成渝地区双城经济圈国土空间规划获批复 ——政策双周报（2025 年第 9 期） 许冬石：中国银河证券宏观分析师、新发展研究院学术委员会执行负责人 路自愿：中国银河证券新发展研究院区域经济研究员 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 政策双周报（2025 年第 9 期） 成渝地区双城经济圈国土空间规划获批复 ——政策双周报（2025 年第 9 期） 2025 年 11 月 24 日 分析师 许冬石 ：010-8357-4134 ：xudongshi_yj @chinastock.com.cn 分析师登记编码：S0130515030003 路自愿 ：136-7105-7587 ：luziyuan_yj@chinastock.com.cn 分析师登记编码：S0130525070001 风险提示 ⚫ 11 月上半月，提示重点关注成渝地区双城经济圈国土空间规划获得批复 ：作 为主体功 能区 战略落 实的关 键手段， 国土 空间规 划综合 考虑各地 资源 环境承 载力和比较优势，是各地开展各类活动的依据。《规划》提出成渝要打造全国 高质量发展的新 ...

转自：北京日报客户端 11月23日，作为2025能源转型大会的重要活动之一，未来科学城能源谷高质量发展大会在昌平区举行。 会上，一批重大能源领域项目签约落地，兵器工业集团中兵未来科研中心、国家电投中央研究院科研创 新基地二期项目启用，为未来科学城能源谷高质量发展再添新动能。 本次大会集中开展了企地战略合作和项目签约，既有具备产业集群优势的中国电信股份有限公司北京分 公司、国网冀北电力有限公司电力科学研究院、北京首钢吉泰安新材料等央企国企合作项目，也包括北 京雪迪龙科技股份有限公司等优质民企项目，未来将围绕科技创新、产业发展等领域持续深化合作，不 断提升区域产业发展能级。 昌平区积极搭建央企-高校协同创新平台，推动有组织的科技成果转化，推动科技创新和产业创新深度 融合。中粮营养健康研究院与北京化工大学签约，北新建材与北京信息科技大学签约，旨在围绕服务国 家重大战略需求，通过共建联合研发平台、协同开展关键技术攻关等方式，深化产学研用融合，打造校 企协同创新典范，为加快形成新质生产力、实现高水平科技自立自强注入强劲动能。 未来科学城华能新能源基金也在现场完成签约。昌平区以政府投资为引领，由未来科学城集团与深圳市 国 ...

两院外籍院士是：Arokia Nathan（阿洛基亚·那桑），现任山东大学讲席教授，主要从事纳米光电 材料及器件、新型光电显示技术和新型TFT薄膜晶体管的应用研究，当选中国科学院外籍院士；Adi Shamir（阿迪·沙米尔），山东大学名誉博士，主要研究方向为密码系统构建与密码分析，当选中国科 学院外籍院士；张友明，现任山东大学讲席教授、微生物改造技术全国重点实验室主任，主要研究方向 为基因组编辑技术开发和应用，当选中国工程院外籍院士。（记者 刘一颖 王亚楠） 11月21日，中国科学院、中国工程院公布2025年院士增选结果，我省5名专家当选两院院士，3名专 家当选两院外籍院士，均为历史最好水平。新当选院士中，中国科学院院士5名，来自山东大学和崂山 实验室；中国工程院院士3名，分别来自山东大学、海军潜艇学院和中国科学院海洋研究所。 两院院士是：梁作堂，现任山东大学讲席教授、粒子物理与粒子辐照教育部重点实验室主任，主要 研究方向为原子核物理理论，当选中国科学院数学物理学部院士；刘建亚，现任山东大学讲席教授，主 要研究方向为数论，当选中国科学院数学物理学部院士；唐波，现任崂山实验室研究员，主要研究方向 为化学传感与成 ...

