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 - Dapeng Industrial (920091.BJ) experienced a remarkable stock price surge, reaching a peak of 159 CNY, with an increase of over 1600%, setting a record for the highest first-day gain of new stocks this year [1] - The company specializes in precision cleaning equipment for industrial applications, particularly in the automotive sector, and aims to address challenges in large industrial component inspection through machine vision products [1] - Despite the impressive stock performance, the company's financial results appear modest, with projected revenues and net profits showing limited growth from 2022 to 2024 [2] Company Overview - Dapeng Industrial is a manufacturer of intelligent equipment for precision cleaning, primarily used in vehicle powertrains and core components of new energy vehicles [1] - The company has received multiple certifications, including being recognized as a "little giant" enterprise and a high-tech enterprise, and has established stable partnerships with major automotive manufacturers [1] Financial Performance - Projected revenues for Dapeng Industrial from 2022 to 2024 are 247 million CNY, 260 million CNY, and 265 million CNY, respectively, while net profits are expected to be 40.89 million CNY, 48.69 million CNY, and 43.49 million CNY [2] - In the first half of 2025, the company reported a revenue of 129 million CNY, reflecting an 8.34% year-on-year increase, but net profit decreased by 20.92% to approximately 16.37 million CNY [2] Listing Journey - Dapeng Industrial's path to listing has been challenging, with an initial attempt to list on the ChiNext board in December 2020, which was withdrawn in August 2021 [2] - After switching to the Beijing Stock Exchange, the company faced delays due to issues with two auditing firms, ultimately partnering with Zhongxinghua Accounting Firm to complete the listing process [2]

Group 1 - The report highlights the ongoing transformation in the artificial intelligence (AI) industry, with significant advancements in AI models and increasing capital expenditures from cloud service providers, driving demand for AI computing hardware infrastructure [8][20][39] - The semiconductor industry is expected to continue its upward trend, with AI driving a potential super cycle in the memory sector, as domestic manufacturers enhance their competitive advantages in technology and supply chains [11][18][19] - The electronic industry has significantly outperformed the CSI 300 index, with a year-to-date increase of 38.35% compared to the CSI 300's 16.85% [18][19] Group 2 - Major cloud companies are increasing their capital expenditures, with North American cloud providers collectively spending $96.4 billion in Q3 2025, a 67% year-on-year increase, to support AI infrastructure [39][40] - The report emphasizes the rapid growth of AI server demand, with the global AI server market projected to reach $158.7 billion in 2025, reflecting a compound annual growth rate of 15.5% from 2024 to 2028 [51][53] - The report identifies key investment opportunities in sectors such as AI computing chips, AI PCBs, and memory modules, recommending specific companies for investment based on their market positions and growth potential [11][12][52]

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 Insights - BYD's 2026 model "Xia" is positioned to capture the family MPV and SUV market after a significant price reduction, differentiating itself from the business-oriented Tengshi D9 [1][8] Pricing Strategy - The 2026 model "Xia" is priced between 219,800 to 279,800 yuan, with a limited-time subsidy bringing the price down to 196,800 to 259,800 yuan [1][3] - Compared to the 2025 model, the 2026 model's guidance price has decreased by 30,000 yuan, and the subsidized price has dropped by over 50,000 yuan, even falling below 200,000 yuan [3][8] Technical Specifications - Both the 2026 and 2025 models feature the same battery configurations of 20.39 kWh and 36.6 kWh, with the lower-end models maintaining a pure electric range of 100 km, while the mid to high-end versions have improved to 218 km [3][5] - The 2026 model "Xia" includes a 1.5T hybrid engine, with the overall range increasing from 1,060 km in the 2025 model to 1,163 km in the 2026 model, and the NEDC fuel consumption decreasing from 5.3 L to 4.9 L per 100 km [3][5] Design and Features - The 2026 model "Xia" focuses on the family market, featuring new color options to enhance its appeal in family usage scenarios [3][8] - Interior features include a four-way adjustable passenger seat with massage and heating functions, and a third row that can be easily folded to expand trunk space to 2,036 liters [5][8] Smart Technology - The vehicle is equipped with upgraded "Tianshen Eye-B" driver assistance technology, supporting various driving and parking assistance functions [7][8] - The "Xia" model supports home integration features, allowing users to remotely control home appliances like air conditioning and hot water systems [8] Market Positioning - With the significant price drop, BYD aims to capture the growing demand for MPVs in the 200,000 to 300,000 yuan range, while competing against declining sales of joint venture fuel MPVs [8]

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。 ...

Core Insights - BYD has officially launched its flagship models Han L and Tang L at the 2025 Guangzhou Auto Show, featuring new colors and OTA updates, aimed at addressing electric vehicle charging anxiety with "megawatt fast charging" and dual-fuel capabilities [1][2] Group 1: Product Features - Han L EV and Tang L EV are equipped with the Super e-platform, achieving 16 global firsts, including the world's first mass-produced passenger car with a full-domain kilovolt high-voltage architecture and a peak charging power of 1000 kW, allowing for a 400 km range in just 5 minutes [2] - The Han L DM and Tang L DM utilize the fifth-generation DM technology, with Han L DM achieving a 0-100 km/h acceleration in as fast as 3.9 seconds and a fuel consumption as low as 3.9 L/100 km [2][6] - The new models offer a maximum pure electric range of 215 km and a comprehensive range of 1430 km, catering to various driving scenarios [2] Group 2: Design and Aesthetics - The design of Han L and Tang L incorporates Loong Face aesthetics, appealing to younger consumers with a sporty and modern look, featuring new color options like olive green and West Lake blue [4][6] - The olive green color uses a low-saturation, high-reflective metallic paint, creating a gradient effect that changes under different lighting conditions, while West Lake blue features a unique pearlescent finish [4] Group 3: Technology and Smart Features - The intelligent cockpit and driver assistance systems have received significant OTA upgrades, including a new UI design that adapts to ambient light and offers a more engaging user experience [6] - The "car-to-car" navigation assistance feature allows for seamless parking and retrieval, enhancing user convenience by automating the parking process [6][7] Group 4: Ecosystem and Partnerships - BYD has partnered with various companies to create a comprehensive "people × car × home" ecosystem, enabling smart home integration with vehicle controls [7] - The collaboration includes smart devices like children's safety seats and smart cameras that can be controlled via the vehicle's system, enriching the overall user experience [7]

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 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...