专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为 81.48万元。 按年龄来看，地面兵装行业CFO年龄普遍超过（含）40岁，年龄最小的为捷强装备CFO纪滋强，1987年 生，现年38岁。工龄最长的为银河电子CFO徐敏，自2010年2月起任CFO至今长达15年之久。2024年， 徐敏薪酬为87.60万元，与上年持平。 2025年7月，湖北证监局对ST应急（维权）时任CFO李应昌给予警告，并处以60万元的罚款。 按薪酬高低来看，北方导航CFO周静薪酬最高，达172.48万元，约是行业平均薪酬的2.1倍，相当于日薪 6899.20万元；上年薪酬为79.14万元，同比增长117.9%，是地面兵装行业薪酬涨幅最高的CFO。 公司经营业绩层面，2024年北方导航业绩大幅下滑，与CFO薪酬飙升形成刺目对比。财务数据显示，北 方导航实现营业收入27.48亿元，同比下降22.9%，净利润0 ...

公司经营业绩层面，2024年北方导航业绩大幅下滑，与CFO薪酬飙升形成刺目对比。财务数据显示，北 方导航实现营业收入27.48亿元，同比下降22.9%，净利润0.59亿元，同比下降69.3%。 捷强装备CFO纪滋强薪酬最低，年薪47.22万元，比行业平均薪酬低43.12%；上年薪酬为38.29 万元，同 比增长23.3%。公司经营业绩层面，捷强装备实现营业收入1.38亿元，同比下降52.8%，净利润-2.78亿 元，同比下降309.8%。 中兵红箭CFO赵德良薪酬降幅最大，年薪79.40万元，上年为90.40万元，同比下降12.2%。 专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为 81.48万元。 分行业来看，地面兵装行业CFO薪酬总额747.19万元，平均薪酬83.02万元，同比增长23.61%。 按学历来看，地面兵装行业CFO学历以本科为主，占比50%，其次为硕士 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601606 | 长城军工 | 51.68 | 10.00% | 132.50万 | | 66.53亿 | | 300875 | 捷强装备 | 61.72 | 6.30% | 27.82万 | | 17.18亿 | | 000576 | 目化科工 | 12.77 | 4.76% | 46.25万 | | 5.75亿 | | 301357 | 北方长龙 | 66'651 | 1.32% | 16.92万 | | 26.80亿 | | 300527 | ST应急 | 9.44 | 0.00% | 64.41万 | | 6.02亿 | | 600967 | 内蒙—机 | 23.65 | -0.04% | 199.73万 | | 46.85 Z | | 002519 | 银河电子 | 5.44 | -1.09% | 96.49万 | | 5.25亿 | | 300922 | 天奏装备 | 31.55 | -1.53% | 16.15万 | ...

Market Performance - The ground equipment sector increased by 7.41% on August 6, with Jieqiang Equipment leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Individual Stock Performance - Jieqiang Equipment (300875) closed at 58.06, up 20.01% with a trading volume of 220,800 shares and a transaction value of 1.174 billion [1] - Beifang Changlong (301357) closed at 157.90, up 20.00% with a trading volume of 128,800 shares and a transaction value of 1.892 billion [1] - Changcheng Military Industry (601606) closed at 46.98, up 10.00% with a trading volume of 426,000 shares and a transaction value of 1.947 billion [1] - Neimeng Yiji (600967) closed at 23.66, up 10.00% with a trading volume of 1,792,000 shares and a transaction value of 4.101 billion [1] - Tianzou Equipment (300922) closed at 32.04, up 6.30% with a trading volume of 231,500 shares and a transaction value of 734 million [1] Capital Flow Analysis - The ground equipment sector saw a net inflow of 1.129 billion from main funds, while retail funds experienced a net outflow of 619 million [2][3] - Main funds showed significant net inflows in Neimeng Yiji (5.01 million) and Zhongbing Hongjian (2.58 million) [3] - Retail funds had notable outflows in Neimeng Yiji (-2.04 million) and Zhongbing Hongjian (-1.52 million) [3]

