联合研究丨公司深度丨时代新材（600458.SH） [Table_Title] 厚积薄发，新材料平台型龙头崛起 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 时代新材是央企中国中车旗下的新材料产业平台，长期积累底蕴深厚，近年进一步彰显竞争力， 轨交&工业工程稳居龙头，风电叶片规模及盈利能力快速追赶，汽车业务实现扭亏为盈。展望 2025 年各板块继续成长：风电有望受益装机高景气之下的量价齐升，贡献最大利润弹性；新材 料产业园竣工，产业孵化渐成；汽车板块有望继续夯实扭亏成果，中长期成长空间广阔。 分析师及联系人 [Table_Author] 范超 邬博华 赵智勇 SAC：S0490513080001 SAC：S0490514040001 SAC：S0490517110001 SFC：BQK473 SFC：BQK482 SFC：BRP550 张佩 李浩 司鸿历 SAC：S0490518080002 SAC：S0490520080026 SAC：S0490520080002 SFC：BUD284 董超 屈奇 周圣钧 SAC：S049052 ...

此外，股权激励还能够改善企业的治理结构，提高企业的管理效率和决策水平，进一步增强企业的竞争 力，为投资者带来更加稳定的回报。 然而，股权激励并非一劳永逸的解决方案，它需要企业制定科学合理的激励方案，确保激励的公平性和 有效性，如果股权激励行权价条件太低，或者行权价格大幅打折，股权激励的利好效应可能大打折扣。 数据显示，截至2025年5月底，近20年来A股市场累计已有超5600份股权激励计划落地，涉及上市公司 超2900家。股权激励是多赢之举，在深度绑定高管及技术骨干之后，有利于上市公司经营业绩的提升， 股权激励参与者能实现额外的收益，投资者也能从估值提升中获得好处。 对于上市公司而言，股权激励是深度绑定高管及技术骨干的良方。在知识经济时代，人才是企业最宝贵 的资产，尤其是高管和技术骨干，他们的工作态度和创新精神直接影响着企业的兴衰成败。通过股权激 励，企业将这些关键人才与自身利益紧密相连，使他们从单纯的打工者转变为企业的"合伙人"。这种身 份的转变激发了他们的工作积极性和创造力，促使他们更加关注企业的长期发展，愿意为企业付出更多 的心血和智慧。股权激励让企业能够更好地留住核心人才，减少人才流失带来的风险，为企 ...

证券代码：600888 证券简称：新疆众和 编号：临 2025-049 号 债券代码：110094 债券简称：众和转债 新疆众和股份有限公司 关于调整 2021 年限制性股票与股票期权激励计划 股票期权行权价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 新疆众和股份有限公司（以下简称"公司"）于 2025 年 6 月 5 日召开的第十 届董事会 2025 年第五次临时会议、第十届监事会 2025 年第五次临时会议审议通 过了《关于调整 2021 年限制性股票与股票期权激励计划股票期权行权价格的议 案》，现将有关事项公告如下： 一、公司2021年限制性股票与股票期权激励计划（以下简称"激励计划"） 已履行的决策程序和信息披露情况 届监事会2021年第三次临时会议，审议通过了《公司2021年限制性股票与股票期 权激励计划（草案）》及其摘要（以下简称"《激励计划（草案）》"）、《公司2021 年限制性股票与股票期权激励计划实施考核管理办法》 （以下简称"《考核办法》"）、 《关于提请股东大会授权董事会办理公司2021年限 ...

| 北京观韬（深圳）律师事务所 | | | | | --- | --- | --- | --- | | 关于广州三孚新材料科技股份有限公司 | | | | | 法律意见书 | | | | | 观意字2025SZ000046号 | | | | | 二〇二五年六月 | | | | | 北京观韬（深圳）律师事务所 | | | 法律意见书 | | 释 义 | | | | | 除本法律意见书中根据文义明确另有所指外，下述各词在本法律意见书内使 | | | | | 用时，应具有以下含义： | | | | | 三孚新科、公司 指 广州三孚新材料科技股份有限公司 | | | | | 《2023 年激励计划 2023 年第二次临时股东大会审议通过的《广州三孚新材料科技股份有限 | | | | | 指 | | | | | （草案）》 公司 2023 年股票期权激励计划（草案）》 | | | | | 广州三孚新材料科技股份有限公司根据《广州三孚新材料科技股份有限 | | | | | 公司 2023 年股票期权激励计划（草案）》实施的股权激励 | | | | | 根据公司第四届董事会第十九次会议决议，2023 | | | 年激励计划 ...

