Core Points - The Chinese Academy of Sciences and the Chinese Academy of Engineering announced the selection results for 2025, with a total of 144 new academicians, including 4 faculty members and 4 alumni from Shanghai Jiao Tong University [1][3][5]. Group 1: Selection Results - Shanghai Jiao Tong University has added 11 academicians from the two academies in the past five years as part of its talent development strategy [5]. - The newly elected academicians from Shanghai Jiao Tong University include: - Zhang Wanbin, a professor from the School of Chemical Engineering and Technology, and Fang Jingyuan, a professor from Renji Hospital, elected as academicians of the Chinese Academy of Sciences [6]. - Zhang Wenjun, a professor from the School of Integrated Circuits, and Sun Baode, a professor from the School of Materials Science and Engineering, elected as academicians of the Chinese Academy of Engineering [6]. Group 2: Alumni Achievements - Notable alumni elected include: - Deng Hongkui, a professor at Peking University, elected as an academician of the Chinese Academy of Sciences [7]. - Wu Kai, chief scientist at Contemporary Amperex Technology Co., Limited (CATL), and Chen Yong, chief engineer at Commercial Aircraft Corporation of China, elected as academicians of the Chinese Academy of Engineering [7].

超卓航科表示，停牌期间，公司将根据上述事项进展情况，严格按照有关法律法规及规范性文件要求履 行信息披露义务。待相关事项确定后，公司将及时披露相关公告并申请公司股票复牌。 北京商报讯（记者 马换换 王蔓蕾）11月21日晚间，超卓航科（688237）披露公告称，公司控股股东、 实际控制人李羿含、李光平、王春晓正在筹划重大事项，该事项可能导致公司控制权变更。公司股票自 11月24日起停牌，预计停牌时间不超过2个交易日。 交易行情显示，11月21日，超卓航科股价收跌3.11%，收于51.45元/股，总市值46.1亿元。 ...

Group 1 - The Dow futures rose by 0.36%, S&P 500 futures increased by 0.11%, while Nasdaq futures fell by 0.05% [1] - Cathie Wood's ARK Investment Management purchased 93,374 shares of Nvidia following the company's strong earnings report, marking the first purchase of Nvidia shares since August 4 [1] - Bitcoin experienced a significant drop, falling below $82,000 and reaching a low of $81,330, marking the lowest point since April 7, with a daily decline of over 9% [1] Group 2 - Blue Origin, founded by Amazon's Jeff Bezos, announced plans to build a new heavy-lift rocket that will be larger and more powerful than its existing New Glenn rocket [1] - Middle Eastern airlines made substantial purchases at the Dubai Airshow, with Boeing and Airbus receiving multi-billion dollar orders, including Emirates Airlines ordering 65 Boeing 777-9 aircraft [1]

Group 1 - Major stock index futures show mixed performance, with Dow futures up 0.36%, S&P 500 futures up 0.11%, and Nasdaq futures down 0.05% [1] - Cathie Wood's ARK Investment Management purchased 93,374 shares of Nvidia following the company's strong earnings report, marking the first purchase of Nvidia shares since August 4 [1] - Bitcoin experienced a significant drop, falling below $82,000 and reaching a low of $81,330, marking the lowest point since April 7, with a daily decline exceeding 9% [1] Group 2 - Blue Origin, founded by Amazon's Jeff Bezos, announced plans to build a new heavy-lift rocket that will be larger and more powerful than its existing New Glenn rocket [1] - Middle Eastern airlines made substantial aircraft orders at the Dubai Airshow, with Boeing and Airbus receiving multi-billion dollar contracts, including Emirates' order for 65 Boeing 777-9 aircraft [1] Group 3 - OpenAI has officially launched the ChatGPT group chat feature globally, available to all users across different subscription plans [2] - Barclays predicts that AI will become the most significant macroeconomic variable by 2026, surpassing traditional monetary and trade policy factors [2] - The Trump administration announced a new offshore oil and gas development plan, facing strong opposition from local governments and environmental organizations [2]

Core Insights - Emirates Airlines announced the purchase of 8 additional Airbus A350-900 aircraft during the 2025 Dubai Airshow, powered by Rolls-Royce Trent XWB-84 engines [3] - The total value of this additional order is approximately $3.4 billion based on list prices [3] - Upon completion of all deliveries, Emirates Airlines will have a total of 73 A350-900 aircraft, having already received 13 [3]