Core Viewpoint - The market experienced a day of fluctuations, with the three major indices showing slight increases, indicating a mixed sentiment among investors [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 1.73 trillion, an increase of 138 billion compared to the previous trading day [1] - Over 3,300 stocks rose, with nearly 100 stocks increasing by over 9%, reflecting a generally positive market trend [1] Sector Performance - PEEK material concept stocks saw a collective surge, with Zhongxin Fluorine Materials achieving two consecutive trading limits [1] - Military stocks experienced significant gains, with Changcheng Military Industry hitting trading limits for four out of five days [1] - Robotics concept stocks showed strong performance, with multiple stocks, including Zhongdali De, reaching trading limits [1] - In contrast, pharmaceutical stocks underwent adjustments, with Hanyu Pharmaceutical and others declining by over 5% [1] Index Changes - The Shanghai Composite Index rose by 0.45%, the Shenzhen Component Index increased by 0.64%, and the ChiNext Index gained 0.66%, indicating overall positive market sentiment [1]

Market Analysis - A-shares are experiencing a significant index trend, attracting short-term capital as investors do not want to "miss out" [2] - The external market is focused on two main issues: the conflicting signals regarding the Federal Reserve's interest rate cuts and the escalating trade tariffs, both of which are expected to influence the third quarter's market trends and fourth quarter policy changes [2] - The military industry is entering an upward cycle, with expectations for a turning point in orders by 2025, driven by new technologies and military trade opportunities [2][14] Sector Performance - The military sector continues to show strength, with companies like Guojijiangong and Changcheng Military Industry achieving consecutive gains and setting historical highs [3] - The baby and child concept stocks are gaining traction, supported by government policies promoting free preschool education starting in 2025 [3] - The PEEK materials sector remains active, with companies like Zhongxin Fluorine Materials and Xinhan New Materials seeing significant price increases [4] Investment Trends - International capital is increasingly allocating assets to Chinese stocks, with nearly 60% of sovereign wealth funds prioritizing China as an investment market [13] - The military trade sector is expected to see a strong demand-supply resonance due to global geopolitical changes, enhancing the overall valuation of the military industry [14] - The military industry is anticipated to enter a new growth cycle, with the "14th Five-Year Plan" entering a critical phase, supported by various factors including policy and technology [15]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The aerospace industry maintains high prosperity, with both military and civilian sectors advancing simultaneously. The defense and military industry remains highly prosperous, driven by domestic demand and international military trade. The aviation sector is steadily growing, propelled by both military and civil aviation. The aerospace sector combines growth elasticity and development certainty [1][5]. - The Guozheng Aerospace and Aviation Industry Index is a strong defense - military index that emphasizes aviation and aerospace, featuring stable R & D, stable revenue, and high industry elasticity. It has a pure military - industrial attribute, and its R & D investment is steadily increasing. In the long - term, its performance is similar to that of the CSI Military Industry Index, but it shows prominent short - term elasticity [1]. - The Huanguo Guozheng Aerospace and Aviation Industry ETF (159267) closely tracks the underlying index, aiming to minimize tracking deviation and tracking error. The fund manager and the fund management company have rich experience and strong strength [1]. 3. Summary by Directory 3.1 Aerospace Maintains High Prosperity, with Both Military and Civil Sectors Advancing Simultaneously 3.1.1 Defense and Military Industry Maintains High Prosperity, Driven by Domestic Demand and International Military Trade - China's defense budget and the US defense expenditure have been growing steadily in recent years, maintaining a high level of military prosperity. From 2023 - 2025, China's defense budget expenditure had a year - on - year growth rate of 7.2%. The US also increased its defense construction and equipment investment in recent years [5]. - Domestically, the construction of military mechanization and informatization during the 14th Five - Year Plan is ongoing, and the development of intelligence and unmanned systems is expected to become a new driving force for military construction during the 15th Five - Year Plan. Currently, domestic and foreign defense construction in intelligent and unmanned systems is progressing orderly [10]. - Internationally, the unstable situation in the Middle East and high per - capita military spending have maintained the activity of the military trade market. China's military strength has been continuously increasing, and its military trade net export volume has been rising steadily. In 2024, the net export volume reached 1.059 billion TIV, and China's military trade export accounted for about 4% of the global total military market [14][18]. 3.1.2 Both Military and Civil Aviation Drive the Steady Growth of the Aviation Sector - **Military Aviation**: The 15th Five - Year Plan is expected to inject new growth momentum. The demand from the air force is rising steadily, and that from the navy is growing rapidly. There is a large space for model replacement, and foreign trade exports are expected to become a new performance growth point. The market space for military aviation engines in the next ten years is expected to reach 1.212 trillion yuan [27][37]. - **Civil Aviation**: - **Domestic Large - scale Aircraft**: The large - scale aircraft industry has great strategic significance and potential economic value. It has a significant economic "multiplier effect." The Commercial Aircraft Corporation of China (COMAC) is accelerating the production of large - scale aircraft, and the C919 is expected to reach an annual production capacity of 150 aircraft within five years [40][43]. - **Low - altitude Economy**: It is a new format in the aviation industry, and its scale is expected to exceed one trillion yuan in 2026. With policy support, it is expected to become a new driving force for new - quality productivity [46]. 3.1.3 The Aerospace Sector Combines Growth Elasticity and Development Certainty - **Guidance Equipment**: It has great growth elasticity. The importance of advanced missiles and consumable shells is increasing, and the demand for related core materials, chips, components, etc., is accelerating. The demand for real - ammunition training and global local conflicts has increased the demand for related ammunition [55][59]. - **Commercial Aerospace**: The satellite industry chain shows a pyramid structure, with great potential in the blue - ocean market worth hundreds of billions. The market concentration of rocket launches is expected to increase, and the operation end has a large value share and significant head - concentration effect [61][68]. 3.2 Guozheng Aerospace and Aviation Industry Index: A Strong Defense - Military Index that Emphasizes Aviation and Aerospace, Combining Stable R & D, Stable Revenue, and High Industry Elasticity 3.2.1 Index Compilation Method The Guozheng Aerospace Index was established to reflect the stock price changes of aerospace - related listed companies on the Shanghai, Shenzhen, and Beijing Stock Exchanges. It selects large - market - capitalization stocks in the "Aerospace" tertiary industry of Guozheng [72]. 3.2.2 Index Weight and Market - Capitalization Distribution As of July 1, 2025, the index had 50 constituent stocks. The index weights are relatively dispersed, with the top ten weighted stocks accounting for 49.42% and the top twenty accounting for 70.82%. The index focuses on the military - aviation equipment industry and has a pure military - industrial attribute [75]. 3.2.3 Index Industry/Theme Characteristics The constituent stocks of the Guozheng Aerospace Index are highly concentrated in the defense and military industry, with 48 stocks accounting for 98.20% of the weight. Compared with comparable indices, it has the highest concentration in the military industry, and its industry and theme attributes are the most prominent [83]. 3.2.4 Fundamental Characteristics The R & D investment of the Guozheng Aerospace Index has been rising steadily. By the end of 2024, its R & D investment ratio had risen to 4.53%. Compared with comparable indices, it has the strongest profit stability since 2022. In 2024, its net profit decreased by only about 5% compared with the end of 2021 [88][91]. 3.2.5 Index Investment Value Analysis In the long - term, the performance of the Guozheng Aerospace Index is similar to that of the CSI Military Industry Index. In the short - term, it shows high elasticity. During the market rebound period, its return performance is better than that of comparable military - industry indices [93][95]. 3.3 Huanguo Guozheng Aerospace and Aviation Industry ETF (159267) The fund was established on July 21, 2025, and officially listed on August 1, 2025. The current fund manager is Liu Xuanzi. It closely tracks the underlying index, aiming to minimize tracking deviation and tracking error, with a management fee rate of 0.50% and a custody fee rate of 0.10% [1][99]. 3.4 Fund Manager and Fund Management Company Information 3.4.1 Fund Management Company Introduction Hua'an Fund Management Co., Ltd. was established in 1998 and is one of the first five fund management companies approved by the China Securities Regulatory Commission. As of December 31, 2024, the company's public - offering fund scale exceeded 650 billion yuan, and its non - monetary public - offering asset management scale exceeded 400 billion yuan. It manages 275 public - offering funds and has a total of 42 public - offering ETF products, with a cumulative scale of 135.071 billion yuan [100]. 3.4.2 Fund Manager Introduction Liu Xuanzi has a master's degree and 11 years of experience in the fund industry. She currently manages 18 passive index funds with a total scale of 5.009 billion yuan [102].