Core Insights - The enthusiasm for implementing equity incentive plans among A-share listed companies has been steadily increasing, becoming a crucial tool for enhancing corporate vitality and aligning the interests of talent and shareholders [1][4] - As of May 2025, over 5,600 equity incentive plans have been implemented in the A-share market over the past two decades, involving more than 2,900 listed companies, which accounts for over 54% of the total [1] - The majority of companies that have implemented equity incentives have seen both stock price and performance improvements, with central enterprises showing particularly significant excess returns [1][3] Summary by Categories Implementation Trends - The number of companies implementing equity incentives continues to grow, with private enterprises showing a notable increase, reaching a 19-year high in 2024 [3] - The second type of restricted stock has become the mainstream incentive tool, and performance assessment indicators are becoming more flexible and diversified [3] Performance Impact - In the year of implementation, nearly 88% of companies reported revenue growth, over 76% reported net profit growth, and close to 93% saw an increase in return on equity (ROE) [3] - The positive impact of equity incentives tends to diminish over time, but they still provide sustained benefits to companies [3] Market Response - Investors are advised to explore excess returns based on four dimensions: incentive strength, performance assessment targets, industry, and choice of incentive tools [3] - Among companies that implemented equity incentives and are predicted to have a net profit growth rate exceeding 20% over the next three years, 25 companies have been favored by the market, with an average increase of over 15% year-to-date [3]

新华财经北京6月5日电四大证券报内容精华摘要如下： 中国证券报 ·资金情绪持续回暖 A股市场连日反弹 6月4日，A股市场继续反弹，三大股指均高开高走，创业板指涨逾1%，大消费、固态电池、光模块等 板块表现活跃。数据显示，整个A股市场近4000只股票上涨，逾80只股票涨停，成交额为1.18万亿元， 32只股票在4日创历史新高。资金面上，资金情绪回暖，沪深300主力资金净流入超30亿元。 分析人士认为，在国内一系列政策支持下，市场调整空间有限，6月A股市场仍处于修复行情窗口期。 ·"长钱"入市步伐提速保险机构积极参与长期投资试点 保险资金长期投资试点又有新进展。6月3日，中国太保发布目标规模200亿元的太保致远1号私募证券投 资基金（暂定名）。据悉，该基金是第二批保险资金长期投资试点基金之一。此外，包括中国人寿、新 华保险、平安人寿等多家第二批试点机构的基金也已获批。参与第三批保险资金长期投资试点的险资机 构中，中邮保险及中邮保险资管已获批100亿元。 业内人士表示，保险资金长期投资试点持续推进，有助于发挥保险资金优势，为资本市场带来中长期增 量资金。在政策利好、保险资金增厚投资收益需求等因素的作用下，保险资金有 ...

Core Viewpoint - The number of equity incentive plans in the A-share market has been steadily increasing, with over 5,600 plans implemented involving more than 2,900 listed companies as of May 2025, reflecting a growing trend in corporate governance and management improvement [1] Group 1 - Over the past 20 years, the A-share market has seen the implementation of more than 5,600 equity incentive plans [1] - More than 2,900 listed companies have participated in these equity incentive plans [1] - In the last four years, there have been over 650 plans implemented annually, indicating a consistent interest in equity incentives [1] Group 2 - The rise in equity incentive plans is driven by policy support and a desire for companies to enhance management capabilities [1] - These incentive plans are likened to "golden keys" that effectively stimulate internal motivation within companies [1] - The implementation of equity incentives has been shown to positively impact company performance, boost medium to long-term stock prices, and achieve a win-win situation for talent, companies, and shareholders [1]

