Core Viewpoint - The PCB industry is experiencing continuous expansion driven by the demand for AI computing infrastructure, with major companies increasing production capacity to meet this demand [1] Group 1: PCB Equipment Market - The expansion in PCB production is primarily focused on high-layer HDI boards, leading to increased requirements for aperture size and corresponding rises in equipment quantity and prices [1] - Exposure equipment accounts for 10%-15% of the PCB equipment value, with high-end PCB boards requiring higher precision and line width, benefiting leading companies that secure top-tier clients [2] - Drilling equipment constitutes about 25% of the PCB equipment value, with the demand for laser drilling equipment increasing due to the limitations of traditional mechanical drilling methods as PCB complexity grows [2] Group 2: Key Companies and Developments - Domestic companies benefiting from the expansion include Chipbond Technology (688630.SH), Dazhong CNC (301200.SZ), and Tianzhun Technology (688003.SH) [2] - Major players in the drilling needle sector, such as Dingtai High-tech and Jinzhou Precision, are expanding production capacity in response to the rising demand for high-end drilling needles driven by AI server PCB upgrades [3] - The PCB electroplating equipment market is also evolving, with vertical electroplating equipment dominating and companies like Dongwei Technology (688700.SH) seeing significant order growth [4]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][9]. Core Insights - The PCB industry is experiencing continuous expansion driven by the demand for AI computing infrastructure, with major companies like Huadian and Shenghong investing significantly in new projects [3]. - The expansion is primarily focused on high-layer HDI boards, leading to increased requirements for equipment quantity and pricing [3]. - The exposure segment of PCB equipment, which accounts for 10%-15% of the total equipment value, is seeing higher demand for advanced exposure equipment due to stricter requirements from high-end PCB boards [3]. - The drilling segment, which constitutes about 25% of PCB equipment value, is benefiting from the increasing complexity of PCB designs, with a shift towards laser drilling technology [3]. - The PCB drill needle market is experiencing growth due to the surge in AI demand, prompting manufacturers to expand production capacity [3]. - The electroplating segment, which represents around 10% of PCB equipment value, is seeing increased demand for high-end equipment as AI applications require thicker copper and finer lines [3]. Summary by Sections PCB Expansion - Continuous expansion in the PCB sector is driven by AI computing needs, with significant investments from leading companies [3]. Exposure Equipment - Exposure equipment is critical for high-end PCB production, with domestic companies improving their capabilities to meet rising demands [3]. Drilling Equipment - The drilling process is evolving with a shift towards laser technology, driven by the need for smaller apertures and tighter tolerances in PCB manufacturing [3]. Drill Needles - The demand for high-quality drill needles is increasing, with manufacturers ramping up production to meet the needs of upgraded AI server PCBs [3]. Electroplating Equipment - The demand for advanced electroplating equipment is growing, particularly for high-end applications in the AI sector [3].

Core Viewpoint - The prices of minor metals such as cobalt, tungsten, antimony, and rare earths have been rising significantly this year, driven by supply changes and increasing demand, leading to strong performance in related A-share stocks [1][2][9]. Price Trends - As of August 8, 2023, the average prices for various minor metals have increased significantly compared to the beginning of the year: - Electrolytic cobalt: 265,000 CNY/ton (+55.43%) - Tungsten oxide: 317,500 CNY/ton (+32.02%) - Antimony ingot: 186,500 CNY/ton (+33.21%) - Molybdenum bar: 490 CNY/kg (+4.48%) - Bismuth: 118,500 CNY/ton (+61.22%) - Praseodymium-neodymium oxide: 521,500 CNY/ton (+31.03%) - Dysprosium oxide: 1,615,000 CNY/ton (+0.13%) - Terbium oxide: 7,020,000 CNY/ton (+25.13%) [2]. Company Performance - The non-ferrous metal sector has shown significant growth, with revenue and net profit for the sector increasing by 8.0% and 65.1% year-on-year in Q1 2025, respectively. Nearly 70% of listed companies in this sector have positive earnings forecasts for the first half of 2025 [3][4]. - Notable companies include: - Northern Rare Earth: Expected net profit growth of over 2000% year-on-year - Shenghe Resources: Expected net profit growth of over 600% year-on-year [3]. Market Performance - The non-ferrous metal sector has outperformed the broader market, with a cumulative increase of 32% this year, compared to the Shanghai Composite Index's 8.45% increase [4]. - Key stocks include Shenghe Resources and Guangsheng Nonferrous, both up over 120%, and several others showing significant gains [4]. Supply and Demand Dynamics - Changes in supply dynamics have been noted, particularly with cobalt, where the Democratic Republic of Congo has extended its export ban, leading to a significant decrease in imports of cobalt intermediate products in China [5][6]. - The global rare earth reserves are dominated by China, which holds 44 million tons, accounting for 40% of the total [6]. Future Demand Projections - The demand for rare earth materials, particularly neodymium-iron-boron magnets, is expected to grow significantly due to the rise of electric vehicles and renewable energy technologies. By 2026, the demand for high-performance neodymium-iron-boron materials is projected to reach 21.1 million tons, with a compound annual growth rate of approximately 14% [8][10]. - The commercialization of humanoid robots is anticipated to further increase demand for neodymium, with projections suggesting a growth rate of 75% from 2024 to 2035 [8]. Price Outlook - Analysts expect the upward price trend for minor metals to continue, driven by persistent demand expansion and supply disruptions. The price of antimony and cobalt is projected to rise due to supply constraints and increasing demand from sectors like electric vehicles [9][10].