11月21日，2025年两院院士增选结果公布，中国科学院2025年院士增选共选举产生73位中国科学院院 士；中国工程院2025年院士增选共选举产生71位中国工程院院士。 华南师范大学党委副书记、校长杨中民当选中国工程院院士。杨中民，1971年生，曾任华南理工大学物 理与光电学院院长，广东省光纤激光材料与应用技术重点实验室，广东省特种光纤材料与器件工程技术 研发中心主任，2023年12月被任命为华南师范大学校长。研究方向包括光纤激光器，特种光纤放大器， 特种玻璃光纤材料，高性能玻璃，激光振荡过程的数值模拟与动态仿真等。曾获国家杰出青年科学基 金、何梁何利基金科学与技术创新奖等。 中山大学肿瘤防治中心主任、华南恶性肿瘤防治全国重点实验室主任徐瑞华当选中国工程院院士。徐瑞 华曾以第一完成人获得国家科技进步奖二等奖2项，中华医学科技奖、教育部科技奖及广东省科技奖一 等奖共6项。从事肿瘤内科临床及科研工作三十多年，专注消化道肿瘤（肠癌、胃癌、食道癌、胰腺 癌、肝癌）的治疗及研究，建立了结直肠癌诊治新体系，使我国肠癌精准诊治均处于国际先进水平，创 新上消化道肿瘤免疫治疗范式达国际领先水平，还牵头负责了多个国产创新药临床研 ...

根据要求，"科技副总"服务企业期间应帮助企业制定创新规划，梳理企业创新需求；帮助企业针对 关键技术难题开展联合研究攻关、研发新产品等，推动高校、科研院所与企业开展深度产学研合作，促 进科技成果在企业落地转化；帮助企业建设科技创新平台，引导培养创新人才和团队，开展技术培训， 推动对外科技交流与合作，提升企业创新能力。省科技厅将组织专家对申报的"科技副总"支持项目进行 评审，通过评审认定的项目，纳入陕西省创新能力支撑计划项目给予支持，项目经费实行"包干制"。 （记者：张梅） 省科技厅相关负责人介绍，为有效推动高校、科研院所科技人才服务企业创新发展，强化高校科技 人才培养，陕西省教育科技人才一体化发展科技项目中设立"科技副总"计划，支持企业从高校、科研院 所选聘"科技副总"。项目申报单位应为省内具有独立法人资格且运行满一年以上的企业，有持续研发投 入，运行管理规范；不应为"科技副总"本人及所在高校、科研院所创办或入股企业。项目围绕"科技副 总"服务企业科技创新进行选题，由企业配合"科技副总"工作的科研人员担任项目企业负责人，与"科技 副总"共同推进项目实施，提升企业科技创新能力，为企业培养科技人才。"科技副总"支持 ...

Core Insights - China's research team has made a significant breakthrough in lunar science by discovering micron-sized hematite and magnetite crystals from samples collected by the Chang'e 6 mission, revealing a new lunar oxidation reaction mechanism [1][2] - The findings provide empirical evidence for the impact origin of magnetic anomalies surrounding the South Pole-Aitken Basin, which is the largest and oldest impact basin known in the solar system [2] Group 1: Research Findings - The discovery of hematite and magnetite in lunar samples contradicts the previous belief that the lunar surface is in a "reduced environment" lacking key oxidative evidence [1] - The formation of hematite is proposed to be closely related to large impact events in the moon's history, which create a transient high oxygen fugacity gas environment [1] - The intermediate products of this reaction include magnetic magnetite and magnetite, which may serve as mineral carriers for the magnetic anomalies in the South Pole-Aitken Basin [1] Group 2: Collaborative Efforts - The research was conducted by a team from Shandong University, in collaboration with the Institute of Geochemistry of the Chinese Academy of Sciences and Yunnan University [2] - The study received support from the National Space Administration's lunar sample program and was published in the international journal "Science Advances," providing important scientific basis for future lunar research [2]

