● 作者 | 李东阳 来源 | 首席营销官 2026年春节档，品牌营销激战正酣。如何在春节这样一个流量高速聚拢的节点打出强有力的传播声量，我想是所有品牌每年都面临的重要课题，但解决方 案，从来没有统一模板。 在硝烟弥漫的CNY营销战场，秒针营销科学院最新出炉的全网监测数据，让我倍感惊叹，其中一组足以震撼行业的数据是：今年截至2月10日，蒙牛的品 牌声量已经高达240W+，互动量突破3700W。 | 品牌名 | 声量 2 | + | 互动量 ② ◆ | | --- | --- | --- | --- | | Benchmark ? | 7,444 | | 157,547 | | 蒙牛2 | 2,406.1k | | 37,878.2k | 做一个对比，你就会发现这不是普通的领先。五大乳企总声量中，蒙牛独占70%以上；总互动量里，蒙牛吃下近50%。 更惊人的是95%的净情感值，这是品牌口碑的具象体现。秒针营销科学院调取近年春节营销数据库，用四个字概括这一表现：数一数二。 3700W+次互动，95%的正面情绪。这不是品牌单向喊话的回声，而是3700W+人主动开口，替蒙牛讲了一个关于春节、彩头、要强的故事。 而这37 ...

Core Insights - The Hang Seng Index Company announced the results of its quarterly review, which includes the addition of three stocks: CATL, Luoyang Molybdenum, and Laopu Gold, while removing Zhongsheng Holdings, increasing the number of constituent stocks from 88 to 90 [1] - The Hang Seng China Enterprises Index will add Beike-W and Horizon Robotics-W, while removing China Resources Beer and Mengniu Dairy, maintaining a total of 50 constituent stocks [1] - The Hang Seng Tech Index will not undergo any changes, keeping its constituent stock count at 30 [1] - All changes will take effect after market close on March 6, 2026, and will be effective from March 9, 2026 [1] Industry Impact - The Hang Seng Index series is a major market index in Hong Kong, attracting significant investment, with a total asset management scale of approximately $117.7 billion as of December 2025 [1] - The adjustments to the index constituents focus on incorporating new economy enterprises in sectors such as renewable energy and new consumption, while gradually reducing the weight of traditional industries [1] - This shift is expected to enhance the growth potential of the indices, thereby increasing their investment value and attractiveness [1]

Summary of Key Points Core Viewpoint The food safety inspection report from the Xi'an Huayin District Market Supervision Administration indicates that all 59 batches of food samples tested, including various categories such as biscuits and tea, passed the quality checks, ensuring consumer safety and product reliability [2][3]. Group 1: Inspection Results - A total of 16 categories of food were tested, comprising 59 batches, all of which were found to be compliant with safety standards [3]. - The categories included biscuits (1 batch), tea and related products (3 batches), nuts and fried foods (6 batches), condiments (6 batches), convenience foods (1 batch), pastries (1 batch), grain products (2 batches), meat products (10 batches), dairy products (3 batches), edible oils and fats (10 batches), potato and puffed foods (2 batches), fruit products (3 batches), frozen foods (1 batch), candy (5 batches), beverages (2 batches), and health foods (3 batches) [3]. Group 2: Specific Products and Companies - Notable products included "Kang Shifu Ice Red Tea" from Kang Shifu (Xi'an) Beverage Co., and "Vitasoy Lemon Tea" from Vitasoy (Wuhan) Co., both of which were part of the tested samples [3]. - Other companies involved in the inspection included Mengniu Dairy (Ningxia), Shuanghui Foods, and various local producers, all of which had their products tested and passed [3][4].

Core Viewpoint - The dairy industry in the A-share market has shown strong resilience with nearly 90% of the 19 major dairy companies experiencing stock price increases, reflecting a robust recovery in consumer demand [1] Group 1: Performance Overview - 17 out of 19 major dairy companies in the A-share market recorded stock price increases, indicating a significant upward trend in the sector [1] - Leading the gains are regional boutique dairy companies and segment leaders, with Zhuangyuan Pasture (002910) achieving a remarkable 63.46% increase, followed by Knight Dairy (920786) at 50.83% and Beingmate (002570) at 48.65% [1][2] Group 2: Industry Leaders - Industry giants Yili (600887) and Mengniu (02319.HK) continue to serve as the "industry ballast," maintaining stable performance amidst a complex market environment [2] - Yili has shown positive growth and remains a preferred choice for investors due to its solid dividend capacity and fundamental stability, while Mengniu has strengthened its global position through ongoing brand upgrades and international expansion [2] Group 3: Divergence in Performance - Despite the overall positive trend, there are exceptions with Bright Dairy (600597) and Jiahe Foods (605300) experiencing declines of 1.54% and 8.79% respectively, attributed to intense competition and cost pressures [3] - Upstream companies like Modern Dairy (01117.HK) are facing challenges due to prolonged low raw milk prices, which have severely compressed profit margins [3] - The dairy sector is transitioning from "volume growth" to "quality transformation," with leading companies and regional dark horses contributing to the industry's prosperity, despite some facing short-term challenges [3]

