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！ 导语：作为上市公司核心管理层关键成员，财务总监CFO不仅需要确保公司财务稳健、资金高效运转， 更需要从财务视角为公司的战略制定提供支撑，其能力与决策直接影响公司的财务健康、战略成败、资 本市场形象乃至生存风险。新浪财经上市公司研究院推出《2024年度A股CFO数据报告》以飨读者。 美的集团钟铮：946万年薪居首，公司营收稳步增长 美的集团财务总监钟铮以946万元的年薪登顶2024年A股CFO薪酬榜。资料显示，钟铮女士拥有硕士学 历，自2002年加入美的集团后，历经金融中心、部品事业部财经总监、公司审计总监等多个关键岗位历 练，现任美的集团副总裁、首席财务官兼财务总监，深度参与了企业多年的财务战略布局。 中兴通讯李莹：852.10万年薪列第三，公司短期业绩承压 中兴通讯执行副总裁兼财务总监李莹以852.10万元的年薪位居第三。李莹女士出生于1978年，1999年毕 业于西安交通大学，获管理学学士及工学学士学位，2002年再获该校管理科学与工程专业管 ...

Market Overview - A-shares opened mixed with the Shanghai Composite Index down 0.3% at 3604.7 points, the Shenzhen Component Index up 0.05% at 11208.46 points, and the ChiNext Index up 0.65% at 2382.97 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 142.66 billion yuan [1] - CPO and PCB sectors saw significant gains, while military and non-ferrous metals sectors experienced declines [1] Company News - **Ningde Times** reported a revenue of 178.886 billion yuan for the first half of the year, a year-on-year increase of 7.27%, and a net profit of 30.512 billion yuan, up 33.02% year-on-year [2] - **Changjiang Power** approved a budget of approximately 26.6 billion yuan for the construction of the Gezhouba shipping capacity expansion project, with a total construction period of 91 months [2] - **Digital Certification** is undergoing a change in its controlling shareholder to Beijing Data Group, following a transfer of state-owned shares [3] - **Wantai Biological Pharmacy** launched a new PCR test kit for detecting Chikungunya virus, which is now widely used in blood supply institutions [3] - **Jia Yuan Technology** is advancing its ultra-thin copper foil project, aiming for an annual production capacity of 700,000 square meters by the end of 2026 [4] Industry Insights - The average interest rate for newly issued commercial personal housing loans in Q2 2025 was reported at 3.09% [5] - Domestic coal prices have been on the rise, with the price of 5500 kcal thermal coal at ports around 650 yuan per ton, an increase of 30 yuan from the end of June [8] - The Guangzhou Futures Exchange announced adjustments to trading limits for certain futures contracts, including industrial silicon and lithium carbonate [9] - The National Immigration Administration reported that over 300 million exit and entry documents were issued to Chinese citizens during the 14th Five-Year Plan period, with the number of valid ordinary passports exceeding 160 million [10]

Group 1 - OpenAI launched a new ChatGPT learning mode that assists learning through gradual guidance rather than quick answers, available for various user tiers [1] - Amazon signed an AI licensing agreement with The New York Times, committing to pay between $20 million to $25 million annually, allowing the use of NYT content for AI model training [2] - Google confirmed it will sign the EU's voluntary AI code of conduct, aimed at helping AI developers comply with EU AI regulations, while Meta previously rejected the framework [2] Group 2 - ZTE unveiled its first emotional AI pet named "Mochi" at the World Artificial Intelligence Conference, promoting it as a smart companion capable of emotional connection [3] - Microsoft identified the top 10 professions most impacted by AI, with translators and interpreters being the most affected, while roles like nursing assistants and heavy equipment operators are less impacted [4] - Apple experienced a setback in its AI strategy as four AI researchers left for Meta within a month [5] Group 3 - Huawei's HarmonyOS 5 terminal count surpassed 10 million, as announced by Yu Chengdong, a senior executive at the company [7] - Xiaomi's automotive division announced the rollout of its 10 million Clips version of end-to-end assisted driving features, emphasizing the importance of user attention during driving [8]

中兴通讯2025年第一季度财报显示，营业收入329.68亿元(人民币，下同)，同比增加7.82%；普通股股东 应占净利润24.53亿元，同比减少10.5%；基本每股收益0.51元。 香港联交所最新资料显示，7月30日，中兴通讯(00763)股东将股票由香港上海汇丰银行转入花旗银行， 转仓市值6.66亿港元，占比3.42%。 ...

Group 1 - The core point of the article highlights a significant shareholder transfer of ZTE Corporation's stock from HSBC to Citibank, valued at HKD 666 million, representing 3.42% of the company's shares [1] - ZTE Corporation's Q1 2025 financial report indicates a revenue of RMB 32.968 billion, reflecting a year-on-year increase of 7.82% [1] - The net profit attributable to ordinary shareholders decreased by 10.5% to RMB 2.453 billion, with basic earnings per share reported at RMB 0.51 [1]

