Core Points - The selection of academicians is increasingly opening doors for private enterprises, breaking the dominance of research institutions, universities, and large state-owned enterprises [1][2] - The recent election of academicians includes three from private companies, highlighting the growing recognition of their contributions to technology innovation [1][3] Group 1: Academician Selection - The Chinese Academy of Sciences and the Chinese Academy of Engineering announced the election of 73 and 71 academicians respectively for 2025, with three from private enterprises [1] - The selected academicians from private companies include Lian Yubo from BYD, Huang Xianbo from Kingfa Technology, and Wu Kai from CATL, all of whom are pivotal in their respective fields [1][3] Group 2: Contribution of Private Enterprises - Private enterprises contribute 70% of the country's technological innovation results and encompass 80% of the national "specialized and innovative" small giants and 90% of high-tech enterprises [2] - Key technological advancements in AI, robotics, semiconductors, and new energy are primarily driven by private companies, which are also responsible for a significant number of scientific papers [2][3] Group 3: Impact on Guangdong Province - Guangdong has added nine academicians this year, with two from private enterprises, marking the first time private enterprise experts have been elected [5] - The province's private sector is a major innovation driver, accounting for over 65% of invention patents and 75% of technological innovations [5][6] Group 4: Technological Innovations - Lian Yubo has developed a blade battery technology that addresses global challenges in energy density and safety, while Huang Xianbo's team created a high-temperature nylon material that significantly reduces costs [3][6] - Wu Kai's project on key technologies for large-scale production of power batteries received a national science and technology progress award [3] Group 5: Future Implications - The recognition of private enterprise scientists as academicians signals a shift in China's scientific evaluation system, emphasizing the importance of technology that drives industrial progress [3][6] - The election of these academicians is part of broader reforms in the Chinese academic system, reflecting an expanding view of national scientific innovation [3][6]

比亚迪2022年年报显示，廉玉波，1964年出生，硕士研究生学历，教授级高级工程师。廉玉波于1987年 7月毕业于南京航空航天大学，主修飞机制造工程，获学士学位；并于2000年9月获南京大学高级工商管 理专业硕士学位。曾在中国汽车研究中心工作，历任上汽集团仪征汽车有限公司总工程师、上海同济同 捷汽车设计公司常务副总经理，2004年2月加入比亚迪集团。 据比亚迪公告，为更加专注公司新能源汽车技术研发工作，聚焦新能源汽车核心技术和产品的持续迭代 与创新，廉玉波于2023年7月14日辞去比亚迪副总裁职务。 除了总工程师苏学斌当选中国工程院院士外，中国铀业今日还开启申购，可谓"双喜临门"。 中国铀业此次发行总数为24818.18万股，其中网上发行5211.80万股，申购代码001280，申购价格为 17.89元/股，发行市盈率为27.06倍。公开资料显示，公司是专注于天然铀和放射性共伴生矿产资源综合 利用业务的矿业公司，主要从事天然铀资源的采冶、销售及贸易，以及独居石、铀钼、钽铌等放射性共 伴生矿产资源综合利用及产品销售。 除了上述提到的几家上市公司，一些知名的央国企集团技术专家也荣登"院士榜"。 11月21日，中国 ...

