Category: 3. Business

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Few bankers are as closely associated with a single financial product as Hans-Jörg Rudloff. The Swiss-German banker might not have invented the eurobond, but he presided over its greatest period of growth — the 1980s — and dominated the hard-charging entrepreneurial firm that most embodied its spirit: Credit Suisse First Boston.

In some ways Rudloff, who has died at the age of 85, was an enigma. Despite spending his entire career in an industry often derided as cynical and greedy, he was also a visionary, believing sincerely in the power of finance to drive growth and improve people’s lives. “Capital markets have steered capital to all corners of this world and lifted billions of people out of poverty,” he said. It was a credo first formed on Wall Street in the late 1960s when, as a young bond salesman at Kidder Peabody, he witnessed the vigour and efficiency of New York’s financial markets, which he associated with the prosperity of American life.

This was a time when the US government, amid concerns about widening deficits during the Vietnam war, had slapped restrictions on exports of dollars. One unintended consequence was to spark into life a market centred in London but outside any national regulatory or tax control that shuffled offshore dollar deposits from investors into the hands of international corporations.

Rudloff moved back to Europe, keen to participate in this development, and in 1980 was recruited to a senior role at CSFB, then a new joint venture between Credit Suisse and the US investment bank First Boston. It was a propitious moment: the market was exploding, propelled by ever faster communications and the Thatcher-Reagan era rolling-back of currency controls.

Rudloff thrived in this highly competitive environment. For much of the 1980s, CSFB topped the league tables for eurobond issues. He acquired the sobriquet “king of the Euromarkets” for the invention of the “bought deal”. Instead of surveying the appetite of prospective investors before launching an issue, the underwriter would buy it outright, hoping to resell the bonds for a profit. Rudloff’s advantage, he once said, “was that I had permission to underwrite at 10 o’clock at night, whereas every other firm had to go to ten bloody committees to get any permission to underwrite anything”. It was a freedom he freely indulged, reportedly signing contracts over champagne at Annabel’s — a London nightclub of which he was an enthusiastic patron.

The one certainty in banking is that advantages conferred by innovation get whittled away, and by the end of the 1980s CSFB lost its lead to giant Japanese banks. The firm descended into infighting, some of it blamed on Rudloff’s confrontational style (he cheerfully described himself as “a bit more ruthless than other people”). Rudloff responded by leaving Credit Suisse and reinventing himself as an emerging markets banker, setting out to bring the benefits of capital markets to the newly freed countries beyond the Berlin Wall at a time when few investment banks dared to go there.

It was an adventure that catapulted him into the cockpit of Russian business in the era of Vladimir Putin, sitting on the board of the oil company Rosneft right until the outbreak of the Ukraine war. Rudloff continued to believe that in financing the reconstruction of eastern Europe, investment banking had “proved its worth, just as it did in 19th-century America”. But by the end of his life, he was dismayed to see the liberal, open world in which he believed was strongly in retreat.

Rudloff was born in wartime Cologne in 1940 to a German industrialist father and a Swiss mother. His dual nationality made him an outsider in the conservative world of Swiss finance, and perhaps impelled him to look beyond its borders. Small, bustling and intense, he always competed to the utmost. Unable to ski until later in life, Rudloff set out to rectify the situation, engaging a “crazy but enormously talented ski coach”, according to friend Bob Loverd, and systematically acquiring the skills of a pro. “If he decided to do something, he put everything he had into it,” Loverd recalled.

Rudloff could be polarising: his manner was often abrupt — even if the barbs were delivered with a twinkle. But to those he gave his friendship he was enormously loyal, and liked nothing more than to help those in whom he saw flashes of his younger self. “While he pushed you hard, he could be very kind,” said Charles Harman, a colleague at CSFB. “He would come round the floor at 8.30 in the evening and say: ‘Who wants dinner?’ to the juniors who were there. How many City bosses do that?” Rudloff’s last wish was to throw a party for his many friends.

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

In the first 10 months of 2025, investment trusts bought back more than £8.6bn worth of shares — 35 per cent more than in the same period last year. The aim was to close the discount between the share price of the trust and the value of the assets it contains per share. Did it work? Not very well; discounts remain stubbornly high for many trusts. 

To explain why, we need to understand why there are discounts in the first place. This is a question I get asked a lot.

