从年薪的变动来看，2024未变更董秘的上市公司中，多数上市公司调增了董秘年薪。其中，中国铝业董 秘葛小雷薪酬涨幅最大，同比增长130.67%；鼎胜新材董秘陈魏新年薪降幅最大，同比减少45.73%。 从薪资总额看，紫金矿业、焦作万方、洛阳钼业董秘薪资位列前三名，其中资金矿业董秘郑友诚年薪 451.38万元，焦作万方董秘吴永锭年薪411.29万元，洛阳钼业董秘徐辉年薪296.98万元。这三名董秘的 日薪（按250天计算）均已过万。 海亮股份原董秘程疆年薪120.38万元，远超行业均值。2024年，公司归母净利润大幅下挫37.1%至7.03 亿元，公司市值下降。值得关注的是，程疆在海亮股份任期非常短，仅1年多，2023年8月上任，2025年 1月已离任。 金田股份董秘丁星驰2024年涨薪至161万，但公司2024年归母净利润同比下降12.29%，市值同比下降 11.07%。 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% 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！ 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 ...

从薪资总额看，紫金矿业、焦作万方、洛阳钼业董秘薪资位列前三名，其中资金矿业董秘郑友诚年薪 451.38万元，焦作万方董秘吴永锭年薪411.29万元，洛阳钼业董秘徐辉年薪296.98万元。这三名董秘的 日薪（按250天计算）均已过万。 海亮股份原董秘程疆年薪120.38万元，远超行业均值。2024年，公司归母净利润大幅下挫37.1%至7.03 亿元，公司市值下降。值得关注的是，程疆在海亮股份任期非常短，仅1年多，2023年8月上任，2025年 1月已离任。 金田股份董秘丁星驰2024年涨薪至161万，但公司2024年归母净利润同比下降12.29%，市值同比下降 11.07%。 创新新材董秘王科芳年薪120万超行业均值，2023年、2024年公司市值持续下挫，其中2023年市值缩水 16.35%，2024年市值缩水21.48%。 新疆众和董秘刘建昊年薪148万超行业均值，2023年、2024年公司市值持续下挫，其中2023年市值缩水 7.85%，2024年市值缩水0.41%。业绩表现来看，2024年公司增收不增利，归母净利润同比下滑 22.94%。 专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百 ...

Core Insights - The report highlights that as of July 29, 2024, there are 5,817 listed companies in the A-share market, with a total of 1,144 secretaries earning over 1 million yuan, accounting for over 21% of the total [1] - The total salary for A-share secretaries reached 4.086 billion yuan in the previous year, with an average salary of 754,300 yuan [1] Salary Overview - The highest annual salary for a secretary in the industrial metals sector was 4.5138 million yuan at Zijin Mining, while the lowest was 48,900 yuan at Silver Industry [1] - Sixteen companies paid their secretaries over 1 million yuan, including Yongmaotai, Haomei New Materials, and Zijin Mining [1] Salary Changes - Among companies that did not change their secretaries, most increased their salaries, with China Aluminum's secretary seeing the largest increase of 130.67% [2] - The top three secretaries by salary are from Zijin Mining (4.5138 million yuan), Jiaozuo Wanfang (4.1129 million yuan), and Luoyang Molybdenum (2.9698 million yuan) [2] Company Performance - Hai Liang's former secretary earned 1.2038 million yuan, significantly above the industry average, while the company's net profit dropped by 37.1% to 703 million yuan [2] - Jintian's secretary's salary increased to 1.61 million yuan, but the company's net profit fell by 12.29% and market value decreased by 11.07% [2] - Xinjiang Zhonghe's secretary earned 1.48 million yuan, but the company experienced a 22.94% decline in net profit [3] - Yongmaotai's secretary earned over 1 million yuan, yet the company's market value has decreased for three consecutive years [3] - Guocheng Mining's secretary earned over 1 million yuan, but the company reported a net loss of 113 million yuan in 2024 [4]