Group 1: Hang Seng Index - Ningde Times (300750) (03750), Luoyang Molybdenum (603993) (03993), and Laopu Gold (06181) will be included in the Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [1][2]. Group 2: Hang Seng China Enterprises Index - Beike-W (02423) and Horizon Robotics-W (09660) will be added to the Hang Seng China Enterprises Index, while China Resources Beer (00291) will be removed, maintaining the total number of constituent stocks at 50 [5]. Group 3: Hang Seng Composite Index - East Asia Bank (00023) and Guofu Quantum (00290) will be included in the Hang Seng Composite Index, with the number of constituent stocks increasing from 507 to 532 [9][10].

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series, effective from March 9, 2026, after market close on March 6, 2026 [1] - The Hang Seng Index will add three stocks: Contemporary Amperex Technology Co., Limited (03750), Luoyang Molybdenum Co., Ltd. (03993), and Laopuhuang Co., Ltd. (06181), while removing Zhongsheng Group Holdings Limited (00881), increasing the number of constituent stocks from 88 to 90 [1] - Laopuhuang has seen a significant price increase, with a cumulative rise of nearly 20% since the beginning of 2026 [1] Group 2 - The Hang Seng China Enterprises Index will maintain 50 constituent stocks, adding Beike-W (02423) and Horizon Robotics-W (09660), while removing China Resources Beer (00291) and Mengniu Dairy (02319) [2] - The Hang Seng Composite Index will add 53 stocks, including Bank of East Asia (00023), and remove 28 stocks, including Shui On Land (00272), increasing the number of constituent stocks from 507 to 532 [5] - The Hang Seng Technology Index will not change, maintaining 30 constituent stocks [6] Group 3 - The total assets under management for products tracking the Hang Seng Index series is approximately $117.7 billion as of December 2025 [6] - The adjustments in index constituents may trigger passive fund rebalancing, potentially leading to increased trading volume for related stocks as the effective date approaches [6] - The inclusion of new economy enterprises in sectors like renewable energy, new consumption, and biotechnology is expected to enhance the growth potential and investment attractiveness of the indices, reducing the weight of traditional industries [6]

Core Viewpoint - The Hong Kong stock market is undergoing significant adjustments in its major indices, with changes in constituent stocks for the Hang Seng Index and other related indices [2][4][8]. Group 1: Hang Seng Index Adjustments - The Hang Seng Index will increase its constituent stocks from 88 to 90, adding Ningde Times (03750), Luoyang Molybdenum (03993), and Laopu Gold (06181), while removing Zhongsheng Group (00881) [2][4]. - Laopu Gold has shown a strong performance, with a cumulative increase of nearly 20% since the beginning of 2026 [4]. Group 2: Hang Seng China Enterprises Index Changes - The Hang Seng China Enterprises Index will maintain 50 constituent stocks, adding Beike-W (02423) and Horizon Robotics-W (09660), while removing China Resources Beer (00291) and Mengniu Dairy (02319) [6]. Group 3: Hang Seng Composite Index Changes - The Hang Seng Composite Index will add 53 stocks, including East Asia Bank (00023), and remove 28 stocks, increasing its total from 507 to 532 [8]. - The Hang Seng Technology Index will remain unchanged at 30 constituent stocks [8]. Group 4: Market Performance Analysis - Since the beginning of 2026, the Hang Seng Index has risen by 3.65%, while the Hang Seng Technology Index has decreased by 2.82% [10]. - In 2025, both indices saw increases, with the Hang Seng Index up by 27.77% and the Hang Seng Technology Index up by 23.45% [10]. - Among the 88 constituent stocks of the Hang Seng Index, 69 have risen, 18 have fallen, and 1 has remained flat since the end of 2025 [10]. Group 5: Notable Stock Performances - The top performers since the beginning of 2026 include New World Development (41.18%), Techtronic Industries (31.92%), and Pop Mart (31.81%) [11]. - Conversely, the worst performers include Trip.com (-24.22%), Meituan (-20.47%), and NetEase (-13.47%) [11].