The big difference between an investment trust and a unit trust or “fund” comes when you want your money back. In an investment fund when lots of holders decide to sell units, the manager must dispose of underlying assets — and quickly. Fine if they’re liquid. Not so easy if those assets are something like property or a wind farm.

In a closed-ended investment trust, if you want your money back the manager doesn’t have to sell. The onus is on you to find a buyer for your shares. When the shares are less popular, buyers may offer less than the value of the underlying assets — a discounted price. 

A discount, then, is the price you pay for liquidity, but it’s also an incentive for being patient. And that makes investment trusts an excellent vehicle for buying less liquid assets, like smaller companies, which can earn an illiquidity premium. This illiquidity reward is why over 25 years, for example, the smaller company equity index has outperformed the main market.

The discounts available today on income-generating assets can boost future returns significantly, too. If you buy £1 of assets for 90p you have the full £1 working to generate dividends, and that should compound over time. The closed-ended structure also allows gearing to be safely deployed, which can apply even more turbo to returns over time.

Today’s discounts — typically 14 per cent — are higher than average. We might expect them to close more than widen over the long term. But how? This year’s extraordinary level of share buybacks and windups has had little impact.

For a discount to close there needs to be a belief that the trust isn’t just a collection of assets. There needs to be a secret sauce — human expertise in managing the assets to enhance their value over time. 

This has always been the case in the quoted property sector. A portfolio of properties will normally trade at a discount unless the managers can squeeze more out of the assets either by smart trading or by revitalising them. 

The same was the case when the investment trust sector was used to inject capital into Lloyd’s of London. In 1992, the historic insurance market was on its knees and virtually bust. It needed a new supply of capital, which came with its plan of reconstruction and renewal.

Investment trusts were launched that pledged some of their capital to sit behind certain underwriting syndicates. The effect in the good insurance years was to boost the earnings of the investment trust, but a short-term earnings boost isn’t proof of a long-term earnings flow. The trusts went to discounts. The source of real value was the underwriting skills in some of the syndicates. And the trusts didn’t own that.

The answer in time was for the trusts — simply the providers of capital — to be folded into the managing agents that did the underwriting. Today, Lloyd’s insurer Hiscox trades at around 1.8 times its asset value, and many of the others that were originally investment trusts have been taken over at large multiples of book value. That experience is why I say it’s management skill that brings in discounts. 

An area where there are currently large discounts is infrastructure and renewables. Too many managers have done little but buy assets. The dividends they generated when rates were low looked great, and the sector shot to a big premium. Rising rates have scuppered that. Those premiums are now deep discounts.

Many believe the answer is mergers and buybacks. But what is needed, in my view, is more proactive asset management. In fact, buybacks arguably only make the teams that want to be active despondent, because they have to be funded through disposals of the assets they would like to sweat. 

What does this mean for the investor saving for the long term? Don’t get too hung up on discounts — they can work to your favour. Focus on the trusts that play to the structure’s strengths — that make the most of the illiquidity premium and of gearing, that give you access to assets you can’t buy easily, and where you can see the managers’ skill adding long-term value.

James Henderson is co-manager of the Lowland and Law Debenture investment trusts

The festive shopping season is upon us and there is usually someone who is hard to buy for on the list. How can you avoid the stress of last-minute panic buying? Personal shoppers share their tips on how to treat your loved ones to something that they will cherish.

Be ultra organised

“A spreadsheet makes life so much easier,” says Clare Barry, a personal shopper and director of Victoria James Concierge, based in Sunningdale, Berkshire. “I set a budget, and I’ll think about what they like, what they’ve been doing this year, work out different options and start putting ideas against their name.” Barry says she has been working on her clients’ present lists since the summer. There are usually some last-minute pleas for help: “It is generally men,” Barry says.

Jennifer Nicholls from Watford works as a personal shopper as part of her An Hour Earned concierge business. She starts gathering her clients’ lists in October. “I spend a lot of time Googling things, and have lots and lots of deliveries. The postman hates me. At the moment, my flat is festooned with hundreds of gifts.”

Use last year’s gift guides for inspiration

Because she starts so early, Nicholls turns to the previous year’s gift guides for ideas of products and companies. This helps to create a portfolio of businesses that make unusual things, she says, and has the added benefit that items don’t sell out instantly, unlike suggestions on the current year’s guides.

Give gifts a quality check

“Always go for the best quality you can at the price that works for you,” says Nicholls. “I would avoid a brand name over something that feels better quality. It needs to feel solid and well built.” “Something that’s nicely made that you can tell is quality is always appreciated,” adds Barry.

