Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary scale for CFOs in A-share companies reaching 4.27 billion yuan in 2024 [1] - The average salary for CFOs in the food industry is 951,100 yuan, which is above the market average [1] - The age distribution shows that the majority of CFOs are between 40 and 50 years old, making up 49% of the total [1] Salary Overview - The highest salary recorded is for Jiang Leifeng, CFO of Shuijingfang, at 4.65 million yuan, followed by Zhao Chengxia from Yili with 3.90 million yuan [2] - A total of 67 CFOs received salary increases, with the largest increases exceeding 1 million yuan [2] - Conversely, 28 CFOs experienced salary reductions, with the largest decrease being 589,100 yuan for Jin Zhiqiang from Beingmate [2] Industry Performance - In the dairy sector, 61% of companies reported a decline in revenue, yet 61% of CFOs in this sector received salary increases [3] - Notable examples include Yantang Dairy, which saw an 11.2% revenue drop, while CFO Shao Xia's salary increased by 525,900 yuan [3] - Seven CFOs in the dairy industry earned over 1 million yuan, with some companies having revenues below 2 billion yuan [3]

Investment Rating - The report indicates a structural investment opportunity in the food and beverage industry, particularly in the beverage, snack, and health product sectors, while suggesting a cautious approach towards the liquor sector, which is currently in a bottoming phase [4]. Core Insights - The heavy investment ratio in the food and beverage sector has significantly decreased, with a total market value of heavy holdings at 243.716 billion yuan, down by 49.483 billion yuan from the previous quarter [1][11]. - The liquor sector continues to see a decline in heavy investment ratios, with the white liquor segment dropping to 2.90%, a decrease of 0.81 percentage points [2][14]. - The report highlights that the food and beverage sector's heavy investment ratio is currently below the five-year average of 7.04%, indicating potential for recovery [1][11]. Summary by Sections Heavy Investment Ratio Analysis - In Q2 2025, the food and beverage sector had 3,146 heavy investment funds, a decrease of 611 funds from the previous quarter, with a heavy investment ratio of 3.38%, down by 0.85 percentage points [1][11]. - The heavy investment market value for the food and beverage sector accounted for 9.39% of the total heavy holdings, a decrease of 1.96 percentage points [13]. Sector Breakdown - The white liquor sector's heavy investment ratio has been on a downward trend, while the snack food sector, excluding leisure foods, has also seen declines [2][14]. - The beverage and dairy sectors experienced slight decreases in heavy investment ratios, with the beverage sector at 0.21% and the food processing sector at 0.05% [17][20]. Individual Stock Analysis - The top ten heavy investment stocks in the food and beverage sector are dominated by white liquor stocks, with seven out of ten positions held by liquor companies, including Guizhou Moutai and Wuliangye [3][29]. - The report notes that the heavy investment ratio for the top ten stocks in the food and beverage sector is 3.09%, a decrease of 0.86 percentage points from the previous quarter [3][29]. Investment Recommendations - The report suggests focusing on structural investment opportunities in the beverage, snack, and health product sectors, while being cautious with the liquor sector, which is expected to stabilize due to low valuations and high dividends [4].

格隆汇8月8日丨伊利股份(600887.SH)在互动平台表示，公司的很多品类和品牌都在积极探索深度定 制、IP合作、渠道特供等形式破圈。比如，近期公司旗下高端国韵冰淇淋品牌须尽欢与国民级动画IP海 尔兄弟达成战略合作，共同推出联名冰淇淋系列。通过须尽欢品牌，公司正持续推动冰淇淋从单一消费 品向文化载体与社交媒介转型。未来，公司将持续深化文化赋能战略，携手国民级文化符号探索消费新 范式。 ...