Core Viewpoint - The A-share market is experiencing a significant rally, particularly in the military industry sector, driven by increased trading sentiment and substantial capital inflow into military-related stocks, notably Changcheng Military Industry, which has seen a dramatic rise in its stock price [1][4][11]. Group 1: Company Overview - Changcheng Military Industry was established in 2000 and is a key player in integrating local military resources, focusing on both military and civilian products [8]. - The company has a strong position in the production of mortars, optical countermeasure munitions, and individual rockets, serving multiple branches of the military [8]. - Despite being a leader in a niche military sector, the company has faced challenges with revenue and profitability, reporting several quarters of low revenue and negative profits [9]. Group 2: Recent Performance and Market Dynamics - The military sector has seen a surge in stock prices, with Changcheng Military Industry's stock price increasing by 220% since mid-June, reflecting a significant transformation in the valuation logic of the military industry [6][12]. - The company has benefited from increased global military spending due to geopolitical tensions, positioning it as a core beneficiary of the "conflict dividend" [11]. - In the first quarter of 2025, the company secured significant orders, including a 320 million yuan contract for smart munitions, indicating a potential turnaround in its financial performance [11]. Group 3: Industry Trends - The military sector has outperformed other sectors in the A-share market, with a notable increase in trading volume and stock price appreciation across various military stocks [15][18]. - The overall military industry is experiencing a shift towards sustained demand across the entire supply chain, rather than relying on isolated contracts [18]. - Key segments such as military electronics, aviation equipment, and unmanned systems are witnessing robust growth, driven by technological advancements and increased market demand [19][20]. Group 4: Valuation and Investment Outlook - The military sector's valuation has improved significantly, with a dynamic price-to-earnings ratio of 58 and projected profit growth of 35% for 2025, indicating a healthier investment environment compared to previous years [17]. - The military industry is expected to continue attracting investor interest, with the potential for more companies to follow the growth trajectory of Changcheng Military Industry [21].