马年来了，全网都在"抓马"，力度等同于"抓钱"。最近火爆的商品也大多跟"马"有关，传统类的"马年生肖产品"依旧能有"理财"的效果。总之，现在 沾"马"就要火。 马年来了，全网都在"抓马"，力度等同于"抓钱"。 因为马在中国文化中象征力量、忠诚、进取、健康、吉祥等多种积极的品质和精神，谁都喜欢。即便见面问候一句"马上发财、马上幸福"，也能把亲朋好 友钓成翘嘴。 所以，商家对"马"这个吉祥物特别青睐，想尽办法要去贴一下，最为明显的是，"姓马"的明星被疯抢，人均至少2个代言。最近火爆的商品也大多 跟"马"有关，传统类的"马年生肖产品"依旧能有"理财"的效果。 总之，现在沾"马"就要火。 1. "马"姓明星代言接到手软，"外国马"成互联网顶流 最近几个月，"姓马"的明星特别走俏，无论在娱乐圈人设如何、咖位高低，只要"姓马"就会人均两三个代言，而且代言自己找上门。 比如马伊琍。几个月前，网友发帖："马年伊利会请马伊琍吗？"，还给品牌写好了广告词"我是马伊琍，马年喝伊利"，结果帖子火了，讨论声量越来越 大。 伊利特别"听劝"，立马请了马伊琍代言。做的"寻找马伊琍"的广告，点击量特别高，评论区全是各种赞美的声音，很难想象这 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The dairy processing industry in China is entering a new development stage, driven by low raw milk prices, increasing demand for processed dairy products, and supportive government policies [25][41][46] - The per capita consumption of dairy products in China is significantly lower than that of developed countries, indicating substantial growth potential in the market, particularly for processed dairy products like cheese and butter [31][34][40] - The global market for cheese is projected to reach nearly $200 billion by 2025, with significant growth expected in butter and cream markets as well [52][56][59] Summary by Sections 1. Development of Dairy Processing in China - Dairy processing involves complex processes to convert raw milk into high-value products, with a focus on separating and purifying effective components [15] - The current structure of dairy consumption in China is heavily skewed towards liquid milk, with processed products like cheese and butter having a much lower market share compared to developed countries [25][30] 2. Global Perspective on Dairy Products - The market for basic processed dairy products, such as butter, cream, and cheese, is large, and Chinese companies should focus on freshness and customization to differentiate themselves [47][48] - The global cheese market is expected to grow significantly, with Europe being the largest consumer market, driven by demand in the food service sector [52][53] 3. Domestic Expansion of Dairy Processing - Over 20 dairy companies are currently expanding or building new processing lines, with an expected increase in raw milk processing capacity of over 300,000 tons from 2026 to 2027 [25] - The long-term competition in the dairy processing industry will hinge on resource allocation, technology, and distribution channels, with leading companies likely to maintain a competitive edge [25][46] 4. Government Support and Market Trends - The Chinese government is actively promoting the development of dairy processing, with policies aimed at increasing the consumption of processed dairy products [41][45] - The trend towards higher consumption of processed dairy products aligns with changing consumer habits, particularly among younger generations [40][41]

Core Viewpoint - The Hong Kong Consumption ETF (159735) has shown positive growth in both share count and fund size since the beginning of the year, indicating increased investor interest and market activity [1][2]. Group 1: Fund Performance - As of February 12, 2023, the Hong Kong Consumption ETF has a total share count of 1.09 billion and a total size of 941 million yuan [1]. - The fund's share count has increased by 18.49% and its size has grown by 29.67% since December 31, 2022, when the share count was 920 million and the size was 726 million yuan [1]. Group 2: Trading Activity - The cumulative trading amount for the Hong Kong Consumption ETF over the last 20 trading days is 1.973 billion yuan, with an average daily trading amount of 98.67 million yuan [1]. - In the year to date, the cumulative trading amount over 30 trading days is 2.655 billion yuan, with an average daily trading amount of 88.51 million yuan [1]. Group 3: Fund Management - The current fund manager of the Hong Kong Consumption ETF is Li Yixuan, who has managed the fund since its inception on May 25, 2021, with a return of -12.98% during the management period [2]. - The fund's top holdings include Pop Mart, Yum China, Anta Sports, Nongfu Spring, WH Group, Haier Smart Home, Shenzhou International, Midea Group, Li Ning, and Mengniu Dairy, with varying ownership percentages [2].