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% 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"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。 中矿资源董秘张津伟年薪超百万，高于行业二均值，公司营收两位数下滑，同比减少10.8%。除此之 外，公司销售毛利率大幅下降，由2023年的54.81%下降至2024年的32.75%，公司净资产收益率亦大幅 下降，由2023年的20.95%下降至2024年的6.25%。 MACD金叉信号形成，这些 ...

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 2.5789 million yuan, paid to Xiamen Tungsten's CFO, while the lowest is 284,500 yuan, paid to Xianglu Tungsten's CFO [1] - Among the companies with CFOs earning over one million yuan, five companies are identified: Western Materials, Zhongkuang Resources, China Tungsten High-tech, Zhangyuan Tungsten, and Xiamen Tungsten [1] Group 2 - Xiamen Tungsten's CFO, Zhong Bingxian, has the highest salary in the industry at 2.5789 million yuan, but the company's revenue declined by 10.66% year-on-year in 2024 [2] - Western Materials' CFO, Liu Yong, earns over one million yuan, yet the company's gross profit margin has been continuously declining, with figures of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - Zhongkuang Resources' CFO, Jiang Yanlong, also earns over one million yuan, but the company experienced a revenue decline of 10.8% year-on-year, and its gross profit margin dropped significantly from 54.81% in 2023 to 32.75% in 2024 [2]

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 2.5789 million yuan, paid to Xiamen Tungsten's CFO, while the lowest is 284,500 yuan, paid to Xianglu Tungsten's CFO [1] - Among the companies with CFOs earning over one million yuan, five companies are identified: Western Materials, Zhongkuang Resources, China Tungsten High-tech, Zhangyuan Tungsten, and Xiamen Tungsten [1] Group 2 - Xiamen Tungsten's CFO, Zhong Bingxian, has the highest salary in the industry at 2.5789 million yuan, but the company's revenue declined by 10.66% year-on-year in 2024 [2] - Western Materials' CFO, Liu Yong, earns over one million yuan, yet the company's sales gross margin has been continuously declining, with rates of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - Zhongkuang Resources' CFO, Jiang Yanlong, also earns over one million yuan, but the company experienced a 10.8% year-on-year revenue decline and a significant drop in sales gross margin from 54.81% in 2023 to 32.75% in 2024 [2]

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 2.5789 million yuan, paid to Xiamen Tungsten's CFO, while the lowest is 284,500 yuan, paid to Xianglu Tungsten's CFO [1] - Among the companies with CFOs earning over one million yuan, five companies are identified: Western Materials, Zhongkuang Resources, China Tungsten High-tech, Zhangyuan Tungsten, and Xiamen Tungsten [1] Group 2 - Xiamen Tungsten's CFO, Zhong Bingxian, has the highest salary in the industry at 2.5789 million yuan, but the company's revenue declined by 10.66% year-on-year in 2024 [2] - Western Materials' CFO, Liu Yong, earns over one million yuan, yet the company's sales gross margin has been continuously declining, with rates of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - Zhongkuang Resources' CFO, Jiang Yanlong, also earns over one million yuan, but the company experienced a 10.8% decline in revenue and a significant drop in sales gross margin from 54.81% in 2023 to 32.75% in 2024 [2]

Market Overview - On August 7, A-shares showed mixed performance with the Shanghai Composite Index rising by 0.16% to 3639.67 points, while the Shenzhen Component Index fell by 0.18% to 11157.94 points, and the ChiNext Index decreased by 0.68% to 2342.86 points [2][3] - The total trading volume in the Shanghai and Shenzhen markets reached 185.25 billion yuan, an increase of 93.2 billion yuan compared to the previous day, with over 2100 stocks rising [2] Sector Performance - The semiconductor sector showed strength with a 1.9% increase, attracting a net inflow of 4.467 billion yuan, while the medical device sector rose by 1.83% with a net inflow of 1.75 billion yuan [17] - The rare earth permanent magnet sector strengthened in the afternoon, while the CRO (Contract Research Organization) sector weakened [2] International Market - In the U.S. market, the Dow Jones Industrial Average fell by 0.51% to 43968.64 points, and the S&P 500 decreased by 0.08% to 6340.00 points, while the Nasdaq Composite rose by 0.35% to 21242.70 points [4][5] - European markets showed mixed results, with the UK FTSE 100 down by 0.69%, while the French CAC 40 and German DAX indices rose by 0.97% and 1.12%, respectively [4] Central Bank Actions - The People's Bank of China announced a 700 billion yuan reverse repurchase operation scheduled for August 8, aimed at maintaining liquidity in the banking system [6] Industry Developments - A joint initiative by seven departments in China aims to achieve breakthroughs in brain-computer interface technology by 2027, establishing a robust industry ecosystem [7] - China's first manned lunar exploration mission successfully completed a key test for the lunar lander, marking a significant milestone in the country's space program [8] Company News - Huawei is expected to launch a new foldable smartphone supporting eSIM technology, potentially becoming the first commercial eSIM smartphone in China [9] - OpenAI is set to release GPT-5, which is anticipated to significantly enhance AI capabilities and drive a new cycle of computing power demand [10][11] Gold Reserves - The People's Bank of China reported an increase in gold reserves to 7396 million ounces as of the end of July, marking the ninth consecutive month of accumulation [12]