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！ 金田股份董秘丁星驰2024年涨薪至161万，但公司2024年归母净利润同比下降12.29%，市值同比下降 11.07%。 创新新材董秘王科芳年薪120万超行业均值，2023年、2024年公司市值持续下挫，其中2023年市值缩水 16.35%，2024年市值缩水21.48%。 新疆众和董秘刘建昊年薪148万超行业均值，2023年、2024年公司市值持续下挫，其中2023年市值缩水 7.85%，2024年市值缩水0.41%。业绩表现来看，2024年公司增收不增利，归母净利润同比下滑 22.94%。 永茂泰董秘王光普年薪百万，但是公司市值已连续三年下挫，利润更是在连续两年巨降后微增。2022- 2024年，公司市值分别缩水13.6%、7.07%、18.58%。公司归母净利润2022年、2023年大幅下滑，分别 同比下降58.56%、67.18%，2024年仅仅微增0.38%。 西藏珠峰董秘孙华年薪超百万，公司市值连续三年下挫。2022-2024年，公司市值分别缩水39.14%、 46.95%、12.25%。 国城矿业董秘马翀年薪超百万，但公司 ...

Core Viewpoint - The rare earth permanent magnet sector in the A-share market has seen significant gains, with companies like Zhenghai Magnetic Materials rising over 18% and Zhongke Magnetic Industry increasing over 13% [1] Group 1: Market Performance - The rare earth ETF from E Fund has risen over 3%, while other rare earth ETFs have increased by more than 2.6% [2] - The rare earth theme ETF has gained over 40% year-to-date, attracting more than 3.4 billion yuan in investments, with E Fund's rare earth ETF alone bringing in 2.13 billion yuan [4] - There are currently four rare earth ETFs in the market, with the E Fund rare earth ETF leading its category with a scale of 4.503 billion yuan [3] Group 2: Supply and Demand Dynamics - In July, China's rare earth exports reached 5,994.3 tons, marking a year-on-year increase of 21% [5] - The supply of praseodymium and neodymium remains tight due to reduced imports from the U.S. and Myanmar, while high prices for scrap materials provide strong cost support [6] - The demand side shows a steady increase, with domestic orders supporting the market, and a trend of easing export controls [6] Group 3: Industry Outlook - Pacific Securities highlights that the demand for high-performance rare earth permanent magnets is expected to grow significantly, driven by sectors like electric vehicles and consumer electronics [5] - The overall tightening of supply and the anticipated increase in prices are expected to create favorable conditions for investment in the rare earth industry [6] - The strategic value of rare earths is undergoing re-evaluation, particularly in the context of rising prices and supply chain dynamics [5][6]

研究院 新能源&有色组 研究员 陈思捷 师橙 封帆 联系人 投资咨询业务资格： 证监许可【2011】1289 号 期货研究报告|有色专题报告 2025-08-07 多重变量交织难改氧化铝过剩实质 报告摘要 结论和核心观点： 策略 单边：逢高卖出保值 风险 请仔细阅读本报告最后一页的免责声明 021-60827968 chensijie@htfc.com 从业资格号：F3080232 投资咨询号：Z0016047 021-60828513 shicheng@htfc.com 从业资格号：F3046665 投资咨询号：Z0014806 021-60827969 fengfan@htfc.com 从业资格号：F03139777 投资咨询号：Z0021579 王育武 021-60827969 wangyuwu@htfc.com 从业资格号：F03114162 1、 几内亚矿权扰动更多来源于利益博弈而非限制出口，对中国出口量难有实质性影 响。预计全年进口铝土矿供给增量达到 3500-4000 万吨，叠加国产矿增量，预计中 国铝土矿供给增量可达到 4500 万吨左右。全年铝土矿从 2024 年紧缺 1600 万吨转 变为 ...