Core Viewpoint - The prices of minor metals such as cobalt, tungsten, antimony, and rare earths have been rising significantly this year, driven by supply changes and increasing demand, leading to strong performance in related A-share stocks [1][2][3] Price Trends - As of August 8, 2023, the average prices for various minor metals have increased significantly compared to the beginning of the year: - Electrolytic cobalt: 265,000 RMB/ton (+55.43%) - Tungsten oxide: 317,500 RMB/ton (+32.02%) - Antimony ingot: 186,500 RMB/ton (+33.21%) - Molybdenum bar: 490 RMB/kg (+4.48%) - Bismuth: 118,500 RMB/ton (+61.22%) - Praseodymium-neodymium oxide: 521,500 RMB/ton (+31.03%) - Dysprosium oxide: 1,615,000 RMB/ton (+0.13%) - Terbium oxide: 7,020,000 RMB/ton (+25.13%) [2] Company Performance - The non-ferrous metal sector has shown significant growth, with revenue and net profit for the first quarter of 2025 increasing by 8.0% and 65.1% year-on-year, respectively [3] - Nearly 70% of the listed companies in the non-ferrous metal sector have positive performance forecasts for the first half of 2025, with notable increases in net profit for companies like Northern Rare Earth and Shenghe Resources [3] Market Dynamics - The non-ferrous metal sector has outperformed the broader market, with an increase of 32% year-to-date, compared to the Shanghai Composite Index's 8.45% rise [4] - The supply-demand dynamics have shifted, particularly with cobalt, where export bans from the Democratic Republic of Congo have led to a significant decrease in imports and a bullish price outlook [5] Demand Drivers - Rare earths are critical for various high-tech applications, including electric vehicles and renewable energy, with projected demand for neodymium-iron-boron materials expected to reach 87,000 tons by 2026 due to the growth of the electric vehicle market [7][8] - The demand for minor metals is expected to continue rising, driven by sectors such as new energy, air conditioning, and consumer electronics, alongside the commercial development of humanoid robots [9] Future Outlook - Analysts predict that the price trends for minor metals will continue upward due to persistent demand expansion and supply disruptions caused by policy changes [9] - The ongoing growth in the electric vehicle sector and other high-performance applications is expected to sustain the demand for rare earth materials, with significant implications for pricing and supply dynamics in the coming years [9]

Group 1 - The total salary scale for CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the small metals industry was 2.58 million yuan, paid to the CFO of Xiamen Tungsten [1] - The CFO of Zhongtung High-tech saw the largest salary increase of 35.75% year-on-year [1] Group 2 - The CFO of West Materials earned over 1 million yuan, exceeding the industry average, but the company's gross profit margin has been declining, with rates of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - The CFO of Zhongmin Resources also earned over 1 million yuan, but the company experienced a revenue decline of 10.8% year-on-year, with a significant drop in gross profit margin from 54.81% in 2023 to 32.75% in 2024 [2] - The CFO of Zhongtung High-tech earned over 1 million yuan, but the company faced continuous declines in accounts receivable turnover, inventory turnover, and total asset turnover [3]

