Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Views - Precious Metals: China has increased its gold reserves for the ninth consecutive month, with a total of 73.96 million ounces as of the end of July, reflecting a month-on-month increase of 60,000 ounces. The market is influenced by expectations of a rate cut by the Federal Reserve in the second half of the year [3][12] - Industrial Metals: The seasonal peak is approaching, and attention should be paid to the pace of inventory reduction. Copper prices are supported by a tight supply-demand balance, while aluminum prices may experience fluctuations due to seasonal factors [4][14] - New Energy Metals: The mining operation at Jiangxiawo has been confirmed to be suspended with no plans for resumption in the short term. The lithium market is expected to remain strong due to resilient demand despite supply disruptions [19] - Other Minor Metals: The prices of rare earths are showing slight weakness, but there is limited downside potential in the short term due to existing supply gaps [20] Summary by Sections 1. Investment Strategy - Precious Metals: Continuous increase in gold reserves by China and rising expectations for a Fed rate cut [11] - Industrial Metals: Seasonal peak approaching, focus on inventory reduction [14] - New Energy Metals: Suspension of mining operations at Jiangxiawo [19] - Other Minor Metals: Rare earth prices showing slight weakness [20] 2. Weekly Review - The non-ferrous index rose by 5.8%, with gold showing the largest increase among sub-sectors [24][28] - Notable stock performances include Kexin New Energy (+53.05%) and West Materials (-12.66%) [26] 3. Major Events - Macro: Trump criticizes Powell for delayed rate cuts; China's July PPI decreased by 3.6% [39] - Industry: China continues to increase gold reserves; Jiangxiawo mining operation confirmed to be suspended [44] 4. Non-Ferrous Metal Prices and Inventory - Industrial Metals: Copper and aluminum prices remain stable with copper inventory increasing [47] - Precious Metals: Gold and silver prices are rising due to a weakening dollar and U.S. Treasury yields [66]

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 core viewpoint of the article highlights the performance and market position of Luoyang Molybdenum Co., Ltd., noting its stock price increase and market capitalization [1] - As of August 8, the closing stock price of Luoyang Molybdenum is 9.76 yuan, with a rise of 2.95%, and a rolling PE ratio of 13.55 times, leading to a total market value of 208.08 billion yuan [1] - The company ranks 5th in the small metals industry, which has an average PE ratio of 69.07 times and a median of 64.25 times [1] Group 2 - As of the first quarter of 2025, 212 institutions hold shares in Luoyang Molybdenum, with a total of 422.579 million shares and a market value of 3.558 billion yuan [1] - The main business of Luoyang Molybdenum includes mining and processing of base and rare metals, with key products being molybdenum, tungsten, copper, cobalt, niobium, phosphorus, and mineral metal trading [1] - The latest financial results for the first quarter of 2025 show an operating income of 46.006 billion yuan, a year-on-year decrease of 0.25%, and a net profit of 3.946 billion yuan, reflecting a year-on-year increase of 90.47%, with a gross profit margin of 22.33% [1]

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 2.58 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 sales gross margin of Western Materials has been declining, with rates of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - The CFO of Zhongtung High-tech has an annual salary exceeding one million yuan, but the company's accounts receivable turnover, inventory turnover, and total asset turnover are all declining [3] Group 3 - The CFO of Zhongmin Resources has an annual salary exceeding one million yuan, while the company's revenue decreased by 10.8% year-on-year [2] - The net asset return rate of Zhongmin Resources dropped significantly from 20.95% in 2023 to 6.25% in 2024 [2]

Group 1: Overview of A-share Secretary Salaries - As of July 29, there are 5,817 listed companies in the A-share market, with 1,144 secretaries earning over 1 million annually, accounting for over 21% [1] - The total salary for A-share secretaries reached 40 billion in the previous year [1] Group 2: Salary Trends in the Minor Metals Industry - In the minor metals industry, the highest annual salary for a secretary is 2.2768 million, paid to Zhou Yujun of Xiamen Tungsten [1] - Most companies that did not change their secretaries in 2024 increased their salaries, with the largest increase being 88.28% for Qin Hongwu of Dongfang Tantalum [1] - Xiamen Tungsten's revenue declined by 10.66% year-on-year, despite Zhou Yujun's high salary [1] Group 3: Performance of Specific Companies - West Materials' secretary, Gu Liang, earns over 1 million, which is above the industry average, but the company's gross profit margin has been declining, from 22.2% in 2022 to 20.64% in 2024 [2] - Zhongkuang Resources' secretary, Zhang Jinwei, also earns over 1 million, exceeding the industry average, while the company's revenue has decreased by 10.8% year-on-year and gross profit margin dropped significantly from 54.81% in 2023 to 32.75% in 2024 [2]

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]

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] - The largest salary decrease was for Guoshan Nonferrous Metals' secretary, with a reduction of 52% [1] - Xiamen Tungsten's secretary received the highest salary but the company's revenue declined by 10.66% in 2024 [1] Group 3 - Xibu Materials' secretary, Gu Liang, has a salary exceeding 1 million yuan, but the company's gross profit margin has been declining, from 22.2% in 2022 to 20.64% in 2024 [2] - Zhongkuang Resources' secretary, Zhang Jinwei, also has a salary over 1 million yuan, with a revenue decline of 10.8% and a significant drop in gross profit margin from 54.81% to 32.75% [2]