Summary of Key Points from Conference Call Records Industry Overview - **Consumer Industry**: The conference call discusses various segments within the consumer industry, including snack retail, pet products, scientific research services, and food services, highlighting growth opportunities and challenges across these sectors. Key Company Insights Wanchen Group - **Expansion**: Wanchen Group is expanding its snack retail channel, with nearly 20,000 signed stores and plans to open 300 new stores this year. [4] - **Profit Growth**: The company reported a 360% year-on-year increase in net profit attributable to shareholders in Q3. [4] - **Future Projections**: Expected revenue growth of 70% and profit growth of 300% in 2025, maintaining a buy rating with a projected PE of 28x. [4] Pet Products Sector - **Discount Trends**: During the Double Eleven shopping festival, discount rates decreased to 80%-85%, allowing for better profit margins for retailers. [5][6] - **Market Leaders**: Royal Canin and Mai Fu Di lead the pet food rankings on JD, while Xian Lao and Fuli Jiate lead on Tmall. [6] - **Growth of Zhongchong Co.**: The company anticipates a 25%-30% compound annual growth rate for its proprietary brands over the next three years, with overseas sales expected to grow over 50%. [7][8] Scientific Research Services - **Performance**: The sector is benefiting from the trend of domestic innovative drugs going overseas, with many companies achieving double-digit growth. [9] - **Market Dynamics**: The demand for high-quality fillers has increased, alleviating previous pressures on the sector. [10] - **Key Players**: Companies like Saifen Technology and Yaokang Bio are showing strong performance and potential for overseas market growth. [11] Babi Food - **Sales Recovery**: Babi Food has seen positive same-store sales and plans to expand its store count to 20-30 by the end of 2025. [12][13] - **New Store Formats**: The introduction of new store formats has significantly improved revenue and profit margins. [12] Hotel Industry - **Market Recovery**: The hotel sector is experiencing increased attention post-Q3 reports, with companies like Huazhu, Jinjiang, and Shoulu Hotel showing promising recovery signs. [14][17] - **Demand Trends**: Business demand remains stable, while tourism demand is growing, indicating a balanced supply-demand relationship. [15][16] Xiaogoods City - **Profit Growth**: The opening of new markets has led to profit doubling, with strong cash flow expected to continue over the next three years. [18][19] - **Future Projections**: Expected net profits of 4.7 billion yuan in 2025 and 6.3 billion yuan in 2026, with a focus on expanding digital services. [19] TCL Electronics - **Market Position**: As a leading player in the domestic TV market, TCL is projected to achieve a 45% growth in annual performance. [23][24] - **Innovation and Governance**: The company is benefiting from a global expansion cycle and innovations in Mini LED products, alongside improved corporate governance. [24] LeShuShi - **Market Leadership**: LeShuShi is the leading brand in the African hygiene products market, with a strong growth trajectory driven by demographic trends and market penetration. [25][26] Additional Insights - **Investment Opportunities**: The conference highlights several companies with strong growth potential, including Xiaogoods City and Focus Technology, suggesting they are worth monitoring for investment. [22] - **Overall Market Sentiment**: The consumer sector is viewed as having significant opportunities for selective stock picking, especially in light of recent economic trends and consumer behavior shifts. [3]

