专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监（CFO）群体薪酬规模合计达42.70亿元，平均年薪 为81.48万元。 在2024年证券公司财务总监薪酬榜单中，方正证券财务总监李岩以184.63万元年薪位列行业第七，却面 临全行业第三大降薪幅度（-99.71万元）。这位51岁的硕士CFO，在薪酬与年龄的中游位置遭遇业绩压 力，成为券商行业转型期的典型样本。 资料显示，李岩先生，方正证券董事、执行委员会委员、副总裁、财务负责人、董事会秘书，1974年9 月出生，理学硕士。曾任职于中国平安、平安人寿、平安证券、花样年集团（中国）有限公司、平安理 财有限责任公司、方正集团。现兼任方正香港金控董事长，瑞信证券副董事长，方正承销保荐董事、财 务负责人，方正和生投资董事。 薪酬：第七名守位，头部阵营边缘 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出 ...

Group 1 - The intelligent elderly care robot industry is entering a golden development period driven by policy support and technological breakthroughs, with the market expected to exceed 2 trillion yuan by 2030 [1][3] - The aging population in China is increasing, leading to a surge in the number of disabled elderly individuals, which creates a significant demand for intelligent elderly care robots [1][3] - Various policies, including financial subsidies and innovations, are promoting the integration of intelligent robots into elderly care scenarios, establishing a multi-dimensional support system for the industry [1][2] Group 2 - By 2030, the elderly population in China is projected to reach 380 million, with the number of disabled elderly individuals expected to reach 100 million, indicating a substantial market for elderly care robots [3] - The average prices for different types of intelligent elderly care robots are expected to decrease significantly, enhancing market penetration and accessibility [3] - The integration of multi-modal perception and artificial intelligence technologies is facilitating the transition of elderly care robots from auxiliary to proactive service roles, particularly in rehabilitation, care, and companionship [2][3]

7月重卡销量达8.3万辆，同比大幅增长42.4%，延续高景气态势;环比下降15.2%，主要系行业季节性波 动影响，整体呈现"淡季不淡"特征。分结构来看：1)国内终端需求稳健，同比增长超20%，其中天然气 重卡表现亮眼，渗透率环比提升至24%;2)新能源渗透保持，电动重卡渗透率突破26%，维持高速增长;3) 出口持续发力，预计同比增幅超20%。行业复苏态势明确，销售结构持续优化。 政策落地叠加经济性修复，天然气重卡有望迎来拐点 智通财经APP获悉，方正证券发布研报称，优先关注重卡板块龙头，中国重汽(03808)则受益于内销转暖 与出口持续增长，成本与费用管控持续推进，下半年业绩有望实现高增，考虑板块景气度回升，估值有 望同步扩张，具备双击机会。潍柴动力(02338)天然气发动机边际已开始改善，非重卡的大缸径发动机 产品持续高增，全年有望贡献显著业绩增量，成长性显著优于行业，全年分红有望提升，股息率具备吸 引力。福田汽车(600166.SH)则关注福田戴姆勒拖累减轻，重卡市占率提升带来业绩弹性机会。 事件：根据第一商用车网，7月重卡实现整体销量约8.3万辆，同比增长42.4%，环比下降15.2%;1-7月重 卡实 ...

【环球网财经综合报道】8月1日，财政部、税务总局公告，自2025年8月8日起，对在该日期之后（含当日）新发行的国债、地方政府债券、金融债券的利 息收入，恢复征收增值税。对在该日期之前已发行的国债、地方政府债券、金融债券(包含在2025年8月8日之后续发行的部分）的利息收入，继续免征增 值税直至债券到期。 方正证券认为，短期效应来看，免税老券稀缺性溢价急速释放。中长期来看，利率债性价比系统性衰减，资金再平衡触发跨资产联动。具体而言，免税存 量债券吸引力提升，配置资金流入或推动其收益率下行，新发应税债券与存量免税债券利差或走扩。国债、地方债因可原代码续发获得相对优势，金融债 受新发规则影响面临定价调整压力。市场交易行为呈现阶段性分化特征，套利交易主导市场结构，"多老券空新券"或成为主流策略。 浙商证券研报认为，此次政策调整后，对于2025年8月8日起之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，将恢复征收增值税，一 定程度上减少了部分利息收入，但影响幅度不大。该机构推演，新发债券或需要通过提高票面利率维持对投资者的吸引力，但幅度或较为有限。 国泰海通证券研报指出，静态视角下对个债影响方面，新券票息 ...

