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% 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。新浪财经《2024年度A股董秘数据报告》显示，2024年A股上市公司董 秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，A股和新三板摩托车行业（申万二级）进入统计的上市公司共17家，董秘薪酬合计金额1858.89万元，平均年薪109.35万元。 行业内，九号公司董秘徐鹏以458.04万元高居榜首，当年徐鹏涨薪265.45万元，涨幅达137.83%，涨薪幅度也位居业内第一。 | 证券简称 | 行业(申万二级) | 董秘 | 2024新郎 | 薪酬变化 | 増減幅 | 学历 | | --- | --- | --- | --- | --- | --- | --- | | 九号公司-WD | 摩托车及其他 | 徐鹏 | 458. 04 | 265. 45 | 137. 83% | 本科 | | 隆鑫通用 | 摩托车及其他 | 叶珂伽 | 263. 67 | 20. 05 | 8.23% | 本科 | | 爱玛科技 | 摩托车及其他 | 王春彦 ...

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% 责任编辑：公司观察 | 证券简称 | 行业(申万二级) | 董秘 | 2024薪酬 | 薪酬变化 | 增減幅 | 学历 | | --- | --- | --- | --- | --- | --- | --- | | 九号公司-WD | 摩托车及其他 | 徐鹏 | 458. 04 | 265. 45 | 137.83% | 本科 | | 隆鑫通用 | 摩托车及其他 | 叶珂伽 | 263.67 | 20. 05 | 8.23% | 本科 | | 爱玛科技 | 摩托车及其他 | 壬春彦 | 154. 78 | 3. 49 | 2. 31% | 博士 | | 华洋赛车 | 摩托车及其他 | 任宇 | 100. 64 | -5.14 | -5.11% | 专科 | | 钱江摩托 | 摩托车及其他 | 王海斌 | 92. 24 | 12. 45 | 15.60% | 本科 | | 春风动力 | 摩托车及其他 | 周雄秀 | 88. 54 | 20. 77 | 30. 65% | 本科 | | 千里科技 | 摩托车及其他 | 伍定军 | 7 ...

评级调高方面，8月4日，券商调高上市公司评级达到1家次，最新数据包括了华创证券对九号公司的评 级从"推荐"调高至"强推"。 | | | | 1家最新被调高评级的公司 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | 689009 | 九号公司 | 华创证券 | 推荐 | 强推 | 摩托车及其他 | | | | | 日期: 08月04日,南财投研通×南财快讯制图 | | | 首次覆盖方面，8月4日券商共给出了12次首次覆盖，其中创业环保（600874）获得华源证券给予"买 入"评级，山东威达（002026）获得华安证券（600909）给予"买入"评级，正裕工业（603089）获得东 北证券给予"买入"评级，铁大科技获得东吴证券给予"买入"评级，耐普矿机（300818）获得国海证券给 予"买入"评级。 | | | 12家最新被首次覆盖的公司 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 行业 | | 6008 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company has demonstrated strong performance in its two-wheeler business, with significant revenue growth and profitability in the first half of 2025 [1][2]. - The expansion of the product matrix, including self-balancing scooters and all-terrain vehicles, contributes to the company's growth trajectory [2]. - Future profit forecasts indicate continued growth, driven by the two-wheeler segment and the rollout of robotics [3]. Financial Performance Summary - In H1 2025, the company achieved total revenue of 11.74 billion yuan, a year-on-year increase of 76.1%, and a net profit attributable to shareholders of 1.24 billion yuan, up 108.45% [1]. - Q2 2025 revenue reached 6.63 billion yuan, reflecting a 61.5% increase year-on-year, with a net profit of 790 million yuan, up 70.8% [1]. - The electric two-wheeler segment generated revenue of 3.96 billion yuan in Q2 2025, a year-on-year increase of 80.6%, with sales of 1.3887 million units, up 77.3% [1]. - The gross margin for the two-wheeler segment in H1 2025 was 23.7%, an increase of 1.4 percentage points year-on-year [1]. Product Expansion Summary - The self-balancing scooter segment generated revenue of 929 million yuan in Q2 2025, a year-on-year increase of 27.6%, with sales of 383,800 units, up 4.7% [2]. - The all-terrain vehicle segment achieved revenue of 323 million yuan in Q2 2025, a year-on-year increase of 10.6%, with sales of 8,000 units, up 21% [2]. - The company has introduced multiple new products, enhancing its product matrix [2]. Profitability Metrics - The company's gross margin in Q2 2025 was 30.9%, an increase of 0.5 percentage points year-on-year [2]. - The net profit margin for Q2 2025 was 12%, reflecting a year-on-year increase of 0.79 percentage points [2]. - The company’s operating expenses as a percentage of revenue showed a decrease in sales and management expenses, while R&D expenses increased slightly [2]. Future Profit Forecast - The company is projected to achieve net profits of 1.85 billion yuan, 2.73 billion yuan, and 3.64 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 70.7%, 47.3%, and 33.6% [3].