Summary of Industry and Company Research Industry Overview Non-Ferrous Metals Industry - **Copper Market**: Supply bottlenecks are primarily at the mining level due to long extraction cycles, while smelting capacity can expand more easily. The TCRC (Treatment Charge Refining Charge) index indicates the supply-demand relationship between mining and smelting; an increase suggests a relaxed mining situation, while a decrease indicates tightness. Demand is concentrated in construction, electrical equipment, and automotive transportation, with approximately 50% related to electricity [1][3]. - **Electrolytic Aluminum Industry**: The supply-demand relationship is a key focus, with financial attributes being relatively weak. Domestic operating capacity is nearing the policy ceiling of 45 million tons, while overseas production is constrained by energy prices and inflation. Although real estate demand has declined, growth in new energy vehicles and photovoltaics has compensated for some of the shortfall. Companies typically show a willingness to halt production when cash profits per ton of aluminum are negative [1][4][5]. Precious Metals Industry - **Gold Market**: The research framework is based on interest rates and dollar pricing, with geopolitical changes making central bank purchases a significant factor. The People's Bank of China has continuously increased its gold reserves, supporting long-term trends. Interest rates, as the opportunity cost of holding gold, are negatively correlated with U.S. Treasury yields, while the dollar's strength and inflation expectations also influence gold prices [1][6][7]. - **Silver Market**: Silver has both financial and industrial attributes, with demand primarily from photovoltaics and photography. The supply side faces challenges from slowing mine production and reduced recycled silver. A projected silver deficit of 21% by 2025 indicates significant demand impacts on pricing. The gold-silver ratio is an important indicator, with a rising VIX index often correlating with an increase in this ratio [1][8]. Minor Metals Market - **Tungsten, Tin, Antimony**: These metals are heavily influenced by downstream demand. Tungsten is primarily used in manufacturing, with a strong long-term outlook due to significant mining constraints and recovering demand. Tin, mainly used in electronics, faces tight supply due to slow resource growth. Antimony is increasingly used in photovoltaic applications, with a tight supply-demand balance expected [1][9]. Rare Earth Market - **Supply-Demand Dynamics**: The rare earth market is tightening, with domestic and South American groups tightening quotas. Increased demand from emerging sectors like consumer electronics, wind power, and new energy vehicles is expected to triple in the future. The industry faces high barriers to entry and significant capital requirements for high-end production lines [1][10][11]. New Materials Industry - **Investment Evaluation**: The investment value of new materials companies should be assessed from long-term (material properties), mid-term (market conditions), and short-term (marginal profitability) perspectives. Key areas of focus include soft magnets, permanent magnets, and various alloys, which show significant growth potential [1][12][13][15][16]. Key Points - **Copper Supply Bottlenecks**: Mining extraction cycles are lengthy, impacting supply [1][2][3]. - **Electrolytic Aluminum Capacity**: Domestic capacity is near the ceiling, with production influenced by energy prices [1][4][5]. - **Gold Demand Trends**: Central bank purchases are crucial, with China's reserves increasing [1][6][7]. - **Silver Supply Challenges**: Anticipated deficits highlight the importance of industrial demand [1][8]. - **Minor Metals Outlook**: Demand recovery is expected for tungsten, tin, and antimony due to industrial applications [1][9]. - **Rare Earth Market Tightening**: Increased demand from new technologies is driving supply constraints [1][10][11]. - **New Materials Investment Framework**: A multi-dimensional approach is essential for evaluating potential investments [1][12][13][15][16].

