今天分享的是：TOP100CFOs：上市公司CFO薪酬白皮书（2025版） 报告共计：35页 2025年上市公司CFO薪酬白皮书核心总结 《上市公司CFO薪酬白皮书（2025版）》聚焦港股与A股市场，基于海量样本数据，系统分析了CFO薪酬水平、影响因素及发展 趋势，核心内容如下： 港股与A股CFO薪酬存在显著梯度，港股CFO 2024年平均年薪160.20万元、中位数107.70万元，A股平均年薪85.76万元、中位数 68.42万元，港股平均薪酬约为A股的1.9倍。两地薪酬分布均呈现"中部高台+高薪长尾"特征，多数CFO薪酬围绕中位数集中，少 数头部CFO年薪可达数百万甚至千万元，显著拉升整体均值。 个体特征对薪酬影响明显。性别上，两地CFO均以男性为主，港股男女比例约7:3，A股男性占比61%，男性整体薪酬高于女 性，但头部女性CFO薪酬可与男性持平甚至超越。年龄方面，40-55岁中生代是主力，薪酬随年龄和资历阶梯式上升，港股50岁 以上、A股50岁左右CFO薪酬达到高位。学历与海外背景也显著影响薪酬，学历越高薪酬越高，有海外背景的CFO平均薪酬远超 无海外背景者。 行业与公司特征是薪酬差异的关键因素。港 ...

Group 1 - The average annual salary for CFOs in Hong Kong is 1.602 million RMB, while in mainland China it is 857,600 RMB, indicating that Hong Kong CFOs earn approximately 1.6 to 1.9 times more than their mainland counterparts [1][2] - In Hong Kong, 5.34% of CFOs earn over 5 million RMB annually, while nearly a quarter of mainland CFOs earn over 1 million RMB [1] - The salary structure in both markets shows a "high middle + high salary tail" pattern, with top-tier CFOs in leading companies earning several million or even tens of millions [1] Group 2 - Individual characteristics significantly influence CFO salaries, with male CFOs earning more than female CFOs in both markets, although top female CFOs demonstrate competitive salaries [1][2] - The age group of 40-55 years is the primary demographic for CFOs, with salaries increasing with age and experience; in Hong Kong, CFOs over 60 earn an average of 2.4563 million RMB [1][2] - Educational background and overseas experience are also linked to salary levels, with PhD CFOs in mainland China earning an average of 1.3004 million RMB, and those with overseas experience earning 556,000 RMB more than their counterparts without [1][2] Group 3 - Industry and company characteristics are key factors affecting CFO salaries; in Hong Kong, the "new economy + domestic demand" sectors (TMT, consumer, healthcare) lead in salary levels, with a median of around 1.2 million RMB [2] - In mainland China, the financial and real estate sectors offer the highest average salaries at 1.2241 million RMB, followed by healthcare and high-tech industries [2] - Company size and profitability are directly correlated with CFO salaries; companies with higher ROE see significant salary premiums, with CFOs in firms with ROE over 20% earning an average of 1.605 million RMB [2] Group 4 - The average salary for CFOs in AH-listed companies is 3.05 million RMB, reflecting a 15% increase from 2023, with leading companies showing a "high base + double-digit growth" trend [2] - The overall salary growth is expected to moderate, but the premium for top-tier CFOs and structural differentiation will continue; salary structures are shifting towards long-term incentives linked to ROE and cash flow [2] - The increasing importance of digital and AI capabilities is becoming a significant source of salary premiums, with the CFO role evolving into a strategic leader [2]

南向资金对港股通标的股的整体持股比例为19.36%，246只个股南向资金持股比例超20%。 互联互通机制下，内地投资者成为港股市场的重要参与者。证券时报·数据宝统计显示，截至12月12 日，港股通标的股中，南向资金合计持有4924.06亿股，占标的股总股本的比例达19.36%，合计持股市 值62000.23亿港元，占标的股总市值的比例为14.59%。 具体到单只标的股来看，南向资金持股量占总股本比例20%以上的有246只，持股比例在10%~20%的有 132只，持股比例在5%~10%的有92只，1%~5%的有84只，持股比例低于1%的为26只。南向资金持股比 例最高的是中国电信，最新持有100.50亿股，占港股已发行股份的比例为72.41%，其次是绿色动力环 保、大众公用，持股占比分别为69.93%、69.81%。 从特征来看，南向资金高比例持有的个股，多数为AH概念股，统计显示，南向资金持股超20%的个股 中，AH股共有129只，占比为52.44%；持有比例在10%~20%的个股中，AH股占比为18.18%。 以港交所行业分类进行统计，南向资金持股比例超20%的个股主要集中在医疗保健业、工业、金融业等 行业 ...

