股票代码：600895 股票简称：张江高科 公告编号： 临 2025-014 上海张江高科技园区开发股份有限公司 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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个别及连带责任。 重要内容提示： 投资者可于 2025 年 5 月 23 日(星期五)至 5 月 29 日(星期四)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 investors@600895.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 上海张江高科技园区开发股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日发布公司 2024 年度报告，于 2025 年 4 月 26 日发布公司 2025 年第一季 度报告，为便于广大投 ...

Summary of Conference Call Records Industry Overview - **Insurance Sector**: In Q1 2025, net profits for major insurers like China Ping An and China Taiping fell by 26% and 18% respectively, primarily due to declines in the bond market and equity market volatility. Conversely, PICC and China Life saw net profit growth of approximately 40%, with Xinhua also reporting positive growth, benefiting from favorable bond market and Hong Kong stock allocations [1][2]. - **Brokerage Sector**: The overall performance of 39 brokerages in Q1 2025 met expectations, with a 53% year-on-year increase in net profit, driven by a low base from the previous year and significant improvements in trading volume, which rose nearly 80% year-on-year. The number of new accounts opened increased by 32%, contributing significantly to retail business [1][3]. - **Public Fund Regulations**: New regulations for public funds shift the focus from short-term returns to long-term investor performance, potentially restoring trust and benefiting the industry's long-term development. This may exacerbate the "Matthew Effect," favoring leading fund companies [4]. - **Non-Banking Financial Sector**: The non-banking financial sector is significantly under-allocated, with only 1% of active equity funds invested compared to a standard of 6.5%. This indicates a potential recovery volume of approximately 150 billion, suggesting a sustained reallocation towards benchmark stocks, especially large-cap stocks [5][6]. Key Insights - **Brokerage Performance**: The brokerage sector is expected to see a 50% year-on-year growth in Q1 2025, with a forecasted 40% growth for the mid-year report and an overall annual growth expectation of around 25%. Current valuations remain low, with a focus on brokerages with strong retail advantages such as Guosen Securities, Huatai Securities, and GF Securities [7]. - **Insurance Recommendations**: Due to weak marginal improvements in the insurance sector, it is recommended to focus on undervalued stocks like China Taiping and China Ping An, as well as high dividend yield stocks like Jiangsu Jinzu [8]. - **Banking Sector Performance**: In Q1 2025, 42 listed banks reported a revenue decline of 1.7% and a net profit decline of 1.2%. The overall loan volume is expected to remain stable compared to 2024, with a slight narrowing of interest margins anticipated [9][14]. - **Real Estate Sector**: The real estate industry experienced a 7.5% revenue decline in Q1 2025, with a net profit loss of 10 billion yuan. The top 100 real estate companies saw a 30% drop in sales, although the decline was less severe than in previous periods. Companies with strong fundamentals in first-tier and strong second-tier cities are viewed positively [15][18]. Additional Considerations - **Market Dynamics**: The new public fund regulations may lead to a decrease in fees for banks, brokerages, and third-party sales agencies, impacting their revenues negatively but within expected limits [4]. - **Investment Strategy**: The recommendation for banks includes focusing on stable dividend strategies, with a preference for banks like CITIC Bank and Agricultural Bank of China, as well as regional banks benefiting from recovering demand from small and micro enterprises [14]. - **Future Outlook for Real Estate**: The real estate sector is expected to see a recovery in demand, particularly in first-tier and strong second-tier cities, with a focus on companies like Binjiang Group and China Merchants Shekou [18].

