Group 1 - The company has elected Mr. Gu Yu as a non-independent director of the eighth board of directors, with his term aligned with the current board's term [1] - Mr. Gu Yu has also been elected as the chairman of the eighth board of directors, with the same term duration [1] - The company has appointed Mr. Gu Yu as the chairman of the strategy committee and a member of the nomination committee, with his term consistent with the current board's term [1] Group 2 - The composition of the strategy committee includes Gu Yu, Zhong Yu, Chen Jun, and Lu Guoping, with Gu Yu serving as the chairman [1] - The nomination committee consists of Nie Yao, Gu Yu, and Mao Lingxiao, with Nie Yao as the chairman [1] Group 3 - Mr. Gu Yu, born in May 1978, has held various governmental positions and is currently the party secretary and chairman of the company [3] - Mr. Gu Yu does not hold any shares in the company and has no relationships with major shareholders or other board members [3] - He has not faced any administrative penalties from the China Securities Regulatory Commission in the last 36 months [3]

Group 1 - The new chairman of Yanghe Co., Ltd., Gu Yu, has been elected following the departure of the previous chairman, Zhang Liandong, with his term aligning with the eighth board of directors [1][3] - Gu Yu has a strong background in local government and has previously held various positions in Suqian City, which provides him with deep insights into Yanghe's operations [3] - The company is facing significant performance pressures in 2024, with challenges in brand rejuvenation, profit transparency, inventory pressure, and the need for accelerated marketing transformation [4][5] Group 2 - Gu Yu's leadership will focus on reversing the decline in performance, restoring market confidence, and addressing inventory issues while enhancing brand strength [4][5] - Potential strategies may include strengthening government-enterprise collaboration and creating an ecological barrier in the production area, as well as integrating resources from small and medium-sized liquor companies [5]

2025 年 7 月 21 日，经公司第八届董事会第十一次会议审议通过， 选举顾宇先生为公司第八届董事会董事长，任期与本届董事会任期一致。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、选举董事情况 2025 年 7 月 4 日，经江苏洋河酒厂股份有限公司（以下简称"公司"） 第八届董事会第十次会议审议通过，公司董事会提名顾宇先生为公司第 八届董事会非独立董事候选人。2025 年 7 月 21 日，经公司 2025 年第二 次临时股东大会审议通过，选举顾宇先生为公司第八届董事会非独立董 事，任期与第八届董事会任期一致。董事会中兼任公司高级管理人员以 及由职工代表担任的董事人数总计不超过公司董事总数的二分之一。 二、选举董事长情况 证券代码：002304 证券简称：洋河股份 公告编号：2025-025 江苏洋河酒厂股份有限公司 关于选举公司董事、董事长 及董事会专门委员会成员的公告 2025 年 7 月 21 日，经公司第八届董事会第十一次会议审议通过， 选举顾宇先生为公司第八届董事会战略委员会主任委员和提名委员会委 员，任期与本届董事会任期一致。 本次选 ...

洋河股份 法律意见书 江苏世纪同仁律师事务所 关于江苏洋河酒厂股份有限公司 1、本次股东大会由董事会召集。2025 年 7 月 4 日，贵公司召开第八届董事 会第十次会议，决定于 2025 年 7 月 21 日召开 2025 年第二次临时股东大会。2025 年 7 月 5 日，贵公司在巨潮资讯网上刊登了该次董事会决议和《江苏洋河酒厂股 份有限公司关于召开 2025 年第二次临时股东大会的通知》的公告。 2025 年第二次临时股东大会的法律意见书 致：江苏洋河酒厂股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》和中国证监会 《上市公司股东会规则》等法律、法规和规范性文件以及公司《章程》的规定， 本所受贵公司董事会的委托，指派本律师出席贵公司 2025 年第二次临时股东大 会，并就本次股东大会的召集、召开程序、出席会议人员资格、召集人资格、表 决程序以及表决结果的合法有效性等事项出具法律意见。 为出具本法律意见书，本律师对本次股东大会所涉及的有关事项进行了审查， 查阅了本律师认为出具法律意见所必须查阅的文件，并对有关问题进行了必要的 核查和验证。 本律师同意将本法律意见书随贵公司本次股东大会决 ...