Core Points - The Chinese Academy of Sciences and the Chinese Academy of Engineering announced the results of the 2025 academician elections, electing 73 academicians from the former and 71 from the latter [1] - Notable new academicians include Huang Xianbo from Jinfa Technology, Lian Yubo from BYD, Wang Xiaoyun from China Mobile, Su Xuebin from China Uranium Industry, and Wu Kai from CATL [1][3] Group 1: Academicians and Their Contributions - Huang Xianbo, Chief Scientist at Jinfa Technology, has made significant contributions in the development and industrialization of polymer materials, including environmentally friendly flame-retardant thermoplastic resins and biodegradable plastics [1] - Lian Yubo, Chief Scientist at BYD, has focused on the design and development of key systems for new energy vehicles, and was awarded the "National Excellent Engineer" title in 2024 [2] - Wang Xiaoyun, Chief Engineer at China Mobile, has a background in wireless communication and is recognized for his engineering expertise [3] - Su Xuebin, Chief Engineer at China Uranium Industry, has led research that increased the economically extractable uranium resources in China by three times and enhanced natural uranium production capacity by 2.5 times [3] - Wu Kai, former Chief Scientist at CATL, has been involved in cutting-edge research in lithium battery technology and has transitioned to focus on new product and technology development [3] Group 2: Company Profiles - Jinfa Technology specializes in polymer materials and has a strong emphasis on research and development in high-performance materials [1] - BYD is a leading player in the new energy vehicle sector, focusing on continuous innovation in core technologies and products [2] - China Mobile is a major telecommunications provider in China, with significant contributions to wireless communication technology [3] - China Uranium Industry is engaged in the mining and utilization of natural uranium and radioactive co-associated mineral resources, with a focus on comprehensive resource utilization [4]

Core Insights - Donghai Securities report highlights that Jinfa Technology has evolved over thirty years from a modified plastics manufacturer to a global chemical new materials platform company [1] - The company has established a strong local supply and service advantage, following downstream appliance and automotive customers abroad, with bases in India, the USA, Germany, Malaysia, Vietnam, Spain, and Indonesia, and is actively advancing the construction of bases in Poland, Mexico, and South Africa [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 49.616 billion yuan, a year-on-year increase of 22.62% [1] - The net profit attributable to the parent company was 1.065 billion yuan, reflecting a year-on-year growth of 55.86% [1] - The net operating cash flow amounted to 2.320 billion yuan, marking a year-on-year increase of 58.21% [1] Competitive Positioning - The company maintains a solid integrated competitive advantage in modified plastics, with high-end materials continuing to see increased demand [1] - There is a deep binding with emerging industrial chains, and the company is penetrating overseas markets while improving internal operations [1] - The transition from a "large and comprehensive" modified plastics leader to a "high-tech" chemical new materials platform is seen as a critical period, with potential for long-term growth validation amid technological waves [1]

Core Points - The Chinese Academy of Sciences and the Chinese Academy of Engineering announced the results of the 2025 academician elections, electing 73 academicians from the former and 71 from the latter [1] - Notable new academicians include Huang Xianbo from Jinfa Technology, Lian Yubo from BYD, Wang Xiaoyun from China Mobile, Su Xuebin from China Uranium Industry, and Wu Kai from CATL [1][2] Group 1: Academicians and Their Contributions - Huang Xianbo, Chief Scientist at Jinfa Technology, has made significant contributions in the field of polymer materials, particularly in environmentally friendly flame-retardant thermoplastic resins and biodegradable plastics [1] - Lian Yubo, Chief Scientist at BYD, has been recognized for his work in the design and development of key systems for new energy vehicles, and he was awarded the "National Excellent Engineer" title in 2024 [2] - Wang Xiaoyun, Chief Engineer at China Mobile, has a background in wireless communication and holds a senior engineering position [2] - Su Xuebin, Chief Engineer at China Uranium Industry, has led research that increased the economically extractable uranium resources in China by three times and enhanced natural uranium production capacity by 2.5 times [3] - Wu Kai, former Chief Scientist at CATL, has focused on lithium battery technology and will continue to lead research in electrochemical energy storage [3] Group 2: Company Developments - Jinfa Technology is recognized for its advancements in polymer materials and has a strong focus on environmental sustainability [1] - BYD continues to innovate in the new energy vehicle sector, with Lian Yubo's leadership in technology development [2] - China Uranium Industry specializes in the comprehensive utilization of natural uranium and radioactive co-associated mineral resources, with a focus on mining and trading [3]

