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 从违规情况来看，行业内共有5名财务总监CFO在2024-2025年收到过警示函、公开通报或内部通报的情况。 | 公司 | 财务总监CFO | 年龄 | 学历 | 2024薪酬 (ケπ) | 2024-2025年 收到警示或批评次数 | | --- | --- | --- | --- | --- | --- | | 梅雁吉祥 | 刘冬梅 | 50 | 本科 | 63.95 | র্য | | 宁波能源 | 意量的 | 未披露 | 硕士 | 72.04 | 2 | | 江苏国信 | 顾中林 | 53 | 本科 | 69.12 | 2 | | 拓日新能 | 余永米 | રેણ | 大专 | 59.78 | 2 | | *ST聆达 | 谢景远 | ਪਰ | 硕士 | 20.29 | | 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，公用事业-电力行 ...

Summary of Key Points Core Viewpoint - The 2024 A-share CFO data report reveals significant insights into the compensation structure and performance of CFOs in listed companies, highlighting discrepancies between salary increases and company performance. Group 1: Compensation Overview - The total compensation 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 average salary for CFOs in the public utility-electricity sector is approximately 743,800 yuan, with the highest salary being 1.90 million yuan and the lowest at 202,900 yuan [1] - The majority of CFOs (61%) earn between 500,000 and 1 million yuan [1] Group 2: Age Structure - The average age of CFOs is approximately 49.58 years, with the most common age group being 40-49 years, comprising 39% of the total [3] - The oldest CFOs are 57 years old, while the youngest is 32 years old, with respective salaries of 742,200 yuan and 600,500 yuan [3] Group 3: Educational Background - The distribution of educational qualifications among CFOs includes 3 PhDs, 19 Master's degrees, 30 Bachelor's degrees, and 5 Associate degrees, with corresponding average salaries of 1.11 million yuan, 860,200 yuan, 683,000 yuan, and 532,700 yuan [5] - There is a positive correlation between education level and salary, with companies employing PhDs having market values exceeding 100 billion yuan [5] Group 4: Performance and Compensation Relationship - There are instances of salary increases for CFOs despite declines in company performance, such as a 107% salary increase for a CFO while the company's net profit dropped significantly [7] - Five CFOs received warnings or public notifications regarding compliance issues in 2024-2025 [7] Group 5: Compliance Issues - Specific CFOs faced multiple warnings for various compliance issues, including improper revenue recognition and delayed performance disclosures, impacting their companies' financial reporting [8][9][10] - For example, a CFO received four warnings related to improper financial practices, leading to significant misstatements in reported revenues and profits [8]