1、江苏洋河酒厂股份有限公司（以下简称"公司"）2025年第二次 临时股东大会采用现场投票和网络投票相结合的方式召开。现场会议于 2025年7月21日15:30在江苏省宿迁市洋河酒都大道118号，公司总部办公 楼一楼多功能厅召开，网络投票时间为2025年7月21日，其中通过深圳 证券交易所交易系统投票的具体时间为：2025年7月21日9:15－9:25， 9:30－11:30和13:00－15:00；通过深圳证券交易所互联网投票系统投票 的具体时间为：2025年7月21日9:15－15:00期间的任意时间。本次会议 由公司董事会召集，现场会议由公司副董事长、总裁钟雨先生主持。本 次会议的召开符合《中华人民共和国公司法》《深圳证券交易所股票上 市规则》《上市公司股东会规则》等有关法律法规、部门规章、规范性 文件及《公司章程》的规定。 证券代码：002304 证券简称：洋河股份 公告编号：2025-023 江苏洋河酒厂股份有限公司 2025年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情形 ...

1、会议以10票同意，0票反对，0票弃权，审议通过了《关于选举公 司董事长的议案》。 证券代码：002304 证券简称：洋河股份 公告编号：2025-024 江苏洋河酒厂股份有限公司 第八届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 江苏洋河酒厂股份有限公司（以下简称"公司"）第八届董事会第十 一次会议，于 2025 年 7 月 21 日在江苏省宿迁市洋河酒都大道 118 号， 公司总部办公楼 19 楼会议室，以现场结合视频会议方式召开。会议通知 于 2025 年 7 月 15 日以送达和通讯相结合方式发出。本次会议应到董事 10 名，实际出席董事 10 名，其中：独立董事毛凌霄先生以视频会议方 式出席，与会人数符合《公司法》和《公司章程》的规定。本次会议由 副董事长、总裁钟雨先生召集和主持，会议的召集、召开符合《公司法》 等有关法律法规和《公司章程》的规定。 二、董事会会议审议情况 会议选举顾宇先生为公司第八届董事会董事长，任期与本届董事会 任期一致。 1 会议选举顾宇先生为公司第八届董事会战略委员会主 ...

Core Viewpoint - The second quarter of 2025 saw a significant net subscription of 34.64 billion units in the China Securities White Wine Index Fund C, indicating a shift in investor sentiment towards short-term trading opportunities in the white wine sector, despite a 13.47% decline in the index [2][4][6]. Group 1: Fund Performance - The China Securities White Wine Index Fund C maintained a stable position with a 94.5% portfolio allocation, successfully tracking its benchmark [2]. - The net subscription for the China Securities White Wine Index Fund A was 2.34 billion units, significantly lower than that of Fund C, highlighting a preference for the latter among investors [4]. - The top holdings in the fund include Shanxi Fenjiu, Luzhou Laojiao, Kweichow Moutai, and Wuliangye, which together account for approximately 58.76% of the fund's net asset value [2][3]. Group 2: Market Dynamics - The white wine industry is experiencing pressure on demand, prompting companies to lower their annual growth targets while seeking to stabilize prices [2][9]. - Investors are increasingly viewing white wine stocks as high-dividend assets, with current dividend yields exceeding 4%, making them attractive for short-term speculative trading [9]. - Notable stock price rebounds were observed in leading white wine companies since July, with significant monthly increases in share prices for Luzhou Laojiao, Yanghe, and Wuliangye [9]. Group 3: Investment Strategy - The C class fund is more suitable for short-term investments due to its lower subscription fees compared to the A class fund, which is better for long-term holdings [7][8]. - The strategy of increasing dividend payouts by white wine companies has made mid-year reporting periods critical for attracting investor interest [9].

Industry Overview - In 2024, the production of large-scale liquor enterprises is expected to reach 4.145 million kiloliters, a year-on-year decrease of 1.8%, while sales revenue is projected to increase to 796.38 billion yuan, a year-on-year increase of 5.3%, indicating a unique trend of "declining volume but increasing profit" [2] - By the first half of 2025, 59.7% of liquor companies reported a decline in operating profit, and 50.9% experienced a contraction in revenue, with an average inventory turnover period of 900 days, up 10% year-on-year, highlighting significant challenges in the industry [2] Key Trends - The industry is witnessing a simultaneous trend of "contraction and concentration," with smaller companies exiting the market and leading firms shifting focus from "high-speed growth" to "steady development" [3] - A "channel revolution" is underway, with major companies moving towards direct consumer engagement through new sales channels like online platforms and instant retail, indicating a shift in power from distributors to brands [4] - Consumer demand is evolving, driven by younger consumers, leading to product upgrades towards lower alcohol content and diverse flavors, with major brands launching new products to cater to these trends [5] Company Performance - **Kweichow Moutai**: Aims for a 9% revenue growth by 2025, with a first-quarter revenue of 51.443 billion yuan, up 11.07%, and a net profit of 26.847 billion yuan, up 11.56%, demonstrating strong execution of its strategic goals [6][7] - **Wuliangye**: Targets revenue growth in line with macroeconomic conditions, reporting a first-quarter revenue of 36.940 billion yuan, up 6.05%, and a net profit of 14.860 billion yuan, up 5.80%, with ongoing channel reforms [6][8] - **Luzhou Laojiao**: Focuses on low-alcohol products, with a first-quarter revenue of 9.352 billion yuan, up 1.78%, and a net profit of 4.593 billion yuan, up 0.41%, indicating a strong market position in lower alcohol segments [6][9] - **Shanxi Fenjiu**: Reports a first-quarter revenue of 16.523 billion yuan, up 7.72%, and a net profit of 6.648 billion yuan, up 6.15%, with ongoing efforts in national expansion and product innovation [6][10] - **Guojiao**: Achieves a first-quarter revenue of 5.099 billion yuan, up 9.17%, and a net profit of 1.644 billion yuan, up 7.27%, driven by a focus on the wedding market [6][12] Strategic Shifts - The industry is transitioning from "incremental expansion" to "stock optimization," with companies focusing on refining existing markets rather than pursuing aggressive growth [17] - A shift from "channel-driven" to "consumer-driven" strategies is evident, with companies prioritizing direct consumer engagement and enhancing consumer experiences [18] - The trend is moving from "high alcohol content" to "low and diverse products," with major brands launching lower alcohol options to attract younger consumers [20] - Companies are increasingly emphasizing "long-term value" over short-term performance, with a focus on cultural branding and sustainable growth strategies [21] - The shift from "national expansion" to "regional deepening" is becoming a survival strategy for many companies, focusing on local market penetration and brand recognition [22][23]