Check the returns policy before you buy

Nicholls does most of her shopping online: “You can find more interesting, unique, quirky items much easier. I find that going to physical shops tends to be a bit samey.” But the quality of things you buy on the internet can sometimes disappoint: “Colours don’t translate properly; if the feel and quality isn’t quite right, I’ll return it,” says Nicholls. “I’m always careful to check the returns policy before I buy and the returns window so I don’t miss that.”

Use the opportunity to support local businesses and shops

Buying locally can be more economical and helps small businesses rather than giving Jeff Bezos even more cash. “We have a responsibility to support local businesses and people who are out there building and making beautiful things,” says Nicholls.

If you don’t know what to buy, give food

There are some usual culprits who are difficult to buy for, like, “the neighbour down the road, the boss, the aunt you haven’t seen in a decade, but you still feel like you have to send something”, says Nicholls. “Food is always good, such as a hamper or some really nice chocolates … even if they personally don’t like it, a family member will.” Which is better, a small box of posh chocolates or a massive box of cheap ones? The former, says Barry – while you might buy a huge bar of Dairy Milk for a movie night, you might not get yourself a bougie box of truffles.

Or give an experience

“If somebody is a busy parent or working every hour, then experience gifts are really fun,” says Nicholls. For example, buying a nail voucher for a friend who has just had a baby, “and looking after the baby so she can go out and get her nails done. It is about buying somebody time more than anything. Most people will be very grateful for that.” Always print out an experience voucher rather than just forwarding an email, says Barry. Or even better, put it in a gift box with an item related to the experience, such as a toy car if it is a race car driving day, or an Eiffel Tower figure if it is Eurostar tickets to Paris.

Have something personalised

“The people most difficult to buy for are almost always those who have everything,” says Aoidín Sammon, a personal shopper in London. “For them I would always have something personalised.” Her go-to would be getting a passport cover or luggage tag monogrammed.

“Focus on their lifestyle, what they like to do, what they talk about, what they spend time on,” says Barry. “If they play golf a lot, and they’ve got everything for it, you could get something personalised for them, like a glove with their initials on. That makes such a huge difference: you’ve gone out of your way to do something different that they will always keep.” The same goes for a personalised notebook, says Barry, which she believes even in this day and age will still be coveted and used: “People like to take them to meetings”, she says, to show them off.

Get someone an upgrade

Something that works particularly well for men, who Nicholls says are often tricky, is to “buy them something they already have, but either an upgraded version or in a different colour. So if they wear lots of checked shirts buy them a checked shirt. You know they’re going to like it.” Nicholls also says fancy kitchen equipment can be a safe bet, as people often just buy basic stuff. “Gifting somebody a Le Creuset casserole dish that will last 30 years, or a really nice knife that’s going to be something they reach for regularly, is really useful. My mum gave me a cheese grater in my 20s and I’m still using it 20 years later.”

Consider a practical gift

Needless to say Nicholls is a fan of practical presents: “I’m very much of the opinion that something that you can use is going to make a good gift, and also, every time you use it, you’re going to think of the person who gave it to you.” One of her favourite gifts ever was a pink toolkit from her grandfather, which she still uses regularly: “I think of him every time I pick it up.” Barry, though, is not a fan of practical gifts: “A gift should be something that you would love but you wouldn’t buy yourself. It’s a treat.” When a client suggests a new steam iron for their wife, “I say: ‘absolutely not!’ I think it’s grounds for divorce.”

Be inventive with your Secret Santa

“I would go down the jokey route,” says Nicholls. “Leave yourself plenty of time and search for ‘fun Secret Santa gifts’. The best one I ever found was an office voodoo kit.”

Barry says she has heard of people doing a challenge for their Secret Santa, where they can only spend £10 in a charity shop: “It’s great because you can come up with all sorts, but the charities benefit as well.”

Don’t spoil children

“Children generally get far too much at Christmas,” says Barry. “We’ve had clients where the children didn’t even finish opening the gifts that they got on Christmas Day – they were still wrapped six months later.” She says “less is more” and advises on setting a firm budget and number of presents. “It means that they will appreciate what they’ve been given, and they will actually spend time looking at what they’ve got.”