Core Viewpoint - Zhangjiang Hi-Tech (600895.SH) is focusing on industrial investment, participating in the Yuanhe Puhua Integrated Circuit Industry Fund with a commitment of 100 million yuan, which has a target size of approximately 2 billion yuan [1][2] Investment Activities - The Yuanhe Puhua Integrated Circuit Industry Fund aims to invest in the semiconductor core sectors and hard technology fields, particularly in developed regions like the Yangtze River Delta and the Pearl River Delta [2] - Zhangjiang Hi-Tech has been actively investing in various sectors, including a 200 million yuan investment in the high-end electric vehicle brand Zhiji Auto and participation in the EDA Innovation Center [3] Financial Performance - In Q1 2025, Zhangjiang Hi-Tech reported a revenue of 1.219 billion yuan, a year-on-year increase of 24.41%, and a net profit of 294 million yuan, up 147.38% year-on-year [8] - The company achieved an investment income of 236 million yuan in Q1 2025, a significant increase of 333.74% year-on-year, accounting for 80% of the net profit for the period [5][8] Investment Scale and Focus - As of the end of 2024, Zhangjiang Hi-Tech's cumulative investment scale exceeded 9.5 billion yuan, with 56 direct investment projects and 30 fund participations [4] - The company primarily invests in integrated circuits (28% of total investments), biomedicine and medical devices (20%), and new energy vehicles (35%) [4] Operational Efficiency - Zhangjiang Hi-Tech has demonstrated effective cost control, with total operating expenses in Q1 2025 amounting to 155 million yuan, representing 12.69% of revenue, a decrease of 2.54 percentage points compared to the previous year [8] - The company maintains a stable dividend policy, having distributed cash dividends 25 times, totaling 4.706 billion yuan [8]

股票代码：600895 股票简称：张江高科 编号：临2025-013 上海张江高科技园区开发股份有限公司 关于全资子公司----上海张江浩成创业投资有限公司参与投资 元禾璞华集成电路产业基金（有限合伙）的公告 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： 投资标的名称：元禾璞华集成电路产业基金（有限合伙）（暂定名，最 终以市场监督管理局登记名称为准） 投资金额：上海张江高科技园区开发股份有限公司全资子公司----上海 张江浩成创业投资有限公司参与投资元禾璞华集成电路产业基金（有限合伙）， 该基金募集资金目标规模约为人民币20亿元，上海张江浩成创业投资有限公司 作为有限合伙人认缴出资额为人民币1亿元。 交易风险：基金投资业务开展存在一定的市场风险、经营风险和管理风 险。宏观经济的影响、投资标的选择、行业环境以及经营管理带来的不确定性 将可能导致项目无法实现顺利退出，从而存在基金投资无法达到预期收益水平 的风险。公司将充分关注可能存在的风险，密切持续关注基金经营管理状况及 其投资的实施过程，切实降低公司投资风险。 ...

张江高科（600895）公告，全资子公司上海张江浩成创业投资有限公司参与投资元禾璞华集成电路产业 基金(有限合伙)，该基金募集资金目标规模约为人民币20亿元，上海张江浩成创业投资有限公司作为有 限合伙人认缴出资额为人民币1亿元。基金首关规模7.75亿元，投资期4年+管理退出期4年+延长期2年。 ...

Core Viewpoint - The real estate sector has emerged as a new focus for market speculation, with significant gains in real estate ETFs, indicating a shift in investor interest towards this industry [1][3]. Group 1: ETF Performance - The real estate ETF fund (515060) and real estate ETF (512200) both saw half-day increases of 1.72% and 1.7% respectively, leading the market [1][3]. - The real estate ETF (512200) has a large scale of 4.739 billion units, with a half-day trading volume of 161 million yuan, tracking the CSI All Share Real Estate Index [3]. - The real estate ETF (159768) recorded a half-day increase of 0.76%, with a scale of 1.265 billion units and a trading volume of 17.1127 million yuan, tracking the CSI Mainland Real Estate Theme Index [6]. - The real estate ETF (159707) experienced a half-day increase of 0.68%, with a scale of 859 million units and a trading volume of 14.8376 million yuan, tracking the CSI 800 Real Estate Index [9]. Group 2: Market Dynamics - The "de-inventory" strategy in the real estate sector is primarily driven by a reversal in supply-demand dynamics and declining sales data, leading to an oversupply of commercial housing and an extended inventory clearance cycle [3]. - Anticipation of more proactive fiscal and monetary policies, along with new policies aimed at improving housing quality, is expected to further stimulate and release demand for improved housing, supporting stable industry development [3]. Group 3: Major Constituents of Indices - The top five constituents of the CSI All Share Real Estate Index include leading companies such as Poly Developments (10.13% weight), Vanke A (9.17% weight), and China Merchants Shekou (6.43% weight) [4]. - The CSI Mainland Real Estate Theme Index also features major companies like Poly Developments (14.80% weight), Vanke A (14.20% weight), and China Merchants Shekou (14.16% weight) [7][10].

