Market Performance - On August 22, the small metals sector rose by 3.16%, with Zhangyuan Tungsten leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Individual Stock Performance - Zhangyuan Tungsten (002378) closed at 12.16, up 10.05% with a trading volume of 1.3577 million shares and a transaction value of 1.628 billion [1] - Northern Rare Earth (600111) closed at 47.95, up 7.51% with a trading volume of 3.9374 million shares and a transaction value of 18.594 billion [1] - Western Materials (002149) closed at 19.20, up 4.46% with a trading volume of 565,300 shares and a transaction value of 1.074 billion [1] - Anning Shares (002978) closed at 32.35, up 3.92% with a trading volume of 165,900 shares and a transaction value of 542 million [1] - Other notable stocks include Jin Aluminum (601958) at 14.29 (+3.48%), Zhongtung High-tech (000657) at 18.75 (+2.97%), and Xiamen Tungsten (600549) at 27.47 (+2.08%) [1] Capital Flow Analysis - The small metals sector saw a net inflow of 1.186 billion in main funds, while speculative funds experienced a net outflow of 923 million, and retail investors had a net outflow of 263 million [2] - Northern Rare Earth had a main fund net inflow of 147.5 million, while Zhangyuan Tungsten experienced a net outflow of 139 million from speculative funds [3] - Western Materials had a main fund net inflow of 122 million, with a net outflow of 51.7 million from speculative funds [3]

Group 1: Tungsten Price Trends - Tungsten prices have been on the rise throughout the year, with significant increases noted in recent weeks. As of August 20, the price of 65% tungsten concentrate reached 217,000 yuan/ton, up 3,000 yuan/ton from August 19, marking a 51.75% increase since the beginning of the year [5][8] - The price of ammonium paratungstate (APT) at 88.5% purity is reported at 311,500 yuan/ton, reflecting a 47.98% increase year-to-date, while tungsten powder is priced at 482.5 yuan/kg, up 53.91% since the start of the year [5][8] Group 2: Supply and Demand Dynamics - The surge in tungsten prices is attributed to tightening supply and emerging demand. The Ministry of Natural Resources has set a control target for tungsten mining at 58,000 tons for 2025, a reduction of 4,000 tons or 6.45% from the previous year [8] - Major tungsten-producing regions, such as Jiangxi and Yunnan, have also seen reductions in mining output, contributing to a significant decrease in market circulation [8] - Demand for tungsten is growing in various sectors, including aerospace, defense, and electronics, with notable increases in the renewable energy sector, particularly in photovoltaic applications [8] Group 3: Market Performance and Stock Analysis - Tungsten-related stocks in the A-share market have generally performed well, with an average increase of 10.1% since August. Leading stocks include Luoyang Molybdenum, Zhongtung High-tech, and Xianglu Tungsten, with respective gains of 22.48%, 18.99%, and 17.41% [10][14] - The valuation of some tungsten concept stocks remains low, with a median rolling P/E ratio of 30.24 times, and several stocks, including Shengtun Mining and Luoyang Molybdenum, having P/E ratios below 20 times [11][12] - Luoyang Molybdenum is expected to report a net profit of 8.2 to 9.1 billion yuan for the first half of the year, representing a year-on-year growth of 51.37% to 67.98% [12]