Core Viewpoint - The article highlights the significant rise of the military industry in the A-share market, particularly focusing on the strong performance of Changcheng Military Industry, which has seen its stock price surge due to multiple driving factors and a changing valuation logic in the military sector [6][10][21]. Group 1: Market Performance - The A-share market saw all three major indices slightly rise, with a total trading volume of 16,158 billion, and over 3,900 stocks increasing in value, indicating improved trading sentiment [2]. - The military equipment restructuring concept has gained momentum, with an index increase of 6.12% and a net inflow of 6.655 billion in capital, making it the strongest sector in the market [3]. Group 2: Company Background - Changcheng Military Industry was established in 2000 and is a key player in the domestic military resource integration, focusing on both military and civilian products [8]. - The company has a comprehensive product range, including mortars and individual rockets, and has recently benefited from a change in actual control to the China Ordnance Equipment Group [8][10]. Group 3: Financial Performance - Despite being a leader in a niche military sector, Changcheng Military Industry has historically shown poor financial performance, with revenues only in the range of several hundred million and continuous losses over multiple quarters [8][9]. - However, 2025 has seen a turnaround, with significant orders and a 37% increase in pre-receivable accounts, indicating potential for explosive growth in performance [10][11]. Group 4: Industry Trends - The military sector is experiencing a transformation due to increased global military budgets and geopolitical tensions, leading to heightened market interest in military stocks [10][17]. - The military industry is now characterized by a more sustainable growth model, with a projected net profit growth of 35% for 2025, contrasting with previous cycles of high valuations and underperformance [17][18]. Group 5: Subsector Growth - Various subsectors within the military industry, such as military electronics and aviation equipment, are witnessing significant growth, driven by increased demand and technological advancements [18][19]. - The global military drone market is expected to grow from $16.5 billion in 2022 to $34.3 billion by 2025, with a compound annual growth rate of 27.6%, indicating robust demand for unmanned systems [19][20]. Group 6: Investment Opportunities - The changing valuation logic in the military sector presents opportunities for investors, as companies like Changcheng Military Industry may replicate the growth trajectory of successful peers [21][22]. - The current environment is marked by a potential for significant stock price increases, but investors are advised to approach with caution due to the risk of speculative bubbles [22].

Market Overview - The ground equipment sector increased by 4.89% on August 4, with North China Long Dragon 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 - North China Long Dragon (301357) closed at 114.78, up 20.00% with a trading volume of 139,100 shares and a turnover of 1.481 billion [1] - Great Wall Military Industry (601606) closed at 38.83, up 10.00% with a trading volume of 918,400 shares and a turnover of 3.496 billion [1] - Inner Mongolia First Machinery (600967) closed at 21.60, up 7.46% with a trading volume of 1,401,700 shares and a turnover of 2.972 billion [1] - Other notable performers include Tianzuo Equipment (300922) up 5.76%, Guoke Shigong (688543) up 5.52%, and Jieqiang Equipment (300875) up 4.57% [1] Capital Flow - The ground equipment sector saw a net inflow of 888 million from institutional investors, while retail investors experienced a net outflow of 313 million [2] - The main capital flow data indicates that Great Wall Military Industry had a net inflow of 54.7 million, while Inner Mongolia First Machinery had a net inflow of 25.9 million [3] - North China Long Dragon experienced a net inflow of 17.9 million from institutional investors, but retail investors had a net outflow of 44.9 million [3]