自2021年6月首批公募REITs产品上市以来，我们见证了REITs市场规模不断提升，资产品类持续 丰富，制度建设逐步完善，吸引着更加多元的资金进入。红利风格延续下，REITs作为另类高分 红资产，也引起了越来越多投资者的关注。 在公募REITs产品上市四周年之际， 我们隆重推出 CICC REITs TALK 系列栏目，邀请到业内 资深专家与重磅嘉宾，深度对话，畅谈产业趋势和REITs发展。 第二期 对话张江高科 嘉宾介绍 ENTERPRISE 金嘉玺 张江高科REITs业务负责人 裴佳敏 中金公司不动产与空间服务行业分析师 SAC执证编号：S0080523050004 SFC CE Ref：BRY581 本期要点 ENTERPRISE 以下文章来源于中金点睛 数字化投研平台 ，作者中金研究 中金点睛 数字化投研平台 . 中金研究旗下一站式数字化投研平台 CICC REITs TALK 张江高科在整个产业园开发和运营的领域深耕了二十多年，如何看待当前产业园的竞争 或者供需格局？ 从张江高科的视角如何看REITs平台的定位及未来的战略展望？ 如何看待大租户集中度和大客户退租的问题？ 发行REITs存续期以及新 ...

Group 1 - The rental and sales rights concept declined by 4.65%, ranking among the top declines in concept sectors, with major stocks like I Love My Home and Shilianhang hitting the limit down [1] - The main funds in the rental and sales rights concept experienced a net outflow of 687 million yuan, with I Love My Home seeing the largest outflow of 237 million yuan [1] - Among the stocks in the rental and sales rights concept, only two stocks saw an increase, with Huangting International and Zhangjiang Gaoke rising by 0.98% and 0.27% respectively [1] Group 2 - The top stocks with net outflows in the rental and sales rights concept included Poly Development, China Merchants Shekou, and Nanguo Real Estate, with outflows of 153 million yuan, 95 million yuan, and 36 million yuan respectively [1] - The trading volume for I Love My Home was 19.05%, with a price drop of 10.05%, indicating significant trading activity despite the decline [2] - Other notable declines included Debi Group and Sanxiang Impression, which fell by 15.13% and 7.59% respectively, reflecting broader market challenges in the sector [1][2]

股票代码：600895 股票简称：张江高科 编号：临2025-012 上海张江高科技园区开发股份有限公司 2025年第一季度房地产业务主要经营数据公告 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。 4、 2025年3月末，公司出租房地产总面积161.45万平方米；2025年1--3月， 公司房地产业务取得租金总收入2.77亿元，同比增加11.43%。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第3号——行 业信息披露》要求，特此公告上海张江高科技园区开发股份有限公司（以下简 称"公司"）2025年第一季度房地产业务相关经营数据。 1、 2025年1--3月，公司无新增房地产项目储备。 2、 2025年1--3月，公司房地产业务无新开工和竣工项目。 3、 2025年1--3月，公司房地产业务合同销售面积3万平方米，实现合同销 售金额9.39亿元，同比增加29.33%。 特此公告 上海张江高科技园区开发股份有限公司董事会 2025年 4 月 26 日 ...

股票代码：600895 股票简称：张江高科 编号：临 2025-011 上海张江高科技园区开发股份有限公司第九届董事会第九次会议于 2025 年 4 月 25 日以通讯方式召开。本次会议应参加董事 5 名，实际参加董事 5 名。会 议召开符合《公司法》和《公司章程》的有关规定。经董事会全体董事审议， 会议审议通过了以下议案: 一、 2025 年度第一季度报告 该议案已经公司第九届董事会审计委员会第六次会议审议通过。 同意：5 票，反对：0 票，弃权：0 票 二、 关于制定《内部审计制度》的议案 该议案已经公司第九届董事会审计委员会第六次会议审议通过。 同意：5 票，反对：0 票，弃权：0 票 特此公告 上海张江高科技园区开发股份有限公司董事会 2025 年 4 月 26 日 上海张江高科技园区开发股份有限公司 第九届董事会第九次会议决议公告 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。 ...