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The hydrogen energy index closed at 2322.90 points as of August 8, 2025, with a weekly increase of 3.68% and a year-to-date increase of 30.73% [9][10] - The number of successful bids for electrolyzer projects has increased, and the hydrogen heavy-duty truck has made significant progress, with a 400kW fuel cell hydrogen truck entering the testing phase [36] Summary by Sections 1. Hydrogen Industry Market Performance - The hydrogen energy index has shown an upward trend, ranking 29th among Shenwan secondary industries as of August 8, 2025 [9] - The top five companies in the hydrogen energy sector for weekly gains were Huaguang Huaneng (46.75%), Koweir (39.81%), Sulian Co. (31.25%), ST Diweixun (30.77%), and Chunhui Zhikong (23.31%) [14] 2. Hydrogen Industry Data Review 2.1 Electrolyzer Data Review - A total of 5 successful bids for hydrogen projects were recorded this week, including 3 for electrolyzers, with a total hydrogen production capacity of 3 Nm³/h [16] - New bidding projects for electrolyzers include a total scale of 55 MW and a hydrogen production capacity of 11,000 Nm³/h [18] 2.2 FCV Related Data Review - In July 2025, the production of fuel cell vehicles (FCVs) increased by 21.81% month-on-month, with 229 new units produced [19] - Cumulative production of FCVs reached 1,593 units in the first seven months of 2025, a year-on-year decrease of 54.47% [19] 3. Industry Dynamics and Company Updates 3.1 Industry Dynamics - A 50,000-ton wind-solar green electricity hydrogen liquefaction project has been approved [31] - The world's first 30MW pure hydrogen gas turbine demonstration project has officially started construction [31] 3.2 Hydrogen Company Dynamics - The 400kW fuel cell hydrogen heavy-duty truck developed by Rongcheng New Energy has completed integration and entered the testing phase [34] - Tianhe Yuan Hydrogen's MW-level container hydrogen production equipment has been shipped to Europe for demonstration [34]

Investment Rating - The report rates the military industry as "Overweight" [5] Core Views - The military industry is expected to perform well in the long term due to increasing great power competition and rising defense expenditures [9][20] - Recent developments include the joint naval exercises between China and Russia, and the U.S. building a counter-drone defense system [8][20] - The report highlights the restructuring of China's aviation supply chain and the importance of domestic production capabilities in the aerospace sector [22][23] Summary by Sections Investment Highlights - Recommended stocks include: 1) Assembly: AVIC Shenyang Aircraft (600760.SH), AVIC Xi'an Aircraft (000768.SZ), AVIC South Lake (688552.SH) 2) Components: AVIC Optoelectronics (002179.SZ), Guobang Electronics (603678.SH), Ruichuang Micro-Nano (688002.SH) 3) Subsystems: AVIC Aircraft (600372.SH), North Navigation (600435.SH) 4) Materials and Processing: Feilihua (300395.SZ), Guangwei Composite (300699.SZ), Huayin Technology (688281.SH) [5][9][10] Market Performance - The defense military index rose by 5.24% from August 4 to August 8, outperforming the Shanghai Composite Index by 3.13 percentage points [11][12] - The military industry ranked 3rd out of 29 sectors during this period [12] Major News in the Military Industry - The joint naval exercises "Maritime Joint-2025" between China and Russia included real combat training and operational coordination [20][21] - The U.S. is developing a counter-drone defense system, with Ukraine being a testing ground for various technologies [8][9] - Japan is expanding its military influence through participation in multinational exercises, indicating a shift in its defense posture [28][30]

Core Insights - A new company, Shaanxi Zhihui Clean Energy Technology Co., Ltd., has been established with a registered capital of 100 million yuan [1] - The company focuses on various sectors including energy storage technology services, new energy technology research and development, and efficient energy-saving technology in the power industry [1] - The company is co-owned by several entities including Western Materials, CRRC Yongji Electric Machine Co., Ltd., and Qin Chuangyuan Technology Innovation Investment Co., Ltd. [1] Company Overview - The legal representative of the company is Duan Zhiqiang [1] - The business scope includes a wide range of services such as technology consulting, solar energy equipment sales, and wind power equipment sales [1] - The company is authorized to engage in power generation, transmission, and distribution businesses, subject to regulatory approval [1]