Summary of Key Points Core Viewpoint - The report highlights the salary trends of CFOs in A-share listed companies for 2024, indicating a total compensation of 4.27 billion yuan and an average salary of 814,800 yuan, with significant variations across industries and individual companies [1][3]. Salary Distribution - The total salary for CFOs in A-share listed companies reached 4.27 billion yuan, with an average salary of 814,800 yuan [1]. - In the public utility and power sector, the average salary for CFOs is approximately 743,800 yuan, with the highest being 1.90 million yuan for Liu Xiaojun of JinkoSolar and the lowest at 202,900 yuan for Xie Jingyuan of *ST Lingda [1]. - The majority of CFOs (61%) earn between 500,000 and 1 million yuan [1]. Age Structure - The average age of CFOs is approximately 49.58 years, with the most common age group being 40-49 years, comprising 39% of the total [3]. - The oldest CFOs are Zhou Hui of Linyang Energy and Zhu Yunshao of Shaoneng Co., both aged 57, while the youngest is Liu Zhenxin of Jiuzhou Group at 40 years old [3]. Educational Background - The educational distribution shows 3 PhDs, 19 Master's degrees, 30 Bachelor's degrees, and 5 Associate degrees, with corresponding average salaries of 1.11 million yuan, 860,200 yuan, 683,000 yuan, and 532,700 yuan respectively, indicating a positive correlation between education level and salary [5]. - Notable high-earning PhD CFOs include Zhou Changxin of Guotou Power and Zhan Pingyuan of Changjiang Power, with salaries exceeding 1 million yuan [5]. Performance and Compensation Relationship - There are instances of salary increases for CFOs despite declines in company performance, such as Liu Xijin of Jiawei New Energy, whose salary rose by 107% while the company's net profit fell by 1.84 billion yuan [7]. - The report notes that 5 CFOs received warnings or public notifications for violations in 2024-2025 [7]. Violations and Warnings - Specific cases of CFOs receiving warnings include Liu Dongmei of Meiyan Jixiang, who received 4 warnings related to improper financial disclosures, with a salary of 639,500 yuan [8]. - Other CFOs, such as Xia Xueling of Ningbo Energy and Gu Zhonglin of Jiangsu Guoxin, also faced warnings for various compliance issues, with salaries of 720,400 yuan and 691,200 yuan respectively [9][10].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [7] Core Insights - The implementation of the market-oriented pricing mechanism for renewable energy in Shandong Province marks the beginning of a new development cycle for the sector. The total scale of mechanism electricity for 2025 is set at 9.467 billion kilowatt-hours, with wind power accounting for 8.173 billion kilowatt-hours and solar power for 1.294 billion kilowatt-hours. The bidding price range for wind power is between 0.094 and 0.35 yuan per kilowatt-hour, while for solar power it is between 0.123 and 0.35 yuan per kilowatt-hour, both below the benchmark price for coal-fired power [2][6] Summary by Sections Mechanism Pricing Implementation - Shandong Province has officially launched the market-oriented pricing mechanism for renewable energy, with the total mechanism electricity for 2025 set at 9.467 billion kilowatt-hours, including 8.173 billion kilowatt-hours from wind and 1.294 billion kilowatt-hours from solar [2][6] - The bidding limits for wind and solar projects are established at 0.35 yuan per kilowatt-hour, which is lower than the coal-fired benchmark price of 0.3949 yuan per kilowatt-hour [6] Project Capacity and Bidding Details - The mechanism electricity for individual projects is calculated based on installed capacity, annual utilization hours, and other factors. The annual utilization hours for land wind, offshore wind, and solar are set at 2417, 2860, and 1253 hours respectively [6] - The expected installed capacity for wind and solar projects eligible for the mechanism is approximately 5 GW and 1.3 GW respectively, reflecting a policy direction favoring wind power development over solar [6] Investment Recommendations - The report suggests that the "carbon neutrality" initiative and electricity market reforms will reshape the value of electricity operators throughout the 14th Five-Year Plan period. It recommends focusing on quality coal-fired operators and major hydropower companies, as well as leading renewable energy firms [6][12][13][14][15][17]

Investment Rating - The report maintains an "Overweight" rating for the electricity and public utilities sector [3]. Core Views - The Zhejiang electricity spot market has officially transitioned to operation, and the foundational rules for the national unified electricity market, referred to as "1+6," have been initially established [3][10]. - The energy transition is accelerating, with a recommendation to focus on flexible thermal power companies and undervalued green electricity operators [3][10]. Summary by Sections Industry Overview - The Zhejiang electricity spot market has officially commenced operations, with seven regions already in formal operation as of August 8. The market began trial operations in May 2024 and is part of a broader initiative to establish a national unified electricity market by 2029 [6][10]. - The foundational "1+6" rule system for the national unified electricity market has been preliminarily constructed, with significant growth in market transactions and participants [10][13]. Market Performance - During the week of August 4-8, the Shanghai Composite Index closed at 3635.13 points, up 2.11%, while the CSI 300 Index rose 1.23%. The CITIC Electricity and Public Utilities Index increased by 1.61%, outperforming the CSI 300 by 0.38 percentage points [3][54]. Investment Recommendations - The report suggests focusing on the following companies: Huaneng International, Huadian International, Baoneng New Energy, Sheneng Co., Jingtou Energy, and Zhejiang Energy for their resilient quarterly performance in the thermal power sector. It also highlights Qingda Environmental Protection as a leader in thermal power flexibility transformation [3][10]. - It recommends prioritizing undervalued green electricity operators, particularly in the Hong Kong market, and suggests companies like Xintian Green Energy (H), Zhongmin Energy, and Funiu Co. for investment [3][10]. Key Metrics - In 2024, the market-based electricity trading volume is projected to reach 6.18 trillion kilowatt-hours, accounting for approximately 63% of total electricity consumption. The trading volume of green certificates has surged by 364% year-on-year, with green electricity trading volume increasing by 235.2% [10][13].

