Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, and others, indicating a positive outlook for these stocks [1]. Core Insights - The wholesale prices of Baijiu have mostly declined, with notable decreases in prices for Guizhou Moutai and Wuliangye, while prices for most consumer goods remain stable [4][10]. - The report highlights a significant drop in the discount rates for liquid milk products, indicating a shift in consumer purchasing behavior [6][18]. - Overall, the report suggests that the impact of funds is greater, advising attention to low-position stocks and heavyweight stocks in the consumer staples sector [8]. Summary by Sections Baijiu Pricing - Guizhou Moutai's wholesale prices for Feitian (case and single bottle) are 1790 and 1770 yuan, respectively, reflecting a decrease of 55 and 70 yuan from the previous month [4][37]. - Wuliangye's eighth-generation price is 895 yuan, down 25 yuan from last month [4][37]. - Luzhou Laojiao's Guojiao 1573 price increased by 10 yuan to 850 yuan [4][37]. Consumer Goods Pricing - The average discount rate for liquid milk products decreased from 74.8% to 69.4% since the end of August [6][21]. - Discount rates for soft drinks, condiments, instant foods, and beer remained stable, with slight variations in average and median values [19][35]. - The report notes that the discount rate for infant formula products also showed a minor decrease from 89.5% to 88.7% [21][35]. Investment Strategy - The report emphasizes the importance of monitoring low-position stocks and heavyweight stocks due to the greater impact of funds on the market [8].

研究报告 Research Report 30 Sep 2025 中国必需消费 China (Overseas) Staples 中国必选消费品 9 月成本报告：双节前成本指数波动较小 September CGCI: Cost indices fluctuated slightly before the Festivals [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | | | | 市盈率 P/E | | 股票名称 | 评级 目标价 | PE(2025E) | PE(2026E) | | 百威亚太 | Neutral 7.90 | 21 | 20 | | 华润啤酒 | Outperform 36.00 | 15 | 14 | | 海底捞 | Outperform 18.22 | 14 | 14 | | 康师傅 | Outperform 17.74 | 14 | 12 | | 中国飞鹤 | Outperform 7.00 | 8 | 8 | | 颐海国际 | Outperform 18 ...

很多人对东北的印象，仅仅定格在黑土带大粮仓和东北人豪爽与幽默的性格。在沉寂的那些年，东北是怎 么"活"过来的，东北人是怎么又"行"起来的？ 《东北真行》用三个故事给出了生动的答案。 继《漫长的季节》之后，范伟、秦昊、史彭元三人再携手，与新加入的来自齐齐哈尔土生土长的脱口秀演 员王勉，共同出演了《东北 真行》系列微电影，以更鲜活的东北人故事呈现出东北"振兴"的光阴和东北"真 行"的底色 。 1 坚守，是另一种长情 开篇《寻找刘博魁》，就是一次东北的探寻之旅，带人穿越时代去感受东北的变迁。 当演员秦昊踏上齐齐哈尔的土地，他要寻找一个名叫"刘博魁"的角色原型，随着剧情推进，"刘博魁"的形象 逐渐清晰——原来他不是一个人，而是"留卜奎"——是那些选择留在齐齐哈尔 （旧称卜奎） 的一群人。 他们曾是工厂里的工人，用血汗铸造了新中国的钢铁长城；现在是记录生活的诗人，是乐观的出租车司 机，是学习新技术新技能走进智能工厂的"新工人"；他们是每一位看似平凡的市民，在豪爽与幽默之下，怀 着对这片土地化不开的深情，走上新的岗位上继续耕耘、创造。 这份坚守，并非仅仅源于工业时代的惯性，更源于基因里一种长情的浪漫。在这里孕育和崛起的企 ...