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The dairy industry has the highest average salary for secretaries at 850,800 yuan, surpassing the market average [1] - The majority of secretaries are aged between 40 and 50 years, accounting for 54% of the total [1] Salary Distribution - The salary range of 500,000 to 1 million yuan is the most common, representing 39% of secretaries [5] - There are five secretaries earning between 1 million and 2 million yuan, while three earn between 100,000 and 300,000 yuan [5] - The highest-paid secretary is from Bright Dairy, earning 1.3559 million yuan, followed by the secretaries from Miaokelando and Yantang Dairy with salaries of 1.2499 million yuan and 1.2299 million yuan respectively [5] Changes in Salary - Nineteen companies reported salary increases for their secretaries, with notable increases including 199,800 yuan for Yili's secretary [6] - Four companies experienced salary reductions, with the largest decrease being 37,100 yuan for Huanlejia's secretary [6] - The lowest salary recorded was 140,000 yuan for the secretary of Weiweisheng, while the second lowest was 159,300 yuan for Xibu Muye's secretary [6] Educational Background - The majority of secretaries hold a bachelor's degree, accounting for 46%, followed by master's degree holders at 39% [3]

光明乳业董秘沈小燕薪酬最高，达到135.59万元；其次是妙可蓝多董秘谢毅，薪酬124.99万元；此外， 燕塘乳业董秘李春锋薪酬122.99万元，海融科技董秘庄涛薪酬110.7万元，新乳业董秘郑世锋薪酬109.33 万元，均超过100万。 剔除2024年开始任职数据，薪酬最低的是维维股份（维权）董秘于航航，仅为14万元。此外，西部牧业 董秘梁雷薪酬15.93万元，仅次于维维股份。 从学历来看，本科为主力，占比达到46%；其次是硕士，占比为39%；此外有3名专科，1名博士。 从薪酬来看，50万（含）-100万为主力，占比达到39%；其次是30万（含）-50万，占比达到29%。100 万（含）-200万年薪的董秘有5名，还有3名董秘年薪在10万（含）-30万。 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股乳制品行业28家上市公司董秘薪酬均值为85.08万元，高于市 ...

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The dairy industry has the highest average salary for secretaries at 850,800 yuan, surpassing the market average [1] - The majority of secretaries are aged between 40 and 50 years, accounting for 54% of the total [1] Salary Distribution - The salary range of 500,000 to 1 million yuan is the most common, representing 39% of secretaries [5] - There are five secretaries earning between 1 million and 2 million yuan, while three earn between 100,000 and 300,000 yuan [5] - The highest-paid secretary is from Bright Dairy, earning 1.3559 million yuan, followed by the secretaries from Miaokelando and Yantang Dairy with salaries of 1.2499 million yuan and 1.2299 million yuan respectively [5] Changes in Salary - Nineteen companies reported salary increases for their secretaries, with notable increases including 199,800 yuan for Yili's secretary [6] - Four companies experienced salary reductions, with the largest decrease being 37,100 yuan for Huanlejia's secretary [6] - The lowest salary recorded was 140,000 yuan for the secretary of Weiweisheng [6]

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股乳制品行业28家上市公司董秘薪酬均值为85.08万元，高于市场均值。 从薪酬来看，50万（含）-100万为主力，占比达到39%；其次是30万（含）-50万，占比达到29%。100 万（含）-200万年薪的董秘有5名，还有3名董秘年薪在10万（含）-30万。 光明乳业董秘沈小燕薪酬最高，达到135.59万元；其次是妙可蓝多董秘谢毅，薪酬124.99万元；此外， 燕塘乳业董秘李春锋薪酬122.99万元，海融科技董秘庄涛薪酬110.7万元，新乳业董秘郑世锋薪酬109.33 万元，均超过100万。 剔除2024年开始任职数据，薪酬最低的是维维股份（维权）董秘于航航，仅为14万元。此外，西部牧业 董秘梁雷薪酬15.93万元，仅次于维维股份。 去年有19家公司董秘薪酬在增加，其中伊利股份董秘邱向敏涨薪19.98万元至75.53 ...