Group 1 - The 2025 Yinchuan New Materials Industry Matching Conference and Western Materials and Energy Academic Conference was held on August 9, 2023, with nearly 300 participants from academia and industry [1] - The conference focused on new materials and renewable energy, discussing energy conversion and storage materials, advanced functional materials, and green low-carbon materials [1] - The event provided a platform for communication among researchers and professionals in the materials science field, aiming to enhance academic research and application levels [1] Group 2 - The New Materials Industry Matching Conference has been successfully held six times, facilitating in-depth exchanges between over 260 experts and more than 600 industry representatives [2] - The conference has led to the implementation of 13 research cooperation projects, including 2 national key projects and 3 regional key projects, contributing to the high-quality development of Ningxia's new materials industry [2] - Starting in 2026, the conference will be renamed to "JMST - Frontiers in Materials Science and Technology Innovation Seminar and Ningxia Materials and New Energy Industry-University-Research Matching Conference" [2]

Group 1 - The core point of the news is that Western Metal Materials Co., Ltd. has invested 9 million RMB to establish Shaanxi Zhihui Clean Energy Technology Co., Ltd., holding a 9% stake in the new company [1] - Shaanxi Zhihui Clean Energy Technology Co., Ltd. was established on August 7, 2025, with a registered capital of 100 million RMB and is located in Xi'an [2] - The new company operates in the power and heat production and supply industry, focusing on various technologies including energy storage, new energy technology research and development, and efficient energy-saving technologies [2] Group 2 - The company offers a wide range of services including technology consulting, energy management, and sales of solar thermal utilization equipment and wind power generation equipment [2] - The company is authorized to engage in power generation, transmission, and supply activities, subject to regulatory approvals [2] - The establishment of this company indicates a strategic move towards clean energy solutions and technological advancements in the energy sector [1][2]

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]

数据显示，截止7月29日，A股市场共有5817家上市公司。董秘作为连接投资者与上市公司的"桥梁"， 在上市公司资本运作中发挥着关键作用。据2024年年报显示，去年A股董秘薪酬合计达40.86亿元，平均 薪酬75.43万元。 随着年报披露收官，小金属行业（申万二级分类）上市公司董秘薪酬面纱也被揭开。据数据统计，小金 属行业上市公司为董秘支付的最高年度薪酬是厦门钨业，为董秘周羽君支付年薪227.68万元；为董秘支 付的最低年度薪酬是云南锗业，为董秘金洪国支付年薪仅50.09万元。其中为董秘发放超百万年薪的上 市公司共有4家，分别为西部材料、章源钨业、中矿资源、厦门钨业。 专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 西部材料董秘顾亮年薪超百万，高于行业二均值，但公司销售毛利率持续下降，2022-2024年，公司销 售毛利率分别为22.2%、21.95%、20.64%，变动趋势持续下降；销售净利率分别为8.77%，8.68%， 6.27%，变动趋势持续下降。另外2024年，公司加权平均净资产收益率为5.33%，低于7%。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘 ...

Group 1 - The total salary of A-share secretaries reached 4.086 billion yuan in 2023, with an average salary of 754,300 yuan [1] - There are 1,144 secretaries with annual salaries exceeding 1 million yuan, accounting for over 21% of the total [1] - The highest annual salary for a secretary in the small metals industry is 2.2768 million yuan, while the lowest is 500,900 yuan [1] Group 2 - Companies that increased secretary salaries include Dongfang Tantalum, with a salary increase of 88.28% for secretary Qin Hongwu [1] - Xiamen Tungsten's secretary, Zhou Yujun, has the highest salary but the company's revenue declined by 10.66% [1] - West Materials' secretary, Gu Liang, has a salary above the industry average, but the company's sales gross margin has been continuously declining [2] Group 3 - Zhongkuang Resources' secretary, Zhang Jinwei, also has a salary above the industry average, with a revenue decline of 10.8% [2] - The sales gross margin for Zhongkuang Resources dropped significantly from 54.81% in 2023 to 32.75% in 2024 [2] - The net asset return rate for Zhongkuang Resources decreased from 20.95% in 2023 to 6.25% in 2024 [2]