Core Viewpoint - The China Securities Index (CSSW Silk Road) has shown a decline in performance, reflecting the challenges faced by companies involved in the Belt and Road Initiative, with a notable drop in the index over the past month and year-to-date [1][2]. Group 1: Index Performance - The CSSW Silk Road Index closed at 1274.4 points, down 0.06% on the day, with a trading volume of 41.559 billion yuan [1]. - Over the past month, the index has decreased by 6.59%, and it has fallen by 6.51% year-to-date [1]. - The index is designed to reflect the performance of 100 listed companies that are profitable and involved in the Belt and Road Initiative, with a base date of December 31, 2008, set at 1000.0 points [1]. Group 2: Index Holdings - The top ten holdings of the CSSW Silk Road Index include Zijin Mining (6.03%), Gree Electric (5.63%), Kweichow Moutai (5.56%), Midea Group (5.22%), Wuliangye (4.89%), CATL (4.53%), Yili (3.79%), Mindray (3.75%), Guodian NARI (3.66%), and China Shenhua (3.63%) [1]. - The market capitalization distribution shows that 50.83% of the index is from the Shenzhen Stock Exchange, while 49.17% is from the Shanghai Stock Exchange [1]. Group 3: Industry Composition - The industry composition of the index includes: Industrial (20.90%), Consumer Staples (19.46%), Consumer Discretionary (15.93%), Healthcare (13.72%), Materials (8.99%), Information Technology (6.30%), Energy (5.29%), Utilities (4.81%), and Communication Services (4.59%) [2]. Group 4: Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the second Friday of June and December [2]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2].

Group 1 - The core viewpoint of the article highlights the introduction of "fertility subsidies" by major domestic milk powder brands, including Feihe, Yili, and Junlebao, as a response to declining birth rates and a strategy to attract new customers [1][2][4] - The fertility subsidies are seen as a social supplement to government policies aimed at encouraging childbirth, which have been included in the State Council's work report and the "Special Action Plan to Boost Consumption" [1][2][4] - The subsidies are expected to benefit brands, channels, and consumers, with an anticipated increase in the number of milk powder companies adopting similar subsidy strategies in the future [1][4][6] Group 2 - Junlebao announced a 1.6 billion yuan subsidy plan starting in May 2025, while Feihe and Yili have already initiated their subsidy programs, with Feihe committing 1.2 billion yuan and Yili also pledging 1.6 billion yuan [2][3] - The subsidies are designed to provide direct benefits to consumers, allowing eligible families to receive milk powder products, with Feihe's program already seeing over 50,000 successful applications [2][4] - The competition for new customers has intensified, with the cost of acquiring a new customer now estimated to be between 500 to 1,000 yuan, compared to 20 yuan before 2019 [4][5] Group 3 - The overall market for infant formula has faced challenges due to a decline in birth rates, leading to a double-digit decrease in industry scale since 2022, although the rate of decline is expected to slow in 2024 [4][6] - The introduction of fertility subsidies is viewed as a tactical response by leading brands to enhance customer loyalty and reduce the pressure on consumers regarding feeding choices [5][6] - The market is expected to see further differentiation, with leading brands likely to increase their market share, while smaller brands may struggle to implement similar subsidy strategies due to lower profit margins [6][7]

Core Viewpoint - The A-share market showed mixed performance with the Shanghai 180 Stable Index experiencing a slight decline of 0.03% to close at 11,128.3 points, with a trading volume of 51.95 billion yuan [1] Group 1: Index Performance - The Shanghai 180 Stable Index has decreased by 1.24% over the past month, increased by 2.50% over the last three months, and has declined by 1.06% year-to-date [1] - The index is based on a sample space from the Shanghai 180 and 380 indices, focusing on securities with varying risk exposures to macroeconomic conditions [1] Group 2: Index Holdings - The top ten weighted stocks in the Shanghai 180 Stable Index include Kweichow Moutai (11.91%), China Merchants Bank (6.3%), and Yangtze Power (4.32%) [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange [2] Group 3: Sector Allocation - The sector distribution of the index holdings is as follows: Financials (33.92%), Consumer Staples (16.25%), Industrials (13.93%), Materials (8.52%), Utilities (7.52%), Healthcare (6.48%), Energy (5.49%), Consumer Discretionary (3.81%), Communication Services (3.80%), and Information Technology (0.28%) [2] Group 4: Index Adjustment - The index samples are adjusted biannually, typically on the second Friday of June and December, with a sample adjustment limit of 30% [2] - Temporary adjustments may occur under special circumstances, such as delisting or corporate actions like mergers and acquisitions [2]