Core Viewpoint - The overall performance of China's A-shares on August 7 was stable, with major indices showing mixed results, and the Shanghai Composite Index reaching a new annual closing high [1] Market Performance - The Shanghai Composite Index closed at 3639 points, with a gain of 0.16% - The Shenzhen Component Index closed at 11157 points, down 0.18% - The ChiNext Index closed at 2342 points, down 0.68% - The total trading volume of the Shanghai and Shenzhen markets was approximately 182.55 billion yuan, an increase of about 9.14 billion yuan compared to the previous trading day [1][1][1] Economic Data - The General Administration of Customs of China reported that the total value of goods trade in July was 3.91 trillion yuan, a year-on-year increase of 6.7% - Exports increased by 8% year-on-year, while imports rose by 4.8%, marking two consecutive months of growth [1][1][1] Sector Performance - The small metals sector led the A-share market with a rise of 2.94% - Notable individual stocks included Zhenghai Magnetic Materials and Ningbo Yunsheng, both of which hit the daily limit up, with Zhenghai Magnetic Materials recording an approximate 20% increase [1][1][1]

Market Performance - The A-share market opened higher on August 7, with the Shanghai Composite Index closing up 0.16% at 3639.67 points, reaching a new high for the period [1] - The Shenzhen Component Index and the ChiNext Index closed down 0.18% and 0.68%, at 11157.94 points and 2342.86 points respectively [1] Sector Performance - Sectors such as rare earth permanent magnets, small metals, and jewelry showed significant gains [1] - Conversely, sectors like Contract Research Organizations (CRO), heparin concepts, and innovative drugs experienced notable declines [1] Stock Performance - A total of 2118 stocks in the A-share market rose, with 73 stocks hitting the daily limit up [1] - On the other hand, 3086 stocks declined, with 8 stocks hitting the daily limit down [1] Trading Volume - The trading volume in the Shanghai market reached 749.7 billion yuan, while the Shenzhen market saw a trading volume of 1075.79 billion yuan, totaling approximately 1.83 trillion yuan across both markets [1]

8月7日，稀土概念盘中直线拉升，细分有色指数跟随走强，截至14点25分，有色金属ETF基金 （516650）涨0.65%， 其持仓股盛和资源涨超6%，北方稀土、中矿资源、天齐锂业、中国稀土等股纷 纷走强。 有色金属ETF基金（516650）跟踪的中证细分有色金属产业主题指数，聚焦黄金、铜、铝等工业金属， 稀土与钨钼等小金属，以及锂钴等能源金属，各金属权重为：铜28.7%，黄金14.4%，铝15.5%，稀土 11.6%，锂7.6%。 （文章来源：每日经济新闻） 尽管稀土板块近期跟随周期板块调整，但从中长期的年度维度看，新能源车、风电、人形机器人等需求 持续高增，叠加供应链安全及战略储备需求，中长期稀土全产业链纳入管控，产能整合供给收紧，价格 易涨难跌；海外端，高冶炼成本支撑价差，美国收购底价拉高价格基数，提振涨价预期，稀土战略价值 迎来重估。小金属反转趋势明确，景气度有望持续提升。 ...

Market Overview - A-shares experienced fluctuations in the morning session but showed significant recovery before noon, with total market turnover exceeding 1.2 trillion yuan, an increase of over 130 billion yuan compared to the previous day [1] - The semiconductor and medical device sectors saw gains, while the CRO and small metal sectors underwent adjustments [1] - The Hong Kong market rebounded from a dip, led by semiconductor stocks [1] Index Performance - By midday, the CSI A500 index decreased by 0.1%, the CSI 300 index increased by 0.1%, the ChiNext index fell by 0.5%, the STAR Market 50 index rose by 0.7%, and the Hang Seng China Enterprises Index increased by 0.4% [1] ETF Composition - The ChiNext ETF tracks the ChiNext index, which consists of 100 stocks with high market capitalization and liquidity, with a significant proportion in strategic emerging industries, including electric equipment, pharmaceuticals, and electronics, accounting for over 55% [3] - The STAR Market 50 ETF tracks the STAR Market 50 index, composed of 50 stocks with high market capitalization and liquidity, prominently featuring technology leaders, with semiconductors making up over 60% and combined with medical devices, software development, and photovoltaic equipment industries accounting for over 75% [3]