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]

导读：在售价大幅下探之后，比亚迪"夏"将承担起抢夺家用MPV、家用SUV市场的重任，和注重商务 定位的腾势D9形成差异化。 （文 / 观察者网 周盛明 编辑 / 高莘） 11月4日，比亚迪MPV车型"2026款夏"正式上市。新车共推出四款车型，指导价21.98万—27.98万元， 并提供限时补贴政策，补贴后售价区间为19.68万—25.98万元。 在外观方面，2026款夏延续了年初上市时的整体风格，但新增了墨竹青、鎏光紫金双拼、月影黑金双拼 三种车色，使整车在家庭使用场景中更具辨识度。比亚迪希望借此淡化MPV"刻板商务形象"，把夏打 造成为一个更能体现生活方式的家用产品。 比亚迪2026款夏 今年1月，2025款比亚迪夏上市，售价为24.98万—30.98万元。值得注意的是，2026款比亚迪夏的指导价 在此基础上下降3万元，补贴价则在此基础上下降超过5万元，甚至进入20万以内。 此外，2026款夏和2025款搭载同样的电池包配置，根据配置不同分别为20.39kWh与36.6kWh。其中，低 配、次低配车型的官方CLTC纯电续航依旧为100km，但通过能耗优化，中高配版本的官方CLTC纯电续 航提升至218km ...

Core Insights - The automotive market in China continues to show positive trends with October 2023 sales reaching 3.322 million units, a year-on-year increase of 8.8% [2] - Cumulative sales from January to October 2023 stand at 27.687 million units, reflecting a year-on-year growth of 12.4% [2] - The inventory situation indicates a comprehensive inventory coefficient of 1.2 for October, which is a 6.4% increase year-on-year but a 13.3% decrease month-on-month [2] - The new energy vehicle (NEV) segment is performing particularly well, with October sales of 1.715 million units, a year-on-year growth of 19.9% and a penetration rate of 51.6% [2] Sales and Inventory - October 2023 automotive sales were 3.322 million units, up 8.8% year-on-year [2] - Total automotive sales for the first ten months of 2023 reached 27.687 million units, marking a 12.4% increase compared to the same period last year [2] - The comprehensive inventory coefficient for October was 1.2, which is a 6.4% increase year-on-year and a 13.3% decrease from the previous month [2] - The dealer inventory warning index stood at 52.6%, up 2.1 percentage points year-on-year but down 1.9 percentage points month-on-month [2] New Energy Vehicles - NEV sales in October 2023 were 1.715 million units, representing a year-on-year increase of 19.9% and achieving a penetration rate of 51.6% [2] - From January to October 2023, NEV sales totaled 12.943 million units, with a year-on-year growth of 32.7% and a penetration rate of 46.7% [2] Investment Strategy - The automotive sector is advised to focus on undervalued leading companies in both vehicle manufacturing and parts due to improving performance [3] - Key companies to watch include established domestic brands in the NEV sector such as BYD, Changan Automobile, Geely, and Li Auto [3] - Stable, undervalued parts manufacturers like Huayu Automotive and Fuyao Glass are also recommended [3] - The report highlights opportunities in the domestic replacement market driven by the "domestic circulation" strategy [3] Market Performance - The automotive sector experienced a weekly decline of 2.11%, ranking 26th among 31 sectors tracked by Shenwan [5] - The automotive industry underperformed compared to the CSI 300 index, which saw declines of -0.18% [5] - In the sub-sectors, automotive services increased by 0.51%, while automotive parts and other categories saw declines [5] Notable Stocks - The top five gaining stocks in the automotive sector this week were Langbo Technology, Yingli Automotive, Xinpeng Co., Huafeng Co., and Qin'an Co. [6] - The top five losing stocks included Biaobang Co., Xinquan Co., Haoen Automotive, Sanlian Forging, and Beite Technology [7]

智通财经记者 | 宋佳楠 片来源：中国工程院 吴凯早期在武汉理工大学任教，后投身企业研发一线。1999年，他就与宁德时代创始人曾毓群相识，在 ATL担任技术副总裁，2011年加入宁德时代担任首席科学家。ATL是曾毓群、陈棠华、梁少康等人在香 港创立的公司，专注于消费电子锂电池研发。 11月21日，中国工程院2025年院士增选结果揭晓，来自多家民营企业的专家成功当选，其中包括比亚迪 首席科学家廉玉波、宁德时代首席科学家吴凯、金发科技首席技术官黄险波等。 公开资料显示，廉玉波现任比亚迪首席科学家、汽车总工程师兼汽车工程研究院院长。1964年出生的 他，于1986年毕业于南京航空航天大学飞机制造工程专业，后于2000年获得南京大学高级工商管理硕士 学位。 | 序号 | 姓名 | 出生年月 | 工作单位 | | --- | --- | --- | --- | | 1 | 陈新 | 1960年2月 | 广东工业大学 | | 2 | 陈勇 | 1967年8月 | 中国商用飞机有限责任公司 | | 3 | 冯江华 | 1964年11月 | 中车株洲电力机车研究所有限公司 | | 4 | 高仕斌 | 1964年11月 | 西 ...