事件：根据第一商用车网，7月重卡实现整体销量约8.3万辆，同比增长42.4%，环比下降15.2%;1-7月重 卡实现销量62.2万辆，同比增长10.6%。 方正证券主要观点如下： 方正证券发布研报称，优先关注重卡板块龙头，中国重汽（000951）(03808)则受益于内销转暖与出口 持续增长，成本与费用管控持续推进，下半年业绩有望实现高增，考虑板块景气度回升，估值有望同步 扩张，具备双击机会。潍柴动力（000338）(02338)天然气发动机边际已开始改善，非重卡的大缸径发 动机产品持续高增，全年有望贡献显著业绩增量，成长性显著优于行业，全年分红有望提升，股息率具 备吸引力。福田汽车（600166）(600166.SH)则关注福田戴姆勒拖累减轻，重卡市占率提升带来业绩弹 性机会。 相关标的：中国重汽A/H、潍柴动力、福田汽车、一汽解放（000800）、中集车辆（301039）等。 政策落地叠加经济性修复，天然气重卡有望迎来拐点 6月以来，北方地区报废更新政策密集落地，叠加LNG价格下行致油气价差扩大，天然气重卡经济性再 度提升，7月销量环比改善明显，8月有望延续增长态势。上半年受油气价差收窄拖累，行业销量承压 ...

Group 1 - The core viewpoint of the article highlights the ongoing restructuring of brokerage branch layouts as firms aim to reduce costs and enhance efficiency, with over 20 brokerages having announced the closure of more than 60 branches by July 30 this year [2][3] - In July alone, three brokerages, including Founder Securities, announced the closure of their branches, with Founder Securities closing four branches, including its Henan branch [2][3] - The closures are primarily driven by high operational costs associated with physical branches, as well as a significant shift towards online trading platforms, which have become the mainstream mode of operation [3][5] Group 2 - Some brokerages are also actively expanding by opening new branches in regions with high business potential, such as the recent openings by Cheng Tong Securities and Wanlian Securities [5] - The restructuring of branch layouts is closely linked to the transformation towards wealth management, which is becoming increasingly important in the brokerage business model, contributing over 30% to brokerage income by 2024 [5][6] - Future adjustments in branch layouts are expected to focus on efficiency rather than scale, with a shift towards high-value, integrated service models, leveraging financial technology to enhance operations [6]

| 序号 | 交易营业部名称 | | | | 买入金额(万) | 占总成交比例 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 深股通专用 | | 508次 45.67% | 2 | 22462.80 | 7.09% | | 2 | 方正证券股份有限公司宁波中山西路证券营业部 | 9次 | 33.33% | A | 20653.93 | 6.52% | | 3 | 广发证券股份有限公司深圳深南东路证券营业部 | 30次 | 33.33% | ▶ | 14387.59 | 4.54% | | 4 | 国盛证券有限责任公司宁波天童南路证券营业部 | | 104次 43.27% | ▲ | 6219.52 | 1.96% | | 5 | 东亚前海证券有限责任公司上海分公司 | 72次 | 40.28% | ▲ | 5902.99 | 1.86% | | | 卖出金额最大的前5名 | | | | | | | 序号 | 交易营业部名称 | | | | 买入金额(万) | 占总成交比例 | | 1 | 国信证券股份有限公司宜兴人民南路证券营业部 | 次 | | 2 ...