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-014 内蒙古伊利实业集团股份有限公司 关于董事辞职的公告 根据《公司法》及《公司章程》的规定，朝鲁先生辞职报告自送达 董事会时生效，公司将根据相关规定尽快完成董事的补选工作。 朝鲁先生在担任公司董事职务期间恪尽职守、勤勉尽责，公司董事 会对朝鲁先生任职期间为公司发展所做出的贡献表示衷心感谢！ 特此公告 内蒙古伊利实业集团股份有限公司 董 事 会 二○二五年四月十八日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 内蒙古伊利实业集团股份有限公司（简称"公司"）董事会近日收 到公司董事朝鲁先生提交的书面辞职书，朝鲁先生因工作变动原因辞去 公司第十一届董事会董事及董事会战略与可持续发展委员会委员职务， 辞职后，朝鲁先生不在公司担任任何职务。 ...

Core Viewpoint - The company announced the resignation of Mr. Zhao Lu from the board of directors and the Strategic and Sustainable Development Committee due to job changes [1] Group 1 - Mr. Zhao Lu submitted a written resignation letter to the board, resigning from his position as a director of the 11th board [1] - Following his resignation, Mr. Zhao Lu will no longer hold any position within the company [1] - The resignation report becomes effective upon delivery to the board, and the company will expedite the process of selecting a new director [1]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report indicates that the recovery of consumer demand is ongoing, supported by the expansion of the "old-for-new" policy and the restoration of consumer confidence. The food and beverage sector is expected to benefit from upcoming domestic demand expansion policies [4][6] - The report highlights that the liquor industry is at the bottom of its cycle, with a high probability of stable upward movement, making it a suitable time for medium to long-term investment [4] - In the snack segment, companies with channel reforms and overseas market expansion are favored, with recommendations for Ganyuan Food. The beer industry is also expected to improve with the recovery of dining, recommending Qingdao Beer. Additionally, the dairy industry is highlighted for its potential due to fertility policy catalysts and the expected balance in raw milk prices, recommending leading company Yili [4] Summary by Sections Industry Trends - The social retail sales data for March 2025 showed a year-on-year increase of 5.9%, with a month-on-month increase of 1.9 percentage points compared to January-February [5][9] - The food and oil consumption growth rate remains stable, with significant increases in March for food and beverage categories, indicating a recovery in dining and nightlife consumption [5][6] Quarterly Observations - In Q1 2025, social retail sales increased by 4.6% year-on-year, with improvements in dining revenue, reflecting ongoing consumer demand recovery [6][7] - The food and oil category maintained a high growth rate, while beverage and tobacco categories showed month-on-month improvements, driven by improved consumer confidence [6][7] Industry Analysis - Major liquor companies are adjusting their targets and managing channel pressures, leading to a stable transition in the industry. The performance of leading liquor companies is expected to improve in the second half of the year as the base effect diminishes [7] - The snack segment is anticipated to accelerate in Q2, supported by channel reforms and category expansion, maintaining a favorable industry outlook [7]

Core Points - The A-share market's three major indices closed mixed, with the CSI Hong Kong-Shenzhen Brand Consumption 50 Index down by 0.77% to 2806.58 points, with a trading volume of 28.875 billion yuan [1] - Over the past month, the CSI Hong Kong-Shenzhen Brand Consumption 50 Index has decreased by 5.34%, increased by 3.82% over the past three months, and has risen by 2.24% year-to-date [1] - The index comprises 50 leading consumer companies from the mainland and Hong Kong markets, selected based on profitability and growth characteristics, reflecting the overall performance of leading consumer companies in the three regions [1] Index Composition - The top ten holdings of the CSI Hong Kong-Shenzhen Brand Consumption 50 Index are: Gree Electric Appliances (10.7%), Kweichow Moutai (10.27%), Midea Group (9.01%), Wuliangye (8.93%), Yili Group (6.18%), Kuaishou-W (6.13%), Anta Sports (5.48%), Master Kong (4.04%), Shanxi Fenjiu (3.37%), and Nongfu Spring (3.36%) [1] - The market share of the index's holdings is distributed as follows: Hong Kong Stock Exchange 35.42%, Shanghai Stock Exchange 32.76%, and Shenzhen Stock Exchange 31.82% [1] Industry Breakdown - The industry composition of the index's sample includes: primary consumption 47.76%, discretionary consumption 41.57%, telecommunications services 8.54%, and information technology 2.13% [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2] Fund Tracking - Public funds tracking the SHS Brand Consumption 50 include the Huatai-PineBridge CSI Hong Kong-Shenzhen Brand Consumption 50 ETF [3]