Market Overview - The Hong Kong stock market indices showed a mixed performance with the Hang Seng Index rising by 0.87%, the Hang Seng China Enterprises Index increasing by 0.75%, and the Hang Seng Technology Index up by 1.13% during the week of December 1 to December 5, 2025 [4][9] - The Hang Seng Index's current Price-to-Earnings (PE) ratio is 11.87, which is around the 70th percentile since January 1, 2007, while the Price-to-Book (PB) ratio stands at 1.28, approximately at the 58th percentile during the same period [6][11] Key Economic Indicators - The U.S. PCE price index increased by 0.3% month-on-month in September, with the core PCE price index rising by 0.2%, aligning with expectations [4] - The probability of a 25 basis point rate cut by the Federal Reserve in December has risen to 86.2%, which is expected to positively impact liquidity in the Hong Kong stock market [4] Investment Recommendations - The report suggests focusing on sectors such as non-ferrous metals, price-increasing chemical products, and AI infrastructure due to favorable market conditions [4] Capital Flow Analysis - Net inflow of southbound funds amounted to HKD 11.349 billion last week, a decrease of HKD 8.491 billion compared to the previous week [6][13] - The top five net purchases by southbound funds included Xiaomi Group (HKD 4.596 billion), Tracker Fund of Hong Kong (HKD 2.606 billion), Meituan (HKD 2.100 billion), ZTE Corporation (HKD 0.641 billion), and Li Auto (HKD 0.392 billion) [6][17] - The top five net sales were Tencent Holdings (HKD 3.811 billion), SMIC (HKD 1.376 billion), ASMPT (HKD 0.439 billion), Kuaishou Technology (HKD 0.285 billion), and China Pacific Insurance (HKD 0.129 billion) [6][17]

12月11日，港股IPO的第100次钟声敲响。伴随着京东工业（07618.HK）上市，港股年内新股上市数量破百。 站在这一关键节点回望，今年全年，港股市场的集结号持续吹响，百只新股合计募资额冲上2700亿港元，时隔四年再度突破2000亿港元大关。放在全球视角 看，港交所全年募资总额无悬念登顶全球。 纵观全年，港股市场成为全球大型新股的重要"集聚地"，在全球十大IPO项目中独占四席。其中，锂电池巨头宁德时代以410.06亿港元募资金额高调上市， 一举成为港股年内"募资王"，同时稳坐全球年内新股募资额的头把交椅。除此之外，港交所年内还有7只百亿级IPO项目接连亮相。 在持续升温的A股公司赴港上市热潮中，年内，18家"A+H"上市新股成为港交所年内筹资增长的重要增量。而在市场结构方面，在政策东风推动下，新消 费、硬科技正成为本轮热潮背后的有力引擎。 不过，在全球第一的募资规模背后，港股IPO市场也面临隐忧，11月之后新股破发回潮、上市质量下滑、投行人才短缺致服务能力不足以及超300家排队企 业未来可能面临的发行难题……开始摆上台面。在繁荣与隐忧的交织中，港股IPO正经历考验。 | 序号 | | | | | --- ...

Market Overview - The Hong Kong stock market showed a rebound on December 10, with the Hang Seng Index rising by 0.42% to close at 25,540.78 points, and the Hang Seng Tech Index increasing by 0.48% to 5,581.10 points [1] - The total market turnover was HKD 1,933.92 million, a decrease from HKD 2,102.36 million in the previous trading day [1] Stock Performance - Among the Hang Seng Index constituents, 43 stocks rose while 42 fell, with notable gainers including: - WH Group (万洲国际) up 5.01% to HKD 8.590, with a year-to-date increase of 65.77% [2] - Haidilao (海底捞) up 3.45% to HKD 14.100, with a year-to-date decrease of 6.10% [2] - CSPC Pharmaceutical (石药集团) up 3.19% to HKD 7.770, with a year-to-date increase of 67.18% [2] - Alibaba had a trading volume of HKD 93.22 million, rising by 1.52% [3] Sector Performance - The Hang Seng Industry Index showed mixed results: - Materials sector increased by 1.47% - Consumer discretionary sector rose by 0.85% - Consumer staples sector grew by 0.66% - Industrial sector decreased by 0.84% - Healthcare sector fell by 0.64% [4] Regulatory Developments - The Hong Kong Stock Exchange confirmed a joint letter with the Hong Kong Securities and Futures Commission to IPO sponsors regarding concerns over the quality of recent listing applications and non-compliance issues [5] - The exchange emphasized its commitment to ensuring timely and rigorous reviews of new listing applications to maintain high standards [5] Company-Specific News - Vanke Enterprises (万科企业) experienced a significant surge, with a maximum increase of 18.56% on December 10, closing at HKD 3.78 per share, a rise of 13.17% [6] - Vanke's bondholders meeting discussed the extension of its first bond, "22万科MTN004," and the company announced no adjustment to the interest rate of "21万科02," maintaining it at 3.98% [7][8] New Financial Products - A new actively managed ETF linked to the Hang Seng China Enterprises Index is set to launch on December 11, with a unit price of HKD 8.8 and a management fee of 0.99% [12]