除中国一汽外，New Territory Technology Company Limited、国投招商、比亚迪（002594）、光远投 资、上汽恒旭、北汽产投、徐工云汉基金等多家国内外知名机构为卓驭股东。 人民财讯11月21日电，卓驭科技(简称"卓驭")宣布，获得来自中国第一汽车集团有限公司(简称"中国一 汽")超36亿元的战略投资。此次交易完成后，卓驭投后估值超人民币100亿元。同时，卓驭将作为独立 法人实体运营，保持现有管理团队、技术路线与品牌战略不变。中国一汽作为战略股东，将主要通过业 务协同与资源支持赋能卓驭。 ...

设计层面，汉L唐L以Loong Face龙颜美学造就中国人血脉里的高级感，视觉效果极富年轻化、运动感。为满足用户对个性化的进阶追求，汉L唐L共同 推出橄榄绿全新车色，汉L额外加入西子蓝新色，将东方美学与现代制造工艺相互融合。 其中，橄榄绿采用低饱和度、高反射金属漆面，通过纳米级高透色浆与微米级超细铝粉的精密配比，呈现出绿中透金的渐变效果。在阳光下呈现清新明 亮的视觉效果，而在室内则转为深邃墨绿，契合当代精英"于静谧中蕴藏活力"的生活态度。汉L独有的西子蓝创新引入巴斯夫珠光包覆型铝粉，在强光下呈 现高饱和度珠光金属白，弱光时切换为低饱和度清澈碧蓝，生动还原西湖"淡妆浓抹总相宜"的诗意美感。 汉L专为个性用户打造了黑化运动套件，包含悬浮黑顶、黑化车窗饰条等元素，配合车内戟灰运动内饰，营造出极具战斗气息的运动风格。此外，在汉 L上备受好评的琉光银配色，此次也向唐L用户开放选装。 11月21日，比亚迪划时代旗舰车型汉L唐L携新车色及OTA在2025广州车展正式发布。其中，汉L EV、唐L EV搭载超级e平台全域千伏架构， 以"兆瓦闪充 油电同速"终结纯电补能焦虑；汉L DM、唐L DM标配第五代DM技术，兼顾超强性能 ...

智通财经APP获悉，11月21日，乘联分会秘书长崔东树发布10月新能源车锂电池市场分析。其中指出，10月动力电池走势较强，出口和内销的表现均很 好。纯电动车目前主力电池能量密度区间在125到160之间，近期高能量密度的稍有改善。10月，我国动力和其它电池合计产量为171GWh，同比增长 49%。1-10月，我国动力和其它电池累计产量为1293GWh，累计同比增长45%。 电池企业的竞争格局形成宁德时代和比亚迪两者相对较强的特征。宁德时代的磷酸铁锂电池的占比份额从2024年已经反超比亚迪，插混低迷。行业竞争变 化快。亿纬锂能和中创新航表现较强。欣旺达、瑞浦兰钧、蜂巢能源、极电新能源的提升明显。由于比亚迪全面转型磷酸铁锂电池，因此宁德时代、中创 新航、LG、蜂巢等前四家的三元电池优势更加明显，近期巨湾技研、亿纬锂能表现较好。 动力电池的装车占比 | 单位:GWh | 动力电池产量 | | 三元电池产量 | | 磷酸铁锂电池 | 动力电池产量 | | | 三元电池产量 | 磷酸铁锂电池 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report indicates a positive investment outlook for Chinese enterprises going global, with a projected increase in foreign direct investment (FDI) to 1.16 trillion RMB in 2024, reflecting an 11.30% year-on-year growth [8]. Core Insights - Chinese enterprises are actively exploring new pathways for international expansion, adapting strategies in response to geopolitical challenges and evolving market conditions [4][8]. - The ASEAN region has emerged as a key destination for Chinese investment, with its share of China's outbound investment rising from 6.34% in 2014 to 17.88% in 2024 [8]. - The structure of China's outbound investment is shifting, with significant increases in the wholesale, retail, and manufacturing sectors, indicating a deeper integration into global value chains [8][52]. Summary by Sections Part A: Challenges and Pathways for Chinese Enterprises Going Global - The Chinese government is committed to high-quality outbound investment, emphasizing the importance of maintaining a stable international economic environment despite rising geopolitical tensions [18][19]. - The share of China's exports in global trade is projected to reach 14.64% in 2024, maintaining its position as the world's largest exporter [19][23]. - Chinese enterprises are increasingly focusing on the ASEAN region for investment, with a notable rise in direct investment since the implementation of the RCEP [44][52]. Part B: Financial Support for Outbound Expansion - Chinese financial institutions are enhancing their overseas presence, with major banks establishing branches in numerous countries to support outbound enterprises [9]. - There is a strong emphasis on integrating domestic and international resources, with banks providing cross-border credit and financing solutions for projects under the Belt and Road Initiative [9][11]. - Innovative financial products and services are being developed to support overseas investments, including specialized loans for infrastructure projects and comprehensive solutions for cross-border e-commerce [9][11]. Part C: Future Outlook and Recommendations - Recommendations include optimizing overseas network construction, enhancing multi-tiered financial service systems, and expanding the use of cross-border RMB [12][13]. - A comprehensive risk management system is suggested to help enterprises navigate geopolitical uncertainties and market volatility [12][13]. - Strengthening collaboration between financial institutions and industries is crucial for supporting enterprises in their global expansion efforts [12][13].