Group 1 - The A-share market's three major indices closed mixed, with the Shanghai Consumer 50 Index rising by 0.43% to 8251.36 points, with a trading volume of 39.565 billion yuan [1] - The Shanghai Consumer 50 Index has decreased by 4.50% over the past month, increased by 1.55% over the past three months, and has fallen by 3.01% year-to-date [1] - The index reflects the overall performance of consumer-related securities listed on the Shanghai Stock Exchange, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The top ten weighted stocks in the Shanghai Consumer 50 Index include Kweichow Moutai (10.51%), Yili Group (10.44%), and others, with the total weight of the top ten accounting for a significant portion of the index [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with optional consumption accounting for 51.26% and major consumption accounting for 48.74% of the holdings [1] - The index sample is adjusted every six months, with adjustments typically occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 10% [2]

Group 1 - The core index of major consumption in the A-share market rose by 0.48% to 16,568.67 points, with a trading volume of 25.121 billion yuan [1] - Over the past month, the major consumption index has decreased by 1.51%, increased by 6.28% over the past three months, and has risen by 1.44% year-to-date [1] - The major consumption index is composed of 11 primary industries and 35 secondary industries, reflecting the overall performance of different industry companies within the CSI 800 index [1] Group 2 - The top ten weights in the major consumption index are: Yili (10.26%), Kweichow Moutai (10.22%), Wuliangye (9.04%), Muyuan Foods (7.21%), Shanxi Fenjiu (6.89%), Luzhou Laojiao (6.23%), Wens Foodstuff (5.97%), Haitian Flavoring (4.68%), Dongpeng Beverage (3.7%), and Yanghe Distillery (2.84%) [1] - The market share of the major consumption index is divided between the Shanghai Stock Exchange (51.03%) and the Shenzhen Stock Exchange (48.97%) [1] Group 3 - The major consumption index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, but can be modified in case of temporary adjustments due to changes in the CSI 800 index sample [2] - Special events affecting sample companies may lead to adjustments in the industry classification and index sample [2]

Core Viewpoint - The A-share market showed mixed performance with the Shanghai 50 Index rising by 0.91% to 2658.5 points, while it has experienced a decline of 3.86% over the past month and a year-to-date drop of 1.87% [1] Group 1: Index Performance - The Shanghai 50 Index is composed of 50 representative securities from the Shanghai Stock Exchange, reflecting the performance of major influential companies [1] - The index has a base date of December 31, 2003, with a base point of 1000.0 [1] Group 2: Top Holdings - The top ten weighted stocks in the Shanghai 50 Index include: - Kweichow Moutai (12.56%) - China Ping An (6.89%) - China Merchants Bank (6.69%) - Yangtze Power (4.6%) - Industrial Bank (3.94%) - Zijin Mining (3.73%) - CITIC Securities (3.15%) - Industrial and Commercial Bank of China (3.13%) - Heng Rui Medicine (2.77%) - Yili Group (2.4%) [1] Group 3: Sector Allocation - The sector allocation of the Shanghai 50 Index is as follows: - Financials: 32.66% - Consumer Staples: 17.23% - Industrials: 11.88% - Information Technology: 9.06% - Materials: 5.71% - Utilities: 5.59% - Energy: 4.83% - Health Care: 4.46% - Communication Services: 3.99% - Consumer Discretionary: 3.80% - Real Estate: 0.80% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - The adjustment allows for a maximum sample change of 10%, with priority given to new samples ranked within the top 40 and existing samples ranked within the top 60 [2] - Special circumstances may lead to temporary adjustments, and new securities can enter the index under specific conditions [2]