这几年，东北又火了。 这一次，一个系列微电影，又把大家的目光聚焦在东北。 很多人对东北的印象，仅仅定格在黑土带大粮仓和东北人豪爽与幽默的性格。在沉寂的那些年，东北是怎么"活"过来的，东北人是怎么又"行"起来的？《东 北真行》用三个故事给出了生动的答案。 继《漫长的季节》之后，范伟、秦昊、史彭元三人再携手，与新加入的来自齐齐哈尔土生土长的脱口秀演员王勉，共同出演了《东北 真行》系列微电影， 以更鲜活的东北人故事呈现出东北"振兴"的光阴和东北"真行"的底色 。 2006年，飞鹤在同行不理解中自建万头牧场，坚持打造"农牧工"一体化产业集群，在 "三聚氰胺事件"中成为民族奶粉品牌守卫战的"最后一块阵地"。 面对外资曾开出48亿收购天价，飞鹤秉承"自己干！让中国人的奶瓶装中国奶"理念一口回绝。 为了这一句承诺， 2009年飞鹤承接国家863重点项目，开启中国母乳研究，2010年，飞鹤推出母乳化产品星飞帆，成功拿下全球第一大婴配粉单品称号。 坚守，是另一种长情 开篇《寻找刘博魁》，就是一次东北的探寻之旅，带人穿越时代去感受东北的变迁。 当演员秦昊踏上齐齐哈尔的土地，他要寻找一个名叫"刘博魁"的角色原型，随着剧情推进，"刘 ...

乳业股集体反弹，截至发稿，蒙牛乳业(02319)涨3.78%，报14.84港元；中国飞鹤(06186)涨3.36%，报4 港元；中国圣牧(01432)涨1.69%，报0.3港元。 财通证券（601108）指出，育儿补贴靴子落地，乳制品板块有望率先受益。华福证券指出，当前原奶价 格处于周期底部，9月12日行业原奶价格跌至3.03元/公斤，周环比持平，较周期高点累计下跌31%。原 奶亏损与现金流压力预计推动产能去化持续。随着产能去化传导至供给收缩，原奶价格周期有望后续企 稳回升。 消息面上，7月28日，国家育儿补贴制度实施方案公布，面向育儿家庭全国范围全面直接发放现金补 贴。从2025年1月1日起，每孩每年发放育儿补贴3600元，至其年满3周岁。9月18日，国家卫生健康委办 公厅、财政部办公厅印发关于育儿补贴制度管理规范(试行)的通知。 ...

消息面上，7月28日，国家育儿补贴制度实施方案公布，面向育儿家庭全国范围全面直接发放现金补 贴。从2025年1月1日起，每孩每年发放育儿补贴3600元，至其年满3周岁。9月18日，国家卫生健康委办 公厅、财政部办公厅印发关于育儿补贴制度管理规范（试行）的通知。 智通财经APP获悉，乳业股集体反弹，截至发稿，蒙牛乳业(02319)涨3.78%，报14.84港元；中国飞鹤 (06186)涨3.36%，报4港元；中国圣牧(01432)涨1.69%，报0.3港元。 财通证券指出，育儿补贴靴子落地，乳制品板块有望率先受益。华福证券指出，当前原奶价格处于周期 底部，9月12日行业原奶价格跌至3.03元/公斤，周环比持平，较周期高点累计下跌31%。原奶亏损与现 金流压力预计推动产能去化持续。随着产能去化传导至供给收缩，原奶价格周期有望后续企稳回升。 ...