港股市场策略周报 2025.12.01-2025.12.07 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 港股市场策略周报 - 投资要点 l 港股市场表现回顾： n 本周港股低开高走，整体延续"修复但不亢奋"的节奏，AI、互联网等热门板块有所回补，呈现"龙头优先、弹性有限" 的结构性格局。本周恒生综指/恒生指数/恒生科技分别+0.84%/+0.87%/+1.13%。一级行业板块多数收涨，仅电讯 业、必需性消费、地产建筑业、医疗保健业收跌。 n 截至本周末，恒生综指的5年PE（TTM）估值分位点为84.45%，估值水平接近5年均值向上一个标准差。 l 港股市场宏观环境： 2 n 基本面：非制造业PMI跌落荣枯线，制造业PMI好于10月前值，但也处于荣枯线以下，反映整体经济景气水平仍偏弱。 n 资金面：美国降息概率较高，12月降息25bp概率接近九成；本周南向资金继续保持净流入，环比上周下降49.45%。 l 港股市场展望： n 基本面：国内经济仍处于 ...

证券研究报告 | 2025年12月06日 港股投资周报 近期，环球新材国际等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是周期板块，其次为大金融、消费、 医药、制造和科技板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周恒生中型股指数收益最高，累计收益 1.57%；恒生小型 股指数收益最低，累计收益-0.01%。 资源股领涨，港股精选组合本年上涨 62.49% 核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益 1.12%，相对恒生指数超额收益 0.24%。 本年，港股精选组合绝对收益 62.49%，相对恒生指数超额收益 32.45%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 本周，港股通股票收益中位数 0.00%，投资港股的主动基金收益中位数 0.91%。 本年，港股通股票收益中位数 26.16%，投资港股的主动基金收益中位数 34.48%。 行业指数方面，本周原材料业行业收益最高，累计收益 9.98%；医疗保健业 行业 ...

Group 1 - The Hong Kong stock market is currently boosted by expectations of mainland policies, with notable performance in the technology and consumer sectors [1] - The implementation plan issued by six domestic departments aims to enhance the adaptability of supply and demand for consumer goods, leading to an increase in valuations for mainland technology and consumer companies listed in Hong Kong [1] - The Hang Seng Technology Index is leading the gains, supported by national policies promoting technological self-reliance, with significant increases in the telecommunications and electronics sectors driven by favorable developments such as the collaboration between Google and Meta [1] Group 2 - The Hong Kong Stock Connect 50 ETF (159712) tracks the Hong Kong Stock Connect 50 Index (930931), which consists of 50 large-cap and liquid stocks traded through the Stock Connect mechanism, covering multiple industries with a significant weight in the financial sector [1] - This index reflects the overall performance of large blue-chip stocks under the Stock Connect mechanism [1] - The biotechnology industry in Hong Kong may present structural opportunities, alongside strong performances in raw materials, non-essential consumer goods, and healthcare sectors [1]

Group 1: A-Share Market - The A-share market experienced an overall increase, with small-cap stocks outperforming large-cap stocks. The CSI 2000 index and the ChiNext index rose by 4.99% and 4.54% respectively, while the SSE 50 index only increased by 0.47% [6] - The market's structural rise was primarily driven by positive developments in the technology sector, particularly a significant partnership between Google and Meta, which is expected to enhance the performance of core hardware suppliers like Zhongji Xuchuang [6][7] - Looking ahead, the technology growth sector is anticipated to remain a market focus due to strong government support for technological self-reliance. However, a decrease in trading volume may indicate reduced investor enthusiasm for high-priced stocks, leading to potential rapid rotations and short-term volatility in specific sectors [7] Group 2: Hong Kong Market - The Hong Kong market also saw gains, with the Hang Seng Technology Index leading the way with a 3.77% increase, while the Hang Seng Index rose by 2.53%. The materials, discretionary consumer, and healthcare sectors performed well, whereas the energy sector declined [8] - The positive performance in the Hong Kong market was largely influenced by sentiment and policy expectations from the mainland, particularly a new implementation plan aimed at enhancing the adaptability of supply and demand for consumer goods [8] - Future trends in the Hong Kong market are expected to closely align with mainland policies and market sentiment. The technology and healthcare sectors are likely to benefit from ongoing policy support, while investors should remain vigilant regarding the Federal Reserve's policy direction and its impact on global liquidity [8]