“Most parents are not going to thank you for another plastic thing with lots of bits,” says Nicholls. She recommends experiences for kids: “Take them to the zoo, a museum, their first theatre trip. They are probably going to appreciate that more than a piece of plastic that they’ll play with for a day and then discard, and it gives their parents a break for an afternoon as well.” She also loves giving book tokens “because most parents want to encourage their children to read, and kids love being able to pick their own book”.

Include a gift receipt in certain circumstances

Shops sometimes offer a gift receipt; should you include it? “I think if you’re giving clothing, yes, because it’s easy to not get the style or the size right,” says Nicholls. “If you’re giving other things, I say no … You’re inviting them to not like it if you give them the receipt.” “For the most part there is no need,” says Sammon. “If lots of thought has gone into a gift, the receiver would not wish to return or exchange it.”

Regift with caution

It can be awkward if you receive a gift you will not use and cannot return it. Is it acceptable to pass it on to someone else? “Regifting is very much OK in my mind,” says Sammon. “If you receive a candle or perfume that isn’t your scent, I see nothing wrong with regifting it to someone you feel will enjoy it more. There is so much waste at this time of year, we need to help reduce this.”

“I wouldn’t,” says Nicholls. “I find it uncomfortable but other people feel differently. I suppose there is something to be said for the gift going to a home of somebody who will appreciate it.”

Wrap with a ribbon

“The wrapping is the first impression of the gift, so it deserves just as much consideration as what is inside,” says Sammon. “A gift won’t be quite as special if not wrapped with care.”

“I don’t believe in spending a fortune on wrapping paper,” says Barry. “Yes, it looks lovely when it is wrapped, but it is going to last three seconds as somebody then rips it off. But I do think if you’ve got the time to put ribbons on, that really does elevate the way your gifts look and are presented.” To make it look really magical, her top tip is brown paper, velvet ribbon and a sprig of holly.

You can’t go wrong with the classics

When lacking in inspiration, turn to old favourites like socks, whisky and scarves. “A failsafe gift for a friend or family member is a really beautiful hand soap or hand cream,” says Sammon, but something more luxurious than normal. “You always need more soap!”

“It depends on who you’re giving them to,” says Nicholls. “If it is a close relative, like your mum, they might be a bit boring. You can come up with a spin on it to make it more interesting,” such as a subscription where you receive something like books for a few months. “If you’re buying it for your boss or somebody you’re not that close to, I think timeless is absolutely a great way to go: hampers, candles, you can’t go wrong with cashmere – pretty much everybody is going to be happy with some cashmere bed socks.”

If you are on your way somewhere and have only got a petrol station to dash into, reach for this

“Alcohol, definitely,” says Barry. What if they don’t drink? “Then I don’t think we’d be friends,” she laughs. But if there was no booze: “I would get a gift bag and create a little kit. Say they love hot chocolate, I would buy hot chocolate and marshmallows.”

“A couple of bunches of flowers,” says Nicholls. “Take them out of the paper and re-tie them. Or I’d go for the nicest box of chocolates, if it was a Marks & Spencer. If it was the local Shell, I’d buy them the nicest antifreeze that was available and turn it into a joke. At the end of the day, it really is the thought that counts. It’s not about the stuff, it’s the thought behind it.”

The U.S. dollar slipped on Friday but held within recent ranges against major currencies as traders awaited next week’s Federal Reserve meeting, where policymakers are widely expected to cut interest rates.

The dollar index, which measures the currency against six peers, was down 0.1% at 98.994, not far from Thursday’s five-week low of 98.765. For the week, the index was down 0.5%.

The euro was about flat at $1.16433, not far from Thursday’s three-week high of $1.1681.

Traders are pricing a nearly 90% chance of a Fed rate cut next week, and potentially two more reductions next year, LSEG data showed.

“This week, some soft labor market data releases from alternative sources helped crystallize what still appears to be an overdone 90% probability of a cut next week,” Antonio Ruggiero, FX & macro strategist at Convera, said.

Morgan Stanley said on Friday it now expects the Fed to deliver a quarter-percentage point rate cut in December, joining peers JPMorgan and BofA Global Research, following dovish remarks from central bank policymakers.
All three brokerages previously expected the Fed to hold rates steady in December. “The dollar also continues to look overvalued relative to major peers, with the softer tone therefore fully justified,” Ruggiero said.

Data on Friday that showed U.S. consumer sentiment improved in early December did little to boost the dollar.