Core Insights - China has secured more than half of the top ten global research cities for the first time, increasing from five to six cities in the 2024 Nature Index [1][3] - Beijing remains the top research city globally since 2016, followed by Shanghai, with Nanjing, Guangzhou, Wuhan, and Hangzhou ranking fifth, sixth, eighth, and tenth respectively [1][3] Summary by Categories Research City Rankings - The 2024 Nature Index lists six Chinese cities among the top ten, with New York metropolitan area, Boston metropolitan area, San Francisco Bay Area, and Baltimore-Washington occupying the remaining spots [3] - Guangzhou improved its ranking from eighth to sixth, surpassing the San Francisco Bay Area, while Wuhan and Hangzhou also made significant gains [3] Research Output Growth - Beijing's research output increased by over 9% from 2023 to 2024, while Shanghai saw a nearly 20% growth [3] - The report highlights a significant rise in research performance across various disciplines for Chinese cities, particularly in chemistry, physical sciences, and earth and environmental sciences [3] Discipline Performance - Chinese cities dominated the chemistry field, securing all top ten positions globally, and held six spots in both physical sciences and earth and environmental sciences, with Beijing leading in all these areas [3] - In the biological sciences, New York and Boston ranked first and second, with Beijing in third place, while in the newly included health sciences, Beijing ranked sixth, with Shanghai and Guangzhou also making the top ten [3] Challenges and Collaboration - The report addresses the issue of land subsidence faced by rapidly expanding coastal megacities, particularly in the context of rising sea levels, and emphasizes the importance of global research collaboration to tackle these challenges [4] - Simon Baker, the editor of the Nature Index, noted that cross-border and interdisciplinary collaboration among researchers can lead to impactful solutions for challenges like land subsidence [4]

Core Insights - The article discusses the latest research output changes in major global cities as reported in the "2025 Nature Index - Research Cities" by Springer Nature, highlighting China's significant presence in the top research cities [4]. Group 1: Research City Rankings - China now holds more than half of the top ten global research cities, increasing from five to six positions from 2023 to 2024 [4]. - Beijing continues to rank first globally among research cities since 2016, while Shanghai remains in second place [4]. - Other cities in the top ten for 2024 include the New York metropolitan area, Boston metropolitan area, Nanjing, Guangzhou, San Francisco Bay Area, Wuhan, Baltimore-Washington, and Hangzhou [4]. Group 2: Performance of Chinese Cities - Guangzhou improved its ranking from eighth in 2023 to sixth in 2024, surpassing the San Francisco Bay Area [4]. - Wuhan continues to rise in the rankings, gaining one position [4]. - Hangzhou entered the top ten, moving up from thirteenth place in 2023 [4]. Group 3: Research Output Growth - Beijing's research output increased by over 9% from 2023 to 2024, while Shanghai's output grew by nearly 20% during the same period [4]. - In contrast, all American cities in the top ten experienced a decline in their share of research output [4].

Core Insights - Shanghai is focusing on fundamental research, with an expected share of 11% of total R&D investment in 2024 [1] - The city is encouraging researchers to tackle world-class challenges, exemplified by projects like dark matter detection and brain-computer interfaces [1][11] - Shanghai's scientific community is actively engaging in national science projects, with 5,037 projects funded by the National Natural Science Foundation in 2024, amounting to 3.426 billion yuan, a 2.7% increase from the previous year [1] Group 1: Dark Matter Research - The PandaX team has been exploring dark matter 2,400 meters underground for 16 years, utilizing a multi-ton liquid xenon detector [2][4] - Despite observing many new signals, the detection of dark matter remains elusive, with the team achieving a milestone in sensitivity by detecting solar neutrinos [4] Group 2: Brain-Computer Interface Development - Shanghai is a leading city in brain-computer interface technology, with a comprehensive R&D system covering invasive, semi-invasive, and non-invasive techniques [11] - A patient named Dong, who underwent a brain-computer interface surgery, has shown significant progress, now able to write after initially being able to drink water [11] - The city aims to establish a high-quality brain-control system and achieve clinical applications for semi-invasive interfaces by 2027, with a complete product line by 2030 [11][12] Group 3: Collaborative Research and Innovation - The research institute is fostering a collaborative environment, integrating various scientific disciplines and industry support for large-scale scientific projects [5][6] - Shanghai's "Explorer Program" encourages enterprises to increase investment in fundamental research, expanding from 2 to 12 collaborating companies since its inception [7] Group 4: Future Industry Development - Shanghai is not only focusing on fundamental research but also aims to develop disruptive technologies and establish future industry clusters [8] - The city is positioning itself as a hub for brain-computer interface innovation, with plans for a national-level industry development zone [9]