Core Viewpoint - The debut of China's C919 and C909 at the Dubai Airshow signifies a shift from domestic development to international market engagement for Chinese aviation manufacturing [1][2][3] Group 1: C919 and C909 Highlights - The C919 successfully completed a long-distance flight from China to Dubai, showcasing its operational reliability and long-range capabilities [1] - The C909 was presented as a high-cost-performance business jet, indicating a strategic move by COMAC to avoid direct competition in traditional regional markets [1][2] Group 2: Market Context and Opportunities - The global aviation industry is experiencing a challenging recovery, with Western manufacturers like Boeing facing delivery delays, creating a strategic window for Chinese manufacturers [2] - Saudi Arabia's push for an independent aviation network under its "Vision 2030" initiative presents an opportunity for COMAC to position the C919 as a viable alternative to Western aircraft [2] Group 3: Future Plans and Collaborations - COMAC announced plans for a stretched version of the C919, aiming to build a comprehensive product line and enhance its global competitiveness [2] - Potential collaboration with Saudi Arabia to establish a C919 assembly line in Jeddah could serve as a model for Chinese high-end manufacturing entering international markets [2] Group 4: Challenges Ahead - The path to internationalization for Chinese large aircraft faces significant hurdles, particularly in obtaining airworthiness certification, which may take an additional 3 to 6 years [3] - Supply chain challenges, especially regarding critical components like engines, could impact the delivery speed of the C919 [3]

Group 1 - The company,炼石航空科技股份有限公司, has entered the restructuring phase after the Chengdu Intermediate People's Court approved its restructuring plan on November 12, 2025 [3][25]. - The restructuring plan includes a capital reserve increase to share capital, where the total share capital will increase from 873,100,876 shares to 1,396,088,300 shares, with a ratio of 5.99 shares for every 10 shares [4][27]. - The newly issued shares will not be distributed to existing shareholders but will be allocated by the management according to the restructuring plan [5][27]. Group 2 - Of the newly issued shares, 200,000,000 shares will be used to attract restructuring investors, who will pay a total of 1,238,000,000.00 yuan for these shares [5][20]. - The remaining 322,987,424 shares will be allocated to creditors as part of the debt repayment process [6][27]. - The average price for the capital reserve increase is calculated to be 7.26 yuan per share, based on the total amount of debt repayment and the cash paid by restructuring investors [7][28]. Group 3 - The company has adjusted the ex-rights price calculation formula to reflect the specific circumstances of the restructuring, which differs from typical capital reserve increases [9][15]. - The adjustment is necessary to ensure that the stock price accurately reflects the company's improved fundamentals post-restructuring [12][15]. - The company has received all restructuring investment funds from investors as per the pre-restructuring investment agreement, totaling 1,238,000,000.00 yuan [21][20].

截至发稿，中航沈飞市值为1671亿元。 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 每经AI快讯，中航沈飞（SH 600760，收盘价：58.95元）11月20日晚间发布公告称，公司第十届第二十 次董事会会议于2025年11月20日在公司办公楼会议室以现场结合通讯投票表决的方式召开。会议审议了 《关于修订 <中航沈飞权责清单> 的议案》等文件。 2024年1至12月份，中航沈飞的营业收入构成为：航空制造业占比99.33%，其他业务占比0.58%，其他 占比0.1%。 （记者 曾健辉） ...

Core Viewpoint - The 2025 Dubai Airshow, held from November 17 to 21, features the Chinese-made C919 aircraft, marking its first appearance in the Middle East [1][3]. Group 1: Event Overview - The Dubai Airshow is one of the largest airshows globally, attracting over 1,500 exhibitors and showcasing more than 200 aircraft, with an expected attendance of 148,000 industry professionals [3]. - China Commercial Aircraft Corporation (COMAC) and China Southern Airlines each presented a C919 aircraft, garnering significant attention [3]. Group 2: C919 Aircraft Highlights - During the airshow, COMAC conducted a flight demonstration of the C919, which showcased its performance over Al Maktoum International Airport [3]. - Industry professionals expressed interest in the C919, noting its potential to provide new options in the international aviation market and its promising future as operational experience accumulates [3][5]. Group 3: Industry Reception - Attendees, including executives from various airlines, praised the C919 for its innovative design and competitive edge, with expectations of increased adoption by airlines in the next five years [5]. - The C919 has been developed in accordance with international civil aviation regulations and has been delivered to 26 units, operating over 30 routes [5]. Group 4: Broader Chinese Aviation Presence - In addition to the C919, the airshow featured various Chinese-developed products, including drones, electric vertical takeoff and landing vehicles, and aircraft engines, with nearly 100 Chinese aviation-related companies participating [5][6]. - The China Aviation Engine Group showcased a comprehensive range of 19 types of power products, marking a significant presence of Chinese aviation engines at the event [6].

Group 1: Nuclear Power Developments - China General Nuclear Power Group (CGN) has launched a new generation of intelligent industrial control system products (iNICS), which includes 20 products across four categories, integrating digital twin and artificial intelligence technologies to enhance nuclear power control systems [2] - The first concrete pour for the "Hualong One" nuclear power plant, which utilizes cooling towers, has been completed, marking the start of construction for the Shandong Zhaoyuan nuclear power base, with a total planned capacity of approximately 7.2 million kilowatts [3] Group 2: Aerospace and Robotics - The C919 aircraft made its debut at the Dubai Airshow, showcasing China's self-developed commercial aircraft in the Middle East for the first time [3] - The global cumulative shipment of humanoid robots by Accelerated Evolution has surpassed 700 units, with over 50% of sales in overseas markets, and the company anticipates a significant increase in production capacity next year [4]