Core Viewpoint - The domestic rare earth industry is experiencing fluctuations in stock performance, with the China Rare Earth Industry Index showing a slight decline, while the Jiashi Rare Earth ETF has reached record highs in both scale and shares, indicating strong investor interest and liquidity in the sector [1][3]. Group 1: Market Performance - As of August 7, 2025, the China Rare Earth Industry Index decreased by 0.46%, with mixed performance among constituent stocks [1]. - Jiashi Rare Earth ETF recorded a turnover of 2.23% and a transaction volume of 101 million yuan, with an average daily transaction of 311 million yuan over the past month, ranking first among comparable funds [3]. - The Jiashi Rare Earth ETF's latest scale reached 4.503 billion yuan, marking a new high since its inception, and its shares reached 3.214 billion, also a record high [3]. Group 2: Fund Performance - The Jiashi Rare Earth ETF has seen continuous net inflows over the past three days, with a peak single-day net inflow of 151 million yuan, totaling 257 million yuan [3]. - Over the past year, the Jiashi Rare Earth ETF's net value increased by 70.57%, ranking 149th out of 2949 index equity funds, placing it in the top 5.05% [3]. - Since its inception, the Jiashi Rare Earth ETF achieved a maximum monthly return of 41.25%, with the longest consecutive monthly gains being four months and the longest cumulative gain reaching 83.89% [3]. Group 3: Supply Chain Insights - Domestic rare earth quota issuance remains relatively stable, but the growth rate of indicators has significantly declined, potentially leading to the exit of smaller mines and smelting plants unable to obtain quotas [4]. - Recent government crackdowns on smuggling in key resource provinces and comprehensive industry chain investigations may have profound impacts on the domestic compliant rare earth supply, leading to increased concentration within two major rare earth groups [4]. - The scarcity and strategic importance of rare earth resources are expected to further enhance their value [4]. Group 4: Key Stocks Performance - The top ten weighted stocks in the China Rare Earth Industry Index account for 59.32% of the index, with notable performances including: - Northern Rare Earth down by 1.04% [6] - China Rare Earth down by 0.41% [6] - Baotou Steel down by 3.16% [6] - Investors can also access rare earth investment opportunities through the Jiashi Rare Earth ETF linked fund [6].

Market Overview - In July 2025, all major A-share indices rose, with the ChiNext Index showing the highest increase of 8.14% and the Shanghai 50 Index the lowest at 2.36% [2] - The total margin balance in the Shanghai and Shenzhen markets reached 1,978.497 billion yuan, an increase of 133.858 billion yuan from the previous month [2] Company Research: Zhongchong Co., Ltd. (002891) - In the first half of 2025, Zhongchong Co., Ltd. reported revenue of 2.432 billion yuan, a year-on-year increase of 24.32%, and a net profit of 203 million yuan, up 42.56% [14] - The company has made significant progress in its overseas business, achieving revenue of 1.575 billion yuan from international markets, a growth of 17.61% [14] - The pet food segment, particularly the staple food category, saw substantial growth, with revenue reaching 783 million yuan, a remarkable increase of 85.79% [15] Industry Research: Pharmaceutical and Biological Sector - The pharmaceutical and biological sector experienced a significant increase of 13.93% in July 2025, driven by innovative drugs and CXO segments [5] - Key policies supporting the high-quality development of innovative drugs were introduced, which are expected to positively impact the pharmaceutical and medical device sectors [4] - The cumulative revenue of the pharmaceutical manufacturing industry for the first half of 2025 was 1,227.52 billion yuan, reflecting a year-on-year decline of 1.2% [4] Industry Research: Machinery Equipment Sector - The machinery equipment sector outperformed the market with a 9.82% increase from July 6 to August 5, 2025 [7] - The sales of excavators in the first half of 2025 showed a growth rate exceeding 20%, indicating strong domestic demand [7] - The upcoming World Robot Conference is expected to catalyze investment opportunities in humanoid robots [8] Industry Research: Metals Sector - The steel market is expected to experience limited upward momentum due to recent price adjustments, with short-term prices likely to fluctuate [10] - Copper prices are supported by tight supply despite recent adjustments due to U.S. tariffs [10] - The aluminum market may see price increases if actual inventory demand performs well in the upcoming months [11]

