯 企业管理有限公司、复旦大学校友总会集成电路行业分会承办，汇聚了来自产业界、学术界与研究机构的众多领袖与专家，通过政策解读、 成果展示、创业分享等不同视角展现了集成电路产业创新人才发展现状，为集成电路产业高质量发展积蓄"芯"智慧。 论坛首先由浦东新区区委组织部人才工作一处处长季胜男进行了 最新人才政策的权威宣介 ，展现了浦东打造国际人才发展引领区的决心与力 度，为整场论坛奠定了"政策赋能产业，生态吸引人才"的基调。 来源：内容来自张江高科，谢谢。 聚焦材料，破题AI时代瓶颈 集成电路材料创新联合体秘书长冯黎发表了题为 《AI时代集成电路材料发展》 的演讲。她前瞻性地指出，在算力需求爆炸式增长的AI时代， 底层材 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3] Core Views - The report emphasizes that real estate is a crucial asset allocation and investment direction for Chinese households, and stabilizing housing prices is significant for facilitating economic circulation. The policy environment is expected to strengthen further, promoting high-quality development in the real estate sector [4][41] - The report highlights the potential for a wave of development in high-quality residential properties due to policy guidance and changes in supply-demand structure. Additionally, the sentiment in the Hong Kong private residential market is gradually recovering, indicating a new round of value reassessment for Hong Kong developers [4] Market Performance - The Shanghai Composite Index rose by 1.4%, the Shenzhen Component Index by 3.6%, the ChiNext Index by 4.5%, and the CSI 300 Index by 1.6%. The real estate sector (Shenwan) increased by 0.7% during the week [4][7] - The top five stocks in terms of growth were Wantong Development (+19.3%), *ST Nan Zhi (+12.6%), Xinhua Group (+10.5%), Zhangjiang Hi-Tech (+9.7%), and Tianbao Infrastructure (+9.2%). The bottom five were Huaxia Happiness (-14.9%), Jingji Zhino (-14.8%), Vanke A (-11.2%), Hefei Urban Construction (-9.8%), and Jindi Group (-6.2%) [4][7] New Housing Transactions - In the week of November 22-28, new housing transactions in 42 key cities totaled 2.06 million square meters, a week-on-week increase of 9.8% but a year-on-year decrease of 51.1% [11] - For November (up to the week of November 28), new housing transactions in 42 key cities totaled 7.24 million square meters, a month-on-month increase of 0.8% but a year-on-year decrease of 43.1% [15] Second-Hand Housing Transactions - In the week of November 22-28, second-hand housing transactions in 21 key cities totaled 202,000 square meters, a week-on-week decrease of 0.6% and a year-on-year decrease of 18.5% [26] - For November (up to the week of November 28), second-hand housing transactions in 21 key cities totaled 8 million square meters, a month-on-month increase of 27.5% but a year-on-year decrease of 19.2% [31] Industry News - The China Securities Regulatory Commission (CSRC) has introduced a draft for the pilot program of commercial real estate investment trusts (REITs) to promote high-quality development in the REITs market and support the construction of a new model for real estate development [2][41] - Various local governments are implementing policies to enhance housing affordability and stimulate the real estate market, such as increasing the loan limits for purchasing high-quality residential properties in cities like Xuzhou and Changzhou [41] Company Announcements - Notable financing activities include China Merchants Shekou issuing bonds up to 5.04 billion yuan with a fixed interest rate of 1.77% for three years, and Poly Developments issuing medium-term notes with varying maturities and interest rates [44][45]

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

Group 1: Industry Overview - The commercial aerospace sector is experiencing significant growth, with multiple stocks hitting the daily limit up [1] - Companies are actively engaging with investors and stakeholders regarding their developments in the commercial aerospace field [1] Group 2: Company Highlights - ChipMotion Technology produces high-performance MEMS inertial sensors, which are core components for inertial navigation in commercial aerospace, achieving navigation-grade precision and filling a domestic gap in the high-performance silicon-based MEMS inertial sensor market [1] - GaoHua Technology is expanding its presence in the aerospace market, with applications in ground testing equipment, rocket engines, telemetry systems, and launch vehicles, establishing partnerships with commercial aerospace firms [1] - Lichung Group is actively developing aluminum-based rare earth intermediate alloys for use in civil and commercial aircraft, as well as rocket components, contributing to critical aerospace manufacturing [2] - Shaanxi Huada specializes in electrical connectors for commercial aerospace satellite manufacturing, leveraging extensive project experience and technical expertise [2] - Zhangjiang Hi-Tech has invested in Blue Arrow Aerospace Technology Co., Ltd. through its subsidiary fund, indicating a strategic move into the aerospace sector [3]