Investment Rating - The report maintains a "Positive" investment rating for the industry [10] Core Insights - The gradual realization of compensation benefits from the Lianghekou hydropower station is expected to significantly enhance the profitability of Yalong River Hydropower, benefiting stakeholders such as Guotou Power and ChuanTou Energy. The profitability of Yalong River Hydropower is comparable to that of Yangtze Power, but its future growth potential is significantly higher due to ongoing construction of midstream power stations and integrated development of wind and solar energy [2][8] Summary by Sections Joint Dispatch of Hydropower - China's water resources exhibit uneven distribution throughout the year, with significant rainfall occurring from May to October, accounting for 70%-90% of annual rainfall. The joint dispatch of upstream and downstream reservoirs can effectively reduce seasonal flow fluctuations and unnecessary water wastage, while also enhancing water head and energy utilization efficiency [5][20] Quantifying the Benefits of Joint Dispatch - The Lianghekou hydropower station, which began full operation in 2022, is expected to realize significant electricity generation benefits by 2025. The total regulation capacity of the three major reservoirs in Sichuan is 148 billion cubic meters, which is about 51% of the province's total effective capacity. The joint operation of these reservoirs can lead to an electricity generation increase of approximately 88.52 billion kWh, corresponding to an 8.94% enhancement in generation capacity [6][42] Investment Value of Guotou Power and ChuanTou Energy - The report highlights the investment value of Guotou Power and ChuanTou Energy, as their valuations are currently lower compared to Yangtze Power, despite similar profitability levels. The narrowing dividend yield gap between Guotou Power and Yangtze Power further supports this positive outlook [8][72]

从中证全指公用事业指数持仓的市场板块来看，上海证券交易所占比81.21%、深圳证券交易所占比 18.79%。 数据统计显示，中证全指公用事业指数近一个月下跌1.81%，近三个月上涨0.92%，年至今下跌3.37%。 据了解，中证全指行业优选指数系列从中证全指行业中选取符合一定流动性与市值筛选条件的上市公司 作为指数样本，以反映各个行业内较具代表性与可投资性的上市公司证券的整体表现。该指数以2004年 12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证全指公用事业指数十大权重分别为：长江电力（14.08%）、中国核电 （8.94%）、三峡能源（7.3%）、国电电力（4.83%）、国投电力（4.43%）、华能国际（3.95%）、永 泰能源（3.81%）、川投能源（3.59%）、中国广核（3.43%）、浙能电力（2.49%）。 金融界8月6日消息，上证指数低开高走，中证全指公用事业指数 (全指公用，000995)平盘报收，报 2560.34点，成交额129.94亿元。 从中证全指公用事业指数持仓样本的行业来看，公用事业占比100.00%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年 ...