| 30 | 601601.SH | 中国太保 | 80 | 601985.SH | 中国核电 | | --- | --- | --- | --- | --- | --- | | 31 | HS'910009 | 民生银行 | 81 | 601838.5H | 成都银行 | | 32 | 45'616009 | 江苏银行 | 82 | 600025.SH | 华能水电 | | 33 | 002594.SZ | 比亚迪 | 83 | 601077.SH | 渝农商行 | | 34 | 000568.SZ | 湖北之以 | 84 | 688036.SH | 传言控股 | | 32 | 601319.5H | 中国人保 | 85 | 600926.SH | 杭州银行 | | 36 | 600030.SH | 中信证券 | 86 | 600886.SH | 国投电力 | | 37 | 600887.SH | 伊利股份 | 87 | 600104.SH | 上汽集团 | | 38 | 601899.SH | 三分彩彩 | 88 | 25'596T00 | 招商公路 | | 39 | HS'069009 | 海尔智家 | ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Viewpoints - The Chinese dairy industry is undergoing a structural transformation, shifting from liquid milk dominance to growth driven by solid dairy products like cheese and butter, which are gaining traction in B-end dining scenarios [5][13] - The domestic market is experiencing a significant trend towards local product substitution, driven by policy support, cost advantages, and technological advancements [14][25] - The B-end dairy product market is projected to exceed 40 billion yuan in 2024, with an expected CAGR of 14.3% from 2025 to 2028, reaching approximately 70.3 billion yuan by 2028 [7][17] Summary by Sections Industry Trends - The B-end market expansion is driving rapid growth in high-value products such as cheese and butter, with local substitution trends continuing to evolve due to policy support, cost advantages, and technological improvements [14][25] - The report draws parallels with Japan's dairy industry, highlighting the importance of high-value innovation in driving structural upgrades [15] Domestic Market Insights - The B-end dairy product market is expected to grow significantly, with applications in various sectors including Western cuisine, baking, and tea drinks, indicating a diverse penetration landscape [17][24] - Key players like Lihigh Food, Miaokelando, and Yili are accelerating their B-end product and deep processing capacity layouts to capitalize on this growth [17][18] International Insights - The report highlights the strategic insights from international giants like Meiji and Fonterra, emphasizing the importance of R&D capabilities and customized services in B-end competition [6][16] - Meiji's proposal-based sales and Fonterra's co-creation model with clients are noted as effective strategies for enhancing competitive advantages [6][16] Product Segmentation - Solid dairy products such as cheese and butter are expected to benefit from consumer trends towards health and nutrition, with their market share in China currently low but poised for significant growth [20][21] - The report indicates that the current consumption structure in China is heavily weighted towards liquid milk, but the shift towards solid dairy products is anticipated to accelerate [19][20]

作为首批保险资金长期股票投资试点，鸿鹄志远（上海）私募投资基金有限公司的动态备受关注。 随着A股上市公司2025年一季报陆续披露，鸿鹄基金的最新持股情况浮出水面。Wind数据显示，截至一 季度末，鸿鹄基金重仓持有中国电信、伊利股份、陕西煤业三只个股，合计持股市值超125亿元。在鸿 鹄基金一期500亿元投资落地之后，鸿鹄基金二期获批200亿元，其投资方向为中证A500指数成分股中 符合条件的大型上市公司A股、H股。 中国证券报记者调研了解到，第二批获批保险资金长期股票投资试点的机构正加快推进相关工作落 地。国家金融监督管理总局局长李云泽5月7日在国新办新闻发布会上表示，近期拟再批复600亿元，进 一步扩大保险资金长期股票投资试点范围。以此来计算，已批复和拟批复的保险资金长期股票投资试点 规模达到2220亿元。 鸿鹄基金三大重仓股 Wind数据显示，2025年一季度末，鸿鹄基金重仓持有中国电信、伊利股份、陕西煤业三只个股， 合计持股数量超10亿股，合计持股市值超125亿元。 具体来看，一季度末，鸿鹄基金分别持有中国电信、伊利股份、陕西煤业7.62亿股、1.53亿股、 1.16亿股，持股市值分别为59.80亿元、4 ...