内容概要：随着光学器件、建筑装饰、汽车制造、消费电子、高端化妆品包材等下游市场的飞速发展， 带动热轧镜面铝需求持续增长，市场规模不断扩大，据统计，2024年我国热轧镜面铝行业市场规模达 304.69亿元，同比增长22.69%，未来，在"碳中和""碳减排"目标指引下，铝材因其可回收性强、能耗相 对较低等优势，符合绿色发展理念，热轧镜面铝作为铝材重要组成部分，在生产和使用过程中若能进一 步优化工艺，降低能耗和污染物排放，更契合环保要求，有望获得更大的发展空间。 上市企业：中国铝业（601600）、南山铝业（600219）、常铝股份（002160）、明泰铝业（601677） 相关企业：成都新凯撒铝业有限公司、诺贝丽斯铝业（镇江）有限公司、安美奇铝业（中国）有限公 司、上海厍库实业发展有限公司、河南联合铝业科技有限公司、中铝河南洛阳铝加工有限公司、河南润 鑫新材料股份有限公司、浙江铭岛新材料股份有限公司 关键词：热轧镜面铝市场政策、热轧镜面铝产业链、热轧镜面铝市场规模、热轧镜面铝竞争格局、热轧 镜面铝发展趋势 一、概述 镜面铝是通过轧延、打磨等方法处理，使板材表面具有镜面效果的铝板，根据制造方式不同，镜面铝分 为热轧 ...

Industry Overview - The aluminum hydroxide industry in China is experiencing rapid growth driven by increasing market demand and economic development, with production expected to rise from 2.11 million tons in 2022 to 3.43 million tons by 2024 [1][6] - In March 2025, the Ministry of Industry and Information Technology and other departments issued a plan to limit new alumina production capacity and set a target for recycled aluminum production to reach 15 million tons by 2027 [1][6] - As a result of these policies, companies are shifting focus from "scale expansion" to "quality efficiency," leading to a slight decline in production, with a 0.90% year-on-year decrease in the first half of 2025 [1][6] Industry Chain - The upstream of the aluminum hydroxide industry includes raw materials such as bauxite, caustic soda, and hydrochloric acid, as well as production equipment like pressure leaching systems and fluidized roasting furnaces [4] - The midstream involves the production and manufacturing of aluminum hydroxide, while the downstream applications include flame retardants, pharmaceuticals, electrical cables, insulation materials, coatings, and environmental protection [4] Market Dynamics - The price of alumina reached a nearly ten-year high in 2024 due to resource constraints and environmental regulations, which supported the aluminum hydroxide market [8] - In the fourth quarter of 2024, aluminum hydroxide prices exceeded 3,600 yuan per ton, marking a peak, but by June 2025, prices fell to 1,948 yuan per ton, a 20.33% decrease year-on-year [8] - The industry's gross profit margin fell to -13.24 yuan per ton in late June 2025, a 102.03% year-on-year decline, reflecting the transition pains from scale expansion to quality efficiency [10] Import and Export Trends - In the first half of 2025, China imported 31,900 tons of aluminum hydroxide, a 7.32% increase year-on-year, with an import value of 467 million yuan, up 26.19% [12] - Exports reached 238,600 tons, a 26.69% increase year-on-year, with an export value of 924 million yuan, up 14.86%, driven by higher international prices compared to domestic prices [12] Key Enterprises - China Aluminum Corporation, as a leading player, focuses on high-purity and high-performance ultra-fine aluminum hydroxide, with a revenue of 55.784 billion yuan in Q1 2025, a 13.95% increase year-on-year [16] - Luoyang Zhongchao New Materials Co., Ltd. is recognized for its advanced technology in ultra-fine aluminum hydroxide and has received approval for a project to produce 120,000 tons of high-purity aluminum hydroxide annually [18] - Hebei Wenfeng Industrial Group is facing regulatory risks due to unauthorized production of alumina, with a capacity of 4.8 million tons per year, exceeding market demand [16] Development Trends - The industry is transitioning from a "scale-oriented" to a "technology-oriented" model, with high-end product demand driving growth [20] - Environmental policies and carbon tariffs are pushing companies towards green technologies, with significant energy and carbon emission reductions being achieved by leading firms [21] - The import dependency for high-end aluminum hydroxide products remains high, but domestic companies are accelerating technological breakthroughs to reduce reliance on imports [20][22]