Separately, the Personal Consumption Expenditures (PCE) Price Index increased 0.3% in September after gaining 0.3% in August, the BEA said. Excluding the volatile food and energy components, the PCE Price Index gained 0.2% after climbing 0.2% in August, the report delayed by the recent government shutdown showed.

Investors are also weighing the prospect of White House economic adviser Kevin Hassett taking over as Fed chair after Jerome Powell’s term ends in May. Hassett is expected to push for more rate cuts.

The dollar “remains slightly offered on the view that the Fed will cut rates next week and that the arrival of Kevin Hassett as Fed Chair will somehow make the Fed more dovish,” said Chris Turner, global head of markets at ING.

YEN FIRMS

The yen, which has been supported in recent sessions by expectations that the Bank of Japan could raise rates this month, edged up on Friday, rising 0.1% to 155.295 to the dollar.

BOJ officials are ready to raise rates on December 19 in the absence of any major economic shocks, Bloomberg reported on Friday, a day after Reuters reported three sources as saying a hike this month was likely.

“As the funding currency of choice in the carry trade, some unwinding in light of higher JPY rates is poised to boost the yen,” Convera’s Ruggiero said.

Sterling was about flat on the day at $1.3329, not far from the previous session’s six-week peak of $1.3385.

Next week sees a parade of central bank policy decisions, with the Reserve Bank of Australia’s coming on Tuesday, the Bank of Canada’s on Wednesday and the Swiss National Bank’s on Thursday in addition to the Fed’s statement on Wednesday.

That continues the following week with the BOJ, European Central Bank, Bank of England, and Sweden’s Riksbank.

Leading cryptocurrency bitcoin fell for the second straight day, slipping 3% to $89,701.

ISLAMABAD:

State-run Oil & Gas Development Company (OGDC) is planning a major expansion of unconventional gas developments from early next year, aiming to boost production and reduce reliance on imported liquefied natural gas (LNG).

Pakistan has long been viewed as having potential in both tight and shale gas, which are trapped in rock and can only be released with specialised drilling, but commercial output has yet to be proved. Managing Director Ahmed Lak told Reuters that OGDC had tripled its tight-gas study area to 4,500 square kilometres after new seismic and reservoir analysis indicated larger potential. Phase two of a technical evaluation will finish by end-January, followed by full development plans.

The renewed push comes after US President Donald Trump said that Pakistan held “massive” oil reserves, a statement analysts said lacked credible geological evidence.

“We started with 85 wells, but the footprint has expanded massively,” Lak said, adding that OGDC’s next five-year plan would look “drastically different”.

Early results point to a “significant” resource across parts of Sindh and Balochistan, where multiple reservoirs show tight-gas characteristics, he said.

OGDC is also fast-tracking its shale programme, shifting from a single test well to a five- to six-well plan in 2026-27, with expected flows of 3-4 million standard cubic feet per day (mmcfd) per well. If successful, the development could scale to hundreds or even more than 1,000 wells, Lak said.

He said shale alone could eventually add 600 mmcfd to 1 billion standard cubic feet per day of incremental supply, though partners would be needed if the pilot proves viable. The company is open to partners “on a reciprocal basis”, potentially exchanging acreage abroad for participation in Pakistan, he said.

Story continues

The Dongguan Institute of Materials Science and Technology, Chinese Academy of Sciences (abbreviated as DIMST, CAS) was jointly established on January 20, 2025 by the Chinese Academy of Sciences, the People’s Government of Guangdong Province, and the People’s Government of Dongguan. It is located in the Pilot Start-up Area of the Comprehensive National Science Center in the Guangdong–Hong Kong–Macao Greater Bay Area (Songshan Lake Science City), with a first-phase campus area of 263 mu. On September 28, 2025, DIMST received approval from the Central Institutional Organization Commission to be established as a central public institution. On December 6, 2025, DIMST was officially inaugurated, marking a new stage of high-quality development.

Led by Academician Wang Weihua, DIMST is structured around three major domains: frontier science in new materials, major industrial demands, and research paradigm transformation. With the mission of addressing fundamental scientific frontier issues and key applied challenges in the field of new materials, and of fostering the development of new quality productive forces, the Institute aims to promote the establishment of new research paradigms in materials science and technology and to drive future innovation in new materials technologies. Leveraging the advantages of major national scientific and technological infrastructures, the Institute focuses on fundamental and generic technologies and applied research related to strategically important core materials urgently needed by the nation, facilitating full integration of innovation and industrial chains. At the same time, it strives to attract top-tier talent and high-level research platforms in the materials field, deliver breakthroughs in key core technologies, and become a leading research institution in China’s new materials sector—serving as a source of original innovation, a hub for industrial technology diffusion, and a national center for cultivating innovative talent.