Market Overview - On August 4, the motorcycle and other sectors rose by 1.76%, with Yong'an Xing leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Stock Performance - Yong'an Xing (603776) closed at 21.86, with a gain of 4.79% and a trading volume of 167,600 shares, amounting to 366 million yuan [1] - Ninebot (60006899) closed at 60.98, up 3.99%, with a trading volume of 268,500 shares, totaling 1.657 billion yuan [1] - Zhenghe Industrial (003033) closed at 45.73, gaining 3.27%, with a trading volume of 38,800 shares, amounting to 177 million yuan [1] - Other notable performers include Chunfeng Power (603129) at 225.00 (+2.69%), Linhai Co. (6600009) at 11.42 (+2.24%), and Lvtong Technology (301322) at 31.30 (+2.09%) [1] Capital Flow - The motorcycle and other sectors saw a net inflow of 60.7047 million yuan from main funds, while retail investors experienced a net outflow of 98.5256 million yuan [2] - The main funds' net inflow for Yong'an Xing was 14.4972 million yuan, while retail investors had a net outflow of 13.1028 million yuan [3] - Ninebot experienced a significant net outflow from main funds of 67.5370 million yuan, indicating a shift in investor sentiment [3]

Group 1 - The core viewpoint of the articles highlights the recent target price adjustments and ratings changes by brokerages for various listed companies during the period from July 28 to August 3 [1][2] Group 2 - During the specified period, brokerages issued a total of 158 target price adjustments, with notable increases for companies such as Weisheng Information (69.91%), CATL (67.26%), and Aima Technology (62.48%) [1] - A total of 232 listed companies received brokerage recommendations, with Dongpeng Beverage receiving the highest number at 24 recommendations, followed by Huaneng International with 19, and Hisense Home Appliances with 17 [1] - Brokerages raised ratings for 5 companies, including Zhongyuan Securities upgrading Guangxun Technology from "Hold" to "Buy," and Northeast Securities upgrading Xinshi from "Hold" to "Buy" [1] - Conversely, 7 companies had their ratings downgraded, including CITIC Securities lowering Xinjin Road from "Buy" to "Hold," and Huajin Securities downgrading Shengyi Technology from "Buy" to "Hold" [1] Group 3 - In terms of initial coverage, brokerages provided 86 first-time ratings, with notable mentions including Sichuan Chengyu receiving an "Accumulate" rating from Pacific Securities, and Guoxin Securities giving a "Buy" rating to Guoyuan Securities [2] - Other companies receiving initial ratings include Pro Pharmaceutical with a "Buy" from Western Securities, HNA Holding with an "Accumulate" from Zhongtai Securities, and Beijing-Shanghai High-speed Railway with an "Accumulate" from Bank of China International Securities [2]

从资金流向上来看，当日摩托车及其他板块主力资金净流出4551.78万元，游资资金净流入3103.15万元，散户资金净流入1448.62万元。摩托车及 其他板块个股资金流向见下表： 证券之星消息，8月1日摩托车及其他板块较上一交易日下跌0.43%，九号公司领跌。当日上证指数报收于3559.95，下跌0.37%。深证成指报收于 10991.32，下跌0.17%。摩托车及其他板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301322 | 绿道科技 | 30.66 | 6.75% | 7.50万 | 2.25 Z | | 834058 | 华洋塞车 | 34.80 | 1.69% | 5229.36 | 1806.60万 | | 601777 | 千里科技 | 8.32 | 1.22% | 35.95万 | 3.02亿 | | 603787 | 新日股份 | 12.50 | 1.05% | - 3.80万 | 4741.22万 | | 603766 | 降葵通用 | 12.16 ...