Core Insights - Shenzhen's capital market has shown remarkable performance in the "14th Five-Year Plan" period, with a total of 424 A-share listed companies and a market capitalization exceeding 11 trillion yuan, ranking second nationwide [1][6] - The direct financing scale in Shenzhen has reached a historic high of over 2.8 trillion yuan, marking a more than 50% increase compared to the "13th Five-Year Plan" period, positioning it third among major cities in China [3] - The innovation and competitiveness of market entities in Shenzhen have significantly improved, with total market capitalization surpassing 11.5 trillion yuan and projected revenues exceeding 6.8 trillion yuan for 2024 [6] Financing and Investment - The cumulative equity financing in Shenzhen has exceeded 400 billion yuan, with 110 companies raising over 110 billion yuan through IPOs [3] - The bond market financing, including ABS, has surpassed 2.4 trillion yuan, with public REITs leading in fundraising [3] - Shenzhen's private equity and venture capital fund scale is expected to reach nearly 1.37 trillion yuan by September 2025, supporting over 13,800 small and medium-sized enterprises [4] Market Dynamics - The R&D investment of Shenzhen-listed companies is projected to reach 210.3 billion yuan in 2024, a 91.35% increase from 2020, with BYD leading the investment at over 54 billion yuan [6] - In the first three quarters of this year, 24 securities companies in Shenzhen achieved revenues exceeding 100 billion yuan, while 31 public fund management companies managed assets totaling 12.3 trillion yuan [6] Financial Innovations and Investor Protection - Shenzhen has made significant strides in financial innovations, with over 800 billion yuan raised through technology-themed public funds and more than 5 trillion yuan in total assets for these funds [8] - The city has implemented various investor protection mechanisms, with nearly 990 billion yuan in cumulative dividends distributed by listed companies during the "14th Five-Year Plan" period [9] Future Outlook - Looking ahead to the "15th Five-Year Plan," Shenzhen aims to focus on developing new productive forces, deepening reforms, enhancing financial services for the real economy, and protecting investors' rights [10]

| 序号 | 姓名 | 出生年月 | 工作单位 | | --- | --- | --- | --- | | 1 | 陈新 | 1960年2月 | 广东工业大学 | | 2 | 陈勇 | 1967年8月 | 中国商用飞机有限责任公司 | | 3 | 冯江丰 | 1964年11月 | 中车株洲电力机车研究所有限公司 | | শ | 高仕斌 | 1964年11月 | 西南交通大学 | | ર | 黄维娜(女) | 1968年10月 | 中国航发贵阳发动机设计研究所 | | 6 | 廉玉波 | 1964年4月 | 比亚迪股份有限公司 | | 7 | 齐润东 | 1962年10月 | 中国航天科工集团第二研究院 | | 8 | 王永庆 | 1965年2月 | 中国航空工业集团公司沈阳飞机设计研究所 | | 9 | 王培全 | 1962年2月 | 中国兵器工业集团第七〇研究所 | | 10 | 苑世剑 | 1963年1月 | 哈尔滨工业大学 | | 11 | 张锦岚, | 1963年12月 | 中国船舶集团有限公司第七一九研究所 | | 序号 | 姓名 | 出生年月 | 工作单位 | | --- | --- | --- ...