Core Points - The Chinese Academy of Engineering announced the results of the 2025 academician election, with experts from several private enterprises, including BYD and CATL, successfully elected [1][10] - The total number of academicians in the Chinese Academy of Engineering now stands at 1002, including 148 foreign academicians [11] Group 1: BYD - Lian Yubo, the Chief Scientist and Chief Engineer of BYD, was elected as an academician. He has a background in aircraft manufacturing and has been with BYD since 2004, leading the development of over 20 vehicle models and 100 products, including the popular Dynasty series in the new energy vehicle market [1][4] - Lian Yubo has contributed significantly to the development of core technologies such as the blade battery and DM hybrid technology at BYD [4] Group 2: CATL - Wu Kai, the Chief Scientist of CATL, was also elected as an academician. He has a strong academic background with degrees from Shanghai Jiao Tong University and has been with CATL since 2011 [1][7] - Wu Kai's team has achieved significant breakthroughs in high-performance power batteries, including the invention of a "nano-rivet" reinforcement method and a new process for winding-type battery electrodes [7] Group 3: Jinfa Technology - Huang Xianbo, the Chief Technology Officer of Jinfa Technology, was elected as an academician. Jinfa Technology is a leading company in the field of polymer materials and has established multiple large-scale production bases for new materials [1][8] - Huang Xianbo has been with Jinfa Technology since 1997 and has played a key role in advancing domestic modified plastic technology [8]

Group 1 - The report emphasizes the focus on chemical new materials and fine chemicals as key investment areas in the context of China's dual carbon goals, with a series of top-level designs and policies to accelerate the industry's transformation towards high-end, intelligent, and green development [4][21][49] - The Shenyuan Basic Chemical Index has outperformed the CSI 300 Index, rising by 31.7% year-to-date as of November 19, 2023, surpassing the CSI 300 by 15.1 percentage points, ranking 6th among 31 Shenyuan industries [4][11] - The report suggests that the demand for modified plastics is expected to grow significantly, with production increasing from 22.5 million tons in 2020 to 33.2 million tons in 2024, reflecting a compound annual growth rate of 10% [4][24][30] Group 2 - The vitamin industry is expected to see improvements in supply-demand structure due to restrictions on new production capacities for various vitamins, which will help stabilize prices and enhance market conditions [4][38][50] - China is the largest producer of vitamins globally, with an expected production of 491,000 tons in 2025, accounting for 89% of global output, and the country has implemented restrictions on new capacity for several vitamins [34][38][50] - The report highlights that the demand for vitamins is anticipated to grow, driven by global population growth and increasing life expectancy, which will enhance the need for nutritional products [42][48][50] Group 3 - The report recommends focusing on key companies such as Kingfa Technology, Yinhai Technology, and Guoen Co., which are expected to benefit from the growth in modified plastics [4][49][51] - For the vitamin sector, companies like Wanhua Chemical, New Hope Liuhe, and Tianxin Pharmaceutical are highlighted as key players to watch due to their strong market positions and growth potential [4][49][51] - The report indicates that modified plastics are recognized as a strategic emerging industry in China, supported by various policies aimed at promoting technological innovation and application [4][21][24]

Group 1: Zhongwei Company (688012) - Zhongwei Company is a leading domestic semiconductor equipment manufacturer, providing etching, film deposition, and MOCVD equipment for semiconductor products [5][6] - The company has successfully developed LPCVD and ALD equipment, which have been validated by customers and have entered the market with large-scale repeat orders [5][6] - In the etching equipment sector, the company's revenue for the first three quarters of 2025 reached 6.101 billion yuan, a year-on-year increase of approximately 38.26%, accounting for about 76% of total revenue [6][9] - The company maintains a high R&D investment, with R&D expenses reaching 1.794 billion yuan in the first three quarters of 2025, a year-on-year increase of 96.30%, representing a R&D expense ratio of 22.25% [5][9] - The company aims to cover over 60% of the equipment market in key areas of integrated circuits through independent research and industrial cooperation over the next five to ten years [5] Group 2: Jinfat Technology (600143) - Jinfat Technology has evolved from a modified plastics manufacturer to a global chemical new materials platform enterprise, with a focus on AI servers, humanoid robots, and new energy vehicles [10][11] - The company achieved operating revenue of 49.616 billion yuan in the first three quarters of 2025, a year-on-year increase of 22.62%, and a net profit of 1.065 billion yuan, up 55.86% [10][11] - The modified plastics business has maintained a revenue share of over 50% since 2020, with sales reaching 2.0908 million tons in the first three quarters of 2025, a year-on-year increase of 18.16% [11] - The new materials segment, including special engineering plastics and biodegradable plastics, saw sales of 200,800 tons in the first three quarters of 2025, a year-on-year increase of 22.36% [12] - The company is expected to benefit from domestic substitution and technological updates, with EPS forecasts for 2025-2027 being 0.54, 0.66, and 0.85 yuan, respectively [12]