DIMST will earnestly implement General Secretary Xi Jinping’s requirements for the Chinese Academy of Sciences—namely the “Four Firsts” and the “Two Accelerations and One Effort.” The Institute will accelerate efforts to secure strategic high ground in materials science, tackle bottleneck problems in key materials, deepen the integration of scientific and technological innovation with industrial innovation, support industrial upgrading in the Greater Bay Area, and explore new AI-driven research paradigms. It is committed to contributing to China’s high-level scientific and technological self-reliance and the building of a strong scientific and technological nation.

In accordance with the needs of the ten major research divisions and two supporting sections of DIMST, DIMST is now globally recruiting leaders for twelve research divisions. The divisions are introduced as follows:

Division of Frontier and Interdisciplinary Sciences

Focusing on the long-term scientific and technological development needs of the nation, this division primarily utilizes major national research facilities such as the China Spallation Neutron Source, synchrotron radiation light sources, and attosecond laser platforms to conduct fundamental and applied basic research. Its mission is to address interdisciplinary scientific problems that are difficult to resolve by other means, in areas such as quantum materials, structural materials, energy materials, and advanced particle detection materials.

Division of Microscopic Science and Technology in the Greater Bay Area

This division aims to investigate structural and compositional information at the atomic scale. It is dedicated to high-level research on new theories and technologies in electron microscopy and diffraction physics, with a particular focus on quantitative electron microscopy and its applications in solid-state physics and materials science. The division also seeks to advance the development and application of electron microscopy in fields such as nanotechnology, materials science, and physics, thereby promoting technological innovation and interdisciplinary integration.

Division of Electronic Information Materials and Devices

Aiming to meet the major national needs of the next-generation electronic information industry, this division focuses on typical application scenarios in the era of big data, such as high-density information sensing, communication, computation, and storage. In response to the critical material demands of next-generation post-Moore information devices and chips, the division concentrates on interdisciplinary research involving emerging electronic information materials and devices based on electrical, magnetic, and optical principles. Research directions include spin quantum materials and devices, two-dimensional semiconductor and optoelectronic materials and devices, silicon-based optoelectronic heterogeneous integration technologies, oxide semiconductor materials, topological quantum materials, and single-crystal copper functional thin films.

Division of Amorphous Materials

This division is dedicated to developing amorphous alloys and high-entropy amorphous materials with high glass-forming ability, thermal stability, and long-term service reliability. It conducts research on nonequilibrium condensed matter physics and new theoretical frameworks for emerging materials, promotes the integrated development of structural and functional properties in amorphous materials, and explores industrial applications in next-generation power electronics, communication equipment, and related fields.

Division of New Energy Materials

This division conducts research on key materials for transportation electrification, renewable energy storage, and clean energy applications. Focusing on critical technologies such as solid-state lithium batteries, green hydrogen energy, and photocatalytic conversion, it aims to advance the realization of carbon peaking and carbon neutrality goals and to strengthen the nation’s strategic scientific and technological capabilities.

Division of Biomedical Materials

This division focuses on the research and development of key materials in the biomedical field, such as nanomedicines and tissue engineering materials. It aims to address critical scientific challenges and technological bottlenecks in areas including intelligent responsive drug delivery systems, novel diagnostic and therapeutic platforms, tissue engineering scaffolds, and smart extracellular matrix materials. The division is committed to advancing key technologies and methodologies for precision medicine and providing strong support for the high-quality development of the national biomedical materials industry.

Division of Advanced Scientific Instruments and Equipment

Targeting the material science community’s needs for specialized research instruments, this division develops high-sensitivity, high-resolution, high–signal-to-noise–ratio, and wide dynamic range radiation position detectors, image sensors, and dosimeters for neutrons, X-rays, gamma rays, and ultraviolet–visible–near-infrared light. It also conducts research on quantum sensing and imaging technologies, as well as on the imaging methodologies, key materials, and critical components for optoelectronic and quantum devices.