Core Viewpoint - The central enterprises in the power and energy sector are focusing on new energy development, innovative storage solutions, improving electricity market mechanisms, and expanding overseas business in the second half of 2025, driven by the "dual carbon" goals [2]. Group 1: National Grid Corporation - The National Grid aims to strengthen safety production, ensure reliable electricity supply during peak summer demand, and enhance strategic research for its "14th Five-Year Plan" [3]. - The company plans to increase investment in the grid, improve supply capacity, and support the integration of renewable energy [3]. - Emphasis will be placed on market competition and technological innovation to foster new growth points [3]. Group 2: Southern Power Grid - The Southern Power Grid is prioritizing the construction of a new energy system and enhancing the integration of renewable energy [5][6]. - The company will focus on digital transformation to improve operational efficiency and smart grid capabilities [5]. - Continuous reform of the electricity market and strengthening regional market connections are also key objectives [7]. Group 3: Huaneng Group - Huaneng Group is committed to high-quality development of renewable energy, with a current installed capacity of 110 million kilowatts and over 54% from clean energy [8]. - The company plans to accelerate the development of large-scale renewable energy bases [8]. Group 4: Huadian Group - Huadian Group aims to expand effective investment and accelerate the production of key projects, including an 8 million kilowatt project in Xinjiang [9]. - The focus will be on increasing clean energy development and enhancing production capabilities [9]. Group 5: State Energy Group - The State Energy Group is enhancing its technology innovation system, focusing on clean coal utilization and renewable energy technologies [10]. - The company is also promoting the construction of digital intelligence systems and expanding its renewable energy capacity [10]. Group 6: Datang Group - Datang Group emphasizes safety production and energy supply for the capital, while accelerating green and low-carbon transformation [11]. - The company aims to integrate technological innovation with industrial development [11]. Group 7: State Power Investment Corporation - The State Power Investment Corporation is focused on expanding effective investments in renewable resources and major projects [12]. - The company aims to achieve breakthroughs in national technology projects and promote the integration of industry and innovation [12]. Group 8: China General Nuclear Power Group - China General Nuclear Power Group is prioritizing the high-quality completion of its "14th Five-Year Plan" [15]. Group 9: China Energy Engineering Group - China Energy Engineering Group is focusing on high-quality completion of its "14th Five-Year Plan" evaluation and planning for the "15th Five-Year Plan" [16]. Group 10: China Power Construction Group - China Power Construction Group is committed to completing annual targets and enhancing management levels while expanding market share [17].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the industry to perform better than the market in the next six months [4]. Core Insights - The report highlights a turning point in the growth of new energy installations, with a significant increase in installed capacity in the first half of 2025, totaling 293 million kilowatts, a year-on-year increase of 140.5 million kilowatts. Wind and solar power installations saw year-on-year growth of 98.9% and 107.1%, respectively, accounting for 64.4% and 76.6% of the total new installations in 2024 [1][9][10]. - The development of energy storage is becoming clearer, with 2025 identified as a year of value reconstruction for the storage industry, driven by both policy and market changes. The introduction of differentiated capacity pricing mechanisms in Gansu and Guangdong emphasizes the value of regulatory power sources [2][17][18]. Summary by Sections New Energy Installation Growth - The report notes that the new energy installation growth is at a critical juncture, with policies transitioning from reliance on government support to market-driven mechanisms. The "430" and "531" policies are pivotal in this shift, promoting a more mature electricity market and enhancing the capacity for energy consumption [1][13][14]. Energy Storage Development - The energy storage sector is projected to see a significant increase in installed capacity, reaching 73.76 million kilowatts by the end of 2024, a 130% increase from 2023. By mid-2025, this is expected to rise to 94.91 million kilowatts. The average utilization hours for energy storage are also expected to improve significantly, indicating a shift towards market competitiveness [2][20][24]. Regulatory Changes and Market Dynamics - The introduction of capacity pricing mechanisms in Gansu and Guangdong is a key development, allowing coal and gas power plants to have a more significant role in the energy market. This change is expected to enhance the operational flexibility of traditional power sources and support the integration of renewable energy [17][19][18]. - The report emphasizes that the energy sector is moving towards a collaborative model where new energy and regulatory power sources work together to meet the increasing demand for system flexibility as renewable energy penetration rises [25][27].

山东核电有限公司海阳核电工程现场总指挥南小飞：未来6台机组全部建成，年发电量够7000万居民用 一年，减碳效果相当于种13.4万公顷阔叶林，供热能力也能满足25个县级市的清洁取暖需求。 （文章来源：央视新闻） 记者今天从国家电投集团获悉，海阳核电3号机组大型模块全部吊装完成，全面进入安装、调试阶段。 海阳核电3、4号机组是国家"十四五"规划重点项目。本次吊装的模块整体呈圆柱形，位于核岛厂房顶 部，吊装总重量约419吨。与3号机组同步建设的4号机组均采用自主设计的国产化技术，2027年全面投 运后，4台机组年发电可达400亿度，能满足山东省一半居民生活用电需求。紧邻的5、6号机组已于今年 4月获得核准，全部建成后，海阳核电不仅减碳效益显著，还能提供强大的供热能力。 ...