（原标题：张坤最新动向来了，重仓股新进京东健康，大手笔加仓顺丰控股） 4.我们理解，由于投资久期的不同，投资者在同一个公司上做出相反的判断十分正常。从长期投资者的维度，首先我们认为悲观预期会在某个时 刻被打破，一个标志是长期国债收益率不再维持在与经济发展前景不匹配的低水平，虽然我们难以判断具体的时点，但是投资上判断什么发生比 判断什么时候发生要重要得多。 张坤最新动向曝光。截至2025年二季度末，张坤旗下管理4只基金易方达蓝筹精选、易方达优质精选、易方达优质企业三年持有、易方达亚洲精 选，总管理规模为550.47亿元。 从具体持仓变动来看，今年二季度，京东健康新进持仓前十；大手笔加仓顺丰控股；加仓阿里巴巴-W、五粮液、泸州老窖、贵州茅台、山西汾 酒、百胜中国；对中国海洋石油持仓不变；减持腾讯控股；洋河股份、美团退出持仓前十。 张坤二季度末前十大重仓股为：腾讯控股、阿里巴巴-W、五粮液、泸州老窖、贵州茅台、山西汾酒、中国海洋石油、京东健康、顺丰控股、百胜 中国。 在二季报中，张坤表示： 1.2025年二季度，A股市场方面，沪深300指数上涨1.25%，上证指数上涨3.26%，创业板指数上涨2.34%。香港市场方 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [5][8]. Core Views - The report highlights a shift from short-term explosive growth in instant retail to a more normalized layout, indicating a stabilization in the market dynamics [5][7]. - The white liquor sector is experiencing inventory adjustments, with companies taking measures to stabilize prices amid increasing industry pressures [5][6]. - The new consumption sector is expected to see a reduction in aggressive subsidy wars, but competition will remain a constant factor [7][8]. Summary by Sections Industry News - In June, the manufacturing value added of the liquor and tea industry grew by 3.4% year-on-year [17]. - The production of white liquor from January to June reached 1.916 million kiloliters [17]. - The China Chain Store and Franchise Association issued a statement against "involution" competition in instant retail [17]. Company News - Water井坊 reported a 13% decrease in total revenue for H1 2025, with a net profit drop of 57% [5]. - 酒鬼酒 expects a net profit of 0.08-0.12 billion yuan for H1 2025, down 90%-93% year-on-year [5]. - Guizhou Moutai launched its first live broadcast on Douyin for Moutai sauce-flavored liquor [17]. Investment Insights - The white liquor sector is seeing low valuations, with many companies engaging in stock buybacks and increasing dividends, indicating potential for future capital inflows [5]. - The mass consumer goods sector is facing profit pressure due to cost fluctuations, with companies like洽洽食品 and 甘源食品 reporting significant declines in net profits [6]. - The beverage sector is approaching peak season, with a focus on new consumption opportunities, particularly in tea and chain dining [8]. Key Company Focus and Earnings Forecast - The report emphasizes companies such as 泸州老窖, 古井贡酒, and 贵州茅台, all rated as "Buy" with projected earnings per share (EPS) growth [10][12]. - The beverage market is expected to benefit from changes in retail channels, with companies like 沪上阿姨 and 茶百道 highlighted for their growth strategies [8][10].