Division of Intelligent Materials Informatics

This division aims to develop a new paradigm that integrates artificial intelligence with materials science, establishing an innovative “AI + Materials” research framework. It focuses on advancing intelligent R&D technologies for materials science and building a world-class materials science database that is internationally leading and protected by independent intellectual property rights. Based on high-quality databases, the division develops large-scale materials science models and, utilizing advanced AI technologies and data platforms, constructs recommendation systems for both forward and inverse design of high-performance materials tailored to application needs. Furthermore, it builds intelligent engines for parsing multi-source heterogeneous literature and develops automated infrastructures for experimentation and materials fabrication, thereby enabling automated iteration and development of new materials.

Materials Data Center

The Materials Data Center focuses on the cutting-edge intersection of materials science and artificial intelligence. With sustained research efforts in the areas of amorphous materials and physics, as well as AI-assisted new materials design, the center is committed to integrating computational simulation, data science, and deep learning technologies to deeply explore structure–property relationships in materials. Its goal is to drive the precise design and development of new materials and to establish unified standards and an integrated data-sharing platform for materials in the Greater Bay Area.

Division of Functional Ceramic Materials

As an important scientific research platform, the division will focus on well-defined objectives—the research, development, and preparation of advanced ceramic materials; extreme-performance testing and characterization; and comprehensive corrosion validation. Guided by domestic demand for advanced ceramics and supported by the major research facilities of DIMST, the division aims to align closely with the innovation needs of industrial development. It is expected to establish a national-level R&D center for advanced ceramic materials and a world-class open and shared platform for testing and verification.

Laboratory for Materials Preparation and Characterization

The Materials Preparation and Characterization Platform has established first-class open-access service units and projects covering materials synthesis, microstructural and compositional characterization, comprehensive optical/electrical/magnetic/mechanical/thermal property measurements, as well as precision machining. Leveraging its advanced equipment and highly skilled technical personnel, the platform is dedicated to providing strong technical support for both academic research and industrial R&D. It offers a wide range of services, including materials preparation, characterization, and comprehensive project-based collaborations, to universities, enterprises, and research institutes. Through joint projects, collaborative research, and problem-oriented partnerships, the platform provides integrated solutions for scientific challenges and new material development. To date, the platform has received over RMB 200 million in equipment investment and has made 85 sets of large-scale instruments available for open access. All instruments are configured under the principle of “uniqueness where others lack, superiority where others possess,” featuring advanced performance, broad applicability, comprehensive functional attachments, and wide operational ranges under extreme testing conditions.

Laboratory for Micro–Nano Fabrication and Device Preparation

Through the introduction and deployment of advanced semiconductor equipment, as well as the recruitment and cultivation of specialized talent teams, this laboratory is building a comprehensive technology service and innovation platform that integrates micro–nano fabrication, device preparation, testing and characterization, R&D, and pilot-scale production. It enables controllable processing and testing of structures and devices for wide semiconductor materials, spanning scales from the micrometer to the nanometer and even the atomic level.

The laboratory establishes core functions for the wide semiconductor field, including public technical services, common technology research, fabrication and prototyping, talent training, equipment validation, and material verification. It provides a full research and development cycle and complete technical support infrastructure for the development and pilot testing of new materials, new processes, and new products in the wide semiconductor industry.

Job Responsibilities

1. 1. 1. 1. The head of a research division is responsible for defining the division’s academic direction and development roadmap, as well as formulating its talent development and scientific research plans; the head of a supporting section is responsible for developing and implementing the platform’s medium- and long-term strategic plans and technical roadmaps.
         2. Undertake relevant scientific research tasks, manage research projects, and ensure the achievement of high-quality research outputs, including publications and patent applications.
         3. Lead the division in collaboration with domestic and international research institutions and enterprises to promote world-class technological innovation, research breakthroughs, and practical applications.
         4. Promote the intelligent development of the team by exploring pathways for integrating artificial intelligence with existing research areas, and by establishing an intelligent research system.

Position Requirements

1. 1. 1. 1. Possess a global strategic vision and an innovative mindset, with the ability to accurately grasp the developmental trends at the forefront of global science and technology, as well as the directions of major national strategic needs.
         2. Be a leading expert in the relevant professional field, having made significant contributions that have greatly advanced academic progress or high-tech innovation and integration, and be recognized by peers both domestically and internationally.
         3. Have served as the principal investigator or equivalent leader in major national-level scientific and technological projects.
         4. As an academic leader, possess notable academic influence, strong organizational and leadership capabilities, and the ability to guide a team in producing major scientific achievements.
         5. Be in good health and fully capable of performing the duties required by the position.