Core Viewpoint - The report from Founder Securities indicates that by 2030, the shipment volume of solid-state batteries is expected to reach 209 GWh, with semi-solid batteries accounting for 147 GWh and all-solid batteries for 63 GWh. The market size for solid-state battery equipment is projected to be approximately 40.8 billion yuan, with semi-solid equipment at 22 billion yuan and all-solid equipment at 18.9 billion yuan. The current landscape of solid-state battery equipment companies is characterized by a dual-driven model of "traditional lithium battery leaders transforming + emerging specialized players" [1][2]. Solid-State Battery - The core innovation of all-solid-state batteries is the replacement of liquid electrolytes and separators with solid electrolytes. Solid electrolytes, while not enhancing energy density on their own, offer greater stability and safety compared to liquid electrolytes, allowing compatibility with high-capacity anodes and cathodes. This can significantly increase the energy density of battery cells. The safety features of solid electrolytes, including high thermal and chemical stability, reduce risks of leakage, combustion, or explosion, thus enhancing intrinsic safety [2][3]. Semi-Solid Battery - Semi-solid batteries incorporate solid electrolytes into lithium-ion batteries while retaining a small amount of liquid electrolyte. The anode and cathode materials include a combination of ternary, lithium iron phosphate, and silicon-based materials. The domestic semi-solid battery industry is currently 2-3 years ahead of international counterparts in terms of industrialization progress, achieving commercial production requirements in both technology and cost [3]. Electrolyte Types - Electrolytes are primarily categorized into sulfide, oxide, polymer, and composite solid-state electrolytes. Sulfide electrolytes exhibit the best overall performance, particularly in ionic conductivity and electrochemical stability, but face cost challenges. Asian markets are focusing on sulfide routes, while North America and Europe are more inclined towards polymer and oxide routes. It is anticipated that by 2035, sulfide routes could account for approximately 43% of the market, becoming the mainstream option [4]. Anode and Cathode Materials - The cathode materials for solid-state batteries can continue to utilize existing lithium iron phosphate, lithium manganese oxide, lithium cobalt oxide, and high-nickel multi-materials. Commonly used anode materials include graphite, lithium titanium oxide, and silicon-based materials. The potential anode materials for solid-state batteries include carbon-based, silicon-based, and lithium metal anodes, with lithium metal and silicon anodes showing the most promise. However, challenges remain regarding physical contact issues and stability between the anode, electrolyte, and cathode [5]. Equipment Changes - The production of all-solid-state batteries requires new custom equipment for specific processes, while existing equipment will need precise upgrades. The cost of equipment for liquid batteries is approximately 100 million yuan per GWh, whereas for all-solid-state batteries, it ranges from 400 to 500 million yuan. This cost difference is attributed to reduced equipment efficiency and increased equipment quantity needed for production. However, with domestic equipment replacement and economies of scale, costs are expected to decrease over time [6].

（文章来源：每日经济新闻） 2024年1至12月份，大洋生物的营业收入构成为：化工行业占比93.55%，其他占比6.45%。 大洋生物（SZ 003017，收盘价：31.39元）发布公告称，2025年7月29日-30日，大洋生物接受方正证券 等投资者调研，公司董事会秘书徐旭平、证券法务部专员温耀婷参与接待，并回答了投资者提出的问 题。 ...

Core Viewpoint - The global camera module market is expected to grow from $36 billion in 2023 to $46 billion by 2029, driven by innovations in optics, the acceleration of automotive intelligence, and the increasing popularity of new consumer imaging devices [1] Group 1: Mobile Phones - The focus of competition in mobile phone configurations is shifting towards optical technology upgrades, with innovations such as periscope cameras and OIS optical stabilization penetrating mid-range models [2] - New technologies like variable apertures and hybrid lenses are expected to accelerate penetration into high-end models, driven by industry leaders [2] - Continuous attempts by mobile manufacturers to innovate in optical technology are likely to sustain steady growth in the mobile optical market [2] Group 2: Smart Imaging Devices - Optical systems are a crucial component of smart imaging devices, with professional drones typically equipped with around six cameras, and optical lenses accounting for nearly 60% of the BOM cost of handheld smart imaging devices [3] - Companies like DJI, Insta360, and GoPro are continuously innovating their products, and the demand for short video creation is driving the growth of drones and handheld smart imaging devices [3] - The increase in shipments of drones and handheld smart imaging devices is expected to accelerate the expansion of the related optical module market [3] Group 3: Automotive - The "intelligent driving equality" era is expected to begin in 2025, with companies like BYD leading the way, marking a turning point for high-level intelligent vehicles [4] - The number of cameras used in high-level intelligent vehicles is projected to increase from 3-8 to 8-12, with pixel requirements rising from 2M to 8M [4] - The growth in sales of high-level intelligent vehicles is anticipated to drive significant revenue growth for companies in the optical industry chain [4] Group 4: XR Devices and Robotics - Optical modules are essential for creating immersive experiences in XR devices, with major manufacturers pushing for technological upgrades and market maturity [5] - The global demand for VR/AR cameras is expected to rise from 60 million units in 2024 to 227 million units by 2029 [5] - Robotics companies like Tesla and UTree Technology are advancing humanoid robot technology, which is expected to open up consumer applications and growth potential in the optical industry chain [5]