Core Insights - The domestic AI large model sector is experiencing a wave of open-source initiatives, with ZTE Corporation announcing the open-sourcing of 11 core technological achievements, including 6 self-developed large models and 5 industry datasets [2][4] - The NTele-R1-32B-V1 telecom model stands out, utilizing approximately 800 carefully selected samples for training, which offers a new possibility for reducing AI development costs through "small sample efficient training" [2][4] - The trend of open-sourcing is part of a broader shift in the domestic large model industry from pursuing "general" models to focusing on "vertical" applications, emphasizing the need for specialized knowledge in specific fields [6] Company Developments - ZTE's open-sourced models include two smaller parameter models (7B and 3B) that achieve reasoning capabilities comparable to larger models through "curriculum reinforcement learning" and "reject sample self-improvement" mechanisms, suitable for resource-constrained environments [3][4] - The TFCE dataset, designed for AI development in the telecom industry, includes over 1,800 functions and 917 Python questions, covering core technology applications from 4G to 6G [4] - ZTE's initiatives are part of the "Renewal Community," a national-level AI open-source platform aimed at promoting an autonomous AI ecosystem in China [4] Industry Trends - The competition in AI technology is evolving from a focus on individual model capabilities to a comprehensive competition that includes hardware-software adaptation and developer ecosystems [4][6] - The open-source movement is seen as a key pathway to building an autonomous technology system, with high-quality domestic open-source models viewed as crucial for activating the domestic AI chip industry chain [6] - The collaboration model of "national team + main players" is emerging as a new trend in the development of the domestic AI industry, facilitating innovation and accelerating technology iteration and application [6]

Core Insights - The launch of the national-level AI open-source platform "Huanxin Community" marks a significant step in the construction of China's AI "national team" [1] - ZTE Corporation has contributed 11 core technology achievements, including 6 self-developed large models and 5 industry datasets, enhancing the technological foundation of the "Huanxin Community" [1] - The telecom large model NTele-R1-32B-V1 has shown superior performance in AIME2024 and MATH500 tests, while 3B and 7B multimodal models outperformed larger parameter models in various benchmarks [1] Company Contributions - ZTE has created a complete technology matrix covering "models-data-tools" for the "Huanxin Community" [1] - The TFCE dataset addresses communication scenarios for 4G, 5G, and 6G, filling a gap in the industry [1] - ZTE has achieved compatibility with domestic GPUs, resulting in a 40% improvement in computing efficiency [1]

Issuance Overview - The company plans to issue zero-coupon convertible bonds amounting to RMB 35.84 billion, maturing in 2030 [1][3] - The initial conversion price is set at HKD 30.25 per share, representing a 15.90% premium over the closing price of HKD 26.1 on July 28 [3] - The potential conversion shares amount to approximately 129.7 million H-shares, accounting for about 17.17% of existing H-shares and approximately 2.71% of total equity [3] Use of Proceeds - The net proceeds from the fundraising are approximately USD 494.3 million (equivalent to about RMB 35.43 billion) [3] - The funds will be utilized to enhance the company's research and development in computing power products [3] Bond Terms - The bonds will be redeemable at the issuer's option if the unredeemed principal is less than 10% of the initial total issuance [3] - Bondholders have the right to request redemption on August 5, 2028 [3] - The issuance is authorized by the general mandate granted at the 2025 shareholders' meeting, thus no further shareholder approval is required [3] - The bonds will be offered to no fewer than six independent subscribers [3] - The issuance has received approval from the National Development and Reform Commission for corporate foreign debt borrowing [3]

Core Insights - The "Huanxin Community," a national-level AI open-source platform, has officially launched under the guidance of the State-owned Assets Supervision and Administration Commission and led by China Mobile [1] - ZTE Corporation has contributed 11 core technology achievements, including 6 self-developed large models and 5 industry datasets covering key areas such as communication, mathematics, code, and visual recognition [1] - The platform aims to lower the application threshold for AI technology and foster a domestically competitive AI ecosystem in China [1]

Core Viewpoint - The "Huanxin Community," a national-level AI open-source platform, was officially launched during the 2025 World Artificial Intelligence Conference, aiming to foster a competitive domestic AI ecosystem through open-source collaboration and innovation [1][2]. Group 1: Platform and Objectives - The "Huanxin Community" focuses on "open-source, collaborative innovation" by providing shared computing resources, model resources, and a development community to lower the barriers to AI technology application [2]. - ZTE Corporation, leveraging its 40 years of communication technology and AI research capabilities, plays a crucial role in the ecosystem's development, committing to deep involvement in model innovation, computing optimization, and practical applications [2][7]. Group 2: Open-source Achievements - ZTE has open-sourced 11 core technological achievements, including 6 self-developed large models and 5 industry-specific datasets, creating a comprehensive technology matrix covering "models, data, and tools" [2][3]. - The NTele-R1-32B-V1 telecom model, trained with only 800 carefully selected samples, achieved a score of 82.5 in the AIME2024 evaluation, surpassing the Qwen3-32B model [3][4]. Group 3: Model Performance - The 3B-Curr-ReFT and 7B-Curr-ReFT models, based on Qwen2.5-VL-Instruct, demonstrated significant performance improvements, with the 3B model achieving an accuracy of 83% in AI2D mathematical reasoning tests, outperforming larger models [4][6]. - The 7B version scored 92.2 in the MathVista evaluation, showing a 33.6 percentage point improvement over the baseline model [4]. Group 4: Industry Impact - The open-sourced datasets cover critical areas such as telecommunications, mathematics, coding, and visual recognition, with the TFCE dataset integrating over 40 years of ZTE's technological expertise [6]. - The collaboration with domestic GPU manufacturers aims to enhance the compatibility of open-source models with domestic chips, achieving a 40% improvement in computing efficiency compared to general solutions [7].