Group 1 - Recent rebound in Hong Kong dairy stocks, with China Feihe and Mengniu Dairy both rising by 3.36%, and other companies like Yuan Ecological Agriculture and Ausnutria also showing positive growth [1] - CITIC Securities highlights a shift in the domestic dairy industry from "drinking milk" to "processing milk," indicating a new phase of development in deep processing products, with future capacity expected to exceed 700,000 tons [1] - The B-end deep processing demand is projected to exceed 26 billion yuan, driven by high demand in baking, ready-to-drink beverages, and Western fast food sectors [1] Group 2 - Domestic raw milk prices show signs of bottoming out after a period of low performance, with supply-side reductions in dairy cow inventory due to previous losses and improving demand as consumption recovers [1] - The supply-demand relationship in the dairy market is gradually moving towards balance, indicating potential for future growth [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 China Feihe Limited 中國飛鶴有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6186） 須予披露交易 認購金融產品 認購金融產品 茲 提 述 本 公 司 日 期 為 二 零 二 四 年 十 一 月 十 二 日、二 零 二 四 年 十 二 月 九 日 及 二 零 二 四 年 十 二 月 三 十 日 的 公 告，內 容 有 關（其 中 包 括）本集團認購若干中信銀行 的理財及結構性存款金融產品（「認購中信銀行金融產品」）。 董 事 會 宣 佈，於 二 零 二 五 年 九 月 二 十 四 日，本 公 司 全 資 附 屬 公 司 黑 龍 江 飛 鶴 以其閑置資金認購若干中信銀行發售的金額分別為人民幣300百萬元及人民幣 100百萬元的理財金融產品（「認購信銀產品」）。下 表 載 列 認 購 信 銀 ...

Summary of Key Points Group 1: Stock Performance - As of September 22, 105 stocks reached their 52-week highs, with notable performers including Yunzhihui Technology (01037) at 96.97%, Kaisa Capital (00936) at 50.00%, and Xincheng Power (01148) at 48.33% [1] - The closing prices and peak prices for these stocks were as follows: Yunzhihui Technology at 0.620 with a peak of 0.650, Kaisa Capital at 0.850 with a peak of 1.350, and Xincheng Power at 0.445 with a peak of 0.445 [1] - Other significant stocks that reached new highs include Global Printing (08448) at 32.65% and New Fengtai Group (01771) at 28.57% [1] Group 2: Stock Price Changes - The report includes a detailed list of stocks that achieved new highs, with varying rates of increase, such as YG Trade (00375) at 12.00% and Zhaobangji Life (01660) at 10.87% [1] - The data also highlights stocks with lower performance, such as the lowest performers like Midis (08307) with a decline of 75.73% and China Information Technology Equity at -23.14% [3] - The report provides a comprehensive overview of stock performance, including both highs and lows, indicating market volatility and investor sentiment [3][4]

Core Viewpoint - The establishment of the second Dairy Deep Processing Professional Committee marks a significant gathering of top academic and industrial forces in China's dairy industry, aiming to accelerate high-quality development through advanced processing technologies [1][2]. Industry Overview - China's dairy industry is transitioning from "quantity satisfaction" to "quality leap," making the development of independent deep processing capabilities essential for responding to national strategies and market demands [2]. - The new committee led by the China Dairy Industry Association signifies a new phase of organizational innovation and professional advancement in the dairy deep processing sector [2]. Company Insights - China Feihe Dairy has been recognized for its leading role in deep processing, showcasing its "Fresh Technology" as a model for industry upgrades [3][4]. - Feihe's exploration in deep processing effectively retains active components in milk, utilizing low-temperature processing techniques to maintain the natural structure of nutrients [3][4]. - The company emphasizes collaboration with academic and research institutions to enhance its core capabilities in preserving and utilizing active ingredients, aiming to reshape the industry value chain [3][6]. Technological Innovations - Feihe's "Fresh Technology" solution employs advanced methods such as low-temperature extraction and membrane separation to maximize the retention of nutritional integrity from high-quality milk sources [4]. - The company has conducted extensive research on the nutritional structure of human breast milk, leading to products that closely mimic breast milk and improve nutrient absorption [6]. Market Performance - Feihe's products, such as the Xing Fei Fan Zhuo Rui formula milk powder, have shown significant improvements in nutritional activity and absorption rates, achieving notable breakthroughs in key performance indicators [6]. - The company has maintained its position as the top seller in China's infant formula market for six consecutive years and ranks first globally for four years [6]. Future Directions - The successful conference has unified the industry's consensus on deep processing innovation and outlined future directions for independent innovation in dairy products [7]. - Feihe aims to continue leveraging "Fresh Technology" as a driving force for deep processing and nutritional innovation, contributing to the international competitiveness of China's dairy industry [7].