| 序号 | 姓名 | 年龄 | 工作单位 | 研究方向 | | --- | --- | --- | --- | --- | | 1 | 戴或虹 | 53 | 中国科学院数学与系统科学研究院 | 运筹学 | | 2 | 戴子高 | 60 | 中国科学技术大学 | 高能大体物理 | | 3 | 梁作堂 | 60 | 山东大学 | 粒子物理与原子核物理 理论 | | 4 | 刘建亚 | 60 | 山东大学 | 数论 | | 5 | 刘若川 | 44 | 北京大学 | 数论 | | Q | 刘正猷 | રેતે | 武汉大学 | 人工结构物理 | | 7 | 柳卫平 | 62 | 中国原子能科学研究院 | 核天体物理、不稳定核 東物理 | | 8 | 彭承志 | 48 | 中国科学技术大学 | 量子信息和量子光学实 验研究 | 【DT新材料】 获悉 ， 中国科学院、中国工程院11月21日公布2025年院士增选结果，分别选举产生中国科学院院士73人，中国工程院院士71人。其中 宁 德时代 吴凯、 比亚迪 廉玉波、 中国商飞 陈勇、 金发科技 黄险波入选，祝贺！ | 21 24 24 21 1 2 1 | 9 | 王海 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company has evolved from a modified plastics manufacturer to a global chemical new materials platform, successfully applying its products in cutting-edge industries such as AI servers, humanoid robots, and new energy vehicles [6]. - The modified plastics business remains a solid foundation, with a leading gross margin in the industry due to its integrated supply chain and material solutions [6]. - The company is well-positioned to benefit from domestic substitution and technological upgrades in the new materials sector, with significant growth potential in specialty engineering plastics and biodegradable plastics [6]. - The earnings forecast indicates a steady increase in EPS from 0.54 to 0.85 yuan from 2025 to 2027, with corresponding PE ratios decreasing from 35.01 to 22.16 [6]. Summary by Sections 1. Performance Overview: Healthy Profit Structure and Expected Profitability - The company has shown robust revenue growth, achieving 49.62 billion yuan in revenue in the first three quarters of 2025, a 22.62% year-on-year increase, and a net profit of 1.065 billion yuan, up 55.86% [6][17]. - The profit structure is now driven by sustainable growth areas such as automotive materials and high-end specialty engineering plastics, rather than relying on sporadic medical products [17]. 2. Integrated Supply Chain Builds Competitive Advantage in Modified Plastics - The modified plastics segment has consistently accounted for over 50% of revenue since 2020, with sales volume reaching 2.0908 million tons in the first three quarters of 2025, a growth of 18.16% [40]. - The company’s total production capacity for modified plastics is set to reach 3.72 million tons per year by the end of 2024, maintaining a leading position in the industry [40]. 3. "Domestic Substitution" and "Industry Upgrade" Drive New Materials Business - The new materials segment, including specialty engineering plastics and biodegradable plastics, is expected to grow significantly, with sales volume of 20,080 tons in the first three quarters of 2025, a 22.36% increase [6]. - The company is actively developing high-performance biodegradable plastics and specialty engineering plastics, which are crucial for emerging industries [6]. 4. Earnings Forecast and Valuation - The company’s revenue is projected to grow from 60.51 billion yuan in 2024 to 67.31 billion yuan in 2025, with a compound annual growth rate of approximately 14.62% from 2020 to 2024 [5][75]. - The report highlights a favorable valuation compared to peers, with an average PE of 44.74 and 30.10 for 2025 and 2026, respectively [75].