Core Viewpoint - The Chinese jewelry industry is experiencing a capital feast amid rising global gold prices, with Chow Tai Fook preparing for its IPO on the Hong Kong Stock Exchange, backed by major financial institutions [1]. Group 1: Company Overview - Chow Tai Fook has a vast network of 4,129 stores and a compound annual growth rate (CAGR) of 46.1% in online sales, positioning itself as the fifth largest jewelry brand in China [2][4]. - The company’s revenue is projected to grow from RMB 3.102 billion in 2022 to RMB 5.718 billion in 2024, while net profit is expected to rise to RMB 706 million [4][6]. Group 2: Market Dynamics - The Chinese gold jewelry market is expected to grow from RMB 328.2 billion to RMB 568.8 billion over five years, with a CAGR of 11.6%, and the franchise channel accounting for 72.3% of the market share [4]. - Online sales are projected to account for 40% of total revenue by 2024, making it the leading channel among national jewelry brands [4]. Group 3: Financial Strategy and Governance - Chow Tai Fook plans to distribute dividends of RMB 645 million, which is 91% of its net profit, while facing a total debt of RMB 7.41 billion and cash reserves of only RMB 1.77 billion [6]. - The governance structure is highly centralized, with the controlling shareholders holding 93.7% of the equity, which raises concerns about minority shareholder rights [6][8]. Group 4: Challenges and Risks - The company faces challenges from fluctuating gold prices, which can significantly impact demand and profit margins, especially as gold prices exceed RMB 1,000 per gram [10]. - The online customer acquisition cost has risen to 22% of online revenue, indicating a need for technological innovation to maintain growth [10]. - Product homogenization and low research and development investment (less than 0.5% for three consecutive years) may hinder the company's ability to compete effectively in a market that increasingly values unique designs [12]. Group 5: Future Outlook - Chow Tai Fook's strategy includes expanding its store network and enhancing brand value through potential IPO fundraising, but it must address issues related to profit margins, governance, and product differentiation to sustain long-term growth [12].

股权激励受热捧的背后，既有政策推动，也是企业提高管理能力的体现。这些激励计划宛如一把把"金 钥匙"，有效地激发了企业内生动力，为公司长期发展注入源源不断的活力。统计结果显示，股权激励 有效推动公司业绩增长，提振中长期股价走势，实现了人才、企业与股东的三方共赢。 近年来，A股股权激励计划数量呈现出逐步增长势头。截至2025年5月底，近20年来A股市场累计已有超 5600份股权激励计划落地，涉及上市公司超2900家，其中近4年均有超650份计划实施。 占比超54% 股权激励是指上市公司通过授予关键人员（通常为公司的董事、高级管理人员、核心技术人员及核心业 务人员等）股票或期权，将员工的利益与公司的长远发展紧密绑定，主要形式包括限制性股票、股票期 权和股票增值权等。 股权激励是现代企业重要的管理工具，通过将员工利益与企业效益紧密绑定，提升管理者与关键员工的 工作积极性。它不仅能够有效吸引并留住关键人才，促使员工以主人翁的姿态投入工作，助力实现个人 梦想，还能够提升公司的业绩与价值。从长期视角来看，这一机制不但持续激发员工动力，优化公司治 理结构，增强企业的竞争力，还能创造企业与员工的共同价值，推动企业的长期可持续发 ...

Financial Data and Key Metrics Changes - The meeting addressed the formal business of the Annual Meeting of Stockholders, including the election of directors and the ratification of the independent registered public accounting firm [5][12] - Preliminary results indicated that the election of directors and the ratification of Ernst and Young LLP were approved [12][13] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed during the meeting [16] Market Data and Key Metrics Changes - No specific market data or key metrics were provided during the meeting [16] Company Strategy and Development Direction and Industry Competition - The board of directors recommended an amendment to the 2020 equity incentive plan to increase the number of shares reserved, which is aimed at attracting and retaining talent [10] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting [16] Other Important Information - The meeting was held virtually in accordance with company bylaws and Delaware law, and the proxy statement was made available to stockholders prior to the meeting [5][6] Q&A Session Summary - There were no questions submitted during the Q&A session [16]