证券之星消息，7月31日摩托车及其他板块较上一交易日下跌1.6%，爱玛科技领跌。当日上证指数报收 于3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。摩托车及其他板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 301322 | 绿植科技 | 28.72 | 2.10% | | 4.36万 | 1.24亿 | | 003033 | 征和工业 | 43.98 | 0.59% | | 3.65万 | 1.62亿 | | 002105 | 信隆健康 | 7.55 | 0.27% | | 9.62万 | 7249.99万 | | 601777 | 千里科技 | 8.22 | -0.96% | | - 31.62万 | 2.60亿 | | 6000689 | 九号公司 | 60.52 | -1.05% | | 15.17万 | 9.36亿 | | 603766 | 隆鑫通用 | 12.05 | -1.07% | | 17.15万 | 2.0 ...

Investment Rating - The report maintains a positive outlook on the automotive sector, emphasizing the potential for growth driven by innovation and market dynamics [3][5]. Core Insights - The automotive sector is expected to benefit from three main themes: dividends, AI intelligence, and robotics, with a recommendation to increase exposure to dividend stocks in the second half of 2025 [3][5]. - The report highlights a significant decline in passenger car insurance data, with a week-on-week decrease of 8.9% and a year-on-year decrease of 19.6% [2][44]. - The report anticipates a recovery in domestic demand supported by policies such as vehicle scrappage and replacement incentives, projecting a retail sales increase of 4.1% year-on-year for 2025 [45][53]. Summary by Sections Weekly Review - The second week of July saw a total of 362,000 passenger cars insured, reflecting a week-on-week decrease of 8.9% and a month-on-month decrease of 19.6% [2][44]. - The best-performing segments included commercial trucks (+9.4%) and automotive parts (+4.1%), while passenger cars showed a modest increase of 1.8% [2][3]. Market Dynamics - The report notes that the automotive sector's performance in A-shares ranked third among all sectors, indicating a strong recovery trend [7][14]. - Key companies such as Great Wall Motors reported a revenue of 92.367 billion yuan for the first half of 2025, with a year-on-year profit decrease of 10.22% [3][60]. Future Outlook - The report projects that the domestic retail sales of passenger cars will reach 23.69 million units in 2025, representing a year-on-year growth of 4.1% [45][46]. - The penetration rate of new energy vehicles is expected to increase significantly, reaching 60.6% by 2025 [49][53]. Investment Recommendations - The report suggests focusing on companies that are leading in technology innovation, particularly in the areas of AI and robotics, as these will be crucial for the sector's growth [3][58]. - Specific stocks recommended include those in the commercial vehicle segment and key players in the electric vehicle market [3][58].

Market Overview - On July 18, the Shanghai Composite Index rose by 0.50%, with institutional investors appearing on the trading lists of 30 stocks, net buying 12 and net selling 18 [1][2] - The total net selling amount by institutional special seats was 372 million yuan [1] Institutional Buying and Selling - The stock with the highest net buying from institutional seats was Lisheng Pharmaceutical, which closed up 4.68% with a turnover rate of 23.41% and a transaction volume of 1.517 billion yuan, net buying amounting to 63.01 million yuan [2][5] - Huaxin Environmental closed up 15.05% with a turnover rate of 26.81% and a transaction volume of 587 million yuan, net buying reached 54.72 million yuan [2][5] - Wanyuantong closed up 11.00% with a turnover rate of 43.91% and a transaction volume of 1.183 billion yuan, with net buying of 41.42 million yuan [2][5] Performance of Net Bought Stocks - Stocks that were net bought by institutions saw an average increase of 7.81%, outperforming the Shanghai Composite Index [3] - Stocks such as Wenzhou Hongfeng and Xiling Information hit the daily limit up [3] - Among the stocks with net buying, 5 had announced half-year performance forecasts, with 4 expecting profit increases, the highest being Lisheng Pharmaceutical with a projected net profit increase of 234.64% [3] Institutional Selling - The stock with the highest net selling was Chunfeng Power, which saw a decline of 7.46% and a net selling amount of 196.49 million yuan [3][6] - Other notable stocks with significant net selling included Liugang Co., Ltd. and Zhongke Magnetic, with net selling amounts of 69.71 million yuan and 51.24 million yuan respectively [4][6] Deep and Shanghai Stock Connect - On July 18, 16 stocks on the trading list had appearances from the Deep and Shanghai Stock Connect, with net buying in stocks like Hongbo Co., Ltd. and Hengbao Co., Ltd. totaling 157 million yuan and 92.12 million yuan respectively [7][8] - Notable net selling stocks included Zhiwei Intelligent and Sanrenxing, with net selling amounts of 27.06 million yuan and 17.76 million yuan respectively [7][8]