在港股市场，截至发稿前，优然牧业（09858.HK）大涨9.07%，现代牧业（01117.HK）涨5.07%，中国 飞鹤（06186.HK）涨2.18%，蒙牛乳业（02319.HK）等均涨。 此外，行业自身的周期反转预期，亦成为此次板块上涨重要催化。 在A股市场，乳业板块同步冲高。其中，皇氏集团（002329.SZ）、阳光乳业（001318.SZ）均录得涨停 板；贝因美（002570.SZ）涨5.26%，三元股份（600429.SH）涨3.88%，西部牧业（300106.SZ）涨 3.08%，麦趣尔（002719.SZ）涨2.89%。 对于此次乳业股的集体上涨，市场分析认为，这是板块轮动、消费回暖、生育政策预期与行业周期反转 等多重因素共同作用的结果。 消息面上，12月13日，全国医疗保障工作会议在北京召开，国家医保局在会议上发布多项数据和措施。 其中包括，力争2026年全国基本实现政策范围内分娩个人"无自付"。 分析指出，若这一政策落地，有望降低生育成本，或进一步释放生育意愿，从而带动母婴乳制品等相关 细分市场的需求增长，直接利好乳业产业链。 同时，12月14日，商务部办公厅等三部门再度发布关于加强商务和金 ...

2020-2025年1-10月中国乳制品产量统计图 数据来源：国家统计局，智研咨询整理 上市企业：伊利股份（600887）,光明乳业（600597）,三元股份（600429）,新乳业（002946）,皇氏集团 （002329）,燕塘乳业（002732）,庄园牧场（002910）,品渥食品（300892） 相关报告：智研咨询发布的《2026-2032年中国乳制品行业市场运营态势及投资前景趋势报告》 根据国家统计局数据显示：2025年10月中国乳制品产量为245万吨，同比下降5.7%；2025年1-10月中国 乳制品累计产量为2441.6万吨，累计下降0.9%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

在新生态的构建中，三元食品聚焦三个关键词：源头可控，坚持选用本地自有奶源，通过自有牧场 建设和合作牧场标准化管理，确保原奶质量稳定可追溯；科技赋能，以科技创新为纽带，串联起"科研 端-生产端-消费端"的全链条；绿色发展，新生态必须是可持续的生态，在生产中积极采用节能技术， 推动材料的环保化，探索循环经济模式，减少对环境的影响。 北京三元食品股份有限公司总经理陈海峰受邀参加本次活动，并进行了主旨发言。 当前，中国经济正在从高速增长转向高质量发展，随着《促进健康消费专项行动方案》等政策文件 相继出台，健康消费已上升为国家战略，食品产业正向"营养健康"迈进。作为深耕乳业近70年的中华老 字号品牌，三元食品亲历了食品行业从"量的满足"到"质的追求"的深刻变迁，也深切体会到：新生态不 是单一环节的创新，而是从研发、生产到消费的全链条协同重构，是政策引导、技术创新与市场需求的 同频共振。 过去十年，中国乳业经历了从高速增长到结构性调整的阵痛。数据显示，2024年我国实际消费人群 的人均乳制品消费量已达80公斤，这一数据已与日韩持平，但结构性矛盾依然突出：常温奶产能过剩、 低温鲜奶渗透不足等，但炼乳等高附加值品类保持增长。 ...

《 BUG》栏目随机探访了多个大型商超，当提到销量情况，多个工作人员表示"三元牛奶 卖得一般"，在众多品牌中，他们均未推荐三元的产品。另外，三元牛奶也被多次吐槽"奶 味儿淡"。多位网友晒出"三元鲜牛乳"并配文"跟兑了水一样"。 文 | 《BUG》栏目 张奥 此外，三元牛奶推出的 "晚安牛奶"新品也曾陷入争议。对于是否有效果，三元官方客服 也"模糊"回应称："有的，但没有固定的起效时间，具体看个人体质"。 三元股份的新 "掌舵人"陈海峰，自今年4月上任后已交出两份"答卷"，但成绩难言理想。 掌舵期间，其第二季度、第三季度实现营收 16.84亿元和15.4亿元，均出现同比下滑。这 也 导 致 了 前 三 季 度 总 营 收 为 48.71 亿 元 ， 对 比 去 年 同 期 的 54.16 亿 元 ， 下 滑 幅 度 达 11.06%。更严峻的还有大本营的"失守"——今年，"大本营"地区经销商数量为376家，大 幅减少32.62%。 "大本营"逐步失守 ， 消费者称 "寡淡" 今年 4月，三元股份新掌舵人陈海峰正式上岗，截至目前掌权已超半年。在此期间，三元股 份先后交出包括二季报、三季报等在内的两份答卷。从实际情 ...

文 | 《BUG》栏目 张奥 三元股份的新"掌舵人"陈海峰，自今年4月上任后已交出两份"答卷"，但成绩难言理想。 掌舵期间，其第二季度、第三季度实现营收16.84亿元和15.4亿元，均出现同比下滑。这也导致了前三季 度总营收为48.71亿元，对比去年同期的54.16亿元，下滑幅度达11.06%。更严峻的还有大本营的"失 守"——今年，"大本营"地区经销商数量为376家，大幅减少32.62%。 《BUG》栏目随机探访了多个大型商超，当提到销量情况，多个工作人员表示"三元牛奶卖得一般"，在 众多品牌中，他们均未推荐三元的产品。另外，三元牛奶也被多次吐槽"奶味儿淡"。多位网友晒出"三 元鲜牛乳"并配文"跟兑了水一样"。 此外，三元牛奶推出的"晚安牛奶"新品也曾陷入争议。对于是否有效果，三元官方客服也"模糊"回应 称："有的，但没有固定的起效时间，具体看个人体质"。 "大本营"逐步失守，消费者称"寡淡" 除了来自头部品牌的挤压外，三元牛奶的味道"寡淡""难喝"也一度成为消费者吐槽的焦点。昌平三元牛 奶经销商予以肯定，"味道对比竞品确实淡。目前销量还行，单件利润约五六元。"类似的情况在社交平 台上也屡见不鲜。多位网友晒 ...