At the same time, DIMST is conducting a long-term global recruitment of high-level talents in the following research areas:

Artificial intelligence–empowered materials, electronic information materials, new energy materials, amorphous materials, polymer materials, biomedical materials, microscopic science, interdisciplinary science, advanced scientific instruments and equipment, functional ceramic materials, and materials characterization technologies.

Recruitment Targets and Requirements

I. Academic Leading Talents

1. 1. 1. 1. Possess a global strategic vision and an innovative mindset, with the ability to accurately grasp the developmental trends at the forefront of global science and technology, as well as the directions of major national strategic needs.
         2. Be a leading expert in the relevant professional field, having made significant contributions that have greatly advanced academic progress or high-tech innovation and integration, and be recognized by peers both domestically and internationally.
         3. Have served as the principal investigator or equivalent leader in major national-level scientific and technological projects.
         4. As an academic leader, possess notable academic influence, strong organizational and leadership capabilities, and the ability to guide a team in producing major scientific achievements.
         5. Be in good health and fully capable of performing the duties required by the position.

II. Outstanding Young Talents

1. 1. 1. 1. In general, candidates should hold a formal teaching or research position in a well-known overseas university, research institute, or corporate R&D organization, with at least three consecutive years of relevant work experience. For those who have obtained a Ph.D. degree overseas and demonstrated exceptionally outstanding achievements, the work experience requirement may be appropriately relaxed.
         2. Possess substantial research experience, innovative academic ideas, and technical methodologies, with the ability to propose new research directions, actively undertake scientific research tasks, and promote high-quality research outputs.
         3. Have achieved research or technological accomplishments recognized by peers in the field and demonstrate strong potential to become an academic leader or outstanding talent in the relevant discipline.
         4. Generally be no more than 35 years of age.

Compensation and Benefits

1. Competitive Salary:

Offer of an internationally competitive remuneration package.

2. Central government-affiliated public institution staff establishment.

3. Comprehensive Team-Building Support:

Team establishment funding will be determined on a case-by-case basis. Successful applicants will receive allocated quotas for postdoctoral fellows and graduate students, as well as ample office and laboratory space.

4. Housing Support:

Eligible candidates will receive either a municipal housing purchase subsidy or the opportunity to obtain a preferential housing unit with full property rights.

5. World-Class Research Platforms:

More than 1 billion RMB has been invested to establish a comprehensive, world-class research infrastructure system covering materials design, preparation, processing, characterization, measurement, and simulation, with over 210 sets of advanced instruments available for open access.

6. Social Security and Additional Benefits:

Five Social Insurances(Endowment Insurance, Medical Insurance, Unemployment Insurance, Employment Injury Insurance and Maternity Insurance), Housing Provident Fund and Enterprise Annuity are provided at the highest standard. Qualified overseas high-level and urgently needed talents are eligible for a 15% preferential individual income tax policy. Assistance is available for obtaining work and residence permits in China, as well as support for children’s education and spousal employment.

Spouses without current employment are eligible for a special monthly allowance for up to three years:

• Academic Leading Talents: RMB 8,000/month
• Outstanding Young Talents: RMB 5,000/month

7. Additional Benefits:

Free access to fitness and recreational facilities (gym, tennis courts, basketball courts, badminton hall, table tennis room, and swimming pool), complimentary yoga classes, a leisure café, annual health check-ups, holiday benefits, and various union-organized activities.

Application Materials and Procedures

1. Curriculum Vitae (CV):

Please include a list of 5–8 representative publications.

2. Letter of Self-Recommendation:

A statement describing your motivation for application and suitability for the position.

3. Summary and Plan:

A summary of your previous research/work experience and a proposal outlining your future research or work plan.

4. References:

The names, contact information, and recommendation letters of two referees in the same or closely related field.

5. Supporting Documents:

• A copy of your passport or national ID;
• Proof of current employment;
• Highest degree certificate(s);
• Professional qualification certificates (if applicable);
• List of academic publications (please specify first and corresponding authorship);
• Copies of awards, patents, and documentation of technology transfer achievements;
• Any other materials you consider relevant to your application.

 

Please compile all the above application materials into a single folder and send it to renshi@dimst.ac.cn.

The email subject line should be formatted as:

“Application for xx Team Leader/High-Level Talent + Name + Research Field.”

All application materials will be treated with strict confidentiality. Candidates who pass the preliminary screening will be notified by phone or email for an interview.