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the small metals industry is 2.5789 million yuan, paid to Xiamen Tungsten's CFO, while the lowest is 284,500 yuan, paid to Xianglu Tungsten's CFO [1] - Among the companies with CFOs earning over one million yuan, five companies are identified: Western Materials, Zhongkuang Resources, China Tungsten High-tech, Zhangyuan Tungsten, and Xiamen Tungsten [1] Group 2 - Xiamen Tungsten's CFO, Zhong Bingxian, has the highest salary in the industry at 2.5789 million yuan, but the company's revenue declined by 10.66% year-on-year in 2024 [2] - Western Materials' CFO, Liu Yong, earns over one million yuan, yet the company's gross profit margin has been continuously declining, with figures of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - Zhongkuang Resources' CFO, Jiang Yanlong, also earns over one million yuan, but the company experienced a revenue decline of 10.8% year-on-year, and its gross profit margin dropped significantly from 54.81% in 2023 to 32.75% in 2024 [2]

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the small metals industry is 2.5789 million yuan, paid to Xiamen Tungsten's CFO, while the lowest is 284,500 yuan, paid to Xianglu Tungsten's CFO [1] - Among the companies with CFOs earning over one million yuan, five companies are identified: Western Materials, Zhongkuang Resources, China Tungsten High-tech, Zhangyuan Tungsten, and Xiamen Tungsten [1] Group 2 - Xiamen Tungsten's CFO, Zhong Bingxian, has the highest salary in the industry at 2.5789 million yuan, but the company's revenue declined by 10.66% year-on-year in 2024 [2] - Western Materials' CFO, Liu Yong, earns over one million yuan, yet the company's sales gross margin has been continuously declining, with rates of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - Zhongkuang Resources' CFO, Jiang Yanlong, also earns over one million yuan, but the company experienced a 10.8% year-on-year revenue decline and a significant drop in sales gross margin from 54.81% in 2023 to 32.75% in 2024 [2]

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the small metals industry is 2.5789 million yuan, paid to Xiamen Tungsten's CFO, while the lowest is 284,500 yuan, paid to Xianglu Tungsten's CFO [1] - Among the companies with CFOs earning over one million yuan, five companies are identified: Western Materials, Zhongkuang Resources, China Tungsten High-tech, Zhangyuan Tungsten, and Xiamen Tungsten [1] Group 2 - Xiamen Tungsten's CFO, Zhong Bingxian, has the highest salary in the industry at 2.5789 million yuan, but the company's revenue declined by 10.66% year-on-year in 2024 [2] - Western Materials' CFO, Liu Yong, earns over one million yuan, yet the company's sales gross margin has been continuously declining, with rates of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - Zhongkuang Resources' CFO, Jiang Yanlong, also earns over one million yuan, but the company experienced a 10.8% decline in revenue and a significant drop in sales gross margin from 54.81% in 2023 to 32.75% in 2024 [2]

证券代码：000657 证券简称：中钨高新 公告编号：2025-95 中钨高新材料股份有限公司 关于 2021 年限制性股票激励计划预留授予第二个 解锁期解锁股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 市日为 2022 年 7 月 8 日，上市流通日为 2025 年 8 月 11 日。 占公司目前总股本的 0.0297%。 中钨高新材料股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开第十一届董事会第三次临时会议，审议通过了《中钨高 新材料股份有限公司关于限制性股票激励计划首次授予第三个解锁 期及预留授予第二个解锁期解锁条件成就的议案》，公司限制性股票 激励计划预留授予限制性股票第二个解锁期解锁条件已成就，同意公 司按照相关规定办理解锁事宜。根据公司 2021 年第二次临时股东大 会的授权，公司按规定办理了限制性股票激励计划预留授予第二个解 锁期解锁股份的上市流通手续。现将具体情况公告如下： 一、激励计划已履行的相关审批程序 过了《关于公司 <限制性股票激励计划 草案="草案"> 及其摘要的议案 ...

关于 2021 年限制性股票激励计划首次授予部分第三个 解锁期解锁股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 市日为 2021 年 7 月 22 日，上市流通日为 2025 年 8 月 11 日。 股，占公司目前总股本的 0.3234%。 证券代码：000657 证券简称：中钨高新 公告编号：2025-94 中钨高新材料股份有限公司 中钨高新材料股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开第十一届董事会第三次临时会议，审议通过了《中钨高 新材料股份有限公司关于限制性股票激励计划首次授予第三个解锁 期及预留授予第二个解锁期解锁条件成就的议案》，公司限制性股票 激励计划首次授予限制性股票第三个解锁期解锁条件已成就，同意公 司按照相关规定办理解锁事宜。根据公司 2021 年第二次临时股东大 会的授权，公司按规定办理了限制性股票激励计划首次授予第三个解 锁期解锁股份的上市流通手续。现将具体情况公告如下： 一、激励计划已履行的相关审批程序 过了《关于公司 <限制性股票激励计划 草案="草案"> 及其 ...