Core Viewpoint - The stock of Sanyuan Foods has shown a significant increase in price and trading activity, indicating potential investor interest and market dynamics [1][2]. Company Performance - As of November 28, Sanyuan Foods' stock price rose by 2.05% to 5.48 CNY per share, with a total market capitalization of 8.23 billion CNY [1]. - Year-to-date, the stock price has increased by 24.89%, with a 2.24% rise over the last five trading days, 13.22% over the last 20 days, and 12.53% over the last 60 days [1]. - For the period from January to September 2025, Sanyuan Foods reported a revenue of 4.87 billion CNY, a year-on-year decrease of 9.74%, while net profit attributable to shareholders increased by 128.16% to 236 million CNY [2]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 9.19% to 31,300, while the average number of circulating shares per person increased by 10.12% to 47,776 shares [2]. - The company has distributed a total of 317 million CNY in dividends since its A-share listing, with 104 million CNY distributed in the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 8.87 million shares, an increase of 1.46 million shares from the previous period [3]. - The fund "Guangfa Quantitative Multi-Factor Mixed A" is a new institutional shareholder, holding 4.30 million shares [3].

New Stock Listings - Nant Technology (920124) listed at an issue price of 8.66 on November 27, 2025[1] - Tianpu Co., Ltd. (605255) is in the offer period from November 20 to December 19, 2025[1] - Jianglong Shipbuilding (300589) and Huasheng Lithium Battery (688353) reported significant abnormal fluctuations[1] Abnormal Fluctuations - Multiple companies including ST Wanfang (000638) and ST Dongyi (002713) have reported abnormal trading activities[2] - Companies such as ST Suwu (600200) and ST Yanshan (000608) are also under scrutiny for unusual market behavior[3]

Core Viewpoint - The stock of Sanyuan Foods has shown volatility with a recent increase of 2.06%, but has experienced a decline of 6.04% over the past five trading days, indicating mixed market sentiment towards the company [1]. Company Performance - Sanyuan Foods reported a revenue of 4.871 billion yuan for the first nine months of 2025, a year-on-year decrease of 9.74%, while the net profit attributable to shareholders increased by 128.16% to 236 million yuan [2]. - The company has a market capitalization of 8.171 billion yuan, with a stock price of 5.44 yuan per share as of November 25 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Sanyuan Foods decreased by 9.19% to 31,300, while the average number of circulating shares per person increased by 10.12% to 47,776 shares [2]. - The company has distributed a total of 317 million yuan in dividends since its A-share listing, with 104 million yuan distributed in the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the sixth largest circulating shareholder, holding 8.8706 million shares, an increase of 1.4604 million shares from the previous period [3]. - The fund "Guangfa Quantitative Multi-Factor Mixed A" is a new institutional shareholder, holding 4.2951 million shares [3].

Core Insights - The Chinese dairy product industry is experiencing a decline in production, with a reported decrease of 0.1% in September 2025 compared to the previous year, totaling 276,000 tons [1] - Cumulative production from January to September 2025 reached 2,197.9 million tons, reflecting a 0.5% decrease year-on-year [1] Company Analysis - Key listed companies in the dairy sector include Yili Group (600887), Bright Dairy (600597), San Yuan (600429), New Dairy (002946), Huangshi Group (002329), Yantang Dairy (002732), Zhuangyuan Pasture (002910), and Pinwo Foods (300892) [1] Market Report - The report titled "2026-2032 China Dairy Product Industry Market Operation Status and Investment Prospects Trend Report" by Zhiyan Consulting provides insights into the operational dynamics and future investment opportunities within the dairy sector [1][2]

Core Viewpoint - The stock of Sanyuan Foods has experienced fluctuations, with a recent decline of 2.17% and a year-to-date increase of 23.06%, indicating volatility in its market performance [1]. Financial Performance - For the period from January to September 2025, Sanyuan Foods reported a revenue of 4.871 billion yuan, a year-on-year decrease of 9.74%, while the net profit attributable to shareholders increased by 128.16% to 236 million yuan [2]. - The company has distributed a total of 317 million yuan in dividends since its A-share listing, with 104 million yuan distributed in the last three years [3]. Stock Market Activity - As of November 21, Sanyuan Foods' stock price was 5.40 yuan per share, with a market capitalization of 8.111 billion yuan. The stock has seen a trading volume of 139 million yuan and a turnover rate of 1.69% [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) three times this year, with the most recent appearance on November 14, where it recorded a net buy of -127.629 million yuan [1]. Shareholder Information - As of September 30, 2025, Sanyuan Foods had 31,300 shareholders, a decrease of 9.19% from the previous period, with an average of 47,776 circulating shares per shareholder, an increase of 10.12% [2]. - Notable institutional holdings include Hong Kong Central Clearing Limited as the sixth-largest shareholder, increasing its stake by 1.4604 million shares, and Guangfa Quantitative Multi-Factor Mixed A as a new ninth-largest shareholder with 4.2951 million shares [3].